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The
Financial
tontrip
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 124.
Bank and Quotation Section
Bankers' Convention Section
SATURDAY, FEBRUARY 12 1927.
NO. 3216.
inconspicuous in trading had a more or less similar
career.
PUBLISHED WEEKLY
On Monday it was announced that the New York
Terms of Subscription—Payable in Advance
Central, Baltimore & Ohio and Nickel Plate had each
Postage—
12 Mos. 6 Mos.
Including
$10.00
$6.00
Within Continental United States except Alaska
. 11.50
6.75 acquired about a one-sixth interest in Wheeling &
In Dominion of Canada
Other foreign countries, U. S. Possessions and territories__ 13.50
7.75
NOTICE.—On account of the fluctuations in the rates of exchange. Lake Erie stock and that Baltimore & Ohio had
remittances for European subscriptions and advertisements must be made
obtained about a 35% interest in Western Maryland.
in New York funds.
Subscription includes following Supplements—
The motive has not as yet been disclosed, but it is
COMPIINDIUMR—
86CTIONS—
BANK AND QUOTATION (monthly) possible that these Eastern trunk lines which have
PUBLIC UTILITY (semi-annually)
RAILWAY & INDUSTRIAL (semi-annually) RAILWAT EARNINGS (monthly)
SITATZ AND MUNICIPAL (semi-annually)
ii•NIZRIV CONTZNTION (yearly)
been opposing the formation by the Loree interests
Terms of Advertising
of a fifth Eastern trunk line have perhaps adopted
Transient display matter per agate line
45 cents
Contract and Card rated
On request
this means to prevent its formation. However this
CHICAGO 077101—In charge of Fred. IT. Gray. Western Representative.
208 South La Salle Street. Telephone State 0113.
may be, it seems quite evident that these purchases
LONDON 017101—Edwards & Smith. 1 Drapers Gardens, London, E. C.
and perhaps others of a similar nature which have
WILLIAM B. DANA COMPANY, Publishers,
Front. Pine and Depeyster Streets, New York
not yet been disclosed constituted the first move in a
Published every Saturday morning by WILLIAM B. DANA COMPANY. chain of events which developed so disastrously for
President and Editor, Jacob Seibert: Business Manager, William D. Riggs;
many persons. Evidently speculative buying set in
Treas., William Dana Seibert; See., Herbert D.Seibert. Addresses of all, Office of Co
and ran rapidly to such great lengths that a reverse
The Financial Situation.
.movement was precipitated. For the time being
The developments of the past week have afforded there can be no great certainty in connection with
fresh confirmation of the inherent strength of the these stocks, that prices are at or near real values,
security markets. Although all records in bond offer- hence particular care should be given to analyzing
ings were broken last week, a total of more than real situations and delving into probable develop$300,000,000 in bonds having been offered, invest- ments.
ment demand does not seem to have been abated nor
On Monday W.J. Harahan,President of the Chesathe money situation affected, and although this week peake & Ohio Ry., stated that his company was
has witnessed a most distressing chapter in specula- applying to the Inter-State Commerce Commission
tion in the sensational splurge forward of the little for authority to sell $59,502,400 common stock and
rails and the sudden crumbling of their prices on for permission to acquire control of the Erie RR.
Wednesday, the stock market as a whole has dis- and Pere Marquette Ry. Co., substantial interests
played wonderful solidity.
in both roads already having been acquired by the
As soon as Wheeling &, Lake Erie, Western Mary- company. This move is in line with the position
land and a few of the other rails had advanced sharply taken by the Inter-State Commerce Commission
and it became evident through the premium exacted when refusing to approve the proposed Nickel Plate
from those obliged to borrow stocks that those who merger. The Commission at that time stated that
had sold short were finding difficulty in obtaining the it would be in the public interest for the Chesapeake
loan of certificates the New York Stock Exchange & Ohio, the Pere Marquette and the Erie to be cocalled for daily reports of all dealings in the stocks ordinated into a single system and that the Chesaaffected. This is careful safeguarding of the public peake & Ohio was logically the controlling interest.
interest that deserves commendation. The episode It is most encouraging to have the Van Sweringens
as a whole, however, not only gives evidence of the and their associates follow up this matter as they are
strong position of the security markets, but even doing, accepting the constructive suggestions of the
more impressive evidence of the inherent danger at- Commerce Commission and persevering in a matter
tendant upon speculation and therefore always latent which is evidently in the public interest.
in every investment situation, for the two cannot be
wholly divorced.
It is difficult to tell how much investors and the
Wheeling & Lake Erie, which has sold as low as 27 security markets are concerned over the McNarythis year, began to advance rapidly about the middle Haugen bill which yesterday afternoon passed the
of January and had passed 60 by the end of the Senate by a vote of 47 to 39, but it is a very dangermonth. Before the end of last week it had passed 70 ous measure. It is known, however, that the Presiand on Tuesday of this week reached 130, collapsing dent is opposed to the bill in principle and that
the next day to 66%, but recovering later in the week Secretary Mellon is also antagonistic to it. The bill
some 15 or 20 points. Western Maryland had almost proposes to set up a Federal Farm Board to exercise
a similar experience, the extreme range in this case certain extraordinary powers in the marketing of
3
having been from 133 to 44%. Wabash covered a farm products. The bill carries provision for a re%
range from 403/ to 60%. Many other rails usually volving fund of $250,000,000 to be used as working
The Throuicle
828
THE CHRONICLE •
capital by this board, the duty of which will be to
"aid in the orderly marketing and in the control and
disposition of the surplus of agricultural commodities." The premise on which this bill is based is
that agricultural products are selling at prices relatively lower than the prices of other commodities.
It is proposed to give this board full power of manipulation by withholding from markets or dumping
abroad so as to produce prices which, in its opinion,
will be relatively equal tb the prices of other commodities. More particularly to illustrate in the case
of wheat, we are normally a wheat exporting country
on balance and, therefore, cannot raise the price of
wheat in the home markets above the world level
through a tariff wall. It is proposed to have a tariff
on wheat and to dump enough wheat at a loss in
foreign markets so that wheat for the home supply
will rise to the world level plus the tariff. The
Federal Board is to levy a so-called "equalizing fee"
upon all the wheat handled sufficient to cover the
less on that thrown abroad. In the first instance,
wheat raisers will receive an artificially high price
for their wheat, but will pay a fee to the Board sufficient to compensate for the loss on, say, the onefifth of the wheat which will be dumped abroad.
Certain types of politiciang may be able to persuade
a great many voters that by this device the farmer
will be bearing the cost, inasmuch as the fees paid
by the farmers should enable the Federal Board to
keep its revolving fund intact. Such reasoning,
however, is fallacious. The device if it should succeed in its objective would cause the entire people
of the United States to pay an excess price for wheat.
The population as a whole, and not the farmer, would
bear the cost. The bill is a proposal to place a levy
on the people to subsidize the farmer.
But this is not the worst of it. There might
conceivably be economic justification for subsidizing
the farmer, but the results of this proposal would
probably in the long run do the farmer the greatest
possible damage. The trouble with the farmer has
not followed from the World War. The NV.7 is
simply the herring that has been drawn across the
scent with the intention of confusing the issues. The
farmer is undergoing the same kind of evolution that
the manufacturing industries went through half a
century earlier. The production of food is going
through a change from hand labor to power labor
and from random methods that have come down
from time immemorial to scientific methods developed by research and scientific experimentation.
The root of the trouble in wheat production to-day
is that wheat is being raised at rising costs, rangin
from low costs away below the present levels, to hi
costs that are far above any conceivable level for
wheat. Up to 75 years ago the process of raising
and harvesting wheat was exactly the same as it
was at the dawn of history. The methods of Boaz
were used in every detail by our grandfathers. Wheat
as now harvested on the great specialty wheat farms
of the West, with tractors and harvester-threshers,
has a labor factor of one as against ninety compared
with the methods heretofore used, and wheat is now
being raised in this country by methods that range
all the way from prehistoric to the harvester-thresher
methods. By the latter wheat is cut, threshed and
delivered into trucks for the elevator by a single
machine operated by two men. These two men are
performing the work equivalent of,180 men by the
old methods..
For,. 124.
The average farmer to-day is a marginal producer,
using methods that are obsolete and having costs
that are far above those of his more able competitor
who is taking his markets from him. The cost of
wheat and of every other commodity is being lowered
by the scientific progress that is inevitably going OD
and cannot be stayed. The United States Government with a $250,000,000 fund cannot permanently
affect this situation. It might be possible, and
probably would be, temporarily. to raise the price
for a number of commodities to any level set artificially by tariff walls or determined upon by the board
and reached through manipulation. These levels,
however, could not last. The high prices would
produce an overproduction of wheat and other commodities here and abroad. The accumulating sur;pluses must sooner or later force down prices and quite
likely this would be accomplished suddenly with disaster to the farmer. The accumulation of unnecessary surpluses and the payment of higher than world
prices would be increasingly protested until the Commission would be swept away by popular outcry.
If this should follow, there might be a sudden drop
in farm prices which would be crushing to the farmers
and bring about a long period of depression.
This bill has been justly termed "bootstrap legislation," an attempt by the politicians to persuade the
farmer that he can lift himself by his bootstraps.
The President has consistently opposed this noneconomic and fatuous move. It is to be hoped that
he will stand his ground.
There is another phase which affects more directly
other producing classes. Some farm commodities
such as cotton do not enter into direct consumption,
and therefore the immediate increase in price would
not be the only evil. Cotton, for example, is a raw
material entering into manufacture. If the McNaryHaugen device is exercised in connection with cotton
and our cotton fabric manufacturers, now suffering
from depression, are compelled to pay more for their
raw material than do their European competitors,
the whole industry may be damaged beyond the
possibilities of early repair. Our woolen industry
has been under this kind of handicap in that there is
a high protective tariff on raw wool, of which we import about half our supply. Every one should protest against a similar handicap being placed upon
cotton goods manufacturers.
It is to be hoped that this pernicious bill will not
recei the approval of the President.
Filling the position of Federal Reserve Agent an
Chairman of the Federal Reserve Bank of New York
is an event of first rate importance, and there is
reason for gratification at the selection of Gates W.
McGarrah of the Chase National Bank for the position. Mr. McGarrah is admirably qualified for the
undertaking. He succeeds Pierre Jay, whose genial
presence and charming personality added grace and
dignity to the office. It will be impossible for Mr.
McGarrah to surpass him in that respect. And,
while Mr. McGarrah has had an unusually wide and
broad banking experience, which pre-eminently
stamps him as the man for the occasion, Mr. Jay
has been no less distinguished in the same way.
Nor will Mr. McGarrah be able to excel him in earnestness of purpose and strength and sincerity of
conviction. Nor yet can Mr. McGarrah have a
higher sense of public duty—all of which means
that Mr. Jay so well filled the office that it will be
I'm. 12 1927.]
THE CHRONICLE
829
European countries. Last year the exports of cotton to Europe were 7,292,900 bales and in 1925,
7,240,000 bales, an increase in 1926 of only about 1%.
Most of the gain in cotton exports last year was to
Japan and China. Deducting the value of cotton
exports to Europe for 1926 from the total value of all
merchandise exports from the United States to those
countries, leaves $1,644,394,000, which is $45,824,000 in excess of the corresponding figures for 1925, an
increase of 2.8 % and not a loss as appears from the
figures.
With an unusually brief speech, devoted mainly to
statement of the foreign commerce the Chinese question, King George in state on TuesThe detailed
of the United States for 1926 was issued by the De- day opened the third session of the British Parliament
partment of Commerce at Washington this week. which was elected in 1924. Outside of the Chinese
Some of the results, as indicated in the preliminary question, passages referring to foreign relations in the .
return published last month, are changed quite ma- speech, actually a ministerial statement, were as
terially by this report, especially as to exports. follows: "My relations with the foreign Powers conMerchandise exports last year were valued at $4,808,- tinue to be friendly. The League of Nations has
465,000. This shows a loss in exports last year from been strengthened and a further step taken toward
the preceding year of $101,382,500. If the details the restoration of normal international relations in
are examined, however, our exports of last year were Europe by the entry of Germany into the League
not only larger than in the preceding year, but in all and her appointment to a permanent seat on the.
probability somewhat in excess of any peace-time Council of the League. In continuation of this
year in the country's history. Cotton exports for policy, it was found possible at the end of last month
1926 again upset all calculations as to the merchan- to terminate the system of Allied military control
dise movement abroad. Cotton exports in 1926 in Germany, as set up by the Treaty of Versailles,
totaled 9,048,312 bales. These figures compare and to hand over to the League all questions affecting
with 8,532,243 bales in the preceding year, an in- the military clauses of the treaty. I rejoice that
crease in 1926 of 516,069 bales or 6%. The value of a fair and friendly settlement has been reached recotton exported last year was $814,429,300, in con- garding funding of the war debt due this country
trast with the $1,059,751,100 in 1925, a decrease for by Portugal."
Concerning China the King said: "Continuation'
1926 of $145,321,800 or 13.7%. Deducting the value
of cotton exports from total exports for the two years of the civil war in China and the anti-foreign and parunder review, other merchandise exports kn 1926 ticularly anti-British agitation by which it is accomaggregate $3,994,033,700, and for 1925, $3,850,- panied have caused me grave anxiety. In conse096,300, an increase for 1926 of $143,939,400 or 3.7%. quence of what happened at Hankow and in other
With an actual increase of 6% in the exports of raw places, my Government felt it necessary to dispatch
cotton last year over the preceding year, and a gain to the Far East a sufficient force to protect the lives
of 3.7% in the value of all other exports, it is quite of my British and Indian subjects against mob vioclear that total exports in 1926 exceeded those of 1925. lence and armed _attacks. But I earnestly desire
Grain exports were larger last year than in 1925, a peaceful settlemen1. of the difficulties which have
and the same is true of petroleum, the principal arisen, and my Government has caused proposals
classes of machinery, and automobiles. These vari- to be made to the Chinese authorities which should
ous articles contribute materially to the total volume convince public opinion in China and throughout the
of our export trade. Last year the value of cotton world that it is the desire of the British people to
exports constituted 17% of the total of all exports remove all real grievances, to renew our treaties on
and in 1925 it was 21.6% of the total. The average an equitable basis and to place our future relations
export price of cotton for 1926, according to the re- with. the Chinese people on a footing of friendship
port of the Department of Commerce, was 17.4 cents and good will. My Government will maintain our
per pound—in 1925 it was 24.2 cents. In the clos- traditional policy of non-interference in the inteTia
ing months of 1926 prices were very much below the affairs of China." The rest of the speech was sumaverage for the year, but in the earlier months, when marized by the Associated Press as follows: "The
exports were quite heavy, the price was higher. King expressed pleasure over the encouraging signs
Only in three years, those immediately preceding of improvement of trade and industry and hoped those
1914, when the German government had in prepa- engaged in the industries would do their utmostio
ration the preliminaries for the European War, have prevent arresting of the improvement by industrial
strife. He announced that proposals would be made
cotton exports exceeded those of 1926.
of our export trade for last year to give effect to the change in the style of the title
Another feature
that has occasioned some comment, is the loss in the of the sovereign as recommended by the imperia
value of exports to Europe in 1926, as contrasted conference as well as alterations in the title of Parli twith the preceding year. The other five grand ment. A bill, he said, would be presented to encourdivisions into which the foreign trade statement is age the production and exhibition of British motion
segregated by the Department of Commerce, all pictures."
show a considerable gain last year over 1925. MerThe briefness of King George's speech opening
chandise exports to Europe in 1926, were valued at
a de- Parliament was said by the Associated Press corre$2,309,705,700 and in 1925, $2,603,749,700
crease in value for 1926 of $294,044,000 or 11.3%. spondent at London to be due partly to the GovernHere again cotton exports are at fault. More than ment's decision to _drop _certain proposed measures
80% of cotton exports from the United States go to from its program in hopes- of making the Parliamen-
difficult for his successor to achieve a higher standard.
Mr. McGarrah is, however, we believe more aggressive, and that may stand him in good stead.
That is just what the Reserve banks need at the
present time. The Federal Reserve Agent, by reason of his functions and powers, ought to be the
dominating figure in the conduct and administration
of the bank. Mr. Jay has never been that. He
has acquiesced readily in the proposals of others.
In some particulars a change of policy is now needed.
Mr. McGarrah might lead the way.
830
THE CHRONICLE
[vol. 124.
tary session as short as possible, the.intention being Chihli and Shantung provinces the Northern
troops
to adjourn in July or early August. Later, the cor- are advancing to recapture Hankow from the Canrespondent of the New York "Herald Tribune" said, tonese, who have been using it as their
central
Premier Baldwin explained that the Government China base to prepare for their further march toward
planned to start a new session in November to get Peking and also Shanghai. The Northerners
will
second readings on important bf's before Christmas. not halt at the Yangtze River, said Chang,
but will
During the debate that followed in the House of Com- force the Cantonese back through Hunan province
mons immediately after the King's speech, the former to their home province of Kwangtung, from
which
Labor Premier, Ramsay MacDonald, criticising the they began the northward march last spring that
speech, singled out its dismissal in three lines of the gained them domination over half of China."
principal bill of the session—"to define and amend
the law with reference to industrial disputes." He
News of developments at Hankow were interpreted
also said that the dispatching of troops to Shanghai by the Shanghai representative of the Associated
had created a situation which had united Canton and Press on Feb. 9 as "more favorable to peaceful
Peking in protest, and he urged the Commons to do settlement of the British-Chinese controversy." He
everything possible to get the negotiations reopened. reported among other things that Eugene Chen,
The Opposition leader warned the Government that Nationalist Foreign Minister, had resumed conversait had neither political nor moral authority to touch tions with the British Charge d'Affaires which Chen
trade union legislation and drew attention to the suddenly discontinued last week pending assurance
absence from the speech of a proposal to extend the that the British would not land armed forces at
franchise to women under 30 years old. Premier Shanghai. From Hongkong, China, on the same
Baldwin, replying to the Opposition leader regarding day, announcement came in an Associated Press
China, read the Cabinet resolution, which reiterated dispatch of the departure of two British transports
the previous Government statements that England's thence with troops for Shanghai. This movement
troop movements were purely for the defense of her "puzzled" the London public, said the correspondent
nationals. "There can be no question," the resolu- there of the New York "Times" on Feb. 9, "in view
tion concluded, "of entering into any arrangement of Premier Baldwin's statement in Parliament last
with Mr. Chen or any one else in conncetion with night that the Shanghai force would be halted at
the movement of troops dispatched solely with the Hongkong unless it was thought the danger at
object of protecting British lives." In the House of Shanghai was pressing." The correspondent added
Lords the same afternoon, this correspondent also that it was the result of the decision of the authorities
cabled, the principal criticism of the King's address on the spot and that it was "emphasized in official
was on the grounds that it made no mention of re- circles here (in London) that the dispatch of the two
form measures for that House.
battalions was in perfect consonance with Mr. BaldAll other features in the Chinese situation were win's statement, since it bore out his assertion that
overshadowed by the battle for Shanghai as the week the movements of the troops would be determined
opened. The threat of an impressive Cantonese not by Eugene Chen's wishes but by the needs of
offensive with the great international settlement as the occasion." Hope for an early settlement of the
its objective led Secretary of State Kellogg when Chinese difficulties furthermore was said by the
the fighting started to make a plea late last week London correspondent of the New York "Heraldto both the Chinese military commanders to neutral- Tribune" on Feb. 10 to have been held out by Sir
ize the city for the sake of its commanding foreign Austen Chamberlain in the course of the debate in
concession. He asked "that the international settle- the House of Commons that afternoon. The British
ment at Shanghai be excluded from the area of Foreign Minister said that assurance had been cabled
armed conflict so that American citizens and other to Eugene Chen that British troops now on the way
foreigners may receive adequate protection," and he to China would be landed at Hongkong and would not
promised that "the American Government would be proceed to Shanghai if the Chinese Nationalist Govready for its part to become a party to friendly and ernment signed an agreement with England regarding
orderly negotiations properly instituted and con- the status of the British concessions, and negotiaducted regarding the future status of the settlement." tions between the Cantonese Foreign Minister and
The Kellogg overture, which elicited the praise of the 0. St. C. O'Malley, counsellor of the British LegaBritish Government and was declared acceptable by tions, were resumed on that basis. It will be recalled
the North China element, in a few days, however, that Chen last week broke off the negotiations and
lost its importance, at least for the time being, for declared he would sign no agreement unless the
the battle for Shanghai went badly for the Cantonese British agreed not to ,land troops at Shanghai. Sir
and the menace to the international settlement prac- Austen Chamberlain told the House of Commons
tically was removed by their defeat. The Cantonese that the Hankow concession was to be returned under
army was reported hurled from its advanced base in this agreement to the British Municipal Council,
Chekiang province some 200 miles from Shanghai by which would formally hand it over to a new Sinothe onslaught of Marshal Sun's forces. This news British municipality.
was promptly followed by Peking advices on Feb. 10
to the Associated Press that the allied war lords of
German Chancellor Marx's "Bide and Black"
the North were following up this success with another Cabinet, so called on account of its coalition chardrive against the Cantonese invaders, and it was de- acter, threatened with a crisis immediately after
scribed as the "long-expected struggle to determine making its declaration of policy in the Reichstag at
the control of all China." The dispatch said: the end of last week, had to face another difficult •
"Chang Tso-lin, dictator of Manchuria for many situation this week. The first trouble was quickly
years, made the anouncement to-day in telegrams averted when Count von Westarp, Nationalist
to generals of the Northern alliance, which he heads, leader, according to the account cabled by the Berlin
as the power behind the Peking government. Through correspondent of the New York "World," "virtually
FEB. 12 1927.]
THE CHRONICLE
831
The American Ambassador, Alanson B. Houghton,
ate his words," withdrawing his speech of the day
returned to England from
before "under the plea of misinterpretation." On in his first speech since he
at a dinner in his honor at Plymouth
the next day, however, there was another stormy the United States
and Great Britain as
session, but again the Cabinet emerged victorious, on Feb. 4, pictured America
great democratic peoples facing problems of
receiving a vote of confidence, 235 to 174, that was "two
and importance and struggling
said to be much larger than the most sanguine had infinite complexity
honestly to solve those problems in terms of human
expected. "At the same time," said the correspondother than matters of business,
ent of the New York "Herald Tribune" on Feb. 5, welfare." Something
the new Cabinet, it is stated the Ambassador added, had to be con"it was hardly an auspicious day for
the relations between the
for further revelations were made incriminating the sidered when speaking of
same life outlook,
Nationalist Minister of the Interior, Walter von two countries, as they had "the
just as they had. the
Keudell, as being concerned in the Kapp putsch of the same ultimate standards,
nt of the New
1920, that may force the withdrawal of that Minister same language." The corresponde
-Tribune" said that Mr. Houghton
from the Government. The position is so serious York "Herald
British idea of America's
that Dr. Marx felt compelled to announce in the "endeavored to correct the
prosperity" and his speech therefore attracted unReichstag that an investigation would be conducted
the industrial situation in
at once to ascertain to what extent Von Keudell was usual interest in view of
to restore England. He quoted the Ambassador as saying that
involved in the abortive Kapp attempt
about America's
the monarchy." Violent denials were made and the there was "nothing mysterious
went on
Nationalists, said the representative of the New York economic position" and that the Ambassador
in the same general
"Times;" were accused of trying to whitewash Von to contend that America was now
the years
Keudell, but "having yielded once in the matter of position that England occupied during
of the Corn Laws—a transinaming .Nationalist members of the present Cabinet, leading up to the repeal
not
the Nationalists say that under no circumstances tion from agriculture to industry. "America is
blazing suddenly and furiously across
will they brook further interference with their choice a sort of comet
to
is
for allotted portfolios, and prefer a Cabinet crisis to the skies, which, coming from obscurity, likely
to obscurity," Mr. Houghton declared, prereplacing Von Keudell." Yesterday (Friday) Chan- return
"This
cellor Marx, speaking in the Reichstag with the sup- dicting that the transition would continue.
development has not come as a matter of chance.
port of the entire Cabinet, according to Associated
to
Press advices, "exonerated Von Keudell of the charge It is not a result of mere luck. It is not going
about
that he was connected with the Kapp putsch of 1920, disappear suddenly. The change has come
unnoticed."
and a motion of non-confidence in Von Keudell, so gradually that it has gone almost
correspondent
introduced by the Democrats, was defeated by the Summarizing the speech further the
continued:
Reichstag by a vote if 161 to 217."
"Admitting that there is a high general level
pointed
Foreign Minister Stresemann, of Germany went of prosperity in America, Mr. Houghton
paid less attention to it than do
to the French Riviera early this week and important out that Americans
Ambassador
conferences were rumored in Berlin to be the object, those surveying it from outside. The
said that the paradox of high wages with low costs
under the guise of a vacation, of his trip. The Rome
American
correspondent of the New York "Herald-Tribune" had simply solved itself because 20,000,000
industrial workers were doing approximately the
cabled on Feb. 7 that news of his arrival at San
Remo had given rise to rumors in the Italian capital work of 800,000,000 without tools through the operaof a conference with Premier Mussolini. The Rome tion of industrial evolution in making available the
correspondent of the New York "Evening Post" on latest mechanical aids."
Feb. 10, said: "Dino Grandi, Under-Secretary of
Noting the failure of the "predicted French (ecoState and Premier Musolini's right-hand man, will
proceed to San Remo to greet Foreign Minister nomic) crisis to materialize in the proportions which
Stresemann of Germany, who has arrived there. It the prophets foresaw," the Paris correspondent of
is believed Signor Grandi will prepare the way for an the New York "Times" wrote on Feb. 5 that "busiultimate conference between Stresemann and Musso- ness, of course, has fallen off, especially foreign
lini somewhere between San Remo and Rome." business, because of the rise in the gold value of the
The Paris correspondent of the New York "World" paper franc." He adds that "the immense Riviera
on Feb. 9, discussing the .opening of the Tangier pleasure industry really faces lean times, and the
conference between Spain and France at Paris on whole tourist business will probably yield a much
Wednesday,linked Stresemann's trip with that event, smaller harvest than last year, when American vissaying: "The German Foreign Minister has chosen itors alone left $500,000,000 in France. But all in all,
the moment to arrive at San Remo,from which point conditions are not so bad as had been expected.
of vantage he can flirt with Rome and Paris and also Unemployment figures show only about 100,000 out
watch Spain. . . . In case that internationalized or work in France, compared to more than 1,000,000
Moorish port (Tangier) should become Spanish, both in both England and Germany. Franc exchange is
Germany and Italy would be interested in getting into holding steadily. Premier Poincare persists in rethe Riff. They can't now because Tangier is under fusing to turn to stabilization, but he is understood
French control." At San Remo on Thursday Dr. to have given up the dream of revalorizing the present
Stresemann said to the representative of the Asso- franc back to a gold parity, it being evident that the
ciated Press he had no intention of meeting Premier size of the French domestic debt makes this impracMussolini or Foreign Minister Briand of France ticable." Within a short time, the correspondent
during his stay and he was at San Remo because he says, new customs regulations will halt dumping by
was suffering from a nervous malady and needed a countries whose costs of production come near the
French figures. The United States and Germany
rest.
will probably be most affected, and it may soon prove
832
THE CHRONICLE
in the American interest to negotiate a trade treaty
with the French Republic.
Premier Poincare is reported in a later dispatch
to the New York "Times" to have addressed the National Economic Council at its opening on Feb. 7 at
Paris, indicating that the Government intended to
be guided by the industrial and agricultural elements
which compose the Council in the solution of numerous problems now demanding legislation. The Premier declared tlat the legislators would be encouraged to seek the advice of the Council on all questions
affecting the economic life of the country. Automatically, therefore, the Council would develop a role
of vast importance.
Fou 124.
Fred. M. Dearing, the State Department at Washington announced on Feb. 7. All accounts agreed
that the movement spread all over the Republic but
Carmona on reaching Lisbon again achieved victory
and brought the whole uprising thus to an end. The
correspondent of the Associated Press at Lisbon on
Feb. 10 cabled: "About three hundred persons were
killed in the insurrection in Lisbon. The revolt
ended after fifty-six hours of fighting when Government artillery swept the insurgents from their stronghold in the naval arsenal. Many were wounded.
One of those killed was Colonel Mendez Reis, the
revolutionary leader. The War Minister (President
Carmona, the dictator) arrived last night with 1000
men from Oporto and led the troops which won the
Government's victory here as they did at Oporto,
where the revolt first started a week ago. Lisbon
had been in a state of siege since Monday. The
revolutionary troops were part of the marine forces,
three companies of Republican guards, a section of
the police and numerous groups of armed civilians.
Some of the Lisbon streets and numbers of houses
were ruined by shell fire."
A Vigo, Spain, despatch to the New York "Times"
said that "the revolutionary forces, finding it useless
to stand out any longer, proposed complete surrender
on condition that the Government would not hold
non-commissioned officers and privates responsible
for the revolt, as these, it was maintained, only
obeyed the orders of their superior officers, and an
agreement is believed to have been reached on this
basis."
Yoshihito, 123d Emperor of Japan, posthumously
designated as Taisho, was buried Tuesday night after
elaborate ceremonies and a funeral procession in
which it was estimated nearly 10,000 persons took
part. The crowd that lined Tokio streets to witness
the solemn spectacle was believed to exceed a million.
Artillery throughout Japan fired 101 guns and battleships 48 guns each upon the starting of the procession
on its four-mile route from the Imperial Palace to a
concrete tomb in the hills above Asakawa. Describing many other features, the Associated Press
correspondent at Tokio cabled that "it was the most
costly event of its kind in the history of the timeless
Orient. More than 4,500,000 yen ($2,250,000) was
spent for the ceremonies. While the demonstration
reflected the grief of a nation, it was more of a
solemn tribute to the memory of a monarch than a
manifestation of mourning, for the 123d Emperor
was mourned at the time of his death last Christmas
Severe fighting has been the order in Nicaragu
and his place on the throne has been filled. The this week. Most of it was at Chinandega, where a
the
line of rulers of Japan has formed a chain of temporal Liberal forces were dislodged with
bombs and mapower that has run through the history of the nation chine guns by two aeroplanes and then
were
for 2,500 years." The representative of the New pursued by the Conservative (Government)
troops
"York "Herald Tribune" noted that "by special re- as they fled toward the Honduras frontier.
The
quest of the Japanese Government, foreign nations correspondent of the New York "Herald
Tribune"
did not send special envoys to Japan to attend the at Managua, the Nicaraguan capital,
cabled on
funeral services. Each nation was represented at Feb. 8: "Wounded are pouring
into Managua from
the death rites by its respective Ambassador or Chinandega. It is reported that
300 were killed and
Minister to Tokio. The present Emperor, Hirohito, 500 wounded in the sixty hours'
fighting, in which
was represented in the funeral procession by the 3,000 were engaged on both sides.
The Conservasecond son of the late Emperor, Prince Chichibu, tives are known to have lost 150
killed." The city
who was recalled from London to attend the rites. of Chinandega fared so badly from
the desperate
Never in the history of Japan has an Emperor walked fighting on both sides that President Diaz was
led to
in the funeral procession of his father, for, according say, after declaring it was the worst disaster
in the
to tradition, the Emperor is too exalted to walk on history of the country, that
he "would do anything
the same level with his subjects. But the present to stop the slaughter." An Associated Press
disEmperor, as Prince Regent, has set aside many patch on Feb. 9 said he declared to the
corretime-honored traditions, and were it not for the spondent that he was.ready to give way to
some
physical fatigue of walking for three hours in the one else if that seemed best to the United
States, and
night air and then standing for three hours during was quoted as follows: "My interests,
hopes and
the services at Shin-Juku Gardens, it is quite possible ambitions are only for Nicaragua's peace and
progress
that his majesty might have established a new prece- and the friendship of the United States.
If the
dent and appeared personally in the procession."
United States should think best that I give way to
some one else as a means of furthering the best inThe last of four military revolutions which Portu- terests of Nicaragua, I should do so immediately."
gal has had in the past twelve months was brought to The Washington correspondent of the New York
an end by surrender of the revolutionists in Lisbon on "Times," recalling that Juan B. Sacasa, the Liberal
Feb. 10 after only a week's duration. The trouble leader, has long been ready to eliminate himself from
began in Oporto on Feb. 3. President Carmona, who the situation for a third person if Diaz also would
is also Minister of War, led the military operations in retire, said on Feb. 9 that this new attitude on the
person against the rebels there and after capturing part of Diaz was pleasing to the Administration, and
Oporto he hurried back with his forces to Lisbon, the "makes possible a solution of the revolutionary sitcapital, where the fighting was so general that the uation that has presented one of the most vexing
American legation was hit by rifle and machine fire problems with which the United States has ever had
repeatedly and had to be abandoned by the minister, to deal in Central America."
FEB. 121927.]
THE CHRONICLE
Discussing the matter further this correspondent
said: "The announcement of Diaz came at the same
time with a serious turn in the Nicaraguan situation,
as seen in reports that Jose Esteban, Guatemalan
special agent in Nicaragua, had suddenly been
recalled and that Honduran Liberals under General
Oregon Ferrara were massed on the GuatemalanHonduran frontier." On this point the Managua
correspondent of the New York "Herald-Tribune"
on Feb. 10 cabled: "It is understood from reliable
sources that Guatemala probably will declare war on
the Diaz government. Esteban Sanchez, the Guatemalan Minister, to-day hurriedly demanded his
passports, giving the vaguest excuses. Guatemala is
one of the two Central American countries which have
not recognized Diaz, the other being Costa Rica.
It is known that Guatemala is very friendly with
Juan B. Sacasa, the Liberal leader, being a close
ally of Mexico's, and that it has supplied him with
communications. Sacasa lived there for five months
before returning to Puerto Cabezaa, and his family
still is there. The declaration of war, however,
would be regarded as nothing more serious than a
gesture. It undoubtedly would be a result of overtures by Mexico."
833
nounced that it would consider in groups the appeals
both by the oil companies and the Government from
lower courts' decisions on the oil law cases. The
hearings will begin in four weeks." A dispatch to
the New York "Times" on Feb. 8 declared that the
country was threatened with a national railway strike
unless the dispute between the National Railways and
the mechanics was settled by Feb. 17. The threat
to call a general strike was contained in a communication sent to the National Railways by the Confederation of Railway Societies.
The Chilean cabinet promptly resigned on Feb. 9
on a pronouncement by the Minister of War, General
Carlos Ibanez, that the Government must be reorganized to break Bolshevistic influence on the
country. General Ibanez was at once designated by
President Emilio Figueroa-Larrain to form a new
ministry and on the same night it was sworn in,
according to Associated Press advices from Santiago,
as follows:
Premier and Minister of Interior—General Carlos Ibanez.
Minister of Foreign Affairs—Conrado Rios Gallardo,
Liberal, a newspaper writer.
Finance—Pablo Ramirez Radical, former Minister of
Education and ex-Deputy.
War—General Ortiz Vega, Inspector General of the army.
The promise of amnesty by the Mexican Govern- Justice—Aquiles Vergera, Radical, ex-Deputy.
Hygiene—Jose Santos Sales, once Labor candidate for
ment to "bands" still in arms against it last week
President.
was evidently not effective in a large way,for revolu- Agriculture—Arturo Alemparte, national Liberal, a memtionary activities have continued to be reported as ber of the previous Cabinet.
numerous. "Many clashes between Federals and
The Ministries of Public Works and Navy were filled the
rebels," says a Mexico City dispatch of Feb. 9 to next day as follows:
Public Works—Isaac Hevia, a member of the previous
the New York "Herald Tribune," "have been re- •
cabinet.
ported by military commanders throughout the ReNavy—Captain Carlos Froeder, a member of the previous
public in the last few days." On the previous day Cabinet.
the correspondent of the New York "Times" cabled:
"Numerous incidents," says the dispatch, "led up
"Scores of Federal soldiers have been killed in fights
with rebels, of which the Mexican press knows noth- to the crisis, among them the recent convention of
ing, and priests have been assassinated, according to professors in primary grades, who spoke heatedly
documents published to-day (Feb. 8) in the Labor against the Government and supported various
paper 'Sol,' which declares they were seized by Gov- phases of Communism. Later Communist Deputies
ernment officials when they discovered a centre of took part in the agitations of the strikers during the
conspiracy in Mexico City. The documents link recent railroad strike and participated in a fight with
the alleged revolutionary centre here with the recent the State police." The statement of General Ibanez,
movement in which Rene Capestran Garza, leader of which brought about the resignation of the Ministry,
the League for the Defense of Religious Freedom, was it is added, contained the charge that the "'spread
declared Provisional President of Mexico." The Of Bolshevism, facilitated by a weak government, had
representative of the Associated Press said "the Mex- carried the country to deplorable extremes. He
ican Government to-day (Feb. 8) announced that amplified this by remarking that Moscow's influence
it had nipped in the bud what officials described as in Chile must be broken, and the way to do it was to
another Catholic plot for a rebellion in the States of reorganize the Government by the injection of
Queretaro and Guanajuato," and that on Feb. 10 younger blood. He emphasized that he would seek
"definite suppression of what Government officials to settle the Bolshevik problem in Chile once for all."
have termed an attempted 'Catholic revolution' was
It was made known in Warsaw on Feb. 7, says a
announced to-night in a statement issued by the
office of President Calles." The statement asserted copyright despatch to the New York "Times," in
that a large part of the Republic was tranquil at connection with the departure of the Polish Government delegation to America for the purpose of negotipresent and that the rebellion never was serious.
The oil situation, meanwhile, appeared to have ating a $100,000,000 loan, that "every effort will be
developed nothing new one way or the other. A made to change the parliamentary policies of the
Tampico dispatch to the Associated Press on Feb. 8 Administration to conform with the suggestions of
said: "Federal District Justice Mendoza Lopez con- Professor Kemmerer, American financial expert, for
tinues to grant injunctions to oil companies, restrain- putting the Treasury on a solid footing and the ecoing the Mexican Government from enforcing the new nomic future of Poland on a basis warranting capitaloil regulations. His action has created delight among ists advancing funds for carrying out industrial imlabor circles and chagrin among the Government provements which have been planned." On the
chiefs. The oil men themselves have adopted a following day the Government announced the
waiting attitude." From the capital on the same day appointment of a board to cooperate with the Minthe New York "Herald Tribune" correspondent istry of Finance in weighing financial questions. A
cabled that the Mexican Supreme Court had just an- Warsaw cable to the Associated Press on Feb. 8 said
834
•
THE CHRONICLE
that Professor Krzysanowski, prominent economic expert, and M.Mynarski, Vice-Chairman of the Bank of
Poland, now in the United States for a conference
with Professor Kemmerer, of Princeton University,
on Polish finances, are among ten prominent men on
this advisory financial board. The Berlin correspondent of the New York "Times" cabled on Feb.10
that an expulsion of four German railroad men from
Polish Upper Silesia had resulted in a threat that in
the absence of a satisfactory explanation Berlin will
notify its delegates on the German-Polish Trade
Commission that it is useless further to continue
negotiations. The indications in Poland, the "Times"
correspondent cabled the same day were that "Poland
would bow to the Reich's wishes as a means of saving
her profitable trade with Germany. Fear that
Germany might close her borders, not even allowing
her exports to be shipped through the country, is
prompting the industrialists to advise Warsaw to
accept Germany's demands regarding the expelling
of German citizens."
[VOL. 124.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1926.
1924.
1923.
1925.
Feb. 9.
Feb. 10.
Feb. 11.
Feb. 13.
Feb. 14.
£
£
£
£
£
Circulation
b136.969.000 141.092.000 124,847,910 125,199,095 120,719,230
Public deposits
14.720,000 17,887,175 9,569,278 14,466,839 19,517,200
Other deposits
105,625,000 108.813,105 115.081,190 104.354,872 106,726,844
Governrn't securities 29.873,000 43.947.247 45,819,540 44,849.182 48,507,299
Other securities
75,667,000 77,686,147 73,460,483 69,431.421 70.623.032
Reserve notes & coin 32,969,000 23.214,776 23,479,419 22,634,327 25,224.195
Coin and bullion__ a150,189,275 144,556,755 128,577,329 128,083,422 127,493,425
Proportion of reserve
to liabilities
27.39%
1/01.%
18 %
19.05%
20%
Bank rate
5%
5%
4%
4%
3%
a Includes, beginning with Apr11 29 1925, £27.000.000 gold coin and bullion
previously held as security for currency note Issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes E27,000.000 of Bank
of England notes issued In return for the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
The important changes in the Bank of France's
statement for the present week was the reduction of
900,000,000 francs in the Government's indebtedness
to the Bank and an increase of 16,800,100 francs in
note circulation. Advances to the State are now at
31,000,000,000 francs, in contrast with 34,650,000,000 francs last year and 21,900,000,000 francs in
1925. Note circulation now aggregates 52,642,502,875 francs. In 1926 the amount stood at 51,089,458,130 francs and the year previous at 40,777,648,495 francs. Gold holdings remained unchanged at
5,547,827,750 francs as compared with 5,548,184,456
francs in 1926 and 5,545,698,600 francs in 1925.
Other changes that occurred in the weekly statement
were: Silver holdings increased 114,546 francs,
advances to trade 38,498,987 francs, Treasury
deposits 8,209,000 francs, and general deposits
265,724,834 francs. On the other hand, bills discounted decreased 1,159,284,624 francs. Comparisons of the various items in this week's return with
the statement of last week and corresponding dates
in 1926 and 1925 are as follows:
The National Bank of Belgium, as announced by
cable, on Wednesday (Feb. 9) reduced its discount
rate from 63/2% to 6%. This constitutes the second
reduction thus far in the current year, the rate having
been cut from 7% to 63/2% on Jan. 12. On Thursday the Imperial Bank of India again advanced its
discount rate, this time from 6% to 7%. The 6%
rate had been in effect since Jan. 13, and on Friday
the Bank of Poland reduced its rate from 932% to
9%. The old rate had 'been in effect since Dec. 10
1926. With the exception of the above changes, official rates at leading centres remain at 7% in Italy;6%
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
in Austria; 53'% in Peru and Denmark; 5% in Lonfor Week.
Feb. f 1927. Feb. 111926. Feb. 12 1925.
Francs,
Francs.
Francs.
Francs.
don, Berlin and Madrid; 432% in Sweden and Nor- InGold Holdings-- Unchanged 3,683,506.843 3,683,863,548 3,681,377,693
France
Abroad
1,864,320,907 1,864,320,907 1,864,320,907
Unchanged
way, and 33/2% in Holland and Switzerland. Open
Total
Unchanged
5,547,827,750 5,548,184,456 5,545.698,600
market discount rates in London have ruled a trifle Silver
Inc.
324,762,702
114,546
341,686.098
305,065,266
Bills discounted__ _Dec. 1159284 624 3,214,062,137 3,043,979,107 4,807,414,596
firmer for short bills, which closed at 4 3-16@431%, Trade advances_ Inc. 38.498,987 2,039.999,713 2,550.172,933 3.071.748.944
Note circulation_ _Inc.
against 4.
4@4 3-16%, but three months' bills have Treasury deposits_Inc. 16.800.100 52,642,502,875 51,089,458.130 40.777,648,495
1
8,209,000
29.212,796
19,524,828
10,199,195
General deposits.
.me. 265,724,834 4,814.845,896 2,823,089,702 1,878.261,324
not been changed from 4%. Call money at the Advances to State_Dec.900,000,000 31,000,000,000 34,650,000,000 21,900,000,000
British centre was strong and higher, ruling at 4%,
The weekly statement of the German Reichsbank
but closing easier at 3/%,as against 3%% last week.
In Paris the. open market discount rate has been as of Feb. 7 revealed a contraction in note circulation
lowered from 5% to 43.7. Switzerland has not of 125,924,000 marks. Other daily maturing obliga0
tions,fell off 31,211,000 marks, while other liabilities
been changed from 2%%.
increased 2,369,000 marks. On the asset side of the
The Bank of England in its weekly statement as account, notes on other banks increased 6,900,000
of Feb. 9 showed a loss in gold holdings of no less marks, investments 1,000 marks, and "other" assets
than £842,860, following a decrease of £312,408 last 27,924,000 marks, but advances declined 33,785,000
week and £146,613 for the week ended Jan. 26. marks. Gold and bullion holdings decreased 60,000
Gold holdings now stand at £150,189,275, as against marks and deposits abroad 20,948,000 marks. Gold
£144,556,755 and £128,577,329 in 1926 and 1925, holdings now amount to 1,834,601,000 marks in
respectively (before the transfer to the Bank of comparison witi 1,255,617,000 marks in the correEngland of the £27,000,000 gold formerly held by sponding period last year and 844,807,000 marks in
the redemption account of the currency note issue). 1925. Reserve in for ,(231 currencies fell off 127,663,Reserve of gold and notes in banking department 000 marks, bills of exchange and checks 36,697,000
expanded £125,000 inasmuch as the loss in bullion marks, and silver and other coin 1,388,000 marks.
was offset by a decrease in note circulation of Note circulation now stands at 3,283,692,000 marks,
£968,000, while the proportion of reserve to liability against 2,563,103,000 marks in 1926. Below we
rose from 27.09% to 27.39%; two weeks ago the give a detailed comparative statement back to 1925:
REICHSBANK'S COMPARATIVE STATEMENT.
ratio was 29.22%. Public deposits gained £5,Feb. 6 1026.
Feb. 7 1925.
Changesfor Week. Feb. 7 1927.
Retchnnarks. Rekhsmarks. Retchsmarks. Reichmarks.
183,000, but "other" deposits decreased £2,564,000. Assets60.000 1,834.601,000 1,255,617,000 844,807,000
Dec.
Gold and bullion
20,948,000 101,472,000 142,981,000
depos.
Loans on Government securities increased £997,- Of which foreign abr'dDec. 127,663,000 293.419,000 418.539.000 198,653,000
curr.Dec.
Ree've in
81,020,000
"other" securities £1,505,000. Bills of exch.& checks.Dec. 36.697,000 1,378.338,000 1,411,337,000 1,646,832,000
000 and loans on
82,889,000
Silver and other coin_ _Dec. 1,388.000 125.422,000
65,535,000
690.000
7.255.000
Notes on
22,382,000
Note circulation now stands at £136,969,000, against Advances0th. Ger. bksInc. 33,785.000 7.833,000 21,288.000 47,050.000
5,118.000
Dec.
1,000
88.885,000
109,878,000
the same time last year and £124,- InvestmentsInc. 27,924,000 598,118,000 233,761,000 1,627,549,000
£141,092,000 at
Inc.
Other assets
779,018,000
Lfabflilies847,910 the year before. The bank's official discoum Notes in circulation_ _Dec. 125,924,000 3,283.692,000 2,563,103,000 1,839,531.000
Oth.dally matur.oblig.Dec. 31,211,000 543,355.000 765,307,000 818,710,000
rate remained unchanged at 5%. Below we furnish Other liabilities
Inc. 2,369,000 203,163,000 570,562,000 1,533,232,000
comparisons of the different items back to 1923:
FEB. 12 1927.]
THE CHRONICLE
The weekly statements of the Federal Reserve
banks, issued at the close of business on Thursday,
were featured by continued expansion in rediscounting locally, but with a falling off for the banks as a
group, while open market operations showed contraction in both reports. For the combined System
gold reserves increased $18,500,000. Rediscounts of
paper secured by Government obligations declined
$1,600,000 and "other" bills $12,600,000, so that
total bills discounted for the week were reduced
$14,200,000. Holdings of bills bought in the open
market decreased $26,500,000. In total bills and
securities (earning assets) a drop of $40,000,000 was
shown, while deposits fell $31,200,000. Federal
Reserve notes in actual circulation increased $7,600,000, but member bank reserve accounts showed a
contraction of $20,800,000. At New York a small
loss in gold was indicated, $1,900,000, while rediscounting of all classes of paper increased approximately $20,200,000. Bill buying in the open market
fell $21,300,000. Total bills and securities were
reduced $1,100,000; although on the other hand,
deposits increased $3,600,000. The amount of
Federal reserve notes in circulation declined $3,800,000. Member bank reserve accounts were larger,
gaining $13,600,000. As the above changes very
largely off-set each other, reserve ratios were not
materially altered. For the twelve reporting banks,
smaller deposits and additions to gold holdings
induced a small advance, to 79.5%, up 1%; but at
New York the ratio remained at 85.5%, the same as
last week.
835
of the Federal Reserve Bank increased $7,472,000.
Member banks again added to their reserves with the
Federal Reserve Bank, the amount of the increase
being $19,528,000, which increase was the main factor, of course, responsible for enlargement of surplus
reserve.
Call money ruled uniformly at 4% on the Stock
Exchange all week, as in the two preceding weeks.
Business over the counter continued to be reported
3
at 34%. A considerable volume of loans was called
on Thursday without effect on the market. Time
money on Wednesday went to 4%% for all dates for
the first time since the second week in last July.
Trading was lively but fell off in volume on the following day. The concession encouraged anew the
expectation of a lowering in the Reserve Bank rate,
but no change was made in it. The New York Stock
Exchange reported a reduction of $154,073,917 in
brokers' loans during the month of January. The
car loadings for the first five weeks of 1927 indicated
an extensive volume of traffic, with an increase of
96,493 over the corresponding period last year and
67,800 over the same period of 1925. The United
States Steel Corporation showed a greater shrinkage
in unfinished business than had been expected, reporting a decrease of 160,792 tons on Jan. 31 as compared with Dec. 31. More gold was engaged in
London for shipment here, and Holland was added
to the list of countries sending gold here. A shipment of about $400,000 in gold bars was announced
from that country. The week's offerings of new
securities were very much less than last week, but
Last Saturday's statement of the New York still large.
Clearing House banks and trust companies, showed
Referring to specific rates for money, 4%, as althat the institutions had again increased their
reserves with the Federal Reserve Bank and that this ready stated, was again the rate at which all loans on
had resulted in the elimination of the deficit in call were placed during the entire week, from Monreserve of the preceding week and the establishment day to Friday. This is the third consecutive week
of a surplus somewhat over $3,000,000. Other salient there has been no range and that 4% has been the
features were a reduction in loans of $57,118,000, and only figure named. Funds continue abundant and
a decline in net demand deposits of $25,429,000, to borrowers indifferent.
For fixed date maturities the market has been quiet
$4,362,872,000; which total excludes $29,169,000
in Government deposits. In time deposits there was and easy. Large supplies were on offer and quota1
a decrease of $2,173,000, to $685,796,000. Cash in tions ruled at 43.@4%% for sixty days, 4%% for
own vaults of members of the Federal Reserve Bank ninety days and 4%@43/2% for four, five and six
4% for sixty days,
increased slightly, $179,000, to $43,843,000. This, months, in comparison with 41
for ninety days, 4%@43'% for four and five
however, does not count as reserve. State bank and 4%%
trust company reserves in own vaults rose $82,000 months and 43% for six months, a week ago. No
and reserves kept in other depositories were large trades were recorded.
Commercial paper rates ruled steady, then softaugmented $158,000. Member banks added to their
the Federal institution the sum of $15,- ened and closed unchanged at 3%@4% for four to
reserves in
702,000, which, in combination with smaller deposits, six months' names of choice character, with names
served to bring about an addition to surplus of $19,- not so well known at 4@44%,the same as last week.
337,220, which after wiping out last week's deficit- Offerings of prime paper were freer than for quite
in-reserve of $15,947,250, left excess reserves of some time and were promptly absorbed by both local
$3,389,970. It should be noted that the figures here and out-of-town buyers. New England mill paper
given for surplus are based on legal requirements of and the shorter choice names continue to pass at
13%, against demand deposits of member banks of 3%%.
the Federal Reserve, but do not include the 343,843,-. Banks' and bankers' acceptances in the open mar000 cash in vault held by these members on Saturday ket remain at the levels previously current. Notwithstanding ease in the call division, trading in aclast.
Lincoln's Birthday, ceptances was not active. Offerings were small, while
Because of the holiday to-day,
the New York Clearing House statement was issued the demand was only moderate. There wasjnothing
call
at the close of business on Friday. It was featured of importance to report in the way of news.
chiefly by another substantial addition to surplus loans against bankers' acceptances, the posted rate
$19,938,020—raising excess reserves to $23,327,990. of the American Acceptance Council remains at
3
Loans fell off $7,996,000 and there were declines of 44%. The Acceptance Council makesithe discount
$1,181,000 and $3,885,000 in demand and time de- rate on prime bankers' acceptances eligible for purposits, respectively. Cash in own vault of members chase by the Federal Reserve banks 3%% bid and
'For
836
THE CHRONICLE
3
32% asked for bills running 30 days, 397 bid and
0
3%% asked for 60 days, 90 days and 120 days, and
3 8% bid and 3% asked for 150 days and 180
days. Open market quotations follow:
[VOL. 124.
cable transfers rularat:4 8415-16; trading was quiet
and colorless. On Monday very little increase in
activity was discernible, but quotations were steadier,
at 4 84 7-16@4 84 for demand and 4 84 15-16
SPOT DELIVERY.
4 85 for cable transfers. Greater firmness prevailed
90 Days.
60 Days.
30 Days
Prime eligible bills
3,1@3%
.3Si
3,05355 on Tuesday, largely as a result of a falling
off in
FO
ELIVERY WITHIN THIRTY DAYS.
Eligible member b
2@4 84 9-16
8H bid offerings; the range for demand was 4 843/
Eligible non-m
banks
314 bid
and for cable transfers 4 85@4 85 1-16. Wednesday
after opening at 4 843/, demand bills were advanced
2
Ti4ave been no changes this week in Federal to 4 845 on smaller offerings, while cable
%
transfers
'
•
e Bank rates. The following is the schedule ranged between 4 85 and 4 853/8. Increased firmnes
ates now in effect for the various classes of paper sent rates on Thursday up fractionally
to 4 84%@
the different Reserve banks:
4 84 21-32 for demand and to 4 853'@4 85 5-32 for
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
cable transfers; buying on the idea that the Federal
FEB. 11 1927.
Reserve Bank rate would be reduced was responsibl
Paper Maturing—
for the advance. Friday's market was dull and of a
After 90 After 6
pre-holiday type, with very little business passing,
Days, but
Within 90 Days.
Within 6 Within 9 quotations were largely nominal and practically
unFEDERAL RESERVE
Months. Months.
RANK.
changed, with demand at 4 84 9-16@4 84 21-32 and
Com'rcial Secured
Agric't & by U. S Bankers' Trade Agricu
A yricull cable transfers
at 4 85 1-16@4 85 5-32. Closing quoLivestock Govern't Accep- Accepand
and
Paper. °Mica- lances. lances. Livestock Livestock
n.e.s.
lions.
Paper. Paper. I tations were 4 84 19-32 for demand and 4 85 3-32 for
Boston
cable transfers. Commercial sight bills finished at
44
4
4
4
4
New York
4
4
4
4
4
4
Philadelphia
4
4 84 15-32, sixty days at 4 80 15-32, ninety days at
4
4
4
4
4
Cleveland
4
4
4
4
4
4
Richmond
4
4
4 78 11-32, documents for payment (sixty days) at
4
4
4
4
Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4 80 23-32 and seven-day grain bills at 4 84 7-32.
4
4
4
St. Louis
4
4
4
4
4
4
Minneapolis
4
4
4
4
4
4
Cotto and grain for payment closed at 4 84 15-32.
Kansas City
4
4
4
4
4
4
Dallas
4
4
4
4
4
4
ore gold has been received this week. The
San Franelnen
4
4
4
4
4
4
erican Exchange Irving Trust Co. is said to have
•including bankers acceptances drawn for an agricultural purpose and
by warehouse receipts. &o.
completed arrangements for shipment of about
$400,000 in gold bars from Holland to this country,.
Movements in sterling exchange were un tain while it is understood that Kuhn, Loeb & Co. have
this week, with the ringe of quotations still a very bought £780,000 of South African gold offered in the
narrow one. A falling off in the volume of bills offer- open market, against the joint competition of the
ing, as well as better buying, based on talk of a pos- Cunard and and French Lines. The Bank of Engsible reduction in the Federal Reserve Bank rate, land is exporting gold in small amounts to Spain,
probably constituted the most noteworthy develop- India and Arabia and earmarked mother £500,000
ments of an exceptionally dull and featureless week. for account of the South African Reserve Bank. Sale
As a result of the diminution in selling, price levels of £18,000 gold to Italy by the Bank of England
were somewhat steadier, the quotation for demand at attracted attention since it is the first Italian purno time going below 4 84 7-16—the low point of the chase abroad in a long period and is taken to indicate
previous week—while the bulk of whatever business that Italy's foreign balances are in a favorable posipassed was transacted at either 4 843/i or 4 84 9-16. tion. The Federal Reserve Bank yesterday reported
For the first time in several weeks, sterling was in fair its gold imports at the port of New York from Feb. 7
demand, with the inquiry in excess of the supply of to Feb. 10 at $3,075,000 (of which $2,929,000 from
bills offering. In banking circles it was thought that the United Kingdom),in addition to which $1,200,000
institutions at this centre were once again adding to has come from Canada.
their sterling balances for the purpose of taking
advantage of improved money rates and yet not coverAs to the Continental exchanges, there was very
ing their futures, since with cable transfers at 4 85 or little doing, at least in the major European currencies,
even less, sterling is said to be at practically the gold which were again neglected. As a matter of fact the
point, especially as concerns the London open market market much of the time was almost stagnant with
gold. Nevertheless, it is undoubtedly true that rates ruling within exceptionally narrow limits.
sterling on this market will have to decline further French francs were held at 3.92 on five consecutive
before English gold can be shipped in volume to New days, while the range for the week was only Yj, of a
York. Toward the close of the week pre-holiday point. While it is true that this is the lowest figure
dulness set in, and the market relapsed into inactiv- named since the "pegging" of the franc began in
ity, although the undertone was steady and quota- December, it is also claimed that the decline from the
tions finished not far from the top. The argument put recent high level of 3.983i has not been the result of
forth was that, with a lower Federal Reserve Bank active,selling pressure, but is due to manipulation by
rate, say of 33%,funds would once more commence .the Bank of France itself, apparently for the purpose
to travel toward London and this in turn would cause of inducing deflation. Political pressure for lower
a rally in sterling values, at least to a point where it rates is bearing fruit and, according to reliable rewill be impossible for New York to take Britain's gold. ports, the franc may be allowed to decline still furOn the other hand, there were those who attributed ther, by gradual degrees, for the purpose of stimulatthe hardening tendency to seasonal influences which ing business in France. There is no doubt that
heretofore have not made themselves felt to any Premier Poincare is anxious to see the franc rise in
measurable extent.
value, but the time is evidently not considered proAs regards the day-to-day rates, sterling exchange pitious for an advance. Reports in this market that
on Saturday last was a shade easier, and demand did the franc peg was about to be removed appear to have
Eot get above 4 84 7-16, the only rate named, while died a natural death; hence there was practically
FEB. 12 1927.]
THE CHRONICLE
837
nothing doing by way of active trading. In the case had been completed for the importation of some $400,of Italian lire, virtually the same is true and quoted 000 gold from Holland aroused a good deal of discusrates hovered alternately above and below 4.27, with sion in exchange circles. The shipment, it is stated,
the extremes 4.25Q4.29. There has been no short will be the outcome of ecxhange transactions,although
selling to speak of and as Italy's foreign balances are the consensus of opinion had been that imports of
very large, it is a simple matter to control price fluc- gold from Holland at a profit were impossible; a
tuations. Purchase of a small quantity of gold by combination, however, of low sterling and guilder
Italian interests from the Bank of England atoused rates, made purchases of Dutch gold more profitable
considerable comment, for the reason that it is the than buying guilders. It is an interesting fact that
first in a long period. No formal announcement was Holland has been drawing gold from England in small
made regarding the deal, but it was believed to be a quantities for some little time. Swiss francs ruled
Government transaction and as such to be indicative all week at the low levels prevailing at the close on
of the improvement that has taken place in Italian Friday last, namely 19.223/2.
financial affairs.
German reichsmarks and Austrian schillings conPursuant to the requirements of Section 522 of the
tinue at former nominal levels with no trading to Tariff Act of 1922, the Federal
Reserve Bank is now
speak of. Greek exchange was dull and slightly cottifying daily
to the Secretary of the Treasury the
easier. Of the minor group, strength, without buying rate for
cable transfers in the different counaccompanying activity, in Rumanian lei, was a
tries of the world. We give below a record for the
feature. An advance to 0.5734 occurred, although week
just past:
the close was under this figure. The week's developFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
ments in China, though receiving close attention,
BANKS TO TREASURY UNDER TARIFF AcT OF 1922,
FEB. 5 1927 TO FEB. 11 1927. INCLUSIVE.
had apparently little effect either in the Continental
or Far Eastern division of the market or in sterling
Noon Buytng Rate for Cable Transfers In New York.
Value In United States Money.
on actual price levels. Traders everywhere are Country and Monetary
Unit.
eo. 5.
ow.7. reo. a. Fro. a. Fro. lt1. 140. 11.
adopting an attitude of extreme caution and the
EUROPE$
$
$
$
$
$
disposition appears to be to await the outcome of Austria, schilllng -----14097 .14086 .14075 .14088 .14088 .14089
Belgium, belga
.1391
1390
.1391
.1390
.1390
.1390
the present crisis. An additional feature in the Bulgaria. lev
007223 .007227 .007232 .007242 .007238 .007258
Czechoslovakia, kron .029618 .029616 .029615 .029618 .029615 .029620
dulness toward the close of the week was the approach Denmark, krone
.2665
.2665
.2665
.2665
.2665
.21165
England. pound
48494
ling
4.8492
4.8500
of a national holiday (Lincoln's Birthday).
48500
4.8509
4.8505
Finland. markka
025206 .025204 .025203 .025214 .025208
.0393
France. franc
0393
.0393
.0393
The London check rate on Paris finished at 123.49, Germany. reichamark .2370 .2389 .2370 .2370 • .0393 .025211
.0393
.2369
.2370
.013050 .012978 .012913 .012912 .012926 .013015
against 123.32 last week. In New York sight bills Greece,drachma
3998
.3998
11 vliand, guilder
.3998
.4000
.4001
.4002
.1752
.1753
.1752
.1753
.1753
on the French centre closed at 3.92, against 3.9234; Hungary, peugo -- .0427 .0426 .0426 .0427 .0433 .1754
Italy, lira
.0431
.2576
.2582
Norway, krone
.2575
.2572
.2573
.2578
cable transfers at 3.93, against 3.9334, and commer- Poland, zloty
1132
.1133
.1130
.1135
.1135
.1130
Portugal, escudo
0511
.0512
.0513
.0513
.0512
.0512
cial sight bills at 3.91, against 3.9134 a week ago. Rumania,leu
.005634 .005656 .005619 .005600 .005596 .005576
1672
.1690
.1681
.1670
.1677
.1680
Antwerp belgas, which trended slightly lower in sym- Spain, peseta
2668
Sweden,krona
.2668
.2668
.2668
.2668
.2668
.1923
Switzerland, franc- .1923
.1923
.1923
.1923
.1923
pathy with the Paris unit,rallied and finished at 13.90 Yugoslavia, dinar.- .017612 .017608 .017606 .017599 .017601 .017605
ASIAfor checks and 13.91(unchanged) for cable transfers. China6867
.6788
Chefoo, tael
.6840
.6683
.6633
.6504
Final quotations on Berlin marks were 23.69.1or checks Hankow,tael
6758
.6708
.6721
.6588
.6542
.6400
Shanghai, tadl
6550
.6518
.6519
.6388
.6341
.6221
and 23.70 for cable transfers, as against 23.69 and Tientsin, tael
.6892
.6829
.6865
.6708
.6668
.6529
Hong Kong. dollar.. .5136
.5121
.5113
.5036
23.70 last week. Austrian schillings continue to be Mexican dollar.... .4772 .4731 .4750 .5066 .4631 .4925
.4663
.4556
Tientsin or Pelyang
4829
quoted at 141 . Italian lire finished the week at
dollar
.4600
/
.4600
.4542
.4517
.4458
.4604
.4583
Yuan. dollar
.4583
.4517
.4493
.4433
.3629
.3628
.3630
India,
4.29 for bankers' sight bills and 4.30 for cable trans- Japan.rupee
.3633
.3634
.3633
4879
.4879
.4878
yen
.4878
.4879
fers, which compares with 4.27 and 4.28 a week ningapore(S.B.),dol .5600 .5600 .5600 .5600 .5600 .4881
.5600
NORTH AMER.
998387 .998401 .998392 .998382 .998378 .998378
earlier. Exchange on Czechoslovakia closed at Canada. dollar
1.000688 1.000750 1.000750 1.000750 1.000500 1.000688
Cuba. peso
471000
Mexico, peso
.470833 .470833 .471333
2.963 (unchanged); on Bucharest at 0.567 , against Newfoundland, doll .996250 .471667 .996188 .996188 .996188 .471333
4
A
.996250
.996188
SOUTH A M ER.
%
0.563 ; on Poland at 11.50 (unchanged), and on Argentina, peso (gold) .9418 .9424 .9425 .9428 .9442 .4968
1176
Brazil, milreis
.1182
.1184
.1182
.1186
.1188
Finland at 2.523/2 (unchanged). Greek drachmae Chile, peso
1201
.1201
.1199
.1201
.1200
.1200
1.0116
1.0121
1.0115
1.0131
1.0133
1 man
finished at 1.293/2 for checks and 1.303/ for cable TIrturnav. new
transfers. A week ago the close was 1.30 and 1.31.
Sight bills on Amsterdam closed at 40.00,against
So far as the so-called neutral exchanges are con- 39.9834; cable transfers at 40.013/, against
1
2
39.994,
cerned, the only movements of importance were in and commercial sight bills
39.9932, against 39.9734
Spanish pesetas, which continue active, as a result a week ago. Swiss francs finished
at 19.223/ for
of speculative operations, with frequent and violent bankers' sight bills and at
19.233/ for cable re2
price fluctuations. Opening quotations were 16.62Q mittances, which compares
with 19.223/ and 19.2334
2
16.73, from which there was an advance to 16.95, the previous week.
Copenhagen checks closed at
only, however, to tumble back to 16.69 and close at 26.65, against 26.64; and
cable transfers at 26.66,
16.78. As usual, London and the Continent sent against 26.65; checks on
Sweden finished at 26.673/2,
most of the selling orders, though considerable busi- against 26.68, and cable
transfers at 26.683/, against
2
nss was done locally at times. The great success 26.69, while checks on
Norway closed at 25.763/2,
enjoyed by the Spanish Consolidation Loan was said and cable transfers 25
.763/2, against 25.69. and 25.70
to have been a bullish feature; while realizing sales the week preceding.
Spanish pesetas finished the
were of course responsible for the dips. Spanish im- week at 16.78 for checks
and 16.79 for cable transporters continue to take gold from the Bank of Eng- fers. A week ago the
close was 16.60 and 16.61.
land to use in paying customs duties. Norwegian
South American exchange was firm and higher,
krone also had a fairly wide range, but on a smaller although still inactive and featureless.
Argentine
volume of trading. The quotation ranged between paper pesos finished up at 41.71 for
checks,
25.73 and 25.84. Dutch guilders were firm and ad- against 41.49 and cable transfers at 41.76,
against
vanced to 40.013. Announcement that negotiations 41.54. Brazilian milreis were firmly held,
closing
838
THE CHRO
CLE
[VoL. 124.
at 11.85 for sight bills and 11.90 for cable transfers,
Our Vanishing Rights—Branch Banking—The
in comparison with 11.80 and 11.85 a week ag
Holding Company Looming Up.
finished at 11. ,
Chilean exchange was easier and
Along witd the intimation that "branch banking"
against 11.95, while Peru closed weak at 3 66, against
can be obtained by means of the holding company
3 69.
comes the statement that it is an "inevitable economic development." In the State of California,
In the Far East, conditions were still nervous and
where large bank consolidations are the feature, the
unsettled, with the Chinese currencies following or
practice obtains of buying local banks in order to
reflecting the erratic movements in the silver market.
establish branches. When two of the major banking
Heavy offering of silver from China occasioned a
coalesce a chain of a hundred or more
sharp break in the so-called silver exchanges, though institutions
branches is brought under one central management.
slight improvement in the situation led to a partial
Supposing that a majority stock purchase carries
recovery in Shanghai taels, followed, however, by a
the local bank into'the centralized group it is perhaps
weak close. Japanese yen were firmly held but
too early to anticipate the ultimate effect upon the
without change, while rupees failed to reflect news
other stockholders. Usually the local officers are
that the Indian National Congress had definitely deretained, and on entering the bank the customer
cided to instruct members of the Legisaltive Assemfinds little change. Of late the consolidation of the
bly to support the measure providing for the 16d.
larger banking integers on the Pacific Coast has been
ratio in currency stabilization.
even more rapidly than in the East, where
Hong Kong closed down at 49 7-16@50, against proceeding
heretofore, save for city "offices," the establishment
/
8
52 5-16(4)523/; Shanghai, 629/@631 1, against 67@
2
of a chain or group of branches has not been a direct
673'; Yokohama,48.85@49.00 (unchanged); Manila,
/ object of the merger. If this pfactice shall at any
49.50@49.60, against 49.50@49.60; Singapore, 561 3
time, immediate or remote, follow in this section
(4)563/ (unchanged); Bombay, 36%@363/2 (un- with nationals the vast accumulation of capital on
changed), and Calcutta, 368@363/2 (unchanged).
the Eastern seaboard in its westward march (supposing also that State lines are broken down) will present
The New York Clearing House banks, in their a formidable wall to the extension eastward of the
operations with interior banking institutions, have present State branch-banking consolidations now
gained $5,380,569 net in cash as a result of the appearing in California.
currency movements for the week ended Feb. 10.
In all the discussions of this vexed question that
Their receipts• from the interior have aggregated have enlivened recent years, in which the preservation
$6,714,369, while the shipments have reached of the national banks and thus the Federal Reserve
8,1,323,800 as per the following table:
banks has been prominent, almost nothing has been
BY NEW YORK BANKING said as to the effect of consolidated national banks
CURRENCY RECEIPTS AND SHIPMENTS
INSTITUTIONS.
with many branches upon the Reserve banks and the
Gain or Loss
Out of
Into
Reserve System. Suppose branch-banking national
to Banks.
Banks.
Banks.
Week Ended February 10.
across the country establish their
$1.323,800 Oath 5.380,569 banks in spreading
80,704 359
Banks' interior movement
by buying out the local national banks,
branches
As the Sub-Treasury was taken over by the Federal how will this preserve the present regional banks in
Reserve Bank on Dec. 6 1920, it is no longer possible the Reserve System? Can a local national bank by
to show the effect of Government operations on the majority stock purchase become absorbed in a huge
Clearing House institutions. The Federal Reserve national bank, or even a holding company, and at
Bank of New York was creditor at the Clearing the same time remain an independent member of
House each day as follows:
the System? If not, in the course of time, we shall
tremendous consolidated
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK behold a few of these
AT CLEARING HOUSE.
institutions overshadowing the regional banks, even
if under such conditions the latter can continue to
Aggregate
Saturday. Monday, Tuesday. Wednesd'y, Thursday, Friday,
for Week.
Feb. 10. Feb. 11.
Feb. 9.
Feb. 7.
Feb. 8.
Bob. 5.
exist. Any of the recent consolidated banks in New
absorb hundreds of banks
84,000,000 101,000000 88.000,000 86.000,000 86.000,000 89,000,000 Cr.534,000.000 York City can in that event
The lines of expansion are not
Note.—The foregoing heavy credits reflee the huge mass of checks which come in the interior.
to the New York Reserve Bank from all parts of the country in the operation of
embodied in the Federal
the Federal Reserve System's par collection scheme. These large credit balances, likely to follow the "regions"
however, reflect only a part of the Reserve Hank's operations with the Clearing
first placed to cities
York City are represented in Reserve banks. If a limit be at
House Institutions. as only the items payable in New
the daily balances. The large volume of cheeks on institutions located outside of
even though these
New York are not accounted for in arriving at these balances, as such cheeks do of fifty thousand population,
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.
become the ganglionic centres of the larger integers,
it would seem that the whole Federal Reserve
must be eventually
The following table indicates the amount of bul- System as now constituted
disrupted.
lion in the principal European banks:
An acrid debate is now going on as to who is enFebruary 10 1927.
February 11 1926.
titled to the honor of originating the "idea" of the
Banks of
Total.
Sliver. I
Gold.
Silver. I Total.
Gold.
Federal Reserve System. It is alleged that the
£
E
£
1
C
L
1
1
150.189.275 144,556,776
1144,556,776 "Aldrich plan" contemplated a great Central bank.
England — 150.189,27
France a._ 147.340,244 13,640.000 160.980.244 147,354.547 17,060.000 160,314.542
994,600 49,727,050 But what is to prevent the formation of a central
85.612.050 c994,600 86.606.650 48.732,450
Germany
102.527.000 27.506.000l30.033,000101.475.000 26.477,000127.952.000
Spain
45.728.000 4.185.000 49.913.000 35.675.001 3,396,000 39,071,000 bank by increasing consolidations of consolidated
Italy
Netherl'cls 34,536.000 2.387.000 36,923.000 36.354,000 2,142,000 38.496.000
outcome of the
18,853.000
Nat. Belg_ 17,761.000 1,049.000 20.551.000 10,954,000 3,657,000 14,606.000 banks with branches, as a possible
17,484.000 3,684,000 21,168,000
Switzerl'd_ 17.505.000 3,048.000I
12,422.000 12,778.000
12.778,000 present trend?
Power often overleaps itself and
12.422.000
Sweden
825,000 12.449.000
838,000 12.448.000 11,624.000
Denmark. 11,610.000
I 8,180,000 8.180,000
8,180.000
Norway __ 8,180.000,
it is not hard to conjecture that California State
575.187,768
Total week 633.410,5691 53.888.600687.099,169576.638.21 54,130,600629,298,368 banks, through the impetus they have given to
818
53.855,600630,493,
Prey. week 634.188,229 53.475.600687.663,829
banking, may yet become dependent upon
this year are exclusive of £74,572.866 branch
a Gold holdings of the Bank of France
holdings of the Bank of Germany this year are exclusive nationals; and instead of asserting and strengthening
held abroad. b Gold
abroad. e As of Oct.7 1924.
01 E6,121,000 held
FEB. 12 1927.]
THE CHRONICLE
839
their independence, find themselves tributary to an Bank and the Commercial Exchange Bank of New
influence far removed from their vicinage. Re- York, and is the largest bank stock holding corporacently a bank in San Francisco and one in Los tion in the world.
"'While it is difficult to employ
• Angeles consolidated, bringing together two groups capital profitably under investment the additional
conditions as
of branches. In the possible future of the new they now exist,' President Gianinni said yesterday,
system that may now be germinating, these two 'we believe that the money can be used to earn
regions, East Coast and West, may be brought enough to satisfy the present dividend require"
together in a similar manner. But in all this what ments.'
Do the Federal Reserve Banks want to invite their
will become of the present Federal Reserve banks
that are seeking indeterminate charters? Can these own destruction? Of course the passage of the Mcpresent regional institutions be preserved and con- Fadden bill without the Hull amendments does not
tinue to function with their substance oozing out immediately involve the loss of our independent banks
into huge consolidations that are chiefly concerned and their natural co-operative system. The law
when, if and as passed must be interpreted. But if,
with the multiple expansion of their own system?
The common law right of dealing in credits seems following indicated trends, branch banking fastens
to be lost to sight in this controversy which to a itself upon the country at large, the citizen out on the
degree arrays State banks against nationals. Yet prairies who has been lying awake nights to shudder at
this is the prime consideration to the people. Large the hobgoblin of "Wall Street," may find himself actubanks to handle large business are part of an orderly ally asking a loan from that quarter. Why don't he
development. Consolidations in all lines of business "set the woods on fire" to prevent this consummation
are a natural growth. But bank consolidations to devoutly to be feared? Why gag at a shadow and
common law right as a
secure a line of branches and dominate a State or a gulp a reality? It is
municipality are more forced than natural. The citizen to engage with others in the organization of
power comes from the top; the rivulets do not run the credit power of his own community that is at
together to make rivers. And the citizen has an stake. -Nothing can take away from the Eastern
important interest at stake. To-day he deposits States their long accumulation of credit-power.
with his independent local bank; to-morrow he is The question at issue is shall it be associated with
depositing in the same building in the branch of a the growing credit-power of the West and far West
bank 500 miles distant. The bank has lost its or dominate it by driving all present banking capital
individuality; the officers have become perfunctory into other lines of endeavor?
With all respect to the author of this phrase, we
with little discretion; the customers soon experience
a feeling of aloofness. Will other banks spring up do not believe branch banking on a nation wide scale
to take the place of locals thus lost to view? That is an "inevitable economic development." The
remains to be seen. If they do, we have inflated present system of independent local banks with
the banking system of the whole country beyond central city correspondents, it must be remembered,
its normally expanding needs. If they do not, then was all we had before the Federal Reserve regional
the individual depositor and borrower must lose his banks, and save for a satisfactory emergency curco-operative feeling for a home institution. And it rency was sufficient for our credit needs. Does
is just here that a politico-economic effect ensues. branch banking and towering consolidated banks
A "money power" that could never be defined or endanger the Federal Reserve System and at the
reduced to an entity, because it was only a political same time displace and disorder the natural balance
bogey, can, in the course of the consolidations, be of credit-power throughout the country? If it does
definitely placed, and the patron of the far-distant or will, then this "economic development" mutt soon
local branch can offer proof satisfactory to himself become a political matter that will endanger the
harmony of our Federal Union and the good-will and
at least that he is in its toils.
The menace is not a threatening possibility of the stability of our entire business interests. We have
future. It is at this very moment an actual reality. either drivenAthe entering wedge. or we have not;
Through the holding company one of the very largest time willoho w.!
of the California branch banking institutions has
The Third Term Issue in 1928.
already managed to absorb two or three New York
President Nicholas Murray Butler of Columbia
City banks. If any one has any doubt on that point
let him read the following, which appeared as a prom- University, whose long and intimate identification
inent news item in the New York "Times" on Wednes- with the Republican Party entitles him to be heard
day of this week—let him read and become disillu- on political matters, raised a question of first-rate
importance on Monday, in a speech before a local
sioned:
"The Bancitaly Corporation will ask its share- Republican club in this city,by declaring unequivocally
holders in the next few days to authorize an increase against the renomination of President Coolidge by
of 1,000,000 shares in capital stock
the Republicans in 1928. Disclaiming any knowledge
"The 1,000,000 shares for which authority will be that the President "has ever referred to this matter
asked will represent about $100,000,000, one of the
largest pieces of financing effected in this country. in any way, either directly or indirectly," Dr. Butler
The plan for issuance of this stock is said to comprise nevertheless declared that he took it for granted that
an offer of 450,000 shares to present stockholders at when Mr. Coolidge "thinks the right time has come
$100 a share in the ratio of one share for each five he will make public statement of his unwillingness to
held, the balance to be held in the treasury to be have his name considered in connection with the
sold when it is deemed advisable.
Republican Presidential nomination of 1928. One of
"Preliminary permission has been obtained from the President's
strongest characteristics is his comthe State Corporation Commissioner of California,
mon sense, and common sense dictates this course."
where the company is domiciled, to issue the new
The impelling reason for such a declaration, Dr.
shares. The Bancitaly Corporation controls the
Bank of Italy of California and other institutions, Butler went on to point out, was the third term
among which are the Bowery-East River National tradition. "One of the deepest and most persistent
840
THE CHRONICLE
convictions of the American people," he said, "is
that no President should have three terms of office.
It is idle to define as to the length of either of the two
terms which a President may have had. That
President has served two terms who has twice taken
the oath of office. . . . It is simply looking for
unnecessary and fatal trouble to raise the third term
issue, and I should be both greatly surprised and
greatly disappointed if President Coolidge did not
share that view. The Republican Party is going to
have a hard enough time in 1928 without inviting
certain defeat through injecting the third term issue
into the campaign." Such, Dr. Butler added, was
not his personal view alone,"but that of almost every
important and experienced leader in any part of the
country" with whom he had recently talked. "Particularly in the Western and Northwestern States is
there great dread of the effect of the third term issue
should it by any chance be raised."
Dr. Butler has unquestionably expressed the conviction of a majority of the American people regarding
the nomination of any President for a third term.
Although the Constitution sets no limit to the number
of terms for which a President may .serve, the precedent established by Washington, followed without
question by Jefferson, Madison, Monroe and Jackson, recognized with regret by Grant, and disregarded to his cost and the cost of the Republican
Party by Roosevelt, has made a profound impression
upon the American mind, and commended itself as
the embodiment of a wise and safe policy. It is
hardly more than a quibble to urge that the precedent
ought not to be cited in the case of Roosevelt, whose
term of service as the successor of McKinley lacked
about six months of the full four years, or in that of
Mr. Coolidge, whose term of service as Harding's
successor fell about 18 months short of the full term
of four years. Leslie M. Shaw, Secretary of the
Treasury in the Roosevelt Cabinet, has emerged from
his retirement to insist, in reply to Dr. Butler, that
a Vice-President who takes over the Presidential
office upon the death of a President is properly only
an Acting President, and hence, presumably, is
eligible to two full terms as President if the people
choose to elect him. The Constitutional point is a
fine one, and authorities can be quoted in its support,
but the American people have never shown the slightest interest in it, or in any of the chronological
variations which succession to a vacant Presidential
office has presented. To have twice taken the oath
of office, as Dr. Butler points out, is to have served
twice as President, and it has been the settled conviction of more than a century and a half that an
incumbent who has served twice should not serve
again.
The course of party development has added weighty
reasons to the precedent set by Washington and the
early Presidents. It is the natural desire of any
party, once it has won control of the Government,
to hold power as long as possible, and it invariably
interprets its success in winning elections as indubitable proof of the wisdom and soundness of its policy.
We have never yet, however, had a party so wise or
a President so able as to lead to a demand for the
indefinite continuance of either in office, and while
Presidents may change while the party control
continues, the practice of displacing the incumbent of
the Presidency at the expiration of not more than
eight years of office has proved almost as efficient in
checking party despotism as in interrupting or defeat
(VoL. 124.
ing Presidential autocracy. The third term tradition
is not a'national vagary. It rests upon the conviction, grounded in wise precedent and enforced by
long experience, that a President who has twice taken
the oath of office, and twice had an opportunity to
expound and develop his policies, has exercised his
vast political power long enough, and that a new
mind and a new temper will best conserve liberty and
minister to public welfare. The Presidential office
belongs to the nation, not to its incumbent or the
party which elected him, and while the expiration of
some Presidential terms has brought a sense of relief,
at the same time that other Presidents have ended
their periods of service rich in honor and popular
regard, the nation has decided that in no case, good
or bad, shall the limit of two terms be
overstepped.
It is greatly to be hoped that a statement such as
Dr. Butler hopes for will soon be forthcoming from
Mr. Coolidge. There have been for some months
disquieting rumors that Mr. Coolidge, while preserving his customary reticence about his plans, has
nevertheless been quietly and assiduously preparing
the way for his renomination in 1928, and that
systematic efforts were being made by his political
friends to spread the belief that, without his renomination, it would be difficult to prevent the Democrats from winning the Presidency. It is time that
such rumors were dispelled by a frank statement
from Mr. Coolidge that he is not, and will not be, a
candidate for renomination. The Republican Party,
as Dr. Butler concedes, faces trouble enough in the
1928 campaign without adding the task of trying to
override the third term tradition. The prohibition
issue cannot be ignored by either party, and certainly
not by the Republicans if the Democrats make it one
of their principal planks. Such objectionable legislation as appears to be contemplated by the McNaryHaugen farm relief bill threatens to create a new
sectionalism within the party, arraying the West
and South, which apparently want the Federal
Government to bolster agriculture with a huge
Treasury grant, even at the cost of Government
price-fixing, against the sections and classes which
oppose Government participation in business. There
is a widespread opposition to the McFadden branchbanking bill to be reckoned with, and the refusal of
the Administration, efficiently backed by Speaker
Longworth and the Repvblican majority in the
House, to remedy the inequalities and injustices in
Federal taxation, will be a heavy load for the
Republicans to carry. For Mr. Coolidge to challenge
the country on the third term issue could not, under
such circumstances, be regarded as wise.
There is the more reason for such a statement as
Dr. Bulter has called for because of the obvious fact
that no other course is fair to the Republican Party.
As long as Mr. Coolidge's intentions are unknown,
an open consideration of the claims of other candidates would appear very much like an attempt to
force upon Mr. Coolidge a decision which, in justice
to the common sense which Dr. Butler recognizes as
one of Mr. Coolidge's strongest characteristics, the
President ought without delay to make for himself;
and the Republican leaders, who certainly can have
no object in breaking with Mr. Coolidge, will probably hesitate a long time before making such an
attempt. At the moment,it must be admitted, there •
is a dearth of desirable candidates, but that, again,
is one of the troubles with which the Republicans are
FEB. 121927.]
THE CHRONICLE
confronted, and which Mr. Coolidge may well do his
utmost to remove. On the other hand, until he has
spoken he will be open to the charge of impeding the
chances of Republican success in 1928 by dallying
with the third term issue, notwithstanding that a
demand for a third term would be near akin to
841
assuring defeat in advance. It would be superfluous
to point out that the Democrats, who appear to have
a number of prospective Presidential candidates of
varying degrees of popularity or strength, will have
no difficulty in turning Republican uncertainty to
their.own advantage.
Pennsylvania Railroad Control of Expenses.
In the increase of the dividend rate from 6 to 7% 1
Gross Revenue.
(In Round Numbers.)
on the Pennsylvania RR. in Ocfober last, the man-! YearPenn.
N. Y. Central.
Pa. Over.
agement has given notice that the road has come 11921
$663,000,000 $515,000,000 $148,000,000
1922
697,000,000 561,000,000 136,000,000
back to its traditions of earning power
1923
775,000,000 655,000,000 120,000,000
The demoralization which the Pennsylvania suf- 1924
699,000,000 577,000,000 122,000,000
728,000,000 602,000,000 126,000,000
fered because of the war was great. The road lay 1925
track of the munition industries: high-grade
in the
Total
$652,000,000
freight was diverted whenever and wherever it
Net Railway Operating Income.
interfered with the heavy munition tonnage; the Year
Penn.
N. V. Central. Pa. Under.
$41,000,000 $89,000,000 $48,000,000
breakdown of morale of the .working forces was 1921
1922
80,000,000
91,000,000
11,000,000
critical. All carriers suffered acutely from the ex- 1923
88,000,000 122,000,000
34,000,000
84,000,000 106,000,000
cesses of war times, but on the Pennsylvania where 1924
22,000,000
108,000,000
119,000,000
11,000,000
the havoc was severe, recovery has been delayed 1925
by the complications of establishing a new labor
Total
$126,000,000
policy that differed radically from that of its comEach year the Pennsylvania has collected more
petitors. In 1920 it will be remembered there was revenue than the New York Central and each year
a deficit. The operating ratio in that year was the yield to the owners of the property in the form
104%. This was without precedent on this great of net railway operating income, has been less. In
system. It put all upon notice that the situation the five years taken together the Pennsylvania
was grave.
management has collected $652,000,000, or over half
To understand the Pennsylvania we must set it a billion dollars more of gross revenue and turned
against some other comparable system. The only back to the owners $126,000,000 less of net railway
aggregate of gross earnings that can be justly brought operating income.
into comparison is that of the New York Central.
In examining the figures more closely we restrict
If to the New York Central proper we add its sub- the inquiry to the operations of the latest completed
sidiaries-the Boston & Albany, the Ohio Central year for which detail figures are fully published,
Lines, the Michigan Central, the Cleveland Cin- namely 1925, which happens to be the most favorable
cinnati Chicago & St. Louis, and the Pittsburgh & year for the Pennsylvania. Since detailed figures
Lake Erie, we produce a system having a line mileage are not available for the entire system we confine
of 11,424 miles as compared with the 10,887 miles ourselves to the results of the so-called regionally
of the Pennsylvania regional system. Despite obvious operated system which excludes the Long Island and
differences there are many points of similarity three small subsidiaries, and embraces operations
between the two. Both serve the vast, dense traffic that produce about 95% of the total gross revenue.
of the seaboard westwardly to the Great Lakes and
1925
Mississippi basin, north of the Potomac. Their
Pennsylvania- -New York Central- Pa.Excess.
gross earnings while different are measurably com- Railway operating In Round Amounts
revenue
8688,000,000
5602.000,000 886,000.000
parable. But the implications of a comparison
$445,000,000
Less Expenses 8540.000,000
Equip.hire and
must not be carried too far, to the prejudice of
it. fac. rents 13,000,000 553,000,000 1,000,000Cr 444,000,000 109.000,000
either.
135,000,000
158,000.000 23,000,000
Nothing in contemporary history is more striking
The general character of the respective traffics of
than the shift in relative position of the Pennsylvania
and the New York Central. The course of the the two properties from which these disparate results
"operating ratio" (excluding taxes) of each system are had is indicated by the comparison below:
Pennsylvania
for the past two decades, omitting the six years of
Pennsylvania. N. Y. Central. Over. Under.
Passenger train miles
65,000.000
56.000,000 16%
extraordinary conditions, 1915 to 1920, is as below:
Revenue ton miles
45,000,000,000 37,000,000.000 22%
-Pennsylvania.
Year
1905
71.4
1906
70.8
1907
73.6
1908
70.4
1909
69.2
1910
73.1
1911
73.2
1912
73.9
1913
77.7
1914
76.7
N. Y. Central.
75.4
75.6
77.5
69.9
65.8
71.1
68.6
70.0
75.1
75.1
Total revenue
$688,000,000
Freight rev., proportion of all rev._
68.5%
Average haul freight (miles)
196
Ton mile revenue (cents)
1.045
Passenger train mile revenue2.9
64.2
8 1
Per cent loaded ear miles
Ton miles per mile of line (all tons)_
4,508,000
Passenger, mixed and special train.
miles, per mile of line
6.593
5002,000.000 14%
2.3
66.2%
166 19%
1.072
2.6%
6.4%
3 2.8 1.4
6'11
3
3.534,000 27.6%
4.925 34%
From the above it appears that in 1925 the Pennsylvania had 22% more revenue ton miles and 16%
more passenger train miles. Its proportion of pas1921
87.6
77.5
senger to freight revenue is slightly less than on the
1922
78.4
82.3
1923
New York Central. Its passenger train earnings
75.6
81.8
1924
75.3
80.2
are 6.4% less favorable and its ton-mile revenue is
1925
78.5
73.9
2.6% lower, but its freight business is better balanced
The significance of the above ratios in the last and it has 19% longer haul than on the New York
fiv4years becomes clearer when expressed in money. Central. The freight traffic density on the
Penn_
THE CHRONICLE
842
sylvania is 27% greater and the passenger train
density 34% greater.
Whatever might be the allowance to the Pennsylvania over the New York Central that would cover
its larger volume of business, such percentage could
apply directly only to a part of the transportation
and equipment costs and in declining proportion to
the overhead of operation and maintenance of way.
But there are operating disabilities on the Pennsylvania that must be taken into consideration in comparing the two properties. The first difference that
confronts the Pennsylvania management is the higher
crossing of the Appalachians. This system crosses
at 2,200 feet and the New York Central at about
900 feet. However, the restrictions on train tonnage
imposed by the ruling grade here and on the two other
districts of unfavorable grades on the Pennsylvania
apply only to.that part of the gross ton-mileage that
is produced on the engine districts where the grades
occur and not to the entire tonnage of the grand
division. The Appalachian pass is on the main line
of the Pittsburgh division. The gross ton-mileage
of all the business on this division is 18% of the aggregate ton-mileage of the entire system. Since the
Pittsburgh division itself handles other tonnage than
that which crosses the mountain, it follows that that
part of the system's ton-mileage actually produced
in crossing the mountain is considerably less than
18%.
Another disability which renders operations much
more difficult, especially at the Eastern seaboard, is
the greater traffic density on the Pennsylvania.
Over the whole line the freight traffic density is
27% greater and the passenger train density 34%
greater. This congestion becomes very acute from
Morrisville, near Trenton, eastwardly to Jersey City.
A very real handicap lies also in the character of
Pennsylvania tonnage as indicated by the figures
below:
CLASSIFICATION OF TONNAGE (1925)•
PennsylAgricultural and animal products
Products of mines
Forest products
Manufactures and miscellaneous
Less than car load
Car load tonnage originating on line
5.5%
61.4%
4.1%
25.8%
3.2%
N.Y.
Central.
8.0%
58.3%
3.8%
26.8%
3.1%
100.0%
63.3%
100.0%
36.0%
From these figures it appears that the Pennsylvania has a higher proportion of the tonnage of
mines, of which bituminous coal is the principal
item, and it has a somewhat smaller percentage of
the high grade manufactures tonnage and the tonnage of agricultural and animal husbandry. Mines
tonnage when once assembled from the mines is
highly profitable, at large volume and steady flow.
But when this flow is interrupted or its volume
reduced there is awkward overhead of plant and
men to be cared for. Furthermore, this mines tonnage is peculiarly exposed to interruption from
single causes of wide effect over which the carrier
has no control. An illustration of this is the Jacksonville mine wages agreement which in certain
years has seriously reduced the bituminous coal
tonnage of the Pennsylvania.
Unquestionably the foregoing differences-namely
higher mountain crossing, larger proportion of
originated tonnage of which coal is the predominating commodity, and the greater traffic density
when added to the direct cost of producing 22%
more revenue ton miles and 16% more passenger
train miles, increases the expense burden of the
[vol.. 124.
Pennsylvania to a very large amount. But all
taken together would appear to fall short of accounting for the full excess of $109,000,000 expenses
of the Pennsylvania over the New York Central.
Clearly the outstanding problem on the Pennsylvania is the control of expenses.
The next table shows in round millions of dollars
where the specific'differences lie.
N. Y.
Pennsylrants. Central.
1925 Expenditures for$79
$88
Maintenance of way
126
165
Maintenance of equipment
8
8
Traffic
206
252
Conducting transportation
26
27
Miscellaneous and general
1 Or
Hire of equipment and rent'gt facilities_ _ 13
Pennsylvania
Over. Under.
_
$9
39
8
46
1
14
On the face'of it the Pennsylvania maintenance of
equipment expense is $39,000,000 higher than that
of the New York Central. But out of very $100
spent on rolling stock maintenance, on the New
York Central $21.70 was depreciation and retirements, while on the Pennsylvania the corresponding
figure was $12.40 (in the year 1925 which we are
using in our comparison). The indications are that
if Pennsylvania were adjusted in this particular
to the basis of the New York Central the excess of
Pennsylvania's expense would be considerably greater
than $39,000,000. So large a difference cannot be
fully accounted for by difference of work done.
As to the $46,000,000 excess in conducting transportation expense, in the table above the notable
fact is the general diffusion of this excess. Only
in one considerable item is Pennsylvania expense
lower than on the New York Central. That exception is coal and is due to the more accessible
coal supply which makes possible a saving in the
price per ton of about 30%. The more important
items of transportation expense are next given:
Excess.
Pennsylvania. N. Y.Central. Amount. Per CS
56
$10.629.000 $6,807,000 $3,829.000
Superintendence
176
4.673,000
7,325,000 2,652.000
Despatching trains
21
6.749,000
38,220,000 31.471.000
Station employees
35.
Train enginemen & motormen 26.239.000 19.237,000 7.002,000
25
1,784.000
8.772,000 6,988,000
Engine house expense
27
28,293.000 22.200.000 6.089.000
Trainmen
60.
1,459,000
3,865,000 2,406,000
Crossing protection
182.
1.395.000
768,000
2,163,000
Telegraph & telephone
176.
627,000
1,105,000
1,732.000
Clearing wrecks
16.
59,920.000 51.807,000 8.113,000
Yard expense
To analyze roughly these gross differences we may
examine some of the operating statistics. In order
to produce comparable figures for the New York
Central system we have recourse to the operating
averages published by the Inter-State Commerce
Commission. By properly weighting the averages of
the individual roads we produce composite figures
for the New York Central system to be set/against
the specific figures of the Pennsylvania:
Pennsylvania. N. Y.ICentral.
22.5
29.1
Freight car miles per car day
35.7
25.9
Locomotive repairs per locomotive mile (eta.)
Freight locomotive miles per day (including
52.7
56.1
stored and unserviced)
47.4
46.0
Net ton miles in per cent of gross ton miles
19,706
24,587
Gross ton miles per train hour
Gross ton miles per freight locomotive year 30.493.000,000136,417,000.000
20.7
16.5
Per cent unserviceable locomotives
$176
$161
Repairs per freight car year
10.6
4.5
freight cars
Per sent unserviceable
Some of the differences above are marked. Pennsylvania apparently does not have as snappy movement as its competitor. Its percentages of unserviceable rolling stock are high. The indications are its
power is not making equal delivery with that on the
New York Central, while its locomotive repairs
expense per mile is 38% higher. Again it is clear
that control of expenses is one of the major problems.
The deductions made in a review such as this are
necessarily superficial but they point the way to
FEB. 12 1927.]
THE CHRONICLE
more intensive inquiry. They are still further
qualified because most of the comparisons as specifically noted are derived from the operations of
a single year, namely 1925, for which complete
published figures of both roads have been available.
The Pennsylvania management are alert to the
conditions which confront operations. Within the
past 18 months they have concentrated on expenses
intensively. The effects of this drive are already
appearing. Some of the preliminary figures for
1926 are now available and we set them against like
figures for 1925.
—Pennsylvania
-(-I-)Inc
(—)Dec
1926.
1925.
24.5
Freight car miles per car day
22.5 +8.9%
Freight locomotive miles per freight
locomotive day
52.4 +11.8%
58.9
19.983
Gross ton miles per train hour
19.706
+1.4%
Gross ton miles per locomotive year_ .34.577,000 30.493.000 +13.4%
16.0
Per cent unserviceable locomotives
20.7 —22.7%
8.8
Per cent unserviceable freight cars
10.6 —17.0%
Repairs per locomotive mile
$0 33
$036 —8.3%
expenses to revenue...-.
Ratio operating
77.7
78.5
—0.8
36.8
Ratio of transportation exp. to rev
36.7
+0.1%
The above figures are gratifying. The Pennsylvania is not yet restored to its former operating
primacy among all the railroads of the country but
there has been substantial progress toward recovery.
Undoubtedly control of costs is entitled to important place in Pennsylvania policy. As one
high official expressed it, "We have but to drop
our bucket into the well at our feet to bring up
gold from the sands." Control of costs on a property
that operates on so vast a scale is enormously difficult. The greater the railroad and the more secure
its high traditions and past achievements, the less
flexibly does it adjust itself to shifting conditions.
In this effort for better control of expenses, accounting and statistical bureaus have been placed
about the field to be responsive to the instant need
of the operating officer who spends the money. The
division superintendent now has his final disbursement figures for both labor and material, daily,
every day throughout the month, four days after
he has spent the money. But merely to match total
expenditures daily against an authorized budget
does not in itself protect and develop the economic
possibilities of these expenditures. Therefore the
management's plan goes beyond this and contemplates placing a capable analyst in each bureau,
to study costs constantly, exploring operations to
locate the weak and strong points and to keep his
superior operating officer sharply advised and forewarned. The plan might conceivably and with
large profit be carried further to give the divisidn
superintendent also, who spends $10,000,000 to
$15,000,000 a year, an analyst of like calibre to
stress the money significance of all operations on the
division. Few dollars are spent more productively
than the one dollar out of the hundred which secures
the productivity of the other ninety-nine.
In so far as the plan which the road has undertaken is effectively 'carried out the Pennsylvania
will realize, in the words of the late William Mahl,
that able lieutenant of E. H. Harriman, "the power
of statistics to discipline a property." Day to day
scrutinizing of expense might appear to be but an
inconsequential detail of administrative routine.
But when this work is systematically and comprehensively done as a fixed policy, linking the most
trivial operation in an unbroken chain of sequences
to its final effect in the general income account of
the railroad, it ranks with those financial and operating strategies by which great properties are made.
843
The New Economics—The Tribute to John
Bates Clark.
Existing conditions in the world about us are ,
pretty well known of all. Great changes have taken
place of late years in trade and industry, in banking
and commerce, in ways of gaining money and of
spending it, in the cost of living, and in the general
economic situation. The understanding of these
changes, what is involved in them, what is their
significance, how they affect the relations of men,
is little understood.
The recent dinner given at the University Club to
Professor John Bates Clark of Columbia University
on the occasion of his eightieth birthday brought
out testimony on all these points of general interest.
He is the leader in his department in this country
and ranks on a level with five or six chief economic
scientists of Europe. The gathering was a distinguished one of some hundred or more professors
from different universities, as Hollander of Johns,
Hopkins, Fetter of Princeton, Aggar of Rutgers,
and prominent business men as Dwight Morrow of
J. P. Morgan & Co., Seward Prosser of the Bankers
Trust, and Stephen Baker of the Manhattan Bank.
'
The occasion was distinctly personal but the addresses by President Butler and Professor Giddings
of Columbia and Professor Fetter of Princeton were
of men who having fulness of knowledge spoke with
appreciation of their audience and were as informing
as they were interesting.
The fact was brought out that there have been
two stages of economic thought in this country. One
opened early in the last century which dealt with
questions of revenue, of protection, of banking, of
transportation and the like, and which immediately
concerned the young nation. The Civil War changed
conditions and a new development came. The men
occupying the chairs of instruction were hardly
ready for it, and the young students of political
economy eager to be taught went to Europe. One
of the first to go was a youth just graduating from
Amherst College. He had come from Minnesota,
whither his family had returned from Rhode Island
for the father's health.
On his return from Germany this student, John
Bates Clark, was called to a professorship in the
newly founded Carleton College in Northfield,
Minn. He was soon advanced from there to be one
of the group of young and able men in Smith College
who under the lead of President Seeley were to
shape the career of that brilliantly successful institution.
Here Prof. Clark's career as a leader in the development of economic theory opened in the publication of his book on the "Philosophy of Wealth."
He was one of the organizers of the American Economic Association, and was soon made its President.
In time he was transferred to Amherst, and later
to his long and distinguished service of over thirty
years in Cohimbia University, where he took a
leading place in creating one of the most successful
departments of the university, and in sending forth
many of the able men now engaged in developing
in this country the study of modern political science
and of economics.
Professor Clark was early dissatisfied with the
superficial aspects of his subject and devoted himself to the investigation of its philosophic founda
tions. This led to a threefold study, producing a
844
T.H.1.4 CHRONICLE
[VOL. 124. '
reconstruction of the concept of Capital; the universal the world to meet in Berne to create a system of
law of variation, and his theory of monopoly. His securing a series of complete reports upon the
studies equipped him to appreciate the importance economic causes and results of war and militarism.
of accurate •knowledge of concrete facts as the It resulted in a gathering of distinguished scholars
proper foundation for both theory and practice. from Finland and Scandinavia at the north, to
On this he based his teaching, making it in his special Spain and Argentina at the south, and from Europe
department the first of its kind. Dealing with the to America and Japan, who gave several weeks to
problems of competition, of production, of values, developing a plan, and to preparing the work. This
of distribution and the like, he was able to make was well under way and the first publications had
important contributions to their understanding. He already attracted attention and justified the compreshowed, for example, that the definition of capital hensive and far-seeing plan when in 1914 the war
should include, beside visible and available funds, put a check upon it. But it was continued with a
all that is represented by materials, machinery, the new urgency, with the result that there is to-day a
plant, the instruments, and equipment of the busi- library of material much of which would otherwise
ness. His constructive theory is based upon the have perished, which has priceless value for the
worth of wealth, whether looked at in store or in historians of the future, and, as it is continued
the various forms of its distribution, as determined under Professor Shotwell, cannot fail powerfully
by the marginal relation of its value in the market, to influence the political and economic progress of
the world.
and this as the sole measure of its real worth.
The occasion of the dinner, it will be seen, was
three or four colleagues, SeligHe had at first put
Giddings, and they had the unique. It marks a definite epoch in economic
man, Mayo-Smith and
same spirit, but they have eagerly acknowledged activity and understanding. The attention of the
that he was the originator and leader in the new assembled company was confined perhaps in view
science. He taught an abstract philosophy so applied of the character of the audience with their absorbing
for the first time; but it was based on ascertained practical interests, to the purely material and
fact and animated by a fine scientific spirit. Po- obviously distinctive aspects of the subject, of
litical Economy has been changed from a "dismal" course with constant reference to the honored
into an optimistic science, in no small degree through guest and the work of the schools and the departthe modesty, the unselfishness, the unruffled pa- ment to which he and his colleagues belong. Too
tience, coupled with a rare open-mindedness keeping much could not be made of that.
But when prognostications of peace and prosperity
him at the front of his profession, which have charfor the future were ventured at the close and all
acterized him as its leading exponent.
Things have not turned out in practice exactly as were ready to concur in the honors and plaudits
was expected. Doctrines and theories have had to of the occasion so worthily presented one could not
be modified. In the past 150 years there have been help wondering that in the scientific and economic
great changes in the economic world. The introduc- situation in all its various •material relations so
tion of machinery in ever improved and all-embracing eloquently set forth no reference was made to the
form, and the place now secured for quantity produc- part played by man as a sentient being with pastion, with the creation and to-day the commanding sions, ambitions and a soul, not even when the
use of corporate management, have caused the coming of peace to the world was prognosticated
disappearance of hand crafts and domestic production, on the basis of these other forces.
One was reminded of a significant incident. When
and private or personal distribution, but have also
swept aside old traditions and much valued experi- not very long ago, Crawford, the English missionary.
ence. Guilds, for instance, have vanished; money to the West Coast of Africa, was here he told how
has taken on new forms; banking has extended and on leaving his field after 25 years of service, he
gained a new importance; foreign exchange has sought to interest his people by telling them of the
become a constant factor; the world is now the open wonderful things he expected to see in England.
market; traditions in new form have already arisen. He gathered about him a group of his converts and
Greater is the sum of these changes, historians are told them about automobiles, telephones, aerosaying, than all those that have previously occurred planes, steamships, great buildings and the like.
in human history.
Seeing their absorbed interest, he talked for an
It is to be noted that under the instigation and hour. When he stopped they sat in silence. Then
with the financial support of the Carnegie Foundation an old chief arose and simply said, "Missy, are the
under the leadership of Professor Clark an invitation men any better?" Pre-eminently to-day that queswas sent in 1911 to leading economists throughout tion is not to be overlooked.
Gross and Net Earnings of United States Railroads
for the Month of December
Our compilation of the gross and net earnings of
United States railroads for December, the closing
month of the old year, makes, on the whole, a poor
showing. The gross earnings as compared with the
corresponding month of the preceding year register
only a very slight increase, namely $2,943,972, or a
trifle over M of 1%, and this is attended by an augmentation in expenses in amount of $18,211,321, or
4.69%, leaving a falling off in net in the sum of
$15,267,349, or 11.36%. Not.°vermuch significance
should be attached to the increase in expenses, the
figures being for the final month of the year, when
adjustments of expenses for the twelve months are
quite common and numerous items previously held
in suspense, it may be, are included to close up the
yekr's accounts. Apparently the charges to the
expenses in that way in the month under review were
heavier than is ordinarily the case, and had the effect
of raising the general total of the expenses.
Of much greater importance is the relatively small
gain in the gross revenues, especially in view of the
fact that tonnage and revenues of the coal-carrying
FEB. 12 1927.1
THE CHRONICLE
roads wereZenlarged to anlunusual degreelby special
circumstances. In the bituminous districts coal
mining was stimulated to an extraordinary extent
by the abnormal export demand for coal arising out
of the strike of the coal miners in Great Britain.
This British strike completely collapsed by the end
of November, but the effects extended with undiminished force into December, and as a matter of fact
the influence of the strike is even now being felt, no
appreciable falling off in the amount of coal mined
in the bituminous regions having yet occurred. The
reason is that coal mining in Great Britain has not
yet returned to the normal and the void created in
coal supplies in the United Kingdom during the long
suspension of work at the mines-the strike having
lasted for a period of nearly seven months-is far
from having been filled. The anthracite carriers, on
their part, also had a distinct advantage, at least in
the comparison with the preceding year. The comparison is with the period of the anthracite miners'
strike, when not a pound of anthracite was mined.
In December 1925 the anthracite carriers, by reason
of the strike, suffered tremendous losses both in
gross and net. These losses they have now regained,
and as a consequence all these roads are now favored
with increases proportionate to the decreases which
they suffered in the previous year.
It is the huge increases enjoyed by the coal-carrying
roads, bituminous and anthracite alike, that. makes
noteworthy the relatively small gain recorded in the
total of the gross earnings for the entire country,
this improvement having been, as already stated,
less than M of 1%. The significance lies in the fact
that there must have been very general and very
widespread losses on other roads to offset the gains
enjoyed by the coal-carrying lines, and that, of
course, is what Nsie find-large and general losses elsewhere. Before dealing with these losses, however, it
will be well to enumerate some of the coal-carrying
roads that are especially distinguished for the magnitude of their gains. The roads in the Pocahontas
region stand out pre-eminently in that way, since
they moved the coal which was evidently especially
desired for export shipment. There are three large
systems serving the Pocahontas region, namely the
Chesapeake & Ohio, the Norfolk & Western, and the
Virginian Railway. The Chesapeake & Ohio added
$1,061,310 to its gross for the month and $816,83
to its net; the Norfolk & Western $1,327,790 to gross
and $750,485 to net. The Virginian, on the other
hand, though having added $396,656 to gross (reflecting the growth in the volume of its traffic)
suffered a decrease of $355,116 in its net by reason
of a big increase in its expenses.
For other large carriers of soft coal we must look
among the great East and West trunk lines between
the Atlantic seaboard and the Mississippi River.
The Pennsylvania RR. stands first and foremost in
that respect. It has added $873,086 to gross, though
falling $2,378,313 behind in net. Here the influence
of the large coal traffic was apparently in part offset
by a shrinkage in other items of traffic, because of the
reaction in general trade which became very pronounced during December. The Baltimore & Ohio is
another large carrier of bituminous coal and was
similarly affected, showing $911,071 gain in gross,
but $523,151 loss in net. In the case of the New
York Central, the coal traffic is not so predominant
yet is of considerable amount; the company reports
$467,517 gain in gross.and/$1,134,189 gain in net,
845
This is for.the New Yorkrentral itself. Including
the various auxiliary and controlled roads, the result
is a decrease of $490,626 in gross and of $181,922 in
net. The Wheeling & Lake Erie, which has been so
much in the public eye the present week, actually
reports $115,634 decrease in gross and $187,681 decrease in net. The Western Maryland, however,
has enlarged its gross by $905,698 and its net by
75,462. The Erie RR. is a large carrier both of
bituminous and of anthracite. It has added $1,101,841 to gross but lost $55,548 in net.
It is when we come to the big anthracite carriers
that the record of increases becomes especially striking. The Lehigh Valley records $1,738,317 gain in
gross and $531,619 gain in net; the Delaware & Hudson, $1,477,353 gain in gross and $429,075 gain in
net; the Lackawanna, $1,182,443 in gross and $574,999 in net; the Reading, $1,585,195 in gross and
$538,960 in net; the Central of New Jersey, $1,253,259 gain in gross, but(by reason of the swelling of the
expense accounts) $909,727 loss in net. The smaller
anthracite carriers all have similar records of increases. Thus the Ontario & Western has added
$443,343 to gross and $228,492 to net; the New York
Susquehanna & Western $145,688 to gross and $91,860 to net; the Central New England $198,441 to
gross and $137,672 to net, &c., &c.
Apart, however, from the coal-carrying r Ads'
losses are quite generally the rule and it is this
feature of the returns that commandsiattention,
or should. It indicates that the reaction in trade
and business, from the previous activity, has been
more general and more pronounced than those well
informed had supposed was the case. Take first
the roads in the South, where business is suffering
by reason of the slump in the price of cotton and
the collapse of the real estate boom in Florida and
elsewhere: Virtually all Southern roads reflect the
presence of these adverse conditions, about the
only exceptions being the roads on which the cotton
traffic is a'predominant item in the freight tonnage
and where earnings have increased as a result of an
exceptionally heavy movement of cotton growing
out of the huge size of the 1926 crop. The Atlantic
Coast Line has fallen $959,802 behind in gross and
$536,135 in net; the Louisville & Nashville $481,739
in gross and $992,161 in net; the Central of Georgia
$209,343 in gross and $157,424 in net; the Seaboard
Air Line $147,179 in gross and $174,598 in net;
the Florida East Coast $539,304 in gross andL$79,233
in net; the Nashville Chattanooga & St. Louis
$140,583 in gross and $171,697 in net. ThejIllinois
Central with its lines reaching down to New Orleans
reports $681,617 loss in gross and $464,234 loss in
net. The Southern Ry. has suffered a decreaselof
$670,548 in gross and of $977,534 in net. This is
for the Southern Ry. proper. All the other leading
divisions of the Southern Ry. System have likewise
suffered a falling off and for the whole Southern •
Ry. System the decrease reaches $1,348,680 in
gross and $1,819,417 in net.
But the South does not stand alone in this respect.
Losses in other parts of the country (save onlylin
the coal districts) also abound. In the Southwest
decreases are very common except where the gain
in the cotton movement has overshadowed the
losses in other items of freight. The Missour
Pacific reports $447,033 decrease in gross and
$55,759 decrease in net; the Texas & Pacific $316,453 decrease in gross and $152,104 in net; the Mis-
$46
THE CHRONICLE
zouri Kansas & Texas $160,812 decrease in gross
but $37,775 increase in net; the St. Louis-San Francisco $950,544 decrease in gross and $424,793 decrease in net; the St. Louis Southwestern $274,012
decrease in gross and $60,023 decrease in net. The
Atchison is rather a prominent exception with $2,807,879 increase in gross and $398,280 increase in
net. The Southern Pacific System has lost $1,010,741 in gross and $1,644,213 in net.
- Passing now to the Northwest, the rule is still
the same. Decreases predominate, though with
some exceptions. The Northern Pacific reports
$971,923 loss in gross and $763,419 loss in net;
the Great Northern $826,376 in gross and $568,191
in net; the Milwaukee & St. Paul $1,354,361 in
gross and $1,451,934 in net; the Chicago & North
Western 49,686 in gross and $1,673,532 in net,
and the "Soo" road $393,296 in gross and $299,218
in net. The Burlington & Quincy has lost $576,330
in gross and $797,150 in net and the Union Pacific
$889,743 in gross and $281,648 in net. And these
illustrations might be multiplied almost indefinitely
all going to show that the month was a poor one
for practically all roads except the few favored by
special conditions, more particularly the coal-carrying
roads. As already stated, except for the increases
recorded by these coal-carrying roads, the general
totals for the whole country would show a heavy
decrease not only in the net but also in the gross.
Our comparative summary for the two years is
as follows:
[Vox,. 124.
comparison then was with extremely heavy totals in
the year preceding (1922)—so much so that some
falling off in traffic and revenues was rendered inevitable as a matter of course the moment the
slackening of trade made its influence felt. In
reviewing the results for December of this previous
year (1922) we noted as an interesting fact that
as the country got farther away from the disturbing
influence of the coal miners' strike of the previous
spring and summer and of the railway shopmen's
strike of the summer the returns of earnings were
becoming better. The addition to the gross in
December 1922 over December 1921 was no less
than $87,735,590, or 20.66%, and though this was
attended by an augmentation in expenses in amount
of $52,530,924, or 15.10%, there remained an increase in the net of $35,204,666, or 45.87%.
There was, however, a qualifying consideration
to take into account in connection with the big
gain made in December 1922. Comparison being
with December 1921 was with a period of intense
business depression, with resulting tremendous shrinkage in traffic and gross revenues,forcing the carriers
at that time to cut expenses to the bone and the
curtailment was carried to such lengths that the
reduction in expenses actually exceeded the falling
off in gross earnings, thus leaving a.gain in net in
face of the enormous contraction in gross earnings.
Stated in exact figures, our tabulations for December
1921 showed $120,615,992 falling off in the gross
earnings, or 22.87%, accompanied by a curtailment
Month of December—
(183 Roads)—
1926
1925.
Inc (÷) or Dec. (—). in expenses in the huge sum of $144,215,090, or
Mlles of road
236,982
237.373
+ 391 0.17%
Gross earnings
2525,411.572 2522,487 800
+12,943,972 0.56% 29.84%, leaving, hence, a gain in net of $23,599,098,
Operating expenses
408,174,223 387,962,902
+18,211,321
4.69%
Ratio of expenses to earnings_
74.25%
77.30%
or 53.33%. As it happened, too, this gain in the
earnings
Net
1119.237.349 11134.504.698 —215.287.349 11.38% net in December 1921 followed a moderate gain in
• What invests the poor results for December 1926 the net in December 1920, making the December
with greater importance is that they follow rather statement for 1922 the third consecutive one in
indifferent results in the same month of 1925, this which improvement in .the net had been recorded.
last having been due.to the strike at the anthracite
It is proper to state that the improvement in the
mines, with the complete stoppage of the mining net in December 1920 followed entirely from the
of hard coal involved, this having operated to pull higher schedules of passenger and freight rates
down the earnings of the anthracite carriers, all of which had then been put into effect a short while
which suffered heavy losses in gross and net alike before. In December of that year business depresat that time. Stated in brief, our compilations for sion had already begun and a marked falling off in
December 1925 showed no more than $18,591,184 traffic had occurred. But owing to the advance in
increase in gross, or 3.69% and $10,354,676 increase rates referred to, the falling off in traffic was obin net, or 8.34%, notwithstanding the' country scured. These advances were of such magnitude
was then enjoying great prosperity and much more that it was estimated at the time that the effect
pronounced improvement would have been shown would be to add $125,000,000 a month to the gross
by the figures except for the part played by the earnings of the carriers. That was on the supposianthracite miners' strike. In the previous year, tion that the volume of traffic would be maintained
too, the improvement was rather moderate, our at the level then prevailing. But as it happened,
tables for December 1924 having shown only $11,- depression came unexpectedly and with surprising
308,918 gain in gross, or 2.29%, though on the swiftness. Instead of the $125,000,000 gain in gross
other hand the net earnings by reason of the growing. earnings counted upon, our tables showed a gain of
efficiency with which the roads were being operated, only $96,073,439 and the difference between the two
registered no less than $17,998,730 gain, or amounts furnished some measure of the shrinkage
16.90%. On the other hand, this followed losses in the volume of traffic which then so suddenly over.in both gross and net in the year preceding (1923). whelmed the carriers. Not only that, but of this
The contraction in the gross. in December 1923 (as gain of $96,073,439 in December 1920 no less than
compared with 1922) was not large, relatively $82,268,614 was consumed by augmented expenses,
speaking, being $19,212,804, or 3.75%, but it leaving only the moderate gain of $13,804,825 in the
testified to a slackening in trade, of which much net already referred to. Moreover, this small gain
had been heard in the summer and autumn of in net came on top of a whole series of losses in net
1923. This falling off of $19,212,804 in the gross in the same month of the years immediately prewas attended by a reduction in expenses of $16,- ceding.
In the great augmentation in expenses in Decem773,652, leaving nevertheless a small falling off in
viz. $2,439,152. In considering this shrink- ber 1920 and prior years, and the huge rise in operthe net,
age in gross and net, however, in December 1923 ating cost, we have the basis for the reduction in
the circumstance should not be overlooked that operating ratio shown since then. Prior to Decem
ber 1920, as just stated, our December compilations
had yielded very unsatisfactory results for many
-successive years. For December 1919 the figures
showed some increase in the gross, on top of a very
heavy increase in 1918, but it was quite moderate,
being only $11,510,209, or 2.61%,and it was attended
by an augmentation in expenses 'of $17,893,529, or
4.53%, leaving the net earnings actually $6,383,320
smaller than in December 1918. And this loss in the
net in 1919 followed losses in each of the three years
preceding, in face of steadily rising gross revenues,
too. Thus in December 1918 the addition to gross
revenues reached no less than $102,757,756, or
30.62%, but as expenses were at that time rising by
leaps and bounds because of the great increase in
wages that the Director-General had just made,the
augmentation in expenses outran the improvement
in receipts, amounting, in fact, for that month to no
less than $143,786,626, or 57.55%. Accordingly, net
earnings fell off in the large sum of $41,028,870, the
decrease being 47.84%. In the two years preceding
-the showing was, as already noted,
-1917 and 1916
of similar character, an improvement in the gross
receipts being accompanied in both cases by a diminution in the net. It is true that these losses followed important gains in gross and net alike in 1915,
but these gains in turn came after poor results as to
both gross and net in the two years immediately preceding. In the following we furnish the December
summaries for each year back to 1906. For 1910,
1909 and 1908 we use the Inter-State Commerce
totals, but for the preceding years (when the Commission had not yet begun to require monthly earnings) we give the results just as registered by our
own tables each year-a portion of the railroad mileage of the country being then always unrepresented
in the totals, owing to the refusal of some of the
roads at that time to give out monthly figures for
publication.
Gross Earnings.
Net Earnings.
Dec.
Year
Given.
Year
Preceding.
Increase or
Decrease.
Year
Given.
Year
Preceding.
Increase or
Decrease.
$
$
$
$
$
$
1906_ 135,735.226 124,733.435 +11,001,791 43,831,182 42.943.900
+887,282
1907_ 132.199,762 141,312,429 -9,112,667 34,354,158 45,998.206 -11,644,048
1908_ 205,777.451 194,222,311 +11,555,140 68,495,740 51,533.086 +16.962.654
1909.. 222,692,092 205,971,898 +16,720,194 68,467,305 68,653,301
-185,996
1910__ 236,835.304220,870,151 +15,965,153 70,357,004 67,858,550 +2,498.454
1911_ 233,614,912 232,275,177 +1,339,735 61,225,377 56,766,970 +4,458.407
1912_ 263,768,603 234,087,361 +29,681,242 81,701,974 72,932,360 +8,769,614
1913._ 254,218,891 266,224,678 -12,005,787 68,800,026 82,622,271 -13,822,245
1914__ 232,598,369 258,285.270-25.686,901 61,134,950 68.274,222 -7,139,272
1915_ 295,202,018 232,763,070 +62,438,948 105,878,758 61,186,558 +44,692,200
1916_ 262,171,169 242,064,235 420,106,934 83,237,395 86,302,108 -3.064,713
1917_ 343,875,052 317,836,386 +26,038,666 85,715,727 103,520,028 -17,804,301
1918_ 438,365,327 335,607,571 +102757758 44,738,149 85,767,019 -41,028,870
1919.... 451,991,330 440,481,121 +11,510,200 38,538,432 44,919,752 -6,383,320
1920_ 539,197,615443,124.176 +96,073,439 51,322,679 37,517,854 +13,864,825
1921.... 408,864,055 527,480,04 -120,615,992 67.849,188 44,250,090 +23.599,098
1922._ 512,433,733 424,698,14 +87.735,590 111,942,758 76,738,093 +35.204,666
1923_ 493,039,550 512,312.354-19,212.804 106,248,158 108,687,310 -2,439,152
1924_ 504,818,559 493,509,84 +11,308,918 124,480,894 106,482,164 +17,998.730
1925__ 523.041,784 504,450,480 +18.591,184 134,445,634 124,090,958 +10,354,876
1024% 525 411 /S79 522 4117 Ann +2.943.972 119.237.349 134.504.698 -15.257 240
Note -In 1906 the number of roads Included for the month of December was 96:
In 1907, 89:In 1908 the returns were based on 232,007 miles of road;In 1909, 239,481;
In 1910, 241,364: In 1911. 238,561; In 1912, 238,072; In 1913, 243,322; In 1914,
246,807; In 1915, 248,437; In 1916, 216,811; In 1917, 247,988; In 1918, 232,774;
In 1919, 233,809, in 1920, 229,422; In 1921, 225,619; In 1922, 235,920; In 1923,
235,379; In 1924, 236,196; In 1925, 236,959; in 1926, 236.982.
We have already discussed quite at length the
-changes between December 1926 and December 1925
in the case of the separate roads, and systems, and
now introduce our customary table in which we
-show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF DECEMBER 1926.
Increase.
Increase.
Atch Top & Santa Fe(3) $2,807,879 Western Maryland
$905.698
Lehigh Valley
1,738,317 Pennsylvania
a873,088
Beading
1.585.195 New York Central
b467,517
Delaware & Hudson- _ 1,477,353 N Y Ontario & Western_
443.343
Norfolk & Western
1.327.790 Chic R I & Pacific (2)....
399,051
-Central of New Jersey._ 1.253.259 Virginian
396,656
Delaware Lack & West__ 1,182.443 Long Island
367.190
Erie (3)
1.101,841 New On Tex & Mex (3).
304,158
Chesapeake & Ohio__ 1,061,310 Colorado Southern (2)__
_494,914
Baltimore & Ohio
911,071 Internat'l Great North_ 238.550
847
THE CHRONICLE
FEB. 12 1927.]
K C Max & Orient of Tex
Central New England__ _
Pittsburgh & Lake Erie.. _
Yazoo & Mississippi Vail
Lehigh & New England__
Lehigh & Hudson River..
K C Mexico & Orient- __
NY Susq & Western_ _ _ _
Central Vermont
N Y New Haven & Hartf
Buffalo Rochester & Pitts
Total (37 roads)
Increase.
$235,382
198,441
195,542
183.829
171,169
158,658
154,119
145,688
136,824
130.510
120,984
$20,966,767
Pere Marquette
Chicago & Northwestern
Missouri Pacific Co
Minneap St Paul & S 8 M
Cleve Cinc Chic & St L_ _
Boston & Maine
Texas & Pacific
Hocking Valley
St Louis Southwest'n (2)
Cinc New Orl & Tex Pac
Wabash
Central of Georgia
Deny & Rio Grande West
NY Chicago & St Louis..
Georgia & Florida
Western Pacific
Missouri Han Texas (2)_
Chic & Eastern Illinois_ _
Grand Trunk Western_ _
Seaboard Air Line
Nashv Chatt & St Louis_
Union RR (Pennsylvania)
Mobile & Ohio
Minneapolis & St Louis,.
Chic Det & Can Gr Tr Jet
Wheeling & Lake Erie_ _
Los Angeles & Salt Lake..
Decrease.
$473,358
449.688
447.033
393,296
385,864
336,326
316.153
286.643
274,012
272.028
264.778
209,343
192,412
192.302
187.815
177,029
160,812
149,570
149,542
147,179
140,583
138.031
136,594
136.051
117,188
115,634
101,165
Decrease.
Chicago Milw & St Paul_ $1,354,361
Southern Pacific (7)____ 1,010.741
971,923
Northern Pacific
959,802
Atlantic Coast Line_ __ _
950,544
St Louts San Francisco(3)
889,743
Union Pacific (4)
826.376
Great Northern
757,492
Michigan Central
681,617
Illinois Central
c670,548
Southern Railway Co.._ _
576.330
Chicago Burl & Quincy.._
539.304
Florida East Coast
481.739
Louisville & Nashville
Total (54 roads)
473,800
$17.495.047
Detroit Toledo & Ironton
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana).
liThe New York Central proper shows $467.517 increase. Including
auxiliary and controlled roads, like the Michigan Central. the
the various,
"Big Four," &c., the whole going to form the New York Central Sastent,
the result is a decrease of $490,626.
c This is the result for the Southern Railway proper. Including the
Alabama Great Southern. the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is a decrease of $1.348,680.
-All the figures in the above are on the basis of the returns filed
Note.
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
DECEMBER 1926.
Decrease.
Increase.
$536.135
b$1.134,189 Atlantic Coast Line_ ___
New York Central
523.151
816,823 Baltimore & Ohio
Chesapeake & Ohio
521,557
750.485 Boston & Maine
Norfolk & Western
505,976
574.999 Cinc Indianap & Western
Delaware Lack & West
466,837
538,960 Wabash
Reading
464,234
531,619 Illinois Central
Lehigh Valley
475.462 Cinc New Orl & Tex Pac
459.012
Western Maryland
424.793
429,075 St Louis San Francisco(3)
Delaware & Hudson
398.540
398,280 Pere Marquette
Atch Top & Santa Fe (3)
385.829
265,503 Cleve Cinc Chic & St L.._
Long Island
228,492 Pittsburgh & Lake Erie.. _
379,689
N Y Ontario & Western..
210.791 Detroit Toledo & fronton
374,971
Cllnchfield
202,612 Virginian
355.116
Lehigh & New England
349,602
174,803 Deny & Rio Grande West
Elgin Joliet & Eastern
164,287 Hocking Valley
312.591
KG Mex & Orient of Tex
153,920 Minn St Paul & S S M
299,218
Staten Island Rap Tran_
150,427 Union Pacific (4)
281,648
sc
Atlanta BirmAtlanfic.
146,890 N Y New Haven & Hartf
276.267
Alton
Chicago
137.672 Richm Fred'g & Potomac
200.694
Central New England_ _ _
114,190 Wheeling & Lake Erie...
187.681
Paul Minn & Om
Chic St
110.413 Minneapolis& St Louis
178,297
Kan City Mex & Orient_
Seaboard Air Line
174,598
.77292 Alabama Great Southern
$7
3
173.327
Total(23 roads)
Decrease. Nashv Chatt & St Louis..
171,697
a$2,378,313 Western Pacific
158,642
Pennsylvania
158.411
Chicago & Northwestern.. 1,673.532 Mobile 6z Ohio
157,424
Southern Pacific (7)_ _ _ - 1,644,213 Central Georgia
152.104
Chicago 5111w & St Paul_ 1,451,934 Texas & PacifIc
992,161 Buffalo Rode & Pittsb_ _
145.824
Louisville & Nashville
Duluth Winnipeg & Pac_
137,642
133,763
c909.B1 Union RR (Pennsylvania)
9
Zj
Southernetrt o?Itli a
797,150 Chic Det & Can G T Jet..
102,077
Chicago Burl & Quincy
763,419 Term RR Assn of St Louis
101.172
Northern Pacific
.568,191
Great Northern
Total(55 roads)
543,532
$22.348.125
Michigan Central
the result for the Pennsylvania RR. (including the form&
a This is
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana.
b These figures merely cover the operations of the New York Central
the various auxiliary and controlled roads,like the MichiItself. Including,
gan Central, the 'Big Four," &c., the result is a decrease of $181,922.
c This is the result for the Southern Railway proper. Including the Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific. the
Georgia Southern & Florida. the New Orleans & Northeastern, and the
Northern Alabama. the whole going to form the Southern Railway System
the result is a decrease of 51.819.417.
When the roads are arranged in groups or geographical divisions, what has already been said is
strongly emphasized, especially the general nature of
the shrinkage in gross revenues. Of the three great
divisions into which the roads are divided by the
Inter-State Commerce Commission, namely the
Eastern District, the Southern District and the
Western District, the Eastern District alone records
larger gross revenues than in the same month of the
previous year and that is the district embracing all
the big East and West trunk line systems, with their
huge traffic in bituminous and anthracite coal. In
the Southern District the four roads in the Pocahontas
region show a substantial gain over the previous year
and yet not enough to wipe out the losses in the
remainder of the Southern District. In the net
earnings there are losses in all the districts and also
in the different regions included in each district,
except the Pocahontas region and the Great Lakes
region. Our summary by groups is as follows: We
now group the roads to conform with the classification of the Inter-State Commission. The boundaries
848
THE CHRONICLE
[Vol.. 124.
of the different groups and regions are indicated in as against 1,737,000. The details
of the Western
the footnote to the table.
grain movement in our usual form are set out in the
SUMMARY BY DISTRICTS AND REGIONS.
table we now present:
Gross Earnings
District and Region1925.
1926.
Inc.(+)or Dec.(-)
December
Eastern District
New England Region (10 roads)___ 23,125,949 22,955,303
+170,646 0.74
Great Lakes Region (33 roads)____ 95,434,642 90,129.337 +5,305,305 5.88
Central Eastern Region (30 roads)_123,208.790 118,568,626 +4,840,164 3.90
Total(73 roads)
Southern District
Southern Region (30 roads)
Pocahontas Region (4 roads)
241,769,381 231,653,266 +10,116,115
4.36
72,430,870 77,360,629 -4.929.759 6.38
25.474,219 22,787,046 +2,687.173 11.79
Total(34 roads)
Western District
Northwestern Region (18 roads)
Central Western Region (22 roads)_
Southwestern Region (36 roads) _
2.24
52,900,549 57,181,125 -4,280,576
-739,375
83,279,849 84,019,224
49,556,704 49,466.310
+90.394
7.48
0.88
0.20
185,737,102 190,666,659 -4,929,557
Total(76 roads)
97,905,089 100,147,675 -2,242,586
2.59
Total all districts (183 roads)-.525,411,572 522,467,600 +2,943.972 0.56
Dist.and RegionNet Earning
December-Mileage1925.
1926.
Inc.(-I-) or Dec.(-)
Eastern District- 1926. 1925.
5
5
$
%
New Eng. Region 7,342
7,522 4,982,516 5,675,604
-693,088 12.22
Gr't Lakes Region 24,897 25,944 20,937,811 19,644,583 +1,293,228 6.57
Cent. East. Reg'n 26,961 26,957 20,404.502 24,432,220 -4.027.718 16.48
Total
59,200 60,423 46,324,829 49,752,407 -3,427,578 6.90
Southern District
Southern Region_ 39,173 38,581 17,891,592 22,475,257 -4,583,665 20.40
Pocahontas Reg'n 5,555 5,553 9,211,617 8,200.119 +1,011,498 12.33
Total
44,728
Western DistrictNorthw. Region_ 48,484
Cent. West. Reg'n 51,149
Southw. Region 33.421
Total
44,134 27,103,209 30,675,376 -3,572,167 11.65
48,672 9,538,139 14,524,752 -4,986,613 34.33
50,871 23,616,329 25,128,338 -1,512,009 6.02
33.273 12,654,843 14,423,825 -1,768.982 12.26
133,054 132,816 45,809,311 54,076,915 -8,267,604 15.29
•
Total all dist's_236,982 237,373 119,237,349 134,504,698-15,267,349 11.36
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
conftnes of the different groups and regions:
EASTERN DISTRICT.
New England Region.
-This region comprises the New England States.
Great Lakes Region.-Tble region comprises the section on the Canadian boundary
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-borth of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
W.Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region -This region comprises the section east of the Mississippi 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
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region -This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-Thla region comprises the section lying between the Mis
Sissippi 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 had to contend with a big falling
off in the grain movement as compared with that of
December 1925, the aggregate receipts at the Western
primary markets for the five cereals (wheat, corn,
oats, barley and rye) combined for the four weeks
ending Dec. 25 1926 having been only 50,728,000
bushels as against 88,031,000 bushels in the corresponding four weeks of 1925 and 89,323,000 bushels
in the same four weeks of 1924. The shrinkage extended to all the different cereals; thus the receipts
of wheat in the four weeks of 1926 were but 20,012,000
bushels as against 36,220,000 in 1925; the receipts of
corn 18,426,000 bushels, against 31,335,000; of oats
8,441,000 bushels, against 14,717,000; of barley
2,850,000 as against 4,022,000; and of rye 999,000
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks Ended. Flour.
Wheat.
Barley.
Corn.
Oats.
Dec. 25.
(bbls.)
(bush.)
(bush.)
(bush.) (bush.)
Chicago
1926
1,079,000
896,000 6,741,000 2,433,000 647,000
1925
1 035,000 1,322,000 21,931,000 3.296.000 836,000
Milwaukee
1926
107,000
53,000
579.000
601.000 747.000
1925
174,000
411,000 1,001,000 1,080,000 635,000
St. Louis
1926
400,000 1,611.000 1,611.000 1,537,000 153,000
1925
441,000 2,423,000 3,745,000 2,078.000 177,000
Toledo
1926
728,000
374,000
416,000
1,000
1925
1,111,000
343.000
759.000
15,000
Detroit
1926
157,000
141,000
158,000
1925
85,000
83,000
52,000
5,000
Peoria-.
1926
276,000
36,000 1,967,000
72,000
680,000
1925
187,000
110,000 2,814,000
99,000
716,000
Duluth
1926
3,644,000
22,000
321,000 389,000
1925
7,392,000
61,000 1,756,000 488,000
Minneapolis
1928
4,980,000
931,000 1,085,000 840,000
1925
12,494,000
600,000 3.121,000 1,959,000
Kansas Ci4i1926
16,000 4,439,000
585,000
216,000
1925
7,160.000 2,209,000
647,000
Omaha & Indianapolis
1926
994,000 3,043,000
842,000
1925
1,434,000 5,044,000 1,164,000
Sioux City
1026
137,000
783,000
1,000
88,000
1925
183,000
658,000
8,000
246,000
St. Joseph
1926
779.000
650,000
60,000
1925
1,022,000 1,030,000
177,000
Wichita
1926
1,558,000
82,000
21,000
1925
1,073,000
400,000
41,000
Total all
1926
1925
(bush.)
105,000
80,000
42,000
77,000
37,000
1,000
10,000
10,000
26,000
4,000
6,000
412,000
722.000
353,000
835,000
14,000
2,000
1 878,000 20,012,000 18,426,000 8,441,000 2,850.000 999,000
1 837,000 36,220,000 31.335,000 14,717,000 4,022,000 1,737,000
Western roads,likewise, suffered from a diminished
livestock movement
-on top of a loss, too, in December of the previous year. At Chicago the livestock
receipts comprised only 23,358 carloads in December
1926 as against 25,401 carloads in December 1925
and 34,440 carloads in December 1924; at Kansas
City, 8,219 carloads, against 9,084 carloads in 1925
and 12,295 cars in 1924; and at Omaha, but 6,974
cars, against 8,481 cars in 1925 and 10,713 carloads
in 1924.
Southern roads, of course, had a much larger cotton traffic, this following from the unusual size of the
new crop. Gross shipments overland in December
1926 were only 229,232 bales, as against 245,888 bales
in December 1925,285,573 bales in 1924,219,960 bales
in 1923, and 270,217 bales in 1922; but the receipt's
at the Southern outports reached 1,606,850 bales as
compared with 1,313,425 bales in 1925, 1,430,000
bales in 1924, 982,985 bales in 1923, and only 575,902
bales in 1922, as will be seen from the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR
SIX YEARS. 1921 TO 1927. INCLUSIVE.
Month of December.
Ports.
1924.
1923.
1922.
1921.
1926.
Galveston
Texas City,&c
New Orleans
Mobile
Pensacola,&c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News
momil as Ai's/
Total
bales
1925.
483,603
492,227
338,823
44,975
990
102.091
517,655 557,021 374,594 225,884 240,457
48,980
235,124 257,278 192,047 87,134
330,280 359,485 243,334 165,205 119,584
8,855
11,874
10,039
25,907
29,604
519
1,532
2,250
794
3,254
43,827 22,090 58,838
84,892 67,181
489
100
1,500
37,610 28,284
31,878
12,875
10,004
17,657
8,985
9,723
14,683 37,810
32,333 70,361
43,788
66,057
39,664
90,535
74
56,003
19,555
68,583
1 606,8501.313,425 1,430,000 982.985 575,902 9538,451
The Future of Security Prices-The Preponderating Influence
of the United States
BY
HARTLEY
WITHERS, formerly Editor of "The Economist" of London.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle.:'
We are all of us interested, as taxpayers or investors or
creditors or debtors, or as all four, in the question of the
future rate of interest. If it goes down, as is generally
expected because it always has gone down after great wars,
then the prices of long-dated investments with fixed interest
rates will 'go up, and Finance Ministers in all countries
will be in a favorable position for debt conversions, and so
will be able to lighten the burden of the debt charge, and
Exclusive copyright in the United States.
give relief to the taxpayer-unless, as is always likely, the
money so saved is devoted to some other purpose which
has stronger attractions on political grounds. As investors, we shall benefit by the rise in the market price
of our securities, if we hold those of the long-dated or perpetual variety, and the holdings of the man in the street
are of this kind, since he generally does not want tolbe
bothered with therproblem of re-investment, involved by
FEB. 12 1927.]
THE CHRONICLE
849
the possession of a constantly maturing collection of short-) of the possible recovery of European and English saving
power. It is said that in spite of the shock to the saving
dated obligations.
This benefit, however, exists on paper rather than in habit inflicted by war-time inflation, saving is already
fact, as long as the investor remains an investor: because general, at an increasing rate, in Germany; and if Europe
if he takes his profit and re-invests either he finds that all can once more save on the scale that was once customary,
securities of the same standing have risen as fast as his the supply• of capital that it will have to offer will surely
own, or else he is tempted to challenge fortune by going be a weighty factor in the problem of the future rate of
into a rather more speculative class. The more real ad- interest, and may suffice to bring it down to something
vantage arises from the fact that when the rate of interest like the old level, in spite of the more fastidious views of
falls and prices of securities go up, experience shows that American investors.
prices of commodities almost invariably fall, with the
pleasant result that the investor finds himself with a money What Price McFadden ?—The Branch Banking
income that is unchanged in amount, but considerably
Bill.
increased in real value, owing to its greater command of
[From the New York"Journal of Commerce" of Feb. 10 19271
services.
goods and
"What price" has become a fashionable catch word within
When, therefore, the question of the future of the rate
was raised by no less an authority than Mr. the past year or two and has been applied with some force to
of interest
a good many diverse objects. It has not been so popular in
Keynes, at the recent meeting of the National Mutual Life
perhaps it ought to have been; at any rate,
Society, it was natural that everybody should Washington, but
Assurance
the question what it costs to pass different items of legislaprick up his ears and listen. Mr. Keynes was cautious tion is one that is well worth trying to answer as a session
but hopeful. He said that guessing at the future rate of draws to its close. What will it cost to pass, for example,
interest is in his opinion one of the most puzzling problems the McFadden banking bill which is now fighting its way to
in the world, and that he is quite unable to take a confident the statute books?
view either way; nevertheless, for the first time for more
The first element in the price paid for the McFadden bill
than three years he is inclined to agree with the prevalent is the effect it will have upon the general lending conditions
opinion, and to expect, so far as the near future ia con- at national banks and through them at other banks. It
cerned, a somewhat lower rate of interest, in favor of which loosens up and endangers these lending conditions by weakening the restrictions which have heretofore surrounded them.
the signs seem to be set.
Then it further endangers our savings deposits by allowing
He reminded his hearers, however, that a new factor an undue proportion of them to go into real estate without
has arisen in the problem by the appearance of the United adequate safeguard. Finally, it embarks the national banks
States as pace-maker in the investment market. Before the in the hazardous business of investment banking without any
proper protection. All this is familiar, and most of our
war Great Britain, France and Germany used to set the bankers have made their minds up to pay this price to that
pace; now it will be the United States, and the question element in the banking community which prefers risks and
that has to be solved by those who are trying to peer into unsoundness to safety and sane management.
A second element of cost is now suddenly brought before
the future, is whether the United States is going "to have
the country. The Farm Relief bill—the outgrowth of the
such a surplus of savings over her own needs and such unspeakable McNary-Haugen measure—would never have
confidence in the prevailing conditions of the outside world forced itself to the front but for a bargain with McFadden
that she will be prepared to subscribe heavily year alter bill supporters, whereby the latter bill ensured the same kind
No
year to first-class international securities at a yield of of treatment that was to be given to the farm measure. but
one can tell what the MeNary-Haugen bill will cost,
less than 5% as we used to do."
everyone who reads the measure with half an eye knows that
By its indirect reactions, the answer to this question it will be outrageously expensive in money. It will be too
will, in Mr. Keynes's opinion, "determine the equilibrium high a price to pay for even the most desirable banking
planned. To pay
prices of British Government long-dated securities far measure that could bethrough a bill whichthat price merely
is itself of doubt-.
for the sake of putting
more than anything the British Treasury can do by in- ful usefulness in its best aspects and is very likely to produce
genious methods of funding or by powerful sinking funds."
hazardous, if not disastrous, consequences to the banking
Before we adopt this view, however, of the future pre- community is almost unthinkable, yet so it goes. We are in
ponderance of the influence of the United States in fixing somewhat the position of the customer at a shop who is led
to purchase an article he does not want at all by the offer of a
the international rate of interest, it is worth while to re- premium for which he has no use.
member that in the view of some well-informed American
This enumeration, however, does not finish the summing
opinions, it would be a great mistake to expect the con- up of the different elements of cost in the McFadden bill
tinuance of the present position under which the United Apart from these direct expenses connected with it there is
indirect or negative harm that it is likely to do in postStates became the world's only important source of in- the
poning desirable banking legislation. We need an early
vestment funds; and that, in fact, the net export of American revision of the Federal Reserve system, and that revision
capital will before long begin to decline and "we may look ought to be associated with the extension of the charters of
McFadden
to see it turning permanently in the opposite direction the Reserve Banks. The but without bill carries a rider
any changes in the
which extends the charters
before many years have passed."
act itself. Of course the full power of those set upon mainrather surprising conclusion reached as the taining present conditions as they are will be thrown heavily
This was the
result of a preliminary study of the economic significance against the introduction of any new amendatory act. Conof the Inter-Allied debts for the United States. The study gress itself is sharply divided on the whole subject and there
is small, if any, probability that such amendatory measure
was conducted and published in 1925 by the National should make much headway against the combined forces of
of New York. Its forecast opposition. When an extension of charters is granted, such
Industrial Conference Board
with regard to the future flow of the stream of capital extension is therefore tantamount to an indefinite postponewas based on the argument that normally both men and ment of Reserve Act revision. It will be a long time before
the subject can be given any authentic
capital can earn more in American than they can in Europe, again. Perhaps this element of cost indiscussion in Congress
the McFadden bill is
because of Europe's relative poverty in natural resources. one of the greatest that the proposition has involved. CerOrdinarily, therefore, men and capital should go to America tainly when taken with the other two items of expense, it
from Europe. "The war has made capital temporarily makes the whole measure foot up to a crushing total.
The amount of time and the waste
scarce in Europe in relation to natural resources and popula- that has been given to this measure of effort and thought
is simply enormous.
tion, and has thus made its earning power temporarily And, moreover, much of this debate has been behind the
scenes and has had to to with unessentials, and what has
high. But as the volume of capital there increases . .
this earning power will fall. Peoples that have for a number taken place in public has been uninstructive and has related
only to special interests
personal advantage.
of generations been used to receiving 3% or 4%, will not A small fraction of the and questions of
political maneuvering and intriguing
so limit the volume of investment in Europe that the interest that has gone into the work of pushing this proposition forrate can remain at 7% or 8%—its present level. The net ward would, had it been given to the promotion of useful
export of American capital will then begin to decline" legislation of some kind on the subject of banking, have
accomplished wonders. But there has been no apparent
and will eventually be turned in the opposite direction.
possibility of interesting anybody in anything of a construcWhether the tide thus turns or continues to flow, in tive nature, the whole attention being given to an utterly
perhaps diminished volume, it certainly seems that in unworthy bill calculated to impair the solvency of this counlaying stress on the importance of the views of American try rather than to promote it.
The question "what price" may well be asked as we count
investors on the future of the rate of interest, Mr. Keynes the cost and incidental losses involved in our latest experiattached less importance than it deserved to the question ment in hand-to-mouth banking enactments.
850
THE CHRONICLE
[vol.. 124.
MONTHLY RANGE OF PRICES ON THE DETROIT STOCK EXCHANGE.
The two tables following show the range of prices for each month of the years 1926 and 1925 for all
securities dealt in during that period on the Detroit Stock Exchange. It is based entirely on actual sales, and
the record is that of the Detroit Stock Exchange itself except that we have brought the figures for the different
months together and combined them into a single statement, enabling the reader to trace the fluctuations
for each security during the different months by casting the eye along a single line across the page. The
table, it will be observed, covers stocks and bonds alike, and is meant to include every sale of either made
during the year.
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1926.
1926—STOCKS
February
March
April
January
May
June
July
September
October
August
November December
Low High Low Nigh Low High Low High Low High Low Nigh Law High Low High Low Nigh Low High Low High Low High
Amer Electrice Corp cl A___25 ._-- ---- - -Amer Light & Traction___100
___
____
Arctic Dairy Products
34
38 34 • 3412 -
30
301
_
---- ---- ---- ---- ---- ---- 2212 2314 20 2304 -- 221 221 207 207 ------------------------212 212 --------224 24112 233 iii
30 3312 --------30 32
273 273 --------2612 2612 25 26
4
4
25 2915 29 32
Auto Body common
Preferred
10 _434 5
Belle Isle Creamery common _10 1314 1338 1314 133 ------------------------33434 --------13 1314 --------15 -YE
4
3 1 34 1
8
1
-5 ff
IiTs IA, 1414 15
8
4
Bohn Aluminum & Brass
• 17
5 438 1312 1418 13
1814 1612 174 1314 164 132 143
14
13 4 1512 15
,
1512 133 1514 137 1414 134 15
8
4
Bower Roller Bearing
10 .
. ____
312 312 .. __
__
918 1115 - 8i- - C G Spring & Bumper com___ 5 1112 127 10 4 12
2 9
4 912 1112 97 1112 113 154 123 1418 123- 144 10 1
8
3
8
4
8
4
4
912 11
10 1212
,
Preferred
8 84 912 8 2 94 814 9
10 84 93
9
9
9
9
9
934 --- ---- 812 9
84 9
84 83
4 84 % 84
Sc
CoahuiIaLead&Zinccom.1 6c
4c
Oc
Columbia Sugar common_10 5
44 43
35
4 435 14 4
-,
44 i
1
404 1
i
1
i
334 1
1
iii 1
i
1
5
; i41.18
711
1214 10 8 1212 1014 1114 10
13
Continental MotorsCorp.com• 12
3
1012 104 11
1012 114 104 127 1034 114 1012 1114 104 124 1138 133
8
4
•
Davega, Inc com
----- ---- 8
- ---- ---- ---- ---- ---- 203 23 4 2012 24g
,
Det Brass & Malleable Wks
—05 05
93 93
Detroit & Cleve Na•lgation_10 123 183 18
18,2 1712 18
. 4
5
1714 173 1718 1732 163 17
4
4
15
16
- -34 1412 1412 1412 144 14's11
34 1412 ii
i4i4 "15
Detroit Creamery common_10 443 4634 44 4514 40 4414 3312 41
4
3612 38
3812 4112 37 39
394 42
41
4112 4014 42
41
44
43 45
Detroit Edison Co
100 134 13812 13312 141 12312 133 12412 132z4 128 131 130 13512 132 135 134 13712 134 139 13412 13814 133 135 133 139
Detroit Forging class A com__• 20 20 --------1934 20
19
19
Edmunds & Jones Corp corn.
333 2912 3112 28 3114 273 30
4
31
4
28 3614 35 1912 3734 li 2612 31 ii ii ii iii lifem' -- from Board
d
4100 --------109 110 119 119
Preferred
410014 ----------------900
100 993
- - ---- ---- ---- ---. lOct. 16 1926.
Fed'i Motor Truck corn (old)_• 3712 44
4
37 423 394 4314 43 4914 424 50 _---- 41
4514 3412 41
4912 51
• 200.000 ad di shares las July 28 1926 (400. 300 ells. now outst'g) 2314 28
New stock
2412 3412 217 s 3334 2312 29
243 25
2
2114 19 4
3
Ford Motor of Canada
100 620 620 610 020 590 650 449 590 455 486 475 495 492 518 495 500 480 600 389 440 325 400
395 440
Gemmer Mfg class A
• 3514 414 37
40
36 37
3614 37
374 38
3612 37
3512 3512 --------36 36 ----------------333 3312
____
____ __ _ __ _ _ ____ ____
General Motors,corn
•
.•
____ _ . ___
_ 7
._
4 17
2 15314 1461 2146'2
Can Necessities Corp com___10 1014 12
104 1318 1058 12
9 4 10,
3
2 8
10
-14 8
-12 1.04 612 - 9
7
-84 64 10
8
915 74 8
53 , 74
4
Listed Au .42 1926 ----------------------------Globe Finance Corp
- --------- - 15
15 --------13 134
1213 11212
Grennan Bakeries
17
17
* 1734 1814 167; 18
---- ---Preferred
100 100 wt• iii) icie; --------100 loo _----Warrants
60 60
Hall(CM)Lamp Co
" li -- -1 153 164 14 4 164 143 153 1412 1618 14
16
4
3
4
8
16
1,1
15
-12 -1412 6212 11
i TO
7',, 1
12 iil 114
Hoover Steel Ball common_10 11
111 1116 1118 11
11 12 1112 1314 13
13
12
13 4 12
,
1215 13 13
12
12
1115 117 1178 12
114 1134
Houseman-Spitzley Corp corn
(old)
524 5112 6518 Strieken 1 rem list Feb 23 19 26
10 46
-Class A (new)
* List Feb 24 37 38
3012 34 I 3,4 34 36
333 34 --------3334 344 333 343 ---- - - - 34 2 34 2 ---- --36
4
4
4
,
,
Class B (new)
* ListFeb24 184 20
174 17, 15
16 ----------------1314 134 13
2
1332 134 1412 1312 14
Kawneer Co (listed Jan 27) • 3012 311 31 14 33
29 3214 2912 3112 304 3112 30 3 12 3012 3112 304 3114 2012 31
2912 293 2912 4
36
Mary Lee Candy units
Listed Se P127 1926 ------------------------------------------------53 5312 5212 624 524 623 2912 10
4 533 53
4
Mexican Crude Rubber
10 i
20
----20 20
20 20
-Michigan Sugar common_
414 4
34 4
4
44
10
3 8 312 34 33
3
2 34 312 24 34 3
34 3 8 312 84 34 23
,
4 312 3 11 I 312
Preferred
10 _
&la 518 54 512
54 6
5
6
612
Miles-Detroit Theatre com_10 _ _
_ _ _
21_ 21
21
2114 - —
- --- --- 2112 - 12 2114 - -14 22 ii- ,---- -- 2212 22 4 224 2234
1!121
3
5 ii 31 io 8 Motor Wheel Corp corn
-5 3312 24 302 257 273 2211 -2 - 23 8
8
4 -8
25
2315 2418 2314 25
21 23
19
204 24
21 1 1975 214
Muller Bakeries common- • 284 29
27 2712 27 2712 27
2712 284 31
303 32
4
32 3212 30 3112 ---- ---- ---- ---- ---- ---- ---- --Preferred (with warrants)100 --- ____ 100 100 ----------------105 105 --- ---_
National Baking pref
100 _
84 84 ----------------85 85
75 75
83 Ii
National Grocer common .10 64 04 6 8 0as Ms 5 4 54 54 53
,
54 53
1 6
3
4 512 512 ----------------4
4 ---- ---- ____ ___.
Preferred
100 9112 9112 - -- ---- --__ ____ ---- ___. ---- ---- ---- ---- ---. --- ---- -Noble (Chas F)011 & Gas pref I 30.2 302 ----------------200 232 25c 27c 3
-0c 30c 252 27c 25c 250 20c 200
- -- ---- fk.11,92.
Northern Co
100
---.
---__ ---- --- ioZ isi
Packard Motor Car
10 38 433 37 41
8
3218 3512 35 423 40 45
4
8
6
313 37 8 3314 37
3512 43 4 35 3712 32 35 4 334 ii 333 3
3
53
4 1734
Paige-Detroit Motor Car com_* 2412 2812 23 2514 1812 2314 184 204 1314 173 154 174 1414 16,2 1512 17
4
1534 1712 114 154 9
123
8
Parke, Davis & Co common 25 113 11412 110 114 108 4 111 10212 110 109411012 10812 112 10838 114 11712 12912 120 124 123 131 128 145 8 97 1318
3
13412 145
Parker Rust Proof common_ * 63 64 712 1214 12 4 1212 1218 13
4
,
12 2 1312 1412 15
,
1412 1412 144 15
1434 15
14
15 4 --------17
3
17
Preferred
10 812 812 --__
_ ------ 8 2 812 Vs 812 --------87 84 9
,
9 12 94 914 94 9
7 10-1 1131,
Peerless Motor Car
50 Listed Ju ly 6 l926 --------------------------------30 134 294 3312 31
4
3
31 18 24
324 28 313 24
3011
Reo Motor Car common
10 2314 2514 233 2414 194 233 19 4 2218 194 2014 1912 21
3
8
4
20
1934 203 20
2175 19 2014 19 2015 191 2018
23
8
River Raisin Paper common _10 712 8
74 8
714 74 --------634 7
64 7
63
4 7
6
63
8 64 614 6
63
4 64 64 6 II in
Schwartz(Bernard) cig A com• 13
8
4
103 124 104 1114 102 113 10
14
114 14
13 14
4
1138 1115 1134 9 4 104 Oh 1012 03411034
1112 11
3
Class B common
------------------------1014 111., _ _
• 1212 13
12 8 13
6
_ Iola 1058 10 ION
Scorten, Dillon Co common_ le 32
31
312 3034 3112 31
32 3412 3012 32
34
31'2 30 - - -12 3114 32
3112 3214 32 - 32
3214 33
33
32 334
Timken -Detroit Axle com_10 912 114 94 11
9
9
10
94 9
3
9 8 87
3
5 93
8 9
1212 1114 133 12
116 1114 1312 12
8
1314 11
4
13 I
Preferred
94 9412 9412 963 933 94
100 94 9412 9412 96
4
4
934 94
933 95 96
4
9612 9612 9612 97 974 97 100
97 974
Truscon Steel common
2112 244 2212 24
22 25
10 26 30
24 26
2212 24
2212 24
2514 264 2314 29
24 28
2312 27
253 2612
4
Preferred
1001,1001, 100 100___
_ --__ --__ ---, -- - 102, 10312 10312 10312 1024 10214 ____
100 2
3
100 102
99 4 101
Union Mortgage preferred _ _10
134 2 4
17
8 24 24 3
,
134 _-- -_
2
—
13
4 14 14 13
112 112 ---- -114 112 14 18
4
14 - -18
1
MS Radiator Crp corn(old)100 210 220 New corn moo stock Wiled Jo.n.25 1926
-Common (new)
• 40 4112 39 4 4214 37 4112 37 39
38 4 39
,
6
3812 3812 _
3814 413
3812 384 384 4012 4034 44
Preferred
_ 101 102 101 102
9912 10012 100 100 100 101
100
081,100 ---- _9912 9912 98
98,2 97 97
100 101
Wilcox Products units
Listed Dec.20 1926. -25
26
_
Wolverine rortlanci tlement_10 ---- ---- ---- ---8
6, ---8
4
63
74 -------7
7
6
--BANK & TRUST COMPANY
American State
100 199 199 200 200 200 2013 200 200
II 202 202 204 203 205 --------207 210 209 209 210 211 ---- - - —
Bank of Detroit
150 150 150 152 151 152 150 152 147 151 150 150 150 151
First National
____ -. i j4
l
i 342 342 330 330
25 330 325 330 328 328 330 330 332 335 335 385 340 341 ---- -___
100
First State
100
152 152
---- ---- ---- ---Highland Park State
100
----------------302 302
Merchants National
100
___ 225 225 235 237 -- - -- -237 237 240 240
Nat Bank of Commerce
100-10 iici ___
_ __
405 410 402 406
450 450
- 5001 600
Peninsular State
100
3003-66
Peoples
State522
. ____ ____ ____ ---- ____
632 __-_ --_ 627 630 627 iii
United Savings
too
- ---- --_ __-_ _American Trust
100
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ------ ---- ---- ---- ---- ---- --- _ in -16
Bankers Trust Co
100
-52 366
14 214 227 230
255 255
Guaranty Trust Co
1CO„_-_-200 200 200 205 235 300
iris
Z.,5
Union Trust Co
- - - - - 528 iii 528 528 532 632 525 630 526 525 525 525
°°
471 475 500 5
RIGI1TS
First National Bank
72 72 67 70
66 68
Edison_
Detroit
318 378
gexIcan Crude Rubber _
____ ____ ____ ____ ____ ____ 1 • , I •
re%
• No pat value. 1 U. S. Radiator old common exchanged for new no per Wane
oommon on basis of 5 new shares for one old share. New stock Issued Jan. 25 1926*
Ex-20% stock d,v,ilend.
Elements of Strength in the Business Situation would not reach the new high levels attained in 1925.
When the final figures for 1926 were in we found that
of Detroit, Michigan.
both had established new high records.
Continued good times during 1927 are in prospect
The State of Michigan is in a good position financially, commercially and industrially. We have just and the outlook is for steady progress from week to
left behind us a year of the greatest prosperity that week as the spring season approaches. If a fly does
this commonwealth has ever experienced. A year get into the ointment, and I am speaking of the counago we were told, among other things, that building try at large as well as of our own State, it will be due
construction and automobile production for 1926 largely to one thing—fear. Now I am not encouragBy FRANK W. BLAIR, President, Union Trust Company,
FEB. 12 1927.1
THE CHRONICLE
851
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1925.
1925—STOCKS
January February
March
April
May
August September
July
Juno
Odober
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Par $ per share $ per share S per share $ per share $ per share 8 per share $ per share $ per share $ per share $ per share 2 per share $ per share
American Lt & Trac corn-100 137 146 145 152 145 145 138%155 152 173 16312 170 174 175 192 221 215 22912 237 270 ____ -_ 260 26112
_
16 --------------------------------21
Arctic Dairy Products cons-10 15
22 24
27 3012 29 30
24 27
3014 34
35 37
10
Auto Body corn
2 112
4
14 ----------------113 2
1% 17
1% 17
8 2
412 3% 4
3
3 18 21
3
10 Listed Oct 29 1925 ______ _.. __ __._ ___ ____ _..._ ____
Belle Isle Creamery com
__ --.._ -__ ---_ --__
-- --,__ 11% 1124
Aluminum & Brass corn • Listed Jul y 10 1925 ---- ---- — — _ _Bohn _ ____ ____ ____ ____ 14% 153 13% 16% 18
1412 137 1412 13% --- 15% -8
19
113
10 483 411 413 413
Bower Roller Bearing
---- ---- -------- -------------------- ---- 72
43
Brown-McLaren Mfg corn
20 20 --- _ . ___,_ ._ r --„. _ . ...„ _ .„. ____ _
.
RemovcN rombor
uy 15 i
* 4
5
412 -5
C G Sp & Bum corn
4% 7
5 8 - 8 614 7
57812 10
614 9
6
6-7- 614 713 614 7
8
7
ID 7
718 87
8 7% 7% 73
4 718 71
784 814 7% 818 73
Preferred
7 4 83
8
4 8% 71j 77
4 9
04 15% 9 4 912 984
3
Charcoal Iron Co of Amer coin- 16e 200 --------360 40c 15c 40c 100 20c ----------------120 120 —__ _-- ---- ---- --__ ____
le
le
Preferred
720 74c 800 850 85c 95c 85c 97c Removed! romboard Dee29 192 5
------------------------10
5e .
1
Coahuila Lead & Zinc
10 712 778 7% 81
Columbia Sugar
; 8
8 14 ii- "if" --ii" -81; —ai; —
. ii; --8- -7
fa" --a -I
6- --a
8
812 i% i
i.
Continental Motor corn
• 814 1014 81
7
914 83 95
9% 918 1114 10% 1072 9 1011 91
87
8
9 4 912 113 1014 151 loas 1314 1114 1314.
3
Continental Sugar corn
Brass & Mall Wks-100 91 91 _ _ _
Detroit
. .
.
... _
. ii ifi --__ ____ ____ ____
_.
50 8214 8212 iii - 2 ao "if ii 171; "ii" W —ia- lif—iii2 --- Sii Detroit & Cleve Nay
0
3
iif4 61 94 95
...
_ _ . .____ 9 _ ____ 61 ____ ___
10
New stock
_ ____ _ _ 163 1812 iii2 117;
10 283 31% 2914 3114 28% 2912 2934 3012 297 -4
Detroit Creamery
8 3
i ai ---12 32 4 --- 35 41
3
3734 - -- 40 4
4
614 41% 43
3 41
40
42 48
100 11034 1141 11414 11512 113 118 11312 116 11512 125 121 124 123 134 12712 131 129 158 140 15312 134 147 135 143
Detroit Edison
12
• Listed Nov 12 1925 __-Detroit Forging, corn
__ ____
__
- - -_ ____
_ _ ____ -_ _ ____
_
__ 20 2018 20 2 12
0
Edmunds &Jones corn
• 3134 33
29 32% 28 --- ---- -29
282
£1 i7 -27
28% -- -- - - - 28 321 28 --- 3114 -- 4 31
32 2833
33
353
3412 29% 32
100
Pre erred
_ f
97 97 ------------------------100 100
10 19 2312 22 2211 21 2134 21 --- 25 29
Federal Truck
26
4
25 2814 28 36
32 38
14
303 34% 34 - - 1s 3514 4512, 1414 - 4
6
2514
IGO 491 510 510 523 460 525 465 502 478 500 480 500 486 502 485 490 480 507 503 685 618 645
Ford Motor (Canada)
615 642
• Listed Jul7 17 1925 --------------------------------37 3711 36 37
Gemmer Mfg clas A
14 36 38 4 3614 381 3612 371 36
1
3612
General Motors
- --------75 75
111 67
8 714 718 714 7
General Necessities
ih 714 /34 714 1
12 Al Ys; iiz 1
84 ii- -12 iis 1
iig 814 Id
-6 4
1
1014 If
Gladys Belle Oil coin.......... ____ ___—__ ....... 5c
7c
4c
6c Removed f romboard Nov 17 19 25
.
Preferred __ ................ _ _ _
__ _
_ 11c 110 Removedf rom board Nov.17 1. 25
• 1612 732 16 If 16% 1634 1512 19
Grennan Bakeries, corn
1812 20
17% 2114 173 19
181 20
1814 18 * 1834 20% 1812 20
19 20
5
100 96 9734 98 98 --------96 98
Preferred
1 97 99
99 99 100 100 --------1011210118 ---- --..
9912 991k 99 99
12
Warrants ---------------------------------------80 80
Hall Lamp
•
4 1478
8
4 143 13 1114 12: 133; 12 1i 13
1
8
14
124 -- 3 iiis 15;
161 ii Ili
1414 15; lift III: ii Ii
-7
Ii 1012 1054 1012 103 ___
Hoover Steel Ball
4
_
9% 934 91 10
9% 1318 12
11
1134 111 111/ 1014 1114 1114 12
1354 11% 12
Houseman-Spitzley
10 2112 3814 35 3912 35- -3
8
35 48
46 47
12 36 39
3712 40
3213 35
34 40
38 44
4312 4912 44 4 12
12 7
IS 83* 81
Preferred
5 ----- ---- ---------- -Iron Silver Mining
350
---Mexican Crude Rubber
IS 1312 13 2 1318 1318
-__ - -- ---- ..
-----------------------------300_--. _
2i ____ . _ 22% 2212 ------------ ___ - -Michigan Sugar Co
19 67
2 7% 613 67
s 612 —71
38 -2,
2 6
% -7
814 - 3
1 5 3 -705 3
6
i
; 614 - -7- 5 4 63
7
612 43
4 Ms 43 -2
4
2
Preferred
IS 73* 77
Mlles-Detroit Theatre
10
Motor Wheel corn
• 13.7 16% 1514 1614 1P8 li 16% 19% 1812 8
21 iii, -- iii4 - -14 ii 13
3
24
664 2934 3374 3111 3412 iii, al; ao 31%
Muller Bakeries class A
—28 351k
Murray Mfg cola
18
iss. 1784 1814 Nis -1i la ii Di Yi iiiinovecii rombotirif July 1- 1925
5
National Grocer com
10 7% 7% 75* 78 718 71 _ _____
57
1
51
__ _ ___ 6% 614
614
5 2 51t 3
Of
b% 1- ii, I%
114
Noble OH & Gas pref
1 4013 42c 49c 52e 411c 500 46e 48c 47c - - 4ie fie
500 49e 500 49e 50e --------400 40c ____ ____ 300 20e
Northern Co corn
III
Packard Motor cone
10 15 ---- -lift, -16
111% 1712 1912 1814 2314 203 29
- 2
1
31
;
2
271- 8 lise aiilt - 8 551:8 -3g7g il 7 :lila if) 413; 4163 -- 4ai
4
"
ii
Preferred
100 1021 10512 104%10810712108 10812 10912 1093 110 4 Redeemed Aug 31 19 25
2
4
3
Paige-Detrolt cots (old)
• 1512 1834 16
18
14 4 18
3
8
147 18% 173 2234 1984 2354 1914 333 20 22
2
2
20 2612 227 33 2
434 33% 2412 291a
Parke, Davis & Co
23
3 98 99 99 100 10012 122 112 11812 113
. ._
____
98 99
12
94 104
8612 88
1151t
Parker Rust Proof cons
Preferred
IC Listed No v 11 1925
Reo Motor (old)
10 1734 1812 18% 18% iiiis iilt -- - New stock (ex stock div)____ ____ . _ ____ ___
2112 -i1 - - - -iii4 IA -2. - - -1 -ii- - -- -We ---1414 18
2114
164 -- -- iii4 164 His -- - .
1912 19' 167
4
.4 2
2
7
2 1:,
7
2
5
Rtver Raisin Paper
10 50 4 712 --684 65
---- --- 7
7
7 ----------------7
7
_
7 -------- 7
7
Vs 7
Schwartz Cigar Corp A
• — — -- 121 113; 1414 15 4 14
7% 1612 17
1612 1714 143 16
16
3
16
1714 1684 17% 16
4
13
16
10 13 4
3
B common
1 16 ------------------------1284 1212
, 1i
Listed Ma r. 27 1925
1512 16% 16
1614 1512 1614 --------16
_
_
Scotten-Dillon Co
II 2812 2812 28 2812 28 29
2812 29
27 4 2812 28% 36
3
28 29
28 2812 28 3014 28 30
1
134 32% 32 32
Timken-Detroit Axle COM--- 15 4
33
57
7
5
512 93* 814 935 714 914 8
El4
8
418 3 2 4%
412 els
9
835 814 95. 812 902
Preferred
100 64 66 ---------66
12
12
70
7312 83
83 83 80 95 92 9314 90 9111 91
91
92 92
90a, gm
903 92
4
:
Truscon Steel corn
It 18
2134 21
21
23
914 183 1914 18
1912 19
2314 233 22 25
8
4
223 24
18 4 1812 22
3
4
24 27 261 29
14
2
Preferred
10 1084 1014
- --- - ---- ----Preferred
-----100
-----101 .101 10212102 ---,
1
- 12
- ._,...
Union Mortgage pref
100 2% 2 4 2% 2
1124 2
IN 94 108 102 112 112 112 104
15
3
2
138
8 2
112 10
102 24
US Radiator coin
100 132%148 140 140 146 175 --------165 165 150 160 160 160 ----------------150 150 170 175 4 167 167
Preferred
100 97 98
9912 9912 _
100 100 101 101 ----------------102 103 101 103 ____ _
. 9834 9834 ____
Wolverine Portland Cement_10 1214 127 12
13% 12- 1214 1134 12% 117 - - 11
__ _ _
12 _ _ _ _
8
912 1 1
1 112 1112 _ _ ... _ __
117
2
.
_ ..
.
__RIGHTS.
Detroit
312 584 301 Sit ---— — -- - -- BANKS—
American State Bank
185 187 187 187 187 187 191 191 192 194 194 191
-_
90 191 192 193 195 196 197 199
Bank of Detroit------------ ___ ___ 153 156 160 160 ----------------165 165 162 17
Dime Savings Bank----------- _____ ____ ____ iio iiii ___
_____ ---- -____ ____ -- ____ _ — ____ ________ ___-____ —_____ ---- ---- --____ ____ ____
First National Bank
300 305 ----------101 301 302- 3
04 304 310 312 315 --------326 340 343 350 360 360 364 380 415 415
First State Bank------------ __ _ _ 1$4 135 ----- 40
-1
_
140 144 144 145 145 ----------------150 150 --------153 153
Highland Park State &ink-- 2
.
25 225 -----------245 ido
65 280 --------------------------------278 278 --------310 310
_ io iii
Merchants National---------- ____ _ ___
_
National Bank of Commerce___ __ ____ 2112 iii 265 265 ioi- 362 -------300 30fi- ----------------323 iii- -- ---- ---- ---- ioi- ill.
---- ---- ---Peninsula State Bank -------- ____ ____ 215 215 __ _—. __ ____ 220
220 ------------------------238 238 _.
_-- ---- ,,' 55 255 __ -- - -_'
Peoples State Bank
440 440
- --- - - - - ---- -- - United Savings Bank
-------------------------------------240 240
Wayne County Home Say
American Trust Co
...._... _..-- .--- ,,- „.„ - _ ____ 106 106 --------------------------------------------------106
Guaranty Trust Co........... ___. ____ _...._ .....zoo 200 _:-__
_
_- ---- ---- ---- ---- ---- ---- _ - -- ---- ---- ---- --.- _--- --Union Trust Co.............. ---- ---- ---- ---- ---- .-- --._ _-....:
275 2
80 --------300 300 321 325 322 322 ----------------300 360
LISTED BONDS—
99 99 ------Motor Products deb
-- 4
993
----1933
Northern Co 8s
- -- --- - --• - ---- ---- UNLISTED BONDS—
.
Briggs Mfg Co
-- ---- ---- ---- ---- ---- ---- --- ---- ----Detroit Copper & Dress
Iteeor d of
80c - - ---- _ - - . _ ... _ _._
Detroit Mortgage pref
80e
_
jilt I%
lit Is; - --- ._
— _ ._
. salea of unlisted
1614 1714 16% 18
Detroit Motor Bus
15
16
- -11 1214 15
1514 1734 1514 19
14
15
13 1478 -13 "15 -14% 15
stocks dl 9contirmed
Flint Motor
15% 153 i5% 4
1134 i7
Michigan Copper & Brass
ii- -___
_.
181 1E1
Motor Products coin
98 10711 99- 167
90 102
102 108
94'l00
93 9512 98 115 103 low ilia- ifi iiiii: 126
-8
Preferred
50 50 --------5014 5014 --------5015 50t2 _
49 50
50 50
Noble Oil& Gas com
90 12c 10c 13c 110 130 11c 13c 100 120 10c 11c 100 100a1 -------_
- -6 - VC
Paige-Detroit Motor pref
873 873 86 4 88 --------9014 9014 ---- ---- 93 9312 94 941 -9
4
8612 90
4
3
12 9734 97 98
Parke. Davis & Co
86
791 8012 8014 81% 8111 87
61 __— ____
__
__
__ ____ .
Rickenbacker Motor.......... __ __
41
414 454 334 4
4% ____ __ __ —312 - 3% --2 8 3% - -3.18 -- -12 --23 -- - 1 --7Ii --1153
3
. 814
2
•Stock dividend 10% paid Der. I to holders of record Nov 14 1925
,,, -ii if, -13
ii
ii
ing the abandonment of caution based on sound
reasoning, but what I am discouraging is the practice
of continually poking a fever thermometer into the
mouth of business and worrying about the future, instead of settling down to intense and honest effort,
with that glowing enthusiasm which has always distinguished the achievements of the business men of
America.
There are many elements of strength in the present
business situation. Speculation and inflation are
almost wholly absent. Stocks of manufactured goods
and raw materials are not,excessive. Merchants' inventories are light. Employment is normal. Real
wages are such that labor is enjoying the greatest
purchasing power it hasever known. Commodity prices
are approximately8% below the average of a year ago.
Our State has been very much in the public eye
during the past few months for the reason that within
its borders is centered that great basic industry—
automobiles. With each succeeding year business
leaders have come to look upon automobile production as a factor of ever increasing significance. And
well they might, for automotive output has become
so collossal that a comparatively slight movement
either upward or downward is felt throughout our
entire economic structure.
852
[voL. 124.
THE CHRONICLE
YEARLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE.
In addition to the foregoing monthly record, we also show on this and the next page the high and low prices
for each of the last two calendar years for every stock and bond in which any dealings have taken place
on the Detroit Stock Exchange during these two years, as well as the total volume of business during the
year in each security. The record of prices is that compiled by the Detroit Stock Exchange itself, but we
have added in every case the month when the high and low prices were reached. In inserting this additional
piece of information we have availed of the monthly records of the Detroit Stock Exchange. As this record,
at least during the first six months of 1925, was not kept to show the even month-an occasional day or two
lapping over into the following month-it is possible that our compilation for 1925 may in one or two instances
be astray to that extent. The record for 1926 is for the even month in every case.
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1926.
1926
-LISTED STOCKS.
Par. No. Shares
High.
American Electrice A" a
25
5,690 23%
American Light & Traction, common__100
306 241%
Arctic Dairy Products,common
10
7,952 36
Auburn Automobile, contnion_b
25
300 55%
Auto Body, common_c
10
7,315
4%
10
Preferred
365
5
Belle Isle Creamery,common
10
3,452 15%
Bohn Aluminum & Brass, common
*
48,801 18%
10
100
356
Bower Roller Bearing
* 123,771
C. G. Spring & Bumper, common
1556
Preferred
10
4,952
9%
1
Coahuila Lead & Zinc, common
1,150
6c
10
7,195
5
Columbia Sugar, common
*
90,958 13%
Continental Motors, common
*
18,148 24
Davega, Inc.. common_d
100
40 95
Detroit Brass & Malleable Works
10
9,607 18%
Detroit & Cleveland Navigation
10
18,438 46,H
Detroit Creamery, common
100
12,299 141
Detroit Edison
406 20
Detroit Forging, Claes A" common
*
36,452 41
Edmunds & Jones, COMM0111-8
100
583 119
Preferred
Federal Motor Truck, corn., old (from
51,732 51
Jan. Ito Aug.5) .1
•
98,139 3456
New stock
100
1,604 650
Ford Motor of Canada
•
11,180 41%
Gemmel Manufacturing, Class"A"
.
General Motors. common.g
1,845 170
General Necessities, common_11
10
77,794 1356
10
Globe Finance Corp
485 15
Grennan Bakeries, common
•
515 1834
Preferred
100
40 100
Hall (C. M.) Laren J
88,469 1656
•
Hoover Steel Ball
6,125 13%
10
Houseman-Spitzley, common, old_k
10
7,675 5534
Class A". new
•
5,335 38
Class B," new
*
3,605 20
Kawneer. common_i
*
13,609 33
Mary Lee Candy units_m
1,497 5356
Mexican Crude Rubber
10
37 20
Michigan Sugar,common
10
50,821
4%
Preferred
10
1,453
6%
Miles-Detroit Theatre, common •
10
579 22%
Motor Wheel Corp., common
•
34,492 3356
Muller Bakeries, Inc., common
*
3,730 32%
Preferred (with warrants)
4 105
100
National Baking, preferred_n
100
76 85
National Grocer, common
3,989
6%
10
Preferred
200 9156
100
Noble(Chas. F.) Oil & Gas, preferred
1
20,450 30c
Northern Company, common
100
10 102
Packard Motor, common_o
10 415,024 45
Paige-Detroit Motor Car, common
*
99,882 2856
Parke, Davis & Company
25
14,184 145
Parker Rust Proof, common
*
4,044 17
Preferred
1,041 10%
10
Peerless Motor Car, common_p
50
25,653 3334
Reo Motor Car, common
10 177,253 25%
River Raisin Paper, common
7,412
8
10
Schwartz (Bernard) Cigar,class A_
23,004 14
os
Class B common
•
1,785 13
Scotten Dillon Co
12,891 3434
10
Timken-Detroit Axle, common
10 142,428 13%
Preferred
1,384 100
100
Truscon Steel, common_r
29,157 30
10
is Preferred
100
507 103%
Union Mortgage, preferred
3
9,135
10
U. S. Radiator, common.:(old)
495 220
100
he New common
25,526 44
•
Preferred
867 102
100
Wilcox Products units.:
1,325 26
Wolverine Portland Cement
10
1,395
734
Low.
Oct 20
Nov 207
Jan 25June 55%
Feb 1%
Feb
1
Sept 13
Jan 13
Nov 3%
July 856
July 8%
Jan 4e
Jan 334
Dec 10
Dec 20%
Aug 93
Feb 14%
Jan 36%
Feb 123%
Ja 19
July 27%
July 9934
Nov
May
Oct
June
Apr
Oct
June
July
Nov
Apr
Apr
Feb
June
May
Dec
Sept
Oct
May
Mar
Apr
Apr
Jan
Aug 3456
Aug 23%
Mar 325
Jan 3334
Oct 141%
Feb 5%
Aug 12%
Jan 16%
Mar 100
Jan 75.6
Apr 11
Feb 46
Feb 3256
Feb 13
Feb 29
Sept 5256
June 20
Jan 254
Dec 5
Nov 21
Feb 19
July 27
May 100
Nov 75
Jan 4
May 9156
Jan 90
Oct 102
July 31
Jan 9
Dec 10256
Dec 6%
Dec 8%
July 24
Jan 19
Jan 6
Jan 9%
Jan 10
Feb 30
Nov 8%
Nov 9334
Jan 21%
Aug 99%
Feb 1%
Jan 210
Dec 37
Feb 97
Dec 25
Oct534
Mar
July
Nov
Dec
Oct
Dec
Dec
June
Mar
Nov
Jan
Jan
Aug
Aug
Mar
Oct
June
Nov
Nov
Mar
Nov
Feb
Feb
July
Oct
May
Dec
Oct
Mar
Nov
Apr
Jan
May
Nov
Oct
Aug
Oct
Sept
July
June
June
Apr
Dec
Sept
Jan
Mar
Dec
Dec
Dec
Total listed stocks
1,850,162
a American Electrice A and preferred listed Oct. 1 1928.
S Auburn Auto, common listed June 24 1926 and removed Oct. 28 1926.
Now there has been nothing abnormal in the
breathing spell that the automobile industry has been
going through during the past ten weeks. For many
months cars and trucks had been turned out in greater
volume than was dreamed possible ten, yes, even five
years ago. And all this has been done without creating stocks of menacing proportions. Today the
automobile manufacturer is in a strong position financially and otherwise. Few men who are close to the
situation predict an output under 4,000,000 cars and
trucks for 1927. Replacements now absorb around
2,000,000 vehicles a year. Add to this an annual
increase of close to 2,000,000 in the country's population and an expanding export market and it is difficult
to see anything but prosperity ahead for the automobile industry.
Other industries over the State have been operating
on normal schedules with a comfortable supply of
c Auto Body, common and pref. removed from list Dec. 29 1926.
d Davega. Inc., common listed Nov. 16 1926.
e Edmunds & Jones, common and preferred both removed from list Oct. 16
1926. This company has merged with Hall Lamp Co.
.1 Federal Motor Tuck stock increased from 200,000 MO par to 410,000 shares,
no par, on Aug. 15 1926. Also 234% stock dividend paid Oct. 5 1926 to stock of
record Sept. 18 1926.
0 General Motors stock dividend paid Sept. 11 to stock of record at close Of
business Aug. 21 1926, 50%.
h General Necei Ries common 25% stock dividend paid Dec. 31 to stockholders
of record at close of business Dec. 20 1926.
Globe Finance, listed Aug. 2 1926.
I Hall Lamp Co., 20% stock dividend paid Sept. to stockholders of record at
close of business Sept. 29 1926.
k Houseman-Spitzley, common and preferred, old stock, stricken from list at
close of business Feb. 23 1926. New A and B stock listed Feb. 24 1926.
1 Kawneer Co., common, listed Jan. 27 1926.
m Mary Lee, A and /3, listed Sept. 27 1926.
n National Baking, preferred, listed Feb. 24 1926.
o Packard Motor, common, additional 3,896,380 no par stock, listed Sept. 15
1926. Also 15% stock dividend paid Aug. 31 of record Aug. 14 1926.
p Peerless Motor, common, listed July 6 1926.
O Schwartz Cigar, class A, & B, additional 6,400 shares listed April 1 1926.
r Truseon Steel, common,stock dividend,6%, paid Feb. 15 of record Jan.30 1926.
s U. S. Radiator, common, new no par common, issued Jan. 25 1926.
I Wilcox Products, class A, and class B, listed Dec. 20 1926.
Silent Automatic, listed Nov. 5 1926.
I926
-LISTED BANKS & TRUST COS. Par. No.Shares.
American State_a
Bank of Detroit_b
First Nation al c
First State
Highland Park State
Merchants National
National Bank of Commerce
Peninsular State
Peoples State_d
United Savings
Wayne County & Home Savings.:
American Trust
Bankers Trust of Detroit..!
Guaranty Trust
Union Trust
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
338
600
298
50
45
141
179
28
66
12
32
10
254
665
181
Total listed banks and trust companies__
High.
Low.
2,899
211 Nov
180 Jan
345 Feb
152 Dec
302 July
240 Aug
500 Dec
300 Nov
632 Sept
240 June
515 Mar
90 Nov
300 Dec
300 Dec
532 Sept
199
147
325
149
300
225
402
274
627
240
510
90
214
200
475
Jan
Oot
May
July
July
Feb
Apr
Feb
Nov
June
June
Nov
Sept
Oct
Apr
a American State, $500,000 additional listed March 20 1926.
S Bank of Detroit, $1,338.940 additional listed July 23 1926.
c First National, 52,500,000 additional I sled June 18 1926.
d Peoples State, $1,000,000 additional listed July 23 1926.
e Wayne County & Home Savings, 51,000.000 additional listed July 23 1926.
.1 Bankers Trust of Detroit, listed $500,000 June 30 1926 and increased to $1,000,000 Oct. 1 1926.
Fidelity Trust Ilsted Feb. 2 1926.
1926
-RIGHTS
Detroit Edison
First National Bank
Mexican Crude Rubber
Wayne County & Home Savings Bank
Total Rights
Number,
8,046
62
135
2
Total sales
Low.
8,245
WARRANTSGrenan Bakeries
Listed stocks
Listed banks and trust companies
Rights
Warrants
Unlisted stocks(discontinued Oct.17'25)
High.
3% Dec 3% Del
Jan 66
Mar
72
500 Dec
500 Dec
May
76
May 75
10
60
June 60
June
1926.
1,850,162
2,899
8,245
10
1925.
3,059,224
2,120
33,921
20
202,820
1924.
2,127,252%
1,690
1,861,316
3,298,105
2,485,89434
356,952
orders on hand. There is a small surplus of common
labor in some communities, but workmen, for the
most part, are well employed. No labor disturbances
of any kind are reported. On the whole,the industrial
outlook promises to remain good for some time to come.
Building construction continues to go forward in
good volume. Almost all of the larger cities in the
State have building programs for the year as large as
those in 1926. The gain for contracts in 1926 in the
Lower Peninsula was 36% over the preceding year.
A large amount of public improvement work is being
planned.
Michigan banks, by and large, are in good condition. In some rural sections where unseasonable
weather last fall interfered with the harvesting of
crops, banks are being obliged to carry a large amount
of farmer paper. All demands for legitimate needs
are being well met.
853
THE CHRONICLE
FEB. 12 1927.]
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1925.
1925-LISTED STOCKS-
Par. No.Shares.
American Light & Traction,common
10
Arctic Dairy Products, common
10
Auto Body, common
10
Belle Isle Creamery, common_a
•
Bohn Aluminum & Brass, common_b
10
Bower Roller Bearing
Brown McLaren Manufacturing,common_s_
•
C.G.Spring & Bumper,common
10
Preferred
Charcoal Iron Co. of America,common_d_ _ _
Preferred
1
Coahuila Lead & Zinc
10
Columbia Sugar
•
Continental Motors, Common
•
Continental Sugar, common_c
100
Detroit Brass & Malleable Works
Detroit & Cleveland Navigation (01d)4.._50
10
New Stock_f
10
Detroit Creamery
100
Detroit Edison
*
Detroit Forging, Class A, coramon_g
*
Edmunds & Jones, common-J
100
Preferred
10
Federal Truck
100
Ford Motor of Canada
•
Gemmer Manufacturing, Class A_h
•
General Motors
10
General Necessities, common
Gladys Belle Oil, common i
Preferred
*
Grennan Bakeries, common
100
Preferred
•
Hall Lamp
10
Hoover Steel Ball
10
Houseman-Spitzley Corp., common
10
Preferred
5
Iron Silver Mining
10
Mexican Crude Rubber
10
Michigan Sugar, common
10
Preferred
10
Miles-Detroit Theatre
*
Motor Wheel, common
Muller Bakeries, Inc., commonj
•
Murray Manufacturing, common k
National Grocer, common
10
Noble Oil & Gas, preferred
1
Northern Company, common
100
Packard Motor, common..1
10
Preferred_m
100
Palge-Detroit Motor, common_n
Parke, Davis & Co
25
Parker Rust-Proof, common_o
•
Preferred
10
Reo Motor_p
10
New stock (ex-stock dividend)
.p
10
River Raisin Paper, common
10
Schwartz Cigar, Class A,common
•
Class B, common
g
Scotten Dillon
10
Timken-Detroit Axle, common
10
Preferred
100
Truscon Steel, common
10
Preferred
10
Preferred
100
Union Mortgage, preferred
10
U. S. Radiator, common
100
Preferred
100
Wolverine Portland Cement
10
Total listed stocks
High.
Low.
Jan
Oct 137
1,915 270
Jan
Deo 15
2,864 37
434 Sept 134 Mar
6,160
28 11% Dec 11% Dec
Nov 1334 Aug
78,472 19
133 1014 June 434 Jan
Jan 20
Jan
400 20
Dec 4
Jan
81,236 13
9% Dec 6% Feb
20,795
12,525 400. Mar lc. Dec
33,978 97c. Apr lc. Dec
200
5c. Oct Sc. Oct
Dec
11,295
8% June
208,760 1534 Oct 854 Jan
102 73
Aug 72
Sept
32 91
Jan 86
Oct
Aug 8234 Jan
1,296 95
1,825 18% Dec 1731 Dec
32,809 48
Dec 2834 Mar
63,575 158% Sept 11031 Jan
Nov
5,300 20;4 Nov 20
9,752 35% Oct 27 May
110 100 Sep 97 May
Jan
84,625 46% Oct 19
2,974 685
Oct 480
Mar
14,805 38% Sep 36
Aug
Feb 75
Feb
50 75
18,228 13
No
6% Jan
7c. Mar 4c. Apr
19,250
1,000 11c. Mar 110. Mar
47,467 21% May 1534 Apr
708 101% No 96
Jan
87,880 15% Oct 12 May
19.649 13% July 934 Apr
26.918 49% Nov 21% Jan
245 10% Dec 8% Jan
1,775 50c. Nov 30c. Sept
99 2234 Sept 13% Feb
77,429
7% Mar 3% Dec
600
8 May 754 Apr
Apr
195 20% Oct 20
263,969 3534 Nov 1234 Jan
430 28% Dec 28
Dec
2,633 18% Jan 13
Apr
5,684
734 Jan 5% Sept
47,750 52c. Feb 30c. Dec
10 10134 May 101% May
Jan
585,180 48% Oct 15
883 11034 May 102% Jan
320,008 33% July 14% Mar
May
7,273 122
Oct 86
625
7
Dec 6% Dec
33
834 Dec 17% Jan
55,042 2254 Mar 8% Dec
414,967 2734 Nov 14% Mar
4,460
754 Jan 8% May
Dec
56,098 173.4 Jun 10
1,040 1634 Aug 12% Dec
Oct 21% Dec
16,136 36
9% Jun
3% Mar
231,325
Jan
1,378 95 June 64
Jan
Dec 18
30,346 29
70 10% Mar 934 Apr
Oct
90 1023.4 Nov 101
10,115
2% Jan 134 Mar
773 175
Mar 132% Jan
Jan
Oct 97
240 103
5,207 1334 Feb 934 Aug
3,059,224
a Belle Island Creamery Co., common. lLsted Oct. 29 1925.
b Bohn Aluminum & Brass, common, listed July 10 1925.
a Brown-McLaren Manufacturing, common, removed from board July 15 1925.
d Charcoal Iron Co.of America,com.and pref., removed from board Dec.29 1925.
e Continental Sugar. common, listed July 17 1925.
f Detroit & Cleveland Navigation, $50 par value stock exchanged for 510 par
value stock.
Detroit Forging Co., listed Nov. 12 1925.
S Gemmer Manufacturing, Class A, listed July 17 1925.
Gladys Belle Oil, com. and Lord,. removed from board Nov. 17 1925.
.1 Muller Bakeries, Inc. Class A. com, and pref., listed Dec. 4 1925.
k Murray Manufacturing Co., common, removed from board July 15 1925.
I Packard Motor, common, 10% stock dividend paid Dec. 1 1925 to stockholders
of record at close of business Nov. 14 1925.
m Packard Motor, preferred, redeemed Aug. 31 1925.
n Paige-Detrolt Motor, common, 234% stock dividend paid April 1 1925 to stock
of record March 16 1925: also 10% stock dividend paid July 15 to stockholders of
record at close of business June 30 1925.
o Parker Rust Proof common and preferred, listed Nov. 11 1925.
Reo Motor, 33 1-3% stock dividend paid April 15 to stockholders of record at
close of business March 16 1925.
o Schwartz Cigar, Class B, common, listed March 27 1925.
No.Shares.
1925
-RIGHTS.
High.
33,921
Detroit Edison Co
WARRANTS.
Grennan Bakeries, Inc
5% Sept
20
80
-LISTED BANKS & TRUST COS. Par. No.Sharat.
1925
IMO
100
100
1110
100
100
100
100
100
100
100
100
100
100
100
100
383
248
10
20
287
141
95
120
83
123
20
50
60
25
20
455
Total listed banks and trust companies__
June 80
High.
June
Low.
Dec 185
July 153
Feb 305
Mar 310
Dee 300
Dec 134
Dec 225
Mar 210
Deo 253
Nov 215
July 441)
Dec 240
May 435
May 106
Mar 200
Dec 275
2,120
American State Bank
Bank of Detroit
Detroit Savings Bank
Dime Savings Bank
First National Bank
First State Bank
Highland Park State Bank
Merchants National Bank
National Bank of Commerce
Peninsular State Bank
Peoples State Bank
United Savings Bank
Wayne County & Home Savings Bank
American Trust Co
Guaranty Trust Co
Union Trust Co
-LISTED BONDS.
1925
-debentures
Motor Products
Northern Company 8s, 1933
Total bonds
-UNLISTED STOCKS.
1925
Briggs Manufacturing
Detroit Copper & Brass Rolling Mills
Detroit mortgage, preferred
Detroit Motorbus
Flint Motors
Michigan Copper & Brass Rolling Mills
Motor Products, common
Preferred
Noble Oil & Gas, common
Paige-Detroit Motor, preferred
Parke. Davis & Co
Rickenbacker Motor
199
167
305
310
415
153
310
212
410
255
462
240
435
106
200
360
Low.
334 Sept
High.
No.Shares.
814.300 100
BOO 104
Jan
Feb
Feb
Mar
Jan
Feb
Jan
Mar
Feb
Feb
Feb
Dec
May
May
Mar
May
Low.
Bent 119
Feb 104
Feb
Feb
$14,800
High.
No.Shares.
1,023
so
922
11,294
815
10,155
360
164,317
452
2,022
11,405
39
Jan
22
J11.11
154 June
19 June
8
Jan
17
Mar
126
Oct
5034 JULY
130. Feb
98
Oct
87
Mar
834 8e9t
Low.
373(
22
80e.
123(
8
153(
90
4934
6e.
863(
79)(
234
Jan
Jan
Feb
Apr
Jan
Aug
Feb
Feb
Oct
Jan
Jan
July
202,820
Total unlisted sales
Nole.-Record of unlisted sales discontinued Oct. 17 1925.
one which only required a short time to remedy. Additional
The 1926 Achievements of the Detroit Stock capital was introduced into the business and the member
Exchange.
was reinstated to membership. A monthly financial statement was required by the Board and at the end of several
From the Annual Report of RALPH W. SINIONDS, President
months it became evident that a condition existed which
of the Exchange durirg 1926.
needed immediate investigation. A firm of certified public
Arrangement with Griswold National Bank for Loaning Money accountants was at once authorized to make an audit of the
member's books. Certain disclosures made in the comon Call.
pleted audit prompted the Board to inflict the penalty of
One of the most progressive moves made by the Exchange expulsion. The safeguarding of customers' accounts is of
in 1926 was an arrangement entered into with the Griswold paramount importance to the Exchange and the vigilance
National Bank for the loaning of money on call on our listed of your Board in this matter is commendable. In the
securities, as well as stocks and bonds listed on the New penalties which it inflicts for careless practices it deserves
York Stock Exchange. This facility had long been needed the moral support of each member. The policy of having
by our members and has since proven its value. Thus far quarterly audits made, which was adopted by a number of
the arrangement has been eminently satisfactory to the members several years ago, is growing in favor, and has
banking institution and members. Much favorable publicity proven profitable to those members in several ways. Inwas given both institutions when the call money arrangement ternal losses are much more easily and
quickly detected
was made. The demand for that kind of accommodation by through such audits, and banking credit can
also be extended
brokers has been increasing substantially and the total with greater ease. . . .
future, become a much
amount loaned will, in the near
Convention of Stock Exchanges.
larger figure than at present. The loaning of money on call
For various reasons practices and procedures of other
on our listed stocks is simply a part of the machinery which
will later be set up to take care of short selling and the stock exchanges have been and still are frequently discussed
loaning of stocks. The Detroit market has always needed at board meetings, no doubt, of those exchanges as well as
those facilities in order to stabilize the periodic declining at our own. Early in 1926 it was decided to call a conmarkets. Absence of short selling in any appreciable volume vention in Detroit of delegates from all exchanges in America.
has tended to make our listed shares much less liquid than The purpose was to discuss the feasibility of forming an
they should be. In time that situation will be changed association which would have for its principal objects the
and One more Exchange problem will have been solved as standardizing of stock exchange practices and the co-ordinating of efforts of the member exchanges in the protection
others have been when conditions warranted their solution.
The member questionnaire which was adopted in 1925 of the public against loss by fraud. The responses to the
proved its worth last year in the case of one member. A invitation of the exchange were so favorable that a special
return made in May did not balance and investigation of the committee was appointed to work out all details. On
member's business was made by the Board. Suspension of June 21 delegates from twelve stock exchanges met in
the member followed although his financial condition was Detroit and on the following day the Associated Stock
854
THE CHRONICLE
[VoL. 124.
Exchanges were organized with a membership which to date reason of the fact that the membership of the Exchange was
is composed of the following:
smaller in 1926 than in 1925, almost 500 additional copies
of the manual were available to the Secretary's office for
Baltimore
Philadelphia
distribution. In addition to the usual distribution to local
Cincinnati
Pittsburgh
banks and trust companies, Wayne County officials, State
Cleveland
St. Louis
banks, all public libraries in Michigan, fifty newspapers and
Columbus
Washington
financial periodicals, copies were sent to newspapers published
Hartford
Detroit
in each city and town in Michigan, and also to all small
New Orleans
exchanges in America in sufficient numbers for distribution
I! Your President and Secretary were signally honored in
to all members of those exchanges. The Secretary received
being selected for the same positions in the new association.
letters from several exchanges asking his co-operation in the
William M. Louderman, a member of the St. Louis Stock
Exchange, was elected Vice-President. The full Board of event that they decided to publish manuals of their listed
Governors consisted of Eugene E. Thompson, Washington securities. There is an increasing demand for information
Stock Exchange; B. Preston Scheyer, Pittsburgh Stock concerning securities listed on smaller exchanges. While
Exchange; William E. Fox, Cincinnati Stock Exchange; the step taken by the Secretary's office will not satisfy the
Edmund B. Glenny, New Orleans Stock Exchange; Ralph W. demand for strictly current information, it is a step in the
Simonds and William M. Louderman. On Nov. 8 and 9 right direction and merely the beginning of a program which
the first annual convention of the new association was will give wide dissemination of statistical data concerning
held in St. Louis, Mo., and the same officers and governors our listed companies.
The Year's Transactions.
were returned to office until the second annual convention.
The meeting at St. Louis was very successful from several
From the standpoint of share transactions 1926 was not
standpoints. The problems of the small exchanges were nearly as good a year as the preceding one. I do not believe
discussed and committees were appointed to study these the shrinkage in volume of listed trades was confined solely
problems and report their recommendations at a later date. to this Exchange, however. It would have been very
What had been accomplished by the different exchanges in gratifying to you as well as to me to have noted a subthe way of securing better publicity for their listed stocks, stantial increase in transactions last year. The progress of
and also what improvements had been made in their applica- a Stock Exchange, however, cannot be measured according
tions for listings came in for discussion.
to the gain or loss in listed trades each year. The volume
Other matters of equal importance were taken up and the of business done on any Stock Exchange is bound to be a
views and opinions of those present were interesting and variable quantity. Our attention should turn from the
helpful alike. Full discussions regarding the advisability of recital of the progress of the Exchange in the preceding pages
adopting a uniform constitution and rules, a uniform schedule to some interesting comparisons in the summary of our
of commissions, a uniform application for listing, the problem activities.
involved in disseminating current information concerning
In the past few years there has been a steady decrease in
companies listed on the smaller exchanges, all furnished the number of meetings held by your Arbitration Committee.
material for the proper committees to work with in 1927.
This argues a much better condition both internally and
The Committee on Program which was responsible for the externally and shows a desire, as between members, to settle
working out of a great many details for the first annual such disputes as are occasionally bound to rise, without reconvention, is deserving of great credit for having secured course to formal hearing.
several very prominent figures in different fields of endeavor
There was a decrease in membership which left the Exas speakers on subjects which were pertinent and illuminat- change with two seats which could easily be disposed of if
ing. Their presence at the convention showed earnest applicants could qualify for membership. The situation
appreciation of the possibilities for constructive work with respect to price of seats is very sound. The Exchange
which the Associated Stock Exchanges has, and further, is maintaining a standing bid and only one seat was sold
was an expression of belief in the sincerity of purpose of the for less than $4,000.
organization.
In 1925 eight new stocks were admitted to the list. In
1926 there were twelve. Additions to listed capital numSubscription to Better Business Bureau.
bered ten in 1925; in 1926 only nine. Total applications
During the year the Exchange made its initial group
approved in 1926 numbered 21 as against 18 in 1925. The
subscription to the Better Business Bureau. A number
total value of new listings and additions to listed capital
of members were already contributing through the Michigan
showed an increase in 1926 of $9,001,315 over 1925. There
Group of the Investment Bankers Association, and inasmuch
was also an appreciable increase in total listing fees.
as the constructive work of the Bureau is of equal benefit
The total value of securities cleared through the Detroit
to all members, it was felt, and rightly so, that the Exchange
Stock Exchange Clearing House in 1926 was considerably
should encourage the Bureau in its endeavors by giving
as largo as in 1924.
both moral and financial support. The Exchange as a smaller than in 1925, but almost twice
The comparison of 1926 and 1925 share transactions shows
representative Detroit institution, especially one which
trading volume in certain stocks and
subscribes to a high code of business ethics, must appreciate interesting increases in
equally interesting decreases in others. The reasons for
the effort which the Bureau makes to induce all businesses
known to you and need no
to follow a similar code. The Bureau has done a par- such gains or losses are well
comment here.
ticularly good piece of work in promoting truth in adverConclusion.
tising, which is only one of its many activities. Where the
The activities of the Exchange were more diversified in
endeavor of the Bureau benefits the financial field is in its
constant effort to eliminate the unscrupulous dealer in 1926 than in any other year. That the Exchange is becoming
securities and to discourage unfair selling tactics. The more widely recognized as an indispensable factor in the
natural reflex to the unhampered activities of the dealer in economic life of the community is too readily admitted
to permit the fact to be
fake securities is to build up sales resistance to the legitimate outside of stock brokerage circles
emphasized here. Letters and verbal comments anent the
dealer and his issues. This sales resistance the Bureau is
expressed willingness of
gradually but effectively breaking down through the carrying progress of the Exchange and the
corporations, both listed and applicants for listing, to
out of a well-planned advertising campaign which members
comply with our requirements, indicate that our achievewill be very interested in following.
ments, our growth in the right direction and the service we
Michigan Manual of Corporation Statistics.
render have been carefully noted and are bringing to us a
The 13th edition of the "Michigan Manual of Corporation stronger confidence and trust. This we will endeavor to
Statistics" had a distribution of 5,000 copies, the same as merit in stronger degree each year.
in several preceding years. Prior to the compilation of the
statistical data for the 1926 number, the Secretary conferred
The Mission of the Local Exchange.
with statisticians from three member houses regarding
By CLARK C. WICKET, Secretary Detroit Stock Exchange:
arrangement of data, type-style and contents. Insofar as
It is the business of small stock exchanges to accept for
possible the ideas of the advisory committee, so to speak,
were incorporated into the then forthcoming edition. By listing the securities of such companies as can fulfill the list-
FM. 12 1927.]
855
THE CHRONICLE
ing requirements of those exchanges. This is particularly
true when the applicant company has not a sufficiently large
number of outstanding shares to be acceptable to a stock
exchange with a large membership. The local stock exchange
is in a position to render such companies, their shareholders
and the investing public, a genuine service. It is the rule
rather than the exception that successful companies eventually list on the New York Stock Exchange. As the small
company grows it increases its outstanding capital either
through sale of additional shares, or by paying a stock dividend and appropriating the cash equivalent from surplus.. _It
is logical that the larger percentage of companies which first
list on local exchanges shall gravitate to a larger market
which can give such security a broader distribution in most
cases than a small exchange can.
The local exchange does a great deal of missionary work
which is of value to the larger exchanges when companies list
their shares in other markets. The small company has
become familiar with the listing requirements of one exchange
and in applying for listing on another exchange, accepts new
and more stringent requirements with less question therefore.
The small exchange endeavors to secure from its listed companies as much current information concerning operations as
it possibly can. Some companies readily respond to requests for such information; others give various reasons why
such information should be withheld. Much attention is
being paid this important matter by local exchanges at the
present time.
On the Detroit Stock Exchange the members who have
close contact with certain listed companies are urged to induce those companies to make public their earnings, etc.
With such companies as are listed on the New York Stock
Exchange as well as Detroit the publication of earnings and
the annual statement is a part of the agreement between New
York and the listed company. In that case the Detroit
member need not concern himself. Much good work can be
done by members of local exchanges with companies whose
securities are not listed elsewhere by pointing out to those
companies the benefits which accrue to them through periodic dissemination of such information as shareholders and
investors are vitally interested in.
It would be interesting, we believe, to the investing public
to learn the volume of business done by members of small
exchanges each year. The totals are no doubt much larger
than one might suppose. When the small exchange has a
well organized Clearing House which provides, according to
rule, a central delivery place for securities bought and sold
by members, a record of total value of listed business can
easily be kept by day, month and year. The Detroit Stock
Exchange with a membership of only thirty-eight shows a
record of members' listed business in excess of $80,000,000
for 1926. This total is considerably smaller than that of
1925, but almost twice as great as the total for 1924. The
total of share transactions was smaller than in 1925 and 1924,
but-average price per share was considerably larger than in
1924, but a little less than in 1925.
In the motor and accessory group 1926 transactions were
in lesser volume than in 1925, with three exceptions. Those
exceptions were Federal Motor Truck, C. G. Spring &
Bumper Common and Edmunds & Jones Lamp Common.
Substantial gains in share transactions were made in Belle
Isle Creamery, Muller Bakeries, General Necessities, Parke
Davis and River Raisin Paper. The following comparisons
are interesting and prove that even a small stock exchange
can give broad distribution to its listed securities.
COMPARISON OF 1926 AND 1925
SHARE TRANSACTIONS
Belle Isle Creamery
C. G. Spring & Bumper, Corn.
Edmunds & Jones, Corn.
Federal Motor Truck
General Necessities, Corn.
Muller Bakeries "A"
Parke, Davis & Co
River Raisin Paper
1926
3.452 shares
123.711 "
36.452
149.871
77.794
3.730
14.184
7,412
1925
28 shares
81.236 "
9.752 "
84.624 "
18,228 "
430 "
7.273 "
4.460 "
What is being accomplished for these companies is precisely what they listed their securities for. The several
reasons for listing are, (1) to provide a market for their
shares; (2) to see the market price registered more accurately
than if unlisted; (3) to secure the greater good will of stockholders; (4) to assist to a certain extent in the marketing of
its product or the selling of its service as the case may be;
and (5) to make the securing of additional working capital a
much easier matter. These reasons express the functions of
an organized stock exchange and the facilities which unlisted
companies may avail themselves of if they can qualify for
listing. Local stock exchanges offer a definite and valuable
service to thousands of small enterprises throughout the
country.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Feb. 111927.
A slight increase in wholesale trade is noticed, though retail
trade does not improve. It is cold at the West, but has
been mild in this section with curiously early signs of spring
in bringing vegetation and migrating birds. The cotton
goods industry, from being far behind other industries a
year ago, might be considered in the van now. There is
still much room in it for improvement, especially at the
outh. But New England with some exceptions is making
an encouraging showing. Here there is buying of some
cotton goodsfor April, May and even Juno delivery. Nothing of that kind was the case a year ago. Then forward
buying was absent. In Manchester, England too trade
in both cloths and yarns is better. India and South America
have been buying British cloths more freely and before long
it is hoped that the China trade will revive. There is a
better demand here for seasonable cotton goods though some
others do not sell so well after the recent remarkable activity.
But fabrics for prompt delivery are scarce. Only a fair
business has been done in woolen and worsteds and forward
orders are disappointing. Broad silks have been dull owing
partly to the growing competition of cheap yet attractive
cotton dress fabrics. Raw silk has been advancing. Wool
has been steady with a moderate business. Australian auction sales were at unchanged or better prices. Coal at times
has sold well, though not so well but that bituminous in the
Central West has declined 25 to 75 cents. The gain in car
loadings, however, is said to be attributable largely to the
recent increase in the coal trade. The tendency of prices
whether for soft coal or anthracite seems to be downward.
Iron and steel have been for the most part quiet at several
declines in prices. Buyers seeing prices slipping are incline
to hold aloof until there are indications that the decline has
culminated. Grain prices have not changed materially during the week. The export demand for wheat has been unsatisfactory. But for rye there is some inquiry, from Norway and Holland, although no large transactions have as
yet taken place. There were some indications of small
export demand for corn at the South. The flour trade is
dull.
Taking the grain trade as a whole, it has of late been
awaiting action by the United States Senate on the McNaryHaugen bill, designed to help the farmer Market his surplus,
both of grain and cotton, not to mention other agricultural
products. As far as may be judged the West has no great
faith in the measure. Certainly the fact that the bi 1 has
again come to the fore has not served to advance grain prices.
In the cotton trade the measure is looked at askance. It
might easily have the effect of encouraging the planter to
maintain or even increase his acreage in the hope of better
prices. But the unavoidable conclusion—from some certain
provisions of the bill is that surplus supplies of cotton might
be shipped to Europe and sold at low prices. In homely
parlance that would be picking a stick for the back of the
American spinner. In other words, it would give the foreign
spinner an advantage. He could make goods at lower prices
than the American spinner; he could flood the American market with cheap goods to the great disadvantage of an industry
which has been hard put to it to make both'ends meet in
recent years. The American cotton mills are now making a
profit, whereas a year ago many of them were making simply
red ink entries in their books. Naturally New England mill
owners are aroused at the possibility of a bill being passed
856
THE CHRONICLE
[vol.. 124.
which would have the effect of dealing a serious blow at the schemes in one form or another, will not do. There must be
American cotton manufacturing industry. The fact is, some rational solution and it will have to be found. Our
too, that it would do the cotton planter no good; in fact it civilization is largely mechanical. It needs no Dean Inge
would do him harm. He would not reduce his acreage; he to point that out. But that does not mean that no way
would go on raising big crops, in fact bigger and bigger from can be found to give all members of society a reasonably
year to year. But at last he would be faced with the neces- square deal. There should not be any minimizing, however,
sity of adopting the only effectual measure to stabilize prices of the difficulties of the problem. President Coolidge's
and that is by reducing the output. In other words, he would attempts to reduce taxation cannot be too highly comhave to conform to the law of supply and demand, some- mended as one step toward a solution.
thing inherent in the very nature of things in the world as
At Fall River, Mass., cotton mills are said to be producing
we know it in the present age. But cotton prices during on a larger scale than for three years past. Scarcity of goods
the week have advanced slightly because there was a hope has restricted business. At Lowell, Mass., the Shaw Stockin some quarters that the passing of the bill by Congress, ing Co. is asking for an abatement of taxes of approximately
which seemed highly probable, might have the effect of $200,000, that is to abate the difference between the present
advancing prices at least for a time. Yet curiously enough assessed valuation of the machinery of the mill and the
pretty much everybody believes that President Coolidge will Treasurer's sworn statement of valuation. Boston wired
treat this attempted raid on the Treasury and the taxpayer that sentiment in New England mill circles as well as among
as he did the Soldiers' Bonus Bill and veto it. The United manufacturers and business men is decidedly against the
States Senate was to vote on the measure at 4 o'clock this passage of the McNary-Haugen bill. Providence, R. I.,
afternoon and at that hour passed the bill by a vote of 47 to wired: "Unqualified condemnation of the McNary-Haugen
39. And to-day there was not much trading at the ex- farm relief measure, which, in giving aid to farmers by
changes, either at home or abroad, especially as Saturday, creating an artificial high price for domestic farm products
Feb. 12, will be Lincoln's Birthday, a legal holiday.
and dumping surplus products abroad, will cause American
Coffee has declined only slightly, for after all, the Brazilian cotton to be sold in the foreign markets cheaper than it can
markets have on the whole shown greater steadiness than be bought here." William H. Pepperall, President of the
had been expected in view of the predictions of very large Rhode Island Textile Association, declared that he would
crops during the coming season, and the persistent dulness telegraph the Rhode Island delegation to Congress urging
of the spot trade. Some how the Defense Committee really that they defeat the measure and save the textile industry
defends the price for the time being. Sugar has declined from ruin. John Lawrence, President of the New England
half a dozen points for future delivery in a quiet market. Council, said that if a study of the bill revealed that newsOn the whole, sugar prices have been relatively steady in paper reports of its terms were true, he would marshal the
face of the usual free marketing of the crop at this time forces of the Council in an effort to have it defeated. Former
of the year. To-day, however, refiners found it expedient U. S. Senator Henry F. Lippett, Chairman of the board of
to reduce prices. This had the effect of causing an increased directors of the Manville-Jenckes Co. and former President
business. Copper has advanced latterly after some decline of the New England Cotton Manufacturers' Association,
and a better demand is reported. There is a slow increase declared that for the United States to arrange for cotton
in automobile output, but the January total is expected to manufacturers to buy the product cheaper abroad than it
show a considerable decline decline as compared with that of could be bought here, where it grows, would be most illogical
January last year. Nor is February expected to do as well and an unprecedented discrimination against the industry
as in 1926. Still there is a gain in employment at Detroit; in America.
even if the total of a little less than 220,000 is smaller by
At Manchester, N. H.,in an effort to lower local taxes the
46,500 than a year ago. One complaint at the West is of authorities have cut municipal appropriations for the year.
bad roads in the country districts following recent mild A week ago the Amoskeag Manufacturing Co. gave city
weather and rains or snow. Within 48 hours, however, the officials a broad hint that it would be an excellent idea to
weather has been colder at the West and Southwest. Chain keep down taxes. At Tilton, N.H.,the Elm & Carter Mills,
and department stores sales in January were larger than in manufacturers of woolens, are still idle as the result of a
the same month last year.
strike late in January. The walkout was caused by one
Stocks have had a rather wild week, notably in Wheeling employe who refused to pay union dues. A representative
& Lake Erie and Baldwin Locomotive, not to particularize of the Federation of Labor who was in Tilton investigating
further; and on several days the sales have approximated the situation has gone to New York to place the matter
3,000,000 shares. That is eloquent testimony to the re- before rational headquarters. The plant was very busy at
markable interest exhibited by operators and investors in the time of the strike. There ought to be some law to deal
railroad and industrial stokes throughout the country. with so glaring a case as this. At Charlotte, N. C., trading
New financing during the week amounted to $200,000,000, in yarns is only moderate.
or over $500,000,000 in two weeks, of course fostered by the
The Federal Reserve Board in its first report for this year
easier money rates. Wheeling & Lake Erie had a sharp showed that the sales for January of 539 department and
break on the 11th inst. and also a marked rally, only to drop other retail stores were 1% larger than last year. In the
to 64 at one time to-day. Money rates have been easier at New York district sales increased 2.4% last month as com4%, something which has naturally tended to stimulate pared with January 1926. The S. S. Kresge Co.'s sales of
trading. Of late London has been taking a more hopeful January amounted to $1,955,788, an increase of 6.77%
view of things, especially as the outlook in China is said to over January 1926. Some 2,000 members of the Paper Box
be better and the crest of the wave of unfavorable trade Makers' Union ended their 17 weeks' strike on the 9th inst.
reports is supposed to have passed. Sterling exchange has Lack of public support and of funds for relief caused the
latterly been stronger.
collapse of the strike.
There is still a state of unrest at the West over the agriLast Saturday a storm of sleet and rain which froze as it
cultural depression. It may come to the front in the national fell followed a light snowfall and the icy streets were for a
election of 1928. There is no doubt that the farmer feels time impassable. Four persons were killed in or near New
that with wheat selling at 50c. a bushel lower than a year York and many others injured by falling on the pavements
ago, and cotton at some 6 to 7c. lower, he is somehow getting or by the skidding of auto cars. Eight short circuits caused
the worst of it in the ordinary adventure of life. That is fires on the elevated railroad. The temperature here on
to say, he still complains that what he has to sell is much Sunday was 24 to 34 degs.; in Chicago 36 to 42;in Cleveland,
cheaper than what he has to buy. It is no doubt a thorny 38 to 42; in Cincinnati, 46 to 58, and in Minneapolis, 32.
question. The only real remedy, of course, is to diversify This morning it snowed a little here but it cleared later and
crops and prevent over-production of any one product. this afternoon it was 36 degs., the air at times suggesting
But this, which is so easy to figure out on paper, may not spring; robins and blackbirds have returned and are
reported
be so easy to carry out in actual life. The truth is that the as far north as Niagara Falls and in Scranton,
Pa., and
farmer suffers from the high tariff, and the high cost of living,
signs of an early spring are seen by some in the budding
brought about by that fact and high wages, traceable to
Masons and plasterers, amazing vegetation including that standby of the weather wise, the
restricted immigration.
pussy willow. Peach trees are in bloom in Georgia. Yesterand even grotesque as it sounds, are paid $12 to $15 a day.
return for their labor and neither does day it was 60 degs. at Savannah, 52 at Norfolk, 30 at ChiFarmers get no such
at Cleveland, 43 at New York,
the average urban worker, particularly the large clerical cago, 28 at Cincinnati, 26
respects there can be no doubt that the 36 at Kansas City, and 18 at St. Paul. It is too cold in the
world. In some
times are out of joint. But McNary-Haugen bills and winter wheat belt which has little snow. The forecast here
similar quack nostrums amounting in the end to valorization to-night is fair and warmer.
FEB. 121927.]
THE CHRONICLE
. 857
y Construction Activity in New York City On a
Industrial Activity as Measured by Use of Electrical Januar
Greatly Diminished Scale.
of 4.4% in January Over
Energy-Gain
The five boroughs of New York City had $73,216,700
l.
December Seasona
worth of contracts for new building and engineering work
Industrial operations in January were about 4.4% above the
by last month, according to F. W. Dodge Corporation. The
December rate, based on consumption of electrical energy
amount represents declines of 58% from December and 53%
manufacturing plants of the nation consuming more than
sons it should
ng to the "Elec- from January 1926. In making these compari
nine billion kilowatt hours annually, accordi
red, it is pointed out, that the December total
in general be remembe
trical World." This is about the normal increase
ns of included some large subway contracts and that the January
activity when compared with the productive operatio
at
January 1926 total included a fifty million dollar power plant
past years. A significant fact, however, is that the
Hunt's Point.
industrial production was about 5% under that of January
The more important items in the January building record
under
last year, and December operations were fully 5%
for New York City were: $53,529,600, or 73% of all construcDecember 1925. The year 1927 apparently has opened with
s; $9,670,000, or 13%, for comover December, but with tion, for residential building
a normal increase in operations
mercial buildings; $3,210,200, or 4%, for public works and
general industrial production on a slightly lower plane than
utilities; $2,277,400, or 3%, for hospitals and institutions;
was witnessed in the opening months of 1926. This situaonal projects; and
out $1,479,700, or 2%,for social and recreati
tion, according to the publication, would seem to bear
or 2% for industrial buildings.
$1,271,500,
the opinions expressed by industrialists in general, that 1927
Contemplated construction projects were reported for
industrial production will be slightly under that of 1926.
New York City in January to the amount of $90,380,600.
Production in the metal industries taken as a whole appears
the amount reported in
in This shows decreases of 44% from
to have slightly exceeded that of December. Operations
December and 33% from the amount reported in January of
the rolling mills and the iron and steel plants was about 3.6%
last year.
higher than in December, but the ferrous and non-ferrous
metal working plants reported a slight drop in January January Construction Contracts Show Decline Accordoperations. Operations of the metal industries, taken as a
ing to F. W.Dodge Corporation.
whole, were about 11.5% under those of January 1926.
Total construction contracts awarded during January in
Activity in the automotive industry unquestionably was
the 37 States East of the Rocky Mountains amounted to
on the upgrade after the drastic slump in production re- $384,455,400, according to F. W. Dodge Corporation.
ported in December. Preliminary figures indicate that These States include about 91% of the total construction volJanuary automobile production exceeded that of December ume of the country. This was the second largest January
by approximately 45%. Electrical energy consumption by total on record, although 16% under the maximum January,
the textile plants in January indicates that this industry is which was last year. The entire decrease of last month is
operating at about the same level as in December, but at accounted for in a drop in New York City's contract volume,
about 7% above the operating rate of January of last year. and two-thirds of the decrease is accounted for in the fact
The lumber industry reported materially increased opera- that January 1926 had a single fifty-million dollar powertions over December, the gain in activity in this instance be- plant job for New York City, which was not duplicated in
ing seasonal in character. January production, compared last month's record. Comparing last month's total with
with the corresponding month last year, showed a drop
December 1926 shows a decrease of 28%. It should
of 7.5%.
Railroad Revenue Freight Car Loadings Continue
Heavy Because of the Large Movement of Coal.
Loading of revenue freight for the first five weeks in 1927
totaled 4,524,749 cars, according to reports filed by the carHers with the Car Service Division of the American Railway
Association. This was an increase of 96,493 cars over the
corresponding period last year and an increase of 67,800 cars
over the corresponding period in 1925.
For the week ended on January 29, the total was 950,969
cars, an increase of 25,273 cars over the corresponding week
In 1926 and an increase of 53,601 cars over the corresponding
period in 1925, due mainly to the larger coal loading. Compared with the preceding week this year, the total for the
week of January 29 was an increase of 8,382 cars. Coal
loading for the week of January 29 totaled 225,459 cars, an
Increase of 42,355 cars above the same week last year and
32,159 oars above the corresponding week in 1925. Other
details follow:
that of
be noted that this is again a comparison with an abnormally
high month,the December total having been swelled by large
subway nd other public works projects. The more important items in last month's building and engineering record
were: $167,866,300, or 44% of all construction, for residenbuildings;
tial buildings; 0,115,700, or 21%,for commercial
or 15%,for public works and utilities; $27,875,$58,954,700,
300, or 7%,for industrial buildings; $17,012,500, or 4%,for
educational buildings; $10,417,200, or 3%, for social and
recreational projects;and $9,157,900,or 2%,for religious and
memorial buildings. Contemplated construction projects
were reported for these 37 states to the amount of $755,762,600 during January. This was a 17% decline from the
amount reported in December and a 11% decrease from the
amount reported in January of last year. Further details
are furnished as follows:
New York State and Northern New Jersey.
in New York State and
The total volume of construction contracts let
This
Northern New Jersey during January amounted to 5118.736,400.
record for this district, although
was the second highest January total on
January of last year, and 48% under the abnormally
47,687 cars, an increase of 2,421 39% under the record
Grain and grain products loading totaled
figure for December 1926. In making these comparisons it should be
corresponding week last year but 193 cars below the same high
1926 total included a fifty-million dollar powercars over the
districts alone, grain and grain pro- recalled that the January
week two years ago. In the western
the December total included some large subway contracts.
cars, an increase of 1.728 cars above the same plant and that
ducts loading totaled 26,689
The more important Items in last month's building record were: $71,925.00, or
week last year.
61% of all construction, for residential buildings; $25,351,3
freight loading totaled 308,004 cars, a decrease of 8,555 500, or commercial buildings; $7,403,200, or 6%. for public works and
Miscellaneous
of 15,956 cars above the 21%, for
0, or 2%,for
below the same week last year but an increase
cars
utilities; $3,965.000, or 3%,for industrial buildings; $2,892,60
2%, for religious and memorial
same week in 1925.
cars, an increase of twenty-two hospitals and institutions; $2,495,000, or
Live stock loading amounted to 31,300
buildings; and $2,388,100, or 2% for social and recreational projects.
week last year but 2,732 cars below the same week two
cars above the same
Contemplated construction projects were reported for this territory in
live stock loading totaled 23,810
years ago. In the western districts alone,
January to the amount of $169,809,800, being a decrease of 33% from the
week last year.
from the amount
cars, an increase of 227 cars over the same
carload lot freight for the week amount reported in December, as well as a loss of 17%
Loading of merchandise and less than
in January 1926.
increase of 742 cars over the corresponding week reported
totaled 250,075 cars, an
New England States.
same week in 1925.
last year and 17,749 cars above the
7,362 cars below the corresBuilding and engineering contracts awarded in New England during the
products loading totaled 65,203 cars,
Forest
below the same week two years ago. month of January amounted to $17,182,800. There were decreases of 48%
ponding week last year and 10,384 cars cars above the same week in
1926 from December and 33% from January 1926. Analysis of last month's
Ore loading totaled 10,456 cars, 1,060
0, or
week two years ago.
construction record showed the following items of note: $8,471,70
and 1,571 cars over the corresponding
cars below the same Week last 49% of all construction, for residential buildings; 52.502.900. or 15%. for
loading totaled 12,785 cars, 5.410
Coke
ding week in 1925.
or 14%. for commercial buildings;
Year and 525 cars below the correspon showed increases in the total loading educational buildings; $2,479,800.
0. or 6%. for
$1,242,600, or 7%, for public works and utilities; 51.089.00 religious and
All districts except the Southwestern
corresponding week in 1926 while all social and recreational projects; and $777,800, or 5%. for
of all commodities compared with the
stern showed increases over the memorial buildings.
except the Northwestern and Centralwe
in January amounted
Contemplated new work reported for New England
same week in 1925.
compared with the two previous to $54,926,500. The above figure exceeded December by 36%. However
Loading of revenue freight this year
there was a decline of 15% from January of last year.
rears follows:
1926
1927
Middle Atlantic States.
741,560
767,098
740,348
nia, Southern New
Week ended January 1
907,622
The Middle Atlantic States (Eastern Pennsylva and Virginia) had
934.170
940.800
Week
Wee ended January 8
Columbia
931,735
934.022 Jersey, Maryland, Delaware, District of
950.045
Week ended January 15
building and engineering work last
921,643
924,291 $53.443,500 worth of contracts for new
942.587
ended
by 15% and January 1926
Week end January 22
925,696
897,368 month. The above figure exceeded December record were: $17,180,900,
950.969
Week ended January 29
ion
by 54%. Included in the January construct
l buntlines; 512,093.600. or 23%,
4,428,256
4,456,949 or 32% of all construction, for residentia
4.524,749
Total
858
THE CHRONICLE
[vol.. 124.
for commercial buildings; $8,949,000, or 17%, for
industrial buildings; month and advances in
some grades are expected An understanding has
$6,556,500, or 12%, for public works and utilities; $3,460,800,
or 6%,for been reached by several operators
educational buildings; $2,027,300, or 4%. for social and recreational
with regard to the production and price
proj- of shingles, and this may
effect some improvement in the market for this
ects; and $1.508.000, or 3%, for hospitals and institutions.
product which has been in a very unsatisfactory state for
Contemplated construction projects were reported for the Middle
some months.
Atlantic States in January to the amount of $117,089,300
. There were increases
of 28% over December and 16% over January of last year.
Clay Herrick of Guardian Trust Co., Cleveland, Finds
Pittsburgh District.
Industry Marking Time—Less Support Looked
January construction contracts let in the Pittsburgh
District (Western
For From Automobile, Building and
Pennsylvania, West Virginia,Ohio and Kentucky)amounted
to $50,057,700.
Iron and Steel Industries.
The above figure represented increases of 12% over December
and 29%
over January of last year. The more important items in the January
Observing that we have started in 1927 with business under
building and engineering record were $16,941,200. or 34%
of all construction, for public works and utilities: $14,502,700, or 29% for residential less pressure than it was a year ago, Clay Herrick, Vicebuildings; $10,916,300, or 22%, for commercial buildings; $2,787,500,
or President of the Guardian Trust Company of Cleveland,
6%,for educational buildings; $2,333,000. or 5%,for industrial buildings; under
date of Jan.29 says:
and $1,147,000, or 2%,for religious and memorial buildings.
Industry is now marking time, with no trend definite enough to indicate
Contemplated construction planned for thoese states as reported in January, amounted to $83,675,200. There were gains of 18% over December its probable course for the immediate future. Business is at a point whence
it might be deflected either up or down by relatively unimportant
and 35% over January 1926.
influences. It occupies a middle zone, close to estimated normal. It is not
at
The Central West.
so high a level as to necessitate a downward reaction,
nor at so low a level
The Central West (Illinois, Indiana, Iowa, Wisconsin, Southern Michi- as to suggest that
revival must be imminent.
gan, Missouri, Kansas, Oklahoma, and Nebraska) had $84,700,600 in contracts for new construction work during January. There was a loss of
Factors.
There is increasing evidence that business may expect less support this
33% from December, but a gain of 7% over January 1926. Analysis of
year from the automobile, building construction and iron and steel induslast month's building record showed the following items of note:$35,009,500,
or 41% of all construction, for residential buildings; $20,260,800, or 24%, tries, as well as from agricultural interests. After more than a seasona
for commercial buildings; $10,671,800, or 13%. for public works and utili- slump in November, automobile production in December reached the lowties: $6,007,000, or 7%, for industrial buildings; $3,950,000, or 5%, for est point since February 1922. Other evidences of hesitation in this
educational buildings: $3.776,600, or 4%,for public buildings; and $2,328,- industry are apparent in both producing and distributing ends, and Standard Statistics Service after a careful analysis
000, or 3%,for social and recreational projects.
estimates its 1927 business at
• Contemplated new work reported for this territory during January from 8 to 10% less than in 1926.
Bradstreet's record of building permits shows a decrease of
amounted to $213,019,400. This figure represented declines of 36% from
5.9% in 1926
as compared with 1925. Decreases were shown in ten
December and 3% from January of last year.
of the twelve months
of the year and in all parts of the country except the
New York City area.
Southeastern States.
This was the first year of the last eight to show a
decrease. Additional
January construction contracts let in the Southeastern States (The Caro- evidence that the building boom
has passed its crest is found in the rather
linas, Georgia, Florida. Tennessee, Alabama, Mississippi, Arkansas and remarkable statement of S.
W. Strauss, whose company is one of the
Louisiana)amounted to $42.218,400. The above figure exceeded December largest underwriters of real estate
mortgage bonds, advocating a temporary
by 8%, but declined from January of last year by 36%. Included In the cessation of building of office
buildings, apartment houses, hotels and
January building and engineering -record were the following important apartment hotels on the ground that
the saturation point has been reached
classes of work: $12,642,100, or 30% of all construction, for public works in these four types of structures.
Residential, industrial, public utility and
and utilities: $11,776,100, or 28%,for residential buildings; $6,534,600, or public works and miscellaneous
construction will doubtless continue in great
15%,for commercial buildings;$5,349,500. or 13%.for Industrial buildings; volume, and apparently the falling
off in total building figures will be
$2,221.000, or 5%,for educational buildings; $1,548,100, or 4%,for relig- gradual.
ious and memorial buildings; and $1,159.000, or 3%,for social and recreaThe iron and steel industry, affected by various factors
but
tional projects.
by the automobile•situation, is quiet. Failure of hoped-for particularly
increase of
Contemplated construction projects were reported for the district in orders in January has led to
keener competition, with price concessions.
January to the amount of $89,338,700. There was in ancrease of 23% over
The farmer's income for 1926 is estimated by the Department
of AgriDecember. However, a decrease of 45% from January 1926 occurred.
culture $1,148,000,000 less than for 1925,—a decrease of
addition the spread between prices of agricultural products 12.8%• In
The Northwest.
and non-agriThe Northwest (Minnesota, the Dakotas and Northern Michigan) had cultural products has widened. While the farmer is in better condition to
$2,490,800 worth of contracts awarded for new construction work during meet this situation than he was two or three years ago, it is manifest that
January. There were decreases of 27% trom December and 38% from he will spend less freely this year.
January of last year. The more important items in last month's building
Conclusion.
record were: $1,162,700, or 47% of all construction, tor residential buildThese facts seem to justify the conclusion expressed by us last month
ings: $330.500, or 13%, for educational buildings; $247,000, or 10%, for that 1927 cannot be expected to equal
the record of 1926. On the other
social and recreational projects; 5223.500. or 9%,for industrial buildings; hand we continue to feel that there is ample
ground for the belief that no
5198,400, or 8%,for public:works and utilities; and $192,200, or 8%,
for serious depression lies immediately ahead and that the present decline is
commercial buildings.
temporary. While some industries are declining, others show evidence
of
Contemplated new work reported for the Northwest last month amounted improvement. The readjustmen
t and leveling out process is a safe-guard
to $7,591,700. The above figure represented losses of 28% from December against overexpansion and prepares the
way for another period of increased
and 53% from January 1926.
activity. The corrective forces which it has set in motion are perhaps
already working towards improvement of the situation. Fundamenta
Texas.
l
Building and engineering contracts were let last month to the amount of conditions as a whole continue sound, with purchasing power good, inven515,525.200 in the state of Texas. This figure represented declines of 10% tories reasonably adjusted to demand, credit supply ample and prices at
from December and 13% from January 1926. Included in the January levels which encourage purchases.
construction record for the state were the following items of note:$7,837,200,
or 50% of all construction, for residential buildings;$3.316,900, or 21%,for
public works and utilities; $2,287,100. or 15%, for commercial buildings; National Industrial Conference Board Finds "Real"
$741.300, or 5%, for industrial buildings; $656,600, or 4%, for public
Earnings of Workers in Manufacturing Indusbuildings; and $337,200, or 2%, for educational buildings.
tries in October 1926 Greater Than Since
Contemplated construction projects were reported for Texas in January
Beginning of 1924.
to the amount of$20,312,000, being a 48% decrease from December. as well
as a 3% lossfrom January oflast year.
Wh le there has been some
Business Summary by Canadian Bank of Commerce.
If allowance be made for seasonal influences and for the
usual reaction following a very heavy holiday trade general
business conditions, says the Canadian Bank of Commerce in
its February letter, should be regarded as satisfactory. The
bark goes on to say:
Wholesale and retail trade has been less active and can
be described only
as fair in some districts where severe weather has prevailed
or where the
proceeds from the crops have been small.
Stocktaking and the overhauling of machinery have
caused further slackening of industrial operations, but this has been noticeable
mainly in the
larger centres; the mills and factories in many of the small towns
have continued to operate at a satisfactory rate of activity. Automobile
production
again declined in December, the output being about 2,000 units less
than in
November. The steel mills, however, were operated on
a larger scale and
the outlook is more favorable for this industry, which has been working
on
a comparatively good volume of orders, and which has in prospect additional
contracts for railway equipment. The textile mills have been very
busy and
in some cases overtime has been necessary in order to cope with the demand
for certain staple goods.
One of the satisfactory features of the present situation is the greater stability and,in some cases, the improvement in prices of agricultural products.
While there is still some uncertainty as to the course of the farmers' markets,
the trend is in the direction of continued strength, although, of course, there
will be fluctuations in prices from time to time.
Unemployment has increased of late but it is not the serious problem
of
former years. The cessation of extensive outdoor work, owing to weather
conditions, has thrown a number of unskilled men out of employment, but
most of the skilled class are able to earn steady wages and no widespread distress has been noticeable.
It now seems certain that the production of lumber in the East will be
curtailed in even greater measure than was the case last year. In British
Columbia some of the mills resumed cutting after the holiday shut
-down,
but others have remained closed. Prices have been firmer during the past
recession in industrial activity
during the winter season, it has been more marked in the
case of industries which had enjoyed most intensive activity
during the past two years or longer, and such reaction should
be viewed in the light of the protracted period of unparalleled
industrial activity throughout 1925 and 1926, an in relation
to the general soundness of the economic situation of the
nation as a whole, according to the National Industrial
Conference Board,247 Park Avenue, New York. Composite
wage data for the manufacturing industry as a whole, covering some 2,000 plants in 25 different industries, the Conference Board finds, show that while employment and the total
number of hours worked began to decline in October,
employment in November 1926 was still greater than in
November 1925, while total hours worked were only about
2% less than in November 1925. The significant fact,
however, according to the Conference Board's analysis, is
that workers in the manufacturing industries in November
1926 on the average were receiving higher hourly, and
practically as high weekly earnings, than they had at any
time during the past two years, while their average weekly
"real" earnings, that is their wages measured by their
purchasing power, were higher in October 1926 than they had
been at any time since the beginning of 1924,and were higher
in November 1926 than they had been in November 1925.
This,in view of the fact that there had been two full years of
high industrial activity at high wage levels, the Board
declares, is the best index of the actual present consumpti
on
power of the working population, which constitutes
the
FEB. 12 1927.]
THE CHRONICLE
greatest market factor. The Board, in announcing this,
Feb. 7, added:
859
and 81.4 for December 1924, but was higher than for December of the years
1920 to 1923 inclusive. Individual index numbers for groceries, dry goods
and hardware were somewhat lower for December 1926 than for December
Such curtailments its have been effected in some industries toward the 1925, but were higher than for any other December in the series which
end of the year,the Conference Board points out, were proof of the increased began with 1920, and the index number for sales of shoes for December 1926
alertness of industrial management characteristic of modern business which, was the highest shown for that month in the series. In the tables which
better and more promptly informed as to the trends of underlying economic follow are shown percentage comparisons of sales in these eight lines, and
conditions is more quick to adjust operations, thereby forestalling the comparisons in each line are shown separately for those cities from which
scramble of market disturbances and resulting depressions of former days. three or more reports were received for the month.
That there has been little or no inflation despite the high momentum of
business activity during the past two years, is reflected in the Conference
Board's index of "real" weekly earnings, measuring the purchasing power of Good Business Conditions Reported in Richmond
weekly wages which would quickly be affected by an inflation in prices.
Federal Reserve District.
In the table below are given the index numbers for the total number of
Good business conditions in December in the Richmond
hours worked in the manufacturing industries, the most sensitive index of
industrial activity, and index numbers for "real" weekly earnings, showing Federal Reserve District are indicated by the Federal Reserve
the wage earners' average weekly earnings in their relation to living costs.
"Real" weekly earnings in November last stood 28% higher than in July Bank of Richmond in its January 31 Monthly Review,
1914.
which summarizes conditions as follows:
Index
Index
Retail trade, as reflected by sales of thirty-one large department and genTotal Hours
Real Weekly
Worked.
Earnings.
%rat stores, was approximately 2% above the volume of trade in December
Month—
(1920=100)
(1914=100)
1925, and total debits to individual accounts figures for the five weeks
77
124
August 1925
ended January 12, 1927, exceeded by 6.3% those for the preceding five
80
128
September 1925
weeks, ended December 8, 1926. Business failures in the Fifth District in
81
127
October 1925
83
November 1925
126
December were slightly more numerous than in December of the preceding
85
December 1925
128
year, but the liabilities involved in last month's insolvencies were smaller.
84.3
127
January 1926
Labor is seasonally employed at the wage levels-of the past several years,
86.5
129
February 1926
and increased bank deposits testify to the continued large purchasing power
86.9
130
March 1926
85.7
' 129
April 1926
of the banking public. Lower outstanding loans to customers of member
83.8
lvfay 1926
129
banks and reduced rediscounts at the Reserve bank show that sufficient
82.7
June 1926
129
credit is available for legitimate needs of the district. Building permits
81.4
129
July 1926
82.0
August 1926
129
were fewer in number and less in estimated valuation in December than for
84.5
September 1926
131
any other recent December,but there is still a very large volume of construcOctober 1926
84.2
131
tion work under way. Textile mills appear to be in a stronger position at
November 1926
80.9
128
present than they were two or three months ago, since the steady decline in
cotton prices appears to have been checked. Tobacco prices continue high
Retail Trade in Atlanta Federal Reserve District at for Bright grades, which make up the larger part of the district's crop.
An examination of the statistical record of the year 1926 indicates that on
High Level in December.
the whole the year was a good one in the Fifth reserve district. Debits to
According to the Federal Reserve Bank of Atlanta the vol- individual accounts totals, a good indicator of the volume of business done
ume of retail trade in the district "as reflected in sales figures in the twenty-three reporting cities, exceeded the totals of 1925 by more
and were over two billion dollars above the figures
than half
reported by 45 department stores located throughout the for 1924.a billion dollars
Commercial failures in the district were fewer in number and
District, reached a high level for the year in December, lower in liabilities in 1926 than in 1925, although bank failnres increased
trouble dating back to
which is,usual as a result of the large volume of holiday busi- considerably last year, due in part to accumulatedCotton consumption by •
the years immediately following the World War.
ness." The Bank reports further as follows:
Fifth district mills increased nearly 15% last year,and the mills did a sufficiDecember sales exceeded those in December 1925 by 6-10 of 1%,and for ently large volume of hand to mouth business to prevent the piling up of
the year 1926 were 4.3% greater than in 1925. The rate of stock turnover much surplus stock. Building operations in the district continued in very
has been somewhat less rapid in 1926 than in the year before. Stocks at large volume during the year, although both the number of permits issued
the end of December were 5.8% greater than a year earlier. Wholesale for new work and the estimated valuation figures were lower than in 1925.
trade during the first six months of 1926 was in greater volume than in the Retail sales in 1926 exceeded sales in 1925, and wholesale trade was in fair
corresponding part of 1925, but decreases were shown for the last half of the volume. Agricultural yields were excellent in the district as a whole. except
year compared with the last si months of 1925. Wholesale prices in in certain sections that were disastrously effected by extreme dry weather
December, according to the Bureau of Labor Statistics' index, were on an last summer. The tobacco crop of the district exceeded that of 1925, and
average 5.8% lower than in December 1925. Savings deposits at the end the 1926 prices for Bright tobacco averaged much above thae ofthe previous
of December were 2.6% greater than at the end of December 1925. Debits year. Cotton production in the three cotton growing states of the Fifth
to individual accounts at 23 reporting cities of the district in December 1926 district was above that of 1925, but the price was very low, and the cotton
were 7.5% less than in December 1925; in November and in October debits growers and the sections chiefly dependent upon their trade came to the end
were 8.6%, and 8.1%, respectively, smaller than in those months of 1925. of 1926 in worse condition than a year earlier. The coal mining industry in
Total loans and discounts reported by 35 member banks in selected cities on West Virginia enjoyed an exceptionally large volume of business in 1926,due
January 12 were more than nine million dollars less than on the correspond- to the anthracite strike during the opening months and to the British coal
ing report date a year ago. Total discounts of the Federal Reserve Bank of strike the balance of the year. Except for the unfavorable position of cotAtlanta on January 12, for its members in the sixth district, were 12% ton growers, conditions in the district were generally satisfactory at the
millions greater than a year ago, but total bills and securities were less than beginning of 1927. Inventories are comparatively low and credit is availat that time due to smaller holdings of United States securities and of bills able to meet any legitimate demands, and the attitude of the public toward
bought in the open market. Building permits issued at 20 cities in the the near future is favorable.
sixth district during December showed a decrease of 44.2% in value comThe following is the statistical record 4or 1926 and 1925
pared with December 1925, and for the year 1926 were 7.1% less than for
1925. The output of cotton cloth and yarn by reporting mills was greater presented by the Bank:
1926
Statistical Record
1925
in December than in November, but somewhat smaller than in December
$16,429,388,000 $15,819,533,000
Debits to individual accounts (23 cities)
1925. Production of coal in Alabama during December continued at a Number of commercial failures, Fifth District_ _
1,441
1,493
higher rate than a year ago, but the output in Tennessee was smaller than Liabilities involved in failures
$28,741,221
$35,245,288
2,768,596
2,537,393
that time. Pig iron production in Alabama during December, while Cotton consumption, Fifth District mills, bales—
at
2.335.000
2.044,000
Cotton grown in Fifth District, bales
still high, was somewhat less than in November or in December 1925.
620,352,000
Tobacco grown in Fifth District, pounds
612,270,000
Building permits for new work, 28 cities
20,984
22,924
Retail Trade.
Value of permits for new work, 28 cities
$168,521,274
$175,616,198
11,649
13,456
The volume of retail trade in the sixth district during December 1926, Contracts actually awarded, Fifth District
Costs of contracts awarded,
$416,801,400
$4411,046,400
while only slightly greater than for the same month a year earlier, was Total sales, 31 department Fifth District
stares
$108,802,790
$105,674,102
greater than for any other month during the past seven years. December Total sales, 84 jobbers and wholesalers
$43,597,079
583,744,992
sales by 45 department stores reporting regularly to the Federal Reserve
greater than in December 1925, and also greater than for
Bank were 0.6%
any other month during 1926 because of the large volume of holiday business Increase of 14.20% in Chain Store Sales in January
which always comes in December. The December index number, computed
1927 as Compared with Same Month Last Year,
from figures for 39 stores, is 196.1, compared with 193.4 for December 1925.
According to Compilation of Merrill, Lynch
The individual index numbers for Atlanta, Birmingham, New Orleans.
Savannah and Other Cities for December 1926, are higher than for the same
& Co.
month of any year since this series was first computed, beginning with 1920.
The following comparison of chain store sales in January
For the entire year of 1926, sales by the 45 reporting stores were 4.3%
greater than for 1925. Stocks of merchandise reported on hand at the end of this year and last has been compiled by Merrill, Lynch
of December, were 19.4% smaller than a month earlier, but were 5.8% & Co.:
greater than a year ago. The relation of sales to average stocks on hand
Jan. 1927.
Increase.
Jan. 1926.
for the year indicate that stocks of merchandise were turned over approxi- Kresge
87,955,788
6.77%
87,450,760
16,123,754
mately three times in 1926, compared with about 3H times in 1925. Out- Woolworth
15.162,106
6.34%
3,292,250
3,046.025
8.10%
end of December were 5.3% less than a month earlier, Kress
standing orders at the
McCrory Stores
2,275,364
2,157,446
5.40%
and 2.% smaller than a year ago. Accounts Receivable increased 13.8% Penney
6,236,199
4,967,050
25.55%
over the month before, and were 9.8% greater than at the end of December Kinney
913,016
991,874
*7.95%
greater than in November, F.& W. Grand
657,582
642,923
2.30%
1925. Collections during December were 5.1%
Metropolitan Stores
654,515
567.415
15.30%
but 2.0% less than in December last year. The ratio of collections in Newberry
584,929
387,920
50.70%
December to accounts outstanding and due at the beginning of the month McLellan
545,156
398,028
36.90%
Neisner Bros
for 23 firms was 35.8%.
326,782
189,343
72.50%
Silver
216,829
280,776
29.40%
Wholesale Trade.
Grant
2,205.220
2,064,915
6.00%
The volume of wholesale trade in the sixth district during December 1926, Peoples Drug
427,137
36.70%
• 584,130
930,638
805,787
15.40%
was distinctly smaller than in the corresponding month a year ago, as reflec- D. Pender Grocery
Fanny Farmer Candy
213,383
241,153
13.00%
ted in confidential reports rendered to the Federal Reserve Bank by 122 John It.
Thompson (restaurants)
1.093,865
1,224,745
11.90%
representative wholesale firms in eight different lines of business. The
greatest decrease shown in sales during December, compared with Decem$45,032,002
$40,782,606
14.20%
•Decrease.
ber 1925, was 38.2% in electrical supplies, and the smallest decline was
sales were 7.6% less than a year ago.
shown in shoes and drugs, where
Compared with the preceding month of November 1926, December sales of
Further Decline in Agricultural Price Level.
groceries and electrical supplies showed increases, while seasonal declines
were reported in the other six lines. The combined index number, comA slight decline in the general level of prices of farm
puted from sales reported by firms dealing in groceries, dry goods, hardware
products during the month ending Jan. 15 places farm
nd shoes, and based upon the monthly average for 1919 as represented by
a00, was 81.3 for December 1926, compared with 94.3 for December 1925, prices at about 12% lower than in January a year ago, as
1
860
THE CHRONICLE
[VOL. 124.
reported by the Bureau of Agricultural Economics in its
monthly price report. The Department of Commerce, in Record Volume of Sales of Cotton Textiles in January.
Sales of standard cotton textiles during January reached
announcing this Feb. 8, said:
Compared with the 1909-14 pre-war level, however, prices on Jan. 15 a record volume, according to reports for the month just
were 26% higher: on Dec. 15, 27% higher, and in January a year ago, compiled by the Association of
Cotton Textile Merchants of
43% higher. Farm prices of grain and meat animals showed little change
from Dec. 15 to Jan. 15, according to the report. Cotton and cotton seed New York. At the same time unfilled orders increased more
advanced slightly while dairy and poultry products as a whole showed than 40% and stocks were reduced more than 10%. In
about the usual seasonal decline.
stating this on Feb. 9 the Association adds:
Farm prices of meat animals, dairy and poultry products and unclassified
products are at about the same general level as a year ago. Grains are
16% lower, cotton 38% lower, and fruits and vegetables 35% lower than
in January 1926. Farm prices of corn and wheat in the 12 North Central
States showed little change from December, while oats and barley made
gains. Farm prices of hogs, beef cattle, sheep and lambs were about the
same as the previous month while veal calves were higher.
The Bureau's indexes of farm prices are as follows:
INDEX NUMBERS OF FARM PRICES.
August 1909 to July 1914=100.
Jan.
Dec.
Jan.
1926
1926
1927
Grains
143
120
120
Fruits and vegetables
214
137
140
Meat animals
140
140
140
Dairy and poultry
153
161
152
Cotton seed and cotton
138
81
85
Unclassified
87
91
87
Farm price index
Nonagricultural wholesale prices, Bureau of Labor
Purchasing power, farm products
143
1135
_
87
127
158
80
128
-_ _
---
The Bureau's index of purchasing power of farm products is placed a
80 for December, against 81 in November, and 87 in January a year ago.
The Association's reports show that January was a month of unprecedented activity in the cotton textile market and that a large volume of
goods moved into channels of consumption. These reports are based on
yardage statistcs covering the manufacture and sale of upwards of 200
different kinds of standard cotton cloths. These represent a large part of
the production of such goods in the United States.
Sales during January exceeded production by 69.8%. Total sales
amounted to 386,316,000 yards. Total production amounted to 227,436,000
yards. Shipments during January exceeded production by 10.1%. The
total volume of shipments was 250,482,000 yards. Stocks on hand on Jan.
31 were 10.4% less than stocks on hand on Jan. 1. Total stocks at the
end of the month were 221,306,000 yards as against 244,352,000 yards at
the beginning of the month.
Unfilled orders on Jan. 31 were 43.2% greater than unfilled orders on
Jan. 1. The total amount of unfilled orders at the end of the month was
449,604,000 yards as against 313,771,000 yards at the beginning of the
month.
Comparison with the last six months of 1926 shows that sales of standard cotton cloths during the first month of this year were 55% more than
the average sales during the preceding six months. Production in January
was at a slightly higher level than the monthly average production during
the last half of 1926. The volume of forward business reported as of Jan.
31 is nearly equivalent to production at January levels for the remainder
of the first quarter of this year and represents an increase of almost 140%
over the volume of unfilled orders on July 1 1926.
Decrease in Newsprint Production in December.
The December production of paper in the United States
as reported by identical mills to the American Paper and Settlement by Elihu Root of Dispute Between Plasterers
Pulp Association and cooperating organizations, showed a
and Bricklayers' Unions Ends Long Strife in
decrease of 8% as compared with November's production
Building Trade.
(following a 3% decrease in November over October) accord,
In re orting the decision of Elihu Root in the dispute
ing to the Association's Monthly Statistical Summary of between the Pla terers and Bricklayers' Unions,the"HeraldPulp and Paper Industry, made public Feb. 2. All grades Tribune" of Feb. 2, stated:
showed a decrease in production as compared with NovemThe most costly jurisdictional dispute in labor history, that between the
justified,
ber, with one exception. The Summary is prepared by the bricklayers and the plasterers, was notby the Elihu Root,impartial chairman of the arbftral tribunal invoked
contending unions, announced
American Paper and Pulp Association as the central organiza- yesterday. All agreements declared abrogated by either side were helcifto
tion of the paper industry, in cooperation with the Binders be in force. A five-year labor war may thus come to an end.
feud
Board Manufacturers Association, Converting Paper Mills in Peace rather than a recurrence of the union 1925 that tied up $300,000,000
building construction in many cities in
is expected. An armed
Association, Cover Paper Association, Newsprint Service truce has been in effect since October 1925, when William Green, President
of the American Federation of Labor, succeeded in inducing the warring
Bureau, Wrapping Paper Manufacturers Service Bureau,
Writing Paper Manufacturers Association and Paperboard unions to arbitrate after every other influence had failed.
Plasterers Found at Fault.
Industries Association. The figures for December for same
On the specfic points submitted Mr. Root held the plasterers at fault.
mills as reported in November are:
They were not justified in considering the 1911 agreement abrogated after
Stocks on Hand
End of Month
-Net Tans
12,030
43,835
49,231
37,827
7,795
42,521
15,097
1,069
2,198
18,672
228,275
having been notified by the bricklayers of exceptions on the matter of laying
artificial stone and plastering walls for tile. Neither were they held justified
IN
in establishing rival unions in Florida boom towns and other cities.
The decision restores the basic agreements to full force. In brief, this
provides for the interchange of cards for plasterers of both organizations, so
they can work in the other's territory without having to pay initiation fees
or extra dues for new union cards. The right of plasterers in any mixed
local of bricklayers to vote by a two-thirds majority to join the pasterers'
international was affirmed.
Root Hopes for Peace.
"I venture to express an opinion based upon the evidence that but little
difficulty will be experienced in solving the questions if the officers of both
parties will resolutely divest themselves of the irritations and resentments
During the same period, domestic wood pulp production which arose in the year 1922 and return to the spirit which formerly directed
their actions," said Mr. Root to the labor leaders who appeared at his
decreased 6%,this decrease being distributed over all grades, office to hear the decision. It was a unanimous opinion signed by both
with two exceptions. The December totals (mills identical George T. Thornton, first Vice-President of the bricklayers, and Hugh
Frayne,
with those reporting in November) as reported by the agreed toin the instance representing the plasterers. Both sides have
accept the ruling.
American Paper and Pulp Association, are as follows:
It will be necessary for the national executive boards to decide what shall
Stocks on Hand be done with the score or more of locals the plasterers' union has charNo. of Production
Used
Shipments End 0/Month
tered since the feud began. They will meet probably within a month at the
Grade
Miffs
Net Tans
Net Tons Net Tons
Net Tons
call of President Green. The decision does not decide the future conduct
Growadwood Pulp
99
95,737
92,237
127,352
4,070
of either organization.
Sulphite News Grade._ _
38
40,796
3,664
10,270
37,857
Strike Waves Not Considered.
Sulphite Bleached
22
23,828
20,593
3,433
3,428
Neither in the opinion of Mr. Root nor the tribunal's decision in favor of
Sulphite Easy BI.
7
4,697
3,678
1,112
918
the bricklayers is considered the wave of strikes which raged in 1925 from
Sulphite Mitscherilch_ _
6,667
5,195
1,272
796
Albuquerque, N. M., to Denver, involving million-dollar building projects
Sulphate Pull)
10
16,7313
15.2513
925
2,226
In Florida boom cities, in Chicago, Cleveland, Toronto, Newark, New York
Soda Pull/
11
16,864
13,276
3,943
3,179
and other large cities. These industrial disturbances, which threatened the
Other Than Wood Pulp
2
_
12
86,000,000,000 construction year of 1925, were but consequences of a dispute
-Ail Grades
Total
205,325
188,092
18,414
148,186
of labor leaders over the meaning of a number of written documents.
Employers were heavily penalized as well in the dispute. It was, and essentially still is, a quarrel of the unions over membership and control of a
Paper and Pulp Products Had Record Year in 1926.
changing stone and artificial stone trade, in which 60,000 plasterers and
The year 1926 set a new record in the paper and pulp in- cement finishers stood arrayed against 120,000 bricklayers, masons and
dustry, Norman W.Wilson, president of the American Paper allied crafts. In the war, which was carried to every large building conown
and Pulp Association announces. "A preliminary estimate struction job, each side tried to favor itswon acontractors and retaliated
contract.
by calling a strike when a rival concern*
shows that practically every branch of the paper and pulp inThe losses became so huge the New York Building Trades Employers
dustry exceeded all previous production," said Mr. Wilson, Association sought to mediate. So did the late Samuel Gompers, who
President Coolidge, through Secretary of
"with an average gain of more than 10%." Mr. Wilson saw the conflict coming in 1923. bring peace. William Green, but newly
Labor Davis, in vain sought to
•
added.
elected to head the A. F. of L., finally succeeded in getting the belligerents
the Atlantic City convention.
"The largest gains during 1926 were registered by newsprint, wrapping to resort to arbitration on the eve of
and paper board manufactures. The annual consumption of newsprint
Both Sides Select Root
in the U.S. now runs nearly 60 pounds per capita. This evidences a growth
The documentary issues were finally presented to Mr. Root, who had
not only in newspaper circulation but a 5% increase in advertising lineage, been selected by both sides as chairman of the tribunal from a list of 100
I am told.
names. Ile took the responsibility as a public duty out of concern for the
"The total annual production of paper products in the United States is immense losses that were being inflicted on the building industry. He
An important part in the rapid expansion in or served without a fee. Before him yesterday as he read his decision, in
now ten million tons.
industry is due to the invention of specialty products by which surplus pulp addition to the two other members of the tribunal, were Harry 0. Bates,
production is utilized. The prospects for the forthcoming year are raver_ Treasurer of the Bricklayers. Masons and Plasterers' International Union,
able. Our exports are showing a healthy gain during the recent months and and Edward J. McGivern.President of the Operative Plasterers and Cement
we anticipate satisfactory progress throughout 1927.
Finishers International Association.
kil
Grade
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Other Grades
Total
-All Grades
Number of
Mills
71
82
108
77
23
87
48
7
14
62
Production
Net Tons
135,069
95,998
140,851
50,167
10,815
29,770
14,389
5,854
8,764
2,569
514,246
Shipments
Net Tons
136.501
95,430
144,487
50,412
12,133
29,618
14,260
6,737
8,458
21,874
519,908
FEB. 12 1927.]
THE CHRONICLE
Transactions in Grain Futures During January on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago by
days, during the month of January, together with monthly
totals for all "contract markets" as reported by the Grain
Futures Administration of the U. S. Department of Agriculture, were made public Feb. 5 by L. A. Fitz, Grain
Exchange Supervisor at Chicago. The total transactions
on all markets for the month aggregate 1,081,849,000
bushels, as compared with 1,849,137,000 bushels in January
1926. On the Chicago Board of Trade the transactions last
month amounted to 930,949,000 bushels, whereas the Chicago
volume in January 1926 was 1,632,732,000 bushels. We
give herewith the details, the figures listed representing
sales only, there being an equal volume of purchases.
VOLUME OF TRADING.
Expressed in Thousands of Bushels, I. e ,(000) Omitted.
Rye. Barley. Flar.
Oats.
Corn.
Wheat.
Date-January 1927.
1 Holiday
2 Sunday
1,819
678
15,409 11,176
3
1,019
3,068
50,532 15,720
4
489
1,402
9,360
21,368
5
932
1,975
20,704 13,324
6
1,854
1,428
8,516
40,240
7
884
1,233
9,029
29,177
s
9 Sunday
918
1.335
16,363 11.866
10
1,513
2,175
15,014 13,576
11
3,060
5,557
41,064 11,544
12
1,822
1,785
9,933
24,832
13
737
18,355 10,655 2,639
14
612
1,030
4,271
13,035
16
16 Sunday
594
882
7,075
9,211
17
1,034
1,613
21,707 10,229
18
1,223
2,054
7,691
19,429
19
1,834
2.140
8,524
22,358
20
1,124
1,012
21,783 7,523
21
2,431
1,143
3,672
9,228
22
23 Sunday
3,056
2,182
9,830
16,829
24
2,343
1,399
7,675
35,174
25
2,617
1.433
11,370
31,191
26
3,250
1,732
42,471 12,549
27
2,872
3,476
26,699 12,322
28
1,140
2,691
5.628
11,664
20
30 Sunday
1,468
5,714
6,489
24,665
31
Total Chicago Bd.of Tr_ 598,502 240,047 62,897 39,503
301
910
30,300 13,268
Chicago Open Board.. _ _
4,596
8,028
28.750
Minneapolis C. of C__. _
6
6,234
23,107
Kansas City Bd. of Tr__
3,977
*9,576
Duluth Bd. of Trade_ _ _
1,115
a4,331
St. Louis Merch. Exch._
622
609
1,148
1,053
Milwaukee C. of C
365
7,900
New York Prod. Exch
237
Seattle March. Exch_ _ _
Los Angeles Gr. Exch.
of C_
San Francisco
Baltimore C. of C
3
1:6. 3
807
7 1.991
Total.
29,082
70,339
32,619
37,435
52,038
40,323
30,482
32,278
61,225
38,372
32,386
18,948
17.762
34.583
30,397
34,856
31,442
16,474
31,876
46,591
46,611
60,002
45,369
21.123
38,336
930,949
44,779
43,839
29,347
15,551
5,446
3,432
8,265
237
4
703,756 261,812 62,815 48.999 1,669 2,798 1,081,849
Total all markets
2,322 1,849,137
Total all mkts. year ago_1,454,565 302,229 50,314 38.310 1,397
1,632.732
Total Chicago year ago.1,281,783 279,062 41,713 30,174
wheat.
*Durum wheat. a Hard wheat with exception of 456 red
861
it has
Great Atlantic & Pacific Tea Co. will shortly announce that
is
cut the price of its 13-ounce loaf of bread to five cents. This loaf
has sold above 10 cents.
now selling at six cents and
entered
Bread prices started to rise shortly after the United States
armies together
the war. Sharp demands for wheat to feed the allied
At one time
with a decrease in wheat production sent prices soaring.
will now be possible
10 cents would not buy the same sized loaf that it
to buy for a nickel.
& Pacific Tea Co.
Cuts in the price of bread announced by Atlantic
extent, although the
will probably affect the large bakers to some
cheaper than the bread of
A. & P. product sells 3 to 4 cents a loaf
own bread and does not
the baking chains. The A. & P. bakes all its
loaves of the large baking
buy from the large baking systems. The
on their trademarks, such as
systems are sold to a considerable extent
"Bond Bread" of General Baking Co.
the large 21-oz. loaf from
Following the recent cut in the price of
a cut in the price of
10 cents to 8 cents, the A. & P. now announces
cents. The chain stores reduced
the 13-oz. loaf from 6 cents to 5
bakers have not been
and large
prices in some districts some time ago
date.
greatly affected in these districts to
n Progress
Collapse of Strike of Box Makers' Union-I
Seventeen Weeks.
have
Members of the Paper Box Makers Union who
on Feb. 10
been on strike were ordered to return to work
a meetby Fred Caiola, manager of the. union, following
to end their
ing on Feb. 9 at which the strikers decided
the New
seventeen weeks' struggle. This is learned from
which says:
York "Times"
will remain out on
2,000 members will return, but some
Most of the
nt of better sanitary and other
"shop strikes" to attempt enforceme
and of funds for relief were the
conditions. Lack of public support
the strike.
causes attributed to the collapse of
Industrial Democracy, who has
Norman Thomas of the League for
union was not dead and
the strikers frequently, said the
addressed
would assert itself again. He said
predicted that at the proper time it
were such that improvement along
conditions in the paper box industry
many lines was necessary.
arrests and charges by the strikers
The strike was marked by many
by the polic. The latter made
they had been brutally set upon
that
citizens sought to interest Mayor Walker in
denials and a committee of
e.
the strike.
and invited the employers and
Mayor McKee called a meeting
appeal and remained steadfast in
The employers refused to
strikers.
The
open shop conditions in the industry.
their intention to have
underappointed by the Acting Mayor, it is
Fact Finding Committee
despite
investigation of conditions in the industry
stood, will make its
the strike.
the sudden ending of
Woonsocket (R. I.) Worsted Mills Cut Wages 10%.
from Woonsocket
According to Associated Press advices
Worsted Mill has anI.), Feb. 9, Jarrett Brothers'
(R.
Feb. 14, because of
nounced a wage cut of 10% effective
business." The dispatch adds:
competition and "lack of
tly
,
owners, said the 400 employees, mo
Hugo Jarrett, one of the
situation. The plant is running full time.
women, understood the
Shipments During Month of
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE Lumber Production and
FOR JANUARY 1927.
December.
"Short" side of contracts only, there being an equal volume open on the "long" side.)
Total.
Rye.
Oats.
Corn.
Wheat.
Lumber Bulletin," published monthly by
January 1027The "National
Buss/tel.
Bushels.
Bushels.
Bushels.
Bushels.
turers Association of Washingthe National Lumber Manufac
1 Holiday
2 Sunday
and Chicago, Ill., in its issue of Feb. 7, reported
92,462,000 *62,129,000 *47,074,000 13,237,000.214,902,000 ton, D. C.,
3
r
92,995,000 62,568,000 47,436,000 13,275,000 216,274,000 shipments and production during the month of Decembe
4
92,047.000 63,189,000 47,716,000 13,328,000 216,280,000
5
92,305,000 64,905,000 47,987,000 13,270,000 218,467,000 1926 as follows:
6
D MONTHLY
92,756.000 64,864,000 48,262,000 13,445,000 219,327,000
7
ION AND SHIPMENTS AS REPORTE
93,291,000 65,244,000 48,272,000 13,392,000 220,199,000 LUMBER PRODUCT
MANUFAC8
ASSOCIATIONS TO NATIONAL LUMBER
BY MEMBER
9 Sunday
DECEMBER 1926 AND THE YEAR
03,919,000 65,606,000 48,510,000 13,519,000 221,554,000
TURERS ASSOCIATION FOR
10
a93,955,000 65,451,000 48,641.000 13,652,000 221,699,000
1926.
11
90,451,000 65,360,000 48,434,000 13,297,000 217,542,000
12
90,526,000 66,100,000 48,195,000 12,944,000 217,765,000
13
December 1926.
89.529,000 67,385,000 48,341,000 13,138,000 218,393,000
14
88,836,000 67,545,000 48,348,000 13,093,000 217,822,000
15
Shipments.
Production.
16 Sunday
88,726,000 68,214,000 48,583,000 13,152,000 218.675,000
Association.
17
Softwoods.
Ilardtcds. Softwoods.
88,756,000 68,835,000 48,800,000 13,201,000 219,592,000
18
Sift.
M
M ff.
Mills. At ft.
88,956,000 69,504,000 48,786.000 12,964,000 220,210,000
19
49,435,000 12,935,000 219,256,000
87.400,000 69,486,000
20
18,994
24.373
--- 15
84,863,000 70,930,000 49,638,000 *12,876,000 222,307,000 California Redwood
21
86,052
76,728
21
88,829,000 71,181,000 49,618,000 13,116,000 222,744,000 Calif. White & Sugar Pine Mfrs_ _
22
5,049
-_
6.065
4
Southeastern Forest Products__ _ _
23 Sunday
26,652
46
89,415,000 71,511,000 49,909,000 13,220,000 224,055,000 North Carolina Pine
24
12,756
222.
13,602
28,66749,926,000 13,450,000 222,473,000
15:78
*87,248,000 71,849,000
North'n Hemlock & Hardwd. Mfrs 40
25
19,90324,691
9
88,053,000 72,983,000 50,151,000 13,690,000 224,877,000 Northern Pine Mfrs
26
2,828
,
2 633
2.809
3,152
6
87,603,000 73,863,000 50.432,000 14,320,000 226,218,000 Southern Cypress NIfrit
27
263,206
____
0
332,455
149
88,061,000 74,423,000 50,506,000 14,563,000 227,553,00
Southern Pine
28
383,640
____
397,987
74,590,000 a50,634,000 14,678,000 227,612,000 West Coast Lumbermen's
100
87,710,000
29
71,34184,542
36
Western Pine Mfrs
30 Sunday
1,401
,-8
7i
837
7,047
13
87,909,000 a75,432,000 50,366,000 al4,969,000a228,676,000 Lower Michigan Manufacturers
31
21,447
10,531
27,224
10,627
23
Individual Reports
Average
931.258
43,206
36,404 1,001,991
462
00,024,000 68,526,000 48,960,000 13,468,000 220,978,000
Total
January 1927
0
111,992,000 45,959,000 52,998,000 12.713,000 223,662,00
January 1926
46,278,000 13,099,000 214,116,000
Twelve Months of 1926.
_ _. 94,547,000 60,192,000 50,015,000 15,144.000 237,850,000
December 1926_
November 1926_.....108,933,000 63,758,010 49,162,000 13,823,000 217,568,000
Shipments.
100,156,000 54,427,000
Production.
October 1926
46,899,000 12.814,000 208,728,000
September 1926_ _ _102,235,000 46,780,000 42,730,000 13,014,000 208,516,000
Arm
Association.
Ilardscds. Softwoods.
09,118,000 53,654,000
August 1926
No .of Hardwds Softwoods. M ft.
31,397,000 12,393,000 183.009,000
M ft.
MIt.
87.023.000
July 1926
Mills. M ft.
9,751,000 191,851,000
84,845,000 60,621,000 36,631,000
June 1926
8,359,000 185,616,000
372.779
402,083
85,808,000 53,831,000 37,618,000
May 1926
15
1,309,630
1,427,563
96.935,000 57,876,000 48,132,000 13,177,000 214,120,000 California Redwood Pine Mfrs._
April 1926
23
78,087
83,559
95,431,000 59,434,600 50,350,000 14,875,000 220,090.000 Calif. White & Sugar
March 1926
7
___
411,433
403,853
109,023,000 54.717,000 53,6(14,000 15.015,000 232,419,000 Southeastern Forest Products_
February 1926
50
North Carolina Pine
226,773
208,534 347:0k
357,293
•Low. a Ifigh.
North'n Hemlock Si Ilardwd. Mfrs 41
459,752
391,638
10
Northern Pine Mfrs
26,567
101,652
104,746
26.265
y's 13-Ounce Loaf Southern Cypress Mfrs
4.217,174
4,185,234
157
A. & P. To Cut Bread Prices-Compan
Southern Pine
5,260,449
5,234,952
101
West Coast Lumbermen's
1,586,433
1,567.073
To Be Sold for Five Cents Marking Return to
41
Western Pine N1frs
87,890
29,771
26.466
87.206
11
Pre-War Level.
Lower Michigan Manufacturers_ _
403,279 175.667
400,950
166.401
28
Individual Reports
g is from the "Wall Street Journal" of
The followin
492 637.165 14,438,980 638.111 14,454,883
Total
Feb. 6:
862
THE CHRONICLE
Total production December 1926, 1,038,395
,000
Total production for the year 1926, 15.076.14 ft.
Total production for the year 1925, 15,620,035,000 ft.
Total production for the year 1924, 14,966,92 1,000 ft.
Total production for the year 1923. 15,798,345,000 ft.
Total shipments December 1925, 974,464,0 0,000 ft.
00
Total shipments for the year 1926, 15,092,99 ft.
Total shipments for the year 1925. 15,361,884,000 ft.
Total shipments for the year 1924, 14,711,68 2,000 ft.
Total shipments for the year 1923, 15,203,222,000 ft.
8,000 ft.
LUMBER PRODUCTION AND
SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
December 1926.
•
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
reava
Virginia
Washington
Wisconsin
Others.
Total
Prodtgotion.
Mills. IIft.
16
16
30
9
11
11
40
22
5
86
9
10
3
50
14
37
13
71
32
27
tan
12 Months of 1926.
ShipAvge. Producmelds. No.of
lion.
Shipments.
MI:. Mills. Mfg.
M ft.
27,147
22,154
33.833
26,094
85,090
86,047
21,090
21,086
4,656
3,660
17,236
30,175
66,751
58,998
14,839
16,863
19,903
17,882
109,351
83,522
8,858
10,332
7.273
5,065
7,425
5,182
206,169 198,769
9,687
8.276
74,977
54,349
'10.958
11,983
251,172 246,473
22,225
28,358
39,755
39,196
1 A/0 10K
071 IRA
18
334,070
337,350
17
416,528
420,193
32 1,568,500 1,445,597
13
316,042
286,527
9
59,518
61,854
14
551,879
592,630
44 1,036,661 1,112,369
21
251,673
244,784
6
287,691
350.426
39 1,285,309 1,256,588
9
269,432
249,501
11
68.327
72,868
3
92,741
89,014
53 2,848,409 2,785,843
16
92,537
97,744
36
893,468
895,851
15
208,454
204,564
71 3,379.784 3,442,016
33
442.707
462,089
32
672,415
685,186
109
15
n7e1
ldr 15009004
*Includes mostly individual reports, not distribute
d.
West Coast Lumbermen's Association Weekly Report
.
Sixty-nine mills reporting to the West Coast Lumbermen's Association for the week ended Jan. 29 1927 manufactured 57,625,831 feet, sold 58,156,283 feet and shipped
57,189,012 feet. New business was 530,452 feet more than
production, and shipments 436,819 feet less than production.
COMPARATIVE TABLE
SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
Weal EndedJan. 22.
Jan. 15.
Number of mills reporting_ _ _ Jan. 29.
69
101
103
Production (feet)
57,625,831 89,195,478 87,877.536
New business (feet)
58,156,283 96,008,612 109,920,061
Shipments(feet)
57.189,012 91,101,817 84,267,947
Unshipped balances:
Ran (feet)
118,814,275 130,772,136 130,258,404
Domestic cargo (feet)
70,602,590 114,133,976 113,637,490
Export(feet)
48.472,986 99,585,016 101,228,580
Total (feet)
232,889,851 344.491,128 345,124,474
First Four Weeks of1927.
1926.
1925.
Average number of mills
94
103
118
Production (feet)
305.685,726 331,752,309 405,639,035
New business (feet)
336,847,545 398,165,890 368,567,996
Shipments(feet)
296,599,518 358,203,140 398,817.246
[VOL. 124.
and the Blue Grass territory. In the city of Louisville
the
price remained unchanged.
Wholesale prices in the Chicago market on Feb. 10 stood
as follows: United States Motor grade gasoline 85' ©90.;
,
kerosene, 41-43 water white, 6@63c.; fuel oils, 24-26 gravity, 1 2734@1 30.
Dispatches from Shreveport, La. late on Feb. 11 stated
that effective at once the Atlantic Oil Producing Co., a subsidiary of the Atlantic Refining Co., has added two new
grades, 31 to 31.9 gravity and 32 gravity and above, to its
classification of crude in that field and has posted a price of
$1 55 and $1 60, respectively. Previously the maximum
classification was 30 gravity and above and the posted price
was $1 50 a barrel. According to the report, the re-clastification means an increase of 10c. a barrel in the graviti
es
above 30.
Production of Crude Oil Increases.
The advance summary issued by the American Petrol
eum
Institute on Feb. 9 declares that an advance
of 32,050
barrels occurred in the output of crude oil during the
week of
Feb. 5 over that produced in the week ended
Jan. 29. 'This
brings the daily average considerably higher than
that for
the week ended Jan. 22 also, when the output
650 barrels per day. The Institute estimat was 2,388,es the daily
average gross crude oil production in the United
States for
the week ended Feb. 5 was 2,402,400 barrels
as compared
with 2,370,350 barrels for the preceding week, an
increase of
32,050 barrels. The daily average production
east of California was 1,755,900 barrels, as compared
with 1,722,950
barrels, an increase of 32,950 barrels. The
following are
estimates of daily average gross production by
districts for
the weeks noted:
BUSINESS,
(In Barrels)
Oklahoma
Kansas
Jan. 8.
102 Panhandle Texas
70,986,881 North Texas
72,762,589 West Central Texas
64,041,372 East Central Texas
Southwest Texas _
109.880.654 North Louisiana....103,424,962 Arkansas
102,633,150 Coastal Texas
Coastal Louisiana_ _
315.938,766 Eastern
Wyoming
1924.
129 Montana
401,096,622 Colorado
414,493,470 New Mexico
394,838,791 California
Total
DAILY AVERAGE PRODUCTION.
Feb. 5 '27.
Jan. 29 '27.
Jan. 22 '27.
637.300
115,500
129,300
98,500
158,650
47,650
38,800
53,250
127,900
146,800
12,250
107,000
58,300
12,55C
7,400
4,750
646.500
2,402,400
607,250
115,750
127,450
99,700
147.000
50.000
39.150
53,350
128,950
147,650
12,500
107.500
62,700
12,55.1
7,750
3.700
647,400
2,370,350
597,650
117,800
133.400
100,650
138,500
51,600
39,360
53,550
130,850
162,350
13,300
107,500
59,600
12,600
7,850
5,5.50
656,600
2.388,650
Feb. 6 '26s
445,750
100,650
2,900
74,500
71,350
60,700
38,700
44,300
171.650
81.600
9,950
99,500
75,850
12,150
6,400
4,300
608,000
1,006,250
Crude Oil Prices Remain Stable as Gasoli
The estimated daily
ne Shows including Oklahom average gross production of the Mid-Continent field,
a, Kansas, Panhandle, North, West Central,
Numerous Changes.
East Central and Southwest Texas, North Louisiana
and Arkansas, for the week
The prices of various grades of crude oil remain
ed un- ended Feb. 5 was 1,406,850 barrels, as compared with 1,368,600 barrels for
changed during the week just brought to a close,
the preceding week
increase
with the production, excludinanSmackov of 38,250 barrels. The Mid-Continent
g
er, Arkansas
exception of the posted price of Markham, Tex., crude
was 1,305,900
oil, barrels as compared with 1,266,750 barrels, an heavy oil, 39,150
increase of
barrels.
which was reduced 25c. per barrel by the Texas
In Oklahoma, production of North Braman
Co., the new
is reported at 8,550 barrels
price becoming $1 15 per barrel. This grade
against 9,050 barrels; South Braman 4,200 barrels
against 4,300 barrels;
was formerly Tonkawa 25,500 barrels against
25.350 barrels; Garber 18,800 barrels, no
classified as Gulf Coast heavy crude oil.
change; Burbank 47,550 barrels against
47,850 barrels; Bristow-Slick
On the other hand, gasoline showed a number advanc
27,350 barrels against 27,400 barrels; Cromwel
of
es 13,400
l 13,250 barrels against
in price, though in a few sections the quotati
barrels; Papoose 7,650 barrels against 7,850 barrels; Wewoka
20,000
ons were re- barrels against 21,200 barrels; Seminole
duced. Effective Feb. 7, the Standard Oil Co.
226,000 barrels against 195,400
of Kentucky barrels; Earlsboro 9,050 barrels against 9,100 barrels.
advanced the tank wagon and service station prices
In Panhanie Texas, Hutchinson County is reported
at 113,400 barrels
of gaso- against
line 2o. a gallon in Georgia and Florida
111,150 barrels,
. From Atlanta, 16,300 barrels. In East and Balance Panhandle 15,900.barrels against
Central Texas, Corsicana Powell 21,850 barrels
Ga. it was reported that the local gasoline compan
ies, with against 22,400 barrels; Nigger Creek 6,750 barrels against 8,100 barrels;
the exception of Texas Co. and Pan American
Reagan
Petroleum, on Crane &County, West Central Texas 28.100 barrels against 28,750 barrels;
Upton Counties 36,200 barrels against 31,300 barrels; and
Feb.9 had advanced the price of gasoline 2c. a
gallon to 250. Southwest Texas field, Luling 17,850 barrels against 17,800 barrels; in the
Laredo
at service stations. The advance follows that
District 15,350 barrels against 15,600 barrels; Lytton Springs
made by
2,850 barrels
Standard Oil Co. of Kentucky. On the
no change.
same date, the against 8,350In North Louisiana, Hayncsville is reported at 8,400 barrels
barrels; Urania 12,950 barrels against 13,250
Standard Oil Co. of New York advanced the
tank wagon Arkansas, Smackover light 11.950 barrels against 12.050 barrels; and in
barrels; heavy
price of gasoline lc. a gallon throughout New York
and New 100,950 barrels against 101,850 barrels; and Lisbon 5,200 barrels against
5,300 barrels. In the Gulf Coast field, Hull is reported at
England effective Feb. 10. The new tank wagon
price is against 17,600 barrels; West Columbia 10.750 barrels against 17,850 barrel
11,300 barrels;
22c. a gallon.
Spindletop 69,300 barrels against 70,100 barrels; Orange County
5,450
Reports from Denver, Colo., on Feb. 9 declared that
6,500 bards, and South Liberty 4,450 barrels, no change.
the barrels against,
In Wyoming Salt Creek is reported at 42,000 barrels against
Continental Oil Co. had reduced the tank wagon and service
47.200
Montana 10,000 barrels,
station prices of gasoline lc. per .gallon at Albuquerque, barrels and Sunburst, Fe Springs is reported no change.
In California, Santa
at 45,500 barrels, no change;
Long Beach 93.000 barrels, no change; Huntington Beach
N. Mex.
89,000 barrels
against 90,000 barrels; Torrance 25,000 barrels, no change;
The Texas Co. on Feb. 10 followed the lc. advance in
Dominguez
19,000 barrels against 18.500 barrels; Rosecrans 12,500 barrels no
change;
gasoline prices made effective in New York, New England Inglewood 38,000 barrels against 38,500 barrels; Midway
Sunset 90,500
and other Eastern territory by the Standard Oil Co. of New barrels, no change; Ventura Avenue 50,100 barrels against 51,700 barrels.
York and the Standard Oil Co. of New Jersey. (See Feb. 5 and Seal Beech 11,900 barrels against 10,200 barrels.
issue, p. 707.)
Effective Feb. 11, the Gulf Refining Co. advanced gasoline
Increase in Zinc Stocks.
in the New England territory lc. a gallon, making the Boston
Stocks of zinc on Jan. 31, according to the American Zino
price 24c. retail and 22c. wholesale.
Institute, amounted to 29,912 tons, as compared with 21,887
Another reduction in price was reported as having taken tons on Dec. 31, an increas
e of 8,025 tons. The January
effect Feb. 10 when the Standard Oil Co. of Kentucky re- figures were made public
as follows by the Institute, on
duced the price of gasoline lc. a gallon in Lexington, Ky. Feb.9:
FEB. 12 1927.]
THE CHRONICLE
-2,000 LBS.)
-JAN. 1927 (TONS
-ALL COMPANIES
ZINC
21,887
Stock Jan. 1
56.898
.Produced
78.785
48,873
Shipped
29,912
Jan. 31
Stock,
863
In the following we show details of production back to
January 1926:
1927.
MONTHLY PRODUCTION OF STEEL INGOTS. JAN. 1926 TO JAN.proReported for 1926 by companies which made 94.50% of the steel ingot
duction in 1925
2,989
Shipped from Plant for Export
500
Stored for Customers
88.908
Retorts Operating Jan. 31
J. H. Wadleigh, Joplin "Globe," reports: Stock zinc, Tri-State District,
January 30-25,515 tons. 10,000 sold.
Months.
1926.
Approx. Per
Calculated
Monthly Monthly No., DatlyPro- Cent
of
Production •roducttonWork duetton
All
(no all Cos., OperaAll Compante
OpenHearth. Bessemer. Other. ReportIng.Compantes.Days.Oross7'ons lion.
3,326,846 581,683 13,664 3,922,193 4,150.469 26 159.63 • 88.90
3,023,829 556,031 12.818 3.592,678 3.801,776 24 158,40 88.22
3,590.791 635.680 15,031 4.241,502 4,488,362 27 166,236 92.58
3,282,435 601,037 13,652 3,897,12 4.123,941 26 158,613 88.33
3,201,230 516,676 10.437 3.728,343 3,945,336 26 151,744 84.51
3,036,162 498,764 9,441 3,544,36 3,750,653 26 144.256 80.34
2,911,375 526,500 12,372 3,450,24 3,651,05 26 140,425 78.20
3,145,055 627,273 12,003 3,784,331 4,004.583 26 154,022 85.78
3,089,240 612.588 12,660 3,714,488 3,930,675 26 151.180 84.19
3,224,584 630,526 12,348 3,867,458 4,092,548 26 157,406 87.66
2,915,558 592,239 9,605 3,517,402 3,722,119 26 143,158 79.73
2,778,949, 493,172 8,919 3,281,040 3,472,000 26 133.538 74.37
January__
February_
March__
April ____
May
Stock of zinc in hands of American producers of 29,912 tons Feb. 1 1927, June
1, 15,699 Oct. 1, July
compare with 14,481 tons Dec. 1 1926, 15.909 Nov.
August
18.164 Sept. 1, 22,986 Aug. 1, 25,760 July 1, 29,934 June 1, high of 1926, Septem
October
and 9.295 tons Jan. 1 1926,low for last year.
Shipments of 48,873 tons in January compare with 49.978 in December Novem
Decemb
and 56,490 tons in November, second highest peace-time shipments, and
were lowest since May 1926. Shipments in October came to 54,769 tons,in
Total 37,526,0546,872,169142,95044,541,17347,133,51 311 151,555 84.40
1927.
September 54,609, 56.583 tons in August, peace-time high, 51,177 in July,
3,041,233 545,690 10,586 3.597,509 3.806.888 26 146.419 81.54
52,400 in June and 49,759 in May. Low for 1926 was 47.196 tons shipped January
monthly
The figures of "per cent of operation" are based on the "theoretical capacity" as
In February. Total shipments in 1926 came to 625,941 tons,
gross tons of ingots.
average of 52,161 tons, compared with 50,270 tons in 1925 and 45,934 in of Dec. 31 1925 of 55,844,033
1924.
Export shipments of 2,989 tons in January compare with 3,387 toni in Decrease in Unfilled Tonnage of United States Steel
December, 3,171 tons in November. 4.160 in October, 4,225 in September,
Corporation During January.
4,397 in August. 4,587 in July, and 6,239 in June, high for 1926. Export
shipments in 1926 totaled 42,140 tons, monthly average of 3.511 tons comThe United States Steel Corporation in its monthly statepared with 5,428 in 1925 and 6,572 in 1924.
tonnage on
Domestic shipments of 45,884 tons in January compare with 46,091 in ment issued Feb. 10 1927, reported unfilled
December, 53,319 tons in November, highest domestic shipments in history books of subsidiary corporations as of Jan. 31 1927 at 3,of the industry, 50,609 tons in OctoberZ 50,384 in September, 52,186 in
tons. This is a decrease of 160,792 tons under
August, second highest shipments, 46,590 In July and 46,161 tons in June. 800,177
tons
Low for domestic shipments in 1926 was 43,971 tons in May. Domesttc unfilled orders on Dec. 31 ahd a decrease of 7,270
shipments in 1926 totaled 583,801 tons monthly average of 48,650 com- below the Nov. 30 figures. On Jan. 31 last year orders on
pared with 44,808 tons in 1925 and 39,362 in 1924.
at 4,882,739 tons and at the same time in 1925
Production of 56,898 tons in January compares with 56,884 tons in hand stood
December, highest in 1926, 55,062 tons in November, 54,979 in October, at 5,037,323 tons. In the following we show the amounts
52,144 in September, 51,761 in August, 48,043 in July and 48.226 in June, back to 1922. Figures for earlier dates may be found in
with January output of 56,389 tons second highest last year. Production
1923, p.1617:
for 1926 came to 638,533 tons, monthly average of 53,211 tons, compared our issue orApril 14
1922.
1923.
1924.
1925.
1926.
with 49,244 in 1925 and 44,654 tons in 1924.
End of Month 1927.
4.882,739 5,037,323 4,798.429 6,910.776 4,241,678
3,800,177
Reports operating at end of January. 88,908, compare with 88,668 January
4,610,8225,284,771 4,912,901 7,283,989 4,141,069
high of February
Dec. 31, 1926, 88,076 Nov. 30, 87,028 October and 96,229 Jan. 31,
4,379,935 4,863,564 4,782,807 7,403,332 4,494,148
March
3,867.976 4,446,568 4,208,447 7,288,509 5,096,917
last year.
April
3,649.250 4.049.800 3,628,089 6,981,851 5,254,228
May
3,478,642 3,710,458 3,262,505 6,386,261 5,635,531
June
3,602,522 3,539,467 3,187,072 5,910,763 5,776,161
July
3,542,335 3,512,803 3,289,577 5,414,663 5,950,105
August
Active Trade in Copper and Lead-Better Prices.
September_-.3,593,509 3,717,297 3.473,780 5,035,750 6,691,607
3,683,661 4,109,183 3,525.270 4.672.825 6,902.287
operations in October
Heavy trading in copper and lead featured
3,807,447 4,581,780 4,031,969 4.368.584 6,840,242
November
3,060,969 5.033,364 4,816,676 4,445,339 0,745.703
the market for non-ferrous metals in the past week. Copper December__
In its reference to the January figures the "Wall Street
Journal" of Feb. 10 said:
scored a moderate advance from the recent low, and a firmer
situation also prevails in lead, "Engineering and Mining
Journal" reports. Tin is higher on speculative buying
inspired largely by the prospects for restricted supplies.
Zinc has been neglected, yet prices have been well maintained. After establishing a new high for the movement the
market for silver eased off.
During the week copper sold as low'as 123/ cents a pound,
Eastern delivery. Toward the close the metal generally was
4
held at 12% cents, with some sellers disposed to ask 123
cents a pound for Eastern deliveries. Business in copper was
large, the total for the week having been exceeded only twice
within the last year. The London market has been much
stronger and sellers generally are optimistic. A study of
sales in recent weeks indicates that consumers of copper are
considerably underbought. The buying has been general,
with wire and brass mills well represented. There is every
indication, it is stated, that consumption will be excellent
this spring. Export sales were good at 13 cents, c. i, f.
The "Journal" also reports that sellers of lead have enjoyed
one of the best weeks in several months from the stand point
of volume of sales. A distinct improvement in prices in the
outside market was apparent, sales going through at 7 50 to
7 60 cents a pound, New York. The contract price named
by the leading seller held at 7 40 cents, New York basis.
With the exception of storage battery manufacturers, all
lines participated actively in the buying of lead.
Increase in January Steel Ingot Production.
Production of steel ingots in January showed an increase
of 316,469 tons over December's output. The American
Iron & Steel Institute reports that the output in January,
by companies which in 1925 made 94.50% of the steel production, was 3,597,509 tons, of which 3,041,233 tons were
open-hearth, 545,690 tons Bessemer and 10,586 tons all other
grades. Figured on this basis the calculated monthly production for all companies in January was 3,806,888 tons, as
compared with 3,472,000 tons in December, 3,722,119 tons
in November and with 4,488,362 tons in March last, which
was the high figure of 1926. In January of last year the
production was 4,150,469 tons. The daily average production in January was 146,419 tons, 133,538 tons in December
and 143,158 tons in November, all of which had 26 working
days. In January 1926 the daily product was 159,633 tons.
Steel Operations Expand-Pig Iron Market Unsettled
Prices Fall.
Increasing specifications on contracts and expanding
expanding operations mark the first fourth of February in
steel, declares the "Iron Age" in its Feb. 10 market review.
Fewer deep cuts in quotations are now uncovered and
stabilization of prices seems to be under way, though not
yet accomplished.
Rather than rebounding, as was the case last March when
a temporary unsettlement occurred, the market on bars,
shapes, plates, sheets and wire, to mention principal forms
of finished steel affected, is finding new levels from $1 to
$3 and $4 a ton below the prices of the first of the year,
observes the "Age," which then goes on to say:
It is not yet clear that any great releases of tonnage followed the yielding
of prices, as rolling schedules have not been materially lengthened. The
full production of rail and structural mills and of pipe for oil country needs
and of tin plate throughout last month is an explanation of the stepping up
in steel making in the face of the parallel recessions. Also there has been
some stocking of ingots.
The January ingot output, 3,807,000 tons, was nearly 10% more than
that of December, and while it is by a like percentage under the production
of January 1926, Februray a year ago fell off from January, while signs
now are for broadening activity. Another Gary blast furnace has been
blown in, the second in two weeks, and one of the Ohio works stacks of the
Carnegie Steel Co. has gone in.
Chicago mills are operating at close to 85%, or higher than mills farther
east. Bar mills there are on a 90% basis. Some further price recessions
in that district are a response to activity in territory competitive with the
East.
Structural steel inquiries are numerous and total about 43.000 tons,
including 15.000 tons for a Newark, N. J., department store. 10,000 10=
for a bridge over the Columbia River in Washington, 5,000 tons for a newspaper building in Chicago and a like tonnage for a New York school building.
Bookings covered 25,000 tons, of which 11,000 tons was in New York and
4,000 tons will go into a railroad bridge over the Hackensack River, New
Jersey.
The American Shipbuilding Co. will build two oil tankers, for which
Pittsburgh will supply the 1.200 tons of plates required.
The Burlington and Canadian National railroads have ordered 1,000
cars each, out of a week's total of $.250. Addtiional inquiries are for 625
cars and there is also good inquiry for steel under framesand superstructures.
Fully 100,000 toms of track accessories, it is estimated, are yet to be bought
under the season's needs.
steel
Alloy steel bar output is close to full mill capacity. Demand for
though
in general from the automobile trade is not up to expectations,
much is expected in the next two months.
remains unWire and wire products, save for woven wire fence, which
for plain
changed, are now rather generally quoted at 2.40c.. Pittsburgh,
wire and 2.55c, for wire nails, or $2 a ton off from the basis of three weeks
ago, after sales which made a dip of as much as $3•
Hot and cold rolled strip steels still show wide irregularities and have not
approached the state of stibilization indicated in sheets.
864
THE CHRONICLE
[VOL. 124.
In tin plate, only one or two makers are without orders sufficient
to tons per day as compared with 100,000
tons per day as the
sustain physically full operations over most of the first half of the year.
Apprehension of a fuel shortage with the threatened coal strike is evidently estimate published Feb. 5. The December daily production
leading container manufacturers to anticipate requirements.
was 99,712 tons, so that the output last month was only
Business in pipe is good for the season, with the greater activity in the
lapwelded product. Demand is not taking the present production of 75% 411 tons per day larger than that of December.
The production of coke pig iron for the 31 days of Januoperation, but price cuts reported on satndard weight pipe lack proof.
The pig iron product apparently has not yet found bottom. In the Cleve- ary was 3,103,820
gross tons, or 100,123 tons per day, as
land district and along Eastern seaboard fresh concessions in prices have
driven in a fair volume of business. At Cleveland, where $17 50, base compared with 3,091,060 tons, or 99,712 tons per day for
furnace, has become an open price on outside shipments, bookings for the the 31 days in December. The January daily rate was
less
week totaled 40,000 tons. In New York, eastern Pennsylvania and New
than in January 1926, when it was 106,974 tons per day.
England combined sales totaled 35,000 tons, with prices subject to sharper
There was a net gain of five furnaces during January,
concessions, especially on Buffalo iron, on which $17 50, furnace, has been
done. At Boston. January was the first month in two years to show no 13 having been blown in and 8 shut down.
In December
imports of pig iron. At Chicago a merchant furnace has been blown out.
there was a net loss of 9 furnaces, continues the "Age" on
Liberal stocking of coal, relieving concern over the possibility of a coal
strike, has had its effect in bringing no important changes in coke or coal Feb. 10, adding:
prices. All of the open-shop mines and coke plants except one have reCapacity Attire on Feb. 1.
duced wages of day labor to $6, and some of the small operators have
On Feb. 1 there were 208 furnaces active as compared with 203 on Jan. 1.
succeeded in holding their men on the November 1917 scale, calling for $5.
A common price card for bolts, nuts and rivets, with a common discount The estimated daily capacity of the 208 furnaces blowing on the first day
of this month was 100.635 tons, as contrasted with 98,360 tons per day for
of 70%,is expected to become effective about April 1.
Both of the "Iron Age" composite prices are lower, that for pig iron the 203 furnaces active on Jan. 1. Of the 13 furnaces blown in during
having dropped to $19 13 from $19 21 last week. It was $21 79 one year January, five belonged to the Steel Corp., four to independent steel comago. The finished steel composite is down to 2.374c. per pound, the panies and four were merchant stacks. The eight furnaces blown out or
lowest figure since 1922. It was 2.396c. last week and 2.439c. a month banked are credited as follows: four to independent steel companies, three
to merchant producers and one to the Steel Corporation.
ago, as shown in the following price tables:
Finished Steel.
Pig Iron
Manganese Alloys Produced.
Feb. 8 1927, 2.374e. Per Lb.
Feb. 8 1927, $19.13 Per Gross Ton.
One week ago
2.396e. One week ago
There were 31,844 tons of ferromanganese produced in January, which
519 21
One month ago
2.349c. One month ago
19 39 compares with 31,627 tons in December and
31.903 tons in November.
One year ago
2 424c. One year ago
21 79 The spiegeleisen
output last month was 7,486 tons, as compared with 7,157
10-year pre-war average
1 689c. 10-year pre-war average
15 72
tons in December.
Based on steel bars, beams,tank plates,
Based on average of basic iron at Val
plain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago
and black sheets, constituting 87% of Philadelphia. Buffalo. Valley and BirTotal Number of Furnaces Reduced.
the United States output.
mingham.
The possibly active list of furnaces has been reduced from 371 to 365.
Low.
High.
Hiyh,
Low.
1927-2.453c., Jan. 4; 2.374c., Feb. 8 1927_519 71, Jan. 4; $19 13, Feb. 8 'Pile Bethlehem Steel Corp. no longer carries on its active list the following
1926..2.453e., Jan. 5; 2.403c., May 18 1926_521 54. Jan. 5; $19 48, July 13 furnaces: two at its Steelton plant, one at its Bethlehem
plant and the three
1925_ _2.560c., Jan. 6; 2.396c.. Aug. 18 1925_ 22 50: Jan. 13; 18 96, July 7
1924_ _2.789c., Jan. 15: 2.4600., Oct. 14 1924_ 228S, Feb. 26; 1921, Nov. 3 furnaces in the Lebanon Valley.
1923.._2.824'c.. Apr. 24: 2.4460.. Jan. 2 1923__ 3086. Mar. 20: 2077. Nov. 20
Furnaces Blown In and Out.
Among the furnaces blown in during February were the Sheridan furA strain of moderate improvement continues to run
nace in
Lebanon Valley;
through pig iron and finished steel markets but prices still furnace thethe Carnegie Steelone Carrie furnace and the Edgar Thomson
of
Co. in the Pittsburgh district; the Stewart
falter, according to observations made by the "Iron Trade furnace in the Shenango Valley; E furnace of the Bethlehem Steel Corp. in
Review" of Cleveland in its issue of Feb. 10. Quotations Maryland; No. 2 Mingo furnace of the Carnegie Steel Co. in the Wheeling
district; one Haseiton
of the Republic
on heavy finished steel at Chicago are sympathetic with the Cherry Valley furnace furnaceMahoning Valley; Iron & Steel Co. and the
in the
one furnace of the Inland
recent $2 reduction at Pittsburgh. Wire products, except Steel Co. in the Chicago district; No. 3 furnace of the Sloss-Sheffield Steel
fencing, receded $2 and pig iron at Cleveland and in Ma- & Iron Co.; No. 6 Ensley furnace of the Tennessee Coal, Iron & RR. Co..
one Woodward
honing Valley is off 50 cents. Generally sheets, semi- in Alabama. furnace of the Woodward Iron Co. and one Pioneer furnace
finished material and cold rolled strip have given more
Among the furnaces blown out or banked during January was one furnace of the Wickwire Spencer Steel Corp. in the Buffalo district; B furnace
ground in some districts.
of the Bethlehem Steel Corp. in the Lehigh Valley; one Edgar Thomson
From the standpoint of production, the outlook is more furnace of the Carnegie Steel Co. in the Pittsburgh district; the Sharpsville
furnace in the Shenango Valley; No. 1 furnace of the Weirton Steel Co.
encouraging than the easy price situation would indicate,
in the Wheeling
adds the "Review" in summarizing conditions affecting the & Tube Co. anddistrict; No. 2 Hubbard furnace of the Youngstown Sheet
the Matti° furnace in the Mahoning Valley, and No. 5
state of trade. From this resume, we quote the following:
Iroquois furnace in the Chicago district.
Following fractional improvement in pig iron production in January
steel ingot output comes along with a heartrending gain in January re- DAILY RATE OF PIG IRON PRODUCTION BY lIONTHS-GROSS TONS'
vealed as 81%% in steel production, conrtasted with 74% in December
Steel Works
Merchant.'
Total
and 80% in November. The United States Steel Corporation is operating 1926
-December
81,552
23.301
104,853
1926
-January
86%.
.
83,867
23.107
106,974
On weighing the principal market factors, the scales are inclined toward
February
81.148
23,260
104,408
the side of betterment. New business in finished steel thus far in February
March
85,841
25.191
111,032
is running a fair margin ahead of the comparable period of January. Gains
April
89.236
25.76S
115.004
by the automotive industry are expected to be heavier in the next two
May.
88,682
26,922
112.894
weeks than at any time since the turn of the year. The new pace set in
June
82,186
25.558
107,844
freight car awards in January, when 14,385 were ordered, is being mainJuly
79,392
24,586
103,978
tained in February. Pittsburgh district makers of strip still find incoming
August
78,216
103,241
25.025
September
business in the first week of February at more than twice the January rate.
81,224
104,643
23,319
October
Shipment of seamless tubes by the Pittsburgh district makers in January
83.188
24.165
107.653
November
set a new record and February shows no cessation in backlogs on wanted
23,971
82.820
107,890
December
sizes. Line pipes are lengthening and pipe makers already are talking of
24,803
74,909
99,712
1927-January
a record year.
75,609
24,514
100,123
A striking development in pig iron is the willingness with which some
•Includes pig Iron made for the market by steel companies.
producers have taken second quarter business at current prices despite the
threat of a bituminous coal strike. Ohio. Indiana and Michigan have PRODUCTION OF STEEL COMPANIES FOR OWN USE
-GROSS TONS
provided much activity in this market in the past week. The delivered
Total Iron.
Spiegekisen and Ferromanganese..
Spiegel and Ferro.
Cleveland price now is $19,a drop of "Si) cents. A Mahoning Valley interest
192
1926.
1927. Fe-Mn. Spiegel. Fe-Mn. Spiegel.
Is said to regard $17 50 as the market on basic, while No. 2 foundry has January
2,599,376 2,343,831 29,129
7,746 31,844
7,486
as the minimum of its range. Steel ingot production in January of February
$18
2,272,150
22,309
7,084
3,806,888 gross tons was at the annual rate of 45,530.000 tons, which com- March
2,661,092
24,084
7.339
2,677,094
24,134
7,051
pares with the actual total of 47,133,517 tons for 1926. The daily average April
May
2,687.138
23,159
6,999
was 146,419 tons in January, against 133.538 tons in December.
June
2,465,583
25,378
5.864
Rogers Brown & Crocker Bros., Inc. in their weekly market report say that active Pig Iron buying is still going on in
the Eastern district and competition is keen on the new
sizable inquiries which are still coming into the market.
Furnaces do not seem to take into their calculations the possibility of a strike in the bituminous coal mines and it is no
wonder consumers have little hesitancy in covering their
known requirements through the second quarter. Prices in
the Central West should appear favorable from the ponsumers' point of view, but there only moderate buying has been
done though foundries are busy. ,The steel works' operation
shows improvement. The Coke market is quiet and featureless. A little Ferro Manganese has been placed.
Actual Pig Iron Output in January Shows Small Gain.
Actual figures for the January production of pig iron
show very little difference from the estimates, collected by
wire by the "Iron Age" on Feb. 1 and published last week
(see page 709). The January actual output was 100,123
Half year
July
August
September
October
November
December
15,362,933
2,461,161
2,424,687
2,436,733
2,578,830
2,484,620
2,322,180
148.173
26,877
23,557
25,218
28,473
31,903
31,627
Year
30,071,144
•Includes output of merchant furnaces.
January
February
March
April
May
June
Half year
July
August
September
October
November
December
42,083
3,699
4,372
2,925
6,295
7.585
7,157
315,828
74,096
TOTAL PRODUCTION OF PIG IRON.
By Month', Beginning Jan. 1 1925
-Cross Tons.
1925.
1926.
3,370,336
3,316,201
3,214,1432,923,415
3,564,247
3,441,986
3,258,958
3,450,122
2,930,807
3,481,428
2,673,457
3,235,809
19,011,948
2,664,024
2,704,476
2.726,198
3,023,370
3,023,006
3.250,448
1927.
3.103,820
19,848,461
3,223,338
3,200,479
3,136,293
3,334,132
3,236,707
3,091,060
Year*
36,403,470
39,070,470
•These totals do not include charcoal pig iron. The 1925 production of this Iron
as 196,164 tons.
FEB. 12 1927.]
THE CHRONICLE
865
a "quithad been hoped for a little while ago. There will be
begun than
- ting" of miners, perhaps, instead of a strike, in the union fields. It may
Reserves
Bituminous Coal Consumers. Accumulate
end slowly but that the
extend. The idea is gaining ground that it may
Anthracite Demand Remains Quiet.
beginning of the end may come quickly.
ues at a
that opportunity the unAnthracite is simply waiting-waiting to see
Production of bituminous at the mines contin
it. Perhaps old lost ground is to be
accumulation of reserves as insurance pleasantness in bituminous may give
it
high rate. The
anthracite dealers are better able to take care of
If it
tsron April 1 regained. ever is thebefore. They have done considerable in improving
were
against a possible strike in the unionized distric
than they
te
of the market the inside workings of their own business of late. Then, too, anthracito
has failed to bring about a change in the trend
weather and anthracite has learned
close to the levels of a year ago, the is waiting for real continued cold
and spot prices are
market issued be patient.
"Coal Age" reports in its review of the
almost every section of the country it is the Production of Bituminous Coal, Anthracite and:Coke
Feb. 9. In
the lead
Increases.
railroads and the public utilities which are taking exhibit
coal
buying. General industrial consumers
In storage
With an increase in the weekly output of bituminous
accumulating reless unanimity of action in the matter of
tons, the production rose to 13,535,000 net tons
of 61,000
serves, the "Age" continues, adding: of the country produced for the week ended Jan. 29, according to the U. S. Bureau
ous mines
Every week last month the bitumin
made gains, the former
the United Mine Workers now publicly of Mines. Anthracite and coke also
in excess of 13.000,000 tons. With
is likely that demand
a stand against any wage reductions, it
000 tons for the week, an increase of 182,000
committed to
reaching 1,670,
The "Coal Age" index of spot bituminwill increase rather than diminish.
preceding, while coke rose to 190,000
corresponding weighted average price net tons over the week
ous prices on Feb. 7 was 179 and the
with
a gain of 4,000 tons, adds the Bureau in its report,
6 points and 8 cents, respectively, compared
net tons,
was $2 16, a decline of
Further decreases in central Pennsylquote further as follows:
the figures for the preceding week.
in Ohio and unsettlement which we
, softness
during the week ended Jan. 29,
vania prices on New England business
The total production of bituminous coal
volatiles contributed to the losses
mines, is estimated at 13,535.000
in Kentucky and West Virginia high
including lignite and coal coked at the
over the preceding week. For
recorded.
due in part to the fact that the net tons, a gain of 61.000 tons, or 0.5%,
13 million tons, and
Demand for domestic anthracite is quiet,
the coal year. three weeks in succession the output has been about
early months of
will be approximately 2,240,000
householders bought heavily during the
centering in No..1 buck- the daily average for the month of January
active, interest
ed for a month, with the
The trade in steam sizes continues
Production of anthra- tons. This is the highest rate ever maintain
wheat. Demand has spread to rice and barley.
exception of November 1926.
subnormal.
cite 89 a whole is
BUuminous Coal (Net Tons), Ina. Coal Coked.
It has been believed for a long time that a considerable Estimated United States Production of 7
1925-1926
1926-192
Coal Year
because
Coal Year
amount of large purchasing of coal was in sight
to Date.a
Week.
to Date.
Week.
ds,
419,535,000
13,068,000
459,375,000
no one imagined that such big users of fuel as the railroa
13,571,000
1,724,000
2,178,000
1,885,000
2,262,000
s would face even the Jan. 15
Daily average
431,966,000
12,431,000
the industrials, and the public utilitie
472.849,000
13,474,000
January 22_b
1,732,000
2,072,000
1,894,000
2,246,000
of anything like a scarcity of fuel without full Daily average
possibilities
444,529,000
12,563,000
486,384.000
13,535,000
1,741.000
2,094,000
and Coal Trade Journal" in its Jan. 29.c
1,902,000
2,256,000
piles, declares the "Coal
Daily average
first week In April to equalize number of days In
a Minus one
Feb. 10 survey of market conditions. This buying has been the two years. day's psoductIonlast report. c Subject to revision.
b Revised since
looked forward to with all the effects it would have upon
ANTHRACITE.
But this sort of
prices and general market conditions.
the final week in January is
The total production of anthracite during
has not on the surface been apparent. There estimated at 1,670,000 net tons, an increase of 182,000 tons, or 12.2%.
purchasing
mainhas been no large jumping into the arena by the purchaser over the putput in the week ended Jan. 22. The daily average rate
been approximately 265.000 tons, as against 290.000
excited moment, nor have the various pieces of news tained in January has month, and 297.000 tons in January of 1924.
at any
April 1 tons in the preceding
that have appeared regarding what is to happen after
"Journal"
Estimated United States Production of Anthracite (Net Tons).
1925-1926
caused any large orders to appear, continues the
1926-1927
Coal Year
Coal Year
from which we quote further:
In its weekly review
to Date.*
Week.
to Date.
ng was
Week.
Week
40.492,000
37,000
It has been hinted in these columns that perhaps more purchasi is evi- Jan. 15 Ended77.178,000
1,834,000
Now there
40,539,000
47.000
78.666,000
on, however, than was outwardly appreciated.
1,488,000
going
40,573.000
34,000
as was supposed. In Jan.22
80,336,000
1,670,000
dence that this is correct. The piles are not as low
Jan.29
small. The present trading
first week In April to equalize number of days In
fact many believe that they are anything but
a Minus one day's production
ic normal buying to keep the two years.
conditions would indicate that there is a systemat
the whole pile has been
BEEHIVE COKE.
the top of the piles up. This would mean that
ent of coal in sight until
Jan. 29 is estimated at
filled and the only anxiety is to keep a full complem
Production of beehive coke for the week ended
the preceding week. The
the time of stress arrives.
net tons, an increase of 4,000 tons over
be considered a large number of smaller inter- 190.000 appears to have occurred in Pennsylvania. In West Virginia and
There are, however, to
done little in the way of increase
ests, usually industrial, which are believed to have
States there was a slight decrease. Compared with
forwird at all to what some of the Western
noted.
securing the fuel that they need if they are looking
week of 1926,a decline of 149.000 tons.or 43.9%.is
must buy and buy quickly. As the corresponding
is more than likely to happen. These
Estimated Production of Beehive Coke (Net Tons),
d group in every sense their buying is apt to
they are a broadly separate
1926
Week Ended- 1927
to
to
'have a distinct effect on prices.
Jan. 29 Jan. 22 Jan. 30
d last week
Date.*
Date.
1926.
There is a general impression that a better feeling prevaile
1927.b 1927.c
there is distinctly a feel600,000 1301,000
153,000 146,000 281,000
than the week before. On the Eastern seaboard
and Ohio
61,000
15,000 64,000
some two million Pennsylvania
19,000
16,000
Virginia
ing of greater security. The bituminous production is
88,000
6,000 22,000 26,000
6,000
on West Ky., Tenn. & Georgia
Ala.,
week above the demand. This is adding to that which will be
41,000
tons each
7.000 11,000 28,000
7,000
to this time Virginia
buying up
23,000
6,000 22,000
5,000
4,000
hand if production drops some 40%. If the quiet
Colorado and New Mexico
17,000
cause for better feeling.
4,000 16,000
3,000
4,000
has been what is above indicated, there is some
Washington and Utah
the miners met in Indianapolis to make resoluDuring the past week
186,000 339,000 756,000 1,331.000
190,000
of their delegtaes at the comUnited States total
53,000
tions that are supposed to affect the action
31,000 57,000 30.000
32,000
Daily average
to equalize number of days In
ing meeting in Miami.
a Minus one day's production first week In January
its resolutions seems to be that a
The best digest of that meeting and
to revision. c Revised since last report.
that technically may never be the two years. b Subject
more open way is disclosed to end a strike
Current Events and Discussions
The Week with the Federal Reserve Banks.
l
The consolidated statement of condition of the Federa
made public by the Federal Reserve
Reserve banks on Feb.9,
for the twelve
Board, and which deals with the results
ed shows a decline of $40,000,000 in
Reserve banks combin
with an increase of
bill and security holdings, as compared
the week before, a decline of $20,800,000 in
$56,500,000
increases of $19,600,000
member bank reserve deposits, and
e
reserves and $7,600,000 in Federal Reserv note
in cash
gs of discounted bills declined $14,200,circulation. Holdin
open market $26,600,000 and of acceptances purchased in
Government security holdings show a small
000, while
Federal Reserve
increase. After noting these facts, the
Board proceeds as follows:
smaller discount holdings except
All of the Federal Reserve banks show
the principal reductions
New York, which reports an increase of$20,200,000. Cleveland $5,000.000.
$7,700,000.
being: Chicago $7,900,000, San Francisco
discount holdings at the New
and Atlanta $0.600,000. The increase in
$21,300,000 in open-market
York bank was more than offset by a decline of
U. S. bonds were $2,800,000
acceptance holdings. The System's holdings of
$2,000.000 below the preceding
above and of Treasury notes and certificates
week's totals.
ion during th
The principal changes in Federal Reserve note circulat
respectively, a
week comprise reductions of $3,800,000 and 453,000,000.
00 at San
the New York and Boston banks, and increases of $4,200,0
Atlanta.
Francisco, $4.100,000 at Cleveland, and $3,200,000 at
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 892 and 893
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Feb. 9 1927 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Increases (4-) or Decreases(-)
During
Year.
Week.
+319.800.000 +$209.000.000
+18,500,000 +1&5,600.000
--40,000.000 --188.700,000
-14.200.000 -154,300.000
-1.600.000 -108.000.000
-12,600.000 -46,300,000
+2.000,000
-26.600.000
+800.000 -28.500.000
-3,500,000
+2.800.000
+100.000 -75,300,000
+50,300.000
-2.100.000
+26.300.000
+7.600,000
-31,200,000 -29,100,000
-20.800.000 -17.900.000
-5,800.000
-9.400.000
866
THE CHRONICLE
[VOL. 124.
The Member Banks of the FederaliReserve System—
CANADA.
Reports for Preceding Week—Brokers' Loans
A fair volume of wholesale trade is reported in most business centers
but the recent cold wave has adversely affected retail sales in many cities.
in New York City.
Construction
It is not possible for the Federal Reserve Board to issue new contractsactivity continued at a high level during January, when the
awarded were valued at $16,772,000, the highest total for
the weekly returns of the member banks as promptly as
the any January since 1913.
GREAT BRITAIN.
returns of the Federal Reserve banks themselves. Both
The return of British business to the pre-strike normal has been re.
cover the week ending with Wednesday's business, and
the tarded in most industries more than was generally expected. However,
returns of the Federal Reserve banks are always given
out the heavy electrical manufacturing business is exceptionally active, partly
due to the new Electricity
after the close of business the next day (Thursday).
The
The better position than it has Act. for shipbuilding industry is in a much
been
many months. The building trades
statement of the member banks, however, including as
it have been affected by unfavorable weather, but otherwise they are moddoes nearly 700 separate institutions, cannot be
erately active. Operations of blast furnaces and steel mills are not being
tabulated
until several days later. Prior to the statement for
resumed
the week tant, dueas rapidly as had been expected. Engineering projects are hesito the uncertainty over the future prices of materials. Makers
ending May.19 1926 it was the practice to have
them ready of textile machinery are well employed. The machine tool trade is quiet.
on Thursday of the following week,and to give
them out con- Manufacturers of passenger automobiles and commercial vehicles are receiving an increasing
currently with the report of the Reserve banks
for the next export trades. Many volume of orders from both the domestic and the
automobile factories are fully engaged. Slackness
week. The Reserve authorities have now succeeded
in still continues in the demand for coal for domestic use and for the export
expediting the time of the appearance of the figuers,
business. The cotton cloth trade is larger than in recent months and proand
.they are made public the following week on
duction
Monday instead to India is about 70% of the output capacity. Sales of lightweight cloth
are increasing, and China has placed fairly substantial orders.
of on Thursday. Under this arrangement the
report for the
The general food trade position was better during January than in the
week ending Jan. 31 was given out after the
same month of 1026. The leather trade is spotty; some manufacturers are
close of business
operating at full capacity while others are working only part time. The
on Monday of the present week.
lumber trade as yet has been little affected by the improved industrial C011The Federal Reserve Board's condition statemen
t of 679 ditions of the country. The housebuilding industry is experiencing the
reporting member banks in leading cities as of
Feb. 2 1927, usual seasonal dullness. Lumber prices generally are firm with an upward
tendency. The charter market continues active.
shows increases of $28,000,000 in loans and
discounts,
$20,000,000 in investments, $93,000,000 in net
FRANCE.
demand
deposits and $26,000,000 in borrowings from the
The Autonomous
Federal amortization of the Offce for handling National Defense Bonds and for the
public debt has suspended the
Reserve banks. Member banks in New York City
and
reported months National Defense Bonds, effective Jan. 30. issue issue renewal of six
The
of 5,000,000,increases of $45,000,000 in loans and discounts,
000 francs of ordinary Treasury Bonds authorized by a decree Dec. 30 was
$5,000,000
in investments, $55,000,000 in net demand
suspended on Feb. 4. The Ministry of Finance has announced that the loan
deposits and
$16,000,000 in borrowings from the Federal Reserve bank. of 150,000,000 Swiss francs for the needs of the rench State Railways
was oversubscribed twenty times. From the proceeds of this loan France
Loans on stocks and bonds, including tUnited
States on Feb. 1 reimbursed Holland 25,000,000 florins which were not due until
July 19 1929. The Autonomous Office suspended, beginning Jan. 14 1927,
Government obligations, were $42,000,000 above the
Jan. 26 renewals of three months National
Defense Bonds,
total, increases of $37,000,000 in the New York
district and such bonds having previously been suspended. Fromnew subscriptions to
that date issues of
$22,000,000 in the Chicago district being offset in part
by all 100-franc National Defense Bonds were also suspended. A further
relatively small reductions in some of the other districts. measure fixed at 46,000,000,000 francs during 1927 the maximum circulation of bonds to be handled by the Autonomous Office.
"All other" loans and discounts declined
$16,000,000 at
The text of the decision of the Ministry of Finance relative to the openreporting banks in the Cleveland district and
$14,000,000 ing of the Central Office of the Public Treasury of sight deposit accounts
at all reporting banks. Total loans to
has only recently
brokers and dealers, for all persons orbeen published. Sight deposit accounts will be opened
companies who make request therefor, the minimum
secured by stocks and bonds, made by reporting
member Initial deposit being 500,000 francs. The rate of interest paid by the
banks in New York City, were $2,000,000 below
Treasury on sight deposit accounts is 3%, beginning three days after
the previous
week's figure, loans for own account having
deposit.
increased
GERMANY.
$20,000,000, while loans for out-of-town banks and
for
Interest rates have generally been declining in sympathy with the
others declined $2,000,000 and $20,000,000, respective
ly. duction of the Reichsbank rate on Jan. 11. The latest figures on private
Holdings of bonds, stocks and securities other than
discount
were 4.2% and for call money 4.1%. In the first nine
United months ofrates current
the
budget year, which ended on March 31, tax receipts
• States Government securities increased by $19,000,0
00, of totaled 5,293,000,000 marks, or 6% above the estimates. During the first
which $9,000,000 and $7,000,000 was reported-by banks
in nine months of 1926 there were 238 strikes, involving 46,270 workmen,
the Chicago and New York districts, respective
and 30 lockouts,
ly. As improvemen as involving 18,250 workmen. These ligures represent in
eompared with 1925, when there were 1,766 strikes and
t
already noted, the figures for these member banks are always
lockouts, involvng 1,128,000 workmen.
a week behind those for the Reserve banks
themselves.
The statement goes on to say:
CZECHOSLOVAKIA.
Net demand deposits increased $63.000.000 in
the New York district,
$37.000.000 in the Chicago district and
$10,000.000 in the Boston district,
and declined $10,000,000
and $8.000.000 in the San Francisco and Richmond districts, respectively. Time
deposits increased about $11,000,000
each in the Chicago, New York
and Cleveland districts and declined
$33,000,000 in the San Francisco district, the decline
being caused in part
by one of the member banks becoming
a branch of a non-member bank.
Borrowings from the Federal Reserve banks were
$26,000,000 above the
Jan. 26 total. Of this increase
$15,000,000 was hi the New York district
and $9,000,000 in the San Francisco
district.
Beginning with this week, the statement shows amounts
due from banks
and amounts due to banks by all
reporting member banks in each Federal
Reserve district on the last page of the statement,
instead of amounts due
from and due to banks by reporting
member banks in Federal Reserve bank
cities only. Amounts due from
banks and amounts due to banks are also
shown on the second page of the
New York City, in Chicago, and statement for reporting member banks in
for all reporting member banks.
On a subsequent page—that is, on page
893—we give the
figures in full contained in this latest weekly return
of the
member banks of the Reserve System. In the following
is
furnished a summary of the charges in the principal
items as
compared with a week ago and with last year:
Increase (-I-1 or Decrease (—)
During
Week.
Year.
Loans and discounts, total
Secured by U.S. Government obligations- +$28,000,000 +$252,000,000
+6,000.000 —14,000,000
Secured by stocks and bonds
+36.000,000 —12.000,000
All other
—14.000.000 +278,000,000
Investments, total
+20,000.000
+81.000.000
United States securities
+1,000.000 —206,000.000
Other bonds, stocks and securities
+19,000,00
Reserve balances with Federal Reserve banks +46,000.000 +287.000,000
0
+17,000.000
Cash in vault
—10,000,000 —16,000,000
Net demand deposits
+93.000.000 —64.000,000
Time deposits
+3.000,000 +473,000,000
Government deposits
—81.000,000
Total borrowingsfrom Federal Reserve banks +26,000.00
0 —01,000.000
Czechoslovak business and industry are again marking time following
important holiday sales, and pending the adoption of legislation for tax
reductions, to be retroactive as of Jan. 1. This also holds true in expectation of the conclusion of commercial treaty negotiations with Germany,
Austria, Hungary and Switzerland. The condition of the stock market in
January was strong and financial conditions generally were satisfactory.
The coal industry was somewhat distressed and the threatened miners'
strike has been postponed. Improvement in the ccotton industry was
maintained and the situation in the iron and steel and machinery industries was relatively good. Preliminary figures of 1926 trade shows a
larger favorable balance than in 1025, achieved, however, with a smaller
volume of trade, owing to the general condition of depression which prevailed throughout 1926.
ITALY.
Although no improvement is evident in the industrial and commerccial
crisis, Italian business circles are somewhat more optimtistic, believing
that the peak has already been reached and that better tendencies are
probable. A slight relaxation has been felt in the credit stringency, in
view of the large subscription to the new Lictor Loan. Exchange rates
have been comparatively stable and this, coupled with the indication that
the Government has no intention to attempt further revalorization of the
currency at the present time, has tended to restore confidence and brig
money back into circulation. Collections are slow and profits reduced.
American loans feature the Italian financial situation. Government revenues exceed expenditures and the surplus for the first six months' present
budget now stands at 106,000,000 lire. Treasury accounts return to favorable standing with the Bank of Italy. Capital investments during the
year are over 4,000,000,000 lire less than during 1925. Interest rates are
slightly easier and money more abundant, but credit stringency still remains a dominant factor in the situation. Security prices have shown an
improvement, notwithstanding the heavy sales and the probability of many
reductions in dividends. Wholesale prices have declined, but retail price
levels show little change. Industries are less active. The iron and steel
machine industries show reduced activity and the autoinotive industries
are adversely affected by the tendency to reduce prices in order to stimulate sales. Italian shipbuilding industries continue active.
NORWAY.
Summary of Conditions in World's Market According
The new budget was, as usual, presented at the opening of the
to Cablegrams and Other Reports of the
current
session of Parliament. Expenditures total 284,000,000 crowns,
including
Department of Commerce.
a deficit of 9,500,000 crowns for the fiscal year 1925-26, during
which
The Department of Commerce at Washington releases for period expenditures totaled 413,000,000 crowns. It has not been found
publication to-day (Feb. 12) the following summary of possible to reduce taxation. A noticeably firmer tendency has developed
In the
conditions abroad, based on advices by cable and other labor money market and the crown has, in the main, been steady. The
situation is becoming quite uncertain, employers advocating a
means of communication:
wage
reduction conunensurate with the appreciation of the crown.
FEB. 12 1927.]
THE CHRONICLE
867
change will be strengthened as a result of this favorable movement. The
DENMARK.
As an after effect of the return to the gold standard on Jan. 1 1927 the hide market is active, and the wool market remains firm, but the cattle
law against the export of gold has been terminated, with certain modifi- market continues to be weak. Young turkey flocks have been adversely
cations and changes. Since Jan. 11 it has been permissible to export gold affected by unfavorable weather conditions.
BRAZIL.
to countries where the Banks of Issue are obliged to buy and sell gold and
where gold export to Denmark is permitted. This includes, at present,
General business conditions in Brazil showed little change in January ;
Sweden, England, Canada, South Africa, Australia, New Zealand and the the expected improvement in all lines failed to materialize, although an
United States. Further, the return to gold redemption caused the re- early reaction still is expected locally and conditions already indicate
establishment of the requirement for a 50% gold cover for the note issue, some improvement in some trades over last year's situation. Most domesas was the case before the war. During the intervening years, 33% was tic industries are operating satisfactorily, due to low exchange. General
the required cover. The exchange market is very quiet and there is no conditions in the money market are slightly easier. Commercial failures
noticeable pressure on the crown. Tightness continues to characterize the have been less numerous. Coffee exports from Santos through Jan. 2.8 tomoney market.
taled 871,838 bags, of which 505,095 .bags went to the United States.
GREECE.
Sugar prices are steady with a slight weakening tendency. Cotton prices
be the dom- continue to improve.
The efforts to reorganize the country finances continue to
PERU.
inating feature of the economic situation in Greece. Strict ecconomies are
still being planned by the Government. Commission of Experts to counterBusiness conditions in Peru remained stationary during the week ended
balance the reported increase in deficit in the 1926-27 budget. The ex- Feb. 4. Exchange was steady the Peruvian pound being quoted at $3.68,
change value of the drachma has, however, remained comparatively steady as compared with the same rate on Jan. 30 and $3.65 on Dec. 24 1926,
and considerable attention is being paid to the possibility of bringing which furnishes an indication of the present steadiness of commercial and
back Greek capital which has been sent abroad. Drachma stabilization is financial markets. The council of ministers of the Republic has agreed on
not now considered immediately practicable. Although the visible elements calling another extraordinary session of Congress for Feb. 14, at which
in Greece's international balance of payments are distinctly unfavorable, some important legislation now pending will be considered.
they are to a large degree counterbalanced by invisible elements such as
COLOMBIA.
emigrants' remittances, tourists' expenditures, etc., which have contributed
The MagIalena is reported to be in good condition and it is stated that
maintain the exchange value of the draechma. Reports of the last seato
the strike at Barranca Bemeja is terminated. However, the martial law
son's chief export crops, tobacco and currants, continue to be favorable.
declared a week ago is stll effective from that point to Girardot. BarEGYPT.
ranea Bemeja is the seat of operations of the most important oil compalong continued cotton crisis due to low prices, increas- nies in Colombia. It lies some 350 miles from the mouth of the river,
As a result of the
ing consideration is being given to possibilities of making Egypt less de- midway between Barranquilla and Girardot, so that a strike at that point
pendent for its prosperity on ita foreign cotton sales, by encouraging sec- paralyzes freight movement to Bogota, Medellin and other points in the
ondary major crops, particularly tobacco, and by developing a local cotton interior. However, due to Government military intervention, some freight
textile industry. The question of legal measures for the reduction of land is beginning to move. The Government realizes the seriousness of the siturents paid by cotton cultivators is also still under consideration by the ation and it is stated that martial law will be declared throughout the
Parliament. At present an approximate equilibrium is established in the Pacific coast -if the threatened strike in the Department of Valle del
market by the various measures taken by the Government. The slight rise Cauca, which will tie up the docks at Buenventura and all freight on the
in American prices has been reflected in the Egyptian market and has also Pacific Railway, materializes. These difficulties have already caused a
contributed somewhat to improve the local situation. Dealers anticipate gasoline shortage in Bogota, and a large increase in the price of foodstuffs.
a somewhat increased activity in the cotton futures market. A slight de- With speculation in sugar, prices have jumped to 30 cents a pound in the
cline has been noted in the bonded warehouses cotton piece goods stocks, a capital, the normal range of prices being between 7 and 12 cents a pound.
decline which it is said will probably continue during the next few months Should transportation difficulties he prolonged until the proximate dry
because during the present financal stringency it is expected that local season again ties up traffic on the Magdalena, the coffee export movement
dealers will withdraw bonded stocks rather than place orders abroad. The will be seriously affected, and as this is the most important factor In the
activity of the Alexandria lumber market has considerably decreased, large- prosperity of the country as a whole, the Government is taking every step
ly because local importers prefer not to grant their usual credit terms within its power to overcome the situation.
until the general economic situation becomes more satisfactory. The setECUADOR.
tlement of the British coal strike has bad a very salutary effect on the
General conditions in Ecuador for the month of January have not mateEgyptian coal market.
rially improved. Banking circles reported conditions unchanged, with the
TURKEY.
Agricola still in an uncertain position and the SocieFrom Banco Commercial y
There is no appreciable change in the general economic situation.
Bancaria del Chimborazo planning to liquidate. Exchange strengthfinancial distress is reported and shipping dad gradually during the month, opening at 4.58 snores to the dollar and
the agricultural areas a certain
ened
still feels a shortage of coal. The Government is now reported to be con- closing at 5 sucres to the dollar, as compared with 4.60 at the close of
sidering tax reform involving the lightening of the consumption and some December. Cacao receipts during January were 42,400 Spanish quintals,
other taxes. The new budget, moreover, now under consideration by the compared with 57,000 Spanish quintals reported in December. Exports
Grand National Assembly, is reported to include no new taxation. As a of cacao totaled 2,200,000 kilograms, 40% of which was shipped to the
measure of economy it has been proposed to combine all the State monopo- United States. Other exports were: Cinchona, 27,000 kilograms; coffee,
lies under a common administration. The Government's railroad construc- 91,000 kilos; hides, 43,000 kilos; kapok, 7,000 kilos; rubber, 24,000
tion program is reported to be progressing and concessions made to Belgian kilos. Total exports for the month were 3,800,000 kilograms, valued at
and Swedish groups have been agreed upon and are now subject to rati- 4,300,000 suer-es.
fication by the Assembly.
MEXICO.
JAPAN.
Commercial transactions are still at a low level in Mexico because of
on the whole Tokyo stock
The continued decline in silk prices is reacting
political uncertainties. The wholesale drug business is virtually at a
market. A new low price for silk was reached during the week ended Feb. standstill on account of conditions imposed by the new stamp tax law,
5, and a still further decline is believed in Japan to be probable. As it which imposes a special Health Stamp Tax on pharmaceutical products
will be necessary to import a large quantity of rice this year, because of and toilet and beauty preparations. Due largely to increased competition
the short crop in 1926, it is anticipated by the trade that the rice duty will from motor buses, the street railway company in Vera Cruz has been
probably be abolished. It is reported that the Government contemplates obliged to suspend operations. The terminal company has likewise been
purchasing 250,000 koku (1,280,000 bushels) of domestic rice in order to forced to close down.
help stabilize prices.
PANAMA.
PHILIPPINE ISLANDS.
Business in Panama continues somewhat dulL The tourist trade, which
Greater activity characterized business in general for the week ended is a rather important factor in the commerce of the Republic, was not RO
Feb. 5, in contrast to the quiet tone which prevailed for most of January. heavy as anticipated, and, in consequence, the merchants in Panama City
The islands' copra market was steady, with arrivals at Manila fairly heavy and Colon are considerably overstocked. Political uncertainties are addand all oil mills operating. . The provincial equivalent of resecado (dried ing their weight to the already slightly aggravated situation.
copra) delivered at Manila remained at 12.25 pesos per picul of 139
CUBA.
pounds. The abaca market continued weak. Production was heavier but
Little actual increase occurred in the commercial movement in January,
there was very little trading. Prices, in consequence, continued the down- but it is now generally believed in Havana that business is to experience a
ward tendency inaugurated the previous week. Grade F is now quoted at period of slow improvement. Evidence of this feeling is apparent in a
38.50 pesos per picul; I, 33.50; JUS, 23.50; JUK, 21.75, and L, 21.50.
stimulation of commercial negotiations. Collections and retail trade are
NETHERLANDS EAST INDIES.
better in the interior. Sugar continues to sell at a profitable level Cuban
be considThe generally quiet tone which has characterized local markets since the tobacco interests generally believe that the tobacco crop will
increased during the week ended Feb. 5 because erably below that of last year.
beginning of the year was
PORTO RICO.
of holidays in connection with the opening of the Chinese New Year on Feb.
3. As most of the retail trade of Netherlands India is in the hands of
A slight recession occcurred in business during the week ended Feb. 5,
Chinese merchants, the annual observance of the New Year celebration probably as a result of the slower marketing of sugar. Reports received
means the closing of many small shops and a temporary curtailment in in San Juan indicate that this delay in marketing is partly owing to exbusiness.
pectations that sugar prices will improve and partly because continued
emaINDIA.
rains have held down the sucrose content of the cane. Informaton
The lull in Indian export trade noted during the last two months con- nating from the fruit districts indicate that prospects far the late grapeimportant
tinues, but reports from the different large trade centers indicate a moder- fruit crop are satisfactory, and it is anticipated locally that
improving
ate turnover in domestic business. Piece goods are more active, lending shipments of fruit will commerce late in February. Prices are
year
a somewhat better outlook to the cotton mill industry, and jute and hes- with higher levels expected. The tourist traffic is not so heavy this
and the
Mans are steadier. Money continues to fluctuate owing to uncertainty re- as it was in 1926, according to reports received from the hotels
garding the action of the legislature when the currency bills are presented retail merchants who cater especially to transient trade.
for consideration. The steel protection bill now before the legislature is
DOMINICAN REPUBLIC.
drawing vigorous protests from Indian members, who fear the introducNo great change occurred in the general business situation in the Dotion of imperial preference into Indian tariff rates. This bill, as reported, minican Republic during the month of January. Both wholesale and retail
provides for two schedules of duties, one basic, applying to all foreign business was quiet, but this situation is not unusual. Importations during
steel, and another applying to British steel, which will vary according the holiday season were below normal throughout the Republic and the
to the difference between British and Continental prices.
export movement was fair in volume for that period of the year. Banking
AUSTRALIA.
conditions showed a slight improvement over the previous month with a denoted in
The itinerary of the proposed Australian Industrial Commission provides crease in the number of overdue bills and a slight improvement
in business,
for its arrival at Seattle about March 5. The party is scheduled to arrive collections. There is a general tendency toward improvement
three months. Reports
in Chicago on March 12 and at Washington on May 21. Wool sales during although nothing tangible is expected for two or
crop prospects are
the week ended Feb. 5 were satisfactory, with the trend of prices up- being received from all sections of the country on the
actively
ward. F.A.Q. standards for the current wheat crop of New South Wales of a favorable nature. The Public Works program proceeded
fiscal
throughout the Republic in spite of some delays occurring during the
have been fixed at 61% pounds per bushel.
work conyear in various sections of the country. Private construction
ARGENTINA.
to dwellings. The sugar camchiefly
Most import lines in the Argentine market are experiencing the usual tinued fairly active and was confined
operations on some estates have
seasonal dullness. The volume of cereal exports during the week ended paign is making fair progress, although
rain.
Jan. 29 exceeded all previous weekly records, and it is expected that ex- been somewhat impeded by
868
THE CHRONICLE
J. P. Morgan Goes South—Other
Morgan Partners
on Southern Trips.
J. P. Morgan has left for the South on his winter
vacation,
says the "Wall Street Journal" of Feb. 9, which
added:
He plans to stay a while in Climax
and from there will go to Jekyl Island
for a couple of weeks. George F.
Baker is now at the latter place with
some business leaders. Thomas W.
Lamont left for the South at the end
of last week. He is in Florida
with a party of friends and plans a cruise
to the West Indies aboard Mr.
Morgan's yacht, the Corsair. Messrs.
Bartow and Ewing, two other Morgan
partners, are in Bermuda and will
return next week.
Life of World War Foreign Debt Commission
Expires by
Limitation—War Debt Pacts Concluded.
The life of the World Wax Foreign Debt Commission
expired by limitation on Feb. 9. The Commission was
created
by Act of Congress Feb.9 1922. It was expected to complete
its work in the three years originally allotted to it; in 1925,
however, its life was extended for two years. Congress had
been informed by Secretary Mellon that there was no need
of the further continuance of the Commission since its tasks
had practically been completed. The fact that agreements
with 13 nations were concluded by the Commission is indicated in the following Associated Press dispatch from Washington Feb. 9, in which reference is made to the failure of
France thus far to approve the agreement entered into for
the funding of its debt to the United States:
[voL. 124.
"The sponsors of extreme
radicalism in China, being puppets in the
hands of certain foreign agents,
have not failed to seize the present
opportunity of misleading a distressed
people by erroneous theories
which are working havoc. They
are bound to fail, but it is intolerable
to see the people suffer." Chang
declared economic rehabilitation must
be accomplished by augmenting
national productive power, cutting out
unnecessary expenses, including limitation
of the size of the army.
"The present juncture marks the turning
point in the history of
China," he said. "For the good of the
people and the continuance of
friendly relations with the powers it is
time to ponder carefully what
our responsibilities and attitude, face to face
with the powers, should
be. Equality in international treatment
is the only safeguard to world
peace."
Agreement Whereby United States Share in German
Payments Under Dawes Plan Will Be Paid in
Dollars Instead of Marks.
Announcement was made by the State Department at
Washington on Feb. 5 that the government of the United
States and the German Government have concluded an
arrangement providing for the realization by the United
States of its 2X% share in German payments under the
Experts' or Dawes plan. This arrangement, it is made
known, was embodied in notes exchanged between the
American Ambassador at Berlin and the German Foreign
Office on December 8 1926. The State Department's
announcement of Feb.5 adds:
The arrangement provides a method of
converting into dollars tho sums
which accrue in German marks to the credit of
the United States in the
account of the Agent General for Reparation
Payments at the Reichsbank
The World War Foreign Debt Commission expired to-day,
dimming In Berlin.
more than ever any hopes France may entertain for modificatio
n of the
German firms will arrange, through the agency of the
Mellon-Berenger agreement.
Reichsbank, to
deposit monthly with the Federal Reserve Bank of
New York certain HUMS
While France has indicated unofficially it might seek modificatio
n of in dollars arising from their dealings in the United
the $4.025,000,000 settlement. Secretary Mellon, Chairman
States. These deposits
of the Debt will correspond in each month to the credit accruing
to the United States
Commission, holds that the deal is closed and that any further
negotiations in that month in marks in Germany. The German
would have to be taken up with Congress. The House already
firms, in turn, will be
has approved reimbursed with the above
-mentioned marks at the prevailing rate of
the agreement, but the Senate is awaiting ratification
by the French Par- exchange.
liament.
The present procedure does not apply to the army cost
In its five years of existence the bipartisan commission
payments to the
concluded settle- United States out of the German payments under
the Experts' Plan.
ments with 13 other nations. Of the $10,102.000,000
principal of the debt, American army costs are now being repaid at the
rate of 55,000,000 marks
the settlements represent $9,811,094,094 of the
principal, or more than (about $13,000,000) yearly, and payments are being made
in dollars by the
97%.
Agent General.
The total value of the settlements, including the funded
interest, is $11.The total sum in marks accruing to the United States in respect
522,354,000. Of this, $565,672,542 already has
of its
been paid in accordance
% share during the first two years of the operation of the Experts'
with the agreements.
Plan.
that is, nI) to August 31 1926, amounted to approximately
All of the agreements have been ratified by
35,000,000
Congress except those with marks, equivalent to about $8,400,000. That
sum has already been conFrance and Jugoslavia. Senator Smoot of Utah, a
member of the commis
- verted into dollars, partly by moans of interim arrangements similar
Mon, made an unsuccessful attempt yesterday
to that
to obtain ratification of the now concluded, and partly from the proceeds of
a cash transfer effected by
latter settlement, but a vote was blocked by debate.
the Agent General in August 1926.
Four countries have not concluded settlement
s—Russia. Greece, Austria
The 234% share of the United States during the current reparation year
and Liberia. Austria has received a moratorium
until 1943. Congress is ending August 31 1927 amounts to about 24,189,000
marks, or approxiconsidering proposals of Greece. Russia is not recognized
and no negotia- mately $5.800,000. In a "normal year," that is, after September
tions can be conducted. The Liberian debt
1 1928,
of $30,000 is on the books. the share of the United States will be 45.000,000 marks,
equivalent to
The Armenian Government, which also owed this country,
is out of ex- about $10,700,000 annually.
istence.
Members of the commission, besides Chairman Mellon, included
It is pointed out in the New York "Times" that heretofore
Secretaries Kellogg and Hoover, Senator Smoot,
Representative Crisp (Demo- Germany has made payments in reichsmarks to the
Transfer
crat, of Georgia), Representative Burton (Republica
n, of Ohio), Richard Committee set
up under the plan of the Dawes Committee
Olney, former member of the House, and Edward
N. Hurley. Garrard
B. Winston, former Under Secretary of the Treasury,
was Secretary to the of Experts, which has turned the money over to the countries
commission.
entitled to reparations as it could with the least disturbance
The settlements follow:
reacting upon the German exchange. The text of AmbasOriginal PrinFunded Debt,
Country-cipal (Net).
Including Int. sador Schurrnan's Note of Dec.8 was made public as follows
Belgium
$377,029,570
$417.780.000 by the State Department on Feb. 5:
Czechoslovakia
91,879,671
115,000,000
Dec. 8 1926.
Esthonia_
12,066,222
13,830,000
Excellency:
Finland
8,281.926
In confirmation of the note of the German Government, dated
9.000,000
France
to-day
3,340,516,043
4,025,000,000 and signed in your absence by Mr. Keopke,*I have the honor to affirm,
Great Britain
4.074.818,358
4,600,000,000 on bahelf of the Government of the United States, that the conversatio
Hungary
ns
1.685.835
1,939,000 which have now been concluded between the German Government and
Italy
1.647,869,197
2,042,000,000 the Government of the United States for the purpose of realizing
Latx la
the
5,132,287
5,775,000 2)(1, % share of the United States in the payments under the exports' plan
Lithuania
4,981.628
6,030,000 have resulted in mutual understanding on the following points:
Poland
159.666,972
178,560,000
1. The German Government promises that it will do everything in
Rumania
36,128.494
44,590,000 Its power in order that the Government of the United States will receive
Jugoslavia
51,037,886
62,850,000 each year Its 234% share of the annuities under the exports' plan. For
this purpose the German Government will, for the financing of the deliveries
'fotals
$9,811,094.094
$11,522,354,000 in kind and services to be made or rendered to the United States, prevail
upon German firms to deposit each month out of the dollar credits arising
from the said deliveries and services a sum in dollars the amount of which,
Peking Dictator Pledges Foreigners in China
Protection as more explicitly stated in paragraph 3, shall be fixed at the beginning
of each month. The deposit will be made through the agency of the
and Declares for Economic Rehabilitation of the
Reichsbank to the credit of the Agent
-General for Reparation l'ayments
Country.
with the Federal Reserve Bank in New York.
The Peking Government is pledged in a statement, issued
2. The Government of the United States will make a continuing arFeb. 8 by Marshal Chang Tso-lin, Manchurian dictator and rangement so that the Agent-General for Reparation Payments will pay
to the German firms the Reichsmark equivalent, immediately upon receipt
Generalissimo of the armies which are fighting
the of the cable report from the Federal Reserve Bank that the transfer has
Cantonese to protect all foreign lives and property in the been made, in Berlin at the average Berlin rate for cable transfers on the
which
The Government of the
Chinese realm. The statement also declares for the eco- day on States the dollars were transferred. the end
United
will furthermore take steps to
that the Agent
nomic rehabilitation of China. It is summarized in a cable General for Reparation Payments will inform the Reich Finance Ministry
not later than the first of each month of the sum to be paid by the German
despatch to the Associated Press as follows:
firms during that month.
Marshal Chang promised that the Peking Government would maintain
3. It is hereby agreed that the present procedure is not applicable to
its credit obligations but warned that "we expect the powers to respect that part of the share
of the Governmen of the
in the
our public opinion and sovereign rights so that the Chinese may be freed annuities under the experts' plan set asidetto meet United States arrears
the claim for
of fear of possible invasion from the outside while the powers may be of American Army costs, or that part which is otherwise
covered in any
freed of apprehension over anti-foreign movements."
manner through cash ;,ransfers.
The Northern Generalissimo declared ,his military forces were operatThe total amount accruing to the United States according to this aring only against Bolshevism and that "there was room for negotiations rangement during the period from Sept. 1 1926 to the coming
into force
Bolsheviki." He outlined an extensive idealistic of the present arrangement will be distributed over
for all others except
the remainder of the
program of national reforms, preservation of national sovereign rights, Year in equal installments. In general, the amounts are to be divided
restoration of order, extension of education facilities, and plans for the in approximately equal monthly parts.
cooperation of capital and labor. Extension of communication facilities
4. The present arrangement may be determined by either of tho two
and plans for judicial reform also were included. Referring to the civil Parties not earlier than June 1 1927. effective Sept. 1 1927, or in subsewar which now besets China, he said:
quent years annually on and for the same dates in the respective years.
•
FEB. 12 1927.]
THE CHRONICLE
5. When the Government of the United States has informed the Ger-General has received the necessary
man Government that the Agent
authority to proceed in the sense of this understanding, both Governments
will make the necessary arrangements for its execution.
Accept, Excellency, the renewed assurance of my highest consideration.
JACOB GOULD SCHURMAN.
His Excellerzeg, Doctor Gustav Stresemann, Minister for Foreign Affairs,
Berlin.
German Pension Cost $350,000,000 Yearly—Left Parties
Balk at 17% of Budget Going to War Roll,
Including Kaiser's Officers.
following Associated Press advices from Berlin Jan 27,
The
appeared in the New York "Times":
869
scriptions to the defense bonds, coming on top of an ample special
revenue enabled the Treasury to repay 650,000,000 francs to the bank
in "settlement week."
Bills discounted showed an increase of 781,000,000 francs, by reason
of the settlement week requirements, although loans against securities
decreased. The expansion of 454,000,000 for the week in note circulation was considered trifling, considering the large settlement with
requirements. It was less than one-half the increase of the same week
last year.
Private deposits fell 1,375 millions. That decrease seems to be doe
chiefly to withdrawals by the Caisse d'Amortissement, which must have
had to meet surplus payments as a consequence of steps taken to check
subscriptions to the defense bonds. But the money repaid to the bearers of these bonds found it way back into the Treasury.
The generous pension policy of the German Reich, which has caused
numerous political battles in the Reichstag and has drawn fire from foreign
countries on the ground that such a drain on the Treasury impairs Germany's
ability to pay reparations, is again stirring the parties of the Left.
The budget for 1927 reveals that 17.5% of all Governmental expenditures,
excluding reparations, is to be paid out for pensions of one kind or another,
a total of $350,000,000 out of a budget of about $2,000,000,000. The penion load equals 70% of all payments, including reparations, which Germany is making as a sequel to losing the war.
More than 57,000 former civilian officials and 36,900 army and navy
officers who served under the former Emperor and the Republic are drawing
as much as 8,000 marks a year each. War casualties supported in whole or
part number 768,660, to which are added 370,981 war widows, 917,000
orphans, 256,162 parents of the war dead, 31,000 widows of Government
officials and 8,700 orphans.
Of the six former chancellors drawing pensions, Prince Bernhardt von
Bulow, who is wealthy is listed as receiving 27,600 marks annually (about
$6.350): Dr. Georg Michaelis, who was Chancellor for three months, 27.000
marks; Dr. Joseph Wirth, 19,665 marks; Dr. William Cuno, Director General of the Hamburg-American Line, 18,285 marks; Dr. Hans Luther,
18,285 from the Reich and 4,830 marks from the States.
Included in the budget list of about twenty former Imperial State Secretaries are Admiral Alfred von Tirpitz, who receives 24,960 marks a year
Gottlieb von Jagow, 22,152 marks; Dr. Bernhard Dernburg, former Colonial Secretary and now Democratic member of the Reichstag, 17.784 marks,
Germany's Reichsbank's Policy on Gold Held Abroad—
Only a "Certain Margin" Should be Left—Advocates
"Redistribution of Gold."
From the New York "Times" of Jan. 30 we take the
following:
The official commission of inquiry,into the reserve policy of the German
Reichsbank has published its report. It thus sums up the statement of the
Reichsbank's President: "Dr. Schacht has made the following declaration
before the commission: The Reichsbank in general holds the view that its
assets held abroad should not exceed certain limits. Gold,although it earns
no interest, is not liable to the risks to which investments abroad may,under
certain circumstances, be exposed. Moreover, it is desirable to retain a
certain gold margin for the Giro funds, although Sec. 35 of the Bank law
contains no provision to this effect.
"In calculating the gold cover, allowance must be made for the not inconsiderable circulation cd coins with a large proportion of alloy. Further, a
gold cover has the psychological advantage that the general public clearly
realizes when the gold export point is reached (owing to the resulting overflow of gold), whereas the movements of 'Devisen' are less apparent to
it. The redistribution of the gold accumulated in various points of the
world should be encouraged with a view to the readjustment of prices.
Finally, the President pointed out that the discount policy of the Bank will
In future suffice to protect the gold reserve.
"Until a short time ago purchases abroad by the Reichsbank itself were
the only means used for increasing the gold reserves in general the purchases
were made at relatively favorable prices. During the last two months
the Reichsbank has, for the first time, obtained considerable quantities of
gold by arbitrage."
Why the Bank Rate Was Cut at Paris—Treasury Operations Had Forced Open Market Rates Far Below
Bank of France.
Commenting on the reduction of the discount rate by the
Bank of France, a wireless message from Paris Feb. 6 to
the "Times" said:
Last week's further reduction in the discount rate at the Bank of
France, from 654 to 5'4%, was due largely to technical considerations.
The abundance of free capital, which increased daily as a consequence
of the trade reaction and which has greatly added to the fund of unemployed cash, has caused a steadily increasing flow toward subscriptions to defense bonds and Treasury bonds.
Moreover, the Caisse'd'Amortissement in the meantime has suppressed
the issue of six months defense bonds, in order to check the influx of
subscriptions threatening to exceed the legal maximum. The only
issues now are one and two year bonds, and the interest rate on the
one-year bonds has been reduced from 6% to 54.
Bank's Hand Was Forced.
The Treasury has also completely stopped issuing ordinary bonds, in
order to avoid exceeding the maximum of 5,000,000,000 francs, though
it still accepts deposits of private banks bearing interest at 3%.
It was in view of this decision that the Bank of France judged it
necessary to adjust its official discount rate to conditions on the open
market, where three-month bills were easily negotiated at 454%. This
was the specific reason for the 1% cut in the bank's discount rate, but
it reduced the rate on loans against securities only by one-half of 1%;
probably wishing to curtail the amount of such loans.
Exchange Market and Bank.
Notwithstanding the lower price reached by the franc last week, the
foreign exchange markef is still absolutely controlled by the Bank of
France. Banking circles consider the recent slight reaction in the
franc as unquestionably in accordance with the precise intention of the
bank. The particular reasons for the bank's attitude in allowing the
franc to sell lower are, however, unknown.
The only surmise which one hears is that the bank desires to persuade public opinion, a part of which still believes in a further rise of
the franc, that the present price will not be exceeded. If this supposition is correct, it would apparently exclude the idea of valorization of
the franc at a higher price than now prevails.
French Sent Gold Here to Build Dollar Credits.
The following is from "The Sun" of last night (Feb. 11):
Jean Velay, representative of the American Exchange Bank Irving Trust
Co. in Paris, who made arrangements for gold shipments to the bank,
arrived to-day on the steamship De Grasso. He stated that the gold consignments to American Exchange Irving Trust Co., approximating $21.000,000, were for the purpose of building up dollar credits in this country
for the French Government and the Bank of France. The gold represented
purchases of coinage from French peasants authorized under the law of
Aug. 8 last, the shipments being in ingot form taken from the Bank of
France and replaced by coin purchases.
There were no gold shipments aboard the De Grasse.
Representative Fish Proposes Partial Cancellation By
• U. S. of British and French War Debts In Return
for Caribbean Islands.
Partial cancellation of the war debts of Great Britain
and France on condition that they transfer sovereignty
over their possessions in the Caribbean Sea was suggested
to the United States on Feb. 9 by Representative Hamilton
Fish Jr. of New York, a Republican member of the House
Committee on Foreign Affairs, according to a Washington
dispatch to the New York "Times" which in addition
said:
Mr. Fish declared the logical development of the Monroe Doctrine
would be for this Government to acquire all foreign possessions in
the Caribbean in order to protect the Panama Canal and do away with
possible friction in that quarter.
Mr. Fish took issue with the declaration of General O'Ryan of New
York that he was ashamed of this country's debt settlements with
Europe and like utterances made by a group of Columbia University
professors.
"It is most unfortunate that private citizens will join hands with
international bankers at the expense of the American taxpayers and
without knowledge of the facts condemn the action of Congress as hard
hearted and compare it with Shylock demanding the pound of flesh,"
he said.
Rome Rejects Plan to Stabilize Lira by Decree—Keeps
Deflation Policy Subscriptions to Loan.
Rumors current last month regarding Italy's intention of stabilizing
the lira seem to be definitely disposed of by a government statement
today on the financial situation. The Cabinet announced that it "rejects
the idea of artificial stabilization of the lira, which for obvious reasons
inherent in our character would not guarantee that stability which
should result from the economic and financial efficiency of the nation
rather than from decrees."
"All rumors," the statement asserts, "that the government intends
to depart from the deflationist and revaluing policy are without foundation and are derived from defeatist sources, against which the laws for
the defense of the state will be put into effect."
Today's statement is a reaffirmation of Italy's financial policy as
previously outlined by Premier Mussolini and reveals a close union of
thought between Minister Volpi and the Premier. The statement is
bound to have a certain reaction in the country, since stabilization of the
lira has been hoped for in some qaurters. On the other hand, the
adopted system of gradual improvement of the lira will be welcomed
by other sections of the public.
Practical stabilization of the lira may be said to be almost accomplished, since its daily fluctuations on tfie dollar and the pound are
only fractional.
Referring to the results of the Lictorial loan, Signor Volpi's statement shows that subscriptions up to yesterday amounted to 2,164,573,250
lire, to which is to be added 601,000,000 lire in deferred payment
subscriptions.
Rome Insists That There Is No Italian "Deflation Crisis"
—Unemployment Figures.
A Rome cablegram, Feb. 6, was reported as follows in
the New York "Times" (copyright): indication of a "deflation
Bank Loans Paid Off By French Treasury—Last Week
First "Month-End Settlement" Since War When
Account Was Not Increased
There is still, as Italian markets see it, no
Under date of Feb. 6 a copyright message to the "Times" crisis." It is true that wholesale prices have fallen since August from
that unemployment in Janua maximum of 691 to 600. It is also true year, shows an increase in
from Paris said:
month last
part of the Bank of France's weekly return last ary compared with the same
The noteworthy
Thursday was the showing of advances to the State.
For the first
time since the war, the Treasury was not obliged to borrow from the
meet its end-of-the-month payments. On the contrary, subbank to
engineering, building, hydraulic,
agriculture, finishing, metallurgical,
in textile and metallurgy
and textile industries, and that unemployment
has developed since a year ago.
810
THE CHRONICLE
Nevertheless, this unemployment affects
people. The total of persons unemployed a relatively small number of
was 112,000 at this date in
1926 and is only 448,000 now. It can
hardly, therefore, be said that
deflation has seriously injured the national economy.
This view of the
case is held to be confirmed by figures just
exports. They reached the highest monthly published of the December
total
1,857 million lira against 1,118 million a year ago.ever attained, being
Italy Sets Tax for 1,700,000 Bachelors;
Expects Annual
Yield of 100,000,000 Lire.
The Cabinet Council at Rome approve
d on Feb. 9 the
details of Italy's new tax on bachelors.
The New York
"Times" reports in a copyright message
from Rome, Feb.
9, adding:
The tax is divided into two
varying with the taxpayer's age parts. The first is a basic charge,
which all bachelors, whatever their
condition and station in life, will
is a sliding scale tax based on thebe required to pay. The other impost
taxpayer's income and will be applied
only to those already liable for income tax.
Statistics show that the tax will be
persons. It is expected to bring in aboutapplicable to about 1,700,000
The amounts of the basic tax have been 100,000,000 lire yearly.
set as
Between the ages of 25 and 35, 25 lire yearly. follows:
Between the ages of 35 and 50, 35 lire yearly.
Between the ages of 50 and 65,
yearly.
The tax based on income has been25 lire at one-q
fixed
uarter
complementary income tax. It will amount, therefore, toof the present
about a 5%
increase in the total income tax now paid.
•
Catholic priests, members of religious orders who have taken the
vow
of Chastity, the war-mutilated, officers and non-commi
in the army, and foreigners, even if residing in Italy, ssioned officers
are exempt from
the tax.
Fathers having sons without independent incomes
will be liable for
their bachelor MU' taxes, which will be
calculated by dividing the
father's inoome by the number of his sons.
[VOL. 124.
Austrian Government Offers Credits at Low
Rate to
Encourage Exports to Russia.
From the "Times" we take the followin
g Vienna (AusThe Austrian Government has declared itself ready
to help in encouraging exports from this country to
to local exporters not paid in time by Russia. It is willing to grant
Russian buyers a State credit
at a rate of interest 2% below the bank rate.
'This advance would be repayable in ten annual instalment
s.
Increase In Value of Greek Refugee Bonds. The following Washington advices, Feb. 7, appeared
in
the "Wall Street News":
Since the beginning of 1927 Greek Refugee
have shown a tendency to increase in value, the indemnification bonds
Department
merce was advised today. These bonds were issued throughof Coman
rangement with the Greek government and the National Bank arof
Greece to indemnify refugees for property confiscated in Turkey.
According to the plan, certain percentages were to be immediately paid,
part cash and part in 8% bonds to be issued by the bank to the amount
of 3,000,000,000 drachmas. Payments started
in November.
the first 10 days of January the price of these
During
bonds increased from
520 drachmas to 585 drachmas on a par value of 1,000. This is especially significant because a continually • larger number
these bonds
is now being offered as new groups of refugees entitled of indemnificato
tion are being paid. The principal of the bonds is secured by real
property abandoned by the Turks in Greec which is estimated at
approximately $62,500,000.
Panama to Redeem 8% National Defense Bonds in March.
A cablegram to the New York "Times" from Panama,
Feb. 4, (copyright). Senor Morales, Secretary of Finance,
has announced that the 8% national defense bonds, amounting to about $225,000, will be redeemed at par on March 10.
It is pointed out that the bonds were sold in 1921 to
finance
the war with Costa Rica. Funds derived from the recent
New York loan of $1,200,000 will be used for
the redemption.
Spain Floats Big Issue—Bank Converts Bonds Totaling
4,600,000,000 Pesetas.
The following Madrid advices, Feb. 5, appeared in the
New York "Times" (copyright):
The Bank of Spain's biggest financial undertaking is declared
Argentine Bank Grants Grain Farmers Loans.
pronounced success at the close of the ten-day period allowed for a
the
The following is from the New York "Journal of Comconversion of short-time Government bonds into money or long-time
merce" of Jan. 15:
bonds.
Argentina has come to the aid of farmers
Of the Treasury obligations falling due today, totaling
more than selling their wheat crops, due to lack of funds.who have been forced into
one billion pesetas, only 18,000 pesetas were cashed
A cable dispatch received
in and 6,000,000 from Buenos Aires to-day says that the board of directors
were uncalled for. The remainder were reinvested
of thjs Argentine
in the new con. National Bank has authorized branch managers to grant farmers
solidatd fifty-year bonds.
credit on
their cereal crops so as to give them time to dispose of their crops advanThe conversion of obligations maturing today
was
the huge program which provides for the funding only a part of tageously. The individual loans to be granted are limited to 10,000 pesos
of several issues ($4,250) and nine days.
falling due between now and 1931,
amounting in all to more than
Forced selling by farmers has depressed prices for Argentine wheat despite
five billion pesetas.
the fact that this season's crop is of an excellent quality. The step taken
The total of this new issue, including today's subscriptions
of bonds, by the Argentine National Bank is therefore expected to greatly steady the
reaches 4,600,000,000 pesetas.
position of the Argentine grain markets.
The Cabinet congratulated the officers of the Bank
successful floating of the issue, which goes far to of Spain on its
relieve immediate
strain on the national Treasury.
Peter A. Jay Resigns as Ambassador to Argentina
Effective March 18.
Buys Into Austrian Bank—Prudential of London
to Be
It was announced at the State Department at Washington
Represented on the Board..
on Jan. 31 that the resignation of Peter Augustus Jay, as
The fallowing is from the New York "Times"
of Feb. 6 United States Ambassador to Argentina, will become effecThe Prudential Assurance Company of London has
substantial interest in the Oesterreichische Credit Anstalt just taken a tive on March 18, upon the completion of a two months'
und Gewerbe, the leading bank of Austria, which took fuer Handel leave of absence. The intended resignation of Ambassador
trian business of the Anglo Austrian Bank, Ltd., of over the Aus- Jay, following the death of his daughter, was reported
London, last
in
year.
these columns Dec. 25, page 3250. In advices from its
The purchase of this interest carries with it the right
to
tion on the board of the Austrian bank, and was negotiated representa- Washington bureau, Jan. 31, the "Herald-Tribune" said:
by Helbert,
The resignation was submitted to Secretary of State Kellogg and President
Wagg & Co. of London. It is said to be in line
policy of the Prudential Company, which already with the general Coolidge by Mr. Jay on his visit last week. Mr. and Mrs. Jay returned
owns 10,000,000 recently with the body of their daughter, Miss Emily K. Jay. who died on
reichsmarks of the stock of one of Germany's
Disconto Gesellschaft, and also a substantial blockleading banks, the December 20 in Buenos Aires. They have decided to irr.ke their perof shares of the manent home in New York.
Il•themian Union Bank.
Mr. Jay's withdrawal from the diplomatic service ends a career, 'which
The total investment portfolio of the Prudential
Company, according began with the appointment as third secretary of the American Embassy in
to the latest balance sheet, comprises .about
$900,000,000 of British Paris in October 1902. Mr. Jay served successively as secretary at Conand foreign securities.
_
Reported Purchase of City of Milan
(Rome) Bonds By
American Bankers.
Associated Press advices from Milan
(Italy), Feb. 9,
said:
The City of Milan has sold an issue of $10,000,00
0
group of American bankers. Loans may follow for Rome,bonds to a
Genoa and.
the Vatican.
— —
Austrian Industry Assails Heavy Taxes—F
ormal Protest
Against Overtaxation of Productive Enterpr
ise—
Comparison With Other Countries.
Austrian industries have resumed a strong
campaign
against overtatation, according to a Vienna cablegram
Feb. 6 (copyright) to the "Times" which goes on to say:
Their spokesmen insist that this is one of the most important
of the reduction in Austrian ability to compete abroad and has causes
consequently been responsible for the shrinkage in exports. The Vienna
press points out that Austrian wages are now burdened to the
extent
of 31% with different taxes, whereas the amount charged agaiinst them
in Czechoslovakia is only 21%, in Yugoslavia 20%, in Rumania 19, in
Hungary 16, in Poland 14, and in Germarny 13.
In most of these other .countries, old-age insurance is included but
that will be introduced as an additional burden in Austria this year.
Industry has also drawn up an extensive list of demands, directed
chiefly against the enormous municipal rates imposed by the Socialist
regime at Vienna.
stantinople and at Tokio, and as counselor at Rome. He was American
Minister to Salvador and to Rumania, prior to his appiontment as Ambassador at Buenos Aires. •
While at Rome, Mr. Jay handled the difficult questions regarding
the
status of Plume during the Wilson Administration, and while serving in
Rumania he gave distinguished service in behalf of American interests,
whose rights to oil concessions were jeopardized by legislation passed
by
that government under the guise of mining laws. During his service in
the
Argentine capital Mr. Jay was attacked by sympathizers of Sacco and Van-
zetti. the Italians under sentence of death in Massachusetts.
Japan's Invisible Trade Balance 1924-1925.
The invisible foreign trade of Japan for 1925 is reported
as 811,000,000 yen receivable and 600,000,000 yen payable,
and a balance of 211,000,000 resulted in favor of Japan.
Analyzing the statement, the "Evening Post" of Feb. 7 says:
This balance compared with that of 1924 shows a decline of 209,000,000
yen. The loss is attributed principally to the drastic decrease of investments by foreign sources.
Regular income of the invisible trade for 1925 consisted of 198,000,000
yen for remittance and profits of foreign investments: 117,000,000 yen for
insurance premiums and 196,000,000 yen for freight receipts. Excess of
the regular income amounting to.
8,000.000 yen for the same year indicates
a considerable gain as compared with the figure for 1924.
Although the import excess of merchandise for 1925 amounted to 357.000,000 yen, the excess of receipts for invisible trade brings down the actual
excess of payment to 148,000,000 yen, which indicates a decline of 180.000,000 yen in comparison with the figure of 1924.
Published figures for export of merchandise are undervalued from 4 to
6%, for computation Is based on local market prices. By adjusting the
1
THE CHRONICLE
FHB. 12 1927.]
6%, the real
total export for 1925, amounting to 2,305,000,000 yen at
than the original
amount for export will increase by 147,000,000 yen more
figure, which offsets the excess of payment (146,000,000 yen)•
The figures for the two years follow:
JAPAN'S INVISIBLE TRADE BALANCE.
1924.
Receivable.
Payable.
1925.
Receivable.
Payable.
871
coupon. It is noted that Brazil has virtually completed its
stabilization plans, the remaining step being to secure the
loan to insure the success of the venture. Included in the
plans is the proposal of the government to carry out its
agreement to resume sinking fund payments on several
issues of Brazilian sterling bond issue. Such payments
have been suspended since 1914.
Yen.
Yen.
Yen.
81,000.000 19.000.000 106,000,000
7.000,000 148,000,000 7,000,000
71,000.000 196,000,000 67,000,000
86,000.000 117,000,000 97,000,000
29,000,000 47,000,000 27,000,000
81,000,000 21.000,000 87,000.000
1,000.000 17,000,000 4.000,000
Offering of $900,000 5% Bonds of Southwest Joint
Stock Land Bank.
An issue of $900,0005% farm loan bonds of the Southwest
Joint Stock Land Bank of Little Rock, Ark., is being offered
by C.F. Childs & Co. at 103 and accrued interest. To yield
518,000,000 356,000,000 565,000,000 395,000,000
Total
about 4.62% to the redeemable date and 5% thereafter.
Extraordinary—
552,000,000 333,000,000 186,000,000 104,000,000 Dated Nov. 1 1926 and due Nov. 1 1956; the bonds will be
Investment
104,000,000 96,000,000 60,000,000 101,000,000
Investment redeemed
18,000,000
redeemable at par and accrued interest Nov. 1 1936 or on
Others
1
246,000,000 205,000,000 any interest date thereafter. Principal and interest (May
674,000,000 429,000,000
Total
be payable at the National Park Bank,
1192000000 785,000,000 811,000,000 600,000,000 and Nov. 1) will
Grand total
Receivable Balance—
New York; National Bank of The Republic, Chicago; Ex170,000,000
162,000
Ordinary
41,000,000
245,000,
change National Bank, Little Rock; or at the Southwest
Extraordinary
Joint Stock Land Bank, Little Rock. They are coupon
211,000,000
407,000,000
Total
Reference—
bonds in denomination of $1,000,fully registerable and interCommodity trade import
267.000,000 changeable. The bonds are issued under the Federal Farm
646,000,000
Balance for Japan proper
Loan Act.
Gold Shipments from Japan to the United States.
The bank operates in the States of Arkansas and Texas.
Gold shipments from Japan to the United States totaling The following is from the offering circular: °ter the business
Southwest Joint Stock Land Bank recently took
$6,000,000 are reported since the first of the year, as fol OWS: ofThe Equitable Joint Stock Land Bank of Macon, Mo., thereby securing
the
$2,000,000
3 1927 Tenyo
32,000,000 Feb.
Jan. 22 1927 Talyo
$2.023,700 in proven loans.
Yen.
Ordinary—
20,000,000
Interests and dividends
123,000.000
Business profits, do
185.000,000
Freights. &c
102,000,000
Insurance premiums, do
48,000,000
Traveler's expenditures
Governmental income or payment 24,000,000
15,000,000
Others
Jan. 29 1927 Atlantic
2,000,0001
In our issue of Jan. 29 (page 590) we published figures
showing that the gold shipments from Japan during 1925
were $11,000,000, while in 1926 they amounted to $16,000,000. The "Times" of Feb. 3 stated:
Japan is shipping gold to the United States according to a program that
at present calls for the transfer of about $6,000,000 a month. The balances
are being built up here in anticipation of Japan's return to the gold standard.
The Japanese balance of trade has been favorably adjusted and the yen
now is within a cent of parity.
Tokio Banks to Lower Interest Rate.
It is stated in the "Wall Street News" that, according to
official cable advices to the Japanese Financial Commission
here the Tokio member banks have announced that beginning Feb. 9 they will lower interest rates on time deposits
h'% or from 6 to 5%%. Member banks in other cities will
also follow this step. The Japanese financial office here
was closed on Feb, 7 and Feb. 8 because of the funeral
of the late Emperor of Japan.
Offering of $1,000,000 6% External Gold Notes of City of
Santiago de Chile—Issue Over-Subscribed—
Books Closed.
Hallgarten & Co. and Kissel, Kinnicutt & Co. offered
on Feb. 10 a new issue of $1,000,000 City of Santiago,
Chile, one-year 6% external gold notes, dated Jan. 1, 1927,
and due Jan. 1, 1928. It is announced that the issue has
been oversubscribed and the books closed. The notes con.
stitute the direct obligation of the municipality, which has
no other external debt. Total debt, including this issue
of notes, was equivalent at Dec. 31, 1926, to less than
$2,600,000. The proceeds of this loan are to be used for
the repayment of the floating debt, chiefly incurred for
the purchase or construction of public works. The notes
are in bearer form in denomination of $1,000. Principal
and interest are payable at maturity in United States gold
coin at the office in New York City of either of the paying
agents, Kissel, Kinnicutt & Co. and Hallgarten & Co., free
of all present or future taxes of the Republic of Chile, or
any political subdivision thereof. Kissel, Kinnicutt & Co.
and Hallgarten & Co. are paying agents, the National Bank
of Commerce in New York is authenticating agent. It is
pointed out that the Republic of Chile is on a gold basis,
the Chilean peso having a gold parity of $0.12166 and
being currently quoted at about this rate. The Banco
Central, the Chilean bank of issue, at Nov. 5, 1926, had,
It is stated, total reserves equalling over 100% of its
outstanding obligations of every nature to the public.
Negotiations for New Brazilian External Loan Under Way.
New York and London banking houses are understood
to be negotiating with the Brazilian Government looking
toward the flotation of a loan said to be in the neighborhood of $100,000,000, according to private cable advices
from London. Details were not given but it was stated
the bonds, when brought out, would probably carry a 7%
Analysis of Loans as of Nov. 30 1926.
$3,431,300 00
-627
Total loans
67,278,049 00
Appraised value of land
$8,514,599 00
of land and buildings
Appraised value
108,562
Total acres mortgaged
65,472 56
amount loaned per farm
Average
173.1
farm
Average number of acres per
$67 04
Average appraised value per acre of land
$78 43
value per acre of land and buildings
Average appraised
$31 60
Average amount loaned per acre
47.14%
of land
Percentage of amount loaned to appraised value of land and
40.28%
buildings
to appraised value
Percentage of amount loaned
6250,000 00
Capital
13,270 81
Surplus and profits
13,000 00
Reserve (legal)
$2,842.600 00
Loan bonds outstanding
Farm
Offering of $500,000 5% Farm Loan Bonds of Potomac
Joint Stock Land Bank.
C. F. Childs & Co. are offering at 104.4 andaccrued
interest, to yield about 4.59% to the redeemable date and
5% thereafter, $500,000 5% farm loan bonds of the Potomac
Joint Stock Land Bank of Washington, D. C. The bonds
will be dated Feb. 1 1927 affd will become due Feb. 1 1957.
They will be redeemable at par and accrued interest on
Feb. 1 1937 or on any interest date thereafter. Principal
and interest (Feb. 1 and Aug. 1) will be payable at the
Potomac Joint Stock Land Bank, Washington, D. C., and
the Riggs National Bank, Washington, D. C. The bonds,
coupon, in denominations of $500, $1,000, $5,000 and
$10,000, are fully registerable and interchangeable. They
are issued under the Federal Farm Loan Act. and are exempt
from all Federal, State, municipal and local taxation (excepting estate and inheritance taxes) under a decision of the
United States Supreme Court. The bank operates in the
States of Maryland and Virginia. The following figures
are made available:
Analysis of Loans as of Jan. 12 1927.
35,364,000 00
Total loans-1,250
•
599,850 65
payments
Principal
813,977,902 00
Appraised value of land and buildings mortgaged
239,259
Total acres mortgaged
4,30000
Average amount loaned per farm
191
Average number of acres per farm
8.5840
Average appraised value per acre of land and buildings
622 50
Average amount loaned per acre
38.3%
Percentage of amount loaned to appraised value of land and buildings
None
Real estate acquired by foreclosure
8330,000 00
Capital
70,140 93
and profits
Surplus
22,000 00
Reserve (legal)
65,000.000 00
Farm Loan bonds outstanding
Offering of $500,000 5% Farm Loan Bonds of First
Texas Joint Stock Land Bank.
An issue of $500,000 5% Farm Loan bonds of the First
Texas Joint Stock Land Bank of Houston, Tex., is being
offered by C. F. Childs & Co. at 103 and accrued interest,
to yield about 4.60% to the redeemable date and 5% thereafter. The bonds will be dated Jan. 1 1927 and will become
due Jan. 1 1967. They will be redeemable at par and accrued interest on Jan. 1 1937, or on any interest date thereafter. They are coupon bonds in denomination of $1,000,
fully registerable and interchangeable. Principal and interest (Jan. 1 and July 1) will be payable at the National Bank
of Commerce in New York or at the Second National Bank,
Houston, Texas. The following figures on the operations
of the bank as of Dec. 31 1926 are made available:
872
THE CHRONICLE
Total loans
-732
$7,143,062 21
Principal payments
$335,772 42
Appraised value of land
$16,000,773 99
Appraised value of land and buildings
$17,391,869 83
Total acres mortgaged
613,075
Average amount loaned per farm
$9,758 28
Average number of acres per farm
837
Average appraised value per acre of land
$26 10
Average appraised value per acre of land and buildings
$28 37
Average amount loaned per acre
$11 65
Percentage of amount loaned to appraised value' of land
45%
Percentage of amount loaned to appraised value of land and buildings_
41%
Capital
$500,000 00
Surplus and profits
52,805 67
Reserve (legal)
70,800 00
Farm Loan bonds outstanding
$6,611,000 00
The First Texas Joint Stock Land Bank was chartered
April 23 1919. Although the bank's charter permits it to
Operate-in
—Oklalioma, as well as Texas, loans have been
restricted to 148 counties in Texas, largely in the black land
belt.
Bonds of Saar Basin Consolidated Counties External
7% Issue Drawn for Redemption.
Ames, Emerich & Co., as fiscal agents, announced on
• Feb. 7, that $155,400 bonds of the original $4,000,000 issue
[VOL. 124.
Secretary of Agriculture: And provided further, That whenever 'the.
value of one grade is to be determined from the sales of spot cotton
of another grade or grades, such value shall be fixed in accordance
with rules and regulations which shall be prescribed for the purpose
by the Secretary of Agriculture."
Senate Passes Bill Appropriating $8,600,000 For Purchase
of Seed Grain to Farmers in Drought Stricken Areas.
On Feb. 8 the Senate passed a bill "authorizing the alipropriation of $8,600,000 for the purchase of seed grain,
feed and fertilizer to be supplied to farmers in the crop
failure areas of the United States, etc." The measure, as'
Introduced by Senator Norbeck (Rep.), South Dakota,
provided $6,000,000 .
for farmers in the drought stricken
areas of North and South Dakota and Montana; an
amendment was agreed to to make an additional $2,500,000
available for cotton States affected by drought, and $100,000 for storm-stricken areas in the citrus fruit district of
Florida and the sugar-cane sections of Louisiana.
of Saar Basin Consolidated Counties external 7% sinking
fund gold bond issue have been drawn by lot for payment on Hearings Conducted by Business Men's Commission
on Agriculture.
April 1 1927 at 102 and interest. Payment will be made at
The Business Men's Commission on Agriculture, resuming
the offices of Ames, Emerich & Co., New York, the Amsterdamsche Bank, Amsterdam, and Saar Handelsbank, Saar- is sessions which began December 20, 1926, held hearings
during the past month, according to a statement issued
bruecken.
Jan. 17 by Charles Nagel, chairman, at the Commission's
Senate Passes Bill Amending Cotton Futures Act Putting headquarters at 247 Park Avenue, New York: The Cora
mission has been taking the testimony of farmers, agriculNew Orleans on Par With New York and Chicago.
The bill introduced by Senator Ransdell of Louisiana tural economists and business executives whose activities
amending the cotton futures act so its to place the contract bring them into intimate and constant contact with agriculof the New Orleans Cotton Exchange on a parity with ture. The program of the Commission during the week
that of New York and Chicago, was passed on Feb. 9 by ended Jan. 15 included the following topics of inquiry:
1. Essentials of profitable
agricultural production, discussed before the
the U. S. Senate. A favorable report on the bill had been Commission by George M. Rommel, agricultural
consultant and formerly
ordered by the Senate Committee on Agriculture on Jan. chief of the Animal Husbandry Division, U. S. Department of Agriculture,
of Pleasantville, N.Y. Discussion led into (a) the proper lay-out of a farm;
13. A reference to the proposed legislation appeared in (b) the
ratio of investment in land to that in machinery; (c) labor distribuour issue of Dec. 25, page 3257. in noting the passage tion to obtain maximum employment of men and equipment; (d) stanthis week of the amendment to the Cotton Futures Act, dardization.
2. The inter-relation
the Washington correspondent of the New York "Journal the Commission by Dr.of commercial forestry and agriculture, analyzed for
Hugh P. Baker, secretary of the American Paper &
of Commerce" on Feb. 9 stated:
Pulp Association, New York City.
Prior to the passage of the Cotton Futures Act in 1916 there were
two exchanges where contracts for future deliveries were dealt in,
located respectively in New Orleans and New York, but these markets
were radically different in their methods. New Orleans settled its
contracts upon "commercial differences" of the grades tendered as
shown by the transactions on its own spot market; whereas New York,
which was not a bona fide spot market, settled upon the "fixed differences" established arbitrarily by that exchange.
When Congress passed the Cotton Futures Act it wrote into the law
the New Orleans method of settling by "commercial differences," and
in order to meet the radically different methods of trading in the two
future contract markets it provided in effect that New Orleans should
continue to settle its future contracts on the basis of the commercial
differences disclosed by transactions on the New Orleans spot market,
but that New York should thereafter settle its future contracts on the
basis of the average commercial differences of the several spot markets
in the South designated for that purpose by the Secretary of Agriculture. When Chicago later established a cotton futures market it was
directed to follow the regulations established for the conduct of the
New York Exchange.
This bill eliminates from Section 6 the clause under which New
Orleans is authorized to settle its future contracts on the basis of
the commercial differences disclosed by transactions on its own bona
fide spot market, with the result that in future New Orleans, New
York and Chicago will all alike settle their contracts on the average
price prevailing in the ten leading spot markets that are now designated
for that purpose by the Secretary of Agriculture.
3. The general agricultural situation in New England, presented before
the Commission by Dr. A. W. Gilbert, commissioner of agriculture of
Massachusetts. Under this topic were included the effect offreight rates in
relation to New England agriculture; changes in conditions tending to influence the future of New England agriculture; and peculiar characteristics
of present New England agriculture.
4. American agriculture in its national and international aspects, discussed before the Commission by Julius H. Barnes, grain exporter and
formerly head of the U. S. Grain Corporation. Questions involved are (a)
Should American agriculture be on a domestic or an export basis? (b) The
effect of futures trading on exchange on price stability; (c) can agricultural
problems in the United States be grouped as a unit?
6. The relation of wheat to the general agricultural situation, analyzed
before the Commission by James Ford Bell, president of the WashburnCrosby Company of Minneapolis, Minn.
6. The cost of products bought by farmers, and production efficiency, as
discussed before the Commission by William Butterworth, president of
Deere and Company. Moline, Ill. Related lines of inquiry are (a) the relation of the present agricultural depression to the agricultural implement
business; (b) fluctuations in the cost of farm implements and their causes;
(c) has the farmer overbought farm implements
' 7. Corporate production and distribution of agricultural products, discussed before the Commission by J. S. Crutchfield, president of the American Fruit Growers' Association, of Pittsburgh, Pa. Under this topic fall
(a) corporate and cooperative marketing; (b) fruit growing as a cash
crap
supplementary to other production.
8. Questions of economic theory relating to the agricultural problem were
discussed by Dr. B. M. Anderson, Jr., economist for the Chase National
Bank, New York City.
The following is the text of the bill passed by the
The members of the Committee were reported in these
Senate Feb. 9:
columns Jan. 1, page 38.
Be it enacted etc.. That the act entitled "United States cotton
futures act,I' approved August 11, 1916, as amended, be amended as
follows:
In Section 6, after the words "established by the sale of spot cotton,"
strike out the following words: In the market where the future transaction involved occurs and is consummated if such market be a bona
fide spot market; and in the event there be no bona fide spot market
at or in the place in which such future transaction occurs, then, and
in that case, the said differences above or below the contract price
which the receiver shall pay for cotton above or below the basis grade
shall be determined by the average actual commercial differences in
value thereof, upon the sixth business day prior to the day fixed, in
accordance with the sixth subdivision of section 5, for the delivery of
cotton on the contract," so that section 6 as amended will read as
follows:
"Sec. 6. That for the purpose of section 5 of this act the differences
above or below the contract price which the receiver shall pay for
cotton of grades above or below the basis grade in the settlement of a
contract of sale for the future delivery of cotton shall be determined
by the actual commercial differences in value thereof upon the sixth
business day prior to, the day fixed, in accordance with the sixth
subdivision of section 5, for the delivery of cotton on the contract,
established by the sale of spot cotton in the spot markets of not less
than five places designated for the purpose from time by the Secretary
of Agriculture, as such values were established by' the sales of spot
cotton, in such designated five or more markets: Provided, That for
the purpose of this section such values in the said spot markets be
based upon' the standard for grades of cotton established by the 1
Texas Cotton Curtailment Amendment of Parrish Bill
Suggested Providing for Extra Land
Tax Instead of Fine.
The following Austin (Tex.) advices appeared in the "Wall
Street Journal" of Jan. 17:
During the last few weeks there has been a widespread discussion by
farmers and business men of the Parrish bill, which would prohibit the
planting of cotton in Texas two years in succession on the same land. This
would reduce cotton acreage approximately 25%, compared with the acreage planted in 1926.
It has been suggested that an extra tax be placed on land cultivated two
years in succession, instead of providing a fine of $25 per acre on such planting—this to escape possible constitutional complications which mighttlevelop in connection with fines.
The law would not become effective until 1928.
It Is expected that the measure will meet with strong opposition in both
the House and Senate.
Senate Passes McNary-Haugen Farm Relief Bill.
By a vote of 47 to 39 the Senate yesterday (Feb. 11)
passed the McNary-Haugen farm relief bill. Regarding the
Senate action on the bill, Associated Press accounts from
Washington last night said:
FEB. 12 1927.]
THE CHRONICLE
Twenty-four Republicans, 22 Democrats and the one Farm Labor voted
for the bill, while 22 Republicans and 17 Democrats voted against it.
The Bledsoe plan, designed to insure cotton planters against price declines, offered by Senator Harrison, Democrat, of Mississippi, as an
amendment, was adopted on a roll call, 54 to 33.
Tobacco was included in the bill as a basic commodity by adoption of
an amendment by Senator McKellar, Democrat, of Tennessee.
An amendment by Senator Walsh, Democrat, of Montana, to defer the
eqnalization fee for two years on all commodities was rejected, 52 to 35.
An amendment by Senator Reed, Democrat, of Missouri, to defer the
equalization fee for one year only on cotton also was rejected.
The Reed amendment was rejected, 52 to 36.
An amendment by Senator Harrison to defer the fee on cotton for two
years also was rejected, 17 to 69.
It will be recalled that the bill (differing somewhat from
the present measure) was rejected by both the House and
Senate last year, the Senate defeating it on June 24 by a
vote of 45 in opposition to 39 in favor of it. This was noted
In these columns June 26, page 3549. Last month (in our
Issue of January 29, page 594) it was announced that the
new bill had been approved on Jan. 22 by the Senate Agricultural Committee. In the same item it was stated that
the measure would levy an equalization fee on basic crops,
with a view to controlling surpluses. We reported last
week (page 724) that the bill had been given right of way
In the Senate on Feb. 3. On the 8th inst. the Senate, by
unanimous consent, entered into an agreement to vote on
the bill on Feb. 11 at 4 p. in. Debate on the bill was opened
in the Senate on Feb. 4 by Senator McNary. The "Journal
of Commerce" Washington correspondent on that day said:
873
to prevent the passage of the measure. The telegram
follows:
Apart from the doubtful constitutionality of the method of selection of
the Farm Board and the imposition by such board of the equalization tax,„
we believe the bill in general so unjust in principle, so complicated in operation, so inequitable in its burdens, and so contrary to economic laws as to
Insure its, certain failure from the very start.
It is purely class legislation, investing the board as it does with power to.
handle the heavy appropriation and to control and direct the merchandising
of the tremendous volume of basic commodities in such manner as to benefit
one class at the expense of all classes of consumers.
If the plan succeeds, as anticipated by its friends, then prices must be
fixed by agreement with the farm board at greatly enhanced figures, the
inevitable result being to increase acreage and production each succeeding
year until eventual certain collapse, leaving agriculture then in an infinitely
worse condition than before the relief operations commenced.
While guaranteeing cooperatives and processors, say millers, packers and
others, against expenses and losses in their operations under the great venture, it meanwhile disrupts throughout the nation, all existing agencies and
facilities heretofore employed in the marketing and distribution of the basiccommodities named, which agencies and facilities will then be unavailable
when the undertaking is terminated.
When the bill comes up for consideration, we earnestly urge your presenceand active support to prevent the passage of this bill or any other bill oflike
nature
•
Reports to New York Stock Exchange Show Decrease.
of $154,073,917 in Brokers' Loans on Jan. 31
as Compared with Dec. 31.
According to the statement made public by the New
York Stock Exchange on Feb. 7, brokers' loans made by
members totaled $3,138,786,338 on Jan. 31, these figures,
revealing a decrease of $154,073,917 since Dec. 31, when
the amount was $3,292,860,255. The Jan. 31 total is
made up of demand loans of $2,328,340,338 and time loans.
of $810,446,000. The following is this week's statement ofthe Stock Exchange:
The speaker denied that the bill which bears his name is a
price-fixing
measure, and he challenged all to point out a single indication in
the bill
to the contrary. Senator Fess of Ohio inquired how the Government
would
be protected against leases through the operation of the equalization
fee
unless it fix prices. Senator McNary retorted that there is
no pricefixing about it; removal of the surplus as provided by the bill would
automatically raise the price up to the extent of the tarrif wall.
Total net loans by New York Stock Exchange members on collateral,
The McNary-Haugen bill would create a farm board of twelve members, contracted for and carried in New York as of the close of business Jan. 31,
one from each of the twelve Federal Land Bank districts, at a salary of 1927 aggregated $3,138,786,338. The detailed tabulation follows:
$10,000 a year each. It seeks to regulate and control surpluses of Cotton,
Demand Loans,
Time Loans.
wheat, rice, corn and swine, by methods to be worked out by the board. (1) Net borrowings on collateral from New York
An agreement has been reached between the sponsors of the bill and the
bank or trust companies
$1,963,553,748
4706,590.500.
Senators from the tobacco growing States whereby, in exchange for their (2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or others
support of the -measure, tobacco will be included as a basic commodity.
In the City of New York
384,786,590
103,855,500-
The same paper in its advices from Washington Feb. 7
stated:
That President Coolidge will veto the McNary-Ilaugen bill unless the
provision for farm organization control of the Federal Farm Board is
eliminated was the prediction made in the Senate to-day by Senator Fess
of Ohio in assailing the corn belt measure and announcing his support of
the Curtis-Crisp substitute.
Furthermore, Senator Fess emphatically declared, in his opinion the
Supreme Court will hold the measure invalid if the equalization fee is
retained.
Raps Bill's Provisions.
The Ohio Senator admitted he had "talked with no one" about a presidential veto but insisted that farm organization selection of the members
of the board is such a direct "approach to Sovietism" that "no President
could preserve his self-respect" and sign such a bill.
"Any bill with such a provision," he shouted, "cannot become a law."
Before he took the floor Senator Curtis of Kansas, majority leader, offered
his bill as a substitute, and read a long statement comparing the two
measures.
Senator Curtis admitted he will vote for the McNary-Haugen bill if the
substitute fails. However, he expressed opinion the farmers "never will
stand for the equalization fee."
In the House on Feb. 9 those favoring the measure won
their first victory when, according to the "Journal of Corn-•
merce," that body by a majority of 216 to 146 blocked an
amendment to the special rule for its consideration that
would have permitted a record vote on the Cnrtis-Crisp substitute. That account also said in part:
As adopted by the House the rule will allow a roll call only on the
Aswell substitute in addition to the one on the corn belt measure.
Sponsors of the McNary-Haugen bill were elated over the result of the
initial clash with the opposition. Congressman Dickinson of Iowa, head
of the farm bloc, went so far as to predict the bill will command a majority equally as large on final passage. . . .
With a vote near at hand in the Senate and approaching in the House
the question of just how many votes the South will deliver for the bill
still is in doubt; the equalization fee on cotton is the trouble maker.
Senator McNary of Oregon, in charge of the bill, sees a • majority of at
least one vote for the bill if the fee is left on cotton from the outset. He
said he would prefer defeat of the bill to deferment of the fee on cotton
as asked by some Southern members. He believes in the end most of
them will support the bill.
Another complication in the South has been caused by the textile mill
owners, who are flooding members with telegrams urging them to vote
against the bill. North Carolina is particularly affected and two or three
meetings of the delegation have been held without a decision.
$2,328,340.338
. $810,446,000.
Combined total of time and demand loans
33,138,786,338
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
The monthly figures of the Stock Exchange since Januarya year ago follow:
1926—
Jan. 30
Feb. 27
Mar,31
April 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Demand Loans.
52,516,960.599
2,494,846,264
2.033,483,760
1,969.869.852
1,987,316,403
2.225.453.833
2,282,976,720
2,363,861.382
2,419.208,724
2,289,430,450
2,329,536.550
2,541.681,885
2,328,340.338
Time Loans.
Total Loans.
4996.213,55.5 $3.513,174,154
1,040,744,057 3,535,590.321
966,612,407 3.000.096,167
865.848.657 2.835.718.509
780.084.111 2,767,400,514
700,844,512 2,926,298,845.
714,782,807 2,996,759,527
778,286.686 3,142,148,068
799.730,286 3,218.937,010.
821,746,475 3,111,178,925
799.625,125 3,129.161,675
751,178,370 3,292,80,255
810,446.000
3.138,786,338
"Corner" in Wheeling & Lake Erie Stock—Purchase of
Control by Other Roads—Gyrations of the
Stock.
The gyrations of the stock of the Wheeling & Lake Erie
Railroad have for the third consecutive week been a commanding feature of the stock market movements, and with
the advance of the stock to a new high mark-130—on the
Exchange on Feb. 8 (it closed at 100 on that day) it was
remarked in the "Times" that;
Unmistakable evidences of a corner developed and Wall Street abandoned
the pretty pretense which it had kept up for days by referring tolhe stain- '
gency as a "technical corner." The New York Stock Exchange, to which
the imperiled shorts had looked for rescue, took no action beyond announcing in a formal statement that it was "in close touch with the situation."
Following a "bear" raid on the stock on the 9th, when the
stock went to 66% the operations were again normal on the
10th. The violent upward swing of the stock on Feb. 8
followed the announcement on Feb. 7 that three leadingrailroad groups had acquired large holdings in the Wheeling
& Lake Erie and Western Maryland roads, this acquisition
bringing about virtual control of the two roads by these
groups. As to this and the advance witnessed in the stocks
on the 7th, we quote the following from the "Times," on,
New York Produce Exchange Opposed to McNary- the 8th:
Shares of both roads reached new high prices, Wheeling going to 95 and
Haugen Farm Relief Bill—Unjust In Principle
Western Maryland to 4414 •
and Inequitable In Its Burdens.
In railroad circles the sudden and somewhat dramatic move of the New
Characterizing the Farm Relief bill (Senate No. 4808 and York Central. the Baltimore & Ohio and the Nickel Plate, the purchasing
roads, was considered a retaliatory thrust at L. F. Loree of the Delaware
House No. 15474) now before Congress, as unjust, inequit- & Hudson,
who is engaged in building a fifth trunk line and who had planned
able and threatening the disruption of the marketing and to include these two terminal roads in his system.
Mr. Loree had obtained sufficient stock of the Lehigh Valley to prevent
distribution of crops, B. H. Wunder, President of the New
the New York Central from getting control of
Central had
York Produce Exchange on Feb. 5 telegraphed senators and Planned to take the Lehigh Valley. giving the that road. TheBaltimore
Reading to the
congressmen from New York and New Jersey, urging them Ohba.
874
The counter move was disclosed yesterday with the acquisition of the
Wheeling & Lake Erie and the Western Maryland. With these two roads
lifted out of his proposed system by purchase by his competitors, the entire
southern end of Mr. Loree's proposed system was literally wrecked, while
the northern end remained intact. The Wheeling & Lake Erie is of further
Importance to the New York Central because it gives the road access to
non-union coal mines which might be used in case of labor difficulties in
the union mines.
Railroad's Announcements.
The announcement of the stock purchases, which are expected to lead to
a complete shift in many of the schemes for railroad consolidations, were
as follows:
of
The New York Central reported that it had purchased 95,000 shares
the Wheeling & Lake Erie, partly in common and partly in preferred.
The Van Sweringen brothers of Cleveland, for the Nickle Plate, reported
partly
that they had purchased 95,000 shares of Wheeling & Lake Erie,
in preferred and partly in prior lien.
that it had acquired about
The Baltimore & Ohio Railroad Co. reported
one-sixth Interest in Wheeling & Lake Erie shares, partly in prior preference
and partly in common stock, and that it had purchased 144,000 preferred
shares of the Western Maryland formerly held by the Rockefeller interests,
gave it 35%
which, together with common shares bought in the market,
ownership.
Rockefeller
It was evident, in view of these announcements, that the
D. Rockeinterests, represented primarily by the personal holdings of John
money was
feller, had passed to the three railroad groups. How much
Roelof°llers, and later In
involved in the private transactions with the
the open market, can only be surmised.
through the
Mr. Rockefeller obtained control of the Western Maryland
J. Gould.
purchase of a majority of the common stock from the late George
Wheeling & Lake Erie, but
It is not known how he acquired control of the
done toward
It has been so completely his road that nothing could be
acquiring it without purchase of his holdings. He has owned $11,396,100
yesterday on
Of the $11,882,600 of prior lien stock of the road, which sold
calculated some
the New York Curb Exchange at $170 a share. It was
that he had a paper profit of
time ago when the stock was near that price
Dividends
almost $8,000,000 more than the par value ($100) of the stock.
remain unpaid,
of71% have accumulated on this stock, and so long as these
affairs.
the holders of the other classes of stock have no voice in the road's
comWhen the dividends are paid the control will pass to the holders of the
of the three classes outstanding.
mon stock, which is the largest issue
of
Bertram Cutler, who represents the Rockefeller interests on the Board
no
Directors of each road is reported to have negotiated the deal. He made
statement.
announcement yesterday and his associates declined to make any
Railroad shares as a whole were the features of the market yesterday,
although the centre of interest was squarely on the Wheeling & Lake Erie
and Western Maryland issues. Other shares in this group moved more
sedately. The sales for the day, aggregating 2,158,960 shares, established
the third market of the year in which such a volume has been attained. It
was quite evident, however, from the fact that the average price of fifty
representative .stocks closed fractionally lower, that some measure of
liquidation was going on in the industrial issues under cover of strength in
a few of the railroad shares.
Wheeling Stock Still Cornered.
The formal announcement of the railroad groups that they had acquired
large blocks of all classes of securities of the Wheeling & Lake Erie and
Western Maryland, which was made just before 3 o'clock, ended a mystery
which has been largely responsible for the creation of the technical corner
In Wheeling & Lake Erie on the Stock Exchange. It did not end this
technical corner, however, for a premium of 7%. or $700 a day for 100
shares, was asked and paid for Wheeling stock before the end of the day.
This is the highest official loaning rate that stock market veterans could
recall. In the Northern Pacific corner at least 80% premium was paid in
private transactions for temporary use of stock through which shorts could
extricate themselves.
Wheeling & Lake Erie shares in just one month have advanced from
$27 50 to the high of $95 yesterday, at which price the stock closed.
The identity of those who have been short of Wheeling & Lake Erie and
who brought about the wild upturn by their frantic bidding for it has never
been diclosed. It is known, however, that several traders on the floor of
the Stock Exchange have been heavily short and have covered from time
to time at tremendous losses. The upward move in the stock has been
consistent and so rapid that they were caught without the opportunity to
re-purchase their shares without determined bidding for them.
One of the stories which has been going around Wall Street since the
technical corner developed is that a large number of these shares has been
locked up in safe deposit vaults and that their owners, away on a fishing
trip, sold against them just before leaving, and that all efforts to get in
touch with the owners to obtain the actual stock have been futile. It is
doubted in Wall Street that the identity of the heaviest shorts ever will be
publicly established.
Stock Exchange Issues Call.
Early in the day, long before the loaning rate had risen under pressing
demand to a premium of 7%, the Stock Exchange took official cognizance
of the growing tenseness of the situation by calling upon all members to
report "the number of shares borrowed and from whom" and "the number
of shares loaned and to whom." At the same time it reiterated its call of
last week for the "aggregate long and aggregate short positions" of members. The information is required with respect to both the common and
preferred shares of the Wheeling & Lake Erie "by 11 o'clock each morning
until further notice."
This action by the Exchange was taken to mean that the possibility of an
actual corner in .he stock was realized, although no other development of
the day indicated that drastic steps were being considered. The Business
Conduct Committee, which is the agency through which the Exchange Is
watching the situation, was reported to be considering recommendations to
the Governing Committee and it was rumored that a joint meeting of the
two committees might be held to-day after the receipt of the first reports
from members on borrowings of the stock.
The Stock Exchange does not recognize the existence of a corner so long
as there is what it considers a "free and open market." "Whenever in the
opinion of the Governing Committee," says the section of the constitution
relating to corners. "a corner has been created in a security listed on the
Exchange, or a single interest or group has acquired such control of a security so listed that the same cannot be obtained for delivery on existing contracts except at prices and on terms arbitrarily dictated by such Interest or
the time for deliveries on
group, the Governing Committee may postpone
exchange contracts therein."
The possibility of the Governing Committee ordering the suspension of
yesterday. While no one insisted
trading in the stock was discussed widely
trading in it was fairly heavy and
that the stock was In plentiful supply,
it at the 7% premium. As a
shorts had no serious difficulty in borrowing
and 6% premiums.
matter of fact, much of the stock was loaned at 5
[Vol,. 124.
THE CHRONICLE
Day on Stock Exchange.
Fluctuations in the price of Wheeling & Lake Erie common on the Stock
Exchange were more violent yesterday than on any day since the technical
corner developed. So sensitive was the market that swings of five points
and more on single transactions were numerous. At one time trading in the
stock was completely demoralized. Excitement around the Wheeling post
was intense throughout the day, but the period just before the close of the
market saw the greatest demonstration. The stock, after opening at $4,
unchanged from the close on Saturday. showed little activity in the morning, but around noon there was a burst of buying which quickly whirled the
price to new highs for all time, touching 95 before the close and passing
through an arc of fifteen points. The day's low was 80 and the high 95, at
which the stock closed for a net gain of eleven points. Total sales were
5,700 shares.
Wheeling & Lake Erie preferred, in which there was much heavier trading
but in which there was less nervousness, opened at 793's, rose to a high of
84 and closed at 793 for a net loss of 3i, point. The low was 77%. Total
sales were 11,600 shares.
Western Maryland, which has been a twin feature with Wheeling since the
uprush began, also rouched a new high. There was a turnover of 202,300
shares in the common and the quotations ranged from a low of 385( to a
high of 44%. The net gain was 2% points. The turnover in the second
preferred of this road was 23,300 shares. The day's low was 38% and the
high 42%,the net gain being 1% points.
While it is impossible, in the absence of definite information as to what
the three railway groups paid for their Wheeling & Lake Erie stock, to say
what their potential profits have been as a result of the spirited advance in
the stock, it was calculated yesterday that the aggregate holdings which
they are now understood to have are worth more than $20,000,000 more
on the Stock Exchange than they were before the upswing got under way.
This is not to say, of course, that any such profit could be realized. The
calculation was interesting for the reason that the advance in Wheeling &
Lake Erie is supposed to have had its original inspiration in the buying interest of the New York Central, the Baltimore & Ohio and the Nickel Plate.
Western Maryland Conversion.
The Stock List Committee of the Exchange held a long meeting yesterday
afternoon. It was reported to be considering a situation which had been
discovered in Western Maryland whnh holders of the second preferred sought
to convert such stock into common as provided in the road's charter and as
stipulated in the application to list the stock. At the Bankers Trust Company, transfer agent for the stock, it was said the stock for this purpose
would be available as soon as the company was advised of the result of
negotiations understood to be under way yesterday. The road has enough
stock in its treasury to carry out the conversion terms. The Stock List
Committee adjourned without any announcement.
It was said the hitch in the matter of conversion Of Western Maryland
was due to an oversight. Until yesterday, when the common stock for
the first time crossed the preferred, there had been no advantage for holders of the latter to convert their stock.
Stockholders of both Western Maryland and Wheeling & Lake Erie were
reported yesterday to be planning legal action as a result of the difficulty
encountered in the conversion of their stocks. One stockholder of Wheeling
& Lake Erie announced last week that he had instructed his attorney to
bring suit. This suit, however, has not been brought.
Shorts Still Hopeful.
So far as could be learned yesterday no private settlements have been
arranged by shorts trapped in the Wheeling squeeze. There were reports
that such settlements were being arranged, but the general belief was that
those who had not seen fit to cover their commitments would continue to
borrow in the hope of action by the Exchange that would clear the atmosphere to their advantage. Any action by the Exchange that would amount
to a moratorium on trading would help them.
Short sellers of Western Maryland got some comfort for a brief time yesterday OW of reports that the Allen Property Custodian, who holds a block
of the stock, might lend it. Investigation revea'ed, however, that that
official cannot lend, hypothecate or deal in any way in stock held.
The premium of 7% paid yesterday by borrowers aroused considerable
discussion in the financial district as to whether or not ft was the highest
premium that ever had been paid on the Stock Exchange. Investigation
disclosed that a premium of 80% had been paid for Northern Pacific stock
just prior to the Northern Pacific corner on May 9 1901.
The "Financial Chronicle- of that date said the corner was "precipitated
by the purchase by Street & Norton, brokers. of 200,000 shares of Northern
Railroad stock on May 6 1901, at a price range of 114 to 133. The next
day the stock sold at 149%; on Wednesday it advanced still more; then it
became almost impcssible to borrow the stock for delivery. and 80% was
paid for its use overnight. On May 9. the day of the panic, 300% was
asked for one day's use of the stock. It sold in the open market for cash at
$1,000 per share and for $700 in the regular way."
In addition to the • several announcements of the Stock
Exchange which we gave in our item of a week ago (page
721) the following notices were issued during the week by the
exchange.
NEW YORK STOCK EXCHANGE
Feb. 5 1927.
to you dated Jan. 28
Gentlemen:—Supplementing its communications
now desires the followand Feb.3 1927,the Committee on Business Conduct
ing information from you by 11 o'clock each morning until further notice,
In relation to your situation at the close of business on the previous day
In both the common and the preferred stocks of the Wheeling & Lake Erie
Railway,Co.:
1. The aggregate long and aggregate short positions of yourselves and
customers.
2. The number of shares borrowed and from whom.
3. The number of shares loaned and to whom.
Please send this information in a sealed envelope addressed to the Committee on Business Conduct. Room 601, Stock Exchange Building,
Respectfully,
E. V. D. COX, Secretary.
Feb. 8 1927.
that, at a meeting hold on Monday,
The Stock Exchange is informed
of the Wheeling & Lake Erie Railway Co. passed
Feb. 7, the Directors
resolutions in regard to the conversion of the prior lien and preferred stocks
into the common stock of that company, and that an application will be
made to the Inter-State Commerce Commission to approve the issuance of
the additional common stock necessary to provide for this conversion.
The purchase of control of the Wheeling & Lake Erie Railway Co. by the
New York Central, the Baltimore & Ohio and the Nickel Plate, which
was announced this morning. resulted in wide fluctuations in the price of
the company's stocks and in high premiums for the use of the common stock
in the loan market.
FEB. 12 1927.]
THE CHRONICLE
The Committee on Business Conduct of the Exchange has been in close
touch with the situation through daily reports from the members of the
Exchange. The purchase of control greatly reduced the amount of both the
common and preferred stocks in the market,and the Committee on Business
Conduct will continue to require daily reports of the position of the members
tithe Exchange in these stocks until further notice.
In its reference to the Stock Exchange statement of Feb.8,
and the spectacular operations witnessed in the trading that
day the "Times," on Feb. 9, said:
With the tension increased by the announcement that three great railroad systems had locked up in their strong boxes the stock so urgently desired in Wall Street, the corner in shares of the Wheeling & Lake Brie Railway Co. was further tightened yesterday as the disheartened shorts in a
frenzied covering movement drove the price of the road's common stock
35 points above the previous day's close. Price swings were the most
violent since the uprush in the stock began in the latter part of January,
the stock advancing to 130 and closing at WO.
Exchange Makes Statement.
The stock market community, learning that the Exchange was to have
something to say after the close of the market, expected action that would
break the corner, but there was little comfort for the shorts or for the financial community in the announcement that came, with considerable ceremony,at 3:40 o'clock. . .
Stock's Course on Exchange.
Wheeling dr Lake Erie Common,in which the distressed short
interest is
greatest, did not hold the gains made in the morning, but its swift drop
in
the afternoon as the shorts refused to pay the soaring prices only emphasizing the sensitiveness of the market and its responsiveness to the
lifting or
application of pressure. The stock closed the day with a net gain
of five
points after one of the most spectacular trading sieges in the history
of the
Exchange. The 30
-point jump was accomplished within a remarkably
short
period. Opening at 105, ten points up from the previous close,
the stock
advanced swiftly to 110 and then, under spirited bidding, to 120. The bid
was raised quickly to 130,the top for the day, and at this
figure 1,000 shares
came into the market. This price represented an increase of
about 400%
from that of a month ago. There was a lull in the bidding
after 130 had
been reached, and the stock soon broke to 120. La.er
reactions brought
the quotation down to 100, which was the price when
the
The total turnover was 5,500 shares,an amount which, while market closed.
not impressive,
represented heavy trading in a stock whose floating supply
is so scanty.
Wheeling preferred, of which 14,600 shares were dealt in,
performed less
spectacularly, but was a centre of interest. Its high price for
the day was
93 and its low 83, at which it closed with a net gain of
334 points.
875
Break Without Parallel.
This break in stocks and their subsequent recovery furnished a page in
Wall Street's financial history which, it was predicted yesterday, might
never be duplicated. Railroad stocks of every description, irrespective of
earning power or possibilities of use in mergers, had been bid up frantically
and excitedly in the first hour and a half of trading until in virtually every
case they were selling at the highest prices for all time.
Suddenly, and rather mysteriously, heavy pressure was brought against
them. Every bid found stock offered. Prospective sellers were obliged to
make concessions. Just what happened no one seemed to know. The
sharp drop in Wheeling & Lake Erie had a psychological influence. Frenzied bidding up of this and that low-priced railway stock no longer was in
evidence, and without such bidding to sustain them the shares immediately
sought their former levels. Railroad mergers, possibilities of earnings and
future prospects meant nothing.
An avalanche of selling came into the market as the crash in the "little
rails" took place to the accompaniment of reports that the corner in Wheeling & Lake Erie had ended and that powerful interests were preparing to
check the speculative orgy. Trading expanded so rapidly that for a time it
seemed that a new high record for total transactions for the day would be
made. During the period of the widest break it was of unprecedented
volume. As it was, it was one of the biggest markets in recent years, transactions totaling 2,845.050 shares, which figures has not been exceedel since
March 30 1925, when 3,297,901 shares changed hands.
Before the flood of selling had been dammed in the early afternoon the
stock market had written one of the most thrilling chapters in its history.
On the recovery Wheeling common closed at 90. 10 points below its final
price on Tuesday, and the preferred stock closed at 87, a loss of 4 points.
Explanations of the Break.
Many explanations for the break were put forth. In one quarter it was
said that the downrush was due to the action of the directors of the Wheeling & Lake Erie and the Western Maryland in arranging to provide stock
for the conversion.features of their charters. This, however,did not impress
Wall Street as convincing for the reason that it has been made clear in each
case that the roads would lose no time in making the neceasary'stock available. It had been blear. furthermore, that the stock in question could not
be supplied for some days. Another report, that the Stock Exchange had
brought pressure to bear on the railroad groups which recently purchased
control of the Wheeling and Western Maryland lines to offer part of their
stock holdings for conversion purposes was discredited at the Exchange and
in railroad quarters.
When Wheeling & Lake Erie dropped, other stocks of the "little rail"
group proved to be equally vulnerable, and as the decline in the leaders
gained momentum the selling took on the appearance of a market panic.
Within forty-five minutes the market value of Wheeling had been whittled
down more than 35 points. Western Maryland within the same period had
shaken 10 points from its price, while other issues such as Pittsburgh &
West Virginia, Bangor & Aroostook and Chicago Great Western were sinking so fast that tape watchers had difficulty in following them.
The break was of brief duration, and it was followed by a rally of remarkable vigor which wiped out a good part of the losses. The reversal of trend
came about as suddenly as the break, but the advance was much slower.
Many of the stocks, including the Wheeling and the Western Maryland
issues, recovered somewhat sensationally, but Wall Street seemed to be
convinced at the end of the day, notwithstanding the upturn, that the
speculative bubble had been punctured.
Other Stocks Carried Up.
Speculative enthusiasm was not confined to the Wheeling
& Lake Erie
issues. A large number of other stocks, mostly of the
rail group, joined.in
the advance, many of them ending the day with large gains.
Wheeling & Lake Erie common continued to loan at a premium
of 7%,or
$700 for the overnight use of 100 shares. The borrowing demand
was not
so heavy as on Monday, but lenders had no difficulty
in getting the 7%.
The final transactions in the loan crowd on the Stock
Exchange yesterday
afternoon wore at this figure.
There were reports yesterday of defaults in the delivery of
stock as a result
of the inability of certain shorts to borrow stock, but these
Course of Wheeling Stock.
reports could not
be confirmed. There was no record of the Exchange buying
It was a bewildering market all day. Wheeling & Lake Erie, in Which a
stock "under
the rule" to enforce deliveries.
corner had existed several days,opened at 105, up 5 pointsfrom the previous
close. There was little trading in the stock in the early part of the day,
Short Interest Estimated.
however, and floor traders concluded that the shorts wre unwilling to do
Wall Street undertook yesterday to determine the extent
of the short business at the current levels. The stock was offered to the shorts at a
interest. It was agreed that this interest had been
premium of 7%. but there were no takers. The short interest, which on
reduced by covering in
the course of the day, but it was believed still to be
large—considerably the preceding day had bid the stock up to 130. apparently was playing a
larger, in the opinion of many. than the estimate of 7,000
shares which had waiting game, hoping that action by the Stock Exchange or some other
been made in some quarters. It was estimated that the
short interest has di velopment would save them from disaster. The market otherwise was
been as largo as 50,000 shares, and statisticians, using this figure,
extremely active and strong, many issues advancing to new highs as specureckoned
that the net cost to shorts thus far must have been terrific.
lative enthusiasm grew. So, with the market rising briskly on heavy tradSome tight on the probable floating supply of the stock
was to be found ing and with many holders waiting for an opportunity to take profits, the
•by analyzing the announcements of the New York Central, the
stage was decorated for the concentrated selling movement which seemed to
& Ohio and the Nickel Plate of the extent of their stock interest. Baltimore be set to start around noon.
The New
York Central and the B.& 0. are understood to have about
The pressure was applied first to Wheeling, which dropped almost
55.493 shares of
common each. The Pittsburgh & West Virginia is reported to
own around perpendicularly until it had touched a low of 66%, down 634 points from
50,000 shares. It was assumed, therefore, that these throe
roads hold the high of 130 reached on the preceding day. Western Maryland swung
approximately 161,000 shares of a total of 336,413 shares. The
floating into line with a swift descent that did not stop until 25 had been reached.
supply on this calculation would be something like 175,000 shares,
At this figure it was 1735 points below Tuesday's high of 42%. Chicago
,
but it is
known that other large blocks of the stock are out of the
market. The Great Western sold off to 15. 7 points under Tuesday's top, while Wheeling
Pittsburgh & West Virginia, it also was pointed out, really owns more
Lake Erie preferred and Western Maryland second preferred executed
than &
50.000 shares.
dins as wide or wider. . . .
At the office of Leonor F. Loree, President of the Delaware dr
Confusion on the floor of the Exchange was so great during the break that
Hudson,
Whose plan for a fifth trunk line in the East was described as
having been orders were executed with the greatest difficulty. There were instances in
partially wrecked by the three roads' coup, it was said:
which traders could not fill orders because of their inability to reach the
"Mr. Loree has shown no signs of worrying, does not intend to
and has specialists. Traders were massed so tightly around the posts at which
no comment to make on the situation one way or another."
the lower-priced rails were being traded in that the business went only
to
Interests close to Mr. Loree intimated, however, that he had been
tin se with the broadest shoulders and the greatest lung power. Spectators
aware
of tho developments as they progressed and that he would offer
no opposi- in he gallery were reminded of a football scrimmage.
tion to the plan of the purchaser to use the Wheeling & Lake
Erie and the
Many Stop Loss Orders.
Western Maryland as neutral terminal lines for their benefit.
he "little rail" department was literally honeycombed with stop-loss
A. H. Harris, Vice-President of the Now York Central and George
M. malt rs, mostly close to the
market, and these had the effect of accelerating
Shriver, Senior Vice-President of the Baltimore & Ohio, both
declined to
comment on their roads' acquisition of stock in the terminal "keys." the break. At the peak of the selling rush orders poured in so fast that the
Officials of the Pennsylvania Railroad, who also were named as "vitally annunciator boards upon which telephone calls for traders are flashed was
a white, wigwagging picture, almost bompletely obscuring the
Interested" in the scheme, had nothing to say beyond asking, "How
black backis the grounds. Throughout the
excitement the hosts of traders were decorous
Pennsylvania connected with these negotiations."
except for their scrambling around the posts.
Regarding the break in the stock which occurred on Feb.9, In the brokerage houses throughout the financial district the scenes
were
when it got down to 66% (as compared with the 130 record little different. The attendance in customers' rooms was larger than usual
and in many cases all available standing space
was taken as the traders
of the previous day) the "Times," on Feb. 10, said:
%vat-'lied the stirring spectacle that was passing across the tickers
or the
A bear raid of singular daring, directed at the market's most vital
spot. quotation boards. Customers' men handled the greatest number of transprecipitated a break on the New York Stock Exchange yesterday
which actions in months. Weary clerical staffs worked until late last night enwithin less than an hour erased millions of dollars of security values,
wiped teriug the day's business in the ledgers.
out hundreds of speculators and toppled over a speculative structure which
There was talk in Wall Street again yesterday of private settlements being
Wall Street had regarded as a menace.
effer.ted by the shorts in Wheeling. So far as could be learned no such settleThat the market in its most exposed position, the "little rails," was
about ments have been made. The Stock Exchange has not turned a hand to
ready to collapse of its own weight was made plain when a group of oper- bring about any
such settlement and it still held the position yesterday
ators, timing their attack with precision, struck with dramatic
suddenness that no actual corner has existed in Wheeling & Lake Erie for the reason
just before 12 o'clock. Singling out Wheeling & Lake Erie, which has
been that there has always been a "free and open market" in the stock. The
the market's sensation for several days, as well as Western Maryland and Exchange took no
notice of yesterday's developments.
other speculative favorites, these operators launched a selling
movement
Describing the movements of the Wheeling & Lake Erie
that met virtually no resistance. Within five minutes Wheeling, which
had
been astonishing the Street by the rapidity and breadth of its advances, stock the Exchange on Feb. 10, the "Herald-Tribune"
of
was crumbling at breathless speed.
Feb.
11, stated:
876
THE CHRONICLE
[Vol,. 124.
This is distinctly a manifest advantage to investors in that they can follow
Wall Street's trading fraternity turned to a broad list of industrial stocks
of their unlisted securities now quite as readily as they may
yesterday with a sigh of relief as it became evident the Wheeling & Lake price movements
s of securities traded in upon the organized Stock
Erie corner had finally corrected itself, after featuring the market for a follow the fluctuation
-point perpendicular climb and its record premium rate Exchange.
month with its 100
It was pointed out at the meeting that while the exchanges,
of 7%.
Opening at 80, off 10 points over night, the shares moved within a financial institutions and the press generally understand the
still made at a pre-point range In desultory trading. A few loans were
5
on, there has
mium, but the rate was cut down to %% and later eased down until the character and scope of activities of the Associati
stock loaned "flat." For the first time since Wheeling started its wild been so little publicity relating to its activities that some ingyrations, the list of stocks demanded in the loan crowd was devoid of all
vestors might assume the Association to be an organized
exchange. Inasmuch as all of the acts of the members and
governors have been to emphasize the fact that the Associa,
tion is in no sense an organized trading center, and maintains
no meeting place for the transaction of business, in order to
clarify and make the point definite, an amendment to the
In the "Evening Post" of last night it was noted that constitution was adopted, specifically stating that the board
Wheeling Lake Erie common lapsed into almost complete of governors should have no power to adopt any procedure
inactivity in yesterday's (Feb. 11) trading. The "Post" attempting directly or indirectly to establish the association
added:
as an exchange of any kind. Governors elected at the meetThe first sale in the stock did not come until about noon, when 100 ing, which was held at the office of The Bankers Capital Corprice. After an
shares sold at 77, off 8 points from Thursday's closing
into the poration,44 Wall Street, New York City, were:for two years,
interval of nearly an hour came the sale of 200 shares at 74. Going
of 64. In
last hour of trading the common dropped to a new low price
Frederic H. Hatch, Ralph Bristol, J. Roy Prosser and John
preferred stock
transactions totalling slightly more than 1,000 shares the
shares loaned P. White;for one year, Frank Y. Cannon, Oliver J. Troster,
sold at 87 and then dropped sharply to 81. The common
Ernest E. Uehlinger, Chas. E. Doyle and H. D. McMillan.
flat again, without premium.
premium charges.
Speculative enthusiasm, which had been shaken by Wednesday's break
in the corner and the demoralizing drive against the entire rail group, was
restored as traders turned to the industrials under the lead of Baldwin.
Only about 500 shares of Wheeling common changed hands, while the
Preferred was slightly more active and moved within a narrow range,
closing at 86, up a point.
the second
Common stock of the Western Maryland slumped to 28% and
preferred stock of that company to 323j•
nt
The drop In Western Maryland was accompanied by the announceme
the Inter.
from Washington that the company had filed a petition with
JurisState Commerce Commission asking that the Commission disclaim
to issue
diction and dismiss the carrier's recent application for authority
event that second
$10,C00,000 additional common stock for use in the
par for par.
preferred stock was presented for conversion into common stock
result of the doubt that seemed
The action was taken, it was said, as a
to exist relative to the authority of the Commission in a slimier application
road sought
recently filed by the Wheeling & Lake Erie, wherein the latter
prior lien and
permission to issue new common stock in exchange for
of stock outstanding.
preferred stock without changing the total amount
Last Saturday's (Feb. 5) developments in the trading of
the stock on the Exchange were reported in the "Times"
as follows:
Judge Elbert H. Gary Denies Reports That He Is to Retire
From United States Steel Corporation.
In a statement to newspaper men yesterday, Feb. 11,
Judge Elbert H. Gary, Chairman of the Board of the
United States Steel Corporation, denied that he plans to
retire within the present year to be succeeded by Nathan
L. Miller, former Governor of New York. Judge Gary's
statement follows:
"1 asked my secretary to invite representatives of the press to come
in which
Traders short of stock of the Wheeling & Lake Erie Railway, devel-•
has
one of the tightest technical corners in the history of Wall Street
the finanoped, obtained no mercy yesterday as they struggled to stave off
who were
cial disaster which threatens them. Fortunate holders of stock
close of the
willing to lend it were exacting a premium of 3%% after the
shares until tomarket. This was at the rate of $350 for the use of 100
morrow. . . .
hands yesterday,
The common stock, of which 3,000 shares changed
loss of 4 points.
touched a high of 87,a low of 83 and closed at 84 with a net
2.400 shares
It had closed on Friday at 88. Tho preferred stock, in %V tliCD
and closed at
were dealt, sold yesterday at a high of 81 and a low of 78%
79% for a net gain of 1% points.
took place after
The advance in the loaning rate to a premium of 3%%
stock were able to
the day's trading had ended and after the holders of the
was frantic
determine the extent of the distressed short interest. There
premium of 2%,
bidding for the stock and the rate rose by Jumps from a
premium rate. This rate
which had been changed on Friday, to the 33 %
corners in Wall
compares with the loaning rates in some of the most famous
Street, such as the Stutz and the Piggly-Wiggly corners.
Loss Estimated at Millions.
compute the losses
Statisticians in Wall Street were trying yesterday to
& Lake Erie
that have been suffered by shorts in the present Wheeling quotation of
a
stringency. The sensational rise in the common stock from shorts several
these
$27 50 a share last month to $89 on Friday has cost of mind.
millions of dollars, not to mention the tax on their peace
as a result
There was talk yesterday of legal action in several directions
stock needed
of the failure of the railway company to provide the common
sellers are underto meet the terms of its conversion offer. Several short
suit. The
stood to have consulted attorneys with the view to bringing on to the
Stock Exchange, it is understood, has given serious considerati
road's failure to have such stock available.
control of the
Varied sentiment met reports in Wall Street yesterday that
week
Wheeling & Lake Erie had passed to a group of railroads more than a
or on
ago and that a definite announcement would be made either tomorrow
Tuesday as to disposition of the road.
Unlisted Security Dealers' Association Reports on First
Year's Operations—Governors Elected at
Annual Meeting.
The first annual meeting of the Unlisted Security Dealers
Association, which was organized early in February, 1926, by
houses dealing in "over-the-counter" or unlisted securities,
was featured by a report of progress during the year and the
election of a Board of Governors. In making his annual
report, President Frederic H. Hatch said:
The primary purpose of the Association is to further the mutual interests
of investors and dealers in "over-the-counter" securities. More explicitly
stated, to provide opportunities for dealers who are constantly doing business with each other over the telephone, to meet personally and become
intellibetter acquainted, to the end that they may work together more
market and
ng
gently: to create a better understandi of the unlisted security
may coto provide a medium through which dealers in unlisted securities
methods in
operate in public education and improve standards of business
this Important financial field.
Association in directing public attention to the
In line with the aims of the
great primary market, and providing means
reliability and stability of the
constantly better informed of development
whereby the public may be
e work has been accomplished during t e
therein, substantial constructiv appreciation have been received relative
of
past year. Many expressions
New York daily publications in assembling
to the cooperation of the great
ounter" securities in easily studied
broader lists of quotations in "over-the-c extensive current news relating to
of more
tabulations, and the publication
these securities.
to my office at this time because an increasing number were making
inquiries realting to published rumors of my intention to resign from
the position of Chairman of the Corporation. I desired to save time
for myself and my associates.
"Two things especially should be constantly borne in mind by any whe
are interested in the subject. First, the decision of all questions like
this one, if there should be any difference of opinion, rests with my
fourteen associates on the board of directors. These are all men of
large ability and experience, liberal education, possessed of comfortable
fortunes and absolutely independent. Secondly, the controlling reason
which actuates the directors at all times is the good of the corporation
and those who are interested in its management. The personal intentions and desires of the directors are subordinated.
"For instance, at the time the question of a special stock dividend
and
on the common stock of the corporation was considered, discussed
were
determined all the directors and members of the finance committee
present or invited to be present and unanimously reached a conclusion.
. Our
None had opportunity to profit by inside or advance information
s
effort is to give all stockholders equal rights and opportunitie concernis,
ing personal interests. For this reason rumors or guesses of what
proposed to be done should never be accepted without verification.
,
"As to severance of my official connection with the Steel Corporation
of.
the question has never been discussed or considered by the board
directors or any of them, so far as I personally. know."
Sales of Guaranteed Mortgages in 1926 Largest on.
Record According to New York Title and
Mortgage Co.
mortgages during 1926 were the largest
Sales of guaranteed
on record, according to the year book of the New York Title
& Mortgage Co., mailed to the stockholders on Feb. 1.
this.
Harry A. Kehler, President of the company, attributes
growthto three factors: extraordinary national prosperity,
and
high prices and consequent low yield of high grade bonds,
increasing familiarity on the part of investors with the guard
s
anteed type of security. During 1926 guarantee mortgage
to the amount of $192,975,213 were sold as against $119,656,of
899 in 1925. This represents an increase 61%. Through
the merger with the United States Title Guaranty Co. in
March of last year, mortgages amounting to $56,350,634
were added to the other holdings of the company. The total'
the company and now
of mortgage securities guaranteed by
investors amounts to nearly $400,000,000. Bond
held by
$23,000,000
and mortgage sales increased from approximately
1920 to $192,000,000 in 1926. Total guarantees outin
standing increased from $50,000,000 to $400,000,000 during
and mortgages from
the same period, and loans on bonds
00 to $200,000,000. The two affiliated companies
$25,000,0
Co. also report a
of'the New York Title and Mortgage
successful year. The American Trust Co. ended the year
Co.,
with deposits of $53,938,974, and the County Trust
White Plains, had resources of $10,633,965.
1
)
s, I \
ank Affair Not Settled—McFadden Proposal
Enacted, Fail to Prevent Groups from Expanding—Holding Companies Usable.
[By Earle E. Crowe in the Los Angeles"Daily Times," Feb. 1.1
banking bill becomes a law in this
If, as it begins to look, the McFadden
of branch banking may
ession of Congress the opponents and proponents
Pas. 12 1927.]
THE CHRONICLE
877
then find the time to relax a little and ask themselves just what they have erty of married women and gives the wife equal rights to
enter into conaccomplished. The bill, of course, is constructive as far as it concerns the tract and transact business with a banking house as
though she were unliberalization of the National Bank Act and the indefinite extension of the married. The purpose of the bill is to permit a married
woman to assume
Federal Reserve charters. Whether it permanently settles the branch responsibility for contracts into which she enters.
Man married men debanking question Is open to serious doubt.
siring credit at a bank and not wanting to obligate themselves by asking
For about five years the members of Congress and their banker friends others to- endorse notes could often obtain credit with
the wife's endorsehave wrangled over the branch-banking sections of the bill and effectually ment. As a wife cannot now be held for such endorsement
the situation
prevented the enactment of the badly needed legislation for the benefit of is embarrassing for a borrower.
the national banks. Here in Los Angeles last October the delegates to the
Bill No, 2 relates to savings banks, the object of the measure being to
convention of the American Bankers' Association indulged in an orgy of enable savings banks to accept deposits to an
amount reasonably related to
accusation and recrimination over the same question. It was difficult to their resources. The existing restrictions,
to which other banks and trust
determine where to draw the lines between the opposing factions, but the companies are not subject,
is found in some cases to be detrimental to their
Consensus seemed that the expansion of branch systems should be checked. interests and inconvenient
to their depositors.
Both groups thought they offered the solution.
Amends Fiduciary Law.
During the heat of the argument the delegates were too much engrossed
to absorb a statement published under the name of Henry M. Robinson,
Bill No. 3, an amendment to the Fiduciary Act, is intended further to
head of the First National-Pacific-Southwest banking group. Mr. Robin- strengthen and safeguard this law concerning liability for participation
son pointed out in a few words that the convention was wasting its time in in breaches of fiduciary obligations. This measure, which is known as the
trying to devise ways and means to check branch banking through the Uniform Fiduciary Bill, has been recommended by the American Bankers
medium of the McFadden bill. By the simple expedient of the holding Association. The general purpose of the act is to facilitate the performcompany, he said, the ownership and operation of banks is possible without ance by fiduciaries of their obligations, rather than to favor
any particuany restrictions whatsoever.
lar class of persons dealing with fiduciaries.
For any banking group desiring to expand, whether within the bounBill No. 4, an amendment to the Act concerning trust companies, is to
daries of a single State or in forty-eight States, the holding company offers permit trust companes to have shares of capital stock of a par
value to
largo possibilities. The McFadden bill, if it becomes law, will be powerless be determined by the corporation in its certificate of incorporation
of an
to check this form of expansion, once it starts, and then the futility of the amendment thereof; that is, of a par value more or less than $100 which
branch-banking controversy will be seen.
is the requirement of the present law.
Probably this is not the time, but it is clear that some one of the
strong
Would Allow Branch Banking Now.
banking groups will inevitably tend toward a nation-wide system. It may
start on the Pacific Coast or on the Atlantic Coast; or, it is possible, holding
Bill No. 5 concerns banks and trust companies authorized to do a fiducompanies on both coasts will elect to consolidate.
ciary business. The bill would permit State banks and trust companies
Already the National City Bank of New York has arisen as a powerful to deposit in their own institutions moneys held in trust under the same
factor in the operation of international branch systems, somewhat along the conditions as such privilege is now given to national banks.
lines of the British banks. The National City is also the operator of a
Bills Nos. 6, 7, 8 and 9 amend the law enacted at the 1925 session of
nation-wide investment company, having offices in all principal
cities. Its the Legislature permitting the establishment of branch banks, by eliminatpresident, Charles E. Mitchell, stated in Los Angeles about two
ing the section which prohibits the branch banks until such time as Conyears ago
that nation-wide branch banking in this country is an inevitable
economic gress passes the McFadden Bill. The State Bankers Association wants the
development.
1921 laws effective at once, instead of waiting until Congress passes the
In California the Bank of Italy is fashioning a huge bank that
will rank McFadden Bill.
alongside the largest in the United States. What the ultimate
plans are is
debatable, but it is not likely that either of the two foregoing
institutions or Gates W. McGarrah Named as Chairman of the Board
any other will launch at this time into the last phase of the
cycle of expansion.
Nevertheless, the trend is plain and there is little doubt but
that it will
materialize, despite the McFadden measure and the
critics who inveigh
against all forms of branch banking.
Death of Bernard G. Parker, President of Land Bank
of State of New York.
Bernard G.Parker of Gouverneur, N. Y., President of the
Land Bank of the State of New York, editor and publisher
of the Gouverneur Free Press and Vice-President of the
Northern Telephone Co., died at the Commodore Hotel,
this city yesterday (Feb. 11).
Mr. Parker, who was 70 years of age, came to New York
three weeks ago to attend the annual meeting of the Land
Bank. He had been in poor health for several years. He
was stricken with pneumonia five days ago.
Farm Bill Menaces Tax Cut—Secretary Mellon Fears
Demand Following Adoption of Measure May
Interfere with Future Reductions.
The following Washington advices are from the "Wall
Street Journal" of Feb. 10:
of Federal Reserve Bank of New York,
Succeeding Pierre Jay.
The Federal Reserve Board announced on Feb. 9 the
appointment of Gates W.McGarrah, of New York, as Class
C Director and Chairman of the Board of the Federal Reserve
Bank of New York and Rederal Reserve Agent. In order to
allow Mr. McGarrah time to sever his existing business connections and to attend the spring meeting of the General
Council of the Reichsbank, of which Mr. McGarrah has been
the American member under the arrangement set up by the
so-called Dawes Plan of 1924, the Board has fixed May 1 as
the date when Mr. McGarrah will actively assume the functions of the position to which he has been appointed by the
Board. Mr. McGarrah, who is Chairman of the Executive
Committee of the Chase National Bank of New York, will,
in his new post in the Federal Reserve Bank, take the place
of Pierre Jay, Whose appointment as a member of the Transfer Committee under the Dawes plan was announced in these
columns Dec. 11, page 2994; Reference to a dinner tendered
to Mr. Jay was made in our issue of Dec. 25, page 3262.
In making known this week the appointment of Mr. McGarrah as successor to Mr. Jay, the Federal Reserve Board
said:
Secretary Mellon feels the action of Congress in connection
with the
McNary-Haugen farm relief bill may have a direct bearing upon
the next
tax reduction. He believes the extent of demands upon the
"There is no more responsible or important position in the Federal
Treasury
which may be created by such legislation will limit extent to which
future Reserve banks than that of Chairman and Federal Reserve Agent at the
revenues may be lowered by further tax revision.
Federal Reserve Bank of New York. The Chairman of the Board is, in a
Secretary Mellon has given no particular study to the McNary-Hauge
n special sense, the guarantor to the Federal Reserve Board and to the public
bill in its present form, although the general principles of that measure of the good functioning of his iank. In his
capacity as Federal Reserve
were strongly opposed by him at the last session. Treasury is disposed
to Agent he is the "official representative of the Federal Reserve Board" at
await until final action is taken upon the measure before attempting
his bank.
to
adjust its fiscal policies to such legislation, because there Is possibility
"The position is, therefore, not only one of broad and great responsiof
amendments which would change the present form.
bilities but one which calls for exceptional qualifications. By the terms of
Treasury believes the bill would not affect the estimated surplus of $383,- the Federal Reserve Act the Chairman must be
a man of "tested banking
000,000 for the current fiscal year, as, if adopted, the machinery to be set experience." But more than skilled
banking Judgment is, in the opinion of
up under the bill could not be put into full working order for several months. the Federal Reserve Board, necessary
to the fullest discharge of the responAs the Treasury sees the situation, any pressure upon Federal
revenues sibilities with which the Chairman and Federal Reserve Agent is charged.
growing out of the McNary-Haugen bill would be felt in the coming
fiscal He should be a man who by nature is qualified for the assumption of responyear of 1928. It is on the probable surplus for that year that plans for
tax sibilities public in their character, in order that the public interest in the
reduction largely will be based.
way in which the Federal reserve banks are operated may be brought
effectively to bear upon the bank's every action and attitude.
"The position calls for a combination of qualifications and qualities in the
Banking Measures Before New Jersey Legislature
same individual not always easy to find. There are, however, in
most
Endorsed by New Jersey Bankers Association.
American communities men who are outstanding figures in the banking
world and,in addition, enjoy the highest repute for integrity, character and
Nine bills before the New Jersey Legislature have been
spirit.
endorsed, it is announced by the Legislative Committee of public Federal Reserve Board feels, after
"The
a careful canvass extending over
a period of two months, that it has been very fortunate in succeeding in
the New Jersey Bankers' Association. The measures, which
bringing to the chairmanship of the Federal Reserve Bank of New York a
are designed to correct defects in the laws governing bank- man of
Mr. McGarrah's qualifications. Mr. McGarrah's
ing and to further safeguard the interests of depositors, banker in New York extends over a period of some forty experience as a
years. At the
were offered by Senator Abell, of Morris County, and Sena- time of the organization of the Federal Reserve System in 1914, Mr. McGarrah was President of one of the largest commercial banks in New York
tor Pierson, of Union County. State Comptroller Newton A, City, The Mechanics a:
Metals National Bank. He later became ChairK. I3ugbee is Chairman of the Association's Legislative man of the Board of that institution, and when it was merged with the
Committee, the members of which include William J. Chase National Bank about a year ago he became Chairman of the Executive Committee of the merged institutions. As one of
Crouse, President of the Asbury Park Trust Co.; Charles standing commercial bankers, Mr. McGarrah's intereststhe country's outbrought him into
ff. Laird, of Camden; Louis A. Dalrymple, of Newton. The contact with every portion of the United States. Few bankers in New
York City
bills were prepared by Colonel William Fisk, of Jersey City, of every or elsewhere have his intimate knowledge, gained on the spot,
section of the United States.
according to the "Wall Street News" of Jan. 25, which indi"The high regard in which Mr. McGarrah is held by the banking community of the State of New York is evidenced by his election in 1923 by
cates as follows the features of the bills:
One of the bills of the group appeals strongly to the various women's the member banks of the New York Federal Reserve District to the position
organizations and is offered as an amendment.to the law relating to prop- of Class A Director of the Federal Reserve Bank of New York. This
position Mr. McGarrah held for a term of three years under the system of
878
THE CHRONICLE
rotation observed by the banks of this District with respect to their banking
representatives on the Board of the New York Bank.
-.."In 1924 under the arrangement set up by the Dawes Plan for a General
Council for the Reicbsbank having foreign representatives on it, Mr.
McGarrah was selected to be the American member. This position Is in
the nature of an international trusteeship of the highest character and in
addition calls for the exercise of broadly based banking and financial judgments. His connection with this important European work has given Mr.
McGarrah rare facilities for supplementing his experience as a banker in the
United States with an intimate knowledge of economic and financial conditions in Europe and the workings of leading European banking and financial
systems.
"Mr. McGarrah's credentials, derived as they are from his wide and
varied experiences, his high personal character, and his public-mindedness,
are of the best and give every promise that the Board, in bringing him into
the chairmanship of the largest of the twelve Federal Reserve banks and
the most important Reserve banking institution in the world today, is
rendering a great service not only to the Federal Reserve Bank of New
York, but to the whole Federal Reserve System. The care and deliberatness with which the Board has proceeded in filling this position is in pursuit
of its policy, as opportunity offers, of giving to the public interest in the
Federal Reserve oanks through the three Class C Directors appointed by
the Federal Reserve Board, the best and ablest representation it can find.
It was with this purpose that the Board recently invited Mr. Owen D.
Young to relinquish his position as a Class B Director of the Federal Reserve
Bank of New York and accept appointment from the Federal Reserve
Board as Class C Director of that institution and Deputy Chairman.
"The Board was led to appoint Mr. Young by substantially the same
sort of considerations that led to its selection of Mr. McGarrah, Mr.
Young s position in the community being not only that of a business head
of outstanding eminence but that of a man whose interest and abilities are
more and more eing sought in activities and trusteeships of a public nature.
Such are, in a peculiar degree, the Class C directorships of the Federal
Banks."!
Should the bill fail of passage at this session of Congress, Senator Simmons
proposes to introduce a separate resolution with the same provisions as were
contained in his amendment. The amendment would clear up a moot question in Federal Reserve legal practice.
The Federal Reserve Board referred the question of its right to discontinue branch banks to Attorney General Sargent. His reply was not conclusive, although the Department of Justice apparently doubted the right
of the board to discontinue branches once established under the present laws.
The board, therefore, has not established any new branches, fearing that
the Federal Reserve system might become topheavy. If the Simmons
amendment or resolution go through, the board will be in a position to open
experimental branches, making possible an important expansion of the
system and adding greatly to its flexibility.
League of Nations View of President Coolidge's
Disarmament Conference.
The following Associated Press advices were reported
from Geneva, Feb. 10:
The reaction at Geneva to President Coolidge's recommendation for
a supplementary five-power naval accord was twofold. The League of
Nations was happy to see anything done to further the cause of dis.
armament, but this was coupled with doubt as to whether France and
Italy, and even Britain, would see their way clear to negotiating a
naval agreement limiting cruisers, destroyers and submarines, unless
the accord was linked up with an agreement on military and aviation
problems.
Experts forecast that if France and Italy in the long run accept
participation in a five-power' conference they would be almost certain
to make the reservation that the treaty must not enter into force
until a satisfactory compact was achieved relative to military and air
matters.
On the other hand, it is admitted that a general international conference bearing on all the aspects of armaments, with Russia refusing
to participate, would stand little chance of attaining important results,
especially European and Continental army reductions, and that there
is something to be said in favor of the American idea of handling
disarmament in concrete stakes among the powers interested in particular armaments.
On receiving notification of the appointment of Mr.
McGarrah as Chairman of the Board of Directors of the
Federal Reserve Bank of New York, Owen D. Young,
Deputy Chairman of the Board, issued the following statement:
The directors and officers of the Federal Reserve Bank of New York
apprec.ate highly the act.on of the Federal Reserve Board m naming
Gates W. McGarrah as Chairman of the Board, and they are complimented
by Mr. McGarrah's acceptance of that office.
The Federal Reserve Bank of New York as the largest bank in the Federal
Reserve Systeer and one of the largest banks of issue in the world, should
have as its ch.ef off.cers men of outstanding achievement in the financial
field. With Mr. Gates W. McGarrah as the presiding officer of the Board,
and Mr. Benjamin Strong as Governor, the board of directors feel the
standards for the future are set. Both are intimately 'familiar with the
banking needs of this Federal Reserve district and of this country as a
Whole. In addition, both are familiar with the economic and financial
conditions of Europe,and will be of inestimable aid in working out with the
Federal Reserve Board at Washington sound and appropriate policies.
[VOL. 124.
Senate Declines to Act on World Court Resolution—Refusal of Great Britain to Accept U. S. Reservations,
According to Senator Borah, Satisfactory to
Those Who Opposed Participation.
• Declaring that the United States is definitely out of the
Permanent Court of International Justice, the Washington
correspondent of the New York "Journal of Commerce" on
Feb. 9 said:
W. H. Woodin Nominated as Class B Director of Federal Reserve Bank of New York, Succeeding
Owen D. Young.
In the view of Senator Borah, chairman of the Foreign Relations
Committee of the Senate, it is not even necessary for the Senate to rescind its action in order to be clear of the court environs.
The conditional acceptance of the United States with the failure
action
of the other country members to meet them, makes any further
by this Government unnecessary, in the opinion of the Senator.
table the
The Senate today took the same viewpoint, and voted to
acceptresolution rescinding the Senate action looking to conditional
ance, by a vote of 59 to 10.
Great
The State Department has received a negative reply from
William H. Woodin, President of the American Car &
.
Foundry Co. has been nominated as Class B director of the
Federal Reserve Bank of New York to fill the vacancy caused Britain and from several other countries.
it
The British note was not made public, but it is assumed that
by the resignation of Owen D. Young, Chairman of the
and in
Mr. Young, as was indicated in our follows the Geneva form, where the nations interested met
General Electric Co.
to accept the American conditions.
issue of Jan. 15, page 321, was appointed Class C director effect refused
In its acceunt of the Senate action on Feb. 9 the
and Deputy Chairman of the Board of the Reserve Bank to
take the place of W. L. Saunders, whose term expired on United States Daily said:
of 59-10, refused to take
record
by
Dec. 31. Under the terms of the law Mr. Young's successor upThe Senate, on Feb. 9, 282,aproposed voteSenator Trammell (Dem.),
by
Senate Resolution No.
determined by a special election Florida, which would have rescinded the action by which the Senate
as Class B director will be
The vote came
of the member banks in Group 1,—the banks in the district agreed to American participation in the World Court. to table Senator
(Dem.), Arkansas,
which have a capital and surplus in excess of $1,999,000. on a motion by Senator Robinsonthe Committee on Foreign Relations
to discharge
Trammell's
The Committee on Nominations issued a notice to members from furthermotion
consideration of his resolution.
which was introbanks on Feb.4 recommending Mr. Woodin as the Nominee.
Trammell complained that his resolution,
Senator
of Congress, had been
Mr. Woodin was born in Berwick, Pa., May 27 1868. On duced on the opening day of the present session g his appeals to memcommittee, notwithstandin
leaving college he entered the employ of Jackson & Woodin "pigeon-holed" by the for consideration and action.
bers of the committee
the committee, declared
Manufacturing Co. Since 1899 he has been associated with
Senator Borah (Rep.), Idaho, chairman of
American Car & Foundry Co., of which he is President. He that the committee had not acted upon the Trammell resolution beregard to the World Court
is Chairman of the Board of American Locomotive Co. and cause it was felt that the situation with
out through indications that foreign nation&
of the Board of Directors of General Motors is now working itself reservations attached by the Senate to Ameriis a member
will refuse to accept the
Corp., Chase National Bank of New York, County Trust Co. can participation.
at present is "quite
The Idaho Senator declared that the situation
of New York,American Exchange Securities Corporation and
are opposed to American participation in
. S. G. H. Turner, President of the satisfactory" to those who the resolution at present would "serve no
of other corporations
the court. To report out
Second National Bank of Elmira is Chairman of the Com- good purpose," Senator Borah said, adding that it would be obviously
Nominations which was appointed by bankers' impossible to dispose of Senator Trammell's resolution at the present
mittee on
time.
session, and to bring it up now would only waste
associations of New York, New Jersey and Connecticut.
Reserve Board Favors North Carolina Branch ---Establishment, Awaits Action of Congress on Board's
Authority to Establish or Discontinue Branches.
on bet). 3 reported the followFrom Richmond the "Wall Street Journal"
Federal Reserve Board that a Federal
Official assurances from the
established by the government in North CarReserve branch bank will be
backers of this project from Washington.
olina have been received by the
however, on the new branch, which has,
Favorable action of the board,
months, depends upon action of Congress
been under consideration many
Reserve authorities to discontinue, as well as to
In authorizing the Federal
establish, branch banks.
has proposed an amendment to the
Senator Simmons of North Carolina
this authority, and should the bill go
McFadden banking oill containing
Carolina branch would be established.
through,it was understood the North
of President Coolidge to Congress Asking Appropriation for Participation In Economic Conference at
Geneva Called By League of Nations.
Participation by the United States in the Geneva economic conference called by the League of Nations was
recommended in a message sent to Congress by President
Coolidge on Feb. 5, in which an appropriation of $15,000
was asked to defray the expenses of delegates to thO conference, which will open on May 4.
The President states that he considers it important that
the United States "participate in the appointment of members, not only in order that this Government may be ade-
Message
FEB. 12 1927.]
THE CHRONICLE
quately informed of discussions in their relation to American interest, but also in order that the American point of
view may be duly presented, in the hope of contributing
• to the development of sound economic "foundations of
friendly intercourse and prosperity." The following is the
text of his message as given in the United States Daily:
The Government of the United States has been
invited by the
Council of the League of Nations to take part in the
appointment
of members of the Economic Conference which will meet at
Geneva,
Switzerland on May 4, 1927. I transmit herewith a
copy of the
invitation dated December 22, 1926, together with a copy
of document
C. E. I. 6, containing the report of November, 1926,
made by the
Preparatory Committee, and the text of the resolution
of the council
on December 9, 1926.
The agenda of the Conference are annexed to the report
of the
Preparatory Committee.
The first part of the agenda relates to "a world economic
position"
and the second part to classified problems in the fields of
"commerce,"
"industry" and "agriculture."
The nature of the conference is indicated in the following
statement
from the report adopted by the Council of the League
of Nations on
March 17, 1926, as quoted in the report of the
Preparatory Committee:
"The conference is not to be composed of responsible
vested with full powers for the conclusion of conventions delegates in.
; it is intended
rather to organize a general consultation in the
course of which as at
the Financial Conference at Brussels, the various
programs and doctrines may be really exposed without the freedom of
discussion being
restricted by any immediate necessity to transform
the conclusions of
the Conference into international engagements."
Representation Limited.
The invitation specifies that each country is to
appoint not more than
five members. These members "will not in any
way bind their governments and will not be qualified to act as
spokesmen of an official
policy" without the right to speak or vote
except with the special permission of the conference.
I consider it important that the Government
of the United States
participate in the appointment of members
of this Conference, not only
in order so that this Government may
be adequately informed of discussions in their relations to American
interests, but also in order that
• the American point of view may be
duly presented.and in the hope of
contributing to the development of sound
economic foundations of
friendly intercourse and prosperity.
The United States is taking its part
in the study of the problem
of arms limitations at the invitation
of the League of Nations. This
country should also stand ready to aid in
the study of means to promite economic progress.
Not Bound By Conference.
This is not the occasion to discuss specific
problems outlined in the
agenda. It is sufficient to note that the
Conference contemplates an
inquiry into important problems affecting
American interests. The
government will have the benefit of its deliberation
s, but will not be
bound by its results.
In order to defray expenses pertaining to American
participation in
the appointment of members of the Economic
Conference, I recom•
mend that there be authorized to be appropriated
the sum of $15,000 to
be expended in the discretion of the Executive.
In view of the prices
prevailing at .Geneva it is important that expenditure
s for subsistence
is exempted from the limitation imposed by existing
law.
879
railroads by a board of arbitration acting under the Watson-Parker Act.
In that instance mediation failed and, as the law provides, the parties
resorted to arbitration. Had that been ineffective, under the law the dispute
would have gone to an emergency board named by President Coolidge.
Demands of Employes.
On June 5 last the firemen, hostlers and engine helpers served notice on
the roads of their demand for increased wages and changes in working conditions. The increases asked for were from $1 a day to $2 75 a day. In
addition, the men wanted changes in classifications and traveling expenses.
The increases demanded were for from 15 to 20% of the wages they were
then receiving and, if granted, would have cost the railroads an additional
913.000,000 yearly.
Yesterday's settlement provides for an increase of pay on a "sliding wage
scale" and sanctions changes in classifications which will result in additional
pay. The wage guarantee rules are preserved so that the new daily rate
will not fall below a given minimum, depending upon the particular nature
of the employment. These minimums are to be revised in accordance with
the increase in rates.
The brotherhood representatives withdrew without prejudice their
demands for the installation of mechanical stokers on locomotives, the
employment of two firemen on locomotives of more than 175.000 pounds
the allowance of time for meals and expenses for meals and lodgings when
awayfrom home. These matters may be taken up again by the Brotherhood
after one year.
Following the presentation of the demands by the Brotherhood last
June, the Committees headed by Mr. Waller and Mr. Robertson held a
series of meetings beginning on Jan. 6, last. It was found impossible to
reach an agreement and the Board of Mediation was asked to appoint a
mediator. Mr. Hanger was selected and he conferred alternately with the
two Committees for two weeks. Practically all disputed points had been
agreed upon when he called the meeting at the Waldorf yesterday.
In addition to Mr. Waller, the railroad Committee was represented at the
conference by E. J. McClees, its Secretary. Besides President Robertson.
the Brotherhood officials present were D. C. Laughlin of Jackson, Mich.,
Chairman of the Executive Committee; J. P. Farrell, Secretary, and D. D.
Miller, Vice Chairman.
"We are gratified with this settlement, which will distribute $5,000,000.
a year in wages," said Mr. Robertson when the signing of the agreement was
announced. "We consider that the success of this mediation justifies the
the judgment ofthe railroad men,of the labor union officers and of Congress
in passing the Watson-Parker Act for the settlement of railway labor
disputes.
"We are highly pleased with the efforts of Mr. Hanger, one of the most
experienced of the Government mediators, his experience running back to
the time of the Erdman and Newlands Acts."
Mr. Hanger said both sides had been "reasonable and business like" and
that they had discussed matters "without heat."
The demands of the firemen and enginemen (the Brotherhood of Locomotive Firemen and Enginemen) were referred
to in these'columns Feb. 5, page 735.
VA% Wage Increase Awarded to Conductors and Trainmen on Southeastern Railroads.
The settlement of wages and rule differences betweenthe
Order of Railway Conductors, the Brotherhood of Railroad
Trainmen and the railroads of the southeastern area was
Participation by the United States in the League of announced at Washington on Feb. 8 by the United States
Nations Economic Conference in May has been
approved Board of Mediation. The "United States Daily" has the
by the House Foreign Affairs Committee with
the adop- following to say in the matter:
The adjustment grants the employes, about 22,000 in number,an
tion of a resolution authorizing a $15,000
appropriation of 7 yi% on the existing wage basis and it is estimated will cost theincrease
carriers
for the expenses.
an additional $3,300,000 annually.
Carl Williams Resigns as Member of U. S.
Board of
Mediation—P. N. Neff Appointed to Board.
As successor to Carl Williams of Oklahoma
City who
has resigned as a member of the United States
Board of
Mediation, President Coolidge on Feb. 7 nominated
former
Governor Pat Norris Neff of Texas to serve on the
board
for the term expiring three years after Jan. 1, 1926.
Mr.
Williams, it is stated, resigns on account of ill health.
Firemen and Enginemen on Eastern Railroads Granted
Wage Increase of 7%.
Wage increases of 7%% have been awarded to the
firemen
and enginemon of the Eastern roads, whose demands
for
wage increases ranging from 15% to 20% were referred
on
January 20 to the United States Board of Mediation
created
under the Watson-Parker Railroad Labor Act. The
wage
demands sought would have added about $13,000,000 a
year
to the expenses of the roads. The increases granted
involve
an addition of $5,000,000 to the yearly payroll of the
roads.
The agreement affects 31,000 firemen and
enginemen
employed on 27 major railroads and 32 subsidiary lines
east
of Chicago and north of the Ohio River. The
agreement is
for one year and is retroactive to Feb. 1. In its
account of
the settlement of the demands on Feb. 5 the "Times,"
said:
The agreement
was reached at a meeting of representatives of the
railroads, of the Brotherhood of Locomotive Firemen and
Enginemen and
G. Wallace W. Hanger of the Federal Board of
Mediation. It was signed
on behalf of the railways by J. G. Walker, Vice-Presid
ent of the New
York Central and Chairman of a Committee of
operating heads of the
fifty-nine transportation companies concerned, and for
the brotherhood by
President D. B. Robertson, also a member of the
Executive Committee.
Both sides gave much of the credit for an amicable
adjustment of the dispute
to Mr. Hanger, who, in turn, said it was "indicative
of the fair spirit of
the parties."
The increase, which affects firemen, hostiers and
helpers, is the same as
that recently awarded 90,000 trainmen and
conductors on the Eastern
The demand of the conductors and trainmen on the southeastern roads
for wage increases was made last May and the scale suggested in some
instances amounted to an increase of 19%. Conference between the railroads concerned and their employes were held in Washington in December,
but were interrupted by the taking of astrike vote. The conferenced,were
resumed on January 20 and the announcement of the Board of Mediation
was the result.
Similar wage differences on the eastern roads were adjusted last autumn
as the result of an award of Board of Arbitration set up at the instance
of
the Board of Mediation under the provisions of the new Railroad
Labor
Act. The award in the case of the conductors and trainmen on the
eastern
roads as announced by the arbitrators amounted to an average increase!of
about 7M %.
Following is the full text of the board's statement:
The Board of Mediation announced that a settlement
wage and rule differences between the Order of Railway by mediation of
Brotherhood of Railroad Trainmen and the railroads in Conductors, the
the Southeasters
area was made last evening. The case was mediated by
Samuel E. Winslow,
chairman of the board.
The settlement involves 20 southeastern
22.000 employes. It is estimated that aboutrailroads and approximately
will be distributed per annum under the terms $3,300,000 additional wages
of the
•By the mediation agreement, which is to become mediation agreement.
1927, the employes are to receive an advance of operative as of Feb.s1
7A % on existingbasic
_
wage rates.
ITEMS ABOUT BANKS, TRUST COMPANIES,
&C.
In our items under the head of "Current Events
and
Discussions" we refer to the appointment of Gates W.
McGarrah as Chairman of the Board and Federal Reserve
Agent of the Federal Reserve Bank of New York, succeedin
g
Pierre Jay. It was announced at the Chase National
Bank
of Feb. 9 that Mr. McGarrah, who is Chairman
of the
bank's Executive Committee, would sever his connectio
n
with the bank on May 1 next to assume his duties at the
Reserve bank. The announcement of the Chase National
also said:
Keen regret was expressed that
the bank would lose the services of so
distinguished an official and so warm a friend. At the same time, it
was
recognized that no one is better qualified than Mr. MeGarrah to
assume
these important public duties because
of his intimate knowledge of banking conditions both in this
country and in Europe, and that in losing one
of its most important officials, the entire financial and commercial
community is being benefited.
880
THE CHRONICLE
Bank
J. Louis Schaefer, President of the Grace National
of this city and Vice-President and Treasurer of W. R. Grace
& Co., died suddenly Saturday morning, Feb. 5. Mr. Schaein
fer became President of the Grace upon its organization
for
1924; he had been connected with W. R. Grace & Co.
the
forty-five years. Mr. Schaefer was also a director of
&
Corn Exchange Bank, Franklin Savings Bank, Atlantic
ip Co., Bank of Great Neck, Treasurer of the
'Pacific Steamsh
•Belgrave Realty Co., Brooklyn Terminal Co., President of
the Cartavio Sugar Co., Chicama Central Sugar Factory Co.,
.Gilchrist Realty Corporation, the Great Neck Trust Co., and
Nitrate Agencies Co., Grace Nitrate Co., Grace Steamship
ip
'Co., International Machinery Co., Panama Mail Steamsh
'Co., and various subsidiaries of W. R. Grace & Co.
[vol.. 124.
amount being $897,768,896. The combined capital of over
one hundred Morris Plan banks and companies is $15,900,000,
certifiand their full-paid and installment 5% investment
outstanding amount to $66,500,000. The average Morcates
ris Plan loan to date is inside of $212.
The new Claremont Nationa- l Bank of this city will open
for business about March 15 at 174th Street and Boston
of
Road, New York. The institution will have a capital
and a surplus of $120,000. The officers thus far
$400,000
,
chosen are: Philip Pearlman, President; James Cunnion
and
Vice-President; John J. Leugers, Vice-President
Plans are being completed for the merger of the Bowery
•and East River National Bank and the Discount National
Bank of this city. The latter is a conversion of the Italian
Discount & Trust Co., in which the Bancitaly Corporation
•obtained controlling interest the latter part of 1926. The
merger will become effective about Feb. 18 and will give the
Bowery and East River National Bank (which will be continued as the name of the merged institutions) fourteen
'branches in addition to its head office at Broadway and
Forty-first Street.
The Bancitaly Corporation (the holding company of the
'Bank of Italy, with headquarters in San Francisco) has received preliminary permission from the State Corporation
'Commissioner of California to issue 1,000,000 additional
shares of capital stock, according to the New York daily
papers of Feb. 9. Of this total (representing $100,000,000
•of additional capital) 450,000 shares will be open to subscription by the present stockholders on the basis of one new
share for every five shares held at $100 a share, and the
remainder of the amount authorized will remain in the
treasury of the corporation to be sold when it is deemed
advisable. The following statement in regard to the new
issue was given out by A. P. Giannini, President of*the
Bancitaly Corporation:
Cashier.
At its Jan. 21 meeting the Kings County Trust Co. of
Brooklyn declared a dividend of 15% quarterly, or 60%
regularly yearly, the quarterly dividend being payable Feb.
1 to stockholders of Jan. 25. The trust company's quarter%, or
1
/
ly dividends previously have been at the rate of 122
for the last two years it added to the
50% yearly, and
November dividend an extra dividend of 10%, making 60%
in all for each of the'last two years.
The State Banking Departm- ent approved on Jan. 31 the
plans to increase the capital of the Bank of Huntington of
Huntington, L. I., from $100,000 to $200,000. The additional
stock was authorized by the stockholders on Jan. 11. It
will be placed at par ($100), the new capital becoming effective Jan. 25.
The Long Beach Trust Co. of Long Beach, L. I., has been
authorized by the State Banking Department to increase
its capital from $400,000 to $500,000. The new stock, which
was authorized by the stockholders in January, was issued
at $180 per $100 shares. The enlarged capital became effective Feb. 10.
"This issue is being brought out for the sole purpose of preventing our
stock from being run up in price, and if we are unable to stop it with this
amount, more will be issued untl the market demand becomes rational.
While it is difficult to employ this added capital profitably under investment conditions as they exist now, we believe money can be used to earn
enough to satisfy present dividend requirements. We shall continue dividend on same basis of $2.24 a year. We want this to be taken as a word of
n of
caution to anyone who purchases stock with the hope or expectatio
more immediate substantial return."
The action of the bank was taken after shares had been
bid up 16 points since Jan. 1, equivalent to about 500 points
on the old shares, it is said.
Last night (Feb. 11) the "Wall Street Journal" reported
the following from San Francisco:
William Endicott of the fir- m of Kidder, Peabody & Co.,
Boston, on Feb. 10 was elected Chairman of the Board of
the New England Trust Co. of Boston, succeeding George
Wigglesworth, who had served in that capacity for a number of years, according to the Boston "Transcript" of Feb.
re10. The following-named officers of the company were
-Presidents,
James R. Hooper; Vice
elected: President,
Roger Pierce, ,Edward B. Ladd and Orrin C. Hart; Treasurer, John W. Pillsbury; Secretary, Leo William Huegle;
,
Trust Officer, Arthur F. Thomas; Assistant Trust Officers
E. Swallow and Stanley A. Lawry; Assistant TreasSewell
urer and Assistant Secretary, Charles T. Dunham; Assistant Treasurer, Frederick 0. Morrill; Manager of the safe
deposit vaults, George H. Boynton, and Manager of the Back
Bay branch office, George It. Wein.
At the annual meeting of the directors on Jan. 20, WalCo.
ter F. Farrell was elected President of the Union Trust
of Providence, R. I., succeeding Governor Aram J. Pothier,
became
who became Chairman of the Board. Mr. Farrell
ago as a
associated with the trust company fourteen years
succeeding
clerk. He was advanced to the presidency by
Savings Bank.
announced before steps, having served In the capacities of Assistant Secretary,
Liberty's other applications for 102 new branches,
of
Wood's incumbency, but not acted on for the present, indicate extent
Secretary and Vice-President respectively.
eight
Will 0. Wood, new State superintendent of banks, in authorizing
four in
new branches for Liberty Bank of America in Los Angeles, and
tion, denying new
Oakland, abandons de novo rule of previous administra
gives
branches to the bank outside of its headquarters' city. Sanction
the
Bank of Italy and its subsidiary, forty-five branches in Los Angeles,
&
same number as its leading competitor, the Pacific Southwest Trust
Bank of Italy group expansion plans.
for
A. P. °tannin', President of Bancitaly Corporation, said new rights
of
corporation stock will be offered formally about Feb. 21 and notice
at expiration of
exercise must be filed by April 30, with cash settlement
$100
rights by July 2. Offering of one new share for each five rights at
in rights
a share on stock will be ex-rights on March 15. Active trailing
caused a large turnover on the Stock and Bond Exchange, Thursday, quotation rising from 25 cents to 92 cents, with late street trading at $1.16.
The National Bank of Commerce in New York announces
that James F. Farrell and Ernest H. Schneider have been
appointed Assistant Cashiers and Ralph E. Kimpel has been
appointed Assistant Manager of the Foreign Department.
National
On Feb. 7 1927 the Trust Department of tile
Commerce in New York moved to its new quarters
Bank of
bank's building at 35 Nassau Street.
on the sixth floor of the
l
The Empire Trust Co. of New York has obtained approva
Banking Department to establish .a branch
from the State•
venth Street from Feb. 11.
temporarily a,t 15 West Forty-se
made necessary pending completion of the
This move was
Avenue, where it now has an office
building at 580 Fifth
the permanent quarters of the branch.
and which will be
Morris Plan throughout the United
Small loans on the
d by almost $25,000,000 the total for
States last year exceede
$141,379,521, the figure for 1926 being
1925, which was
696,800 borrowers. Loans from
$165,876,000, divided among
ted 4,238,821, the total
to Dec. 31 1920 aggrega
March 1910
Co. of WilkesBank
Directors of the Dime - Title & Trust
election of George A. Augherton
liarre, Pa., announce the
vz Active Vice-President, effective Feb. 1 1927.
& Trust Co. of
Stockholders of both the P- eople's Bank
the Colonial Trust Co. of that city at
Philadelphia and
d the proposed
simultaneous meetings on Feb. 7 approve
institutions, to which reference was made in
union of the
333 and 406. The
our issues of Jan. 15 and Jan. 20, pages
of the Colonial
organization will continue the name
hew
have, It is understood, combined capital,
Trust Co. and will
excess of $4,000,000, desurplus and undivided profits in
000 and total resources of more than $42,posits of $36,000,
"Record" of Feb. 8,
000,000. According to the Philadelphia
merger program approved by the stockholders
under the
either the policy or the
there will be no major change in
e offices
n of the new institution. The main executiv
operatio
home of the People's Bank & Trust no.,
wll be at the present
present quarNo. 20 South Fifteenth Street, although the
Colonial Trust Co., Thirteenth and Market
ters of the
Excelsior Trust
Streets, will be retained. Eventually the
Lehigh Avenue near Germantown Avenue, will be
Co., at
have been
included in the merger. The following officers
Anfor the new bank: William Kurtz, President;
chosen
R. Robins, Henry B. Reinhardt and
thony G. Felix, Harry
FEB. 12
1927.1
THE CHRONICLE
881
Frank C. Eves, Vice-Presidents; Walter T. Grosscup, Vice- combine
d total approximating $12,500,000. Mr. Wilson also
President and Treasurer, and William M. West, Vice-Presi- said:
dent and Title Officer.
"It is the main purpose in founding these unified institutions to estabAnnouncement was made in Toledo on Jan. 31 of the organization of a new financial institution in that city under
the title of the Bankers' Trust Co. The new institution will
have a combined capital and surplus of $500,000 and will
have its headquarters in the Gardner Building, Madison
Avenue and Superior Street. According to the Toledo
"Blade" the new banking house will open for business about
March 1 and will do a general commercial, savings bank,
and trust business. Sidney Spitzer will be President, with
Harry A. Dunn, formerly Assistant Trust Officer of
the
Ohio Savings Bank & Trust Co. and later Vice-President of
the George B. Ricaby Co., as Vice-President and
Trust
Officer. Mr. Spitzer, the head of the new bank,
has had
wide banking and investment house experience.
In 1897
he, with his brother, Frank, established the Citizens'
Savings Bank of Pemberville. He served as Cashier
there
prior to going to Toledo to join Spitzer & Co.,
investment
bankers. In 1912 he organized the firm of Sidney
Spitzer
& Co, which, with offices in most of the principa
l cities of
the country, did an extensive bond business. Mr.
Spitzer
sold his interest in the bond house in 1924.
Representing a union of commercial and
industrial interests which have made substantial contribu
tions to the
growth of Detroit during the last few
decades, a financial
structure consisting of a commercial and
savings bank, a
trust company and a securities company
under unified ownership is now being organized in
Detroit. Aggregate invested capital and surplus will approxi
mate $12,500,000.
Preliminary details of the project were
made public on
Feb. 8 by William Robert Wilson, Presiden
t of the Guardian Trust Co. of Detroit and Chairma
n of the organization committee which is working on
the new enterprise.
With Mr. Wilson on this committee are
Henry E. Bodman,
Howard E. Coffin, Ernest Kanzler, Jerome
E. J. Keane, W.
Ledyard Mitchell and Fred T. Murphy.
Others interested in
the project since it was quietly launched
some time ago are
said to "represent a cross section of
Michigan's leading industrial, commercial and financial
institutions." The
statement goes on as follows:
Summed up, the plan calls for the early
formation of a completely
rounded financial structure, including in its
three
necessary for almost every important financial basic units the facilities
service, from handling a
small savings deposit to originating and
distributing the stocks and bonds
of large industrial concerns.
While the bank, the trust company and
the securities company will each
have its own officers and staff, the
separate managements will be coordinated through a common chairman
and through inter-related directorates on the three boards.
M a nucleus for the larger organization to
come, substantially all of the
stock of the Guardian Trust Co. of Detroit,
including the Guardian-Detroit
Securities Co. has been acquired.
It is propos:ed that the bank, to be known as the
troit, will be organized under the provisions of a Guardian Bank of DeMichigan State charter
and it is intended to make application to include the
bank in the membership of the Federal Reserve System.
While organization work has not progressed to a
point where definite
schedules have been prepared, Mr. Wilson stated that the
new bank will
be opened for commercial and savings business in May or
June of this year.
The bank will open in temporary quarters on the ground
floor of the
Buhl Building, where the present Guardian Trust Co.
facilities
considerably enlarged. As a permanent arrangement, however, have been
the bank
will occupy the first five floors of the Greater Penobscot
Under erection at the corner of Griswold and Fort Streets Building, now
and scheduled
for completion in the summer of 1928.
A partial list of the men actively interested in the
project, to
mented as the organization work proceeds in the next few weeks, be augincludes:
Ford Ballantyne, Henry E. Bodman, Howard Bonbright,
Ralph Booth,
Judson Bradway, Walter 0. Briggs, Lawrence D. Buhl, Roy
D. Chapin,
Howard E. Coffin, George R. Cooke, Frank Couzens, George
R. Fink, Fred
J. Fisher, Easel Ford, John H. French, Lumen W.Goodenough,
John C.
Grier, Jr.. Edward P. Hammond, Carlton IL Higbie, Harley G.
Higbie,
Sherwin A. Hill, Albert Kahn, Ernest Barmier, Jerome E. J. Keane,
Alvan
Macauley, Louis Mendelssohn, W. Ledyard Mitchell, Charles S. Mott,
C.
Hayward Murphy, Fred T. Murphy, James It Murray, Edward R.
Naar,
Phelps Newberry, Walter S. Russel, Alger Shelden, Allan Shelden,
Luther
S. Trowbridge, Charles B. Van Dusen, Hiram II. Walker, Lewis
H. Walker,
William Robert Wilson, Clarkson C. Wormer, Jr., and Charles Wright,
Jr.
The financial structure of the new project calls for the
Issuance of 50,000 shares of the bank stock, 50,000 shares
of
the securities company stock and 10,000 shares of the
trust
company stock.
Stock ownership and control of the three companies
will
be identical in that the three kinds of stock will be sold
in
units to consist of one share of the bank stock, one
share of
the securities company stock and one-fifth of a share
of
trust company stock.
Capital of the bank will be $5,000,000 and its
surplus
$3,000,000; capital and surplus of the securities
company
will be $1,750.000, to which will be added the capital,
surplus and undivided profits of the Guardian Trust
Co., a
lish a well-rounded, complete piece of financial machinery to work and
co-operate with the many and varied business and financial interests of
Detroit and Michigan. The members of the organization committee and
associates are endeavoring to attract all elements rather than any single
group.
"Surveys show that those Detroit industries and individuals which have
just emerged from a period of tremendous expansion are now accumulating
large reserves. They need and want large depositories and wide varieties
of banking and investment facilities.
"In making public the preliminary plans the organization committee
wishes to emphasize most strongly that the enterprise is not fathered by
any particular group for the benefit of any particular interests. We have
been guided by a desire to create, for Detroit and Michigan, a somewhat
new type of financial organization wider in scope than anything before
attempted in the city, co-operating with existing institutions to the ultimate end that the demands of local industries and individuals may be
capably and adequately served."
Control of the First State Bank of Detroit has passed into
the hands of a syndicate composed of directors of the Griswold National Bank preparatory to a merger of the two institutions. Details of the merger are to be announced later,
as it will take from thirty to sixty days to perfect the plans.
The two banks have combined resources of $47,000,000.
George H. Kirchner, President of the First State Bank, will
remain with the reorganization as a Director and Chairman
of the Executive Committee, retaining a substantial interest
in the merged institutions.
The Griswold National Bank came into being in October
1925, with quarters in the Buhl Building. Calvin H. Newman came to Detroit from Emporia, Kan., to be President,
after having achieved success as President of the Citizens'
National Bank of Emporia. The capital of the Griswold
National is $2,000,000, surplus $1,000,000, and total resources $20,000,000. The capital of the First State Bank is
$2,500,000, surplus $700,000, and total resources $27,917,000.
It has main offices in its own building at Griswold Street
and Lafayette Boulevard. It is now operating fifteen
branches and has another under construction. There was
a sentimental bond between the Griswold National and the
First State prior to the merger in that Charles A. Kanter,
Vice-President of the Griswold National, is a grandson of
the founder of the First state Bank.
The First State Bank was organized in 1853 and holds
the first State charter issued to any Detroit bank, Charter
No. 5. The Griswold National Bank, in existence a little
over a year, has attained total resources of over $20,000,000.
The directorate includes leaders in Detroit's industrial and
commercial life. Plans are now being formulated for the
consolidation and further announcement will be shortly
made of definite and detailed arrangements for the merger.
The North Avenue State Ba- nk of Chicago announces that
the capital of the institution has been increased from
$400,000, consisting of 4,000 shares of the par value of $100
each, to $500,000, consisting of 5,000 shares of the par value
of $100 each.
We are advised that the Fi-rst National Bank of Montevideo, Minn.—the failure of which on Jan. 31 was reported in
our issue of Feb. 5, page 747—was capitalized at $50,000
and had deposits of over $700,000. Banking house furnitur
e
and fixtures are placed at $80,400. The institution is the
fifth bank to close in Montevideo, our informant states.
Announcement was made last week by the America
n National Bank and the First National Bank—the two
largest
banks in Oklahoma City—that the institutions had
been
consolidated under the title of the American First National
Bank. While the merger is already in effect,
in fact, the
physical union of the banks will not take place until
the
first floor of the American National Bank Building has
been remodeled to accommodate the enlarged institution,
some forty to sixty days hence. In the meantime business
will be continued as usual at the present quarters of each
bank. The new organization will be capitalized at $3,000,000 and will start with resources of more than $43,000,000.
The American National Co. will continue to operate as an
affiliated institution, for the guaranteeing of titles and the
handling of bonds, mortgages, etc., and in the future will
be known as the American First National Co. Its capital
will be increased from $250,000 to $500,000 and the stock
provided by the increase will be pro-rated among the present stockholders of the First National Bank. All the officers
and directors of both institutions will be active in the new
organization. According to the -Oklahoman" of Feb. 3,
Hugh H. Johnson, President of the First National Bank, will
882
[Vol.. 124.
THE CHRONICLE
be Chairman of the Board of the new institution, while gages, or indirectly through the purchase of bonds and
Frank P. Johnson, President of the American National Bank, other securities, with a steady volume of conservatively
made, insured mortgages.
will be President.
The directors will be: John E. Barber, President, First
The McAlester Trust Co. of McAlester, Okla., said to be Securities Co. and Vice-President, the First National Bank
the largest State bank in Southeastern Oklahoma, failed to of Los Angeles; Harry J. Bauer, President; C. R. Bell, Viceopen for business on Feb. 4, according to a press dispatch President, Merchants National Trust & Savings Bank; A. M.
from that place on Feb. 4, printed in the Kansas City "Star" Chaffey, President, California Bank; A. E. Huntington,
of the same date. The dispatch further reported that the Vice-President, California Bank; A. N. Kemp Vice-PresiBank of McAlester, a smaller institution, had also failed to dent, California Bank; Harry Lee Martin, Vice-President;
open. The McAlester Trust Co. was capitalized at $125,000 T. A. Morrissey, Vice-President, Merchants National Trust
and had deposits of approximately $2,000,000.
& Savings Bank; Edward J. Nolan, President, Merchants
Advices from Oklahoma City on Feb. 4, printed in the National Trust & Savings Bank; Henry M. Robinson, Presisame issue of the "Star," reported the closing of three other dent, the First National Bank of Los Angeles; and Charles
small banks near McAlester, all of which, it is understood, F. Stern, President, Pacific-Southwest Trust & Savings
had their reserve funds on deposit with the McAlester Trust Bank. The officers will be: Harry J. Bauer, President;
Co. These banks were the State Bank of Wapanucka, the Harry Lee Martin, Vice-President; George H. Robinson,
Bank of Commerce at Coalgate, and the Bank of Pittsburg. Treasurer, and Wallace Moir, Secretary.
The last mentioned bank (the fifth institution to close), it
The ninety-fourth annual report of the National Provinwas stated, had deposits of $67,000 at the end of last year.
the
According to a special dispatch from McAlester on Feb. 5 cial Bank, Ltd. (head office London), was submitted to
to the "Oklahoman," the First National Bank of McAlester proprietors at their annual general meeting on Jan. 27. The
31
suffered a two days' "run," caused by the closing of the statement, which covers the twelve months ended Dec.
bad
McAlester Trust Co., but had been able to come out winner 1926, shows net profits, after making provisions for all
at closing time Saturday (Feb. 5) with a gain of $68,000 in and doubtful debts, of £2,115,654, which when added to
deposits over the day preceding the "run." During the two £916,960, the balance to credit of profit and loss brought
days' "run," it was stated, wthdrawals were approximately forward from the preceding twelve months, made the sum
of £3,032,614 available for distribution. From this total
$237,000 and deposits $305,000.
the following appropriations were made: £853,147 to pay
In the photogravure section of the St. Louis "Globe-Demo- a further dividend of 9%, subject to deduction of income
crat" of Jan. 30 pictures were published of the forty-one tax (i170,629) ; £853,147 to pay a further dividend of 9%,
leading business men who direct the affairs of the First subject to deduction of income tax (170,629), making 18%
National Bank in St. Louis.
for the year; £150,000 contributed to pension fund; £100,000
written off bank promises account, and £200,000 transferred
On Feb. 4 the First National Bank of Athens, Ala., with
account, leaving a balance to be carried
liquidation. The to contingencies
capital of $50,000, went into voluntary
forward to the present year's profit and loss account of
institution was recently absorbed by the Farmers' & Mer£876,319. Total assets of the institution are shown in the
chants' Bank of the same place.
report as 1288,251,780, of which advances to customers and
and the other accounts amounted to £142,190,250; investments to
Effective Feb. 2 the Fort Worth National Bank
Farmers' & Mechanics' National Bank, both Fort Worth in- £36,947,304; bills discounted to £35,100,607, and coin, Bank
and
stitutions capitalized at $1,000,000, were consolidated under of England and currency notes in the United Kingdom
balances with the Bank of England; balances with and
the title of the Fort Worth National Bank with capital of
checks in course of collection on other banks, etc.; money
$2,000,000.
at call and short notice to £56,700,475. On the liabilities
Sam S. Parsons, Assistant Vice-President of the Citizens' side of the statement the bank's paid-up capital is given as
National Bank of Los Angeles, Cal., on Feb. 2 completed £9,479,416, with a reserve fund a like amount, and the total
thirty-five years of continuous service with the bank. When deposits £259,249,807. During the year forty new branches
he entered its service in 1892 he was the only employee, the and agencies were openeed, increasing the total number of
work being handled by the President, Cashier and one clerk. the bank's offices to 1,172.
The Citizens' staff now numbers over 800. Deposits were
less than $100,000 when Mr. Parsons began his career and
THE CURB MARKET.
now exceed $100,000,000.
Trading in the Curb Market this week was irregular, some
issues showing strength and others a reactionary tendency.
An announcement of considerable banking interest comes
The oil stock continue to attract most attention. Imperial
to the "Chronicle" from the Second National Bank of HousOil of Canada was specially active and advanced almost
ton, Texas, advising of the connection with that bank of
4 points to 443 . Cumberland Pipe Line sold up from 122
4
Stewart D. Beckley, effective Feb. 1. Mr. Beckley will be4
to 128. Humble Oil & Refining dropped from 62% to 593
come an Active Vice-President and also a member of their
and closed to-day at 6034. Illinois Pipe Line advanced
Board of Directors. Mr. Beckley goes to his new position
from 129 to 14034 and rested finally at 1408%. Ohio Oil
with a background of some twenty-five years of practical
improved from 61 to 6434 and finished to-day at 64.
banking experience with the City National Bank of
Prairie Pipe Line moved up from 137 to 146 with the final
Dallas, Texas, and also with the American Trust Co.
transaction to-day at 145. Among industrials Rand-Kardex
of San Francisco, where he served as Cashier and was under pressure, dropping fro 705 to 653j with a final
%
Vice-President. His work with his former bank- recovery to 67. This company with the Remington Typeing connections, as well as his contributions to .writer and other concerns are to be merged, the new combeing introduced to trading
banking publications, has made his name prominent pany, the Remington-Rand,
opened at 343/8, rose to 3434, fell to 333/2, and
circles. Mr. Beckley has been for many years a this week. It 34. Remington Noiseless Typewriter comin banking
closed to-day at
4
close student of the theory as well as practice of banking, mon gained about 5 points to 393 and reacted finally to
having assisted in the organization of the Dallas (Texas) 383/2. Estey-Welte class A advanced from 2234 to 258%
4
Chapter, American Institute of Banking, in his younger days and reacted to 213 . Warner Bros Pictures declined from
and closed to-day at 298%. Amer. Gas & Elec.
and serving as one of its earliest presidents. His work 313% to 288%
common weakened from 73% to 69%, recovered to 723,I,
with the Dallas Chapter attracted attention, and as a con- with a final reaction to 713/2. Ray Copper, in the mining
sequence he was elected President of the national organiza- list on heavy transaction dropped from 1 5-16 to 25c.,
tion. The officers of directors of the Second National Bank recovered to 53c. and closed to-day at 46c.
A complete record of Curb Market transaction for the
state that they feel much gratified and very fortunate upon
week will be found on page 910.
them.
his connection with
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
The Pacific Mortgage Guaranty Co., with an authorized
capital of $1,000,000, and owned by the First National Bank
of Los Angeles, Merchants National Trust & Savings Bank,
the California Bank and the Pacific-Southwest Trust &
Savings Bank, was launched in Los Angeles on Feb. 4 for the
purpose of selling to Eastern banks, insurance companies
are desirous of loaning
And other financial companies which .
money in California, either directly through first mort
STOOKS (No. Shores).
Week Ended Feb. 11.
t
Inds
OU.
Mining.
BONDS(Far Value).
Domestic. For'n Gott.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
56,516
114.239
112,042
162,886
124,882
108,906
84,930
124,510
118,470
108.860
114,883
98.850
61,315 $1,258.000
117,725 2,286,000
220,185 2,512,000
138,827 2,423,000
156,874 2,391,000
75,282 2,668,000
Total
679.451
828,103
770;208 13,538,000 $1,380,000
5147,000
315,000
267,000
128,000
232.000
291,000
FEB. 12 1927.]
THE CHRONICLE
883
THE WEEK ON THE NEW YORK STOCK EXCHANGE. and led
the upswing in the industrial list with a gain of 3
The stock market has continued its upward course this points to 15634. Another strong spot
was Allied Chemical
week, though at times price movements showed considerable & Dye which spurted forward nearly
3 points to 1383.4. In
irregularity 'and confusion. The corner which developed the closing hour Baldwin broke
to 174 but immediately
in Wheeling & Lake Erie shares has been a very disturbing moved forward to 178.
feature. Speculative activity has centered largely in low
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
priced railroad stocks, and numerous new tops have been
DAILY. WEEKLY AND YEARLY.
recorded not only in this group but also in some of the more
Stocks,
Railroad,
State.
United
active leaders in the industrial and specialties groups.
Week Ended Feb.11.
Number of
&c.,
Municipal &
States
Shares.
Bonds.
Wheeling & Lake Erie common sold as high as 130 on TuesForeign Bonds.
Bonds.
day and dropped more than 25 points later in the day Saturday
1,258,420
85,089,000
$2,383,000
$223,800
Monday
2,158,960
8,825,000
3,932,000
799,500
'followed by a further break to 64 on Friday. Industrial Tuesday
2,386,050
8,736,000
4.443,000
507,000
Wednesday
2,845,060
10,285,500
3,043,000
stocks were in demand during the latter part of the week and Thursday
1,094,000
1,897,100
7.593,000
3,365,000
731,000
oil shares showed considerable improvement on Thursday Friday
2,009,900
7,074,000
2.059,000
559,000
IN-001
and Friday.
195555041
S47 64125410
819.225.900
1.3.614.5110
Railroad shares were the strong features of the half day
Saks at
Week.Ended Feb. 11.
Jan. 1 to Feb. 11.
session on Saturday, though there was considerable irreguNew York Stock
Exchange.
1927.
1926.
1927.
1926.
larity apparent in the early trading. Wabash was the out54,035,026
standing strong stock and moved briskly forward to a new Stocks-No,of shares_ 12,555,490 8,907,333
56,910,514
Bonds.
high at 58% and New Haven shot upward to a new top for Government bonds__ _ $3,914,300 83.810,150 $32,060,150 $38,002,800
foreign bonds 19,225,000 11,750,500
150,577.200
77,949,750
recent years. Western Maryland moved into new high State and& misc. bonds 47,602.500 37,860,500 325,319,200 299,697,500
Railroad
ground at 38 and Wheeling & Lake Erie preferred made a
Total bonds
$70,741,800 853,421,150
$507,956,550
$415,650.050
substantial gain though the common slipped back
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
about
5 points. Motor stocks were heavy, General Motors dropBALTIMORE EXCHANGES.
ping nearly 2 points. Interest again centered in the low
Boston.
Philadelphia.
Baltimore.
priced railroad stocks on Monday, particularly Wheelin
Week Ended
g&
Feb. 111927.
Shares. Bond Sates. Shares. Bond Sates. Shares. Bond Sales.
Lake Erie which closed with a net gain of more than 11 points.
Saturday
*20.065
$13,000
Other strong stocks in this group included Chicago
13,881
$12,700
a91
$27,800
Great Monday
31,788
35,000
21,895
19,600
01.998
69,900
Western, Norfolk & Southern, Western Marylan
*36,242
26,800
23,094
43.100
a2,804
48,100
d and Tuesday
39,171
Wednesday
12,200
27,802
23.700
a2,835
74.500
Peoria & Eastern. Higher prices were reached by
Thursday
*25,971
45,000
34.831
26,300
a2,151
a number Friday
52,000
19,626
12,000
13,535
10.000
of the motor stocks especially such issues as Pierce
2,752
29,100
Arrow,
172,863 $14'4,000 135,038
Total
Nash, Chrysler and Mack Trucks and there was consider
135,400
13,431 $301,400
able pp..,
,......a ,,,..,14,v1 i os 747
improvement noticeable in the oil shares, Amerada going
198 650 127.421
816.900
9.603 8222.800
up
2 points, Phillips Petroleum selling above 59.
* In addition, sales of rights were: Saturday, 200: Tuesday. 100: Thursday.600.
Houston Oil
a In addition, as es of rights were: Saturday, 225; Monday, 884: Tuesday,
527;
sold as high as 91, but receded later in the day, and
closed Wednesday, 505; Thursday. 631; Friday, 224.
with a loss of more than 3 points.
Railroad shares continued to dominate the market on
COURSE OF BANK CLEARINGS.
Tuesday, Wheeling & Lake Erie furnishing the sensation of
Bank clearings the present week will show a decrease comthe day by shooting forward to a record high at 130
though pared with a year ago. Preliminary figures compiled by us,
it slipped back later in the day and closed at 100, a net
gain based upon telegraphic advices from the chief cities of the
of 5 points. Wabash was also a strong feature and
reached country, indicate that for the week ending to-day (Saturday,
a new top above 60. Industrial shares came into
prominence Feb. 12) bank exchanges for all the cities of the United States
in the closing hour, Baldwin Locomotive
making a net from which it is possible to obtain weekly returns will be
advance of nearly 5 points. Hudson led the motors group 4.9% smaller than those for the corresponding
week last
with an advance of 3% points at its high for the day
and year. The total stands at $8,031,368.977 against $8,444,Remington Typewriter had a sharp advance of 20 points 830,285 for the same week in 1926. At this centre
there is a
to a new high record at 16034. Interest in the oil
stocks loss for the five days of 4.1%. Our comparative summary
centred in Producers & Refiners, which continued in
urgent for the week is as follows:
demand, selling above 30 and making a gain of over 4
points.
Clearings-Returns by Telegraph.
Price movements were irregular and confused on Wednes
Per
day,
Week Ended February 12.
1927.
1926.
Cent.
wide changes occurring in a large number of stocks in
various New York
$4,510,000,000 $4,701,816,722
-4.1
parts of the list. Many stocks were rushed violentl
516,719,585
593,511,900 -12.9
y up, Chicago
420,000,000
458.000,000
only to come down with an equally violent crash. Wheeling Philadelphia
-8.3
Boston
365,000.000
378,000,000
-3.4
& Lake Erie common, which had sold at 130 the previou Kansas City
119,084,514
125,145,269
-4.9
s St. Louis
111,700,000
146,600,000 -23.9
day, broke to 75 and Western Maryland receded to 25,
166.044,000
172,101,000
-3.6
as San Francisco
Los Angeles
169,727,000
148,924,000 +20.7
compared with 393/2 at the previous close. The general
144,459,015
145,715,357
list Pittsburgh
-0.9
Detroit
115,585.053
was unsettled during the early trading, but a sharp rally Cleveland
121,564,168
-4.9
92.363,164
94,605.847
-2.4
early in the afternoon carried prices to higher levels. Bald- Baltimore
86,553,611
101.875,789 -15.0
55,787,972
59,219,369
-5.8
win Locomotive was particularly prominent in the railroad New Orleans
13 cities, 5 days
$6,873,023,914 87.247,079,421
equipment group and ended the day with a net gain of
-5.2
73i Other cities, 5 days
950,010,054
974,775,720
-2.6
points.
Total all cities,5 days
$7,823,033,968 $8,221,855,141
-4.9
The outstanding feature of the market on Thursday was All cities, 1 day
208,335,009
222,975,144
-6.6
the strength of Baldwin Locomotive which bounded forward
•rntAi All PRIM few oznak
IR 1151 555 077
IR 444 Ran 955
--A 0
more than 11 points to a new high at 180, though it receded
Complete and exact details for the week covered by the
later in the day to 177. The heavy buying had a strong
influence on American Locomotive which pushed through foregoing will appear in our issue of next week. We cannot
112 and registered a not gain of 43 points. Railroad shares furnish them to-day, inasmuch as the week ends to-day
4
(Saturday), and the Saturday figures will not be availabl
e
were generally irregular, particularly in the low priced issues
until noon to-day. Accordingly, in the above the last day
which have had such a prominent part in the movements of
of the week has in all cases had to be estimated.
the market during the past two weeks. The strong stocks
In the
of the day included Colorado Fuel & Iron, Lima Locomotive, present elaborate detailed statement, however, which we
further below we are able to give final and complete
American Linseed and United States Cast Iron Pipe & results
for the week previous-the week ended Feb. 5. For
Foundry. United States Steel common was strong in the that week
there is an increase of 6.0%, the 1927 aggregate of
early trading, but following the publication of the tonnage clearings
being $11,324,128,943, and the 1926 aggregate
statement showing a decrease of 160,000 tons in unfilled
$10,679
orders, dropped more than a point and closed the day frac- only ,158,925. Outside of New York City the increase is
0.8%, the bank exchanges at this centre having shown a
tionally lower.
gain of 9.8%. We group the cities now according to the
The market was fairly buoyant on Friday, high grade Federal
Reserve districts in which they are located, and from
railroad shares assuming the leadership followed by industrial this it
appears that in the New York Reserve District the
stocks and motor issues. Chesapeake & Ohio was one of totals
are larger by 20.9%,in the New York Reserve District,
the strong features of the railroad group and moved briskly (includi
ng this city), by 9.7% and in the Philadelphia Reforward to new high ground at 158 and New Haven reached serve
District by 1.3%. The Cleveland Reserve District
its highest peak since 1916 when it gained 3% points to shows
an improvement of 17.9%, but on the other hand the
58%. Wheeling & Lake Erie was noteworthy for its break Richmond
Reserve District has a loss of 8.5% and the
of 21 points to 64. General Motors was particularly strong Atlanta Reserve District
of 23.9%, the latter due mainly to
the diminished totals at the Florida points, Miami showing a
decrease of 62.2% and Jacksonville of 37.5%. In the
Chicago Reserve District the totals are smaller by 1.9%, in
the St. Louis Reserve District by 8.0% and in the Minneapolis Reserve District by 9.6%. The Dallas Reserve District suffers a decrease of 5.8% and the San Francisco
Reserve District of 5.5%, but the Kansas City Reserve District shows a slightly larger total, the increase being 1.2%.
In the following we furnish a summary by Federal Reserve
districts:
CLEARINGS.
SUMMARY OF BANK
Inc or
Dec.
1926.
Week Ended Feb. 5 1927.
1927.
Federal Reserve Diets.
lit Boston_ ....12 cities
2nd New York _11 "
3rd Philadelphial0 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
6th Atlanta_ _ __13 "
70 Chicago ......20 "
8th St. Louis __ 8 "
9th Minneapolis 7 "
10th Kansas City 12 "
5 "
11th Dallas
12th San Fran. 17 "
3
653,492,540
1925.
1924.
$
%
$
535,862,136
540,282.805 +20.9
8,334.275,425 +9.7 8,279,208,225
535,311,606
611,474,576 +1.3
390,151.686
410,754.699 +17.9
195,113,264
210,132,836 -8.5
222,808,463
252,256,730 -23.9
937,243,320
1,020,360,098 -1.9
231,232,426
240,482,607 -8.0
129,801,663
114,886,051 -9.6
249,068,857
251,494,946 +1.2
84,312,795
88.130207 -5.8
496,214,516
594,628,045 -6.5
$
440957,913
4,669.713,075
490,208,295
349,605,113
191,726,830
192,311,825
763.576,731
209,095,984
103,208,065
213,856,409
65,175,4'73
464,943,523
129 cities 11,324,128,943 10,679,158,925 +6.0 10,288,328,876
Total
4,123,027,999
Outside N. Y. city.....4,506,763,283 4,471,553,747 +0.8
324.484.415
336.621.111 +12.0
377.088.647
20 cities
Ilan rate.
8,154,379,238
3,596,722,178
6.948,840,945
619,370,567
484,260,711
192,268,280
199,920,430
1,001,124,316
221,212,108
103,918,786
254,524,746
83,064,113
562,082,402
Week Ended February 5.
Clearings at
1927.
1927.
1926.
Inc. or
Dec.
1925.
419.820.152
1924,
.%
First Federal Reserve Dist rict-Boston
808,938
776.912
-Bangor.
Maine
3,696,522
4,879.863
Portland
Mass -Boston.. 598.000.000 482,000.000
2,217,907
2.125,695
_
Fall River_
a
a
Holyoke
906,869
1,104,775
Lowell
a
a
Lynn
1,402,031
1,283,728
New Bedford_ _
5,541,229
5,700,834
__
Springfield.
3,812,050
3,697.303
Worcester
18,090,823
14,664,265
-Hartford.
Conn.
7,479,934
7,162,457
New Haven.
13,509,700
13,570,700
-Providence
R.I.
816,802
726,008
N.H.-Manchefer
653,492,540
-4.0
+26.6
+24.1
-4.1
a
+21.8
a
-8.4
+2.9
--19.0
--4.3
+0.4
-11.1
804,755
3,863,500
479,000,000
2,376,649
a
095,658
a
1,455,610
5,900,378
3,654,537
15,977,097
7,624,178
13.457,100
752,874
540,282,805 +20.9
535,862,136
702,627
3,153,159
391,000,000
2,190,719
a
1,119,695
a
1.330.114
5,263,051
3,388,000
13,022,759
6,154.979
12,908,500
724,310
440,957.913
-New YorkSecond Feder al Reserve D strict
5.565,862
7.692,272
6,123,307 +7.9
6,610,001
-Albany._
N. Y.
1,177,700
1.603,000
1,611,300 +22.2
1.968.600
Binghitmton_ _ _
40,934,599
46,485,759
49.980,829 +6.0
62,990,388
Buffalo
818.399
1,173,056
1,259.591 -1.8
1,236,682
Elmira
1,742,411
1,419,780
1,503.486 -15 2
C1,274,658
Jamestown....
4,557,658,058
_ _ _ 8,817.365,680 6,207,605,178 +9.8 6,163,300,877
New York_
12,503,037
15.026,779
17,758,670 -11.9
15,644.761
Rochester
6,388,500
7.046,974
8,326.091 -9.7
7,522,315
Syracuse
3,403,797
3,172,304
3,272,027 +25.3
c4,099,639
-Stamford
Conn.
464,949
576,139
786,956 +20.9
951,380
-Montclair
N. J.
39.055,763
31,711.285
36,047,981
+8.7
39,185.861
J.
Northern N.
4,669,713,075
Total(11 cities) 6,948,849,945 6,334,275,425 +9.7 6,279,208,225
Third Federal Reserve Dist rict-Philad el phia
1,483,139 +2.0
1,513,607
-Altoona___ _
Pa.
4,531,337 +1.5
4,598,133
Bethlehem....
1,487.465 -3.8
1,431,855
Chester
2,370,132 -8.4
2.172,387
Lancaster
Philadelphia...._ 687,000,000 581,000,000 +1.0
3,567,381 +33.7
4.769,054
Reading
5,774,078 +6.9
6,174,644
Scranton
3,070,414 +28.0
d3,931,819
Wilkes-Barre..
1,821,353 -5.4
1,722.838
York
6,369,277 -3.9
6,056.230
-Trenton.
N.J.
a
a
•
Del.-Wilminen
1,539,867
3,749,856
1,310,716
2,329,704
503,000,000
3,255,985
6,392,556
4,234,045
1,738.526
7,760,351
a
1,242,902
3,500.000
1,163,102
2,994,191
462,000,000
3.394,586
5,336,441
4,636,261
1,492,400
4,448,412
a
+1.3
535.311.606
490,208,295
Fourth Feder al Reserve D istrict-Clev eland
5,555,000 +2.1
-Akron.
d5,672,000
06110
4,216,468 -14.7
3,698,028
Canton
81,059,314 -8.3
74.330,288
Cincinnati_
119,524,245 112,657.119 +6.1
Cleveland
17,091,100 -1.8
18,794,000
Columbus
a
a
a
Dayton
a
a
Lima
'
2,1155,100 -11.8
d1,813,058
Mansfield
a
a
a
Springfield....
a
a
a
Toledo
4,482.552 +94.1
8,700.906
Youngstown...
a
•
a
-Erie
Pa.
263,828,186 183,638,046 +38.2
Pittsburgh- -
4,709.000
4,149,992
69,228,597
107.227,624
15.149.500
a
a
1,637,738
a
a
5,612,507
a
182.438.728
6,629,000
4,400.313
61,318,635
99,019,673
14,369,000
a
1364,300
a
a
5,884,296
a
158.819.896
Total(10 cities)
819.370.587
611.474,578
410,754.699 +17.9
390,151,686
349,605,113
Fifth Federal Reserve Dist rict-Mehra ond1,825,033 -5.4
1,537,319
W.Va.-Huntlelt
8,586,627 --28.9
d6,091,840
Va.-Norfolk__ _ _
56,644,000 --13.7
48,867,000
Richmond.....
3,292,717 --24.8
d2,477,181
-Charleston
B.C.
Md.-Baltimore. 105.238,872 111,145,115 --5.3
28,859,344 -2.8
28,056,068
D.C.-Washing'n
1.665,748
9,257,774
56,758,000
2,424,974
98,736,559
26,270,209
2,043,544
8,704,816
63,883,000
2,520,840
90,897,830
23,697.000
-8.5
195,113,264
191,726,830
6,427,412
3.888,913
20,321,393
59,935.484
2,394,791
1,515,288
a
20,097,383
11,205,716
27,805,058
2,295,904
1,617,000
577,736
64.726,381
5,817,575
3,060,860
18,679,597
52,813.188
2,573,473
1,582,111
a
13,538,611
3,728,797
27,886.179
222,808.463
192,311.825
Total(8 cities)
Total(6 cities)
484,260.711
192,268,280
210,132,836
rict-Atiant aSixth Federal Reserve Dist
7,251,620 +4.2
d7,557.656
Tenn.-ChatVga.
.4,200,000 +7.1
*4,500,000
Knoxville
22,158,371
+6.4
23,574,117
Nashville
70,676,498 -30.6
49,082,294
Ga.-Atlanta_._ _
2,037,374 +3.0
2,097,860
Augusta
1,808,258 +15.0
2,079,457
Macon
a
a
Savannah
36,881,877 -17.5
23.044,752
Fla.-Jack'nville.
20,227,953 --62.2
7,624,812
Miami
27.222,541 -10.6
24,328,771
Ala.-Birraing'm.
2.374,275 --0.2
2,368,612
Mobile
+8.3
1.935,608
2,097,291
-Jackson..
Miss.
836,605 +0.6
640,402
Vicksburg
64.845,758 --21.4
50.984,406
La.-NewOrleans
262,256,730 -23.9
Total(13 cities) 199,980,430
Inc. or
Dec.
1,419,526
581.147
60,652,761
1925.
1924.
290,1419
1,216,569
132,126,969
7,418,534
2,850,734
2,548,665
17.520,000
2,646,600
5,057,631
42,967,041
2 .630,045
11,350,212
7,696,340
1,452,912
1,564,867
685,288,653
a
1,470,220
5,448,866
2,639,696
3.058,607
226,553
790,191
118,252.450
6,360,487
2,359,923
2,607,057
17,458,000
2,396,507
5,591,014
33.906,406
2,261,685
9,557,203
7,391,160
1,258,017
1,181.716
543,912,970
a
1,158,538
4,233.266
2.399,796
2.271.792
937,243,300
763,576,731
6,108.924
150,800,000
32,715,091
648,383
25,455,702
13,315,831
421,236
1,767,259
4,147,179
140,800,000
29,758,477
485,971
20,817,941
11,361,084
341,406
1,383.926
Total(8 cities). 221,212,108 240,482,007 -8.0 231,232,426
Ninth Federal Reserve Dist rict-Minne spoils7,471,050
5,837,996 -4.7
5,562,061
Minn.-Duluth_
86,363,904
72,441,884 -10.8
64,611,266
Minneapolis_ _ 29,449,123
30.024,495 -7.9
27.641,643
St. Paul
1,800,875
1,979,100 -6.1
1.859,897
No. Dak.-Fargo
1,416,410
1,427,445 -24.7
1,074,897
-Aberdeen.
S. D.
678.440
639.760 +8.3
584,806
-Billings.
Mont.
2,621,800
2.635.371 -2.0
2,584.215
Helena
209,095,984
Total(7 cities)- 103.918,785 114,886,051 -9.6
Tenth Federal Reserve Dist rict-Kansa s C1tY328,800 +30.6
d429,433
Neb.-Fremont..
803,551 -39.8
483,444
Hastings
5,062,561 -2.9
4,915.975
Lincoln
41,000,318 -5.6
38.703.982
Omaha
4,414.998 -23.9
3,359,732
-Topeka...
Kan.
8,318,400 • 8,333,151 -0.2
Wichita
Mo.-Kan. City. 142,448,006 130,893,779 +8.8
8342,580 -13.7
d7,026,601
St. Joseph_ _ _ _
a
a
a
-Muskogee
Okla.
28.085,138 -9.6
Oklahoma City d25,395,190
a
a
Tulsa
1,298,837
1,311,336
-Col.Spgs_
Colo.
21,998,377 -5.1
20,874,487
Denver
1,132,856 +11.1
01,258,165
Pueblo
129,801,602
103,208.065
363,035
661,468
4,747,937
41,986,818
3,284,210
7.765,340
131,235,835
8,536,775
'
25,336,971
a
1,202,379
22,856,544
1,111,545
403,386
628,733
3,898,883
34,047,807
3,522,553
8.235,677
113.958,252
6.874.748
a
22,161,698
a
1,081,704
18,233,982
909,189
Total(12 cities) 254,524,746 251,494,946 + 1.2
-Da hasEleventh Fede ral Reserve District
2.092.357 -24.6
1,578,188
-Austin. _ _
Tex.
53.701,872 -5.7
50,656,806
Dallas
16,488,851 -21.9
Fort Worth... d12,879.553
10,602,000 +17.2
12,431,000
Galveston
a
a
a
Houston
5,245,027 +5.2
5,518.568
La.
-Shreveport
249,068,857
213,856,409
1,699,099
52,042,932
14,742.667
10,323,654
a
5,604,443
2,499,436
36,814,099
13,099,331
17,963.348
a
4,799,259
Total(20 cities) 1,001,124,316 1,020,360,098 -1.9
Eighth Federa Reserve Die trict-St. Lo uls+6.9
4,861,366
5,196,639
-Evansville.
Ind.
Mo.-St. Louis_ _ 142,737,749 155,800,000 -8.4
36,030,144 +3.0
37,108,393
Ky.-Loulsville
576,722 -4.4
551,610
Owensboro_
27,211,000 -22.6
21,076,596
-Memphis
Tenn.
13,985,286 -7.7
12,909,579
-Little Rock
Ark.
456,970 -18.6
371,807
ill -Jacksonville
1,561,119 -19.3
1,259,735
Quincy
Week Ended February 5.
C7earing3 as
1926.
$
$
Seventh Feder al Reserve D 'strict-Chi cago-269,899 -0.02
269,859
-Adrian _ _
Mich.
1,466,791 -30.4
1,021,192
Ann Arbor.._ _
153.005,763 154,657,214 -1.1
Detroit
8.305,315 -5.3
7,868,009
Grand Rapids_
.3,100,000 -21.0
2,448,000
Lansing
2,460,644 +27.0
3,125,645
-Ft. Wayne
Ind.
22,876,000 +3.9
23,764,000
Indianapolis...
3.030,500 -2.4
2,958,600
South Bend_..
5,432.942 -3.2
5,261.850
Terre Haute__ _
46.604,570 +11.3
61.886.426
Wis.-Milwaukee
+5.8
2,698,594
2.855,559
Iowa-Ced. Rap_
11,495,691 -10.8
10,251,263
Des Moines__ _
7.538,156 -3.0
7,299,959
Sioux City..
1,159,442 +2.7
1,190,592
Waterloo
1,531,182 +9.6
1,678,588
III.-Bloomingt'n
713,108,008 734,946,307 -3.0
Chicago
a
a
a
Danville
1,397,647 -0.7
1.388.554
Decatur
+4.7
5,189,281
5,434,256
Peoria
3,302.938 +5.5
3,484,066
Rockford
2,902,985 -2.7
2.824,127
Springfield_ _ _
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Total(12 cities)
[VOL. 124.
THE CHRONICLE
884
6,306,530
60,067,442
29,993,384
1,578,733
1,123,426
638,794
2,699,758
85,185,473
84,312,795
88,130.107 -5 8
83.064,113
Total(5 cities).
Twelfth Feder al Reserve D istrict-San Franci sco-30,322,706
36,254,451
-3 5
42,084.980
40,602,917
Wash.-Seattle..
9,552,000
10,275,000
14,144,000 -19.2
11,435,000
Spokane
a
a
a
a
a
Tacoma
1,184,940
1,568.676
1,445,559 -10.7
1,291,659
Yakima
34,246,000
33,102,266
35,676,675 +4.4
37,260,463
-Portland..
Ore.
12,625.878
15,619,395
16,711,787
15,356,045
Utah-S. L. City
a
a
a
a
a
Nev.-Reno
a
a
a
a
a
A rlz.-Phoenix _
4,053,309
3,244,485
3,616.859 +22.7
4,438.524
Calif.-Fresno._ 8,753,227
6,995.069
7,488.624 -7.3
6,945.828
Long Beach_
152,799.000
Los Angeles.- - 189,644,000 173,974.000 +9.0 152,309.000
16,578,795
20,113,895
21,497,393 -6.2
20.160.968
Oakland
8,556.310
7,163.316
6.848,205 +6.6
7,303,720
Pasadena.....
8,447.270
7,313.192
8,591.978 +4.0
d8,935,287
Sacramento_ _
4,324,675
5,269,337
6,577,041 -18.4
8,480,028
San Diego_ -18.4 188,285,407 161,500,000
San Francisco_ 201,234.000 246.632.000
2,269,660
2,829.485
3,066.629 -6.4
2,869,305
San Jose
1,181,108
1,512,559
1.659.952 -23.4
1.270,908
Santa Barbara.
2,159,147
1,891,483
2,042,863 +3.2
2,108.262
Santa Monica_
2,389.500
2.467,500
2,569.500 +6.1
2,725,500
Stockton
496,214,516 464,943,523
Total(17 cities) 562.062,402 594,628,045 -5.5
Grand total (129
+6.0 10286328,878 8354.379,236
11324128,943 10679158,925
cities)
Outside N.Y
4.506.763.2834.471,553,747
+0.8 4,123,027,999 3,596.721,178
Week Ended February 3 1927.
_
1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William._ _ New Westminster
Medicine hat...
.
Peterborough._ _
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
1926.
Inc. or
Dec.
1925.
1924.
$
S
%
$
$
122,629.952 105,546,685 +16.2 108,965,251 132,117,927
96,805,405 168,293.788
124,770.768 110,417.173 +13.0
45,702,309
49,818,862
45,638,288 +4.4
47,654,085
15,782,748
14,411,659
18,296,457 +25.5
22,959,478
6,882,117
6.144,873
6.567,158 +2.1
6.708.697
5.634,214
6,009,817
5,909,195 -7.3
5,475,846
2,885,298
2,657,779
2,791,888 -5.0
2,651,534
5,157,291
4,642,997
5,044,489 +28.6
6,384.529
7.149,921
7,652,470
7,418,337 +2.0
7.568,390
3,319,210
2,400,849
2.486.034 -2.2
2.431,258
1,822,514
1,923,606
1,872,626 +15.9
2,170,072
2,810,103
2,642,400
+21.7
2,576,512
3,137,019
4,923,711
4,510,116
5,114,052 -11.0
4,553,636
3.315,868
3,155,467
+7.9
3,188,43
3,439,202
486,438
579,858
484.714 -1.1
479.325
407.005
505.061
-8.0
545,64
447,315
1,726,630
1,414,562
1,790,25 -10.2
1.608.414
1,185,887
1,235,380
+8.6
1,065,33
1,157,322
938,430
658,685
937,144 -4.1
898,400
984,372
784,685
+0.4
741,14
743,941
593,437
618,319
+1.6
744,68
756,374
390,426
310,424
-13.3
272,43
236,203
747,703
737,881
529,50 +45.9
772.793
874,837
805,003
-3.8
860,24
827,739
1,1183,486
832,210
907,79 +10.5
1,003,067
2,519,836
2,764,819
3,225,87 +15.3
3,721,250
357,693
370,427
+8.4
344,31
373,177
736,167
725,417
719,626 +22.4
881,022
873,790
690,289
585.08 +11.1
649.850
377.088.647 336,621.111 +12.0 324.484.415 419.800,152
respond to requests for figures. c Week
a No longer report clearings. b Do not
ended Feb. 4. •Estimated.
ended Feb. 2. d Week ended Feb. 3. e Week
Total(29 cities)
FEB. 121927.]
THE CHRONICLE
885
THE ENGLISH GOLD AND SILVER MARKETS.
Treasury Cash and Current Liabilities.
We reprint the following from the weekly circular of
The cash holdings of the Government as the items stood
Samuel Montagu & Co. of London, written under date of Jan. 31 1927 are set out in the following. The figures are
Jan. 26 1927:
taken entirely from the daily statement of the United States
GOLD.
Treasury of Jan. 31 1927.
The Bank of England gold reserve against notes amounted to E150,235,cuaaar.rr ASSETS AND LIABILITIES.
485 on the 19th inst. as compared with £150,256,855 on the previous
Wednesday.
About £400,000 bar gold was on offer yesterday in the open market, and
was absorbed as follows: Continent E100,000. Home and Continental
Trade £130.000. Egypt £28,000. India E20,900, and the balance, about
£124,000, by the Bank of England.
The Bank of England has announced the following movements of gold:
Jan.20. Jan. 21. Jan. 22. Jan. 24. Jan. 25. Jan. 26.
nil
nil
nil
nil
£124,000 E402,000
Received
Withdrawn__ _ £39.000 £480,000 131.000 £47,000
20,000
67.000
The receipt of £124,000 on the 25th was in the form of bar gold from
that of £402,000 to-day consisted of sovereigns from
South Africa, and
Denmark. Of the withdrawals, £470,000 on the 21st was in bar gold for
Russia; the remainder, £214,000. was in sovereigns: £154.000 for Spain,
£18,000 for Holland and £42.000 for India. During the week under review
there has been a net withdrawal of £158.000 from the Bank, decreasing the
net efflux this year to £154.000. According to the daily announcements
by the Bank,the net efflux since the resumption of an effective gold standard
is now £5,170,000.
Two shipments of gold have arrived in New York from France,one of
£800.000 and the other of £4,000,000. These are reported to be part of the
French gold coin purchased during the last four months by the Bank of
France from private holdings of the French people. This gold is now
being applied as a means of maintaining the present value of the franc in
the world markets.
Official figures (in lacs of rupees) relating to India's foreign trade for
December last have been cabled as under:
Imports of merchandise on private account
16,54
Exports, including re-exports, of merchandise on private account_ _25,06
Net imports of gold
98
Net imports of silver
2.21
Net imports of currency notes
nil
Total visible balance of trade (in favour of India)
5,46
Net balance on remittance of funds (in favour of India)
1,88
United Kingdom imports and exports of gold during the week ended the
19th inst. amounted to:
ImportsExports
British West Africa
£21,151 Germany
£580,890
British South Africa
936.066 Netherlands
116,100
Spain
119.500
Austria
55,100
France
15.700
Egypt
34.090
British India
48,790
Other countries
4,755
Total
Total
/957,217
£974,925
SILVER.
The China situation still controls the value of silver. During most of
the week the tendency of prices was upward, until the re-opening of the
Banks in Hankow relieved the monetary tension there. This event was
signalized yesterday by a fall of 3-16d. for both deliveries, and by a disposition on the part of America to meet the requirements of this market,
that had not been shown for some little while. America is reported to have
been also selling in the Indian Bazaars; this may account for the lower
rates received to-day from that quarter and for some Indian selling orders.
Nervous bears have been largely eliminated during the recent period of
rising prices, so that the market would probably respond somewhat readily
to pressure of selling. This easing, however, may be slow to materialize
In view of the still complicated position of affairs in the Far East. Hence,
though the general position-statistical and otherwise-has not materially
altered, the immediate future of silver is uncertain and prices may continue
Irregular.
Though the bill for purchasing more silver under the Pittman Act was
favorably reported by the House Committee on Banking and Currency,
it was opposed by the Under- Secretary for the Treasury, who said that the
Government had already paid $58,000.000 more for silver under the Pittman Act than its value at normal market prices. He added that the bill
would similarly increase the cost of the proposed 14.000,000 ounces by
96.750,000, and that this silver was not needed, for it would cause the
Treasury to have about 20,000,000 more silver dollars than it'had prior to
the Pittman Act of 1918.
United Kingdom imports and exports of silver during the week ended
the 19th inst. were:
ImportsExports
United States of America__ £56,467 Austria
119,950
68.044 British India
Mexico
423,967
15,922 Other countries
Other countries
12,516
Total
Total
£140,433
E456,433
No fresh Indian Currency Returns have come to hand.
The stock in Shanghai on the 22nd inst. consisted of about 62,800,000
ounces in sycee, 72,400,000 dollars, and 780 silver bars, as compared with
about 63,700,000 ounces in sycee, 71,400,000 dollars, and 980 silver bars
on the 15th inst.
-Bar Silver, Per Oz. Std.Bar Gold,
Cash.
Quotations2 Mos.
Per Oz. Fine,
263.1d.
Jan. 20
26 1-16d.
845. 113id.
26Sid.
21
25 15-16d.
84s. 113id.
22
26 5-16d.
26Sid.
84s. 113.d.
26 7-16d.
24
26 3-16d.
84s. 1ld.
268.
26 .Id.
25
84s. 103id.
26 d.
26
268.
84s. 11d.
26.270d.
Average
26.052d.
84s. 11.2d.
The silver quotations to-day for cash and two months' delivery are
respectively Sid. and 5-16d. above those fixed a week ago.
Assets
Gold coin
Gold bullion
GOLD.
Liabilities
606.710,051 34 Gold ctfs. outstanding-1.667,897,049 00
3,073,916,527 06 Gold fund, F. R. Board
(Act of Dee. 23 1913,
as amended June 21
1917)
1,694,320,830 86
Gold reserve
155,420,720 98
Gold in general fund_ 162,987,977 56
Total
3,680,626,578 40 Total
3.680,626,57840
Note.
-Reserved against $346,681,016 of U. B. notes and $1,336,304 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS.
Assets
Liabilities
Silver dollars
469,463,840 00 Silver ctfs. outstanding- 463,341,127 00
Treasury notes of 1890
outstanding
1,236.304 00
Silver dollars in gen.fund
4,786,409 00
Total
469,463,840 00
Ass48Gold (see above)
Silver dollars (see above)
United States notes.-Federal Reserve notedFed'I Reserve bank notes
National bank notes_ - Subsidiary silver coin.-Minor coin
Silver bullion
Unclassified-ColleoBons, &c
Deposits in F.R banks.
Deposits in special depositaries account of
sales of certificates of
indebtedness
Deposits in foreign de.
positaries
To credit of Treasurer
United States
To credit of other
Governmnt officers.
Deposits in nat'l banks:
To credit of Treasurer
United States
To credit of other
Governm't officers.
Deposits in Philippine
Treasury:
To credit of Treasurer
United States__
Total
469,463,840 00
GENERAL FUND.
Liabilities
162,987,977 56 Treasurer's checks out4.786,40900 standing
4,270,667 21
3,356,107 00 Deposits of Government
officers:
1,440.186 50
198,756 00 Post Office Departm't
7.615.923 53
Board of trustees, Pos17,943,278 50
4,655,616 40
tal Savings System
5% reserve, lawful
1,138,616 45
money
7,618,494 08
6,414,600 49
Other deposits
800,285 02
6,327,336 28 Postmasters, clerks of
35,134,411 50
courts, disbursing
officers, &c
40,949,496 90
Deposits for
Redemption of F. R.
160,366,000 00
notes(5% id., gold) 145,859,497 26
Redemption of national bank notes (5%
fund,lawful money) 24,722.032 77
101,148 34
Retirement of additional circulating
notes, Act May 30
477,775 20
1908
3,59000
Uncollected Items, ex7.117,608 65 changes, dm
17,360,859 95.
21.350,48321
Net balance
248,026,953 13
187.872,444 45
899,192 91
Total
435,899,397 58
-The amount to the credit of disbursing officers and agencies to-day was
Note.
$370,573,015 89. Book credits for which obligations of foreign governments are
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
to-day was $41,398,872.
$1,000,592 in Federal Reserve notes and $17,876,301 in national bank notes are
In the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Total
435,899,397 58
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 November and December 1926 and January and February 1927.
Holdings in
U.S. Treasury.
Nov. 1 1926. Dec. 1 1926. Jan. 1 1927. Feb. 1 1927.
$
$
$
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notee__
Net national bank notes__
Net Federal Reserve notes
Net Fed'I Res. bank notes
Net subsidiary silver
Minor coin.Ice
337,089,571
11,285,241
2,952,152
16,359,010
1,397,218
84,322
6,034,751
5,272,609
340,253,867
14,751,142
2,379,171
16,515.159
1,344,274
61,784
3,922,810
4,178,409
348.035,742 318,408,699
10,827,779
12,404,903
2,879.898
3,356,107
15,360.559
17,943,279
1,595.625
1,440,186
133.070
198,756
3,107.687
4,655,616
3,518,266
7,465,953
Total cash in Treasury_
Less gold reserve fund
380,474.874
154,188.886
383,406,616
154,188,886
385.458,626 .365,873,499
154.188,886 155,420,721
Cash balance in Treas'y 226,285,988 220,217,730
Dep.In spec'l depositories:
Acct. Treasury bonds
174,376,000
93.162,000
Dep. in Feci'l Res. banks_
43,153,727
38,916,978
Dep.In national banks:
To credit Treas. U. S
8.148,462
7,828,522
To credit dist). officers.
20,462.788
20,206,240
Cash in Philippine Islands
919,565
1,086,776
Deposits in foreign dept.&
642,193
584,885
Dep.in Fed'ILand banks
231,269,740
210,452,778
216,210.000
28,663,964
160,366,000
35,134,412
8,282.320
24,044,091
773,929
613.820
7,117,609
21,350,483
899.193
578.923
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Net cash
Treasury
and in banks
Deduct current liabilities_
473,988.723
243,428,129
391,003,131
250,850,641
509,867.864
282,847,618
435.899,398
248,026,953
Available cash balance_
230,560,594
140,152,490
227,010,246
187,872,445
London.
Feb. 5. Feb. 7. Feb. 8. Feb. 9. Feb. 10, Feb. 11.
Week Ending Feb. 11Sat.
Tues. Wed. Thurs.
Mon.
Fri.
Silver, per es
d 279-16 277-16 27 7-16 26 11-16 26 13-16 26g
Gold, per fine ounce_ _
_d. 84.1114 54.1114 84.1011 84.1134 84.1134 84.1134
Consols, 234 Per cents
55 9-16 55 9-16 $551
5534
5534
British, 5 per cents
10134
10134
10134
10134
10134
British. 434 per cents.......
96g
9334
9654
9634
9634
French Routes (In Paris), ft
53.20
53.30 52.75
52.70
53
French War Lofton Paris)Jr
67.40
66.50
67.25
64.75
65.50
•Includes Feb. 1, $7,618,494.08 silver bullion and $1.138,616.45 minor coin. &o..
not included in statement "Stock of Money."
Preliminary Debt Statement of the United States
January 31 1927.
The preliminary statement of the public debt of the
The price of silver in New York on the same days has been:
United States Jan. 31 1927, as made upon the basis of the
Sliver in N.Y., per oz.(eta.):
Foreign
57( 6734 5614
69
59
59)4
daily Treasury statements, is as follows:
Bonds
Consols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion Bonds
Postal Savings bonds
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
$599,724,050 00
48.954.18000
25,947,400 00
49,800.000 00
28,894,500 00
13,229,660 00
APPLICATIONS TO ORGANIZE RECEIVED.
$766,549,790 00
61,939,209,300 00
3,104,520,050 00
2,170,006,950 00
6,324,463,950 00
813,538,200,250 00
8763,948,300 00
1,047,087,500 00
494.898,19000
2.305,933.90000
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1956
816,610,683,940 00
Total bonds
Treasury Notes
Series A-1927, maturing Dec. 15 1927
Series B-1927, maturing March 15 1927
Adjusted Service, Series A-1930
Adjusted Service, Series A-1931
Adjusted Service. Series R-1931
Adjusted Service, Series A-1932
8355.779,90000
668,201,400 00
50,000,000 00
53,500,000 00
70,000,000 00
123,400,000 00
Treasury Certificates
Series TJ-1927. maturing June 15 1927
Series'TS-1927, maturing Sept. 15 1927
Adjusted Service. Series A-1928
Civil Service Retirement Fund Series
. $378,669,500 00
229,269,500 00
22,900,000 00
8,400,000 00
1,320,881,300 00
$90,398,412 35
14,410,660 40
127,944,548 40
23,250,498 10
94,080,249 45
350,084,368 70
$18,920,888,608 70
Total interest-bearing debt
Matured Debt on Which Interest Has Ceased
Old debt matured-issued prior to April 1 1917 _
Certificates of indebtedness
Treasury notes
834% Victory notes of 1922-23
454% Victory notes of 1922-23
Treasury Savings Certificates
Debt Bearing No Interest
-tinned States notes
Less gold reserve
82,163.490 26
964,500 00
2,305,100 00
28,650 00
3.776,200 00
481,375 00
9,719,315 26
6346,681,016 00
155.420,720 98
$191,260,295 02
Deposits for retirement of national bank and
Federal Reserve Bank notes
Old demand notes and fractional currency
Thrift and Treasury Savings stamps, unclassi• fled sales, &c,
641,398,872 00
2,046,797 09
3,652,591 40
238,358,555 51
$19,168,966,479 47
Total gross debt
•Net redemption value of certificates outstanding
(kfironercial andMiscellaneansgeurs
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange Feb. 5 to Feb. 11, both
inclusive, compiled from official sales lists:
Stocks-
baled
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Bank Stocks
Nat Bank of Commerce 100
Trust Co Stocks
Mercantile Trust
100 430
Title Guaranty Trust_ _100
Street Railway Stocks
St Louis Pub Serv corn_ •
Miscellaneous Stocks
Amer Credit Indemnity_25
A.S. Aloe Co common_ _20 33
Boyd-Welsh Shoe
•
Brown Shoe preferred__100
Common
100
Certain-teed Prod 1st pf 100
Ely&WalkerDryGdscom25 33
Hamilton-Brown Shoe_ _25
Huttig S & D pref
100
Hydraulic Press Brick pf 100 76
Common
100
Independent Packing corn• 2461
International Shoe pref_ 100
Common
• 160
Johansen Shoe
•
Mo Portland Cement_ _ _25
Moloney Electric pref__100
National Candy com___100
Pedigo-Weber Shoe
Polar Wave I & F"A" :
Rice-Stfx Dry G 1st pf_100 108
100
2d pref
Common
•
Scruggs-Y-B D G com__25 22
Securities Inv common__ •
Sheffield Steel common__• 2734
Sleloff Packing common_ •
•
Skouras Bros "A"
Southw Bell Tel pref__ _100
Louis Amusement"A" • 44
St
160
St Louis Car pref
Stlx-Baer & Fuller com_.•
Wagner Electric com____• 2034
Wagner Elec Corp pref_100 70
Wm Waltke & Co com_ • 6514
lo0 111
Preferred
100 10234
Union Biscuit pref
Mining StocksConsol Lead & Zinc"A"._* 13
Street Railway Bonds
East St L & Sub Co 58_1932
United Railways 4s.. _ _ 1934 7716
45. ctts of deposit___1934 77
Miscellaneous Bonds
Missouri-Edison El 5s_1927
Houston 0116148
1935
............_ .-.__....
,o5r
•No par value.
Range Since Jan. 1.
Low.
High.
156
160
73 156
Feb 163
430
40
43036
40
60 430
10 40
Feb 43034 Feb
Feb
Feb 40
1934 2034
941
53
53
32
33
4016 42
10834 109
32
3234
105 105
3314
33
3714 3714
10116 10134
76
76
6
634
2414 2466
108 10834
15934 160
30
30
Si
53
10034 102
87
90
31
3234
3211 3216
107 108
99
9934
21
2134
2134 2266
3734 40
2534 2734
18
18
42
42
11634 11634
43
4434
9714 9734
30
30
2016 2034
68
70
62
70
111 111
102 10214
10
75
215
15
15
5
145
415
5
10
345
65
150
275
200
572
30
285
162
435
51
62
320
350
255
495
50
520
40
150
23
230
295
33
645
50
35
13
1334
1,230
9034 9034 $1,000
7716 9,000
77
33,000
7614 77
1814 Jan
53
32
40
10834
32
105
3236
3734
10114
76
534
2414
108
158
30
5014
9934
87
31
32
10514
99
21
2014
3716
2534
18
42
11514
43
96
30
1834
88
5134
111
100%
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
13
Feb
8634 Jan
7634 Jan
7634 Jan
WO% 10016 4,000 100
103 10334 6,000 103
100 100% 15.000 100
Capital.
$50.000
-The City National Bank of Moorhead, Minn
Feb. 1
Correspondent, A. 0. Christensen, Moorhead, Minn.
Succeeds the Farmers & Merchants State Bank, Moorhead, Minn.
250,000
-Citizens National Bank in Dallas, Texas
Feb. 1
Correspondent, L. L. Henderson,907 Praetorian Bldg.,
Dallas, Texas.
200,000
Feb. 5
-The City National Bank of Elizabeth, N.J
Correspondent,Russell Lammerding,906 Westfield Ave..
Elizabeth, N. J.
25.000
Feb. 5
-The First National Bank of Avoca, N.Y
Correspondent,J. B. Sturdevant,Avoca,N.Y. Succeeds
the J. B. Sturdevant Bank of Avoca, N. Y.
125.000
Feb. 5
-The Greene County Nat'l Bank of Waynesburg, Pa
Correspondent, S. M.Williamson, Peoples Bank Bldg.,
Waynesburg, Pa.
APPLICATION TO ORGANIZE APPROVED.
Feb. 1
-The First National Bank of Carlsbad, Calif
Correspondent, A. Simpson, Carlsbad, Calif.
$25,000
APPLICATION TO CONVERT APPROVED.
$500,000
Feb. 3
-The County
Bank of Scranton, Pa
of the County Savings Bank of Scranton,Pa.
NationlCvers
639,239,000 00
Treasury Savings Certificates*
Bevies 1922, issue of Dec. 15 1921-Series 1922, issue of Sept.30 1922
Series 1923, issue of Sept.30 1922
Series 1923, issue of Dec. 1 1923
Series 1924. Issue of Dec. 1 1923
•
[Vol. 124.
THE CHRONICLE
886
Jan
• CHARTERS ISSUED.
$200,000
Jan.31-The Midland National Bank of Chicago. Ill
President, H. F. Wuehrmann; Cashier, . I. Vanicek.
50,000
Feb. 1
-The Wheeler National Bank of Interlaken, N. Y
President, J. K. Wheeler; Cashier, M. W. Bassette.
Succeeds Banking House of 0. G. & D. C. Wheeler.
Interlaken, N. Y.
VOLUNTARY LIQUIDATIONS.
Jan. 25
-12763
-Citizens National Bank in Kaufman, Texas--,-$100,000
,
Effective December 20, 1926. Liquidating Agent, C. B.
Harton, Kaufman, Texas. Absorbed by the First
National Bank of Kaufman, No. 3836.
Jan.31-The Clark National Bank of Newton, Iowa
$50,000
Effective Oct. 20 1926. Liquidating Agent, A. E.
Hindorff, Newton, Iowa. Absorbed by Jasper County
Savings Bank of Newton, Iowa.
Jan.31-The City National Bank of Linton, N. Dak
25,000
Effective Oct. 30 1926. Liquidating Agent, Fred
Heinrich, Linton, N. Dak. Absorbed by the Peoples
State Bank of Linton, N. Dak.
Feb. 1-The Citizens Nat'l Bank & Trust Co. of Cincinnati, 042,000,000
Effective Jan. 31 1927. Liquidating Agent, Wm. D.
Knox, Cincinnati, Ohio. Absorbed by the Fourth and
Central Trust Co., Cincinnati, Ohio.
Feb. 1
-Paoli National Bank, Paoli, Pa
50,000
Effective at close of business Jan. 311927. Liquidating
Commission, J. D. Burns, T. M. Dalton, A. G. Dickson, C. C. Wilson, Paoli, Pa., E. T. Conrey, R. J.
McDermott, H. W. Smith, Malvern, Pa., and J. L.
Serrill, Newton Square, Pa. Succeeded by Paoli Bank
& Trust Co., Paoli, Pa.
50,000
Feb. 2
-The Moorestown National Bank, Moorestown, N. J_ _
Effective Feb. 1 1927. Liquidating Agent, Geo. B.
Evans, Moorestown, N. J.
25,000
Feb. 2
-The Farmers National Bank of Tyrone, Okla
Effective Feb. 1 1927. Liquidating Commission, J. A.
Metcalf, C. L. Akers. Tyrone, Okla., D.P. Metcalf and
W. J. Risen, Hooker, Okla. To be absorbed by the
Farmers & Merchants Nat'l Bank of Hooker, Okla.,
No. 12128.
25.000.
Feb. 3
-The First National Bank of Wetonka, S. Dak
Effective Jan. 18 1927. Absorbed by the First Nat'l
Bank of Aberdeen, S. Dak., No. 2980.
50.000.
-The First National Bank of Athens, Ala
Feb. 4
Effective Jan. 11 1927. Liquidating Commission, Fred
Wall, W.A. Strange, J. 0. Belue and W.T. McDaniel,
Athens, Ala. Absorbed by the Farmers & Merchants
Bank of Athens, Ala.
CONSOLIDATION.
-The Fort Worth National Bank, Fort Worth, Texas_ _$1,000,000.
Feb. 2
,
Feb. 2
-The Farmers & Mechanics Nat. Bk.of Fort Worth.Tex.$1,000.000
Consolidated under the Act of Nov. 7 1918, under the
charter and corporate title of"The Fort Worth National
Bank, No. 3131, with capital stock of $2,000,000.
-
2034 Feb
5434 Jan
Feb
33
Feb
42
11234 Jan
3414 Jan
10634 Jan
35
Jan
3934 Jan
10134 Feb
8134 Jan
Jan
7
Jan
25
Jan
109
16034 Jan
30
Feb
54
Jan
102
Feb
90Feb
33 . Jan
33
Feb
108
Feb
9934 Feb
2234 Jan
223-4 Feb
40
Feb
2766 Feb
1834 Feb
Jan
48
117
Jan
45
Jan
9814 Jan
3134 Jan
24
Jan
74
Jan
70
Feb
11234 Jan
10234 Feb
17
9034
7734
77
Jan 10034
Jan 10334
Fah inn re
Auction Sales.-Ainong other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday ofthis week:
By A. J. Wright & Co., Buffalo:
$ per sh.
Shares. Stocks.
$2.50 lot
18 Prisms, Inc., no par
10 Buff. Niag.& East. Pow., no par 28
.
5,000 March Gold, Inc., par 10e._ 12c.
6c.
500 Night Hawk, par $1
3 per sh.
Shares. Stocks.
le Butt. Niag. & East. Pow., pref.,
26
par 625
8934.
40 Income Property
._
200 March Gold, Inc., par 10c_ . 12o.
By R. L. Day & Co., Boston:
$ per sh. Shares. Stocks.
$ Per sh.
Shares. Stocks.
23 First National Bank
35516-35534 2 Gorton Pew Fisheries Co., Ltd.,
Shavrmut Bank7816
11 National
289
35911 18 oR. H.Booth Sales Co., com.__ 10.
6m
c
1 Merchants National Bank
2 Old Colony Trust Co_ _343%.ex-div. 361 R. H. Booth Sales Co., pref.__ Sc.
2 Ludlow Mfg. Assoctates__177, ex-div. 13 New England Power Assn., p1.89-8934
1534 2 New England Power Assn., pref__ 8934
7-8 Pepperell Mfg. Co
5% 9 Lowell Elec. Light Co., par 525- 66%
5 Saco Lowell Shops, corn
4216 50 Coca-Cola Bottling Corp.. pref $45 lot
10 Lancaster Mills, pref
15 Merrimac Hat Corp., Corn
11
207
4 Great Falls Mfg. Co
Eec. iu .,0
0
C
7616
18 Merrimack Mfg., corn...12016-12116 110 Edisonass. Lighting Cos., c B04011.221
234
20 Sharp Mfg. Co., corn
26 West Boston Gas Co., par 325- 3934
118
Bates Manufacturing Co
7
10 Merrimac Hat Corp.. Corn
207
200
5 Fitchburg Duck Mills
120 Draper Corporation
30
68
25 Hill Manufacturing Co
11234 15 Merrimac Hat Corporation, com.207
15 Charlton Mills
69
32 Nor. Boston Ltg. Prop., Pref....10 :
10
0
9
1 Arlington Mills
4 Hood Rubber Co., 716% pref....100%
30
1 York Manufacturing Co
125%
93 & city. 3 Plymouth Cordage Co
5 Nashua Mfg. Co., pref
5 Drnper te0rO.,rcom
10 FIlatko cCpo ation
5
59%
10 Pepperell Manufacturing Co_ _ __118
6834
100 Boston & Maine RR., corn.,
54
7 First Nationsi Stores, pref
unstamped
176
10 New England Power Assn., pref. 8934
10 Boston & Albany RR
Jan 1 Vermont & Massacjusetts RR_ -.114
100 Draper Corporation
6934
20 Weymouth Light & Power Co.,
Adams RR.. 86
Feb 3 Pittsfield & North
i 15
t/ 13
4816
105
Boston Railroad Holding Co., pf.1761
Jan 10 American Glue Co., pref
$ per right.
No,
Feb 25 Hood Rubber Co.. 714% pref10034 Old Colued, u
as issonyTrustCo.,when.
10 tena,13f
13
follows:
Electric Co.,
3534:
Feb 10 Charlestown Gas as
119
35 at 35%; 152 at 35%;25 at 35%
par
Feb
5 5 Blackstone Val. Gas & Elec. Co..- 96
pe7
6 special 5nits First Peoples Trust
ia2u
$1
wm,
70
Bonds.
Cent.
4 reg. units First People's Trust
$2,000 Hardy Coal Co. deb. 75,
1 Columbian Nat'l Life Insur. Co_ _216
Sept. 1936
70
1 Boston Library Society, par 410._ 21
FEB. 12 1927.]
THE CHRONICLE
887
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh. Shares. 5tocks.
Spec oh.
5 Central National Bank, Lynn __280
5 units First Peoples Trust
170
3 Second National Bank
38834 1 Cambridge Gas Lt. Co., par $25_ 80
2 Gardner (Mass.) Trust Co
180
20 Kinney Mfg. Co., pref
20
7 Webster & Atlas Nat.Bank
22434 10 No. Bost. Ltg. Properties, corn. 99
28 Monadnock Mills
36
3 Edison Elec. Ilium. Co. of Brock10 Dwight Manufacturing Co
1434
ton, par $25
5834
20 Nashua Mfg. Co., common-- 49
1 Fall River El. Lt. Co., par $25_ 48
100 Saco Lowell Shops, common... 6
38 North Eastern Realty Co., pref.151780
21 Textile Securities Co
50
15 North Eastern Realty Co.,corn.J
lot
66 Naumkeag Steam Cotton Co 175-17534 9 special units First
Peoples Trust-- 5
2 Lyman Mills
'
110
14 special units First Peoples Trust_ 5
100 Hamilton Manufacturing Co
250. 25 Malden & Melrose Gas Light
10 Brookside Mills
81
Co., par $25
50
15 West Point Mfg. Co
14544534 5 Worcester Elec. Lt. Co., Par 525.151
5 United Elec. Rys. of Providence,
1 Jessup & Moore Paper Co.,7% pi. 80
common
5534 59 Draper Corporation
64%
4 Merrimac Hat Corp.,common201
2 U. S. Envelope Co., common_ _ _ _179
150 Flintkote Co., common
59
37 Kidder Participations,Inc.,com. 24
25 New Bedford Gas& Edison Light
4 units First Peoples Trust
60%
Co., par $25
81
19 Heywood-Wakefield
375 Coastwise Transp. Corp., corn_ 1534 8 Thomson Elec. Weld. Co., let Pf- 95%
Co.,
100 No.Bost. Ltg. Properties, pref _109% 8 special units First Peoples par S20 4134
Trust-- 5
10 Fitchburg Gas & Electric Light
Co., par $50
122%
Rights.
Spec
4 Batchelder & Snyder Co., pref.__ 80
102 Old Colony Tr. Co.. Bost., WI.right.
36
8 Hood Rubber Co.,734% prior pf_100% 581 Old Colony Trust Co.,
w.1-35%-3634
Per
When
Cent, Payable
Books Closed,
Days Inclusive.
Public Utilities.
American Telegraph & Cable (guar.)Mar.
Central Arkansas Ry. dv Light, pf. (qu.) *I% Mar. 1 *Holders of rec. Feb. 28
134
Central Gas & Elec. Co., pref. (quar.).. *51.75 Mar. 1 Holders of rec. Feb. 15a
Central Indiana Power, pref. (guar.)... *I% Mar. 1 *Holders of rec. Feb. 15
1 *Holders of rec. Feb. 20
Colorado Power, pref. (guar.)
4,1% Mar.
Consol. Gas, E.L.& P., Balt., com.(qu.) '62340 Apr. 15 *Holders of rec. Feb. 28
1 "Holders of rec. Mar. 15
8% preferred series A (guar.)
*2
Apr. 1 *Holder
7% preferred series B (guar.)
•1% Apr. 1 *Holders of rec. Mar. 15
s of rec.
634% preferred series C (guar.)
*1% Apr. 1 'Holders of rec. Mar. 15
Mar. 15
6% preferred series D (guar.)
*1% Apr. 1
Eastern Shore Gas & Elec., pref.(guar.) 550c. Mar. 1 *Holders of rec. Mar. 15
Fairmont Park & Haddington Pam. Ry_ $1.50 Feb. 5 *Holders of rec. Feb. 15
Holders of rec. Jan. 25a
Indianapolis Water Co., pref. (guar.)._
134 Apr. 1 Holders of rec.
Manila Electric Co., corn
205-6c Mar. 1 Holders of rec. Mar. 15a
Manila Electric Co., com
6214c May 2 Holders of rec. Feb. 15
Middle West Utilities, prior lien (quar.)_ *2
Mar.15 *Holders of rec. Mar. 310
Feb. 28
Nebraska Power, pref. (guar.)
*154 Mar. 1
North Carolina Public Serv., pref. (qu.)_ $1.75 Mar. 1 *Holders of rec. Feb. 14
Northern States Power, pref. (guar.).- 134 Mar. 1 Holders of rec. Feb. 15
Holders of rec. Feb. 19
Northwestern Public Service, pref. (qu.) I54 Mar. 1
Oklahoma Gas & Electric, pref. (guar.). 154 Mar. 15 Holders of rec. Feb. 21
Pacific Gas & Electric, first pref.(guar.) 134 Feb. 15 Holders of rec. Feb. 28
Holders of rec.
Pacific Lighting, com.(guar.)
Feb. 15 Holders of rec. Jan. 31
4
Jan. 31
Preferred (quar.)
134 Feb. 15 Holders of rec.
Philadelphia Electric Co. (guar.)
•50c. Mar. 15 *Holders of rec. Jan. 31
By Adrian H. Muller & Sons, New York:
Feb. 18
Portland Elec,Pow.Co.,2d pref.(quar.) 134 Mar. 1
Holders of rec. Feb. 15
Quebec Power (quar.)
Shares. Stocks.
134 Apr.
$ per sh.
BondsPer cent Radio Corp. of America, pref. A (guar.) 8734c Apr. 15 Holders of rec. Mar. 31
500 Miami Bank & Trust Co__
1 Holders of rec. Mar.
$10,000 Guayaquil & Quito Ry.,
Rochester Gas& Electric Co., pi.B (qu.) •134 Mar. 1
lo
1,072% Bankers Guar. CO.. Pfdue Jan. 22 1932
*Holders of rec. Feb. 14
28
Preferred series C and D (guar.)
4,14i Mar. 1
781 Bankers Guar. Co., corn_
66 Southern Ohio Pub. Serv.
Southern Colorado Power, pref.(guar.). 134 Mar. 15 *Holders of rec. Feb. 14
725 Florida Salt Spgs. Corp_ _
Co.. common, v. t c
Holders of rec. Feb. 28
Southern New England Telep. (quar.)
*2
285 5-7 Alexander Sm. Corp., 435,350 $5,000 San Fr. Napa &
Apr. 15
Calls.
Southwestern Power & Light, pref.(qu.) 134 Mar. 1 'Holders of rec. Mar.31
par $50
lot
Ry.1st 88, Dec. 1 '36. June
Holders of rec.
Standard Gas & Elec.,8% pref.(quar.). $1
Certain promissory notes aggreMar. 15 Holders of rec. Feb. 11
'27 & subs, coup. attached_
Feb. 28
Utica Gas & Electric, pref. (guar.)
gating $40,500 secured by 225
134 Feb. 15
$1,000 .Eliz. Plaint. & Cent.
Utility Shares Corp., partic. pref.(qu.). 30c. Mar. 1 Holders of rec. Feb. 5
shares of stock of First Amer.
Jer.fly.55,Dec.150. June
Holders of rec. Feb. II
Bk. & Tr. Co., West Palm
'27 & subs,coup. attached.
Beach, Fla., par $100
Banks.
55,000 Iowa Cent. Ry. lot &
160 Phoenix Reclamation Co., Inc.,
Feb. 1 Holders of roe.
3
ref. 45. Mar. 1 '51. Sept. $28,071 01 Globe Exchange
Port Morris(No. 1)
class A,v t c
$60 lot
"2,4 Mar, 1 'Holders of rec. Jan. 20
'23 & subs,coup. attached.
lot
40 Phoenix Reclamation Co., Inc.,
Standard (guar.)
*3
Apr. 1 *Holders of rec. Feb. 25
$10,000 Salt Lake& Utah RR.
Mar.25
class A,v t c
Standard National Corp., corn. (guar.). *53
Apr. 1 *Holders
$15 lot
1st 63, Apr. 1 '44. Oct.'25
70 Big Store Realty Corp
Preferred (guar.)
*154 Apr. 1 *Holders of rec. Mar. 25
11
and subs, coup. attached_
Mar.
118 415 Central Park W. Corp-$500 lot $1,000
Stapleton National (Staten Island)
5 Jan. 15 Holders of rec. Jan. 25
Indianan. Nor. Trac.
of rec
117 415 Central Park W.Corp-5500 lot
80
lst 5s,
117 415 Central Park W.Corp.-3500 lot $1,000 July 1'02,ctf. of dep.
Miscellaneous.
Sierra & San Fr. Pow.
American International Corporation.... *51
Apr. 4 'Holders of rec.
Co.2d 6s, ser. A,Jan. 1 '49.
Bonds.
Mar. 15
Amer. La France Fire Eng.,Inc.,pf.(gu.) 1,‘ Apr. 1 Holders
Per cent.
July'274z sub.con.attached
of rec. Mar. 15
$25,000 Coldak Corp.(Del.) coll. tr.
Amer.Laundry Machinery, corn.(guar.) •51
June 1
$14,000 Sierra & San Fr.Pow.
7-yr. cony. s.f. 634% gold notes.
American Multigraph, corn. (guar.)._ _ _ 40c. Mar. 1 'Holders of rec. May 23
Co.2d 55, ser. B,Jan. 1 '49.
Holders of rec.
Sept. 15 1933
American Sugar Refining, com.(quar.)_
1% Apr. 2 Holders of rec. Feb. 15
20
July'27&sub.con.attached
Mar. la
Preferred (guar.)
1,4 Apr. 2 Holders of
Armstrong Cork, com.(guar.)
By Barnes & Lofland, Philadelphia:
'134 Apr. 1 'Holders of rec. Mar. la
rec. Mar. 18
*1,4 Apr. 1 *Holder
Preferred (guar.)
s of rec. Mar. 18
Shares. Stocks.
Atlas Powder, com. (guar.)
$ Per sh. Shares. Stocks.
Mar. 10 Holders of
$1
per sh. Belgo-Canadian Paper,
Three mortgages of 56,500 each, dacom.(guar.)._
40 Union Traction Co
"1% Apr. 11 *Holders of rec. Feb. 280
ted Oct. 27 1925, by Anna Carlin
rec.
Preferred (guar.)
10 Germantown Passenger Ry. Co_ 3634
134 Apr. 1 Holders of rec. Mar. 31
7134 Canada Bread, Ltd., com
to the Liberty Title & Tr. Co.sec.
12 Phila. City Passenger Ry
$2.50 Mar. 1 Holders of roe. Mar. 4
10334 Caterpillar Traction
on Nos. 3313, 3315 and 3323 B
(guar.)
10 Fairmount Park & Haddington
*30c. Feb. 25 *Holders of rec. Feb. 15
St.,Phila.,in the 34th Ward,56,451 each
Feb. 15
Chicago Mill & Lumber, com. (guar.)_
Passenger Ry
Feb. 15 "Holders of
40
20 Republic Trust Co., par $50.._155
Cleveland Stone (extra)
15 Fairmount Park & Haddington
*25c. Mar. 15 *Holders of rec. Feb. 10
12 Mutual Trust Co., par 550
Continental Oil (guar.)
153
Passenger Ry
"30c. Mar. 15 *Holders of rec. Mar. 5
35%
1,000 Eureka Consul. Mining Co.,
rec. Feb. 14
6 Consolidated Traction Co.of N.J. 39% Converse Rubber Shoe, pref. (quar.)_ _ _ "81.75 Mar. 1 *Holders
of
Colorado. par $10
Crow's Nest Pass Coal (guar.)
$5 lot 8 Alliance Insurance Co., par $10. 47
'134 Mar. 1 *Holders of rec: Feb. 15
5 Lansdowne Trust Co
rec.
Cuba Company, COM. (guar.)
4 Phila. Bourse, corn,, par $50241
•75c. Mar. 1 'Holders of rec. Feb. 10
23
5 Associated Dental Products, Inc.,
Dewey & Almy Chemical, corn
. 100 E. G. Budd Mfg. Co., corn.,
Mar. 1 Holders of rec. Feb. 21
$2
class A
Feb. 28
Preferred
40
no par
$3.50 Mar. 1 Holders of
32% Eastman Kodak, oom.(guar.)
5 Textile National Bank
300
10 Diamond Ice & Coal Co., pref._ 95
"31.25 Apr. 1 'Holders of rec. Feb. 28
15 Textile National Bank
rec.
Common (extra)
25 Phila. Life Ins. Co.. par 510....14%
302
"75c. Apr. 1 *Holders of rec. Feb. 28
3 Phila. Bourse, pref., par $25
Preferred (guar.)
2434 41 Camden Fire Insur. Assn., par S5
*1% Apr. 1 *Holders of rec. Feb. 28
4 Phila. Bourse, corn., par 550._ 23
1534 Fifth Avenue Bus Securitie
5 John B. Stetson Co., corn., no par 96
s (guar.)
•113c. Apr. 16 'Holders of rec. Feb. 28
1 First Nat. Bank of Philadelphia_470
Apr. 2
21 John B.Stetson Co., com., no par 94% Fitzsimmons & Connell Dredge & Dock
10 Quaker City National Bank._ _
Quarterly
_307% 1 Phila. Germantown & Norristown
500. Mar. I Holders of rec.
20 Northeast Tacony Bank & Trust
Feb. 18a
Foundation Co.(quar.)
RR
Mar. 15 *Holders of rec.
•52
125
Co., par $50
.
9634 3011. K. Mulford Co., par 550....4534 French (Fred) Companies, preferred
Feb. 15 Holders of rec. Mar 1
3
5 Tacony Trust Co
399
General Motors Corp., com.(guar.)__ _ 1
29 Frank Mackin Co.. par $80...
Mar. 12 *Holders of rec. Feb. 1
12
-55 lot
2 Richmond Trust Co
Feb. 19
7 Amer. Casualty Co., par $10,
100
Preferred (guar.)
*1% May 2
5 Provident Trust Co
763
Six per cent debenture stock (quar.).. '134 May 2 'Holders of rec. Apr. 9 I
Reading, Pa
5 Penna. Co.for Ins. on Lives, &c..885
30
*Holders
1 Penna. Academy of the Fine Arts_ 30
Seven per cent debenture stock (guar.) 1 1% May 2 *Holders of rec. Apr. 9
.
1 Ninth Bank & Trust Co
of rec.
525
15 Glen Willow Ice Mfg, Co
Globe
-Democrat Pub.. pref.(quar.) _
1% Mar. 1 Holders of rec. Apr. 9
5 Central Tr.& Say. Co., par $50_ _211
10
3 Tacony-Palmyra Ferry, par 550._ 32
Gold Seal Electrical Co. (special)
15c. Mar. 14 Holders of rec. Feb. 20
3 Fidelity Philadelphia Trust Co_ _ _699
7 Tacony-Palmyra Ferry, par 550._
Goodyear T.& R.,8% DMA pref.(guar.) *2
Apr. 1 *Holders of rec. Mar. 4a
10 West Phila. Title & Trust. par
4 Drovers & Merchants Nat. Bank_ 25
Seven per cent preferred (guar.)
"1% Apr. 1 *Holders of rec. Mar. 13
216
$50
248% 1 Security Title & Trust Co
Guantanamo Sugar, pref. (guar.)
Apr. 1 *Holders of rec. Mar. 1
*2
60
8 Lancaster Ave. Title & Trust Co.,
1 Continental Passenger Ry
Hamilton-Brown Shoe (monthly)
25c. Mar. 1 Holders of rec. Mar. 15 1
72
par $50
Feb. 23
90% 5 Union National Bank
Higbee Company, 2d pref. (guar.)
Mar. 1
2
30 Lancaster Ave. Title & Tr. Co.,
260
Rights
Hires (Charles E.) Co., com. A (guar.)_ _ 50c. Mar. 1 Feb. 22 to Mar. 1
$ per
par $50
Holders of rec. Feb. 15 1
9034 Rights to subscribe to Central Trust right Horn & Hardart of New York. pref.
(qu.) *1,4 Mar. 1 *Holders of rec. Feb.
5 United Security Life Ins. & Trust
& Say. Co. as follows: 35 at 110;
Independence Indemnity
Mar. 15 Holders of rec. Mar.10
$5
Co
10 at 108:7 at 107; Sat 10634; 15
11
215,4
Indian Motocycle, com.(guar.)
50c. Mar. I Holders of rec. Feb.
5 United Security Life Ins. & Trust
at 106; 1-3 at $40; 2-3 at $80;
216
International Shoe, pref. (monthly)._
2-3
Co
34 Mar. 1 Holders of rec. Feb. 15
215
at 580; 2-3 at $78.
Kayser (Julius) & Co., corn. (guar.)._
May 2 Holders of rec.
$1
11 Bank of North America & Tr.Co.385
Bonds.
Preferred (guar.)
Per
Apr. 1 Holders of rec. Apr. 156
$2
25 West End Trust Co
38534 $2,000 Orange & Passaic Valley Ry. Cent. Kresge (S. S.) Co., com.(guar.)
•30c. mar.31 *Holders of rec. Mar. 16a
7 Susquehanna Title & Trust Co.,
Co. 1st 65, 1938
Preferred (guar.)
5014
*15.1 Mar. 31 "Holders of rec. Mar. 16
Par $50
62% 57,000 Shupe Term'l Corp. lot
Mar. 16
Kuppenheimer(B.) Co., pref.(quar,).... *1m Mar. 1
6348,
65 Aldine Trust Co
*Holders of rec. Feb. 24
250
1939
Leonard, Fitzpatrick, Mueller Stores,
' 20 Colonial Trust Co., par $50_ _ -240
$4,000 Shupe Term'l Corp. let6%s, 70
Common (guar.)
10 Commonwealth Title Ins. & Tr_55434
111.50 Feb. 15 *Holders of rec.
1939
Preferred (guar.)
7 Finance Co. of Penna., let pref...317
Apr. 1 'Holders of rec. Feb. 10,
*52
5100,000 Virginia Anthracite Coal 70
Mar.
Leverich Bond & Mtge.,com.A &
9 Cheiten Trust Co
13(qu.) 2% Feb, 14 Holders of rec. Jan. 21
230
Co. 1st 78, 1929, coupon Jan. 1
Maytag Corporation (guar.)
31
5 Chelten Trust Co
500. Mar. 1 Holders of rec.
230
1927 attached
Extra
$300 lot
5 Conshohocken Trust Co., par $50 45
25e. Mar. 1 Holders of rec. Feb. 15a
$129.900 Virginia Anthracite Coal
Mengel Company, pref.(guar.)
Feb. 15a
5 Swedesboro (N. J.) Trust Co_ _ _ _135
1% Mar. 1 Holders of rec.
Co. let 78, 1929, coupon Jan. 1
Montreal Cottons, Ltd., corn. (guar.)._
Feb. 15
5 Phila. Co.for Guar. Mtges
134 Mar, 15 Holders of
218
1927 attached
Preferred (guar.)
$350
7 Lehigh Valley Coal Sales Co. Of
1% Mar,15 Holders of rec. Feb. 28
$10.000 Wayne Coal Co.68. 1937-- lot National sugar
rec. Feb. 28
Refining (guar.)
7
New Jersey
1% Apr, 2 Holders of
rec. Mar. 7
Neild Manufacturing (quar.)
39 Ilestonville Mantua 5:Fairmount 9734
*2
Mar. 15 *Holders of
'
Extra
•1
Pave. Ry., pref
Mar. 15 *Holders of rec. Feb. 10
35
Newmarket Manufacturing (guar.)
rec.
64 Hestonville Mantua & Fairmount
"2
Feb. 15 "Holders of rec. Feb. 10 I
New York Transportation
Pass. Ry., com
*50c. Apr. 15 *Holders of rec. Feb. 10
(quail.)
2634
Ohio 011 (guar.)
*50c. Mar. 15 *Holders of rec. Apr. 1
Extra
•50c. Mar. 15 *Holders of rec. Feb. 14
Omnibus Corporation, prof. (guar.)
"2
Apr. 1 *Holders of rec. Feb. 14
Orpheum Circuit, corn,(monthly) _
DIVIDENDS.
162-3e Mar. 1 Holders of rec. Mar. 18
Common (monthly)
Feb.
1 6 -3c Apr. 1 Holders of rec. Mar. 19a
Page-Hershey Tubes, com.(guar.)
19
Dividends are grouped in two separate tables. In
75e. Apr. 1 Holders of rec.
Preferred (guar.)
Mar.
the
1% Apr. 1 Holders of rec. Mar. 19a
Pennsylvania-Dixie Cement,
first we bring together all the dividends announced
19
the
Convertible preferred seriescorn. (qu.) *80c. Apr. 1 *Holders of rec. Mar. 15
A (quar.). *I% Mar. 15 *Holder
current week. Then we follow with a second table,
Pilgrim
s cf rec. Feb. 28
(guar.)
in Pines-WiMills rent Co.. class
*2
Mar.31 *Holders
nterf
A & B (g11.) *50c. Mar. 1 *Holders of roe. Mar. 26
which we show the dividends previously announced,
of rec. Feb.
Wave Ice
but Polar Ice Cream& Fuel,class A Mari 62340. Mar. 1 Holders of rec. Feb. 15
Reid
which have not yet been paid.
15
Corp., pref. (quar.)
$1.75 Mar. 1 Holders of rec. Feb. 176
Remington Typewriter, corn.
(guar.)_ _
$1.25 Mar.31 Holders of rec. Mar.
The dividends announced this week are:
First preferred (guar.)
12a
1% Apr. 1 Holders of rec. Mar. 15a
Second preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 15a
Revillon, Inc., pref. (guar.)
Per
When
Books Closed.
Feb. 21 Holders of rec. Feb. 11
$2
St. Mary's Mineral Land
Name of Company.
Cent. Payable.
Days Inclusive.
Mar. 10 *Holders of rec. Feb. 10
"$2
Segal Lock & Hardware, com.
(guar.)._ 50c. Mar. 15 Holders of rec. Feb.
Preferred (guar.)
Railroads (Steam)
28
134 Apr. 15 Holders of rec. Feb. 28
Shell Union Oil, com.(guar.)
Chestnut Hill RR. (guar.)
*134 Mar. 4 *Holders
350. Mar.31 Holders of rec. Mar. la
Sherwin-Williams Co., Can.,
Clue. New Orl.& Taxas Sac.. pref.(qu.) '134 Mar. 1 *Holder of rec. Feb. 19
corn.(qL)
s of rec. Feb.
Mar.31 Holders of rec. Mar. 15
Preferred (guar.)
Delaware & Bound Brook (guar.)
"2
Feb. 21 *Holders of rec. Feb. 15
134 Mar.31 Holders of rec. Mar. 15
15
Shippers Car Line Corp.,
North Pennsylvania (guar.)
$1
Feb. 25 Holders
class A (:11181
%) 500. Feb. 28 Holders of rec. Feb. 17
Preferred (guar.)
Phila. Germantown & Norrktown (qu.). •31.50 mar. 4 *Holder of rec. Feb. 14
s
$1.75 Feb. 28 Holders of rec. Feb. 17
Shredded Wheat, com.
Pitts. Youngs. & Ashtab., pref. (guar.). 134 Mar. 1 Holders of rec. Feb. 19
(guar.)
•75c. Mar.31 *Holders of rec. Mar.21
of rec. Feb.
Southern Pacific Co.(guar.)
1% Apr. 1 Holders of rec. Feb. 21a Sun Oil (quar.)
250. Mar. 15 Holders of rec. Feb. 250
25a Taunton-New Bedford
Union Pacific, corn. (guar.)
2% Apr. 1 Holders of rec. Mar. 1
Copper
Feb. 28'Holders of rec. Feb. 9
Tennessee Copper & Chemica (guar.) •52
Preferred
2
Apr. 1 Holders of rec. Mar 1.
Timken-Detroit Axle, pref. l (guar.).- 250. Mar. 15 Holders of rec. Feb. 28a
(guar.)
154 Mar. 1 Feb. 20 to Feb. 28
Name of Company.
Name of Company.
[VOL. 124.
THE CHRONICLE
888
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Nam( of Company.
Public Utilities (Concluded).
Public Sem Elec. & Gas, 7% pref.(qu.)
Six per cent preferred (guar.)
Southern California Edison, corn.(guar.)
Southern Canada Power (quar.)
Southern Colorado Fewer, corn. A (qu.)_
Southern N.E.Telep.,$7 pref.(guar.)._
6% preferred (guar.)
South Pittsburgh Water, preferred
Tampa Electric Co., corn. (guar.)
Common (payable in common stock)_ _
Tennessee Elec. Power,6% 1st pf. (qu.)
Seven per cent first preferred (guar.)_
7.2% first preferred (guar.)
Six per cent first preferred (monthly)Six per cent first preferred (monthly)7.2% first preferred (monthly)
7.2% first preferred (monthly)
weeks United Rye.& Elec.(Bait.), corn.(guar.)
Below we give the dividends announced in previous
United Utilities, preferred
s an- West Penn Electric Co., 7% pref. (qu.)
not yet paid. This list does not include dividend
and
preceding table. West Penn Railways,8% pref.(guar.)
nounced this week, these being given in the
Wilmington Gas Co., preferred
Winnipeg Electric Co. (guar.)
Wisconsin Power & Light, prof. (quar.)Books Closed.
When
Per
Days Inclusive.
Payable.
Cent.
Name of Company.
Miscellaneous (Concluded).
*50c. Mar. 1 *Holders of rec. Feb. 15
Union Mills. corn. (guar.)
41.50 Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 5a
$1
United Fruit(guar.)
$1.50 Apr. 1 Holders of rec. Mar. 5a
Extra
of rec. Feb. 15
U.S. Dairy Products, 1st pre/.(guar.)._ 411.75 mar. 1 *Holders of rec. Feb. 15
Mar. 1 *Holders
42
Second preferred (guar.)
*40c. Mar.31 *Holders of rec. Mar. 15
U.S. Gypsum,corn.(guar.)
•131 Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
Mar. 15 Holders of rec. Feb. 23
$1
U.S. Realty & Improvement (quar.)..
Mar. 15 Holders of rec. Feb. 25
el0
Stock dividend
Apr. 15 Apr. I to Apr. 15
Yipond Consol. Mines, Ltd.(Interim)_. 3
Apr. 2 Holders of rec. Mar. 15
Wabasso Cotton (guar.)
50e. Apr. 2 Holders of rec. Mar. 15
Bonus
Mar. 15 *Holders of rec. Feb. 9
*1
Wamsutta Mills (guar.)
25c. Feb. 28 Holders of rec. Feb. 19
Welch Grape Juice, corn.(guar.)
134 Feb. 28 Holders of rec. Feb. 19
Preferred (guar.)
Railroads (Steam).
$1.75 Feb. 1
Alabama Great Southern, preferred
81.75 Feb. 1
Preferred
500. Feb. 1
Preferred (extra)
Atchison Topeka & Santa Fe, corn.(qu.) 1% Mar.
75c. Mar.
Common (extra)
1% Mar.
Baltimore & Ohio, corn.(qua:.)
% Mar.
Common (extra)
Mar.
1
Preferred (guar.)
Feb. 1
2
Buffalo Rochester & Pittsburgh, com
Feb. 1
3
Preferred
Feb. 1
2
Central RR.of New Jersey (guar.)
Chicago Rock Island & Pacific, com.(qu.) 134 Mar.3
guar.(qua:.). 8734c. Mar.
Cleveland & Pittsburgh.
50c. Mar.
Special guaranteed (guar.)
Mar.
Cripple Creek Central, pref. (quar.)._ - •1
234 lvfar.2
Delaware & Hudson Co. (guar.)
2% Feb. 1
Hudson & Manhattan, preferred
1% Max.
Illinois Central, common (guar.)
Mar.
3
Preferred
Rya. of Cent. Am., pf. ((fn.)._ 1% Feb. 1
Internat.
.
corn - *2% Feb. 1
Louisville Henderson es St. Louis,
Feb. 1
*2
Preferred
11/ Mar.
Maine Central. Pref. (guar.)
1% Mar.
New Orleans Texas & Mexico (quar.)
N. Y. Chicago Jr St. Louis, corn.(guar.) 2% Apr.
1% Apr.
Preferred (guar.)
Mar. 1
2
Norfolk & Western, common (quar.)
Feb. 1
1
Adj. pref.(guar.)
873.4c Feb. 2
Pennsylvania Railroad (guar.)
50c. Mar. 1
Reading Company, 1st pref. (guar.)_ _
134 May
-San Francisco, pref. (guar.)._
St. Louis
134 Aug.
Preferred (guar.)
1% Nov.
(guar.)
Preferred
1% Feb. 1
Wabash Railway, pref. A (guar.)
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 28a
Holders of rec. Jan. 280
Holders of rec. Jan. 15a
Holders of roe. Jan. 15a
Holders of rec. Jan. the
Feb. 12 to Feb. 15
Feb. 12 to Feb. 15
Holders of rec. Feb. d7a
Holders of rec. Mar. Ila
Holders of rec. Feb. 100
Holders of rec. Feb. 10a
*Holders of rec. Feb. 16
Holders of rec. Feb. 280
Holders of rec. Feb. la
Holders of roe. Feb. 4a
Holders of rec. Feb. 40
Holders of rec. Jan. 31e
*Holders of rec. Feb. 1
*Holders of roe. Feb. 1
Holders of rec. Feb. 15
Holders of rec. Feb. 115.2
Holders of roe. Feb. 15a
Holders of rec. Feb. 15a
Holders of roe. Feb. 280
Holders of reo. Jan. 310
Holders of rec. Feb. la
Holders of roe. Feb. 18a
Holders of roe. Apr. 9a
Holders of rec. July 15a
Holders of rec. Oct. 15a
Holders of roe. Jan. 250
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
154 Mar. 31 Holders of roe. Mar. 4a
134 Mar.31 Holders of rec. Mar. 4a
50o. Feb. 15 Holders of roe. Jan. 20a
Mar. 15 Holders of rec. Feb. 28
1
50c. Feb. 25 Holders of rec. Jan. 431
81.75 Mar. 1 Holders of rec. Feb. to
1% Mar. 1 Holders of rec. Feb. la
$1.25 Feb. 19 Holders of rec. Feb. 5a
500. Feb. 15 Holders of rec. Jan. 31
*Holders of rec. Feb. 9
(r)
134 Apr. 1 Holders of rec. Mar. 15
1% Apr. 1 Holders bf rec. Mar. 15
1.80 Apr. 1 Holders of rec. Mar. 15
50c. Mar. 1 Holders of rec. Feb. 15
50c. Apr. 1 Holders of rec. Mar. 15
60e. Mar. 1 Holders of rec. Feb. 15
60o. Apr. 1 Holders of rec. Mar. 15
50c. Feb 15 Holders of rec. Jan. 29
v3ti Mar, 1 *Holders of roe. Feb. 20
134 Feb. 15 Holders of rec. Feb. la
134 Mar. 15 Holders of rec. Feb 25
Mar. I Holders of ree. Feb. 120
Feb. 15 Holders of rec. Jan. 31a
1
*81.75 Mar. 15 *Holders of rec. Feb. 28
Banks.
National City (interim)
National City Company (interim)
2
2
Feb. 15 Holders of rec. Feb. 50
Feb. 15 Holders of rec. Feb. 5
Trust Companies.
Title Guarantee & Trust, extra
5
Mar.31 Holders of rec. Mar. 22
5
0,8
Apr. 11 Holders of coo. Mar. 5
May 2 Holders of rec. Apr. 25
Fire Insurance.
Home(quarterly)
United States (guar)
Miscellaneous.
Holders of rec. Jan. 154
Abbotta Alderney Dairies, lot pref.(qu.) 1% Mar.
of rec. Jan. 24a
Allis-Chalmers Mfg., common (quar.)-- $1.50 Feb. 1 Holders of rec. Jan. 310
50c. Feb. 1 Holders
American Can, corn. (guar.)
Mar. 31
American Chain,8% pref. class A (qu.) 50c. Mar.3 Mar. 22 of to Mar. 15
rec.
Holders
75c. Apr.
American Chicle, corn.(guar.)
Holders of rec. Mar. 15a
1% Apr.
Prior preferred (guar.)
Feb. 50
of
Amer. Electrice Corp., class A (guar.). 43% Feb. 1 Holders or rec. Jan. 31
Amer.European Securities, pref.(guar.) $1.50 Feb. 1 Holders of rec. Feb. 15a
rec.
Holders
American Home Products (monthly)- - 20e. Mar.
of rec. Feb. la
Amer-La France Fire Engine, corn.(qu.) 250. Feb. 1 Holders of rec. Feb. 21
Holders
Mar.
Amer. Laundry Machinery. corn. (qu.). $1
Holders of rec. Mar. 18
American Linseed. preferred (qua:.)---. 154 Apr.
Holders of rec. Feb. 180
75o. Mar.
American Metal, corn. (guar.)
Holders of rec. Feb. 190
1% Mar.
Preferred (guar.)
*$1.75 Mar.3
Pneumatic Service, 1st pref
Amer.
$1.25 Mar.3 Holders of rec. Mar. 150
American Radiator, corn. (guar.)
1% Feb. 1 Holders of rec. Jan. 310
Preferred (guar.)
$1.50 Mar.3 Holders of roe. Mar. 150
American Railway Express (quar.)
Holders of rec. Mar.20
25c. Apr.
American Seating, corn. (extra)
Holders of rec. June 20
25c. July
Common (extra
Holders of rec. Sept. 20
250. Oct.
Common (extra)
Holders of rec. Feb. 46
- 1% Mar.
Amer. Smelt. & Refg., pref. (guar.).
Mar. 22 to Apr. 1
Stores Co.. common (guar.)._ 50o. Apr.
American
Holders of rec. Feb. 14a
1% Mar.
Public Utilities.
Feb. 15a Amer. Sumatra Tobacco, pref.(guar.)
Holders of rec. Feb. 10a
Mar,
American Power & Light, corn.(guar.)_ 25e. Mar. 1 Holders of rec. Mar. 15a Amer. Tobacco, corn, and corn. B (qu.)_ $2
2% Apr. 15 Holders of rec.
Feb. 19 to Feb. 28
334 Mar,
pre/
American Telep. & Teleg. (guar.)
of rec. Feb. la American Window Glass Co.,
750. Feb. 2 Holders of rec. Jan. 15a
Amer. Water Works & Elec., corn. (qu.) 40c. Feb. 15 Holders of rec. Feb. la Anaconda Copper Mining (guar.)
Holders of rec. Feb. 17a
1% Mar.
2
Common (payable in corn. stock)._ d.r 55 Feb. 15 Holders of rec. Feb. la Artioom Corporation. pref. (guar.).
134 Feb. 15 Holders
Holders of roe. Feb. 110
Mar.
7% first preferred (guar.)
Asso. Dry Goods Corp.. 1st pref.(guar.) 134 Mar.
of rec. Jan. 31
Holders of res. Feb. lb
1%
Associated Gas dr Elec., $6 pref.(guar.). 41.50 Mar. 1 Holders of rec. Jan. 31
Second preferred (guar.)
+3 1.62% Mar. 1 Holders
500. Mard2 Holders of rec. Mar. 50
preferred (guar.)
$834
Associated Oil (guar.)
134 Mar. 1 Holders of rec. Jan. 31
on.(quar.)_
Apr.a2 Holders of rec. Mar. 50
400.
Brazilian Trac., L.& P.,
Extra
Holders of rec. Mar.20
10c. Mar. 1 Holders of rec. Feb. us
1% Apr.
Brooklyn City RR.(guar.)
Wilcox (guar.)
Mar. 1 Holders of rec. Feb. 100 Babcock Jr Katz, con). (monthly)
2
Holders of rec. Feb. 17
25c. Mar.
Brooklyn Edison Co. (guar.)
Balaban &
15 Holders of rec. Apr. 1
Holders of rec. Mar.21
25c. Apr.
BkIn.-Manh.Transit. pref.ser. A (guar.) 134 Apr.
Common (monthly)
of rec. Mar. 31
Holders of rec. Mar. 21
1% Apr.
Central Illinois Pub. Seri.. pref. (guar.) 41.50 Apr. 15 *Holders of rec. Jan. 31
Preferred (quar.)
prior lien(qu.) $1.75 Feb. 15 Holders
Feb. 1 *Holders of rec. Feb. 1
Central & Southwest UM.,
Beacon Manufacturing, pref. (quar.)... *$1.50 Feb. 1 Holders of rec. Feb. 1
$1.75 Feb. 15 Holders of rec. Jan. 31
1.8734
Preferred (guar.)
Oil, preferred (qua:.)
1 Holders of rec. Feb. 150 Beacon
1% Mar. 1 Holders of rec. Feb. 28
Chicago Rapid Tran., prior pref.(mthly) 65c. Mar. 1 Holders of rec. Feb. 15
Belding-Corticeill, Ltd.. prof.(quar.)
Holders of roe. Mar. 54
1% Apr.
Cleveland Electric Illuminating, pf.(qu.) 134 Mar.
Jan. 200 Bethlehem Steel, pref. (guar.)
3734c. Feb. 1 Holders of rec. Feb. 10
Gas & El., corn.(qu.)(No. 1)- $1.25 Feb. 15 Holders of rec. Jan. 200 Bloch Bros. Tobacco, common (guar.)
Columbia
(guar.) (No. 1) 134 Feb. 15 Holders of rec.
May 1 Holders of rec. May 10
37%c.
6% preferred series A
Coommon (guar.)
1% Feb. 45 Holders of rec. Jan. 20a
37%e. Aug. 1 Holders of rec. Aug. 10
Preferred A (guar.)
Common (guar.)
Mar. 1 Holders of rec. Feb. 18
37%e. Nov. 1 Holders of rec. Nov. 10
Community Pow.& Lt., 2d pref. (guar.) 2
Common (guar.)
pref.__
134 Feb. 15 Feb. 1 to Feb. 15
1% Mar.3 Holders of rec. Mar. 28
Connecticut Ry.& Ltg., corn. &
Preferred (guar.)
15a
- 1% Mar. 15 Holders of rec. Feb.
1% June 3 Holders of rec. June 25
Duquesne Light Co.,first pref.(guar.)
Preferred (guar.)
Feb. 15 Holders of rec. Jan. 31
p1. & Bk.Id.stk. 3
134 Sept.3 Holders of rec. Sept.25
East. Mass.St. Ry., 1st
Preferred (guar.)
Holders of rec. Jan. 15
41.75
134 Dec. 3 Holders of rec. Deo. 26
Electric Power & Light, 2d pref. A (au.) 682-3c Feb. 14 Holders of rec. Feb. 15a
(guar.)
Preferred
Mar. 1
Feb. 1 Holders of rec. Feb. 8
Fuel,8% pref.(monthly)_
Guarantee Co.(guar.)
Empire Gas&
58 1-30 Mar. 1 Holders of rec. Feb. 150 Bond dr Mortgage common (guar.).-- $1.25 Mar.
Holders of rec. Feb. 160
Seven per cent preferred (monthly).
of rec. Mar. 150 Borden Company,
Holders of roe. Feb. 20a
700. Mar.
Light & Traction, coin. (guar.). 20o. Apr. I Holders of rec. Mar. 150 Brach (E. J.) & Sons (guar.)
Federal
Holders of rec. Mar. 15
Apr.
common stock)_ 1150. Apr. 1 Holders
$1
Common (payable In
A (No. 1)
Holders of rec. Feb. 15
Mar. 1 Holders of rec. Feb. 150 Brill Corporation, class
$1.75 Mar.
Preferred (guar.)
Preferred (guar.)
Feb. 25 Holders of rec. Jan. 5
- 1
Mar. 1 Holders of roe. Feb. 28
Feeney(W.B.) Co.. common (extra).
British Columbia Fish cle Pack (guar.).- 134 Mar.
Holders of rec. Feb. I90
Feb. 25 Holders of roe. Jan. 5
2
500.
Seven per cent preferred (bonus)
Brown Shoe, common (guar.)
of rec. Feb. 50
1
Feb. 25 Holders of rec. Jan. 5
der Co., com--- 750. Feb. 1 Holders of rec. Feb. 18
Eight per cent preferred (bonus)
Mar. 1 Holders of rec. Feb. 150 Brunswick-Balke-Collen
Mar. 1 Holders
$1
Gas dr Electric Securities, corn. (mthly.)
Holders of rec. Feb. 15a Buckeye Pipe Line (guar.) A (quar.)_ $2.50 Feb. 1 Holders of rec. Feb. la
1
Common (payable in common stock) _ /M Mar. 1 Holders of rec. Mar. 15a Burns Bros., common, claw
34 Apr.
•
500. Feb. 1 Holders of rec, Feb. la
Common (monthly)
Common, class B (guar.)
Apr. 1 Holders of rec. Mar. 15a
Common (payable in common stock).
Machine
Holders of rec. Feb. 15a
7-12 Mar. I Holders of rec. Feb. 15a Burroughs Adding in corn. stock).--- 133 1-3 Mar.
Preferred (monthly)
Common (payable
7-12 Apr. 1 Holders of rec. Mar. 15a
82%c. Feb. 1 Holders of rec. Jan. 29
Preferred (monthly)
1 Holders of rec. Feb. 3
1 Holders of roe. Feb. 250 Butler Brothers (guar.)
Mar.
$3
134 Feb.
Havana Electric Ay.. pref
Cabot Manufacturing (guar.)
of roe. Jan. 21
Mar. 1 Holders of rec. Feb. 280
$1
Havana Electric & Utilities. lot pf.(qu.) $1.50 Feb. 15 Holders of rec. Jan. 21
California Packing (quar.)
Holders of rec. Feb. 150
$1.25 Feb. 15 Holders
600. Mar.
Cumulative preferred (guar.)
California Petroleum (quar.)- ,Co.-- 50e. Mar. 1 Holders of roe. Feb. 280
Jan. 31
Illuminating de Pow. Securities, pt. equ.) 134 Feb. 15 Holders of rec. Feb. 1
Consol. Copper
Calumet dr Heela
1% Feb. 1 Holders of rec. Jan. 31
Utilities, junior pref. (guar.) *87%c Feb. 20 Holders of rec.
Kentucky
preferred (guar.)
Holders of rec. Mar. 15
Mar. 1 Holders of rec. Feb. 17a Canada Cement, Linos, prof.(qua:.)
1% Apr.
Keystone Telep. of Phila., pref.(guar.)_ $1
Canada Steamship
roe. Jan. 31
1% Feb. 1 Holders of rec. Jan. 31
Key System Transit, prior pref. (guar.). $1.75 Feb. 15 Holders of rec. Feb. 15
Canadian Converters (guar.)
•1% June 3 *Holders of rec. June 20
prior lien (qua:.) *1% Mar. 1 Holders of
Laclede Gas & Electric,
Canfield 011, common (guar.)
6134 Sept.3 *Holders of roe. Sept.20
Louisville Gas& Electric (Delaware)
Common (guar.)
24i Dee. 3 *Holders of rec. Doe. 20
•
43%c. Mar.25 Holders of ree. Feb. 28a
Class A and B.corn,(guar.)
,Common (guar.)
1
• 54( June 3 *Holders of rec. June 20
_ _ $1.50 Feb. 15 Holders of rec. Jan. 31
Middle West Utilities, common (guar.)
Preferred (guar.)
31
Sept.3 *Holders of rec. Sept.20
Montreal Water & Power, corn. (guar.). 6234c. Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
'13.4 Doe. 31 *Holders of rec. Dec.. 20
134 Feb. 15 Holders of rec. Jan.
Preferred (Quer.)
Preferred (guar.)
rec. Feb. 15a
134 Mar. 15 Holders of ree. Mar. 10
National Power & Light, corn. (quar.)_ _ 20c. Mar. 1 Holders of rec. Feb. 150 Carter (William) Co., pref. (guar.)
134 Feb. 15 Holders of rec. Feb. 7
North American Edison. pref. (guar.)._ 21.50 Mar. 1 Holders of rec. Jan. 31
Casein Co. of America (Delaware) (q11.) 25o. Feb. 15 Holders of rec. Feb. 7
$1.75 Feb. 15 Holders of
Northwest Utilities, pref. (guar.)
Centrifugal Pipe (guar.)
Mar. 1 Holders of rec. Feb. 18a
4
1/ Mar. 3 Holders of rec. Feb. 15
Edison. 6% preferred (guar.)
Mills, pref. (quar.)
Ohio
Century Ribbon
1.65 Mar. 3 Holders of rec. Feb. 15
, 331-3c Mar. 1 Holders of rec. Feb. 18a
6.6% preferred (guar.)
Chicago Yellow Cab Co. (monthly)- -- 60e. Mar. 10 Holders of rec. Feb. 25a
3 Holders of roe. Feb. 15
1% Mar.
7% preferred (guar.)
ChildsCo•npany,common (guar.) stk.) 11
Apr. 1 Holders of rec. Feb. 25a
50c. Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
Common (payable in no par corn. stk.) /1
of rec. Feb. 15
1
55c.
July 1 Holders of roe. May 27a
6.6% preferred (monthly) pref. (qu.). 1% Mar. I Holders of rec. Feb. 21
Common (payable in no par corn. stk.) 11
Oct. I Holders of rec. Aug. 26a
Mar.
Holders
-Ohio Edison, 7% prior
(payable In no par COM.stk.) 11
Penn
Common
Doe. 30 Holders of rec. Nov. 250
May 2 Holders of rec. Apr. 20
pref. (cm.). 2
Penn -Ohio Pow. & Lt., 8%
Common (payable in no par corn.
1% May 2 Holders of rec. Apr. 20
(guar.)
13.4 Mar. 1 Holders of roe. Feb. 250
Seven per cent preferred
Preferred (qua:.)
Holders of rec. Mar. 44
80c. Mar. 1 Holders of rec. Feb. 21
82%c Apr.
preferred (monthly)
7.2%
Chili Copper Co.(guar.)
80c. Apr. 1 Holders of reo. Mar.21
*75o. Feb. 1 *Holders of roe. Feb. 1
7.2% preferred (monthly)
Churngoid Corporation (guar.)
Holders of rec. Feb. 15
80c. May 2 Holders of rec. Apr. 20
34 Mar.
preferred (monthly)
common (monthly)
7.2%
Cities Service,
55c. Mar. 1 Holders of rec. Feb. 21
Holders of reg. Feb. 15
,
- ./34 Mar.
6.6% preferred (monthly)
Common (payable in corn, stock).
55c. Apr. I Holders of rec. Mar.21
Holders of rec. Feb. 15
(monthly)
34 Mar.
Preferred and pref. B (monthly)
8.8% preferred
55c. May
Holders of rec. Apr. 20
Holders of rec. Feb. 15
3.4 Mar.
6% preferred (monthly)
6.
Preferred BB (monthly)
Holders of rec. Feb. 15
,com.(guar.) *37Mo Mar. 1 Holders of rec. Feb. 21
34 Mar.
Penna. Gas & Elec.. class A
Bankers Shares (monthly)
I Holders of rec. Feb. 21
Holders of re0. Feb. 15
•3%(). Mar.
34 Mar,
common (extra)
(payable in stook)
Class A.
Extra
$1.25 Mar. 1 Holders of rec. Feb. 100
Holders of roe. Feb. 100
50e. Mar.
Philadelphia Co., 5% preferred
Holders of rec. May 100
pref.(qu.) 1% Mar. 1 Holders of rec. Feb. Ila City Ice & Fuel (guar.)
50o. June
Philadelphia Suburban Water,
Quarterly
rec. Feb. 50
15
50o. Sept. d Holders of roe. Aug. 100
By., corn.(No. 1) _ _ 500. Feb. 31 Holders of rec. Mar. 9a
Phila. dr Western
Quarterly
Holders of
50c. Mar. 1 Holders of rec. Mar. 50
com.(guar.) 500. Mar.
Public Serv. Corp. of N.J.,(quar.)
1% Mar.31 Holders of rec. Mar. 4a Cleveland Stone (guar.)
50o. June 1 Holders of rec. June 64
Quarterly
Seven per cent preferred
Mar.31 Holders of rec. Mar. 40
2
50c. Sept. 1 Holders of rec. Sept. 54
Quarterly
Eight per cent preferred (guar.)
50c. Feb. 28 Holders of rec. Feb. 40
Feb. 2 Holdere of ree. Feb. 105
2
pref.(guar.)
Six per cent preferred (monthly)
500. Mar. 31 Holders of rec. Mar. 40 Colorado Fuel & Iron,
preferred (monthly)
Six per eent
FEB. 12 19271
Name of Company.
THE CI IRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Coca-Cola Co. (guar.)
11.75 Apr. 1 Holders of rec. Mar. 15a
Extra
750. Apr. 1 Holders of rec. Mar. 150
Congoleam-Nairn Co., pref.(guar.).- •114 Mar. 1 *Holders of rec. Feb. 15
Congress Clear (quar.)
Mar.80 *Holders of rec. Mar. 15
(
11
Consolidated Cigar Corp., pref.(quer.). IM Mar. 1 Holders of rec. Feb. 16a
Consumers Company, preferred
•314 Feb. 20 *Holders of rec. Feb. 10
Continental Can,common (quer.)
$1.25 Feb. 15 Holders of rec. Feb. 5a
Coty, Inc. Mar.)
$1.25 Mar. 31 Holders of rec. Mar.21a
Crown Willamette Paper, bit pref. ((tr.) $1.75 Apr. 1 Holders of rec. Mar. 15a
Cumberland Pipe Line (quar.)
2
Mar. 15 Holders of roe. Feb. 28
Extra
33
Mar. 15 Holders of rec. Feb. 28
Curtiss Aeroplane & Motor, preferred
$3.50 Mar. 15 Holders of rec. Mar. 1
common (quer.). $i
Cushman's Sons, Inc.,
Mar.
Holders of rec. Feb. 15a
Common (payable in $8 pref. stock)_ _ u51.50 Mar. 1 Holders of rec. Feb. 15a
Common (payable in $8 pref. stock)._ u$1.50 Sept.
Holders of rec. Aug. 15a
$2
Mar.
$8 preferred (quar.)
Holders of rec. Feb. 15a
Seven per cent preferred (quar.)
1% Mar.
Holders of rec. Feb. 15a
Davis Mills (quar.)
1
Mar.26 Holders of rec. Mar. 12a
Decker (Alfred) & Cohn, Inc., com.(qu.) 50c. Mar. 1 Holders of rec. Mar. 5a
Preferred (guar.)
134 Mar.
Holders of rec. Feb. 18a
Deere & Co., preferred (quar.)
114 Mar.
Holders of rec. Feb. 15a
Preferred (account accum. dividends). h75c. Mar.
Holders of rec. Feb. 15a
Delaware Division Canal
$1
Feb. 1 Feb. 6 to Feb. 14
Diamond Match (quar.)
2
Mar. 1 Holders of rec. Feb. 28a
Dictaphone Corporation, corn. (quar.)
250, Mar.
*Holders of rec. Feb. 18
(extra)
Common
250. Mar.
Holders of rec. Feb. 18
Preferred (quar.)
2
Mar.
Holders of rec. Feb. 18
Dominion Bridge ((uar.)
1
Feb. 1 Holders of rec. Jan. 31
Dominion Textile, common (quar.)_ _ _ _ $1.25 Apr.
Holders of rec. Mar. 15
Preferred (qum.)
114 Apr. 1 Holders of rec. Mar 31
Dow Chemical, common (quar.)
$1
Feb. I
Holders of rec. Feb. 5
Preferred (quar.)
1% Feb. 1 Holders of rec. Feb. 5
Early & Daniels, common (quar.)
'62340 Apr.
*Holders of roe. Mar.20
Common (extra)
*250. Apr.
*Holders of rec. Mar. 20
Common (quar.)
'6234c July
*Holders of rec. June 20
Common (quar.)
*6214c Oct. 1 *Holders of rec. Sept.20
Common (quar.)
'6234c Jan 1'28 *Holders of rec. Dec. 20
Preferred (quar.)
•$1.75 Apr. I *Holders of rec. Mar. 20
Preferred (quay.)
41.75 July 1 *Holders of roe. June 20
Preferred (quar.)
51.75 Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
*51.7 Jan 1'28 *Holders of rec. Dec. 20
Electric Refrigeration (quar.)
50en Feb. 21 Holders of rec. Jan. 31a
Erie Steam Shovel, common ((marl
6234o. Mar. I Holders of rec. Feb. 140
Preferred (quar.)
Mar. 1 Holders of rec. Feb. 140
Eureka Vacuum Cleaner
Common (payable in common stock)._ 15
Mar. 1 Holders of rec. Feb. 18a
Common (payable In common stock).- 15
Aug. 1 Holders of rec. July 200
Fair (The)(monthly)
200. Mar. 1 Holders of rec. Feb dlf3a
Monthly
200. Apr. 1 Holders of rec.Mar.ala
Monthly
20c. May d2 Holders of rec. Apr. 20a
Preferred (quar.)
154 May d2 Holders of rec. Apr. 20a
Fairbanks, Morse & Co., corn. (quar.)
750. Mar. 31 Holders of rec. Mar. 15a
Common (quar.)
750. June 30 Holders of rec. June 15a
Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
154 June 1 Holders of rec. May I4a
Famous Players Can. Corp.,1st Pf.(qu.) 2
Mar. 1 Holders of rec. Jan. 31
Federal Motor Truck ((arl
20c. Apr. 1 Holders of rec. Mar. 190
Stock dividend
234 Apr. 6 Holders of rec. Mar. 190
Federal Terra Cotta, pref
•h2
Mar. 31(
Welders of rec. Mar. 21
Fifty-Five Park Avenue, Inc., pref
3
Mar. 1 Holders of rec. Feb. 14
Fifty-Nine East 54th Street, Inc., pref._
3
Mar. 1 Holders of rec. Feb. 14
Firestone Tire dr Rubber, 7% pref. (qtr.) 154 Feb. 15 Holders of rec.
First Federal Foreign Investment Trust- $1.75 Feb. 15 Holders of roe. Feb. la
First Federal Foreign Investment Trust- 81.75 May 15 Holden( of rec. Feb. 10
May 5
Fisk Rubber, second pref. (quar.)
154 Mar. 1 Holders of rec. Feb. 15
General Asphalt, pref. (quar.)
1 M Mar. 1 Holders of rec. Feb. I40
General Box Corp., pref. A and B (quer.) *114 Mar. 1 *Holders of rec.
Feb. 18
General Cigar, preferred (quar.)
Mar. 1 Holders of rec. Feb. 210
Debenture preferred ((uar.)
114 M)r. dl Holders of rec. Mar Mee
General Development(quar.)
25e. Feb. 2 Holders of rec.
General Outdoor Advertising, el. A ((ti.) $I Feb. 15 Holders of rec. Feb. 10
Feb. 5a
Preferred (quar.)
114 Feb. 15 Holders of rec. Feb. 5
General Railway Signal, corn. (quar.)
51.25 Apr.
Holders of rec. Mar. 10a
Preferred (quar.)
134 Apr.
Holders of rec. Mar. 10a
Gillette Safety Razor (quar.)
Mar.
$1
Holders of rec. Jan. 31
Extra
1234c. Mar.
Holders
C.G.Spring & Blimper, corn.(quer.).-- 10c. Feb. 15 Holders of rec. Jan. 31
of rec. Feb. 8a
Common (extra)
50. Feb. 1 Holders
Common (in corn. stk. on each 10 alas.) 13-10 Feb. I Holders of rec. Feb. 80
of rec. Feb. 8a
Gleasonite Products (quar.)
234 Mar. 10 Holders of rec. Feb. 28
Goodrich (B. F.) Co., corn.(quar.)
$I
Mar.
Holders of rec. Feb. 15a
Preferred (quar.)
114 Apr.
Holders of rec. Mar. 15a
Preferred (quar.)
July
Holders of rec. June 15a
Goesard (H. W.) Co., corn.(MOnthly) 331-3c Mar.
Fielders of rec. Feb. 20
Common (monthly)
33 1-3c Apr.
Holders of rec Mar.20
Preferred (quar.)
154 Apr.
Holders of rec. Mar.20
Great Atlantic & Pacific Tea, corn.(qu.) •600. Mar.
*Holders of rec. Feb. 10
Preferred (quar.)
•134 Mar.
*Holders of rec. Feb. 10
Great Lakes Dredge & Dock (quar.)_. 2
Feb. 1 Holders of rec. Feb. 8
Extra
2
Feb. 1 Holders of rec. Feb 8
Greenfield Tap & Die, 6% Pref. Marl 134 Apr.
Holders of rec. Mar. 15
Eight per cent preferred (guar.)
2
Apr.
Holders of rec. Mar. 15
Guenther Publishing Co., pref.(guar.)._
5
Feb. 2 Holders of rec. Jan. 20
Quarterly
5
May 2
Quarterly
5
Aug. 2
Quarterly
5
Nov.20
Hamilton Bank Note
6c. Feb. 15 Holders of rec. Feb.
Hamilton Bank Note
Sc. Aug. 15 Holders of rec. Aug. 1
1
Hamilton United Theatres(Can.), pref
334 Mar. 31 Holders of rec.
Hammermill Paper, common (No. 1)--- 250. Feb. 15 Holders of rec. Feb. 28
Harbison-Walker Refrac., corn. (qUbr.). 114 Mar. I Holders of rec. Jan. 316
Feb. 19a
Preferred (quar.)
134 Apr. 20 Holders of rec.
Hartman Corporation, class A (quar.). 50o. Mar. 1 Holders of rec. Apr. 50
Feb. 15a
Class A (qUar.)
50e. dJune 1 Holders of rec. dlafavl7a
Class 13 (quar.) in class A stock
(o) Mar. 1 Holders of rec. Feb. 15a
Class B (quar.) in class A stock
(o) June 1 Holders of
Hart, Schaffner & Marx, Inc., com.(qu.) 114 Feb. 28 Holders of rec. May 17a
rec. Feb. 14
Common (extra)
2
Feb. 28 Holders of rec. Feb. 14
Hawaiian Pineapple (extra)
•200. Feb. 28 *Holders of rec. Feb. 18
Stock dividend
•10
Subj. to stkholders meeting in Feb.
Hayes Ionia Co.(monthly)
100. Mar, 1 Holders of rec. Feb. 25a
Hayes Wheel, preferred ((oar.)
•114 Mar. 15 *Holders of rec. Feb. 25
Hazeltine Corporation (quar.)
250. Feb. 24 Holders of rec. Feb. 4
Hercules Powder, preferred ((uar.)
Feb. 12 Holders of rec. Feb.
Hibbard,Spencer,Bartlett & Co.(mthly.) 300, Feb. 25 Holders of rec. Feb. 5
18
Monthly
300. Mar.25 Holders of rec. Mar. 18
Hollander (A.) & Son, Inc.( quar.)
82140. Feb. 15 Holders of roe. Feb. 1
Hollinger (A.)& Sons, Inc., corn.(qu.) •62340 Feb. IS *Holders of rec. Feb. 1
Hollinger Consolidated Gold Minee
101. Feb. 25 Holders of rec.
Holmes Manufacturing, pref. (quar.).-- •114 Feb. 15 *Holders of rec. Feb. 9
Feb. 1
Homestake Mining (monthly)
50o. Feb. 25 *Holders of rec. Feb. 19
Reese° Cotton Mills, pref. (quar.)
$1.50 Feb. 15 Holders of rec. Feb. 5
Household Products (quar.)
8710. Mar. 1 Feb. 16 to Mar. 14
Hudson Motor Car (quar.)
8714 Apr, 1 Holders of rec. Mar. 15a
Illinois Brick (quar.)
600. Apr. 15 Apr. 5 to Apr. 15
Quarterly
60c. July 15 July 3 to July 15
Quarterly
60c. Oct. 15 Oct. 5 to Oct. 16
Imperial 011, Ltd.(quar.)
250. Mar. 1 Holders of rec. Feb. 15
Extra
1234c. Mar. 1 Holders of rec. Feb. 15
Imperial Tobac. of Or,Brit.& Ire.(final) *9
Mar. 1 *Holders of rec. Feb. 12
Bonus
Is. 6d. Mar, 1 *Holders of rec. Feb. 12
Independent Oil& Gas(quar.)
250. Apr. 18 Holders of rec. Mar. 31
Indiana Plpe Line
Feb. 15 Holders of rec. Jan. 21
$I
Ingersoll-Rand Co., common ((marl
750. Mar. 1 Holders of rec. Feb. 2a
Inland Steel, corn. (guar.)
62141. Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
114 Apr. 1 Holders of rec. Mar. 15a
Interlake Steamship (guar.)
$1.50 Apr. 1 Holders of rec. Mar.
Internat. Agricul. Corp.. prior prof.(cm.) 134 Mar. 1 Holders of rec. Feb. 16
15a
Internat. Combustion Engineering (qu.) 50c. Feb. 28 Holders of rec.
International Harvester, pref.(quarl_ _ _ 154 Mar. 1 Holders of rec. Feb. 17a
Feb. 10
Inter national Milling. Pref. (quar.)
•154 Mar. 1 *Holders of rec. Feb. 20
134
154
134
134
Name of Company.
889
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
International Paper, common (quarl___ 50c. Feb. 15 Holders of roe. Feb. la
International Petroleum Co. Ltd
250. Feb. 15 v Feb. 8 to Feb. 15
Int. Secur. Trust of Amer., A.corn.((u.) 450. Mar. 1 Holders of rec. Feb. 15
Seven per cent preferred ((arl
134 Mar. 1 Holders of rec. Feb. 15
154 Mar. 1 Holders of rec. Feb. 15
634% preferred ((Marl
Six per cent preferred (quar.)
114 Mar. 1 Holders of rec. Feb. 15
International Silver. com. (quar.)
134 Mar. I Holders of rec. Feb. 15a
Interstate Iron & Steel, pref. (quar.)
•134 Mar. 1 *Holders of rec. Feb. 10
Intertype Corporation ((marl
25e, Feb. 15 Holders of rec. Jan. 31s
Extra
25e. Feb. 15 Holders of rec. Jan. 31.
Island Creek Coal (stock dividend)
*400
Isle Royale Copper Co
50c. Feb. 19 Holders of rec. Feb. 4
Jaeger Machine Co.((um.)
6234c. Mar. 1 Holders of rec. Feb. iso
Jeffergon & Clearfield Coal & Iron, prof_
214 Feb. 15 Holders of rec. Feb. 7a
Jones & Laughlin Steel, corn.(quer.)- - _
114 Mar. 1 Holders of rec. Feb. 15
Preferred ((arl
114 Apr. 1 Holders of rec. Mar. 15a
Keeley Silver Mines
Sc. Mar. 15 Holders of roe. Feb. 28
Extra
4e, Mar. 15 Holders of rec. Feb. 28
Kennecott Copper Corporation (gnarl- $1.25 Apr. 1 Holders of rec. Mar. 4a
Kinney(G.R.)& Co., Inc., pref.(gnarl 2
Mar. 1 Holders of rec. Feb. 18a
Knox Hat, Inc., prior pref. (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Prior preferred (Qum.)
$1.75 July 1 Fielders of rec. June 15
Prior Preferred( '
$1.75 Oct. 1 Holders of rec. Sent. 15
_.
quar)
Second preferred
$3.50 Aug. 1 Holders of rec. July 15
Kruskal & Kruskal, Inc.(No. 1) (guar.) 50e. Feb. 15 Holders of rec. Jan. 81.
Quarterly
50c. May 16 Holders of rec. Apr. 29a
Lake of the Woods Milling, corn.(quar.) 3
Mar. 1 Holders of rec. Feb. 19
Preferred ((oar.)
154 Mar, 1 Holders of rec. Feb. 19
Langton Monotype Mach. (guar.)
114 Feb. 28 Holders of rec. Feb. 18a
Lehigh Coal dc Navigation ((uar.)
Feb. 28 Holders of rec. Jan. 31.
$1
Extra
25e. Feb. 28 Holders of rec. Jan. 314
Lehn & Fink ((Man)
750. Mar. 1 Holders of roe. Feb. 156
Liggett & Myers Tob.,com.drcom.B (qu) 75c. Mar. I Holders of rec. Feb. 10a
Common & common B (extra)
$1
Mar. 1 Holders of rec. Feb. 100
Corn.& corn. B(pay.In corn.B stk.)
10
Mar. 1 Holders of rec. Feb. 10a
Lima Locomotive Works, corn
$1
Mar, 1 Holders of rec. Feb. 15a
Lindsay Light, pref.(quar.)
•1714c Feb. 15 *Holders of rec. Feb. 10
Preferred (in full of all accum.diVe.)
*h35c Mar. 15 *Holders of rec. Feb. 10
Lit Brothers Corporation
50c. Feb. 21 Jan. 26 to Feb. 9
Loblaw Greeeterlas, common (guar.)
•25c. Mar. 1 *Holders of rec. Feb. 15
Common (bonus)
*25c. Mar. 1 *Holders of rec. Feb. 15
Lord & Taylor, 1st preferred ((arl
114 Mar. 1 Holders of rec. Feb. 17a
Louisiana 011 Refining (quar.)
1.62;4 Feb. 15 Holders of rec. Feb. la
Ludlow Manufacturing Associates ((u.) $2.50 Mar. I Holders of rec. Feb. 2
Madison Square Garden Co.(quar.)._ 25e. Apr. 15 Holders of rec. Apr. 5
Quarterly
250. July 15 Holders of rec. July 5
Quarterly
25c. Oct. 15 Holders of rec. Oct. 5
Motioning Investment ((Mar.)
51.50 Mar. 1 Holders of rec. Feb. 23
Manhattan Shirt, corn. (Qum.)
37340 Mar. 1 Holders of rec. Feb. 15a
Marmon Motor Car (quar.)
$1
Mar. 1 Holders of rec. Feb. 15
50c. Mar, 1 Holders of rec. Feb. 15.
Martin-Parry Corp. (quar.)
114 Feb. 15 Holders of roe. Feb. 5
Massey-Harris Co.. Ltd., pref. (guar.)._
May Department Stores, new corn.(cm.) $1
Mar. I Holders of rec. Feb. 15a
Preferred Milan)
131 Apr. 1 Holders of rec. Mar. 15a
McCahan (W. J.) Sugar Refining & Molasses, cool
1
17
Feb. 1
McCrory Stores. corn.& corn. B (quar.) 400. Mar. 1 Holders of rec. Feb. 21a
Preferred (quar.)
154 May 2 Holders of rec. Apr. 20a
Preferred (quar.)
134 Aug. I Holders of rec. July 200
154 Nov. 1 Holders of roe. Oct. 20a
Preferred (guar.)
McIntyre Procupine Mines. Ltd.(MO - 25c. Mar. 1 Holders of rec. Feb. la
medert (Fred) Mfg., corn. (mar.)
50c. Feb. 15 Holders of rec. Feb. 5
Mercantile Stores, common (quar.)
$1
Feb. iS Holders of rec. Jan. 31
Preferred (quar.)
$1.75 Feb. 15 Holders of rec. Jan. 31
Merrimac Mfg., common ((uar.)
$1.75 Mar. 1 Holders of rec. Jan. 14
Preferred
$2.50 Mar. 1 Holders of rec. Jan. 14
Metropolitan Paving Brick, corn.(quar.) 50c. Mar. 1 Holders of rec. Feb. 15
'154 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Miami Copper Co. (quar.)
3714e. Feb. 15 Holders of rec. Feb. la
Mid-Continent Petrol. Corp., p1. (qu.)_
154 Mar, I Holders of rec. Feb. I56
Miller Rubber. pref.((ua.)
2
Mar. 1 Holders of rec. Feb. 10
$1
Mohawk Mining ((Mar.)
Mar. 1 Holders of rec. Jan. 29
Montgomery Ward & Co., corn. (qu.)
$1
Feb. 15 Holders of rec. Feb. 4a
$1.75 Apr. 1 Holders of rec. Mar.2Ia
Class A (quar.)
Morse Twist Drill (quar.)
4*1.25 Feb. 15 Holders of rec. Jan. 27
Motor Wheel Corp., pref. (quar.)
2
Feb. 15 Holders of rec. Jan. 31
$1.50 Feb. 15 Holders of rec. Jan. 15
Milford (H. K.) Co
10
Stock dividend
Feb. 15 Holders of rec. Jan. 15
Munsingwear. Inc.. corn. ((Marl
75c. Mar, 1 Holders of roe. Feb. 15a
National American Co., Inc.(qu.) (No.1 •75c. May 2 *Holders of rec. Apr lb
National Biscuit, common O(oar.)
$1.25 Apr. 15 Holders of rec. Mar. 31a
Preferred (quar.)
134 Feb. 28 Holders of rec. Feb. 14a
National Brick, pref. Marl
154 Feb. 15 Holders of rec. Jan. 31
National Building Units Corp.. Prof
•314 Feb. 15 *Holders of rec. Jan. 31
National Cloak de Suit. Pref.(quar.)-134 Mar. 1 Holders of rec. Feb. 23a
National Food Prodticts, class A ((uar.) 0234e.Feb. 15 Holders of rec. Feb. 5
National Lead, pref. ((oar.)
114 Mar. 15 Holders of rec. Feb. 18
National Refining, corn. ((oar.)
3714c Feb. 15 Holders of roe. Feb. la
Common (extra)
50c. Feb. 15 Holders of rec. Feb. la
National Supply, corn. (quar.)
$1
Feb. 15 Holders of rec. Feb. 5a
Nelson (Herman) Corp. ((uar.)
30c. Apr. 1 Holders of rec. Mar. 17
Stock dividend
el
Apr. 1 Holders of rec. Mar. 17
Quarterly
300. July 1 Holders of rec. June 20
Stock dividend
el
July I Holders of rec. June 20
Quarterly
300. Oct. 1 Holders of rec. Sept.4
Stock dividend
el
Oct. 1 Holders of rec. Sept. 19
Newberry (J. J.) Co., pref.((arl
154 Mar, 1 Feb. 17 to Feb. 20
New Cornelia Copper Co
50c Feb. 21 Holders of roe. Feb. 4a
New Jersey Zinc (quar.)
2
Feb. 10 Holders of rec. Jan. 20
North Central Texas Oil(quar.)
15c Mar, 1 Holders of rec. Feb. 10
Ohio Seamless Tube
*50c. Feb. 15 *Holders of rec. Feb. 1
011 Well Supply Co.. corn.((oar.)
50c. Apr. 1 Holders of rec. Mar. 154
Ontario Steel Products, corn.((uar.)..._
1
Feb. 15 Holders of rec. Jab. 31
Preferred (quar.)
134 Feb. 15 Holders of rec. Jab. 31
Oppenhelm, Collins & Co., corn (quar.). $1
Feb. 15 Holders of rec. Jan. 280
Orpheum Circuit, pref.(quar.)
2
Apr. 1 Holders of rec. Mar.15a
Overseas Securities, class A
500 Feb. 15 Holders of rec. Feb. 1
Owens Bottle, corn.((oar.)
75c Apr. 1 Holders of rec. Mgr. 186
Preferred ((uar.)
131 Apr. 1 Holders of rec. Mgr.!fia
Pathe Exchange, Inc., pref. (quar,)
2
M. 1 Holders of roe. Feb. 9
Penmang, Ltd.. corn. (quar.)
2
Feb. 15 Holders of rec. Feb. 5
Packard Motor Car
Common (monthly)
20o Feb. 28 Holders of rec. Feb. 156
Monthly
20c Mar. 31 Holders of rec. mar.154
Monthly
20e Apr. 30 Holders of rec. Apr. 15a
Monthly
20c May 31 Holders of rec. May 14a
Peoples Drug Stores, Inc., pref. ((oar.). 2
Feb. 15 Holders of rec. Feb. la
Phillips-Jones Corp.(quar.)
$1
Mar. 1 Holders of rec. Feb. 216
Phoenix-Hosiery, 1st & 2d pref.(quer.)_
134 Mar. 1 Holders of rec. Feb. 170
Pick (Albert), Barth & Co., part.pf.(qu.) 4334c Feb. iS Jan. 27 to Feb. 14
Pioneer Petroleum, pref
1710 Apr. 30 Holders of rec. Apr. 15
Prof. (one year's accum. dIvidend)--- 35e. Mar. 1 Holders of rec. Feb. 15
Pittsburgh Plate Glass (extra)
m Feb. 15 Holders of rec. Jan. 31
O
Pittsburgh Steel, pref. (guar.)
Mar. 1 Holders of rec. Feb. 156
Planet Steamship Corporation
50c Feb. 1 Holders of rec. Feb. I
$1
Prairie 011 & Gas
Feb. 28 Holders of rec. Jan. 31a
Pratt & Lambert. corn.(quar.)
Holders of rec. Mar. 15
75e. Apr.
1m
Pressed Steel Car, preferred (quar.)._
i.7 Mar.3 Holders of rec. Mar. la
Procter & Gamble,corn. Mum.)
Feb. iS Holders of rec. Jan. 25a
$
Pullman Co.((oar.)
w. Feb. 15 Holders of rec. Jan. 31
372
Pure 011, corn. (quar.)
Holders of rec. Feb. 10a
Mar.
Common (extra)
Holders of rec. Feb. 10a
12 Mc. Mar.
Purity Bakeries, class A (quar.)
75c. Mar. 1 Holders of rec. Feb. 15a
Class B (quar.)(No. 1)
50c. Mar. 1 Holders of rec. Feb. 15a
Preferred ((uar.)
154 Mar.1 Holders of rec. Feb. 15a
Quaker Oats. preferred ((arl
114 Feb. 28 Holders of rec. Feb. la
Quissett Nilli (quar.)
Feb. 15 Holders of rec. Feb. 5
2
Reliance Manufacturing, pref. (guar.)
•154 Mar. 1 *Holders of rec. Feb. 18
Republic Iron Sr Steel, corn. (guar.).--- 1
Mar. 1 Holders of rec. Feb. 15a
Preferred ((marl
134 Apr. 1 Mar.d14 to Apr.d13
Reynolds(R.J.) Tobacco, corn.& com.B p25
Feb. 15 Holders of rec. Feb. la
r 890
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Rooks Closed.
Days Inclusive.
Miscellaneous (Concluded).
$5
Richman Brothers (extra)
Feb. 19 Holders of rec. Feb. 15
el0
Feb. 10 Holders of rec. Feb. 5
Stock dividend
75 Feb. 15 *Holders of rec. Jan. 31
Rolls-Royce of America, Inc., pref.(qu.)
Russ Manufacturing (guar.)
1(1 Feb. 15 Holders of rec. Jan. 31
50c. Mar. 21 Mar. 10 to Mar. 21
St. Joseph Lead (quar.)
25e. Mar. 21 Mar. 10 to Mar. 21
Extra
Quarterly
50c. June 20 June 10 to June 20
25c. June 20 June 10 to June 20
Extra
50c. Sept. 20 Sept. 10 to Sept. 20
Quarterly
25c. Sept. 20 Sept. 10 to Sept. 20
Extra
50e. Dec. 20 Dec. 10 to Dec. 20
Quarterly
25c. Dec. 20 Dec. 10 to Dec. 20
Extra
Mar. 1 Holders of rec. Feb. 150
St
Savage Arms, corn. (guar.)
•1
Feb. 15 •Holders of rec. Feb. 1
First preferred (quar.)
•1
Apr. 1 *Holders of rec. Mar. 15
First preferred (quar.)
Feb. 15 *Holders of rec. Feb. 1
Second preferred (quar.)
•1
May 16 *Holders of rec. May 1
Second preferred (quar.)
87 Ac Mar. 1 Holders of rec. Feb. 15a
Schulte Retail Stores, common (quar.)
Common (quar.)
87 Ae June 1 Holders of rec. May 15a
Sept. 1 Holders of rec. Aug. 15a
87
Common (quar.)
87 Ac Dec. 1 Holders of rec. Nov. 15a
Common (quar.)
.30c. Feb. 15 *Holders of rec. Feb. 7
Scotten, Dillon Co.(quar.)
•70c. Feb. 15 *Holders of rec. Feb. 7
Extra
*1% Mar. 31 *Holders of rec. Mar. 21
Shawmut Mfg., pref. (quar.)
14 Feb. 15 Holders of rec. Jan. 26a
Shell Union 011, pref. series A (quar.)
Sherwin-Williams Co., common (quar.)_ 50c. Feb. 15 Holders of rec. Jan. 31
25c. Feb. 15 Holders of rec. Jan. 31
Common (extra)
14 Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
Mar. 1 Holders of rec. Feb. 16a
Simon (Franklin) As Co.. pref. (quar.)
Feb. 15 Holders of rec. Feb. Is
2
Sinclair Consolidated 011, pref.(quar.)
50c. Mar. 15 Holders of rec. Feb. 15a
Skelly 011 (quar.)
Feb. 15 Holders of rec. Feb. 1
$1
Smith (A.0.) Corp., corn.(quar.)
14 Feb. 15 Holders of rec. Feb. 1
Preferred (quar.)
Feb. 15 *Holders of rec. Feb. 4
*2
Soule Mills (quar.)
Mar. 1 Holders of rec. Feb. 10
Southern Pipe Line, new $50 par stock... 10
Spalding (A. G.) & Bros.. 1st pref. (qtr.) 14 Mar. 1 Holders of rec. Feb. I5a
Mar. 1 Holders of rec. Feb. 15
2
Second preferred (guar.)
Mar. 1 Holders of rec. Feb. 15a
Spear & Co., pref. (quar.)
6240 Mar. 15 Holders of rec. Feb. 15
Standard 011 (California) (quar.)
125ic Mar. 15 Holders of rec. Feb. 15
Extra
62 Sic Mar. IS Holders of rec. Feb. 16
Standard 011 (Indiana) (quar.)
25e. Mar. 15 Holders of rec. Feb. 16
Extra
40e. Mar. 15 Holders of rec. Feb. 18a
Standard 011 of New York (guar.)
14 Mar. 1 Holders of rec. Jan. 28
Standard 011 (Ohio), pref. (quar.)
$1.25 Feb. 20 Holders of rec. Feb. 4
Standard Sanitary Mfg., corn. (quar.)
Feb. 20 Holders of roc. Feb. 4
Preferred (quar.)
34c. Feb. 15 Holders of rec. Jan. 29
Stanley Works, preferred (quar.)
Stewart
-Warner Speedometer (quar.)__ _ $1.50 Feb. 15 Holders of rec. Jan. 31a
Stromberg-Carlson Telcp. Mfg. (quar.). •25c. Mar. 1 *noble s of me'. Feb. 14
•12 4c Mar. I ofrolde-s of e Feb. 14
Extra
Studebaker Corporation, com. (quar.).... $1.25 Mar. 1 Holders of rec. Feb. 10a
14 Mar. 1 Holders of rec. Feb. 10a
Preferred (quar.)
1% Mar. I Holders of roe. Feb. 7
Swan-Finch 011 Corp., pref. (quar.)
Swift International
60c. Feb. 15 Holders of rec. Jan. 15
Feb. 15 *Holders of rec. Feb. 10
Taber Mill (quar.)
_ 75c. Mar. 31 Holders of rec. Mar. 4a
• Texas Company (attar.) ________
75c. Apr. 1 Holders of rec. Mar. 4a
Texas Corporation (quar.)
10
Apr. 2 Holders of rec. Mar. 4a
Stock dividend
Mar. 31
Texas Pacific Coal & 011 (quar.)
15c. Mar. 31 Mar. 11 to
30c. Mar. 1. Holders of rec. Feb. 23a
Thompson (J. R.) Co. (monthly)
Thompson Products. pref. (quar.)
14 Mar. 1 Holders of rec. Feb. 19a
Thompson Starrett Co.. pref
Apr. 1 Holders of rec. Mar, 19
4
Tide Water Oil. pref. (quar.)
1(4 Feb. 15 Holders of rec. Feb. la
Timken Roller Bearing (quar.)
Mar. 5 Holders of rec. Feb. Ifia
Si
p Extra
25e. Mar. 5 Holders of rec. Feb. 18a
14 Feb. 15 Holders of rec. Jan. 28a
Tobacco Products, class A (guar.)
Union 011 Associates (quar.)
50c. Feb. 10 Holders of rec. Jan. 15a
Extra
47c. Feb. 10 Holders of rec. Jan. 15a
50c. Feb. 10 Holders of rec. Jan. I5a
Union Oil of California (quar.)
50e. Feb. 10 Holders of rec. Jan. 15a
Extra
.624c Feb. 10 *Holders of rec. Feb. 1
Union Storage (quar.)
*62 Sic May 10 *Holders of rec. May 1
Quarterly
62
. 34c Aug. 10 *Holders of rec. Aug. 1
Quarterly
*62 Sic Nov. 10 *fielders of rec. Nov. 1
Quarterly
Mar. 1 Holders of rec. Feb. 10a
1
Union Tank Car (quar.)
Mar. 1 Holders of rec. Feb. 10
$I
United Biscuit, class A (quar.)
Mar. 1 Holders of rec. Feb. 15a
2
United Drug, common (quar.)
U.S. Cast Iron Pipe dr Fcly., COM.(au). 2(4 Mar. 15 Holders of rec. Mar. in
2(4 June 15 Holders of rec. June in
Common (quar.)
,
235 Sept. 15 Holders of rec Sept. la
Common (quar.)
24 Dec. 15 Holders of rec. Dec. in
Common (quar.)
1% Mar. 15 Holders of rec. Mar. in
Preferred (quar.)
1% June 15 Holders of rec. June la
Preferred (quar.)
1% Sept. 15 Holders of rec. Sept. la
Preferred (Soar.)
1(4 Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
75c. Mar. 1 Holders of rec. Feb. 18a
U.S. Hoffman Machinery (quar.)
25c. Mar. 1 Holders of rec. Feb. 18a
Extra
Mar. 1 *Holders of rec. Mar. 2
.51
U. S. Playing Card, new common
Feb. 15 Holders of rec. Jan. 200
United States Rubber. first pref. (Sitar.) 2
(quar.). 14 Mar. 31) Holders of rec. Feb. 28a
United States Steel Corp.. corn.
Subj. to stockholders'meet.Apr 18
Common (payable In common stock)_ _ .40
14 Feb. 26 Holders of rec. Jan. 290
Preferred (quar.)
14 Mar. 1 Holders of rec. Feb. I90
U.S. Stores Corp. prior pref.((mar.).--Universal Pipe & Radiator, pref. (guar.) 14 May 2 Holders of rec. Apr. 15a
14 Aug. 1 Holders of rec. July 15a
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 15a
Preferred (Soar.)
50e. Mar. 19 Holders of rec. Feb. 28
Vacuum 011 (quar.)
50c. Mar. 19 Holders of rec. Feb. 28
Extra
75c. Feb. 15 Holders of rec. Feb. la
Vanadium Corporation (quar.)
14 Mar. 1 Holders of rec. Feb. 150
Van Raalte Co.. 14 pref. (quar.)
Mar. 1 Holders of rec. Feb. 140
Va.-Carolina Chemical, prior pref.(qt1.)Wahl Company. pref. (acct. accum.)
*h31.75 Apr. 1 *Holders of rec. Mar. 25
& Paper (Soar)..... 75c. Mar. 1 Holders of rec. Feb. 15
Wayagamack Pulp
Weber & Hellbroner. pref. (quar.)
1(4 Mar. 1 Holders of rec. Feb. 150
Wesson Oil & Snowdrift, corn. (quar.)_ _ St
Mar. 30 Holders of rec. Mar. 15
Whitaker Paper. pref. (quar.)
1(4 Apr. I Holders of rec. Mar. 20
White (J. G.) & Co.. Inc.. pref. (quar.). 1)4 Mar. 1 Holders of rec. Feb. 15
White(J. G.) Engineering Co., pf (qu.). 14 Mar. 1 Holders of rec. Feb. 15
Mar, 1 Holders of rec. Feb. 15
White (J.G.) Mgt. Corp.. pref. (guar.)._
1
Wilcox (11. F.) 011 & Gas (quar
50c. Feb. 10 Holders of rec. Jan. 15
4
Willcox dr Gibbs Sewing Machine
Feb. 15 Feb. 2 to Feb. 16
Will & Baumer Candle, corn.(quar.).... 25c. Feb. 15 Holders of rec. Feb. 1
Williams 011-0-Matic Heat. Corp. (qu.) 374c. Feb. 15 Holders of rec. Feb. 1
Wolverine Portland Cement (quar.)_ _ 15c. Feb. 15 Holders of rec. Feb. 5
$1.25 Mar. 1 Holders of rec. Feb. 100
Woolworth (F. W.) Co (quar.)
25c. Feb. 28 Holders of rec. Feb. 150
Wright Aeronautical Corporation
25c. Mar. 1 Holders of rec. Feb. 200
Wrigley (Wm.) Jr. St Co (monthly)
Oil& Gas, new, $25 par stk.(No. 1) 25c. Feb. 28 Holders of rec. Feb. 15
•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 exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
.r Payable In common stock. g Payable in scrip. it On account of. accumulated
dividends. m Payable In preferred stock.
o Less $2 per share to cover legal expenses of extending second mortgage and
third and fourth Installments of 1925 Income tax.
p Payable In class B stock.
one-hundredth of a share of common stock.
r Tampa Electric stock dividend Is one
at the rate of 4 6-100ths of a share of class A
8 Payable either In cash or In stock
5-100ttis of a share of class A for each share of 585-4 prof•
or each share of $6 Prof. and
Payable to holders of coupon No. 13.
dividend IS payable In $8 preferred on the
u Cushman & Sons common stock
Titillation of 8100 for preferred stock.
[VOL. 124.
Weekly Returns of New York City Clearing House
Banks7and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Feb. 5. The
figures for tho 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.
On account of the fact that to-day (Saturday, Feb. 12) is
a holiday, it being' Lincoln's birthday, the return for the
.
present week, which would have been issued to-day, was
made public yesterday afternoon. We have room here only
for the general totals. The table with complete details for
the individual banks will appear next Saturday. Using the
figures showing the actual condition at the end of the week,
the total of the loan item on Feb. 11 stands at $5,412,263,000,
a decrease from the previous week of $7,996,000; net demand
deposits, $4,361,691,000, a decrease of $1,181,000; time
deposits, $681,911,000, a decrease of $3,885,000; cash in
vault, $64,738,000, an increase of $7,999,000; reserve with
legal depositaries, $600,958,000, an increase of $19,209,000;
aggregate reserves, $614,381,000, an increase of $35,678,000
and excess reserve, $23,327,990, an increase of $19,938,020.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that Is, three ciphers (000) omitted.)
New
Capital. Profits
Week Ending
It,b. 5 192,. Nat'l, De.. 31
State, Nov.15
(000 omitted.) Tr.Cos. Nov.15
Loans,
Discount
Investments,
Ac.
Reserve
Cash
Time Bank
with
Net
in
De- CircaLegal Demand
Vault. Deposi- Deposits. Posits.
tories.
Members of Fed. Res. Bank. Average. Average Average Average. Average: Arge.
Bank of N Y &, $
3
s
76,380
Trust Co_ _ _ _1 4,000 13,354
472 7.703
57.004 9.760
Bk of Manhat'n 10,700 15,854 169,799 3,106 17,303
127.298 24,904 _79,058 1.064 11,631
Bank of America 6.500 5,286
87,620 3,533, ____
National City-- 50,000 66,287 681,140 4.418 74,081 *765,416141,5411
94
123 295 3.228
Chemical Nat__ 4.500 19,061 136,853 1,200 16 278
345
793 40,998
309,021 24,884
Nat 13k of Corn_ 25.000 42,479 357.347
168,0,07 43,679 6.109
Chat Ph N &T 13,500 13.329 218,951 2,432 23.572
529 14,411
10,
1,997
Hanover Nat__ 5.000 26.605 124,879
174.007 31,360 _
Corn Exchange_ 10.000 15.269 205,928 4,997 24.571
848 16,496
126.154 6.500 4.013
National Park__ 10,000 24.319 155.952
61.360 1,703 5.862
40 079 19,044 1.546
Bowery & E It, 3.000 3,624
520 25,312
192.002 11.365 6,378
First National__ 10.000 77.448 285.918
388.040 39 794
Am Ex Irving Tr 32,000 28.808 431,711 4,538 51,803
117
425
6.412
838
7,842
Continental. _ _ _ 1,000 1,269
Chase National. 40,000 38.221 571,201 6,544 68.520 *531,861 38,219 2,489
26.540
752 3.497
26 049
500 2 985
Fifth Avenue__
.
9,391 4,186
5511 1,304
12,969
740
800,
Commonwealth.
498 2,351
599
16,830
17.670
Garfield Nat'l__ 1,000 1,830
119.722 4.068
40
833 15.707
Seaboard Nat'l. 6.000 11,007 125,455
903 34.382 *283,881 40.0411
Bankers Trust.. 20.000 35.540 327.230
55.759 4 077 ---777 7,524
57,322
U S Mtge & Tr_ 3.000 4,965
Guaranty Trust 25.000 25.202 458.755 1,300 47,888 *440.807 73.524
37.284 4.148
692 4.824
43,061
4,000 3,235
Fidelity Trust_
133,874 25,958 ____
611 18,193
New York Trust 10,000 21,813 170.836
447 13,832 •104,564 18.420
Farmers L & Tr 10,000 19.908 138,248
Equitable Trust 30,000 22,907 271,379 1.662 27,010 *288.865 33,487
1
948 c4,275.949606.742 20,994
Total of arerages1335,500 541,254 5,213,293 42,316 575,
Totals, actual colndition Feb. 55,165.285 43.843 68.763 c4.211,661 612,18921,237
Totals, actual condition Jan. 29 5,223.239 43.664 53.061 c4.238 457 614.323 20.861
Totals, actual co'nditIon Jan. 225.197,762 43,790 614,1125c4,293,054 590,863 20,613
1
State Banks Not Members of Fedi Res've Bank.
22,80' 2,8151
24,590 1,950 2.181
Greenwich Bank 1,000 2,645
39.051 63,096
State Bank_ ___ 5,000 5,761 106,703 4,669 2,476
27,672 5.700
33,6311 3.349 1,639
Colonial Bunk__ 1,400 3,000
Total of averages
7.400 11,406
164,924
9,968
6.296
164,348 10.193 6.415
166.281. 10,234 6,458
132,649, 6,608 5,070
1
Trust Compan les Not Membe rs of Fed 'I Res',e Bank
63.416 1,875 3.889
Title Guar & Tr 10.000 19.506
899 2,297
25.650
3.000, 3,429
Lawyers Trust
Totals, actual condition Feb. 5
Totals, actual condition Jan. 29
Totals, actual condition Jan. 22
89.528 71,611!
89,726 71.6071 -61,485 71,681
63,511) 613,1551
38.184
21.310
989, ____
998
Total of averages 13.000 22,936
89.066
2.774
6,186
59.494
1,987, ___-
Totals, actual condition Feb. 5
Totals, actual condition Jan. 29
Totals, actual condition Jan. 22
90 626 2.703
87,857, 2.580
86,224 2.598
6.571
6.370
6.173
61.485
58.359
56,776
2,000
1.965
1,930
Gr'd aggr., cope.355,900 575,597 5,467,283 55.058 588,430 4,424.971 080.34020,994
+4.679 +7.332 +245
+18.273-1.684 +164
Comparison with prey. week
Gr'd aggr., act'lcond'n I Feb. 55,420 259 56,739581,749 4,362,872 885.79021,237
Comparison with prey. week__ -57,118 +261 +15860 --25.429 -2,173 +375
Gr'd
Or'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'lcond'n
!
agar., art. cood'n
aggr., eel cond'n
user.. act'l contra
agar., act'lcond'n
aggr., act'lcond'n
Jan. 29,5.477,377
IJail. 22'5.416,635
Jan. 15 5.592.022
Jan. 85.571.043
Dec, 31 5,771,022
Dec. 255,531.521
56,478 565,889 h4,388,301 87.969 20.861
52,996 626,168 4,413.350 (58.94520.613
54.611617,726 4,559.094 667,264 20,386
59.482 528.917 4.502.151 676.88819,815
60.2:00 642,710 4,693.702 651 045 20.545
76,170632.916 4,462,828 661,816 20,518
-U. S. deposits deducted from net demand deposits in the general totals
Note.
above were as follows: Avecage total Feb. 5, 529,170.000. Actual totals Feb. 5,
$29,169,050; Jan. 29, $29,168,000; Jan. 22,$29,167,000; Jan. 15, 329,185,000: Jan,8,
rediscounts, acceptances and
533.313.000; Dec. 31, 539,680.000. Bills payable,
other liabilities, average for week Feb. 5, $601,731,000; Jan. 29, $598.889,000;
Jan 22, 5814.045,000; Jan. 15 $639,126,000; Jan. 8, 5673,392.000; Dec. 31, 088,516.000. Actual totals Feb. 5, $603,344,000; Jan. 29, $614,355,000: Jan. 22.
3627.857,000; Jan. 15, 5655.189,000; Jan.8, $596,858,000; Dec. 31, 5721,662,000.
In total footings as follows:
• Includes deposits In foreign branches not Included
National City Bank, 5228,404,000; Chase National Bank, $11,923,000; Bankent
Trust Co., $29,042.000: Guaranty Trait CO., $89,453,000; Farmers' Loan & Trust
Co., 53.251,000. Equitable Trust Co.. $86,348,000. Balances carried In banks in
foreign countries as reserve for such deposits were: National City Bank, 535.972.000:
Chase National Bank, $1,694,000: Baiikers Trust Co . $1,082,000; Guaranty Trust
Co., 54.425,000; Farmers' Loan & Trust Co., $3,251,000; Equitable Trust Co.,
$6,454,000.
included.
c Deposits In foreign branches not
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:
FEB. 12 1927.]
TFIFE CHRONICLE
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
fn Vault.
Members Federal
Reserve Bank__
State banks.
Trust companies____
9,968,000
2,774.000
Reserve
in
Depositaries
Total
Reserve.
Reserve
Required.
S ,rplus
Reserve.
575,948,000 575,948,000 574,075,630
6,206,000 16,264,000 16,115.040
6.186.000 8.960,000 8,924,100
1.872,370
148.960
35.900
12,742,000 588,430,000 601,172,000 599,114,770 2,057,230
12.891.000 588,266,000 601,157,000 598.339,600 2,817.310
9,232.000 599,721,001 608,953.000 604.565.620 4,387.380
9,709,000 604.038,000 613.747.000 611,460,640 2,286.360
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank,
Includes also amount of reserve required on net time deposits, which was as follows:
Feb.5,$18,202,260: Jan. 20, $17,981,850; Jan. 22, 517,739,540; Jan. 15, $17,995,860;
Jan. 8, $18,074,250; Dec. 31, 517.527,590.
Total
Total
Total
Total
Feb. 5____
Jan 29____
Jan. 22 ____
Jan. 15____
Actual Figures.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank___ _
State banks.
Trust companies__
Reserve
in
Depositaries
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
$
$
568,763,000 568,763,000 565,881.600
10,193,000 6,415,000 1 6,608,000 16,150.600
2,703,000 6,571.000 0,274,000 9,222,750
2.881,400
457,320
51,250
Feb. 5
Jan. 20
Jan. 22_
Jan. 15_ _
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 Now York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING IIOUSE STATEMENT.
(Figures Furnished by Stale Banking Department.)
Differences from
Feb. 5.
Previous Week
Loans and Investments
$1,261,616,400 Dec. $243,700
Gold
4.474,700 Dec.
242.200
Currency notes
23,660,100 Dec.
735,700
Deposits with Federal Reserve Bank of New York
102,108.300 Dec.
108,700
Total deposits
1,296,883,900 Inc. 2,491,500
Deposits, ellininating amounts due from reserve depositaries and from other banks and trust companies in N. Y.City, exchange, and U.S.deposits.1,223,222.600 Dec. 1,119,800
Reserve on deposits
170,908,300 Dec. 1,437,400
Percentage of reserves, 20.2%.
RESERVE.
State Banks
-7'rust Companies
Cash In vault
$37,017.700 16.67%
592,325,400 15.00%
Deposits In banks and trust cos__
11.649,600
5.10%
29,015.600 4.71%
Total
549,567.300 21.77%
$121,341,000 19.71%
•Includes deposits with the Federal Reserve Bank of New York, which
for the
State banks and trust companies combined on Feb. 5 was $102,108,300.
Banks and Trust Companies in New York City.
-The
averages of the New 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.
Loans and
Investments.
Week EndedOct. 9*
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov.27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb
I%
$
0,668,046,700
6,617,799.100
6.559,420,600
6.553,253,200
6,615.890.200
6,553,162,600
6,570,297,600
6.599,992,200
0.689,295.600
6,667,713,300
6.664,332,100
6.713,433.300
0,837,671,900
6,954,175,000
6.819.657,900
6,755,555.600
6,710,870.100
II 728 804 4(10
Demand
Deposits.
Total Cash
in Vaults.
$
5,660,177,400
5,628,365,000
5.542.973,000
5,539.644,900
5.562,041,000
5,511.751,000
5,551.891.300
5,556.678.300
5,716,914,900
5,586,288.800
5,630,977,600
5.636.517,700
5,741.187,400
5,898,416.700
5,789,308,200
5,801.064.500
5.714,684.400
5.721.854.900
Reserve in
Depositaries.
$
85,684,200
89.206.200
84,662,600
86,186,300
86,272,300
87.381,300
84.480.000
864,684.000
76,615,500
88,530,500
96,557,700
105.590.700
95.908,300
91,552,900
91.267.300
81.093.000
85,754,700
83.192.800
5
730,174,600
719,799,100
722.780,700
717.062.800
723,552,600
721,151.800
724.021.000
728 368.600
734.203,700
726,827,700
738,221,800
734,688,400
761,848.700
786,239,700
757,056,109
746.207.200
731.4)0.000
731.200 one
Philadelphia Banks.
Week Ended Feb. 5 1927
Two Cipher (00)
omitted.
Capital
Surplus and profits
Loans, disets & investm'ts
Exchanges for Clear.11ouse
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposits.
Reserve with F. It. Bank _ _
Cash in vault •
Total reserve & cash held
Reserve required
Excess res. & cash in vault
'Ifembersof
Trust
Y.R.System Companies
50.225.0
152,99(1.0
941,058.0
42.310.0
104,515.0
140.293.0
636.504 0
151,709.0
928,506.0
69,712.0
04.287,0
78.999.0
69.429.0
9.570,0
5,000.0
17.812.0
47.047,0
538.0
16.0
891.0
27.347.0
2.293.0
30.531.0
3,967,0
1.358,0
5.325.0
4,266.0
1 059.0
1927
Total.
55.225.0
170.808.0
088,105.0
42.848.0
104.551.0
141.184.0
663,851.0
154 002.0
959.0:17,0
3,967.0
69.712.0
10,645.0
84,324.0
73,095.0
10,620,0
Jan. 29
1927.
Jan. 22
1927,
$55,225.0
170.784.0
989.004.0
34.859.01
96.515.0
135.684.0
654,458.0
155.920,0
946.062.0
3,735.0
70,191.0
11.0 9.0
84.995.0
73.391.0
11 604.0
355.22o.0
170 784,0
999,352.0
37.168.0
104.751,0
139,498,0
666.837,0
157,510.0
963,845.0
3.591.0
70.527.0
10.835 0
84 953 0
74,306.0
10.647,13
4
%.Caels In vault not counted as reserve for Federal Reserve members.
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Staled in thousands of dollars, that is, three ciphers [000] omitted.)
Loans,
DieNet
counts,
Profits. Investmerits,
I
etc.
CLEARING
I
NON-MEMBERS CapUaZ.J
Week Ending
Feb. 5 1927.
Members of
Fed'I Res've Bank.
Grace Nat Bank___
State Banks.
Not Members of th
Federal Reserve Bank.
Bank of Wash. Ms.
Trust Company.
Not Member of the
Federal Reserve Bank.
NIech.Tr..13ayonn,
Cash
in
Vault.
Reserve
with
Net
Net
Legal Demon
Time
Deposi- Deposits, Deposits.
iOlieS
.
Average. Average. Average. Average.
$
$
s
3
44
1,167
7,661
3.868
1,000
$
1,950
i
14,256
400
1,028
9,862
660
9,295
1,900
Comparison with p ev. week
3,040
33,413
+48
1,25
+3
1,780 a18,565
+14
+242
12.845
+93
Gr'd aggr., Jan. 29
Gr'd aggr., Jan. 22
Gr'd aggr.. Jan. 1
Gr'd 11E121%. Jan. 8
3,640
6 945
6.945
6.828
33.365
67,634
68,347
66.833
1,21
4,893
4.92'S
4,84
1,760
3,514
3,475
3,606
12.752
18.318
18.173
18.188
Ord aggr.. Feb..
12,896,000 581,749.000 594.645,000 591,255,030 3,389,970
12,814,000 565,889,000 578,703.000 594,650,250 -15,947,250
0,206,000 626.168,000 635,374,000 595,772.860 39,601,140
9,591.000 617.720,000 627.317.000 615,106,980 12.210.020
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Feb.5,$18,365,670; Jan.20,$18,429,690; Jan. 22, $17,725,890; Jan. 15, $17,968,260;
Jan. 8, $18,246,66(); Dec. 31, $17,456,640.
Total
Total
Total
Total
891
1.900
3,100
3,106
3.106
•
.
361
41
6.86
202
4.0
3326
5.851
*18,323
a47.33r
a48.00
a47,349
a United States deposits deducted. $22,000.
Bills payable, rediscounts, acceptances, and other liabilities. $2,897,000.
Excess reserve, $16.310 increase.
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 ROUSE MEMBERS.
Feb. 9
1927.
Changes from
Precious Week.
Feb. 2
1927.
S
5
Jan. 26
1927,
$
s
69,650.000
Unchanged
Capital
69,650.000
69,650.000
92.428,000
Unchanged
Surplus and profits._
02,428.000
92.428.000
Loans, disets & invest_ 1.013.723.000 Dec. 3.518.000 1,017.241.000 1,016.000.000
678.843.000 Dec. 14,895.0h0 693.738.000 680.573,000
Individual deposits
146.071,000 Dec. 4,181.000 150,252 000 142,626.000
Due to banks
232.371.000 Dec.
715.000 233.086.000 233.595,000
Time deposits
12.354.000 Dee.
United States deposits_
655.0.0
13.009.000
13,001.000
33.0:35.000 Dec. 12,705 000
Exchanges for Crig 11'se
45.740 000
31.143,000
78,640.000 Dec. 3.734,000
Due from other banks._
82.374.000
77,133.000
80.746.000 Dec.
Res've in legal depos'ies
815.000
81.561.000
81,204.000
10,222.000 Dec.
Cash In bank
274.000
10,496.000
10,971,000
502,000 Inc.
Roses excess In F.R.Bk
35.000
467,000
712.001
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 Feb. 9 1926 in
comparison with the previous week and the corresponding
date last year:
Resources-Cold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
Feb. 9 1927. Feb. 2 1927. Feb. 10 1926.
5
8
.
5
383 982.000 394.075.000 339.535,000
10,783,000
12,066,000
10,527,000
Gold held exclusively agst. F.R.notes_ 394.765.000
Gold settlement fund with F. R. Board__ 159.370.01,0
Gold and gold certificates held by bank__ 502,878.000
406.741,000
152,167.000
500,023,000
350.062.000
215.915,090
384,173,000
Total gold reserves
Reserves other than gold
1,057.013.000 1,058,931.000
34.989,000
33.407,000
950,150.000
38,125,000
Total reserves
Non-reserve cash
Bills discountedSecured by U.S. Govt. obligations
Other bills discounted
1,092.002.000 1,092,338,000
25.502,000
23.149.000
988,275.000
21,337,000
73.025.000
23.907,000
61,553,000
15.190,000
155,601,000
33,043.000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
96,932,000
71,416,000
76.743.000
92,706,000
188.644.000
52.492,000
2.683.000
14,489.000
36,946.000
2.156.000
12.557.000
39,405.000
1,934.000
36.695,000
14,120,000
Total U.S. Government securities__
Foreign loans on gold
54,118,000
54,118,000
52,749.000
1,971.000
Total bills and securities (See Note)
222,466,000
223.567,000
295,856,000
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
658.000
136,514,000
16.276.000
2,358.000
657.000
160.576.000
16,276,000
1,980.000
660,000
136.350,000
16.665.000
4,288,000
Total resources
1,495,776,000 1.518.543.000 1,463,436,000
LiabilitiesFedi Reserve notes In actual circulation_ 402,947,000
Deposits-Member bank, reserve acc't__ 858.820.000
Government
3.650,000
Foreign bank (See Note)
2,232 000
Other deposits
9,482.000
406,771.000
845,227.000
13,170.000
2,141.000
9.885,000
369,580,000
862.032.000
6,008.000
5,857.000
8.890.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
870.423,000
140,432,000
37,059.000
61.614,000
2.244,000
882.787,000
115.542,000
33,177,000
59,964.000
2.386,000
Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign corremondence
874.184.000
117.695.000
37,059.000
61,614.000
2.277.000
1,495.776,000 1,518,543.000 1,463,436.000
85.5%
85.5%
78.9%
25,672,000
9.728.000
23.996.000
NOTE.-BegInning with the statement of Oct. 7 1925, two new items were added
In order to show separately the amount of balances held abroad and amounts due
to
foreign correspondents. In addition, the caption. "All other earning assets," previously made 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
diecouuts. acceptances and securities acquired under the provisions of Sections 13 and
14
01 the Federal 1te.etve Act. wale/i. It was stated, are Me wily Items Included
thereba.
[VOL. 124.
THE CHRONICLE
892
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Fob. 10,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 865 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF TI1E FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEBRUARY 9 1927.
Feb. 9 1927. Feb. 2 1927. Jan. 26 1927. Jan. 19 1927. Jan. 12 1927. Jan, 5 1927. Dec. 29 1926. Dec. 22 1926. Feb. 10 1926.
$
$
$
8
$
$
$
$
$
RESOURCES.
1,552,632,000 1.552,754,000 1,601,114,000 1.575,495,000 1,523,670,000 1,419,755.000 1,369.124,000 1,376,776,000 1,433,149,000
Cold with Federal Reserve agents
51,702,000
65,407,000
50,318,000
65,712,000
52,926,000
52,6.13.000
51,921.000
67,927,000
44,346,000
Gold redemption fund with U. S. Treas..
Gold held exclusively agst. F. R. notes 1,596,978,000 1.605,680,000 1.653,035,000 1,628,128,000 1,573,988,000 1.487,682,000 1,434.836,000 1,442,183,000 1,484,851,000
Gold settlement fund with F. R.Board_ 610,964,000 594,679,000 507,931,000 503,513,000 555,673.000 637,805,000 658,330,000 657,023,000 650,304,000
Gold and gold certificates held by banks_ 772,410,000 761,504,000 805,824,000 804,294,000 786,382.000 729.956,000 721,645,000 704,074.000 659,638,000
-- .
2,980,352,000 2,961,863,000 2,966,790,000 2,935,935.000 2,916,043.000 2,855,443,000 2,814,811,000 2,803.280,000 2,794,793,000
Total gold reserves
167,906,000 166.786,000 166,072,000 159,566,000 155,054,000 142,816,000 129,404,000 106,985,000 144,422,000
Reserves other than gold
3,148,258,000 3,128,649,000 3,132,862,000 3,095,501,000 3,071,097,000 2.998,259,000 2,944,215,000 2,910,265,000 2,939,215,000
Total reserves
64,425,000
47.073,000
68.348,000
81,174,000
81,808,000
76,180,000
79,109,000
71,849,000
74,783,000
Non-reserve cash
Bills discounted:
202,048,000 203,661,000 189.939,000 201,611,000 254,077,000 300,532,000 383,388,000 422,397,000 310,096,000
Secured by U. S. Govt. obligations._ _
177,017,000 189.610,000 175,218,000 214,448,000 236,401,000 272,950,000 327,543,000 293,027,000 223,276,000
Other bills discounted
379.065,000 393,271,000 365,157,000 416,059,000 490,478.000 633,482.000 710,931.000 715.424,000 533,372,000
Total bills discounted
302,505,000 329,072,000 301,827,000 337,360,000 338.142,000 388,837,000 378,798,000 387,593,000 300,519,000
Bills bought M open market
U. S. Government securities:
59,639,000
46,858.000
47,525,000
51,327,000
55,463,000
52,992,000
54,108,000
53,351,000
56,148,000
Bonds
89,844,000 168,673,000
86.279,000
93,395,000
97,774,000
93,606,000
93.659,000
93,320,000
93,408,000
Treasury notes
157,208,000 158,043.000 159,505,000 164,453,000 166,100,000 183,400,000 177.704,000 104,842,000
155,122,000
Certificates of Indebtedness
303.879,000
2,500,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
304,678.000
2,500,000
Total bills and securities (see note)._
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
988.748,000 1,028,722,000
657,000
658,000
581,732,000 636,827,000
58,269,000
58,329,000
12,195,000
12,438,000
302,765,000
2.500,000
312,742,000
2,500,000
311,051,000
3,500,000
313,873,000
3,621,000
317,204,000
2,596.000
314,406,000
2,596,000
333,154,000
3,150,000
7,299,000
972,249,000 1,068,661,000 1,143,171,000 1,339,813,000 1,409,529.000 1,420,019,000 1,177,494,000
660,000
650,000
651,000
657.000
657,000
657,000
657,000
627,766,000 722,746,000 706.362,000 814,912,000 728,043,000 785,171,000 613,554,000
59,366,000
60,271,000
60,273,000
58,168,000
58.131.000
58,258,000
58,231,000
16,973,000
13,154,000
13,074,000
12.108.000
12.302,000'
12,189,000
12,053,000
4,864,946,0004.937,168,000 4,883,090,000 5,039,023,000 5.073,371,000 5,300.254,0005.224.133,000 5.236,603,000 4,871,687,000
Total resources
LIABILITIES.
F.R. notes in actual circulation
Deposits
Member banks
-reserve account
Government
Foreign banks (see note)
Other deposits
2,221,130,000 2,241,946,000 2,191,753,000 2,243,429,000 2,273,647,000 2,351,953,000 2,264,144,000 2,218,095,000 2,289,050,000
29,151,000
67,848,000
38,579,000
6,451.000
22.989.000
28.999,000
36,238,000
32,768,000
23,345,00(1
9,252,000
5,506,000
25.308.000
25,882,000
5,632,000
5,699,000
5,487,000
4,866,000
4,959,000
18,648,000
16,513.000
25,657,000
17,133,000
21,571,000
32,429,000
19.072.000
18,631,060
17,612,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,267,046,000 2.298.211,000 2,245,311,000 2,317,795.000 2,323,839,000 2,409,369,000 2,345,738,000
538,629,000 587,680,000 584,540,000 646,976,000 635,148,000 714,682.000 650,096,000
125,825,000 125,748,000 125.523,000 125,480,000 125,066,000 125.011,000 124,824,000
228,775.000 228,775,000 228,775,000 228,775,000 228.775,000 228,775.000 220.310,000
26,150,000
9,719,000
10.079,000
10,078,000
10,456.000
10,239,000
10,551,000
1,694,120,000 1,686,515,000 1,088,485,000 1,709,919,000 1,750,464,000 1,812,698,000 1.857.015,000 1,913,960,000 1,667,844,000
2,307,962,000 2,296,101,000
644,012,000 556,961,000
124,763,000 118,411,000
220,310.000 220,310,000
25,596,000
12,060,000
5,236,603,000 4,871,687,000
Total liabilities
4,864,946,000 4,937,168,000 4.883,090.0005,030,023.000 5,073.371,000 5.300.254.000 5,224,133,000
Ratio of gold reserves to deposit and
70.5%
67.2%
66.9%
67.6%
72.9%
71.6%
75.4%
75.2%
74.3%
F. R note liabilities combined
Ratio of total reserves to deposit and
74.2%
68.9%
70.1%
71.0%
75.4%
76.9%
79.6%
79.5%
78.5%
F. R. note liabilities combined
Contingent liability on bills purchased
84,656,000
52,437,000
55,857,000
60,718,00()
86.273,000
90,382,000
94,674,000
77,780,000
91,978,000
for foreign correspondents
----- $
$
$
$
$
3
$
s
Distribution by Mann-Wes157,087,000 104,685,000
bought In open market_ 137,494,000 153,851,000 123.999,100 147.001,000 130,158.000 170,212,000 155,744,000 583,639,000 424,195,000
1-15 days bills
382,115,000 517,727,000 575,544,000
286,204,000 296,490,000 266,642,000 310.773.000
1-15 days bills discounted
21,000
100,000
4,500,000
7,860,000
5,676,000
1,564,000
1-15 days U. S. certif. of indebtedness.
111,060
•
1-15 days municipal warrants
72,459,000
80,459,000
76.818,000
78,150,000
78,201,000
72,313,000
71,170,000
93,787,000
95,699.000
16-30 days bills bought In open market
32,047,000
37,193.000
38,865,000
30,510.000
28,768,000
21,613,000
25,2041.000
26,748,000
26,493,000
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
96,000
96.000
16-30 days municipal warrants
81,930,000
86.642,000
90,963,000
98.299,000
95,654,000
90.754,000
81,778.000
60,322,000
48.816,000
31-60 days bills bought in open market_
42,821,000
52,688,000
49,876,000
47.635.100
41.069,000
43.411,000
45,490,000
36,305,000
38,881,000
31-60 days bills discounted
of indebtedness
31-60 days U. S. certif.
10,000
31-60 days municipal warrants
36,847,800
56,469,060
49,382,000
36,144,000
27,344,000
17.618,000
21,060,000
16,810,000
15,775,000
61-90 days bills bought In open market_
25,469,000
33,150,000
37,232,000
27,090,000
22,479,000
24,270,000
21.560,000
24,448,000
21,670,000
61-90 days bills discounted
20.000
5,421,000
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
4.598,000
6,936,000
5,891.000
6.032.000
6,119.000
7,375,000
6,785.000
4,302,000
4.721.000
Over 90 days bills bought In open market
8,840,000
8,754,000
9,414,000
9,835,000
101520,000
9,668,000
9,814,000
9,592,000
8,393,000
Over 90 days bills discounted
158,043.000 157,941,000 158,777,000 158,246,000 178,900,000 177.584,000 104,821,000
149.701,000 157.208,000
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
3,022,190,000 2,860.336.000
F. IL notes received from Comptroller.... 2,948,063.000 2.954.651,000 2,967,911,000 2,983,478,000 3,002,781,000 3,023,052,000 8,039,590.000 755,030.000 851,949,000
871,288,000 865,848,000 855,743,000 820,473,000 792.378,000 770.918,000 774,815,000
F. IL notes held by F. R. Agent
.
2,267,160,000 2.008,387 000
2,076,775,0002.088.703,000 2,112.168,000 2,163,005,000 2,210,403,000 2,252,134,000 2,264,775,000
Issued to Federal Reserve Banks
3
How SecuredBY gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board..
By eligible paper
TotaL
.
306,151,000 310,000,000
357,927,000 357,927,000 321,246,000 306.280,000 306,281,000 306,096,000 306,095,000 111,978,000 114,853,000
96,904,000 102,401,000 105,659,000 106,287,000 111,071,000 109,052.000 958,647,000 1,008,296,000
109,744,000
1,002.588,000 953,977,000
1,084.961.000 1,097,923,000 1,177.467,000 1,163.556,000 1,111,102,000
1.058,364,000 1,066.858,000 791,025,000
666,719,000 694,440,000 661,717,000 733.266,000 812.610.000 996,817,000
2.427.488.000 2.443,634.000 2,224,174,000
161 Ann 9 0,17 10.1 nnn 9 969 811 Min 2 50Itt 751 0(1(1.9 qzct 950 non 0 ats 572 n00
9910 .
held abroad and amounts due
NOTE.-BegInning with the statement of Oct. 7 1925, two new items were added In order to show separately the amount of balances debentures, was changed to
Bank
to foreign correspondents. In addition, the caption. "All other earning assets." previously made up of Foreign Intermediate Credit accurate description of the total of
"Other securities." and the caption." "Total earning assets" to "Total bills and securities." The latter item was adopted as a more stated, are the only Items Included
the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It was
therein.
CLOSE OF BUSINESS FEB. 9 1927.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACII OF THE 12 FEDERAL RESERVE BANKS AT
Two ciphers (00) omitted.
Federal Reserve Bank of-
Boston.
RESOURCES.
$
lold:with Federal Reserve Agents 127.504,0
7,058,0
Mid redo fund with U.S. Tress_
Gold held excl. agst. F.R. notes 134.562.0
lold settle't fund with F.R.Board 28,863.0
33,526,0
bid and gold certificates
Total gold reserves
teserves other than gold
196,951.0
18,885,0
Total.
Dallas. San Fran.
Phila. Cleveland. Richmond Atlanta. Chicago. St. LOWS. Atinneap. Nan. City
$
$
$
3.
$
$
$
$
3
$
$
$
35,488.0 183,289,0 1,552,632,0
383,982,0 111,460,0 166,253,0 65,177.0 150.375,0 177,636,0 30,900,0 60,633,0 59,935,0
44,346,0
1,148,0 2,288,0
1,665,0
1,480,0
1,545,0
1,091,0 2,140,0 7,243,0
10,783,0 4,428,0 3,474,0
185,577,0
394,765,0 115,888,0 169,727,0 66,271,0 152,51-5,0 184.879,0 32,445,0 62.113,0 61,600.0 36,636,0 42,254,0 1,596.978,0
610.964,0
159,370,0 52,371,0 66,045,0 23.719,0 26.212,0 125,423,0 20,297,0 15,500,0 29,968,0 20,942,0
17,970,0 7,241,0 7,254,0 8,597.0 35,162,0 772.410,0
502,878,0 27.934,0 51,352,0 12,685,0 4.428,0 63,383,0
1,057,013,0 196,193,0 287,124,0 102,675.0 183,155,0 373,685.0 70,712,0 84,854,0 98,822,0 66,175,0 262,993,0 2,980,352,0
34,989,0 6,943,0 10,314,0 11,598,0 11,808,0 27,778,0 19,038,0 4,076,0 5,583,0 8,493,0 8,401,0 167,906,0
New York.
215,836,0 1,092,002,0 203,136,0 297,438,0 114,273,0 194,963,0 401,463,0 89,750,0 88,930,0 104,405,0
Total reserves
7,519,0
25,502,0
1,961,0 3,441,0 6,763,0 4.704,0 10,124,0 4,692,0 1,371,0 2,450,0
ion-reserve cash
tIlls discounted:
454,0 2,396,0
73,025,0 21,590,0 29,189,0 6,986,0 . 460,0 35,222,0 7,007,0
See. by U. S. Govt. obligations 10,340,0
23,007.0 12,828,0 19,441,0 14,674,0 24,372,0 33,834,0 4,671,0 3,375,0 5,639,0
13,547,0
Other bills discounted
96,932,0 34,418,0 48.630,0 21,660,0 24,832,0 69,056.0 11,678,0 3,829,0 8,035,0
23,887,0
Total bills discounted
71,416,0 22,733,0 26,757,0 10,631,0 14,932,0 41,363,0 11,262,0 10,138,0 15,768,0
tills bought In open market_ _ _ _ 38,464,0
I. S. Government securities:
2,683,0
708,0 1,499,0
1,338,0
769,0
257,0 22,242,0 3,193.0 7,783,0 8,641,0
Bonds
14,489,0 15,723,0 11,846,0 1,649,0
2,708,0
1,566,0 7,723,0 7,958,0 2,449,0 5,366,0
Treasury notes
192.0 18,391,0 9,966,0 6,249,0 13,561.0
0 3,497. 21, .
.
.
0
36 946.
987 0 4,073 0
6.137.0
Certificates of indebtedness
54.118.0 19.928,0 35.332.0 7.060,0 2.015.0 48,356,0 21,117,0 16,481,0 27,568,0
9,614,0
Total U. S. Govt. securities.
74,668,0 271,394,0 3,148,258,0
74,783,0
2,668,0 3,588,0
492,0 14,887,0
2,330,0 18,399.0
202,048,0
177.017,0
2,822,0 33,286,0
12,759,0 26,282,0
379,066,0
302,505,0
823,0
6,212,0
5,071,0 16.860,0
12,932,0 21,191,0
56,148,0
93.408,0
155,122.0
24,215,0 38.874,0
304,678.0
FEB. 12 19271
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
$
$
71.965,0
53,960,0
3,946,0
72.0
Tota.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Phila.
New York.
$
$
3
$
2,000.0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
AL other resources
893
THE CHRONICLE
$
$
$
$
$
s
$
2,500,0
500,0
222,466,0 79,079,0 110,719,0 39,351,0 41,779,0 158,775,0 44,057,0 30,948.0 51,371,0 39,796.0 98,442,0
658,0
136,514,0 50,543,0 55,230,0 50,996,0 26,133,0 69,878,0 30,540,0 10,492,0 37,489.0 24,218,0 35.939,0
16,276,0 1,709,0 7,118,0 2,136,0 2,865,0 7,899,0 3,957,0 2,774,0 4,459.0 1,752,0 3.438,0
484,0 1,142,0
541.0
787,0 2,091,0
740.0 2,608,0
294,0
964,0
357,0
2,358,0
988,748,0
658,0
581,732,0
58,329,0
12,438,0
353,298,0 1.495,776,0 336,785,0 474,910,0 213,813,0 271,184,0 650.547,0 173,783,0 136,606,0 200,714,0 143,586,0 413,943,0 4.864.946,0
Total resources
LIABILITIES.
45,359,0 64,403,0 68,683,0 43,033,0 175,486,0 1,694,120,0
F. R. notes in actual circulation_ 125,871,0 402,947,0 119,253,0 200,044,0 74,801,0 160,702.0 213,538,0
Deposits:
858,820,0 134,548,0 184,049,0 69,974,0 67,678,0 315,590.0 80,536,0 49,684,0 84,612,0 60,855,0 170,424,0 2,221.130,0
Member bank-reserve seal 144,360,0
23,345,0
739,0
1,445,0
1,079,0
1,079,0 1,762,0 5,350,0 1,309,0 1,189,0
3,650,0 1,707,0 1,434,0
2,602,0
Government
4,959,0
264.0
132,0
140,0
113,0
162,0
520.0
400,0
155,0
362,0
196.0
2,232,0
283,0
Foreign bank
17,612,0
34,0 5.337.0
102,0
185,0
286.0
861,0
133,0
913,0
82,0
9,482,0
86,0
111,0
Other deposits
147,358,0 874,184,0 136,703,0 186,796,0 71,382.0 69,677,0 322,321,0 82,293,0 51,171,0 85,933,0 62,466.0 176,764,0 2.267,046.0
Total deposits
53,325,0 117,695,0 46,678,0 49,447,0 48,524.0 25,730,0 63,607,0 30,131,0 9,527,0 32,378,0 25.135,0 36,452,0 538,629.0
Deferred availability items
37,059,0 12,585,0 13,762,0 6,178.0 5,022,0 16,832,0 5,282,0 3,026,0 4,180,0 4,299.0 8,749,0 125,825,0
8,851,0
Capital Paid in
61,614,0 21,267.0 23,746,0 12,198,0 9,632,0 31,881,0 9,939,0 7.527,0 9,029,0 8.215.0 16.121,0 228,775.0
17,606,0
Surplus
438,0
10,551,0
371.0
512,0
952,0
779,0
421,0 2,368,0
730,0
299,0 1,115,0
2,277,0
289,0
All other liabilities
650,547,0 173,783,0 136,606,0 200,715,0 143,586,0 413,943,0 4.864,946.0
353,298,0 1,495,776,0 336,785,0 474,910,0 213,813,0 271,184,0
Total liabilities
Memoranda.
79.5
77.0
70.8
67.5
76.9
70.3
74.9
78.2
76.9
84.8
79.4
85.5
79.0
Reserve ratio (per cent)
Contingent liability on bills pur91,978.0
25,672,0 8,804,0 9,721,0 4.769,0 3,760,0 12.656,0 3,944,0 2,751,0 3,393,0 3,210.0 6,420,0
foreign correspond'ts 6.878,0
chased for
F. R. notes on hand (notes rec'd
from F. R. Agent less notes in
32.520,0 117.034,0 44.207,0 20.461.0 17.645,0 27.031,0 50,147.0 4.236.0 5,014,0 13,579,0 6.774,0 44.007.0 382.655,0
elreution)
1927.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEB. 9
New York.
Boston.
Federal &NMI Age's: at-
s
(Two ciphers (00) omitted.)
Y.R.notes ivied from Comptroller 254,391,0
lf.R.notes held by F. R. Agent__ 96,000,0
F.R.notes issued to F. R. Bank 158,391,0
Collateral held as security for
F.R. notes issued to F. R. Bk.:
Gold and gold certificates_ __ 35,300.0
18,204,0
Gold redemption fund
74,000.0
Gold fund-F.It. Board
82,351,0
Eligible paper
189.855.0
Total collateral
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Phila.
s
s
5
a
s
a
5
$
$
a
s
s
812,061.0 198,960.0 277,245,0 118,800.0 250,177,0 428,486,0 71,255,0 88,819,0 110,272,0 68.604,0588.993,0 2,948.063,0
292,080,0 35,500.0 56.740,0 26,354,0 62,444,0 164,801,0 21.660,0 19.402,0 28,010,0 18.797.0 49.500,0 871.288,0
-519,981,0 163,460,0 220,505,0 92,446,0 187,733,0 263,685,0 49,595,0 69,417,0 82,262,0 49,807.0 219,493,0 2,076,775,0
18.308,0
7,750,0 13.507,0
8,780,0 28,805,0 15,397,0
210,080,0
22,902,0 11.583,0 12,473,0 5,372,0 8,978,0 2,638,0 1,850,0 1,126,0 5,075,0 3,180,0
151.000,0 99,877,0 145,000.0 31,000.0 126,000,0 175,000.0 21.300,0 46.000,0 54,860.0 14,000,0
160,909,0 53,450,0 74,710,0 30,877,0 39,335,0 110,203.0 22,709,0 13.635,0 23,687.0 15,530.0
20.000.0 357.927,0
16,365,0 109.744,0
146,924,0 1,084,961.0
59.323,0 666,719.0
544.891.0 164.910.0 240.963.0 96.054.0 189.710.0 287.839.0 53,609.0 74.268,0 83,622,0 51,018,0 242,612,0 2,219,351,0
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 679 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page S66.
1. Data for all reporting member banks in each Federal Reserve District at close of business FEBRUARY 2 1927
Boston. New York
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds_
All other loans and discounts__
92
37
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. SanFran.
5073
s
Total Investments
10,777
417,542
375,202
21.107
550.760
770,082
993,395 5,164,977
135,235 943,810
251,555 1,220,728
386,790 2,184,538
Total loans and discounts
Investments:
U. S. Government securities
Other bonds, stocks and securities
s
S
59,057
8.180
342,734 2,291,244
642,481 2.814,676
s
11 840
52022
s
67
a
35
$
97
4
31
s
24
s
66
s
45
$
Total.
62
$
679
148,844
5,610
315,634 5,515,482
952,524 8.563.891
4,922
154,746
361.192
19,124
5,542
108,481 879,366
387,112 1,253,128
4,870
187,887
310,560
3,298
81,041
158,098
4.242
111,308
297,029
2,115
74,719
241,807
803,521 1,341.949
520,860
501,135 2.151,618
503,317
242,437
412.579
318.641 1,273.768 14,228,197
88,323
274,228
260,314
360,570
65,646
69,825
38,090
58,409
288,113
461,001
67,858
118,360
65.316
49,821
102,538
94,123
362,551
620.884
135,471 . 96.499
749,114
Total loans and investments_ _ _ 1,380,185 7.329.515 1,166,072 1,962,833
84,844 152,402
Reserve balances with F.R.Bank__ 101.290 733,249
71,131
29,411
19,542
15,187
Cash In vault
916,638 5,608,017 775,454 1,032,306
Net demand deposits
423.784 1,376,707 250,039 833,232
Time deposits
36,206
12,270
17.036
10.176
Government deposits
*
60,511 142,169
68,454
Due from banks
155.013 1.156,688 188,273 262.162
Due to banks
Bills pay. & recils. with F. B.. Bk.
47.820
1,471
5,705
17,521
Secured by U.S.Gov't obligatIons
4,803
10,369
3,706
19,400
All other
Total borrowings from F.R.13a
(Three ciphers (000) omitted.)
A 411
qA 091
186,218
115.137
196,681
656.331 597,634 2,900,732 689,535
44,138
40,506 238,074
43,246
7,332
43,677
10,735
13,271
384,916 341,985 1.760,764 ' 401,205
212,125 229.247 1.057.583 231,504
3,082
11,645
3,443 • 7,611
69,051
77.921 233.618
60.399
114,898 118.873 514,077 153,336
357,574
20.513
5,487
211,821
123,294
661
53.167
94,779
609.240
57,055
11.730
493,572
147.205
1,697
135.229
232,048
48.412
22,696
240,531 2,344,186
234.119 3,215,435
71.108
474,650 5.559,621
389,749 1,748.418 19,787.818
28,720 108.092 1.652,129
10,018
258,507
20.986
270,221 775,201 12,972,100
103,223 889.515 5,877,458
3.977
119,734
11.930
96.612 127,381
112,664 249,083 3,351,894
3,092
6,644
7
11,416
32,328
17,403
815
1,247
35
1,026
2,147
2,192
780
1,433
15.715
15,698
127,436
95,337
0 71A
II 492
40721
2002
1.001
4.339
2.213
31.413
222.773
•Not available.
2. Data of reporting member banks in New York City, Chicago, and for the whole country.
All Reporting Member Banks.
Feb. 2 1927.
Jan. 26 1927.
Feb. 3 1926.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
Feb. 2 1927. Jan.26 1927. Feb. 3 1926. Feb. 2 1927. Jan. 26 1927. Feb. 3 1926.
61
54
679
681
54
716
Number of reporting banks
$
$
$
$
i
Loans and discounts, gross:
49,336,000
48.182,000
148,844,000
142,903,000
.56,136,000
162,965,000
Secured by U. S. Gov't obligations
5.515.462,000 5,479.668,000 5,527,610,000 1.988,161,000 1,961,985,000 2,221,476.000
Secured by stocks and bonds
8.563,891,000 8.577,486,000 8,285,175.000 2,471,113,000 2,460,252,000 2,234.922,000
AU other loans and discounts
S
45
$
12,955,000
663.878.000
693,664,000
45
$
12,481.000
642,666,000
689,802,000
46
$
17.392,000
615,267,000
684,769,000
14,228.197,000 14,200,057.000 13.975,750.000 4.515,410.000 4,470,419,000 4.505.734,000 1,370,497,000 1,344.949.000 1,317.428.000
Total loans and discounts
Investments
2,344,188.000 2,343,471,000 2.549,904,000 854,353,000 852.128,000 934,684,000 157,464,000 150,652,000 172,053,000
U. S. Government securities
Other bonds, stocks and securities_ 3,215,435,000 3,196,258,000 2,928,212,000 900.454.000 897,519.000 813,467,000 219,684,000 210.814.000 199,714.000
Total investments
Total loans and Investments
Reserve balances with F. B.. Banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U. S. Gov't obligations
All other
Total borrowings from F. R. bka
5,559,621.000 5,539,729,000 5,478.116,000 1,754,807,000 1.749,647,000 1.748,151,000
361.466.000
371,767.000
127,436.000
95,337,000
114,165,000
82,939,000
213,769,000
100.392,000
40.600.000
3,940,000
19.950,000
8,319,000
89,872,000
5,376,000
12,878,000
2.946.000
5,003,000
2.060,000
9,902,000
6,616.000
222,773,000
197,104,000
314,161,000
44,540,000
28,269,000
95,248.000
15,824.000
7.063,000
16,518.000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
For own account
885,123,000 865,183,000 1,221.842,000
1.123,780.000 1,125,713,000 1,280,143,000
For account of out-of-town banks
721.098.000 741.044,000 590.012,000
For account of others
Total
On demand
On time
•Not available. z Revised figural
377.148,000
19,787,818,000 19,739.786,000 19,453,866,000 6,270,217.000 6.220.066.0006,253,885,000 1.747,645,000 1.706.415,000 1.689,195,000
1.652.129,000 1.606,111,000 1,635,440,000 667,348.000 658,613,000 680,757.000 161,714.000 167.683.000 189.700.000
20.695,000
268,177,000
20,902,000
258.507,000
59.142,000
57,052,000
19,847,000
274,295,000
64,789.000
12,972,100,000 12,878,603.000 13,036,344,000 5,031,796.000 4.976,284,000 5 117,675,000 1,187,493,000 1,164,593,000 1,150.175,000
4
5,877,458,000 5,874,332,000 5. 04.185.000 925,687.000 914,482,000 808,709,000 525.744,000 517,414.000 512,089.000
12.947.000
5.644.000
119,588,000
119,734,000
5,844.000
33,518,000
200,937,000
33,518 000
49,995,000
•
96,690,000
•
93,851,000 100,711,000 141,611.000 s139.796,000 143,169.000
•
*
3,351,894,000
•
1,100,362,000 1,041,363,000 1.109,749,000 374,643,000 361,836,000 376,213.000
2,730,001,000 2.731.940,000 3,091.997.000
2,050,325,000 2,047,954.000 2.138,688,000
679.676 000 7,683,986,000 953,309,000
894
THE CHRONICLE
r4ankers'
[VoL. 124.
New York City Banks and Trust Companies.
azetteo
All prices dollars per share.
Banks—N.Y Bid. Ask.
Banks.
Bid. Ask. Trust Cos. Bid. Ask.
America',.. __ 305 315 Harriman___ 625 650
Nino York.
Wall Street, Friday Night, Feb. 11 1927.
Amer Union*. 200 205 Manhattan •_ 235 241 Am Ex Iry Tr 325 328
Bowery EastR
Mutual*
Railroad and Miscellaneous Stocks.—The review of the Broadway Cen 408 415 National City 650 610 Bank of N Y 780 790
50
90
505
& Trust Co
Bronx Bozo._ 1375 1425 New Neth'ds• 316 323 Bankers Trust 682 686
Stock Market is given this week on page 883.
Bronx Nat_ .1 490 510 Park
510 515 Bronx Co Tr_ 335 345
The following are sales made at the Stock Exchange this Bryant Park' 210 225 Penn Exch_ _ 150 160 Central Union 900 998
Capitol Nat__ 215 220 Port Morris. _ 350 365 County
325 335
week of shares not represented in our detailed list on the Cent Mercan_ 295 300 Public
545 550 Empire
373 378
Central
190 145 Seaboard _
698 705 Equitable Tr_ 302 305
pages which follow:
Chase
425 428 Seventh
160 166 Farm L & Tr. 552 555
Chath Phenix
Standard
670 800 Fidelity Trust 305 310
Nat.Bkdt Tr 394 398 State*
590 600 Fulton
455 470
STOCKS.
Sales
Range for Week.
Range Since Jan. 1.
Chelsea Exch. 265 270 Trade.
190 200 Guaranty Tr_ 449 452
Week Ended Feb. 11.
for
_ 850 870 United
18.5 195 Interstate.... 205 210
Week.
Lowest.
Highest.
Lowest.
Colonial'. _ 925 1000 United States. 320 335 Lawyers Trust
Highest.
Commerce_ _ _ 426 430 Waah'n HU*. 700 900 Manufacturer 550
Par.Shares $ per share. 5 Per share. $ per share $ per share. Com'nwealth• 300 310 Yorktown •_ 133 138 Murray Hill__ 217 EEE
223
Railroads.
Continental.• 265 285
Brooklyn.
Mutual(WestAlabama & Vicksburg100
Feb 10 122
50 122
Feb 10 118
Feb 122
Feb Corn Exch.._ 530 537 Coney Island* 325 375
chester)
225 250
Albany & Susq
100
Feb 11 220
10220
Feb 11 220
Feb 220
Cosmoplan• 310
Feb
Dewey •
215
N Y Trust_ 545 548
Buff Roch & Pitts 1)1.100
20 103
Feb 9 103
Feb 9 103
Feb 103
Feb Fifth Avenue52200 2300 First
385 395 Terminal Tr_ 200 250
Buff & Susq
III
200 4834 Feb 9 50
Feb 9 4831 Feb 50
2715 2750 Mectuteles'•.... 343 348 Times Square. 133 138
Feb First
Preferred v t c._ _ _100
150 41
Feb 11 44
Feb 9 41
Feb 44
158 167 Montauk _ _ 360 375 Title Gu & Tr 685 690
Feb Franklin
Carolina Clinch & 0_1
Feb 8 853-4 Feb 10 8334 Jan 8534 Feb Garfield
60 85
I 370 380 Municipal •_. 316 322 USMtg&Tr. 407 412
Stamped
1
490 99
Feb 8 100
Feb 8 98.31 Feb 00
Feb Globe Each* 225 250 Nassau
300 815 United States. 1925 1960
Chic Indianan & L p1100 200 74
Feb 10 74
Feb 10 7034 Jan 74
350
Feb Grace
People's
750
Westchest'rTr 550
Chic StP M & Omaha 100
40 6234 Feb 11 66
Feb 7 55
Jan ea
Feb Greenwich•_ 515 540 Queemsboro •_ 185
Brooklyn.
Cleve & Pittsburgh _ __ I
50 7334 Feb 11 75
Feb 11 7334 Feb 75
Hamilton_ ___I 200 208
Feb
Brooklyn._ _ _ 820 830
Duluth 88 & A
100 3,600 434 Feb 7 53.4 Feb 7 4
Feb 554 Jan Hanover
!nib 1210
Kings County 2100 2250
Preferred
100 400 734 Feb 7 734 Feb 7 531 Jan 7% Feb
Midwood____ 260 270
Havana & Ft Ry pr etts•
100 9434 Feb 8 9434 Feb 8 9354 Jan 9531 Jan
•Banks marked()are State banks. t New stock. z Ex-div.
Ill Cent Leased Llne.1Il
5
.50 79
Feb 11 79
Ex-stock div.
Feb 11 79
Jan 79
Jan y Ex-rights.
Iowa Central
100 1,320 234 Feb 5 4
Feb 9 1
Jan 63.4 Feb
Minn & St Louis ctfs..100 1,000 1
Feb 8 134 Feb 8 1
Feb 2% Feb
N Y & Harlem
50
90 172
Feb 7 174
Feb 9 172
Feb 176
Jan
Pee Coast 1st pret__100
10 59
Feb 7 59
Feb 7 46
Jan 59
Feb
Twin City Rap Tr pf.100
United States Liberty Loan Bonds and Treasury
500 6434 Feb 8 6531 Feb 11 62
Jan 6534 Feb
Vicksburg Shrev & P_1OO
2 9834 Feb 7 9834 Feb 7 9734 Ja 9834 Jan Certificates on
the New York Stock Exchange.
Industrial & Miscall.
Amalgam Leather 90_100
800 106
Feb 7 108
Feb 11 104
Jan 108
Feb
Amer Chicle prior pref.' 400 90
Feb 7 9034 Feb 9 90
J
9034 Feb
Amer Piano pref._ _ _100
30 103
Feb 8 103
Feb 8 10134 Feb 107
Jan
American Snuff prat 101
450 96
Feb 5 9934 Feb 11 94 34 Jan 99% Feb
Am Type Fders pref _100
30 10854 Feb 510854 Feb 5 10731 Feb 109% Feb
Am Whaale Corp pf _ _ 100
10 10334 Feb 5 10334 Feb 5 9934 Jan 103% Jan
Autosales Corp
• 200 454 Feb 7 434 Feb 7 4% Feb 434 Feb
Barnet Leather
• 2,000 5434 Feb 11 5954 Feb 9 41)
J
5934 Feb
Bayuk Bros 1st pref_100
60 10154 Feb 7 10234 Feb 7 101
Jan 102% Feb
Brit Erni,Steel 2d pf_100 1,100 231 Feb 10 3
Feb 11 2% Jan 231 Jan
Byers d. Co pref
400 107
Iii
Feb 7 109
Feb 8 106
Jan 109
Feb
Blumenthal pref.. _ _100
100 45
Feb 11 45
Feb 11 44
Jan 45
Jan
Central Leather ctfs _3s 1 2.111 834 Feb
95' Feb. 10 73( Jan 934 Jan
Pref certificates. _ _
15,20 58
Feb
6034 Feb 10 54
Jan 60% Feb
Chicago Yellow Cab___*
1
43
Feb 8 43
Feb 8 43
Jan
Feb 44
Columbia Gas & El ma..63,057 231 Feb 11 234 Feb 5 2% Feb
334 Jan
Consolidated Gas rights_ 0,600 4
Feb 7 431 Feb 5 331 Jan 45-4 Jan
Preferred rights
17,900
31 Feb 8
34- Feb 6
Jan
34 Feb
Continental Can pre! 100
12 124
Feb 8 12431,Feb 11 120
Jan 12434 Feb
Crown W'm'tte let pref.
II 90
Feb
91
Feb 8 90
Jan 91
Jan
Devoe & Rayn let 01_100
10 104
Feb 9 104
Feb 9 101
Jan 104
Feb
Eisenlohr Broe pref_ _100
1009334 Feb 11 9331 Feb 11 89
Ja 9335 Feb
Elk Horn Coal Corp pf 50
30 21
Feb 7 21
Feb 7 21
Feb 23% Jan
Emerson Brant'm cl A ..•
300 8
Feb 10 9 Feb 9 734 Jan 9
Jan
Emporium Corp
ill 3631 Feb 11 363,4 Feb 10 36
•
Jan 36% Feb
Fairbanks Co
25
100 354 Feb 8 331 Feb 8 3% Feb 334 Feb
Fifth Ave Buis
• 200 13
Feb 8 1334 Feb 8 1234 Jan 13% Jan
Franklin-Simon pref.100
231 111
Feb 5114
Feb 11 10934 Jan 114
Feb
General Baking pref.._ _•
6 123
Feb 712354 Feb 7 120
Jan
Jai 125
Guantanamo Sug pf_100
100
Feb 7 100
Feb 7 9534 Jan 100
Feb
Hayes Wheel pref....100
4 100
Feb • 101
Feb 9 100
Feb 10134 Jan
Helme(OW) pre! _ _100
.
20 11831 Feb 9 11834 Feb 9 11831 Jan 11834 Jan
Island Creek Coal
1
20215
Feb 10221
Feb 11 15
FebI240
Jan
Jones & L Steel pref.._1
13111834 Feb 8 119
Feb 9 17
Feb,11931 Jan
Kayser & Co 1st pref__ _• 1,9 I 120 34 Feb 7 12134 Feb 10 1131 Jan121% Feb
Kelsey Wheel Inc pi_ 1
7 11331 Feb 811334 Feb 8 113% Feb'11631 Jan
Kinney Co pre
1
360 83
Feb 11 85
Feb
J
86% Jan
• 100 6031 Feb 8 6034 Feb 5 83
Kress & Co new
Jan 61
8 59
Jan
Kuppenhelmer
40 36
Feb 9 36
Feb 9 34
Jan 3634 Jan
Preferred
1
105
Feb 7 106
Feb 10 105
Jan 036
Feb
Laclede Gas pret_ _ _100
80 105
Feb 5105
Feb 5 95
Feb
Jan 105
MeCrory Stores
•
8 61
Feb 11 6334 Feb 10 60
Van
Feb 75
Preferred_
lii
4 100
Feb 11 101
Feb 9 100
Feb11634 Jan
Macy Co
• 1,411 138
Feb 1013934 Feb 11 124
Jan 13934 Feb
Maillnson & Co pref.100
1
6831 Feb 11 6831 Feb 11 6834 Feb 6831 Feb
Maned Sugar
100
100 48
Feb 7 46
Feb 7 41
Jan 46
Feb
Matt:demon Alkali pf _100
100 106
Feb 8 106
Feb 8 103
Jan 106
Feb
May Dept Stores rights_
450 154 Feb 81 134 Feb 8 1
Jan 13,4 Jan
Mullins Body Oref...1IS
50 8034 Feb 8 8034 Feb 8 80 ' Jan 8034 Feb
Nat Supply pref
100
1 116
Feb 7 117
Feb 10 11431 Jan 117
Feb
N Y Steam pref
•
100 9334 Feb 9 9331 Feb 9 9334 Feb 9334 Feb
Northwestern Teleg_ -50
90 48
Feb 5 50
Feb
Feb 7 47% Jan 50
011 Well Supply pref_ 100 1,010 104
Feb 5107% Feb 7 103
Jan 10831 Jan
Owens Bottle pref...100
40 11534 Feb 7 116
Jan 116
Feb 9 115
Jan
Pacific Gag & Elea righ
2,211
% Feb 10
34 Jan
54 Feb 5
% Jan
Pacific Tel AC Tel_ _ _ _100
11135
Feb 5135
Feb 5 135
Feb 140
Jan
Patlno M & En at._ _20 6,611 2354 Feb 1 2454 Feb 5
Jan
233,4 Feb 25
PhlllipsJpneecorppflsl
lii 85
Feb
Feb 9 85
Feb 85
85
Feb
Pittsburgh Util pref_ _10
10 1831 Feb 8 1831 Feb 8 18
Feb 1831 Feb
Porto Rico
-Am Tob.100 200 79
Feb 11 80
Feb 8 79
Feb 9134 Jan
Pro-phy-lactic Brush..
is 5531 Feb 10 5531 Feb 10 5531 Feb 5534 Feb
Reid Ice Cream pref.100 4
9931 Feb 5 9934 Feb 11 99
Jan 9934 Feb
Sherwln-Wma pref. _.100
1)108
Feb 9 108
Feb 91073,4 Jan 110
Jan
Sioss-ShSt&Ironpf.lOs
il, 108
Feb 7108
Feb 7 107
Jan
Jan 108
Underw'd Ty pewr pf _100
100 121
Feb 712134 Feb 7 120
Jan 123
Jan
tlnitedDyewood...lsi 1,111 931 Feb 7 10 , Feb 7
Jan 10
Feb
6
U S Express
1110,511 3334 Feb 8 3
63.4 Feb 5 3354 Feb 3834 Jan
Van Raalte
•
III 1434 Feb
1434 Feb 8 13
Feb 1434 Feb
1st preferred
100
60 6034 Feb 8 64
Feb 11 60
Jam
Feb
Victor Talking Mach... '.0003 3354 Feb 8 3634 Feb 5 3354 Fe 6754 Jan
3831
Cum pref
• 5.9003 90
Feb 5 91
Feb 8 90
Jan 9234 Jan
Prior preferred.. _ _100 13,4003 97
Feb 5 9831 Feb 11 97
Jan
Fe 90
Va Coal & Coke pref.III
803 76
Feb 9 76
Feb 9 76
Feb 76
Feb
j
Vulcan Detinning_ _.100
270 21
Feb 8 2354 Feb 11 1634 Jan 24
Jan
West Pa Pr 6% pre(_100
130,102% Feb 11 103
Feb 7 10034 Jan 103
Jan
W'house Elec let pref_50
2001 8234 Feb 5 8254 Feb 5 8234 Ja 83
Jan
•No par value.
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Matuntil.
1st.
Rate.
Mar. 15 1927... 454%
June15 1927... 334%
Bid.
10011a
100
1
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
100X Sept. 15 1927_ _ 334% 99,51, 100
100'16 Dec. 15 1927_ _ 454% 100"n 10011,4
New York City Realty and Surety Companies.
All prices dollars per share.
Bid.
49
212
322
272
Alliance R'Ityf
Amer Surety.
Bond & M 0_
Lawyers Mtge
Lawyers Title
& Guarantee 283
,
Ask.
53 Mtge Bond__
217 Nat Surety..
328 N Y Title &
Mortgage__
276
U S Casualty_
288
Bid.
148
243
444
320
Ask.
Bid.
155 Realty Assoc'
246
(Bklyn)com 242
let pref._ .._ 90
448
2d pref.__ 88
340 Westchester
Title & Tr. 550
Ask.
250
93
91
—Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Dolly Record of U. S. Bond Prices Feb.5. Feb. 7.3 Feb.ft. Feb.9.1/45. 10. Feb.11.
First Liberty Loan
High 101"as
334% bonds of 1923-47_ Low_ 101"n
(First 3%8)
Close 1011an
Total sales in $1,000 units...
8
Converted 4% bonds of(High
1932-47 (First 4s)---- Low— -Close
--Total sales in $1,000 units_ _ _ _ _
Converted 434% bondrigh 10311n
of 1932-47 (First 431s) Low. 103'lls
Close 103"ss
Total sales in $1,000 units -.
11
.
Second Converted 431%{CloseH ig 11
——
bonds 01 1932-47 (First Low.
---Second 4 Li9
Total sales in $1,000 unite.......
Second Liberty Loan
{High
- - -4% bonds of 1927-42_
____
Low_
(Second 4s)
Close
--Total sales in $1,000 units_ _ _
Converted 431% bondsrigh 10 24;
1
of 1927-42 (second
Low. 100"1
431s)
Close 100"n
Total sales in $1,000 units...
61
Third Liberty Loan
High 101"a
454% bonds of 1928....3 Low_ 101"ts
(Third 431s)
Close 101'n
Total sales in 31,000 units _ _
45
.
Fourth Liberty Loan
{High 103"n
4%% bonds of 1933-38_ _ Low_ 103"ts
(Fourth 4 ki 8)
Close 103"n
Total sales in $1.000 Units...
11
Treasury
{High 110"as
4 14s, 194752
Low. 110"as
Close 110"sa
Total sales in $1.000 units. _ _
31
[Hig h
4s, 1944-1954
Low_
_—
Close
---Total sales in $1,000 units. ...
.
.
,,
Hilet; 1103"
331s, 1946-1956
{filLow. 103"n
Close 103"st
Total sales in $1,000 units._ _
11
101"ra 101"as 101"., 101"as 101"as
101"as 101"n 101"n 101"sa 101"st
101"n 101"st 10Ino 101"ss 101"n
1
3
170
77
149
103",,
10-"W
3
103"aa 103",. 10$141 103'n
103"as
103% 103%
15
5
29
14
1001 as
100"n
100"n
39,
101"al
101'n I
1016n
29
103"n'
103"as
103"sa
155,
110"n
110"as
110"at
2
10814,1
106"n
106"st
10 4;
9
100an
100"as
1
100 1aa
100"31
100"as
201
101 1
'n
101%
101"n
73
103"aa
103"aa
103"at
62
110"n
110"as
110"n
2
1obi;;
100"as
100"n
100"st
111
10114a,
101un
101"sa
290
103"aa'
103"as
103"sa
231
110"as
110"as
110"as
ID
106"
1062InI
ipans
.1
1
104
104
104
100"aa
100"aa
10011aa
88
1011 n
'
101"n
101"aa
103
103"as
103"st
103"n
65
110"n
110"as
110"aa
13
106"n
106"sa
106"al
27
-
10011n
100 1s
,
6
100"n
100"as
100"as
159
101"sa
101"as
101"n
70
103141
103"av
103"n
181
110"as
110"n
110"sa
30
106"n
106"as
106"n
102
103"as
103"as
103"as
1
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
218 2d 4318
15 3d 454s
10011n to 1001%158 4th 431s
10111n to 10110,21
103 In to 103"es
,
• Foreign Exchange.—Sterling exchange continued to rule
within narrow limits on a small volume of transactions. The
undertone, however, *as firmer and rates at no time went
below those of last week. The Continental exchanges were
stagnant, except Spanish pesetas, which were again active,
excited and higher; no other changes of importance occurred.
To-day's (Friday's) actual rates for sterling exchange were 4 84 9-16(4
4 84 21-32 for checks and 4 85 1-16@4 85 6
-32 for cables. Commercial
on banks, sight, 4 84 3-1604 84 9-32; sixty days. 4 807
-16864 80 17 32:
ninety days, 4 78 5-16864 78 13-32, and documents for payment (sixty
days). 480 13-16@4 8025-32; cotton for payment, 4 84 3-16864 84 9-32.
and grain for payment. 4 84 3-16864 84 9-32.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91 for
short. German bankers' marks are not yet quoted for long and short bills.
Amsterdam bankers' guilders were 39.99548640.0054 for short.
Exchange at Paris on London, 123.49: week's range, 123.37 high and
123.52 low.
The range for foreign exchange for the week follows:
Checks.
Sterlinq Actual—
Cables.
High for the week
4 84 21-32
4 85 5-32
Low for the week
4 84 7-16
4 84 15-16
Paris Bankers' Francs—
High for the week
3.9234
3.9334
Low for the week
3.92
3.93
German Bankers' Marks—
High for the week
23.69
23.20
Low for the week
23.69
23.70
Amsterdam Bankers' Guilders—
High for the week
40.0154
40.0234
Low for the week
39.98
39.97
Domestic Exchange.
--Chi
0. par. St. Louis, 15@25c. per $1,000
discount. Boston, par. San Francisco. par. Montreal, 31.5025 per
EOM premium. Cincinnati, Par.
895
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
For sales during the week of stocks usually Inactive. see preceding Page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 5.
Monday,
Feb. 7.
$ per share $ per share
Tuesday,
Feb. 8.
Wednesday, Thursday,
Feb. 9.
Feb. 10.
5 per share $ per share 5 per share
Friday,
Feb. 11.
Sales
for
the
Week.
5 per share
Shares,
STOCKS
NEW YORK STOCK
EXCHANGE
I
I
PER SHARI&
Range Since Jan. 11927
On basis of 100-share lots
Lowest
$ per share
Highest
......
. . . .
V
vN
•-•
,wapg,m
703 Ma)
4
43 May
10418 Mai
Jar
131
997 Mai
8
8 De(
ngg'"'42""V°5N75'°1115-"a"""hEzziniAA'aa""TIA6'cr'ir,°V—a'.t=g."WW:U4cr,t544413-5=Xar.4136:‹"i404c1.1gmn<Qmm.„.1Q4.a18.4Gao.<,,,,,/,&,,n
14
1
ai,Eg g JAt m
1^^nx=4.,
r:)a-..-1-44.0c:Inz...gc1-44.N-44.
4.&V=' -4-4,11<alz
,
,
.O.,00.0FIRV<O00000
WOOVNNN
M,
1,05
, .
01...0....C4,
Industrial & Miscellaneous
500 Abitibi Power & Paper.No pa
83 Jan 27 8718 Jan 12
400 Abraham a& Straus__ __No par 63 Jan 18 70 Jan 21
150 Preferred
100 11012 Feb 1 11212 Feb 8
All America Cables
100 145 Jan 3 150 Jan 10
400 Adams Express
100 124 Jan 5 137 Jan27
12,700 Advance RumelY
3
912 Jan 3 15 4 Feb 9
100
40N
• Bid at 6 asked price.. z Ex-dh Mend. a Ex-diens.
84
67
112
148
1351
13
13 Dec
277 Apr
8
13914 Mar
8312 Nov
653 Mar
15
Oct
48% Mar
157 Oct
67 Mar
79 Mar
703 Mar
85 Max
79 Max
39 4 Dec
3
40 Mar
42 Apr
85 Mar
8312 Apr
5712 Mar
72 Mat
2712 Mai
3112 Mar
961s Mat
10358 Mat
8712 Apt
4218 Mar
1312 Jar
141, Mal
2
743 Jai,
3378 Mar
68 Mar
57 Mar
II Mai
8
163 Mat
2712 Dec
72 Dec
18 Mat
37 Mat
•-•
84
84
6712 67
8
112 .1105
148 .142
13512 •134
141s 1218
688 Nov
4
15014 Mar
129 Mar
3712May
2212 Mar
3384 Mar
30 Mar
6812 Mar
18 Dec
2514 Apr
95 Mar
3438 Jan
673 Mar
4
11312 Mar
11512 Mar
7114 Jan
24 Dec
62 Mar
2412 Jan
3414 Ma
6038 Ma
7512 Ma
118 Ma
84 Mar
3818 Jan
44 July
1912 Oct
394June
1138 Oct
14 Dec
2538 Dee
50 Dec
60
Oct
2912 Oct
82 Mar
27 Mar
714 Mar
434 Apr
4
13 Oct
120 Mar,
117 Mar'
130 Mar
93 Mar
300 Mar
8
194 Mar
6
Jan
Cl
83%
84
4
6712 *653
112 .11038
148 .138
13512
134
1314
1534
122 Mar
944 Mar
12 May
18112 Mar
8312 Mar
6712 Jan
33 Mar
977 Feb
5418 Mar
78 Mar
812 Mar
694 Mar
58 Jan
14612 Jan
240 Mar
112 Mar
414 Sept
618 May
17314 Mar
30 Dec
3612 Mar
75 Mar
1614 Mar
814 Dec
734 Dec
1418 Mar
14 Apr
6514 Mar
11812 Jan
4012 Mar
96 Mar
8314 Mar
52 Mar
62 Mar
59
Ja.
•-•
83 4 8412 8412 .8312
,
66
*65
6712 .65
112
112 11212 .1105
8
148 .142 148 .142
134'2.
13312 1354 134
12
1214 14
1418
Highest
NNON4YLIM<O04.76.140Xt...r
86
8338
4 85
683
1105€ 112
148 .142
135% *133 2
,
11
103
4
Lowest
5 per share $ per share 5
Railroads.
Par
4
8
1673 1693 54,800 Atch Topeka dr Santa Fe-100 1613 Jan 6 17138 Jan 3
1643 16512 1643 1667 164 16612 16512 168
16618 169
4
8
8
4
4
.10012 1003 10012 10012 10012 10012 10012 10012 10012 10012 10012 1005
8 1,100 Preferred
100 998 Jan 5 101 Jan 3
--------------------------------12,300 Atlanta Birm &Atlantio_100
% 1
*Ni
1
_
% Jan 3
17 Feb 3
8
4
8
183 1.5
8
1897 1897 18712 1887 1823 185
8
1834 1844 185 187
4,100 Atlantic Coast Line RR
100 1828 Feb 8 205 Jan 3
1103 11112 110 11214 10034 11134 11014 11212 1005 11114 11114 112
4
8
40,100 Baltimore & Ohio
100 10612 Jan 4 1134 Jan 10
75 .743 75
4
75
.743 75
4
75
7512 753 7534 .76
4
77
100 7314 Jan 3 753 Feb 10
600 Preferred
4
58
6014 51
5312 57
53
597
8 5212 554 5314 55
52
45,900 Bangor dr Aroostook
50 44 Jan 6 6014 Feb 8
10734 108
8
10712 1077 108 109
108 108
10714 108
107 10712
550 Preferred
100 10112 Jan 10 109 Feb 8
6778 6618 6678 6638 6612 9,000 Bkln-Manh Tree v t o_No par 65'2 Feb 7 707 Jan 30
8618 6618 6512 66
6538 6712 66
8
*8714 8712 8712 875
8 8712 8712 *87
•8714 88 .8714 88
8712
No par 863 Jan 27 88 Jan 4
500 Preferred v to
4
10
1012 10
93
4 97
1012 1012 .10
95 103
8
4
103 10% 1,400 Brunswick Term dr Ry 13E343_100
4
912 Jan 25 154 Jan 7
4
8612 833 833
4 8312 8312 *82
8812 *34
.84
86
*81
86
200 Buffalo Rochester & Pitts_100 8014 Jan 8 8614 Feb 3
60 .59
*59
60
*59
60
60
*59
*59
60
.59
60
100 59 Jan 18 5912 Jan 8
Canada Southern
8
4
177 1773 176 1785 17514 17614 175 17712 175 17714 17612 17734 13,400 Canadian Pacific
100 165 Jan 6 18014 Feb 3
298 2983 299 30412 *300 303 *300 303
4
.290 298 .285 295
2,300 Central RR of New Jersey_100 285 Jan 4 30412 Feb 9
4
155 15538 156 15814 1523 15638 153 1543 15318 1541 155 158
4
43,100 Chesapeake & Ohio
100 1513 Jan 25 1623 Jan 5
4
4
714 73
4
718 812
838 10
712 1038
7
812
712 73 84,700 Chicago & Alton
4
434 Jan 8 1018 Feb 9
100
1238 137
8 103 1312 104 1114 107 11 14 75.800 Preferred
113
8 1034 13
11
4
8
8
712 Jan 5 137 Feb 8
100
*270 325 '265' 305 .265 335 .265 305 *265 305 .265 305
100 275 .1an 31 27514 Jan 22
C C C & St Louis
8
3412 354 347 377
8 35
35
377 *33
.34
35
.34
36
3,400 Chic & East Illinois RR_.
100 3012 Jan 10 37% Feb 8
8
4812 513
484 4912 4814 4912 487 515
4 4812 493 ' 48
4 '
1
4912 13,700 Preferred
100 43 Jan 6 5114 Feb 9
17
22
4
1218 13% 123 1814
15
2212 1414 1738 1418 15 8 457,100 Chicago Great Western_. 100
3
812 Jan 6 2212 Feb 9
3112 333
4 2512 3312 2718 2912 2718 28 136,600 Preferred
2838 2938 2812 33
100 2314 Jan 7 3334 Feb 8
12
4
4
113 123
157
11
8 1212 173
12
8 1318 143
4 133 148 160,900 Chicago Milw & St Paul__. 100
4
i
2
9 Jan 4 173 Feb 9
113 14
2
11
12
1183 1112 12
153
8 1212 133
8 13
133 08,700
2
9 Jan 4 1518 Feb 9
100
Certificates
224 2312 21
2418 20
205 221
8
25
2112 2312 2212 227 101,100 Preferred
8
100 1838 Jan 3 25 Feb 9
2012 217
213 2212 21
23
22
2312 2112 2214 22
*
2212 40,000 Preferred certificates100 187e Jan 3 2312 Feb 9
4 793 8112 81
83
4
8012 813
793 801
8012 817
4
8114 8214 28,000 Chicago & North Western_100 783 Jan 27 8312 Jan 17
8
•130 135 .128 132 .130 132 .128 132 *128 132 .128 132
100 12414 Jan 3 134,2 Feb 3
Preferred
7414 7434 744 747
7338 7458 7418 7712 753% 7688 765€ 7712 103,200 Chicago Rock Isl&Pacii10_100 6812 Jan 4 7712 Feb 9
10618 106 106
108
106 106
106 106 *1053 106 *1053 106
4
4
4
100 1023 Jan 4 10812 Feb 3
700 7.7 preferred
0714 971
9714 9714 9714 9714 9714 9712 9714 9714 9714 973
4 2,400 64. Preferred
4
100 9514 Jan 28 972 Feb 11
91
89
89
*89
90
0
439
9014 9014 90 90
*89
90
100 84 Jan 3 93 Jan 15
900 Colorado & Southern
*74
75
75
.74
*74
75
74
74
*73
75
100 70 Jan 4 74 Feb 9
•73
75
200 First preferred
.68
72
.68
73 .68
73
.68
73
.68
73
*58
73
100 68 Jan 14 7112 Jan 15
Second preferred
703
4 6934 701
70
70
70
70
70 1 .7014 701 *7014 7012 1,900 Consol RR of Cuba pref
100 6912 Jan 15 72 Jan 20
175 4 176'4 175 1781 176 177
3
1757 1761 17414 176
175 1765
8 7,600 Delaware & Hudson
100 17118 Jan 28 17812 Feb 7
14314 1444 145 i48'g 146 149
146 150
1474 14838 147 14814 33,400 Delaware Lack & Western. 50 14014 Jan 27 150 Feb 9
51
5112 52
547e 52
5338 52
557
534 533
524 5214 15,300 Deny & Rio Or West pref 100 4118 Jan 5 55% Feb 9
45
4
4538 443 4512 4412 451
4212 45
433 442
4
433 4414 60,100 Erie
4
8
100 3912 Jan 3 457 Feb 4
57
581
5638 577
2 56
57
5514 563
1 557 564 22,700 First preferred
5538 563
100 523 Jan 4 581 2 Feb 4
8
8
5212 5234 5238 5212 518 513
4
5112 511 *503 51 12 .503 51 12 1,700 Second preferred
100 49 Jan 4 523 Feb 5
4
4
8538 8584 854 858
8412 8538 8412 8718 85
863
8 853 87
8
33,500 Great Northern preferred. 100 7938 Jan 4 883 Jan 17
22
2212 22
2214 213 224 21 12 217
8
1914 Jan 13 2314 Feb 4
8 22
23
224 22% 17,300 Iron Ore Properties_ _No par
49
54
51
5412 51
533
8 4838 5112 49
5012 47
49
50,200 Gulf Mobile & Northern._100 3518 Jan 6 54,2 Feb 7
10712 1073 10714 10812 108 108 *107 108 .107 108 *107 108
4
100 105 Jan 14 10812 Feb 7
800 Preferred
45
8 48
45 14 453* 485
4714 4618 4712 47% 4712 4714 4918 15,400 Hudson & Manhattan
100 4012 Jan 3 4918 Feb 11
.78
8012 1012 Ni', 8012 8012 •80
84
.79
81
100 78 Jan 6 81 Jan 28
.82
8512
ZOO
Preferred
•122 123
122 123
123 123
124 1244 124 1243 12334 124
8
100 1214 Jan 10 12514 Feb 2
2,600 Illinois Central
•120 124 .120 123
123 123
123 123
123 12318 .120 1241
8
100 1207 Jan 12 121 Feb 2
400 Preferred
755 750 .753 764 .753 764 ____
8
8
4
4
_ *753 7614 764 7614
4
80 Railroad See Series A_1000 74 Jan 4 702 Jan 27
•1818 2512 .19
2512 .19
2512 .19 -- - .19
2512
2512 .19
25'z
lot Rye of Cent America_100 24 Jan 18 25 Jan 15
.63
65
647 647 .65
8
67
6512 6512 65 65
100 63 Jan 4 6512 Feb 9
*63
651
250 Preferred
442 4414 4312 444 433 4512 4414 4514 44
4
44
4414 44
3,500 Interboro Rapid Tran v t 3_100 4383 Feb 8 4738 Jan 3
47% 49 4 4612 50
43 4 50
3
3
45
100 4114 Jan 4 51 Feb 9
51
Southern
4614 48
47
48
83,300 Kansas City
.66
67
.66
67
8
67
100 647 Jan 7 67 Jan 22
07
.6612 67
6612 6612 .6614 67
300 Preferred
12012 12212 1213 12412 12112 124
4
4
120 123
50 993 Jan 6 125 Jan 19
120 12112 12012 121
28,400 Lehigh Va1le1
132 13218 13218 133
1313 132 2 132 1323 1323 133
100 1283 Jan 14 1333 Jan 10
4
8
,
4
8
13214 13214 20,200 Loulaville &Nashville
4
•8418 86
857 85% 86
8
86
.85
88
.85
88
88
90
700 Manhattan Elevated guar_100 85 JanFi 90 Feb 11
.49
4912 4938 497
495 514 5038 514 497 6038 4912 50
1001 48 Jan 6 52 Jan 19
8
Modified guaranty
8
4,400
.412 6
.412 512 *43
4 Jan 31
52
4 6
*412 6
4,2 Feb 2
.412 6
•412 6
Market Street Railway _ _ __100
•18
25
.18
26
•I8
26
.18
1001 18 Feb 10 20 Feb 4
25
18
18
.18
26
200 Preferred
*41
4214 4138 4138 .4112 43
.4112 43
04112 43
100 4138 Feb 7 4414 Jan 2
*417 4212
8
100 Prior preferred
•12
14
.12
15
.12
15
*12
100 1212 Jan 24
15
1212 Jan 24
.12
14
.12
15
Second preferred
258 314
318 33
23
4 4
138 Jan 13
3
34
238 314
4's Feb 3
27
8 3
28,400 Minneapolis & St Loule.„100
17 12 3738 3712 3834 37
38
.37
371
364 363
4 35
3 35 4 3,10Q Mina St Paul 4413 81 MarlelOOj 27 Jan 6 40 Feb 4
3
.54
60
.55
59
563 583 *55
4
4
60
*55
4
60
*55
60
300 Preferred
1001 51 Jan 12 583 Feb 8
•62
6212 62
62
603 62
4
*603 62
4
.6012 62
100 59 Jan 6 63 Jan 13
62 62
200 Leased lines
383 4018 39
8
397
8 3712 39 4 35
,
413
8 36% 3834 37
8
38
77,100 Mo-Kan-Texas RR__ __No par, 3112 Jan 6 413 Feb 9
984 9814 98
9814 9784 98
98
981
9818 98's 977 98
4
1001 953 Jan 4 99 Jan 20
3,800 Preferred
45
461
4412 457
4318 4584 4318 47
1001377 Jan 4 47 Feb 9
4414 453* 4414 453 139,300 Missouri Pacific
98
981
97
973
9612 9912 963 971
9738 96
4
2 9738 973 31,700 Preferred
1001 9018 Jan 4 9912 Feb 9
*5
512 *412 514 '4'
512
.41s
52
,
.412 512 .412 54
512 Feb 3
412 Jan 12
Nat lays of Mei 1st pre/ _100
2
314
2
2
.13
4 21
•134 214
*13
4 218
218 214
23 Feb 2
8
1001
13 Jan 7
4
800 Second preferred
12914 13112 12912 12034 •12812 131
130 138 *12812 133 *130 132
290 New On Texas & Mexlco.100I 121 Jan 8 138 Feb 9
14012 14112 140 1421 140 1427 1403 14314 1414 1423 14214 14512 146,300 New York Central
8
4
8
100 13714 Jan 27 14512 Feb 11
•190 1903 190 1901 188 189
4
18914 190
1893 190
4
19012 19212 2,800 NY Chic & St Louis Co...1001 186 Jan 8 19212 Feb 11
104 104's 10414 10414 10418 1044 10418 10438
•1033 10414 104 104
4
1001 103 Jan 3 105 Jan 27
1,400 Preferred
494 531
5112 492 51 1
50
6012 547
51
5318 523e 563 627,400 N Y N H & Hartford
s
1001 4138 Jan 4 5638 Feb 11
3
2814 3138 28
8
293 303
4
297
4 295 30
8 284 303 63,600 N Y Ontario & Western
3138 28
8
1
2314 Jan 15 3138 Feb 9
14
14
*13 14
*13
.13
141s *IA 14
14
123 123
4
153 Jan 14
200 N 'Y Railways prel ctfs_No pail 1212 Jan 21
4
233
4 18
20
•I63 2312 .16% 231 .18
8
•18
18
.18
221:
100 New York State Railway0_100 1618 Jan 26 22 Feb 3
437
7
4178 4714 4318 4634 4138
42
4112 4134 417 43
42
100 374 Jan 14 4714 Feb 7
13,700 Norfolk Southern
162 163
e
161% 16212 162 1647 1617 164
16214 16412 164 16534 27,200 Norfolk & Western
8
100 156 Jan 4 165 4 Feb 11
3
•84
85
86 .84
.84
86
85
.8312 8512 .84
*84
85
100 84 Feb 3 86 Jan 3
Preferred
84
844 837 8438 8438 8614 8418 8514 843 8514 43,200 Northern Pacific
8438 84
4
100 78 Jan 3 8614 Feb 9
18
•15
18 .15
18
.15
.15
•I5
18
18
1512 20
154 Feb 3 20 Feb 11
100
600 Pacific Coast
5712 573
4 5738 58
4 5738 58
8 5712 58
5738 571
5738 573
4
17,400 Pennsylvania
50 561 Jan 3 5838 Jan 2,
2312 2512 233 28
4
29
3
2612 284 2514 29
2424 25 4 25
100 '20 Jan25 29 Feb 7
22,100 Peoria & Eastern
12212 1237 123 1233 1227 1233 120 12312 123 123
4
12314 12438 13,600 Pere Marquette
4
8
8
100 11412 Jan 6 126 Feb 2
*93
95
95
95
9512 .93
.95
9518 9518 9514 *93
95
100 93 Jan 22 9512 Jan 11
500 Prior preferred
915
8 91'2 91 12
9312 .91
.90
09114 9138 .90, 9112 91
91
4
'200 Preferred
100 894 Jan 4 02 Feb 3
8
8
13714 13938 13938 142
140 1477 137 1427 13712 140
140 148
21,400 Pittsburgh & West Va
100 12212 Jan 18 148 Feb 8
10718 110
1084 11014 166,600 Reading
1025€ 10312 103 10512 10314 11014 10714 113
SO 94 J9,11 4 113 Feb 9
*4112 42
.41
.4112 42
42
.4112 4218
4118 4118 4112 42
50 4012 Jan 13 42 Feb 8
800 Flrst preferred
*44
8
4514 4518 4518 4512 46
3
4612 .463 46 4 453 45 4 1,400 Second preferred
4
46
3
40 433 Jan 12 464 Feb 9
55
55
56
5518 57
5514 5812 58
5914 5612 5914 55
4,300 Rutland RR pref
100 43 Jan 7 5914 Feb 8
103% 10438 103 10412 10314 1044 10412 1063 105 1054 105 10614 44,500 St Louis-San Francisco
8
4
100 1003 Jan 6 1063 Feb 9
8
.9612 98
.96
98
.96
98
*984 97
97 .96
98
97
100 Preferred A
100 93 Jan 21 9812 Jan 15
57*
67
6614 .66
66
6814
657 684 6612 6712 67
67
5,100 St Louis 8outhweetern__100 61 Jan 8 68% Feb 4
.78
.76
80
78
78
.78
78
78
80 .76
80
*78
200 Preferred
100 767s Jan 8 80'4 Jan 25
38 4 41314 384 393
3
8 36% 3712 37
3712 61,500 Seaboard Alr Line
3612 395
4 3712 39
100 3412 Jan 28 404 Feb 4
4212 4312 42
4212 40% 404 40
40% 3,200 Preferred
424 413 4238 41
s
100 3914 Jan 27 43 4 Feb 4
3
10814 109
108% 109
10812 1095 10814 1093 10812 10912 10814 109
8
8
27,900 Southern Pacific Co
100 10514 Jan 28 11038 Jan 3
12212 1233* 12138 12258 12112 12238 1213 1223 12138 1227 12214 12234 12,900 Southern Railway
4
4
e
100 119 Jan 28 127 Jan 3
95
9412 95
.94
95
•94
9518 95
•9412 95 .94
800 Preferred
95
100 9414 Jan 25 953 Jan 11
6014 62
4
6412 603 62
59
6114 587 6012 5812 6312 59
77,700 Texas & Pacific
8
100 537 Jan 7 642 Feb 9
39
.38
39
*3912 4012 39
3812 41
39
3,200 Third Avenue
39
*3838 39
100 3712 Jan 21 41 Feb 8
16312 16412 16414 16534 16312 16514 16312 16518 164 165% 165 1653 15,700 Union Pacific
3
100 15 2 Jan 27 165 Feb 7
9,
817
8 81
*817 8218 817 817 •817 83
81
821
8
817 82
8
1,500 Preferred
8
*
8
100 8018 Jan 4 8212 Feb 11
3
58
5618 5834 436,800 Wabash
56
5412 57
5614 58a4
553 61
4
543 63
8
100 4012 Jan 4 61 Feb 9
8
8114 834 813 82
8012 84
80
8083 81
81
8038 82
34,700 Preferred A
100 76 Jan 3 84 Feb 9
.70
80
78 .....__ 77
75 .73
73 .70
*75
73
100 Preferred 13
77
100 65 Jan 15 754 Feb 4
2712 295 685,800 Western Maryland
32% 384 384 443
2618 30
8
41
4 3814 4212 25
100 1334 Jan 6 44 4 Feb 7
3
8 324 34
38 18 423
4 3612 4012 28
403
8 2912 333
3438 38
77,200 Second preferred
100 23 Jan 7 423 Feb 7
4
33
35
353
33,009 Western Pacific new
357 377
4 3514 37
3912 3514 3631 3514 36
100 273 Jan 12 39, Feb 9
4
75
76
7514 763
8 7483 7512 75
4
2,400 Preferred new
753 .7412 7514 *744 75
100 73 Jan 3 763 Feb 7
8
83
87
80
64
85
80
95
77
100 130
663 105
4
20,600 Wheeling & Lake Erle Ry _ _100 2712 Jan 3 130 Feb 8
784 81
7918 87
88
83
83
7734 84
93
7918 90
43,800 Preferred
100 4712 Jan 7 93 Feb 8
•83
663
4
11058
•142
.133
1034
PER SHARE
Range for Prertoug
Year 1926
Pt
et
ec
ly
Pt
pt
New York Stock Record-Continued-Page 2
896
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb.5.
Monday,
Feb. 7.
Tuesday,
Feb.8.
Wednesday, Thursday,
Feb.9.
Feb. 10.
Friday,
Feb. 11.
Sates
for
the
1Veelc.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share lots
Lowest
Highest
i Per Share $ per share $ per share $ per share $ per share $ per share
34
3418 3418 37
37
41
3514 40
4
3714 3818 363 3714
'
5412 458
438
458
458 45
412 412
412 412
8
412 412
*137 13812 138 14058 13812 140
1393 140
4
1375 140
8
1403 14314
8
1012 11
1134 1218
103 1112 105 113
4
8
4 117 1214
8
8 104 113
112 15
*112 15
8
134
112
134
8
4
17
8 *13
17
8 *13
4
14
13713 13914 136 138
4
135 1363 1345 13612 1353 13714 13512 13814
4
*12012 121
12012 12012 *120 12112 *120 12112 12014 12014 12118 12118
9012 9012 903 917
91
9112
4
8 9014 9112 9014 913
90
4 90
*109 10912 *109 10912 *109 10912 109 109 *109 10912 1093 1093
4
4
1818 1914
4
8 213 2418
1312 1958 1812 19
1812 1958 1934 217
3518 357
8 36
375
8 3612 3712 344 3612 3618 3612 3612 37
*1212 123 *1212 13
4
1234 123
4 1258 137
4
4
8
8 133 1312 133 133
4612 4612 457 47
48
8
8 46
8 4812 493
4518 4614 4614 487
473 473
8
8 47
8
4
4734 467 473
473
4 473 473
8
4 464 4612 47
5814 *57
4
*564 563
4 563 .57
584
4
4
*563 5814 563 563 *57
4
*24
2512 243 243
24
4
4 23 8 233 *2314 25
2414 2414 24
3
8
*5514 58
*5614 58
*564 59
56
56
58
56
5614 *56
134 1358 137 143
143
8 1414 1414
8
14
8 133 143
8
4
4 135 14
140 140 *138 143
142 143
138 143
137 137
138 139
.
511714 11814 11714 11714 *11412 120 *117 120 *117 120 *117 120
343 37
4
4
357 363
8
367 38
8
36
363
4 3512 36
36
37
*9614 9712 *9614 9712 *9614 9712
*96
9712 *9618 97
*9513 97
4658 47
8
464 4714 4612 47
4
46
463
4 4618 4612 453 463
128 128 *126 128
128 129
128 128 *126 128
128 128
10212 1023 1013 1023 10112 1013 10158 10158 1013 10414 1033 1044
4
4
4
4
4
4
•12712 1293 *12712 1293 1287 1293 *129 130
4
4
1273 129 *12712 130
4
8
4
267 27
8
27
2714 2714 2714 274 2714 2714 2738 2712 29
393 4014 4014 4118 4014 404 3912 4014 39
4
3912 394
40
3912 3912 3912 40
*39
397
8
3914 3914 *3854 40
4
393 40
10
los 1012 1018 10
1018
1018
1018 10
10
1014 1014
•13212 133
131 131
13212 13212 13212 13212 131 131 *131 132
1958 195
1912 1958 2114 2014 2112
8 20
8 19
20
197 203
8
87
87
88 88
88
*874 88
8
873 875
8
8 8712 875 *87
934 10
93
4 934
97 10
8
10
1012
918 1014
*83
4 914
*4914 50
5012 513
4
51
8
8 51
4912 517
5212 517 517
8 52
32
32
313 32
4
317 32
313 32
4
*317 32
8
315 32
8
8
11914 120 *118 11812 118 118
11714 122
11612 117
117 117
85
*8412 8512 *85
85
8512 *3518 8512 8514 8514 85 85
3912 40
8
397 405
8
8 4012 40 4 40
404 394 4014 397 40
3
83
8 812
814 83
8
*838 812
84 814
814 812
83
8 812
293
4
207 217
8
8 2114 22
2512 2812 26
2312 233
4 2412 25
65
63
64
547
8 54
54
63
55
55
5714 5812 60
4
10812 10812 10712 10812 1063 1073 10712 10812 10814 11212 1107 1123
8
4
8
4
120 1203
12018 12018 *119 12012 12014 12014 *120 12012 120 120
79
79
80
80
7912 7912 79
7812 7812 *7812 79
79
•131_ 13158 13158 13138 1313 13114 13114 *133
_ _ *13314 140
8
4
4214 -. 58 4218 4218 42 4214 4112 415
42
41 4
8 4112 - -3 *4112 413
•110 112 *110 112 *110 112 *110 112 *110 112 *110 112
56
5614 56i2 5635 57
56
57
573
4 57
57
57
575
8
4
11218 11218 112 1123 112 11212 1113 11212 11112 11112 112 1123
8
4
92
*92
93 8 *92
7
937 *92
8
9212 92
9212 *92
937 *92
8
*55
58
.
58
5678 6012 3 55
4878 56
8
47
475
8 477 48
*51
52
5114 5114 50
52
50
5014 5012 5012 5112 5112
458 5
5
43
4 47
5
8
5
43
4 47
5
8 *43
4 5
8
139 14112 13914 14114 1385 1407 13918 1413 1393 14114 1403 1433
4
8
8
8
4
*11914 12012 12012 12012 *120 121 *1203 1213 12112 12112 *1203 1214
4
4
4
123121231! 12312 12312 *123 125 *123 125
126 128
1233 129
8
447 45
8
445 45
8
4
45
45
4
445 443
8
4 443 4512 4512 453
11312 11312 *112 115 *112 115 *111 1133 *111 114
8
1135 1135
8
4
8214 8212 82
8
825
8 814 8112 82
824 8312 827 8312
83
•10812 110 *10812 10912 *1083 10914 10918 10918 *109 10912 *109 110
4
445 4514 435 4412 4314 44
8
8
8
4414 455
433 4418 4312 44
8
*28
2812 2812 2812 *28
281°
283 *28
*28
2812 *28
29
15412 1543 15412 1543 15414 15412 1533 1545 1543 15518 155 15514
4
4
8
4
8
12212 12212 1223 1233 1223 123
4
4
8
8
8
4
123 1233 x1215 1215 12112 12112
•11012 112 *11012 112
112 112 *111 11212 *111 11212 112 112
8
4
1223 1223 12238 12234 12238 12278 122 12278 x1197 12012 12012 1203
8
8
134 135
13114 13114 131 131
133 133
134 134 *132 134
6514 65 4 644 6512 6412 65
3
4
65
6512 643 6514
64
65
3
10534 10534 *10534 107
4
3
4
1053 106 4 *105 4 1063 *105 4 1063 1053 105 4
3
4
4
3
26
254 27
25
257 2612 26
8
25 8 26
5
2612 2512 26
7814
79
79
78
79
79
79
79
78
79
*787 80
8
118
1
14 *1
14
118
1
*1
1
1
118
118
912 912
9'2 912
914 9 2
,
912 10
914
9
94 *9
484
4712 4712 4714 4812 485 4914 47
48
48
8
4812 48
46
464
454 4512 46
4 4512 4614 45
4 4614 463
4614 463
*40
4134 *4012 413 *40
413
4
413 *40
4
413 *4014 4112 *40
4
4
*106 1073 *10612 1073 *10612 1073 *10612 1073 10612 1063 *1063 1073
4
4
4
4
4
4
4
8
8
957 957
95 4 9578 9534 9534 95 4 957
3
3
8
3
8 957 954 95 4 96
8
1412 1458 1412 143
4 143 1412
4 1412 145
1412 143
8 144 145
8
84 838 *8
8
8
8
8
8
814 83
8
83
8
4
•8512 86
*8512 8612 *853 87
*85
87
87
8512 8512 *85
*2338 24
*2318 24
233 233
8
8 2318 2318 *2318 2312 *2318 2312
•2218 23
2214 2214 *2212 23
*2214 23
*22
*2214 23
23
50
*49
*4912 51
4
*493 5012 *493 51
4
4912 503 *493 .50
8
4
113 113 *113 114 *113 114 *113 114
•112 113 *112 113
4014
40
40
4018 394 403
4014 407
8 4014 4012 40
8 40
•101 103 *101 102 *101 102
101 101 *10112 103 *10012 103
Shares. Indus. & Miscel. (Con.) Par $ per share $ per share
11.500 Advance Rumely prof
100 3014 Jan 25 41 Feb 9
1,100 Ahumada Lead
412 Feb 9
1
518 Jan 3
6,900 Air Reduction, Ino____No par 13412 Jan 26 14314 Feb 11
81,600 Ajax Rubber, Inc
8
9 Jan 4 123 Feb 1
No par
5,100 Alaska Juneau Gold Min__ 10
114 Jan 6
17 Feb 9
8
52,700 Allied Chemical de Dye_No par 131 Jan 25 13914 Jan 10
600 Preferred
100 12014 Feb 10 12112 Jan 17
4,000 Allis-Chalmers Mfg
100 88 Jan 25 923 Jan 19
8
200 Preferred
100 109 Feb 9 111 Jan 10
41,700 Amalgamated Leather_No par 16 Jan 25 2418 Feb 11
47,900 Amerada Corp
5
No par 3112 Jan 6 37 8 Feb 7
2,500 Amer Agricultural Chem...100 1114 Jan 13 14 Jan 10
4,200 Preferred
4
100 454 Jan 26 513 Jan 10
2,400 Amer Bank Note, new
8
10 41 Jan 6 483 Jan 20
40 Preferred
8
50 5612 Jan 4 595 Jan 22
400 American Beet Sugar
8
8
100 223 Jan 17 253 Jan 5
300 Preferred
100 56 Feb 81 6018 Jan 3
1,700 Amer Bosch Magneto__No par
13 Jan 20' 1718 Jan 5
1,800 Am Brake Shoe & F___No par 134 Jan 26 14314 Feb 3
Preferred
100 11714 Feb 7 11814 Jan 10
10,600 Amer Brown Boveri El_No par 3412 Feb 4 3912 Jan 5
Preferred
100 9512 Feb 4 98 Feb 1
40,100 American Can w 1
25 4518 Jan 28 4914 Jan 3
800 Preferred
100 126 Jan 14 12918 Jan 5
7,200 American Car & Fdy___No par 9912 .1411228 10438 Feb 11
500 Preferred
4
100 1273 Feb 10 130 Jan 17
4,500 American Chain, class A____25 2514 Jan 7 29 Feb 11
3,740 American Chicle
No par 36 Jan 26 4118 Feb 7
1,800 Do certificates
No par 35 Jan 4 40 Fob 7
5,300 Amer Druggists Synditate_10
95 Jan 3 1112 Jan 13
8
600 American Express
100 127 Jan 17 13314 Feb 4
15,400 Amer dr For'n Pow new_No par
19 Jan 27 23 Jan 6
600 Preferred
No par 87 Feb 11 895 Jan 13
8
3,600 American Hide & Leather_100
818 Jan 20 1012 Feb 8
1,700 Preferred
100 4918 Jan 31 527 Jan 12
8
3,200 Amer Home Products_No par 303 Jan 3 3314 Jan 8
8
2,700 American Ice
100 11118 Jan 26 12614 Jan 5
400 Preferred
IOU 84 Jan 7 8514 Jan 19
15,00C1 Amer International Corp_100 3714 Jan 12 403 Feb 8
4
2,400 American La France F E___10
7 4 Jan 6 10 Jan 3
3
8,7001AmerIcan Linseed
100 2014 Feb 4 3012 Jan 12
3,4001 Preferred
100 54 Feb 4 7118 Jan 3
40,100 American Locom new__No par 1053 Jan 19 1123 Feb 11
4
4
600 Preferred
100 1193 Jan 4 121 Jan 21
4
600 Amer Machine at Fdy _ _No par 7314 Jan 3 80 4 Feb 4
3
60 Preferred
100 12518 Jan 6 1315 Feb 7
8
1,900 Amer Metal Co Ltd___No par 4112 Jan 28 44 Jan 20
Preferred
100 108 Jan 6 11012 Jan 24
3,700 Am Power dr Light__ __No par 51 Jan 27 6112 Jan 3
2,400 American Radiator
25 11012 Jan 21 11514 Jan 11
100 Amer Railway Express__ __100 8812 Jan 7 94 Feb 2
3,300 American Repubiles___No par 351s Jan 4 6012 Feb 9
1,900 American Safety Razor_ __ _100 48 Jan 28 55 Jan 3
2,500 Amer Ship dr Comm__ _No par
63 Jan 7
4
412 Feb 2
52,400 Amer Smelting & Ref1ning_100 1325 Jan 25 1433 Jan 3
8
8
200 Preferred
100 12014 Jan 25 122 Jan 28
8
100 1193 Jan 17 129 Feb 10
2,400 American Snuff
3
7,300 Amer Steel Foundries_No par 44 Jan 3 45 4 Feb 11
100 113 Jan 7 115 Jan 13
200 Preferred
100 79 Jan 25 84 Jan 5
5,100 Amer Sugar Refining
4
100 108 Jan 11 1093 Jan 13
100 Preferred
9,000 Am Sum Tob new etts_No par 4112 Jan 3 464 Jan 17
100 Amer Telegraph & Cable_ _100 28 Jan 5 29 Jan 7
3
100 14914 Jan 3 155 4 Jan 8
9,400 Amer Telep & Teleg
4,000 American Tobacco
4
50 120 Jan 7 .1233 Feb 7
8
200 Preferred
100 11018 Jan 4 1127 Jan 5
8
5,000 Common Class B
50 11914 Jan 5 1227 Feb 8
1,000 American Type Founders_100 125 Jan 7 137 Jan 21
4,900 'm Water Works & Elec
20 6214 Jan 3 674 Jan 21
8
400 let preferred (7%)
4
100 1053 Jan 7 1107 Jan 21
7,100 A,..lerican Woolen
8
100 2414 Jan 27 333 Jun 5
1,400 Preferred
100 76 Jan 18 8612 Jan 7
118 Jan 8
6001!mer Writing Paper pref 100
1 Jan 3
5,000 Amer Zinc. Lead dr Smelt
812 Jan 3 10 Jan 8
21.
4,900 Preferred
25 42 Jan 5 4914 Feb 8
21,500 Anaconda Copper Mining_50 45 Feb 9 4912 Jan 12
Archer, Danqs, MidI'd_No par 40 Jan 27 42 Jan 18
30 Preferred
4
100 106 Jan 4 1073 Jan 11
1,300 Armour & Co (Del) pret_100 924 Jan 5 96 Feb 10
5,700 Armour of Illinois Class A-25 143 Feb 11
154 Jan 7
8
1,700 Class 13
918 Jan 6
712 Jan 31
25
100 Preferred
100 82 Jan 7 8614 Jan 27
300 Amn Cons Corp tern elf No par 22 Jan 11 25 Jan 20
100 Art Metal Construction____10 22 Jan 11 2212 Jan 21
600 Artlootn
4
No par 4912 Feb 8 543 Jan 5
200 Preferred
100 113 Feb 8 113 Feb 8
6,100 Associated Dry Goods
8
100 3912 Feb 9 425 Jan 12
100 1st preferred
100 101 Feb 4 102 Jan 2
400 2d preferred
4
100 1074 Feb 10 1073 Feb 7
10712 10712 10712 *10412 110
Associated 00
3
25 48 4 Jan 27 4912 Jan 11
*493 5012 *493 51
4
52
4
3612 3,000 All Gulf & W I 0 S Line__.100354 Jan 28 42 Jan 5
8 36
8
3612 367 367
600 Preferred
100 36 Jan 26 3812 Jan 8
3618 *3618 374 *36
38
6,700 Atlantic Refining
100 107 Jan 28 115 Jan 13
11414 112 1134 112 112
100 Preferred
100 11512 Feb 1 117 Jan 13
11612 *116 11612 11614 11614
100 Atlas Powder
62
No par 60 Jan 5 6212 Jab 20
*61
*61
62
61
250 Preferred
100 100
100 98 Jan 6 10014 Feb 9
10014 100 100
812 Jan 19
200 Atlas Tack
814 Jan 21
No par
814 814 *814 812
812
712 Feb 3 1014 Jan 3
*73
4 812 1,100 Austin, Nichols&Co vto No par
712 8
712
1,000 Preferred
100 51 Feb 8 61 Jan 5
53
*52
52
5214 52
3 Jan 7
8
38 2,800 Auto Knitter Hostery_No par
14 Jan 3
5
8
*14
Ls
3
8
174 1794 264,700 Baldwin Locomotive Wks_100 14318 Jan 18 180 Feb 10
16912 169 180
Preferred
100 116 Jan 14 118 Jan 27
118 *11718 118 *11718 11712
25 27 Jan 4 34 Feb 5
8
3312 327 3312 47,900 Barnsdall Corp class A
3312 33
8
25 25 Jan 4 313 Feb 7
307
4 30
8 304 303
304 7,100 Class B
4
1,300 Bavuk Cigars, Inc
No par 4912 Jan 25 533 Jan 5
503 5114
4
5014 `5012 51
4
200 Beech Nut Packing
20 5 >12 Jan 24 583 Jan 10
8
583
4
4
4 573 573 *5712 585
8
225
8 2214 2212 2218 2214 4,300 Beld'g H'way Co tern et:No par 203 Jan 26 2714 Jan 7
4
4
wo 431 Jan 27 473 Jan 13
4512 4638 4512 454 16,100 Bethlehem Steel Corp
46
8
4
100 1043 Jan 3 1087 Jan 18
900 Preferred (7%)
108
108 108
1077 1077
8
8
500 Bloomingdale Bros---No par 37 Jan 25 414 Jan 11
3812 39
493 *3812 40
4
40 Preferred
100 10912 Jan 20 112 Feb 1
11112+11112 112
11014 11114
4
4
_ 1073 1073 *106 108 *105
'106*4934 52
*493
4
*493 52
4
*493 52
4
3612 37
37
37
3612 3712 3618
*3612 3712 36
3618 3618 364
36
113 1147 112 114
8
112 1123 112
4
•11512 11612 *11512 11612 *116 11612 *116
*60
62
*60
62
*6012 62
61
100 100
100 100
100 100
100
*814 812 *814 812
814 84 *814
*74 8
75
8 74
712
712 73
4
5314 5314 5218 5218 51
52
51
*14 ss
as
14 4
3
13
3
8
15612 1603 155 4 16218 161
15712 162
4
3
3111718 118 *11718 118 *11718 118 '
51174
3312 34
334 334 325 333
8
4
4 323
3012 303
4 3018 3138 304 3012 3014
5018 5012 51
51
*5018 51
504
5714 5714 *5714 573 *5714
*57
59
4
223 223 *223 227
4
4
4
8 2218 223
4 224
453
8
454 454 4538 464 4512 46
10712 10818 108 108
1073
4
*1073 108
4
*3812 40
*3812 40
*3812
394 40
8
*110 1104 1107 1104 *110 11112 11112
53 8 54
5
3
533 533
4
5414 53 4 54
4 533
4
*54
718 *648
63
4 714 n
613 612
*612 63
4
*42
48
45
*40
*40
48
*40
45
*40
*2514 29
*2514 28
*2514 29
253
28
4
•25
32
32
33
327 34
3
31
3112 3112 33
138
1
1
4
7
8
7
8
*3
4
1
*4
3
152 15212 714912
152 152 *15212 153
1517 152
4
*9214 9212 9114 9114 *9112 9212 9112 9312 9112
3214 32
4 32
3218 3212 3212 3218 323
3218
109 109 *108 115 *108 11214 *10814
*109 112
8
8
8 347 3518 347
3212 347
35 4 35 4 354 36
3
3
11012 11512 1147
8
4
11412 1143 115 116
113 114
22
2414 244 2114 24
4
233 25
25
25
9818 9818 *___ 98 •____
.9818 100
•98 100
4
12212 12212 12314 1233 123
5122 123
•122 1224 '
353
4
353 36
8
35 4 36
3
36
3614 354 36
9412 *934
9412 *94
*94
9412
*9312 944 *94
1073 1073 *1073
8
4
8
1074 10712 *10712 108 *10712 108
4
44
4
4
4
4
4
4
4
573 5814 59
4
59
5914 59
5912 61
59
4
s
4 103 113 *103
4
1118 1118 104 113
1058 1058
*70
73
7212 73
70
7014 71
70
70
5712 544
604 54
Si', 55
55
535 55
8
•Bid and asked prison: no oleo 05 tele Mos. o
No par 534 Jan 5
533
4 5312 5312 1,500 Bon Ami, class A
614 Jan 28
No par
718
74 718 4,300 Booth Fisheries
100 45 Jan 11
1st preferred
48
*40
48
100 Botany Cons Mills class A-50 2514 Jan 17
253 *254 2612
4
3112 3212 55,800 Briggs Manufacturing_No par 2838 Jan 3
33
84 Jan 24
iliti
138
500 British Empire Steel
13
8 *114
100 14812 Feb 11
150
1484 1493
4 2,609 Brooklyn Edison, In0
8
No par 897 Jan 28
9l's 9112 914 1,200 Bklyn Union Gas
32
No pa, 3012 Feb 1
32
323
4 2,000 Brown Shoe Inc
100 109 Feb 7
11214 *10814 11214
100 Preferred
347 *3412 35
8
2,500 Brunsw-Balke-Collan'r_No par 3212 Feb 8
11514 113 115
4,
300 Burns Bros new elAoom No par 11012 Feb 9
2412 2414 2412 4.100 New class B com____No par 2114 Feb 9
100 9818 Jan 25
98 *__ __ 98
100 Preferred
123
700 Burroughs Add Mach_No par 118 Jan 4
123 123
3614 364 367
3 5,900 Bush Terminal new__ __No par 294 Jan 12
94
100 9114 Jan 5
94
100 Debenture
94
100 10414 Jan 28
108 4.10712 108
130 Bush Term Bldgs, pref
4 Jan 20
5
4
3,700 Butte Copper & Zino
4
4
595
8 593 61
100 5012 Jan 3
3,300 Butterick Co
4
10 1012 Jan 3
11
*103 11
1
1,200 B1155e dr Superior Mining
1.500 By-Products Coke_ _ --No par 66 Jan 29
*70
72
72
57
5612 574 48,000 Byers dr Co (A M)._ _ _No par 42 Jan 3
• on .
5512 Jan 13
714 Jan 5
45 Jan 11
2812 Jan 5
34 Feb 8
13 Feb 10
8
1544 Jan 5
933 Jan 8
4
3412 Jan 5
11212 Jan 7
387 Jan 10
8
1253 Jan 20
4
343 Jan 27
4
100 Jan 3
1233 Feb 9
4
37 Jan 31
944 Feb 4
109 Jan 18
412 Jan 4
61 Feb 3
1134 Jan 7
77 Feb 4
6114 Feb 7
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
$ per share g per share
4
287 Dec 653 Sent
8
94 Jan
43 Nov
4
10714 MAY 1463 Dec
4
74 Oct 16 Feb
2
Jan
74 Oct
8
106 Mar 1487 Dec
3
1183 Mar 122 4 Dec
4
8
7814 Mar 945 Jan
105 Apr 11112 Dec
143 Oct 21 Sept
4
8
2414 May 327 Aug
9
Oct 343 Jan
8
353 Oct 9612 Jan
8
Oct
8
345 Mar 46
Jan 5812 July
55
4
2012 Sept 383 Feb
55 Nov 83 Feb
16 May 3438 Jan
110 May 180 Feb
11014 Mar 12814 Feb
3014 Mar 50 Aug
8612 Mar 9718 Jan
387 Mar 6318 Aug
8
Jan 13018 Dec
121
9112 Mar 1144 Jan
12012 Oct 13014 Dee
2314 Mar 2614 July
Jan
Oct 51
31
Oct 4714 Jan
28
1038 Aug
414 Jan
Jan
1057 Mar 140
8
1414 Nov 4238 Jan
Oct 93 Feb
79
7 May 1712 Feb
3312 May 674 Feb
8
234 Oct 305 Dec
109 Mar 136 June
4
8112 Oct 863 June
4
3154 July 463 Feb
97 Dec 154 Jan
8
8
255 Oct 527 Jan
8
Jan
673 Oct 87
4
9014 Mar 11978 Jan
116 Aug 12414 Dec
6514 Oct 8012 Aug
114 July 125 Dec
4314 Dec 5738 Feb
11312 Apr 120 Feb
5034 May 7212 Sept
10114 May 12238 Aug
774 Mar 90 Dec
,
Jan
3078 Nov 74
4
42 Apr 703 Aug
117 Mar
8
53 Dec
8
10958 Apr 152 Aug
11278 Mar 12238 Dec
12134 Oct 165 Feb
40 May 47 Aug
11014 Sept 115 Feb
6514 Apr 8714 Nov
100 June 11012 Nov
2914 Aug 44 Dec
2512 July 4118 Feb
1395 June 151 Dec
8
11138 Mar 1243 Sept
4
1064 Jan 113 May
11018 Mar 124 Sept
114
Jan 135 Feb
433 Apr 74 Jan
4
10112 Mar 10814 Jan
19 June 4278 Jan
66 Apr 9014 Dec
12 Aug
55 Jan
8
1218 Feb
54 May
20 May 54 Dec
8
4112 Mar 517 Aug
3
344 June 44 4 Jan
Oct
100 Mar 108
8
9014 May 977 Jan
1318 May 2512 Feb
Jan
4
53 May 17
80 Apr 93 Feb
4
18 Apr 313 Jan
3
1918 Jan 23 4 Oct
4634 Sept 6312 Jan
108 Mar 113 Dec
3714 Mar 544 Jan
96 Mar 1024 Jan
102 May 110 Dec
443 Jan 60 Mar
4
8
Oct 683 Jan
29
3314 Oct 5614 Jan
8
97 Mar 1283 May
11518 Oct 120 June
54 Mar 64 Nov
Jan 974 Dec
94
8
Oct 1712 Jan
Jan
718 Oct 28
54 Nov 93 Jan
14 Oct
24 Feb
927 Mar 1673 Dee
8
4
105 Mar 11914 Nov
231s May 334 Jan
2212 Oct 3912 Jan
39 Mar 553 Nov
8
5214 Oct 717 Feb
8
26 Dec 393 Jan
4
3714 May 5118 Sept
99 June 1057 Dec
8
28 June 42 Decr
1044 June 110 Dec
5312 Dec 5618 Dec
44 Mar
93 Jan
4
3434 Oct 5112 Jan
20 May 4118 Jan
24
Oct 374 Jan
3
Jan
4 May
133 Mar 163 Sept
68 Mar 98 Dec
2912 June 485 Jan
8
107 June 111 Mar
2438 Mar 393 Sept
4
121 Mar 144 July
2612 Nov 44 Feb
97 Mar 10312June
7712 Apr 124 Dec
163 Mar 3414 July
4
86
Apr 93 Aug
9912 Jan 104 Nov
614 Feb
4 Dec
173 Mar 71 Sept
4
1614 Jan
718 May
53 June 90 Sept
28 Mar 444 Nov
New York Stock Record -continued
- Page 3
897
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb.5.
Monday,
Feb.7.
Tuesday,
Feb.8.
Wednesday, Thursday,
Feb.9.
Feb.10.
Friday,
Feb.11.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PICIC EHARN
Range Since Jan. 1 1927
-share tots
On basis of 100
Lowest
Highest
PEE ZWARB
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus,& Miscall.(Con.) Par $ per share $ per share $ per share $ per share'
66
6614 6612 6612 7,600 California Packing____No par 64 Feb 7 70 Jan 5
4 657 66
6614 6518 653
6618 663
4 64
6614 Oct 17912 Feb
4 315 3112 311 313
3112 315
2934 Oct 38% Fetr
/
4
4 315 3112 3114 3112 12,700 California Petroleum
8 3114 313
8
25 305 Jan 4 328 Jan 18
*17
2
2
2
2
2
2
17
8 1%
18 2
25 Jan
8
112 Mar
2% Jan 17
2
1% Jan 3
1,800 Callahan Zino-Lead
10
6714 683
8 6612 6714 6712 6712 *6612 6712 1,500 Calumet Arizona Mining_ 10 t'6538 Jan 3 683 Feb 1
6612 6612 *6612 68
8
5512 Mar 731 Aug
8
1514 1514 1518 1518 *15
1514 155
1512 1512 1514 155
1512 1,300 Calumet & Heels
1338 Mar 1812 Aug
25 1412 Jan 4 1612 Jan 20
3914 39
Ms 3912 3914 3914 *3812 3914 39
*3814 39
39
3212 Oct 49 Sept
2,300 Canada Dry Ginger Ale.No par 36 Jan 5 3912 Jan 10
13714 139 4 139 143
142 144 *13934 14014 140 140
3
143 144
4
2,800 Case Threat' Machine
6212 Jan 176 Aug
100 132 Jan 27 1493 Jan 8
*10814 113 *10814 112 *10814 1128 *109 1127 *108 1123 *10814 1127
4
8
96 Jan 1188 Aug
100 11312 Feb 4 117 Jan 12
Preferred
2612 2638 26%
2612 *26
*2612 263
4 2612 2612 2612 2612 *26
8
800 Central Alloy Steel--__No par 2618 Feb 11 287 Jan 4
2812 Oct 3314 Aug
4
4
938 1018 *93 1014 101 1014 *1018 1018 2,900 Central Leather
8
7 Nov 2012 Jane
3
83 Jan 3 10% Jan 7
100
93 1014 103 103
4
4
4 583 6038 601 62
62 623 13,700 Preferred
62
63
583 583
8
581 59
4
4314 Apr 6838 Jan
100 54 Jan 14 63 Feb 10
1212 1334 *1238 13
12
1212 12
1212 *12
*12
1212 *12
1014 Oct 327 Jan
1012 Jan 26 13% Feb 10
1,100 Century Ribbon Mills_No par
77 4 *75
3
773
*75
77 4 *75
3
76
*73
773 *74
4
Jan
40 Preferred
76
7814 Dec 90
100 70 Jan24 7814 Jan 4
7712
6138 6014 608 6012 615
611 6138 6112 613
4 61
6112 6,400 Cerro de Pasco copper_No par 6018 Jan 29 6238 Jan 12
8 61
5712 Jan 7312 Aug
471
4618 473
8 47
47
48
4814 4712 48
447 448 45
3618 May 4912 Jan
38,200 Certain-Teed Products-No par 42 Jan 25 484 Feb 10
*105 108 *105 108 *105 108 *105 108 *106 108 • *106 108
1st preferred
100 106 Feb 1 1084 Jan 22 103 May 1064 Nov
1018 10
10
1018 *10
1018 *97 10
*93 10
4
10
10
812 Nov 26 Feb
818 Jan 6 11 Jan 13
800 Chandler Cleveland MotNo par
2218 2212 223 223 *2212 223
8
4
2212 227
8 2218 223
4 2214 2212 3,800 Preferred
No par 21% Jan 25 2418 Jan 12
203 Dec 454 Feb
4
*133 13312 1321 13212 129 1311 129 13014 130 1347 13414 135
9412 Apr 12814 Dec
9,300 Chicago Pneumatic Tool_.100 12012 Jan 3 135 Feb 11
51
51
4
5012 5118 50
503 51
511 511
5014 5018 5012 2,300 Childs Co
4518 May 665 JanNo par 50 Jan 29 5338 Jan 11
347 3514 345 348 3438 35
3518 35% 347 .3538 34% 35
8
30 Mar 363 Jan
17,100 Chile Copper
25 34% Jan 3 3612 Jan 19
*2238 26
*2238 26
*225 26
8
*2238 26
223 223 *20
4
4
16 Mar 26 Nov
5 2218 Jan 7 2318 Jan 6
100 Chino Copper
26
40
40
40
*39
*30
*39
40
404' 40
40
3
2912 Oct 63 4 Jan
300 Christie-Brown certlfs_No par 348 Jan 5 42 Jan 18
*39
40
7 Jan
4218 4338 4218 4314 42
4114 42
423 4312 4238 433 188,300 Chrysler Corp new____No par 38% Jan28 4312 Jan 6
8
43
28% Mar 54
8
*10338 104
103% 10312 *104 105
8
104 104 *104 10414 1037 104
93 Mar 108 Jan
No par .103 Jan 3 105 Jan 12
500 Preferred
63
83
63
63
63
63
6414 644 63 63
60 Dec 6812 Jan
6312 6312 1,200 Ciuett, Peabody & Co_ _100 6018 Jan 4 663 Jan 24
4
.
*11114 114 *111 114 *11114 112
11114 11112 1113 112
114 114
4
120 Preferred
100 11114 Jan 6 1141s Jan 25 10314 Jan 116 Sept
8
17012 1713 170 1728 173 174 4 174 17814 17712 1783 21,200 Coca Cols Co
170 170
3
3
4
4
No par 16712 Jan 4 1783 Feb 11 128 Mar 174 4 Dec
3
713
4 694 713
718 70
71
8 71
6912 7038 71
343 May 6912 Dec
4
71
7434 13,600 Collins & Alkman
No par 63 Jan 4 74 Feb 11
14218 14218 142 142 *139 142 *139 143
*138 142
983 May 13812 Dec
4
145 147
100 126 Jan 4 147 Feb 11
500 Preferred
8 5318 547
3
5338 554 55 4 57% 5612 5914 58
5438 557
273 Mar 4938 Oct
8
8
100 425 Jan 4 5918 Feb 11
5938 106,500 Colorado Fuel & Iron
79
7978 80
8334 8312 85
79
7914 804 79
79
80
4
5538 Jan 703 Dec
8
12,700 Columbian Carbon v t o No par 667 Jan 3 85 Feb 11
4 8358 84
8538 8418 843
85
8512 84
85% Nov 91 Dec
k
8338 83 4 827 838 15,500 Colum Gas & Elec new_No par 82% Feb 11 9158 Jan 12
3
1007 10118 10034 101
101 101
1003 1007 1007 1007 1003 1007
8
987 Nov 10138 Nov
8
8
4
4
100 9912 Jan 24 10112 Jan 19
s 2,700 Preferred new
1514 15
153 1538 15
8
15
15
15
1612 Nov 4712 Jan
173 Jan 8
4
1458 Feb 1
*153 1512 1,580 Commercial Credit___No par
8
15
15
*21
22
*217 22
8
*21
22
214 Nov 2614 Jan
217
8 20% 21
218 217 *21
25 1912 Jan 28 2212 Jan 5
30 Preferred
22
*20
2212 *20
*20
22
20 Nov 27 4 Jan
20
3
*2012 22
20
*2012 22
25 29 Feb 1 23 Jan 7
600 Preferred B
*80
85
*80
85
8512 Dec 9912 Feb
80
*80
85
80 *_
100 80 Feb 9 8518 Jan 12
100 1st preferred (694)
*79
83
83
5512 *53
*53
5512 *53
5512 *53
5412 Dec 72 Jan
5318 5318 *5314 55
54
100 Comm Invest Trust-No par 5318 Feb 4 55.2 Jan24
*9712 99
*97
98
*9712 98
*9712 98
97 June 104 Jan
9712 9712 9712 97%
100 9614 Jan 28 9812 Jan 27
200 7% preferred
*9114 917 *9012 91
8
9114 9114 *9114 9112 *9114 9112 *9114 9112
89 May 100- Jan
100 9012 Jan 25 9178 Jan 10
100 Preferred (611)
234 23812 23114 235
240 240
4
22914 2373 239 24512 246 2513 20.000 Commercial Solvents B No par 223 Jan 3 255 Jan 13 11814 Jan 237 Nov
4
175 177
8
177 183
8
4 1814 183
1212May 2938 Sept
4 18
4
4
4 183 195 47,500 Congoleum-Nalrn Lue_No par
185
8 183 193
17 Jan 26 21 Jan 5
14
8
547 5514 55
8
553
4 5412 5412 54
4012 May 57 Dec
4
No par 5112 Jan 27 553 Feb 7
5412 5412 5412 1,700 Congress Cigar
5412 54
*1,
1
7
8
1 Mar
38 Dec
14 Feb 1
*14
% Jan 5
No par
8
4
10 Conley Tin Foil stpd
*14
*14
8
4
14
14
8
4
*14
8
4
83
82
83
4514 Apr 8714 Deo
5
8338 82
817 823
8
4 82 8 8278 817 83
777 Jan 26 84% Jan 5
8312 10,600 Consolidated Cigar
No Par
*100 103 *100 103 *100 103
91 Mar 1073s July
100 100 Feb 9 10212 Feb 2
100 10012 *99 103
*99 103
300 Preferred
214 212
11 Aug
214 212
2
212 Feb 4
112 Jan 3
13
4
134 2
2
214
6% Jan
13 11,200 Consolidated DIstrIb're No par
4
21s
10118 1023 210014 10118 10014 1007 10018 10034 100 1003
8
87 Mar 1153 Aug
8
8
4 997 10014 23,500 Consolidated Gas(NY)No par 9918 Jan 28 10912 Jan 10
5
312 3 4
3
418 Jan 15
3 Jan 27
14
312 33
414 Nov
114 May
4
312 312 *312 3
3% 33
4
33
4 33
4 4,600 Consolidated Textile _No par
6918 71
6914 701
6814 6978 674 6914 674 69
683 697
8
7
5012 Oct 93 8 Aug
-27,90 Continental Baking clANo par 6614 Jan 24 748 Jan 6
72
8
8%
7% Oct 1518 Sept
712 Feb 9 104 Jan 5
No par
712 77 23,400 Class B
8
712 73
4
712 8
7%
78 8
93
93
93
93
87
Oct 9612 Aug
100 92 Jan 21 9714 Jan 13
9212 93
9238 927
8 2,300 Preferred
924 9214 923g 921
703 703
4
7014 71
70 Mar 9212 Jan
6934 703
8 68
697
8 683 6914 69 6
4
9% 6.400 Continental Can, Ino_No par 68 Feb 9 7312 Jan 3
*138 139 *138 139 *138 139
25 135 Jan 27 14112 Jan 19 122 Mar 14434 Jan
300 Continental Insurance_
138 138 *139 139% 139 139
• 12
1218 12
123
4
115 Jan 28 133 Jan 6
s
8 117 1218 117 1214 117 12
7
9 8 May 13 Dec
7
8
8
117 1218 13,50 Cont'l Motors tern ctfe_No par
s
4814 4838 4818 481
355 Mar 5138 Dec
8
8
4918 497 32,900 Corn Products Kenn w 1._ 25 467 Jan 12 50 Feb 10
50
8
4812 493
8 487 4914 49
*128 12912 *128 129
8
100 128 Jan 11 1293 Jan 18 12212 Jan 13014 Dec
129 129 *128 129
300 Preferred
128 128 *128 129
56 Jan 3 66% Feb 11
4412 Mar 62 Dec
No par
6014 61
*61
8112 *59
8
613
8 613 61% 603 6412 65
667 10,000 Coty, Inc
8
4
84
8238 8314 83
3
64 Apr 82 Dec
83
8334 834 84
4
8338 85% 8338 843 21.400 Crucible Steel of America_100 77 Jan 4 8512 Feb 10
*106
100 103 Jan 18 106 Feb 7
96 Mar 104 Dec
106 106 *10412 108 *105 106
200 Preferred
106 106 *10512 107
2918 _....- 2938 3014 30
297
8
2814 Oct 533 June
No par 2614 Feb 2 3414 Jan 8
8
8 3012 317
31
4
8 313 3212 17,500 Cuba Co
3038 317
7 10% 10
010
1038 *10
4
No par
103
8 *97 1014
8's May 1112 Jan
98 Feb 1 103 Jan 5
900 Cuba Cane Sugar
10
1014 10
9
49
49
3512June 503 Dec
4
100 473 Jan 20 503 Jan 4
4812 49
8
4814 487
4918 8,200 Preferred
4812 493
8 49
8 48% 493
2612 267
2014 Aug 3038 Jan
10 26 Jan 18 2812 Jan 3
2614 2678 2634 263
4 2612 2612 2612 2612 2658 2638 16,00 Cuban-American Sugar
5 Jan 105 Nov
*103 104
97
100 10.2 Jan 31 104 Feb 7
.102 10312 *10214 10312 103 103 .1027 104
104 104 4
200 Preferred
8
1512 Sept 2014 June
*153 161 *1512 1718 17
4
*16% 1718 *1612 17
1718 *151 17
300 Cuban DOM'ean SugnewNopar 17 Jan 25 18 Jan 21
5118 Nov 55 Dec
4
5112 5112 5112 513
50 50 Jan 25 523 Jan 4
4 5118 5114 5118 5112 513 5138 5112 515
8 2,900 Cudahy Packing new
8
*105 1073 *105 1073 *105 1073 1073 1073 *10614 1077 *10614 1077
7712 Mar 108 Dec
4
No par 105 Feb 4 112 Jan 17
4
4
4
4
100 Cushman's Sons
s
,
*3314 3412 43318 3314 *33
32 Nov 51
3312 3318 3318 3338 333
Jan
No par 3218 Jan 3 34 Jan 15
327 33
500 Cuyamel Fruit
3
2318 Oct 46 4 Feb
4
2878 2912 5,80s Davison Chemical y t e_No par 2718 Jan 3 313 Jan 11
2814 2812 30
2 28
283 29% 2812 287
4
29
29
4
1353 1353 13512 136
4
1353 1353 135 4 135 4 1353 136
4
4
4
13614 13612 1,201 Detroit Edison
3
3
100 13312 Jan 21 13612 Jan 19 12312 Mar 14112 Dec
40
40
8
3934 393
3912 40
31
Oct 1041s Feb
4 3912 408 *3918 40
419
1.000 Devoe & Raynolds A-No par 3718 Jan 25 423 Feb 2
41
28
26
25
25% 25
4 2538 2738 2614 2712 85,800 Dodge Bros Class A-_No par 2312 Jan 18 2712 Jan 5
2114 May 4714 Jan
2538 2514 253
8312 8312 834 8312 834 83% 83% 834 8312 84
3
70's May 90 July
No par 8112 Jan 4 84 4 Feb 11
Preferred certifs
833 84
4
% 5,700
9% 938
9% 95
938 9%
9% 912
8
918 Feb 2 1114 Jan 4
95 93
918 914
Oct20 Mar
No par
3,700 Dome Mines. Ltd
53
53
5314 7,000 Douglas Pectin
527 5314 5314 5312 53
8
19 Mar 46 Nov
53
5312 5318 531
No par 46 Jan 3 5312 Jan24
1157 1157 *11578 117 *11514 1153 *11514 1153 115 115 *11514 11534
8
8
4
4
4
200 Duquesne Light 1st pref___100 115 Feb 10 11614 Jan 3 11112 Mar 1163 Aug
129 1297 129 1297 129 12978 1293 13112 13112 132
1283 129
4
8
4
3
No par 12614 Jan 28 13412 Jan 13 106% Mar 136 4 Dec
3,600 Eastman Kodak Co
25
2514 25% 2534 26
2514 2434 25
2512 2512 247 25
23 Oct32% Feb
4
1,900 Eaton Axle & Spring. _No par 2412 Jan 4 263 Jan 21
17312 176
17514 17712 175 17714 172 176
17414 1767 176 1777 18,900 EI du Pont deNem new_No pa 168 Jan 25 17812 Feb 4 1544 Nov 1811 Dec
s
10512 10512 *10512 10612 100 106
106 106 *10512 10614 *106 10638
4
100 10512 Feb 5 10912 Jan 4 1033 Apr 11018 Dec
400 6% non-vot deb
1218 1218 1218 1214 1218 1218 123 127
8
8 13
13
13% 14
104 Oct20% Feb
25 1178 Jan 3 14 Feb 11
5,200 Elsenlohr & Bros
72
704 713
4 70
713 72
4
71
72
72
72% 71
7134 5,300 Electric Autollte
615 Mar 82 Feb
No par 6312 Jan 13 7212 Feb 10
1412 1558 1412 1514
16
1512 157
8 15
15
1514 1414 15
4 Mar 16 Dec
No pas 1358 Jan 25 1614 Jan 10
19,100 Electric Boat
1634 177
l64 17
17% 1634 1714
17
1714 17
174 1712 12,100 Elea Pow & Lt ctfs_. _No par
154 Oct3412 Feb
4
16 2 Jan 27 183 Jan 6
8
*104 1051s *104 10518 *10412 105% *10414 1053 •10414 1053 *10414 105 e
8
9912 Mar 115 Feb
40% pr pd
7
8
1037 Jan 28 1045 Jan 11
8
*104 ____ *104
____ *10418 ____ *10418 ____'*10414 ____ *10412 ___
10212 Oct110% Feb
Pref full paid
97
9712 *9638 97
97% 975 973
9714 9714 97
97 97
8912 Mar 9814 Sept
9001 Preferred cattle
96 Jan 14 9712 Feb 8
34
3434 3034 3418 46,100 Electric Retrigeration_No par 30 4 Feb 11 373 Jan 3
3438 3512 3418 3458 3418 35
3438 35
333 Dec 781 June
8
8
3
75
76
7312 7418 73% 74% 7418 7414 738 7418 7414 7478 3,300 Elec Storage Battery _ _No par
7212 Jan 31
7118 Mar 941 Aug
7912 Jan 6
Emerson-Brantingham Co.100 ----------------1 May
4 Feb
8 66
667 *6612 67
8
*6612 67
663 663
4
4 6612 6612 6612 665
-Johnson Corp.-- 50 64 4 Jan 28 6714 Jan 8
700 Endicott
3
6512 Mar 7238 Feb
11814 11814 *116 11814 11814 11814
*118 120 *118 120 *11814 119
100 1163 Jan 5 11814 Feb 3 114 Jan 120 Sept
200 Preferred
8
2438 241k 2418 245, 235 2418 2314 235
8 2314 2338 2314 233
8 3,100 Engineers Public Sery_No par 213 Jan 11 2412 Feb 3
4
1914 Oct24 July
12
99
*98
9812 *98
9812 99
99
*98
98
98
*98
99
4
No par 933 Jan 8 99 Feb I
400 Preferred
9214 Nov9612 Aug
273
4 2714 273
8
267 273
8
s 2718 2738 27% 2714 267 2714 27
s 7,100 Erie Steam Shovel
8
4
5 243 Jan 3 291 Jan 17
2112 Oct2558 Nov
*104 105
10518 10618
105 105 *104 106 *104 10512 *104 106
100 1011 Jan 6 10712 Jan 17 100
400 Preferred
Oct102 NON
119 120 *119 12012 1193 119 4 11938 11938
118'4 118'i *11814 119
4
997 Jun 13214 July
600 Equitable Office Bldg pfd 100 11814 Feb 5 122 Jan 7
3
8 6512 66%14,200 Eureka Vacuum Clean_No par 607 Jan 25 6712 Jan 5
64
4
65
6414 6512 6412 0514 643 653
64% 65
8
43 May 683 Dee
*15% 1512 *1818 1512 *1518 1512 *1518 1514 1514 1514 4.2518 1512
100 Exchange Buffet Corp_No par 1518 Jan 25 155 Jan 10
8
17 Apt
143 July
4
401 4014 4018 4038 4018 4014 4012 407
g 3818 401g 40
4112 8,200 Fairbanks Morse
No par 38% Feb 10 427 Jan 22
8
4
3752 Dec 593 Feb
*107 10812 10718 10718 *107 10812 *107 10812 *107 10812 108 10812
400 Preferred
100 10718 Feb 7 10812 Jan 11 10612 Nov115 Feb
1093 1107 10918 110% 109 1093 1085 10918 10714 109
4
10712 10912 41,200 Famous Playere-Lasky_No par 10714 Feb 10 1148 Jan 6 10318 Jan 12712June
8
4
*121 122 *121 1218 12112 1215 *121 1213 *120 12114 *120 12012
4
8
300 Preferred (8%)
4
100 12114 Jan 14 12438 Jan 12 115 Mar 12412 Dec
39
8 384 423
3914 383 3912 3812 383
s 13,700 Federal Light & Tree
4
4 3812 387
4
16 3712 Jan 17 423 Feb 10
4
28 Mar 4712 Dec
*95
9612 *95
9612
95
*93
94
94
140 Preferred
94
94
93
No par 923 Feb 1
93
4
95 Feb 9
86 June 94 De(
68
70
75
67
81
*70
60
*70
88
1,900 Federal Mining & Eimelt'g_100 60 Feb 9 95 Feb 8
88
95
88
41 May 11134 Jan
80
79% 7912 10,300 Preftrred
8312 79
*7512 76
804 80
78
76
77
100 7512 Jan 28 8312 Feb 9
61 Mar 105 Jan
2712 275
8 275 28
8
28
28
27
6 28
8
3,300 Federal Motor Truck. No par 2612 Jan 4 307 Jan 10
277 277
8
8 27% 277
Oct 34 Aug
23
8
957 96
3
*95
96
96
97
96
1,000 Fidel Phen Fire Ins of N Y. 25 94 Jan 26 193 Jan 6 160 Apr 20014 Jam
*9514 96
953 95 4 96
4
8
*96
98
98
*96
98
*96
*96 100
First Nat'l Plc. 1st prat_ 100 9712 Jan 13 9818 Jan 17
*96
*96
99
99
96 May 107 Feb
4
4 2812 283
4 1,400 First Nat'l Stores
4 283 283
*2934 2978 2912 30
4
No par
29
293
4 283 283
8
2814 Jan 4 30 Feb 7
28 Nov 493 Feb
1712 17
1714 25,400 Fisk Rubber
1612 1612 1612 163
1612 1612 1712 17
No par
4 16
16 Jan24 1712 Feb 7
1414 May 2614 Jan
8 *853 8512 *8518 8512
85 4 853 *85
3
.400 1St preferred stamped_ _100 81 Jan 5 8612 Jan 27
8518 857
85
8512 85
4
787 Apr 8414 Mai
8
*98 100
*98 100
1st preferred cony
*98 100
*98 100
*98 100
*98 100
100 97 Jan24 99 Jan 7
94 June 107 Mai
8 4614 4714 19,800 Fleischman Co new____No par 46% Feb I
4612 47
4
467 475
8
463 47% 463 47% 464 477
4
3214 Mar 5612 Feb
487 Jan 11
8
7712 7912 7812 8114 9,400 Foundation Co
7812 8012 79% 804 79
79
793
4 75
No par 75 Feb 9 81% Jan 13
7314 Dec 17938 Jan
6512 87% 673, 68
6712 674 *67
2,000 Fox Film Class A
67
67
683
4 6612 67
No par 65 Jan 25 7412 Jan 6
55% Mar 85 Jan
4312 443 65,800 Freeport Texas Co
2
4
4138 4178 413 43
4214 4118 417
413 4212 41
8
No per 344 Jan 4 443 Feb 11
1938 Jan 36 Dec
3,800 Gabriel Snubber &.___N, par 2918 Jan 3 32 Feb 11
31% 3114 31
31
31
3112 3112 3112 3112 3138 3118 32
2538 Nov 42 Feb
*638 7
*612 64 *612 7
612 61
200 Gardner Motor
612 612 *614 7
58, Nov
93 Jan
4
No par
612 Jan 27
7 4 Jan 11
3
8
4912 9,100 Gen Amer Tank Car
4714 473
4 48
4714 4712 4714 473
4 4734 48
4738 47
8
39 Mar 553 Jan
100 46 Jan 3 4912 Feb 11
*10712 1083 107 1083 107 109 *107 109 *107 109 *107 109
4
4
9912June 109 Dec
Preferred
100 10612 Jan 5 10812 Jan 12
854 83% 8412 45,100 General Asphalt
83
843
8 85
8412 84
8318 853
82
84
50 Mar 9414 Aug
100 7712 Jan 27 885 Jan 4
8
8
122 130 *123 130 *123 1277 *124 1277 *124 1277
*124 132
8
8
Preferred
947 Mar 14018 Aug
8
100 120 Jan 25 130 Jan 10
54
5412 54
46 Mar 5912 Feb
900 General Cigar, Inc new-No par 52 Jan 26 557 Jan 15
5312 5312 5312 5312 *5212 5312
*
5312 54
54
116 121 *116 121 *116 120 *116 120 *116 120
*116 121
Preferred (7)
100 116 Jan 5 11712 Jan 15 109 Jan 118 Dec
116 117
*116 11712 116 11712 *116 117 *116 117 *116 117
Apr 11812 Feb
Debenture preferred (7)-100 116 Jan 11 116 Jan 11 10914 58
58% 58
57
8
3,000 Gen Outdoor Adv A.....No par 5518 Jan 25 5812 Feb 9
5718 *57
51 Mar 563 Aug
5712 5812 58
58
57
'2 58
4 3912, 3912 39% 397
81 393 40% 8,300 Trust certificates____No par 37 Jan 18 40 4 Feb 11
4
3912 3912 39% 393
4
3918 393
26% Mar 397 Dec
3
2
8 83
813 8318 8214 84
4
8414 15,400 General Electrie New_.No par 81 Jan 27 8518 Jan 13
833 843
8312 834 8312 84
79 June 9512 Aug
11% 113
8 3,900 General Electric special____10 114 Jan 3 11% Jan 5
13 115
8
1112 1112 1138 1138 1112 1 138 113 11%
8
11
Jan 113 Dee
4234 4112 41% 4114 414 407 417
42
,
8
8 417 423
42 42
4 3.200 General Gas & Elea A __No par 407 Feb 10 45 Jan 22
Jan
34 Mar 59
8
'Bid and asked Prioes: no sales on this day. z Eg-dividend. a Ex-rights.
898
New York Stock Record-Continued--Page 4
Far sales during the week of stacks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES
--PER SHARE, NOT PER CENT.
Saturday,
Feb.5.
Monday,
Feb.7.
Tuesday,
Feb.8.
Wednesday
Feb.9.
Thursday,
Feb. 10.
Friday.
Feb.11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rffli 1f4I5
Range Singe Jan. 1 1927
On basis of 100-share lots
Highest
Lowest
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscall. (Con.) Par g per share $ per
shore
.102% 106 903 106 .103 107 904 106 *104 106 I 1028 1023
4
100 Gen Gas& Elea pf A (7)No par 100 Jan 3 10712 Jan 24
.115 120 *115 120 .115 120 915 120 915 120 *115 120
Preferred A (8)
No par 115 Jan 15 115% Jan 28
*97
9834 *97 99 •97 99 *9812 100 •974 99 •97
99
Preferred B (7)
NO
1544 156
15312 1564 1528 155 15318 1547 .152% 155121 15314 15612 362,700 General Motors Corp-No par 96 Jan 13 984 Feb 2
g
2
Par 145% Jan 25 15714 Feb 3
12014 12012 12012 12012 12034 121
12078 12078 12018 120141 120 1203
4 1,800 7% preferred
100 120 Jan 28 122 Jan 7
_ _ *1044 ___ .10412 _ __ *10412
_ *10412
_ .10412
_ __
.
8% preferred
100 105 Jan 3 105 Jan 3
90412- 90
9238 9134 9412 92 9414 91 --9358 934 - - -12 93 --- 57,100 Om Hy Signal new..../34 par 8218 Jan 14 9412 Feb 7
9438
94
43
43 •40
43 •40 43 '
3
40
43 •40
43 I •40
43
100 General Refractories-No par 38 Jan 14 43 Feb 5
42
42
4112 4214 4112 4214 417 4214 41
41 I 4112 42
8
No par 40 Jan 4 4414 Jan 28
*102 10212 10214 1024 90214 10212 10214 10238 10214 10214 10214 10214 2,600 Gimbel Bros
1,000 Preferred
100 10214 Feb 7 1043 Jan 11
4
1914 193
1912 2012 2012 2112
20121 2014 2012 18,000 Glidden Co
1912 21
20
No par lEtti Jan 26 2134 Jan 3
45 4618 457 47
8
4814 475
46
4712 46
47'il 4684 4718 15,900 Gold Dust Corp v 8 0 No par 4212 Jan 29 4712 Feb 9
7 504 5014 5012 4978 5038 51
g
4
9
5338 5314 54041 533 543 27,900 Goodrich Co (B F)
4
4
No par 42 Jan 3 5424 Feb 10
/
1
4
*98
984 9812 0812 *9812 99
*983 99
4
9812 9812 •984 99
300 Preferred
100 95 Jan 3 9812 Feb 4
.994 100
9912 9912 9918 994 991s 9912 *9912 100 I 100 100,
8 1,900 Goodyear T & Rub p1 v t o_100 9818 Jan 27 10034 Jan 10
1064 10612 *10612 10718 *10612 1074'
3107 10718 *107 107'g 107 107
200 Prior prererrea
100 105 Jan 7 10718 Jar 26
6
3 634 6312 63% •63 637k 635, 65 4 65
3
664 10,300 Gotham Silk Hosiery-Ns par 573 Jan 12 664 Feb 11
665,1 66
*62% 634 6212 624 63% 637
66¼1 65 6614 2,500 New
65
64 65
No par 58 Jan 12 6612 Feb 10
907 108 *10612 108 *107 108
108 108 I 108 108
1064 108
700 Preferred new
100 104 Jar 26 10812 Feb 2
•94 93
4
914 912
93s 912 *9
9
9 18 1,900 Gould Coupler A
914
9
94
No par
9
10
05: Jan 13
3212 3234 3238 3212 311 3238 314 3134 314 3134 3178 324 10,000 Granby Cons M Sm & Pr_100 3118 Feb 27
/
4
/
1
Jan
35 Jan 3
11112 112% 11112 112
11014 11178 111 11234 112 11312 1113 1127 12,100 Great Western Sugar tem ctf25 109 Jan 26 11478 Jan 17
4
8
120 120
120 120
1193 1193 .1174 119 9174 119 91712 119
4
4
800 Preferred
100 11812 Jan 4 12178 Jan 17
30
/ 303
1
4
8 3014 3012 3014 31
31
3114 30
/ 3214 32
1
4
321 6,200 Greene Cananea Copper
/
4
100 2914 Jan 27 3238 Feb 11
9
9
*9
94
9
9
9
g
*9
938
9
9
600 Guantanamo Sugar____No par
8 Jan 25 10 Jan 4
554 .5512 55% 5712 5684 57% 5884 5684 •545 56
8
56
5912 8,200 Gulf States Steel
100 53 Jan 4 5912 Feb 11
*57 575, 5712 5712 •58
5978 •58
584 .58
597
160 Hanna let prof clam A
8 57
584
100 56 Jan 31 67 Jan 19
.25
2612 *25
2612 •25 2612 '25 2614 *2412 26
2514 2514
100 Hartman Corp class A_No par 25 Jan 22 27 Jan 8
•2414 25
241s 244 •24
/
1
2414 2312 2378 244 25
2438 2434 3,400 Class B
No par 2312 Feb 9 2612 Jan 3
167 161 1638 1638 16
2
/
4
1634 16
16 .16
164 1612 1612
700 Hayed Wheel
No par 16 Feb 8 20 Jan 3
*7914 84 .80
85
*80
8412
845, 80 80 .80
844 *81
100 Relate(G W)
25 7613 Jan 14 8314 Feb 4
23 23 •23 234 23
254 27
25 25
2312 23 23
1,400 Hoe(R)& Co tern ctfs_No pa? 22 Jan 31 28 Jan 12
6018 604 .6014 61
*6012 61
61
300 Homestake Mining
*6012 61
8014 6012 .60
100 60 Jan 25 631s Jan 12
4812 4812 484 4812 484 4918 484 49
4878 487
8 48
/ 49
1
4
3.800 Househ Prod.Ine.tem ct1Nopar 4314 Jan 3 494 Feb 2
88 914 84
/ 9134 8414 90 4 844 891
1
4
3
/
1
87 64,600 Houston ()Hof Tex tern ctfe100 6018 Jan 11 915, Feb 7
/
864 88
1
4
/
1
/ 86
1
4
39 4 40
3
3984 39 4 39
3
4 3,800 Howe Sound
3934 38% 39
*3814 383
4 3812 383
No par 38 Jan 11 4014 Feb 2
5611 5814 575, 6214 6114 6512 823 66
4
4 6114 64% 325.700 Hudson Motor Cfir
No par 484 Jan 24 66 Feb 9
643
4
63
21
204 2114 217
/
4
8 2114 213
3
4 2118 214 213 2112 2118 211 10,200 Hupp Motor Car Corp_.10 21 Jan 17 235, Jan 10
32
3212 314 3238 31
/
1
3218 3018 32
8
3114 3212 313 3218 27.900 Independent Oil& Ose_No par 29 Jan 3 M34 Feb 1
•15
154 1512 154 14% 15
700 Indian Motoeycle
1434 145, •144 1514 1434 1434
No par
143 Feb 8 1512 Feb 7
4
gee g%
.
94 912
914 93
2
g
(414
g
gig
75 Jan 29 103 Feb 1
9
9
4,100 Indian Refining
10
8
75 Jan 12
94 9 8
5
918 98
*878 9
9
918
4,300 Certificated
9
9
9
10
9
94Feb 3
3
.9312 94
94 94 .9312 94 • 9312 94
94
300 Ingersoll Rand new---No par 92 Jan 10 9534 Jan 3
94
94
*93
•4112 415, 4112 415, 4112 4113 414 4112 415, 4138 4112 4112 1,300 Inland Steel
No par 413 Feb 10 4334 Jan 3
*106 113 906 113 906 113 906 113 911 113 912 113
Preferred
100 111 Jan 3 111 Jan 3
2384 2338 234 2338 2314 234 •2318 2314 2314 2338 234 2314 1,600 Inspiration Cons Copper-20 234 Feb 4 2512 Jan 12
923, 125, 1212 1234 125, 123
2,500 Intercont'l Rubber...No par 1112 Jan 3 1318 Jan 7
4 125, 127
1212 13
13
8 13
*914 914 •914 95, *914 934
200 Internat Agrioul
934 934 •10
1014 •978 10
..N0 par
94 Jan 25 1034 Jan 4
*64 65 .64 65
64 64 •63 64
200 Prior preferred
84
100 604 Jan 26 64 Feb 3
64
*63 64
57 577
8 57
58
573 5812 5734 5814 584 59
4
10,500 Int Buidnese Maohinee.No par 5318 Jan 13 59 Feb 10
5878 59
48 4838 4812 4938 4812 498
8 48 4818 4812 484 49
4938 3,500 International Cement-.No par 4514 Jan 21 517 Jan 10
*104 105 •10412 105 *10412 104 .10412 1047 *104 105
/
1
4
1,000 Preferred
s
105 105
100 10214 Jan 21 105 Feb 11
46
4634 4512 47
4518 461s 45 4 49
/
1
4
3
47 51,200 Inter Comb Eng Corp__No par 434 Jan 28 4978 Jan 3
47
48
/ 47
1
4
146 14678 1465, 148 1454 14714 14614 14712 14713 1507 15012 1564 39,300 International Harvester..
.100 13538 Jan 18 15614 Feb 11
8
1274 12712 *12634 12738 12712 12712 *127 127 •125 127
4
300 Preferred
127 127
/
1
4
100 1283 Jan 12 128 Jan 3
75, 8
/
1
4
74 8
7 s 818
7
734 7
/ *712 734 11.600 hat Mercantile Marine__ _100
1
4
73
8 7
/
1
4
614 Jan 4
85, Feb 7
414 4238 4214 4438 4212 4438 4012 433
/
1
8
s 411 4238 4114 4234 100,200 Preferred
100 3718 Jan 6 443 Feb 7
/
4
6318 6312 6318 6438 623 6314 63 6314 627 634 6278 63
4
6,600 International Match pref 358212 Jan 17 6438 Jan 4
8
4058 41
405, 41
4014 41
401s 40
/ 404 40
1
4
/ 404 4214 19.200 International Nickel (The)25 3814 Jan 3 435, Jan 11
1
4
108 106 *102_ . *102
_ *10112 --- 90112 10578 904 107
100 105 Jan 11 10614 Feb 2
100 Preferred
5518 5438 56
5534 56
100 534 Jan 3 6014 Jan 10
4
56 -56.14 553 Wi
3,300 International Paper
56
*5534 56
•99 995, 995 995, 9912 9912 9914 9914 99
700 Preferred (7)
100 9612 Jan 3 995a Jan 28
99
9912 9912
957 16412 957 1625, •165 16114 *1593 16114 9595, 16014 960 161
International Shoe_ _No par 160 Jan 21 161 Jan 4
4
126 127
1253 12634 12458 12512 125 1261 12614 12712 1264 12712 11,600 Internat Telep dc Trim
8
/
1
4
/
1
100 12214 Jan 25 12912 Jan 8
/
4
*195, 21
*20
2112 9934 21
.1934 21
No par
1912 Jan 31 2114 Jac 18
Inzertype Corp
•1934 21
•193 21
4
57
5834 57
/ 583s 5712 59
1
4
58
5912 58
100 5312 Jan 3 5912 Feb 9
5938 571 594 8,200 Jewel Tea, Ina
/
4
•122 125 *123 125 92312 125 92312 129 923 125 920 125
Preferred
100 12334 Jan 28 124 Feb 28
9414 15
1412 154 1414 15 94 4 147
1612 1,400 Jones Bros Tea, Ino.stpd_100 105, Jan 3 1612 Jan 19
4 15
3
s 143 143
4
19
19
19
20
1912 20
3,500 Jordan Motor Car
19
No par 1812 Jar 18 2212 Jan 5
1914 19
1878 19
19
Kansas Gulf
4 Jan 11
4 Jan 11
10
912 113 912 113 912 113 .112 1123 112 112
200 Kan City P&L 1st pf A_No par 112 Feb 10 11418 Jan 13
1123s 11258
5312 544 534 5418 .515 5354 5213 534 5212 5314 22,000 Kayser (J) Co v t o__-No par 50 Jan 4 674 Jan 31
53
54
9
/ 1018 10
1
4
1014 1038 103, 103 103
/
4
8
912 Jan 27 1112 Jan 10
934 101 8,000 Kelly-Springfield The
8 104 107
s
25
*38
41
3934 39 4 3914 40
42
3
42
600 8% preferred
100 36 Feb 2 43 Jan 4
41
4114 4114 41
*42
48
*42
48 .42
100 8% preferred
48
4518 454 .42
48
48 .42
100 44 Jan 19 48 Jan 10
•80
84
80 80
7912 80 .77
700 Kelsey Wheel. Inc
79
3
76
79 .76
79
100 77 Jan 26 85 Jan 4
*
611 61% 614 81% 603 61% 60 60% 604 60% 605 61
4
33,400 Kennecott Copper
8
No par 60 Feb 9 6214 Jan 3
*3,
34 Feb 1
3
4
59
3
4
I.
%
12 Jan 3
3
4
3
4
Itr
5
8
3
4
3
4 2,700 Keystone The & Rubb_No par
•30
38 •30
35
29
30
28 28 .20
800 Kinney Co
2712 2114 27
No par 2114 Feb 11 45 Jan 5
54
54
54
53
50
5212 52
544 53
5212 4,500 Kraft Cheese
53 4 51
3
25 50 Feb 10 59 Jan 13
48
4878 4758 4812 477 484 485, 4812 4812 4834 4812 49
12.800 Kresge (S 8) Co new
10 457 Jan 28 55 Jan 7
8
112 112 9104 112 *11018 111
11018 11012 *11058 111
90 Preferred
111 111
100 11018 Feb 9 11238 Jan 5
171, .15
*17% 18 *174 18
1712 1712 95
178 .15
173
8
100 Kresge Dept Stores__No par 1413 Jan 29 1712 Feb 8
751 *70
*70
74
*71
75
7334 *70
3
71
Preferred
4
75
733 *71
100 74 Jan 31 80 Jan 4
•180 184 *180 184
300 Laclede Gas L (St Lou1s)._100 1733 Jan 27 18358 Feb 4
180 180 .180 184 978 180
180 180
4
2114 22 *21% 2113 .214 2112 20 4 20 4 .2114 217 .2113 211
600 Lego Oil & Transport_No par 2012 Jan 13 227, Feb 2
/
4
8
3
3
4
4
/
1
67 67
/ / 673 68
1
4
68 4 704 694 7134 7014 717
3
1
4
8 7013 713 23,200 Lambert Co
No par 66 Jan 28 7178 Feb 10
/ 1,200 Lee Rubber & Tlre
1
4
7 Jan 4
714 714
74 7
No par
1
74 718
73 Feb 10
4
14
7
/ 7 4 '712 7
1
4
7 8 718
,
3
364 3612 361, 35.14 3634 37
36
3684 36
No par 351: Jan 3 3734 Jan 19
37
3614 3614 1,800 Lehn & Fink
2314 234 23 235, 2278 2338 23
No par 22 Jan 7 24 Feb 9
/ 24
1
4
2338 2334 4,300 Life Savers
2334 24
900 1004 10014 10014 1003, 1008
s
* 994 1003 r8712 10118 8712 8712 1,900 Liggett & Myers Tob new26 "8713 Feb 10 1027 Jan 4
8
925 130 925 130
200 Preferred
100 124% Jan 27 12812 Feb 8
12812 12812 .125 128 *125 128 .125 128
9934 9978 9958 100
9958 9934 9938 100
25 *865 Feb 10 10234 Jan 18
8812 11,100 "B" new
8
s865, 8914 87
66 69
68
No par 62 Jan 6 7412 Feb 11
7012 675, 694 6878 70
70
7312 727 7412 44,800 Lima Loft Wks
544 544 544 5514 55
334 *5514 5512 554 554 5512 5712 6.800 Liquid Carbonic certits_No par 51 Jan 5 5713 Jan 19
5034 514 51
12,000 Loew's Incorporated-No par 46% Jan 4 5214 Jan 29
514 5012 513
4 505 5114 5012 51% 503 .51
4
8
71, Jan 20
673 7
68 7
7
7
618 Jan 10
7
7
74
7
7
7
74 6,600 Loft Incorporated _ No par
41
41
41
4114 407 41
1,100 Long Bell Lumber X.-Itio par 4012 Jan 16 4214 Jan 7
4034 4034 •4078 41
41
41
164 164
15812 15812 *157 162 .157 163 *15812 160
700 Loose-Wiles Biscuit
100 150 Jan 18 1654 Feb 11
160 16514
•160 175 950 105 950 165 .150 165 *150 170 950 165
2d preferred
100 15814 Jan 18 16434 Jan 6
2934 30
2934 30
297 3012 30% 305* 304 31
26 2914 Feb 3 3278 Jan 3
30
3088 8,500 Lorillard
*114 117 914 11712 917 1173 117 117 *114 117 *115 117
100 Preferred
100 117 Jan 25 11812 Jan 13
4
1638 163
8 16
161a 16
* 16
163
1612 157 164 33,600 Louisiana 011 temp etlit_No par 1578 Jan 22 184 Jan 5
1612 16
8
97 97 .9512 97 .95
600 Preferred
100 95 Jan 10 97 Feb 5
9612 95 95 .9438 97 •94
97
4 2458 2484 245 25
*24% 243
5
2,100 Louisville 0& El A.
2434 2434 42478 25
-No par 23 8 Jan 3 25 Jan 14
241 25
2712 2712 2712 2714 274 2612 27
27
No par 2618 Jan 12 2912 Jan 22
2613 2612 2612 2612 2,000 Ludlum Steel
•120 122 920 122 120 120
120 120
100 120 Jan 14 126 Jan 4
1,600 Mackay Companies
120 120
120 120
7112 714 .7112 72
400 Preferred
3
714 72 *714 72
100 7084 Jan 7 72 Jan 27
7113 713 1714 7134
4
1
928 9514 9312 9454 9312 94% 9314 954 9334 943 30,400 Mack Trucks, Inc
No par 8814 Jan 24 974 Jan 3
9212 93
100 109 Jan 25 111 Jan 4
•109 111 *109 111 909 11014 109 109 908 111 *108 111
300 1st preferred
100 102 Jan 18 104 Jan 4
.103 106 903 106 *103 108 .103 106 .103 1061 903 106
2d preferred
3538 3484 3478 3312 3438 2912 3312 3218 33
-No par 2912 Feb 9 35% Jan 4
35
3318 12,400 Magma Conner
33
151
15
15
15
95
1512 •15
15
1,300 Mallinson (11 II) & Co-No par 1412 Jan 24 16 Jan 5
1612 9434 16
15
76
*734 76 •7312 76 .731: 76 .734 76
100 72 Jan 18 76 Jan 6
Manatl Sugar pref
76 .73
*74
593
4 58
/ 60
1
4
8 57
55 583
16,100 Manh Elea Supply--NO par 534 Jan 26 60 Feb 9
55
5834 594 58
/
1
583
4
55
26 .2514 26
26 2414 Jan 18 2612 Jan 12
2512 254 2514 2512 254 2512 *25
2512 2512 1,300 Manhattan Shirt
44 .3812 4512 *3812 4512 .3812 4512 *3812 4512
44
100 Manila Electric, Corp-No par 40 Jan 22 44 Feb 4
46
.43
4
4
204 2034 21
/
1
1812 2034 3,300 Maracaibo Oil 321111---ffic Pal 18 Jan 6 223 Jan 18
8 2012 2012 203 2118 20
211 213
/
4
,
57
574 565 577
571
5714 58
5714 5784 74,300 Marland 011
NO Par 554 Jan 28 5812 Jan 17
571g 5884 57
3634 361 38
34
No par 27 Jan 10 38 Feb 9
361 374 3618 367 24,900 Marlin-Rockwell
3314 345
8
*
323 3314
4
*21
22
22
8
2214 2214 221 224
22 •21
/
4
400 Martln-Parry Corp---No par 205 Jan 6 2258 Jan 10
211 2134 22
/
4
86 86% 89 94
933$ 8,400 Mathieeon Alkali Wkstem ctf60 82 Jan 6 9514 Feb 10
87
932 9514 91
8712 8778 86
4 683 683
4
683
4 68l2 683
6912 4,700 May Dept Stores new
8 6812
25 6714 Jan 27 695, Jan 10
4 68
6918 6914 6814 687
No oar 23% Jan 15 28 Feb 3
2718 274 288 274 2684 27
2658 2678 10,600 Maytag Co
28
27
2734 28
63 64 •62 65 '
362
63 64
8412
700 McCrory Stores Class B No par 68 Jan 20 7512 Jan 3
*64 65
•64 67
2612 *2614 264 2612 2612 1,100 McIntyre Porcupine MInes-6 2514 Jan 26 27 Feb 6
4
4
263 263 .253 26% •26
8
263 27
8
4
:
4 281: 254
4 2512 251z .251 253
400 Metro-Goldwyn Pictures pf.27 243 Jan 3 257 Jan 22
2514 2514 254 2514 *2512 253
79 Jan 5
6 8 Feb 10
5
7
678 6%
74
6f_u 7
die 7
6
/ 7
1
4
7
7
3,400 Mmican Seaboard 011. _NO par
14
5 1478 14% 14% 143 15
4
1514 1454 15
4
5,300 Miami Copper
15% 154 15
6 143 Feb 8 164 Jan 3
4 373 38
8
3
374 3712 23.600 Mid-Continent Petro-Ns par 34 4 Jan 3 393 Jan 21
3714 3784 374 373
8 3712 3812
374 38s
100 103 Jan 10 105 Feb 3
Mid-Cont Petrol pref
.10414 1054 9044 10514 *10414 10514 .10414 10514 90414 10514 *10414 10514
3's
27
31
27, 3 144,100 Middle States 011 Corp......10
314 Feb 8
15, Jan 3
234 314
212 21
27
28
1% 2
1% 1% 11,600 Certificates
214 Feb 8
Ils Jan 26
14 2
10
24
2
158 178
14 112
1107, 1107 111 11114 1.000 Midland Steel Prod pref-100 110 Jan 14 1134 Jan 20
8
8
910 112 1111 1111S 11178 11214 111 111
ns-rights
•Bid sad asked orlos4 so miss 55 Mu day. zEz-d1vide:id.
PAW Cit AKS
I
Range for Previous
Year 1926
Lowest
Highest
$ per share $ Per share
95 May 100 Dec
10512 Apr 113 Sept
9214 Apr 96 Jan
11314 Mar 22534 Aug
11312 Jan 12214 Dec
9814 Apr 105 June
6012 Mar 9378 Aug
36 May 49 Jan
4114 Nov 7878 Jan
100 Nov 11184 Jan
153 June 2534 Jan
8
414 Mar 567 Feb
8
3912 Nov 7084 Feb
9412 Dec 100 Feb
9612 Dec 1097 Aug
s
10414 Dec 109 Sept
334 Mar 694 Nov
8
472 July 687 Nov
.... --- ---- ---2112 Jan
8 Oct
8
1618 Mar 367 Doe
89 Apr 11312 Dec
10812 Mar 11814 July
934 Apr 343 Dec
4
5% Jan 1078 Feb
5138 Oct 9338 Jan
45 June 6012 Dec
26 Oct 2812 Nov
2438 Dec 30 Sept
1718 Dec 46 Jan
68 Mar 88 Dec
174 May 3512 Aug
4713 Jan 63 Oct
40 Mar 488 Jan
5014 Mar 71 Jan
27 Jan 45 Sept
4034 Oct 1234 Jan
17 Mar 285, Jan
195, Mar 34 Jan
144 Dec .2414 Feb
7 4 Oct 13% Feb
3
712 Oct 1212 Feb
8014 Mar 104 Jan
3412 May 433 Deo
4
10834 Mar 115 Feb
2034 Mar 285, Nov
12 Dec 2134 Feb
918 Dec 2614 Jan
56% Dec 95 Jan
3818 Mar 567 Dec
8
443 Oct 7178 Jan
10178 Oct 106 Jan
3312 Mar 6412 Jan
11214 Mar 15818 Dec
118 Jan 129 Dec
6 Sept 1238 Feb
27 Mar 464 Feb
/
1
5312 Mar 68% Felt
3238 Mar 4614 Jan
10118 Jan 10412 Dec
4418 Apr 6334 Aug
89 May 100 Dec
135 May 175 Jan
111 Mar 133 Jan
1812 July 29 Jan
25 Jan 5612 Dec
11512 Jan 12712 Nov
9 Dec 1912 Feb
12 Nov 66 Feb
14 Mar
11 Jan
4
10714 Mar 115 Nov
3314 May 513 Dec
4
9 Oct 21% Feb
4312 Oct 7434 Feb
45 Dec 7314 Feb
76% Nov 126 Feb
495, Mar 6414 Nov
12 May
218 Jan
39 Nov 8218 Jan
665, Dec 68 Nov
425, Mar 82 Jan
/
1
11212 Nov 1144 Feb
1518 Mar 33% Jan
704 Mar 9314 Feb
146 Mar 19614 De
1918 May 2412 Jun
3913 May 72 No
614 Dec 14 Jae
305, Mar 4118 Jan
1714 May 25 Deo
7218 Mar 103 Dee
1193 Jan 12934May
4
71 Mar 723 Dee
5312 Mar 6934 Jan
4312 Oct 58% Nov
3414 Mar 48% Dec
6 Oct 1114 Feb
413 Dec 604 Feb
4
88 Mar 1774 Dec
12014 Mar 175 Dec
273 Oct 4214 Feb
4
ill's Apr 120 Aug
12 Mar 19% June
93 Dec 98 Dec
2234 Mar 2618 Feb
225, Oct 5814 Feb
122 Oct 138 Feb
68 Mar 7318 Feb
8058 Nov 159 Jan
10712 Nov 113 June
102 Oct 1088 Sept
4
34 Apr 4478 Feb
12 Nov 284 Jan
/
1
4
55 June 82 Feb
44 Oct 87% July
217 Oct 327 Jan
2712 Mar 453 Sept
8
1612 Oct 28 Feb
494 Mar 6338 June
2412 Oct 33 Mar
17 May 23 June
6212 May 1064 Jan
6912 Dec 70 Dee
19 Mar 2412 Sept
72 Mar 121
Jan
2214 Oct 30 Feb
2214 Jan 2512 Nov
6 Feb 133 July
4
11 Mar 175* Oct
2712 July 37 Jan
90 Mar 10414 Des
% Nov
24 Jan
ta Oct
1% Dee
107 Mar 1334 Feb
899
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding
rCIS All AIM
-PER SHARE, NOT PER CENT.
HIGII AND LOW SALE PRICES
Saturday,
Feb. 5.
Monday, I
Feb. 7.
Tuesday,
Feb.8.
Wednesday, Thursday.
Feb.9.
Feb. 10.
Friday,
Feb. 11.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1 1927
On basis of 100-share tole .
Lowest
Highest
rCK OH Altff
Range for Precious
Year 1926
Lowest
Highest
I per share $ per share I Per share 3 per share $ per share $ per share Week. Indus.& Miscall.(Con.) Par $ per share $ per share $ per share $ per share
30 May 4434 Feb
,
1,700 Miller Rubber ctfs____No par 31 8 Jan 25 36 Feb 11
*3312 35
*333 35
4
33
33
35
3512 3512 36
*3312 35
693 Mar 8612 Nov
8
100 8112 Jan 28 85 Feb 4
*8312 84
800 Montana Powe^
84
84 12 8412 8312 8418 834 84
84
*833 85
4
3
56 May 82 Jan
& Co III corp__10 6038 Feb 8 673 Jar 5
8
8
623
8 613 623 24,300 Montg Ward
4
6012 6212 6012 8112 603 6214 6118 6214 62
93 Nov 37; Feb
4
No par
83 Jan 26 1212 Jan 5
4
10
1014 10
10
93 10
4
97 1018 3,000 Moon Motors
8
93 1014
1018 1018
4
438 Jan 3
4 Nov
712 Feb
4 Feb 9
44 418
4
44
4
4
4 18 6,300 Mother Lode Coalition_No par
414 414
418 414
44
11 Feb 8 13 Jan 17
103 Dec 2312 June
4
No par
11
*107 11
8
*107 11
8
*11
1114
600 Motion Picture
1118 1112 11
•1113 1214
3334 May 533 Feb
8
3518
35
35
No par 3318 Jan 31 3718 Feb 3
36
36
3614 35
3512 35
1,100 Motor Meter A
*36
37
36
8
4
1918 Nov
337 Feb
2238
2218 2213
1,200 Motor Wheel
No par 203 Jan 3 24; Jan 7
3 2218 2218 *2218 223 *22
8
2214 2214 2238 223
1934 Feb
10 Jan 5 1012 Jan 19
8 Nov
No par
10
*10
11
10
1012 *10
1012 10
10
200 Mullins Body Corp
*10
*10
11
2
8
343 Apr 383 July
4
4
No par 37 Jan 3 397 Jan 11
3812 38
100 Munsingwear Co
*3712 3812 *38
3812 *38
38
*373 3812 *3734 38'
4
34
3514 34
No par 303 Jan 27 3514 Feb 10
4
3438 35
34
13,800 Murray Body new
33
3412 3414 35
33
33
52 Mar 7078 Dec
No par 63 Jan 28 7312 Jan 5
663 31,100 Nash Motors Co
8
4 65
6612 643 657
4
8 6514 663
8 66
65
66
654 663
*538 6
5 Nov
1278 Jan
65 Jan 7
8
53 Jan 18
4
200 National Acme stamped_ __100
*55
8 53
4 *55
8 6
53
4. 53
4
*53
4 612 *53
4 6
74 Jan 102 Dec
9644 9644 9618 9678 9638 963
25 943 Jan 27 10112 Jan 10
4
4 96'4 97
8 9612 98
9618 963
5,700 National Biscuit
Jan 13112 Apr
100 130 Jan 10 133 Feb 11 126
1313 13138 *131 133
8
1313 1313 *132 133
8
8
1327 133
3
600 Preferred
*131 133
Jan
3713 Oct 54
41
41
4118 41
8
4118 41
41
5,700 Nat Cash Register Awl No par 397 Jan 3 42 Jan 22
4118 41
41
4115 41
Jan
18 Nov 57
225 2278 5,600 National Cloak & Sult
8
100
18 Jan 22 2312 Feb 9
2253 2312 2234 23
2212 23
22
22
193 22
4
5818 Nov 9212 Jan
100 61 Jan 31 7712 Feb 10
7718 3,300
Preferred
69
7112 75
76
75
76
7612 7712 77
68
6712
53 Apr 80
Jan
703 Jan 3 78 Feb 10
8
20,100 Nat Dairy Prod tern otrallo par
763
4 7612 78
77, 78
8
76 8 77
,
71318 765
8 76
7612 77
24
Oct 4238 Jar
*25
253 *2518 253
4
8
4 245 25
8
2514 *25
*2512 253
4 25
25 4
3
900 Nat Department Stores No par 245 Eeb 7 2612 Jan 10
100 9114 Jan 26 9414 Jan 10
893 Oct 97
4
Jan
92
*91
9212 .91
9212 .91
92
100
1st preferred
9212 *91
.92
9212 92
1212 May 34
173
4
1714 1812 1814 2014
17 Feb 8 243 Feb 11
Jan
1712 1712 17
4
*1712 18
193 243 39,600 Nat Distill Prod ctts___No par
8
4
3712 Aug 7318 Jan
4314 434 4314 4314 46
Preferred temp ctf__No par 4318 Feb 2 53 Feb 11
*4314 44
46
4712 53
*4314 44
2.500
2118 July 4012 Jan
100 2412 Jan 11 293 Jan 17
4
800 Nat Enam & Stamping
2713 274 265 26; *264 27
8
2612 2612 2512 2512 2512 2512
76 July 893 Jan
4
100 81 Jan 4 8312 Jan 28
84
*82
84
8212 83 .80
83
83 83
*83
8412
300 Preferred
*82
100 180 Jan 27 171,2 Feb 11 138 Apr 181 Dec
160 161
161 16612 167 168
18412 1653 160 163
4
167 17112 4,200 National Lead
4
Jan 120 May
100 11714 Feb 3 1183 Jan 8 116
*11712 118 *1173 118 *1173 118
4
4
118 118
1173 1173 *1173 118
4
4
4
200
Preferred
4
163 Mar 383 Jar
8
1934 204 1934 2012 20
8
8
193 20
4
2034 16,300 National Pr & Lt ctfa__No par 19, Jan 2S 22 Jan 6
20
203
8 197 20
5512 Jan 88 Dec
4
8
4 9012, 9114 907 91
90
9114 893 9012 7,000 National Supply
915 9212 9118 923
8
4
50 8212 Jan 3 943 Jan 28
Jan
No par 11412 Jan 11 118 Jan 6 11612 Nov 238
116 116 *116 120
400 National Tea Co
•116 11912 11612 11612 11618 11618 116 116
1158 June
1614 Nov
1413 14
8
14
1418 14
13; 1418
5 137 Feb 10 15 . Jan 3
1414
14
1414
1418 1438 14,300 Nevada Consol Copper
3612 Jan 4613 Sep'
No par 403 Jan 8 4778 Feb 11
8
4518 453
8 443 4512 45
4
457
8 443 453
4
4 454 4614 4612 47; 29,900 N Y Air Brake
2018 Nov 84 4 Jan
1578 Feb 11
217 Jan 3
8
3
19'g 1914 183 19
8
184 1812 1814 183
8 1814 18; 157 1714 7,000 NY
:mer_ emp ctfs_No Par
8
7014 Dec 85
Apt
No par 52 Feb 11
72 Jan 13
.135
72
*65
72
*65
72
71
71
85
65
52
61
2,200
Preferred
32
Oct 457 Fet
8
100 34 Jan 14 36 Feb 9
3418 344 *34
3412 344 3518 3512 36
*343 3512 35
4
35
1,300 New York Dock
69 May 77 Dec
100 7213 Feb 9 7412 Jan 10
.72
7312 .72
7312 7214 7214 7218 7218 *72
73
*72
73
200
Preferred
27; Mar 2912 Dec
29 Jan 5
4
*277 284 284 2814 28
8
2818 28
28
28
28
1.400 Niagara Falls Power pf new_25 273 Jan 31
2813 284
42 Mar 67
4
Jar
47
10 4553 Jan 14 493 Jan 19
473
4 47 475
8 465 473
8
8 485 47
8
465 4712 4714 48
8
19,700 North American Co
49
Jan 5214 Aug
504 5012 505 505
50 50 Jan 10 5114 Jan 7
3
8 505 503 45018 503
8
4
4 5012 5012 503 593
1,200
preferred
4
4
9118 Mar 97 Dec
8
99
99
*99
9918 9918 9918 99
99 I *98
99
*98
99
300 No Amer Edison pref__No par 965 Jan 6 10014 Jan 25
4
4 I
43
8 53
4
4
4; 4;
8
53 Feb 10
8
418 Oct 1518 Jat
4
4
43
4
10
4 Jan 31
5
19,300 Norwalk Tire & Rubber
123 Dec 1712 Jat
4
•13
13 Jan 19 13 Jan 19
1312 *13
1312 *13
1312 .13
14 I *13
14
*13
14
Nunnally Co (The)____No par
Jan 28 403 Feb 7
8
30 July 363 Oct
8
36
37
25 3114
373 403
4
8 3718 38
36
374 36
3618 3618 3612 31,500 011 Well Supply
Oct 2214 Fel
14; Jan 6
12
127 127
8
No par
12 Feb 11
8 123 13
8
121z 2.900 Omnibus Corp
1214 123
8
123 1212 1214 123
8
4
12
47
.5714 59
Jan 635 See
8
59
Oppenhelm Collins & CoNo par 5812 Feb 8 6012 Jan 18
59
5812 59
5812 5812 *5714 577 *5812 59
8
800
2712 Mar 3318 Nol
1 3018 Jaa 4 3438 Jan 24
3312 3312 33
3318 3212 325
8 3212 3212 3238 3212 3212 321, 2,800 Orpheum Circuit. Ins
•108
100 105 Jan 20 107 Feb 10 101
Jan 105 Apt
____ *108
_ _._ •106
Preferred
____ *106
____ 107 107 *10612 ____
100
10734 108
50x103 Feb 2 131 Jan 18 106 May 136 Dec
107 1074 10712 10712 107 10712 107 1071 10713 10734 3,200 Otis Elevator
100 10818 Feb 3 111 Jan 14 1023 Jan 10912 Aug
4
•10814 108% 10814 10814 1087 1087 109 109 *10814 1093 10814 10814
3
8
320
Preferred
8
714 Feb 10
812 Jan 14
Oct
1412 Jaz
No par
8
Steel
713 73
4
713 71
7 8 73
5
4 2,200 Otis
712 75
8 *712 75
8
714 71z
100 6112 Feb 8 86 Jan 3
63 Nov 74 Sept
8212 621
62
621
6112 6112 8112 6112 *63
Prior pre!
64
633 65
4
1,100
533 Mar 903 Del
4
4
25 7518 Jan 18 807 Feb 4
8
804 8038 8013 80; 803 801
7912 80
803
8 4,200 Owens Bottle
8
80
80
7934
4
44 May 5514 Dec
No par 523 Jan 21 5712 Jan 3
, *53
55
*53
55
*54
55
*54
55
Outlet Co
*53
55
*54
55
100 107 Jan27 107 .15027
9712 Apr 10712 De
*104
__ ._ *104
Preferred
____ *104
*105
*105
*105
8
25 315 Feb 5 33 Jan 19
31; 32
315 3I7
8
8 313 32
*313 32
4
313 317
4
8
1,900 Pacific Gas & Elec new
4
.317 32
8
n1 May 8318 Fel
112 Jan 12
173 Jan 7
No pa
158
15
8
158 *112
15
112
138
13
8
158 23,800 Pacific 011
8
112
112
138
8
10 34 Jan 25 383 Jan 4
313 Mar 4514 Jul)
4
3414 :3458 3412 36
354 35; 22,200 Packard Motor Car
35
357
3512 347 3514 35
8
8
97 Feb 9 117 Jan 6
8
9
Nov
2812 Jai
1014 1054 10
10
1014 6,600 Paige Del Motor Car__No par
10
105
8 10
97 10
8
10
1018
50 603 Jan 6 6573 Jan 19
4
5618 Mar 7612 Jai
.64
65
645 6458 6312 64
8
*64
1.000 Pan-Amer Petr 4z Trans
85
8414
*633 65
4
*64
8
50 61 Jan 3 663 Jan 20
567 Mar 78; Jai
8
Class B
65
657
64
6412 17,800
6514 641s 643
4 638 65
4
644 648 64
30
Oct 46
Jai
367 367
8
3558 367
8 36
4,300 Pan-Am West Petrol B_No par 3518 Jan 27 3773 Jan 24
36
35% 3614 3618 36'4 3512 :16
14 Jan 5 187 Jan 17
8
412 Jan 32 Jun,
1573 157
1512 157
8
1512 1738
1512 1538
16
18
16
16
2.400 Panhandle Prod & Rei_No par
51
100 7014 Jan 15 813 Jan 17
4
Jan 993 Jun
8
Preferred
.75
80 .75
78
*75
78
.75
78
*75
78
•75
78
18; Oct 2813 Jai
2013
1,300 Park & Tilford tern ctls.No par 20 Jan 27 23 Jan 3
8 2014 2014 2018 2018 2018 2018 2018 2018 20
*3014 213
1
6 Jan 3
712 Feb 7
513 Sept
812 Fel
738
738
714 712
7
738 734
714
718 714
714
714 10,700 Park Utah C M
4
3214 Nov 83
Exchange A____No par 373 Feb 5 4234 Jan 19
Jai
3784 ;38's 3734 38
2.5001Pathe
3814 384 38
38
38
38 14 38
38
8
32 Jan 8
2338 Nov 3112 No,
50 267 Jar 2.
.27
28
2778 297
8 27
2812 3,400 Peerless Motor Car
29
273 273
4
4 274 2718 28
167 Jan 24 De
8
No par 21 Jan 17 23 Jan 24
2112 211
900 Penick & Ford
2112 2112 *214 211
2112 21z 2112 22
2112 2112
7 Aug
19
50 1014 Jan 19 14 Jan 21
Oc
*12
13
*12
Penn Coal & Coke
13
12
.1014 121 .11
11
12
*11
12
8
38 Dec
41 De
•3613 37
3612 3612 :16
4 :16
36
1,000 Penn-Dlxie Cement__ _No par 3412 Jan 2:1 393 Jan 13
3612 361 *3614 363
36
99 Nov 10012 No'
8
100 99 Jan 4 997 Jan 13
Preferred
.99 100
*99 100
*9914 100
.99
100
9914 991 *9914 100
9938
58 Oct
7 Jan 12
8
5 Jan 3
8
214 Jai
2
4
7
7
8 4.100 Penn-Seaboard SO vto No par
3
4
3
4
3
4
54
3
4
3
4
3
7
3
3
4
Jan 131 De
0
12914 12914 129 1293
3
700 4.333 3.8 0 L A C (Ch1c)...100 126 Jan 14 1203s Feb11 117
129 129
•
12814 1291
1394 12918 129 1291
5913 Mar 91 De
*87
90
.86
*86
89
88
88
88
873 873
4
4 88
138
700 Philadelphia Co (Pittab)___50 8514 Jan 18 88 Jan 21
45
Oct 514 Jul;
*51
511
51 18 51 1s *5113 51'l 5112 52
50 50 Jan 6 53 Feb 10
53
53
*52
53
600
6% preferred
3614 Apr 483 Fel
8
4284 413 427
417 4253 42
424 43
8
s 42
423
4 42
4
43 8 17,200 Phil, & Read C & I.__No par 4158 Jan 28 47 Jan 3
7
363 June 4612 Jix
4
.4134 4:1
1,
1112 423 C4112 42
4133 Jan 36 4312 Jan 11
4
*4112 43
*4112 43
Certificates of Int__ _No par
*4212 44
45 Dec 55 4 Jr,'
*49
50
4149
3
50
*49
50
50
50
49
49
*48
.56
200 Phillips-Jones Corp___ _No par 47 Jan 3 50 Jan 24
4118 Jan 10
16
•373 38
8
Apr 41
373 373
8
3612 37
10 3512 Jan 2,1
De
3 3612 371
3612 363
3644 3614
1.200 Phillip Morris & Co, Ltd
40 Mar 573 De
5918 611
6818 5912 5814 69
8
4
58
5934 5834 5934 5814 59 4 82.200 Phillips Petroleum____No par 543 Jan 3 60 Feb 5
,
31 Mar 464 No
*42
423
4 43
43
*42
44
*4312 441 *43
44
44
44
Hosiery
5 42 Jan 7 45 Jan 19
200 Phoenix
94 Mar 103
4
*10114 104 *10114 104 *10114 104 *10114 104 *10114 104 *10114 104
Oc
100 103 Jan 5 1043 Jan 24
Preferred
8
19 May 4318 Ja
1973 i98 20
2034
1958 2018
1914 20
184 Jan 25 227 Jan 3
193 2038 20
8
2134 26,900 Plerce-Arrow Mot Car No par
7612 Apr 12714 Au
907 91
8
903 92
4
*90
92
90
91
913 913
4
4 92
100 85 Jan 17 10212 Jan 3
94
2.300
Preferred
3 Jan 4
4
'2 Oct
17 Ja
8
25
5 Jan 5
3
14 ;
Si
4
53
*53
3
4
34
4
34
4
3
4
900 Pierce 011 Corporation
*1412 16
*14
4
11 18 Nov 2718 Ja
145 14; 1412 1412 •14
8
18
16
173 Jan 24
*14
1412 Feb 7
300
IOU
16
Preferred
314 33
312 312
8
37 Jan 13
8
214 Aug
312 3 8
5
314 33
7
Ja
4
312 33
8 *312 33
8 4,400 Pierce Petrern tens ottallo par
3 Jan 5
*35
36
343 364 *344 36
4
3812 Jan 3
36
*35
29 June 4212 Jo
*34
.35
36
3612
100 33; Jan 11
s,,oI Pittsburgh Coal of Pa
70 June 85
7114 713 72
8
7112 7112 7112 7112 71
Ja
..7114 7:114 71
7118
100 71 Feb 7 7412 Jan 7
Preferred
1,300
94 Mar 10018 De
10012 103
10012 10012 *10014 101 *10014 101 *10014 101 *10014 101
100 100 Jan 4 101 Jan 18
100 Pittsburgh Steel prat
7512 Mar 1247 Fe
9714 98
977 100
8
4
9914 997 13,300 Post'm Cer Co Inc new_No par 0612 Jan 4 1023 Jan 14
8
98 983
4 (5712 9814 9718 98
8
42
4514 4212 4612 443 4814 64,000 Pressed Steel Car new
3418 May 44 No
100 38 12 Feb 5 4814 Feb 11
3612 3712 37; 4012 4012 45
4
•77
81
80
84
80
82
100 7812 Feb 5 8412 Feb 11
7712 Dec 953 Ja
7612 78
77
7712 80
8412
Preferred
4
1,900
4 2814 3034 3014 32
30
4
11 Mar 203 Cu
2512 253
4 2514 26; 2512 303
314 127,900 Producers & Reflnera Corp.50
183 Jan 5 32 Feb 10
4
4812 50
494 485 50
8
4718 4812 4,700
48
50 367 Jan 6 5') Feb 9
8
304 May 414 0(
484 4812 4812 46
Preferred
333 34
4
337 34
8
337 3412 21,701 PubServeorp of NJ clew No par 32 Jan 6 35 Jan 21
337g 3413 3312 34
333 34
4
2
3114 Oct 33; No
egg
881, .8812 981, *m y gut *9812 9912 *9812 9912 *9812 9912
9612 Apr 101
100
8% preferred
100 99 Jan 14 9912 Jan 5
0(
*109 11018 11018 11018 10914 1094 *1094 11018 *10914 11018 *10914 1097
100 10811 Jan 5 11018 Jan 17 10318 Jan 110 No
8
200
7% preferred
•125l4 12618 12612 12612 *12514 130 *12514 130 *12514 127 *12514 127
100 125 Jan 10 12812 Feb 7 I 115 Mar 1243 No
200
8% preferred
4
10378 1037 103; 104
8
1031s 10318 10312 10312 103 103
10314 104
97
Jan 10413 Set
800 Pub Serv Elea & Gas pfd _100 102 Jan 4 104 Feb 9
8
11414 11414 *11414 115 .11414 116 *1143 115 .114h 114h 1145 1143
4
Jan 114 Au
200 Pub Service Elea Pr pref_100 113; Jan 18 11412 Jan 21 106
184 18512 184 1855 12,100 Pullman Company
183 18514 18212 184
4
4
1824 1834 1823 185
8
100 1813 Jar 18 18912 Jan 3 1454 Mar 19912 Set
45
4
8
4512 45
454 4514 4514 443 454 444 4412 3,600 Punta Alegre Sugar
4
60 413 Jan26 487 Jan 3
33 Apr 494 De
454 45
8
8 285 287 29,400 Pure 011 (The)
2918 2912 2918 2912 29
8
2914 2914 29 2 2'283 287
,
8
25 2714 Jan 3 29; Jan 17
2514 Oct 31
Ja
*112 11234 *112 113 *112 11212.112 11212 11212 11212 11212 11212
300
100 1113 Jan 11 1124 Jan 18 106 Apr 1123 Jun
8
4
8% preferred
4918 4918 4914 4914 49
*4812 4914 4914 4914 4912 4912
49
8
800 Purity Bakeries class A__ __25 463 Jan 20 4912 Feb 11
47
Oct 40; No
43; 4358 4312 43; 4312 433
4 4312 434 4312 4312 43; 44
Class B
No par
41; Jan 3 44 Jan 12
1,400
4112 Nov 44 De
4
4
10313 10312 *1023 105 *1023 105 *1023 105 *1023 105 *1023 105
4
Preferred
100 101 14 Jan 8 10312 Feb 5
4
4
Oct 103 De
100
99
5012 51; 5012 51; 4912 5114 503 553
4
4 55
563
8 54
5534 169,300 Radio Corp of Amer.-No par
4712 Jan 21 5658 Feb 10
32 Mar 6138 No
*51 12 52
*5112 52
52
*5112 52
Preferred
5218 52
52
800
52
52
50 5014 Feb 1
44; Mar 53; De
524 Feb 4
*4212 423 *4213 423 *4212 423 .4112 424 *41 12 424 *4112 42%
4
4
Rand Mines, Ltd
No par
40 Jan 5 41 Jan 7
4
323 Apr 4134 Ch
4
8
4
8
1438 1434 2,400 Ray Consolidated Coppet_to
4
1412 1453 14; 14; 145 14; .143 147
. 145 143
8
4
1012 Mar 163 No
1412 Feb 7
8
153 Jan 22
46
4612 4653 4734 21,100 Real Silk Hosiery
8
44; 45
10 3918 Jan 25 473 Feb 11
3712 Nov 5014 05
4112 45
44; 45; 455 4614
4
*92
99
99
*92
99
*92
Preferred
*92
99
*92
95
*92
99
100 91 Jan 29 934 Jan 8
934 Dec 100 No
3(53 Dec 56
8
Ja
40
*397 40
40
40
*39
40
300 Reid Ice Cream
4
40
40
*394 4018 40
No par
3812 Jan 24 4013 Jan 8
184 Fe
712 73
4
) 73
4
712 712 1,400 Reis (Robt) Or Co
712 July
712 71* *712 73
71
No par
4 *712 7;
7" Feb 5
9 Jan 10
134 1373 137 14034 14012 16012 147 1593 15112 15612 152 1543 82,000 Remington Typewriter__100 1121; Jan 12 16013 Feb 8
4
4
4
8312 API' 137
Fe
Apr 118 0(
*114 1157 1157 1157 1153 116
11412 11612 115 11712 11614 11712
7% let preferred
8
490
8
8
4
100 112 Jan 7 117,2 Feb 10 106
1164 119
Apr 11514 Au
114 11512 *115 116
11612 11612 117 119
660
8% 2d preferred
100 111 Jan 6 119 Feb 10 105
116 116
4
1 134 1238 7,300 Replogle Steel
Oct 15; Ja
113 1238
11
II
8
103 113
4
Jan 10
4
1112 1112 1114 Ilh
No pa, 1012 Jan 25 1312
63
6214 6318 20.200 Republic Iron & Steel
44 May 6338 Ja
8 62
8
8 61 12 62
613 627
4
607 6078 603 627
s
100 5812 Jan 4 637 Jan 13
8
9114 Mar 99 Set
•100 10014 10012 10012 100; 101 12 10012 10112 10158 101; 102 102
1,200
Preferred
100 965 Jan 3 102 Feb 11
8
414 Oct 1038 Ja
4; 4; .4; 412
43
8 412
8 412 *4; 412
500 Reynolds Spring
4; 4; *43
4
43 Jan 13
4% Jan 5
No Par
8
90 Mar 12173 No
1223 12212 1224 1224 12214 12212 122 12212 1223 12212 12214 1223
8
8 6,000 Reynolds (RJ) Tob Class B 25 11912 Jan 13 124 Jan 14
82
579
7618 Dec 100
Ja
*79
81 18
.78
82
*78
82
79
200 ROWila Insurance Co
Jan 21
78
78
79
8
25 74 Jan 13 835
473 Oct 578 Ja
8
8
4
4
51; 51; 5118 5112 513 5234 523 5412 523 5314 523 5314 16,800 Royal Dutch Co(NY shares)
4
4
50,2 Jan '25 54 2 Feb 9
41
36's May 484 Fe
403 41
4
41
41
*41
413
2 4034 41
3 41
403 407
4
6,100 St Joseph Lead
10 4034 Feb 8 42; Jan 5
*55
5512 55; 56
4218 Mar 5512 No
8 55; 5914 12,600 Safety Cable
5512 55; 5512 55; 5514 557
No par 523 Jan 3 5914 Feb 11
4
6714 Nov 10212 Fe
65
*64 .70
.64
68
*64
70
6412 6712
*6412 65
44
500 Savage Arms Corporation 100 613 Jan 28 71 Jan 4
4
212 Dec 104 Ja
24 23
4
4 23
4
23
4
23
4 *212 3
.2; 3
23
24 312 1,800 Seneca Copper
33 Jan 10
4
Jan 4
Ns par
23
4
52 Mar 70; Jul
583
4 57; 58
5553 5912 5918 5913 584 58; *573 584 *58
4
4
700 Shubert Theatre Corp_No par
5612 Jan 12 5912 Feb 3
484, 4714 484 48
4212 Mar 13812 Ja
4812 487* 4813 481, 48
48
4812 49
9,700 Schulte Retail Stores...No par 47 Jan 18 49; Jan 3
*11612 120
119 119 *11612 120 *11612 120 *119 120
119 119
200
Preferred
100 11614 Jan 22 119 Feb 7 11212 Jan 120 Set
1212 Mar
14; Ms
123 1234 *1234 13
.4
1211.4 123 *1218 123
1212 12;
1338 Jan 3
4
4 1214 1214
800 Sal-Lamy° Corn
No narl
121,1 Feb 19
•Bid and asked prices: no *ales on tilts day
s En-divIdend
Ex•righte
a Ex-divIdeurl une stare of Standard 011 of CallturnIa new
900
New York Stock Record-Continued -Page
For sales during the week of stocks usually Inactive, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
745.5.
Monday,
Feb.7.
Tuesday,
Feb.8.
1Vednesda1J
Feb. 9.
Thursday,
Feb. 10.
Friday,
Feb. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
Range Since Jan. 1 1927
On basis of 100
-share lots
Range for Previous
Year 1928
Lowest
Lowest
Highest
Highest
$ Per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Macon.(Con.) Par $ Per
Share $ Per share $ Per share $ Per share
5234 5234 5212 52
7
5212 523
4 523 52: 5212 527
4
4 6,200 filears,Roebuok & Co newNopar 51 Jan 17 53 4 Feb 2
8 5214 523
8
4414 Mar 583 Sept
3
59 59
*5812 60
*5812 60
*5812 60
*5812 60
8 1,800 Shatuck (F G)
5912 605
No par 56% Jan 17 814 Jan 19
47 Mar 8958 Jan
*4512 48
45% 454 46
4 1,300 Shell Transport & TradIng_£2 4412 Jan 4 474 Feb 10
464 463 484 473 47% *485 493
8
4
4
4012 July 4858 Jan
307 3112 3138 3184 3138 313
8
4 314 314 313 313 37,900 Shell Union 011
4 3112 313
8
4
No par 283 Jan 3 313 Feb 7
4
24 Mar 31 Nov
4
10712 10812 *108 10812 1083 1083 *10712 108 *1074 10812 *10712 1081
8
8
100 Preferred
100 1074 Jan 27 10812 Jan 10 103 Mar 114 July
2158 22
213 22
8
213 22
4
2138 213
4 2114 215
4
8 2138 213 11,000 Simms Petroleum
10 19 Jan 3 22 Feb 5
8
1518 Aug 285 Jan
35
3538 3514 35 4 35 4 35 4 3518 355* 353 383
3
3
8
8 353 36
7,300 Simmons Co
8
3
No par 3312 Jan 6 383 Jan 10
283 Oct 5412 Jan
8
8
*10814 109
10314 10814 *10814 109
8
1083 108 * 10818 110
8
210 Preferred
10814 109
100 10714 Jan 4 110 Feb 10 10512 Nov 10912 July
215 22
8
2114 22
207 215
8
213 33,300 Sinclair Cons 011 CorD_No par 19 Jan 3 223 Jan 20
8
8 21
2112 2114 214 21
8
163 Oct 247 Feb
4
8
*10212 103
10212 1025 10228 10238 10212 10212 10212 10212 10212 1025
8
8 1,200 Preferred
100 97 Jan 8 10314 Jan 31
90 Mar 9912 June
357 3614 3512 36
8
35 8 35 4 354 38
3
3
3512 384 3512 357 21,100 Skelly 011 Co
8
25 3414 Jan 4 3614 Jan 10
285 Mar 3718 Arne
8
*126 128
12712 12712 *125 1274 *123 127 *124 127
127 13014 1,200 Sloss-Sheffield Steel & Iron 100 12314 Jan 20 1314 Jan 10 103 Apr 14212 Aug
16514 166
185 166
169 17112 8,400 South Porto Rico Sugar--100 154 Jan 23 1734 Jan 10
16412 168
184 1694 187 172
92 Apr 16912 Dec
*123 1243 *11812 12434 *11812 123 *11812 12212 *11812 12212 12314 12314
4
10 Preferred
Oct 121 Dec
100 119 Jan 6 12314 Feb 11 110
32 4 3234 32 4 3234 323 33
3
3
4
3,600 Southern Calif Edbion
327 33
8
327 33
8
32% 33
as 315 Jan 3 3414 Jan 13
8
30 Dec 33 July
3712 37 8 3712 38
7
38
3758 38
3778 3678 3714 37
37
8,400 Southern Dairies ol A-No par 33 Feb 4 453 Jan 13
41
Oct 5512 July
8
1312 1412 133 1414 134 1412 1312 133
8
4,000 Class B
133 14
4
4 1314 14
No par 12 Feb 1
1712 Oct 35 4 Mar
20 Jan 7
3
*1014 13
*104 13
*1014 11
*1014 133 *1014 134 *1014 13 4
4
Spear & Co
3
No par
103 Feb 4 13 Jan 20
8
10 Dec 174 Feb
•79
80
*79
80
*79
80
*79
80
80
100 Preferred
79
*79
79
100 77 Jan 12 79 Feb 11
72 Apr 824 Jan
2112 2112 2138 2112 213 213
8
8 2114 2112 2112 2112 2112 2212 3,500 Spicer Mfg Co
No par 204 Jan 27 235 Jan 19
1834 Apr 3118 Feb
8
*101 104 *101 104 *101 104 *101 104 *101 104 *101 104
Preferred
100 106 Jan 10 106 Jan 10 101
Jan 10714 Dec
5414 544 5414 545
8 54
5412 5414 545
8 5414 543
4 5412 5512 8,800 Standard Gas & El Co_No par 54 Jan 25 557 Jan 5
51 Mar 69 Feb
8
5812 5812 *5812 583
4 5812 585
1,100 Preferred
8
8 5812 5812 5812 5812 585 59
8
5(1 5718 Jan 3 59 Feb 11
53 4 Mar 575 Feb
3
713 713
4
4 71
71
73
*70
700 Standard MilUng
7212 7212
71
71
7114 *72
100 704 Jan 4 7212 Feb 11
8718 Oct 9212 Feb
*88
89
885 89
8
885 90
280 Preferred
8
8
9012 903 *90
9114 885 90
4
100 84 Jan 5 903 Feb 9
Feb
80 Mar 90
4
60
601/ 593 608
4
* 5912 6018 594 604 595 80
8
8
595 597 17,000 Standard Oil of Cal new.No par 58 Jan 3 603 Jan 19
s
5
52 8 May 83 8 Sept
5
4
40 8 413
5
8 40
41
91,400 Standard Oil of New Jersey_25 373 Jan 10 413 Feb 5
3912 403
3912 40
8
8 395 40
4 394 403
8
4
373 Dec 463* Jan
s
118 116
116 116
11818 11618 11618 11818 11618 11618 11618 11814 6,000 Pref non-voting
100 1155 Jan 3 11614 Feb 11 115 Nov 11918 May
8
3358 344 3318 334 324 338
4 3314 3312 24,900 Standard 011 of New York...25 3212 Jan 10 3418 Jan 113
8
33 3312 333 335
's
3212 Dec 334 Dec
3
318 *3
34 *34 312 "312 3 2 *315 312
300 Stand Plate Glass Co-No per
3
312 312
107 Feb
8
3 Jan 11
312 Nov
414 Jan 3
8 943 954 943 947
4
9
58 957
8 94
9414 943 943
4
4
4 9412 9412 1,200 Sterling Products
No Par 904 Jan 4 9812 Jan 12
75 Mar 9614 Nov
6312 8312 63
6314 83
8538 7,500 Stewart
63
834 833
-Warn Sp Corp_No par 8212 Feb 1 873 Jan 5
8 634 634 6318
8
61 Nov 927 Jan
4
497 50
8
*4912 5012 4912 4912 *49
4910 *49* 4912 *49
4012
300 Stromberg Carburetor_No par 4778 Jan 3 51 Jan 7
473 Dec 7714 Au
4
54
545
8 5414 5518 5412 555* 5412 5518 5312 544 53
53% 45, 03 Studeb'rCorp(The) new No par 53 Feb 11 5812 Jan 7
3
47 May 82 Sept
*119 122 *119 122 *119 122
300 Preferred
119 122 2118 11812 11914 11914
100 118 Feb 10 120 Jan 4 11412 Feb 12212 June
3
3
3
3
1,800 Submarine Boat
3
3
3
28 3
7
7
3
27
8 28
No par
334 Feb
23 Jan 4
4
3 4 Jan 8
3
112 July
*333 34
4
34
34
33
34
*334 3312 1,300 Sun 011
*33
33
34
33
No par 313 Jan 10 347 Jan 17
4
8
8
304 Mar 413 Jan
43
4 478
412 5
458 471,
8
43
4 5
43
4 47 12,200 Superior 011
43
4 5
NO,par
412 Jan 5
1 July
54 Jan 21
514 Dec
*21
22
*21
22
*21
22
21
2112 2018 2018
21
500 Superior Steel
*20
100 195 Jan 25 2514 Jan 21
8
1912 Apr 347 Sept
8
*1314 135
8 123 123 *123 1312 123 123
4
4
300 Sweets Co of America
8
4
8
4
4 133 133 *1214 1312
8
50 113 Jan 27 135 Feb 3
8
8 8 Apr 175 Sept
5
8
*
54 6
5
5
412 5
412 412 3,700 Symington temp ette.-No par
*43
4 5
4
412 43
44 Feb 3
6 Jan 14
4 Nov
1412 Jaw
1218 1218 113 124 105 105* 107 11
4
4 1,700 Class A temp cids.„-No par
*
8
8
115 115 *1112 113
8
105* Feb 8 133 Jan 14
8
105 Oct 207 Feb
8
8
, *1214 123 *1214 1234 *12
4
123 •12
4
1212 1238 123
123 *12
4
Telautograph Corp____No par
8
115 Jan 10 133 Jan 22
8
8
11
Apr 1478 Jan
8
1112 1112 117 117
8 1112 1112 115 115
8 12
12'2 4,000 Tenn Copp & C
8
8 1112 123
No par
105 Jan 4 1314 Jan 13
8
1058 Dec 16 Feb
g
*5612 5712 *563 5714 *583 5712 584 563 *5512 583 *5512 553
4
200 Texas Company (The)
4
4
4
25 5512 Jan 26 58 Jan 17
48 Mar 53 Aug
563 57
4
5612 57
15,800 Texas Corporation
5612 585
8 583 565
8
4
8
2 563 57
25 56 Jan 28 58 Jan 17
534 Nov 577 Deo
8
5318 5312 5234 535
8 525 5318 5218 523
544 86,800 Texas Gulf Sulphur new No pa, 49 Jan 3 544 Feb 11
8
4 525 5318 53
8
39 Oct52 8 Nov
3
1512 1558 1514 1558 154 153* 15
8 1518 154 18,200 Texas Pacific Coal & Oil...
153
8 1518 155
.10 1418 Jan 27 163 Jan 12
8
12 Oct1912 Jan
1712 174 1758 1318 1718 18
17
173
8 164 1718 16
17e 10,700 Texas Pat Land Trust new_l 1512 Jan 25 2014 Jan 13
*2712 273
4 2712 271 *2714 2712 2712 274 42714 2712 •2714 271
200 The Fair
No par 2414 Jan 11 273 Jan 14 165 Dec 4
34 Jan
8
*4814 4812 *4814 481
4812 4812 4812 4812 *48
800 Thompson (J R) Co
25 47 Jan 26 4812 Jan 15
4812 *4814 481
4214 May 504 Sept
*28
2812 2778 277
8 2718 274 •27
200 Tide Water 011
100 2718 Feb 8 2918 Jan 13
28
*2712 2812
*27
28
27 Nov 394 Jan
88
88
88
500 Preferred_
8858 883
88
8
88
100 8712 Feb 2 8912 Jan 19
8812 88
*88
8714 Nov 103
Jan
904 91
906 928
2
4 9018 9134 9018 9412 9112 9414 917 9314 65,200 Timken Roller Bearing-No Par 78 Jan 3 9412 Feb 9
8
8
447 Mar 853 Nov
8
10834 1087 108 109
8
1075* 10812 1073 10812 *10818 10812 108 10812 13,200 Tobacco Products Corn- 100 107 Jan 28 1103 Jan 5
8
8
8
9514 Apr 1165 Sept
*114 115 4 11518 11518 115 115
3
500 Class A
115 115 *114 115 *1143 115
100 11318 Jan 4 11012 Jan 18 103 Mar 118% Sept
4
4 8 412
3
414 412
414 4 8
3
8
414 412
512 July
3 Mar
414 43 18,200 TranscTI 011 temetf newNopar
47 Jan 21
8
418 Jan 13
418 412
15
15
*14
1512 •14
200 Transue & Williams 8(1 No par
1512 •14
15 Jan 18 1514 Jan 6
15 Aug 27
Jan
1512 *14
1512 *14 - 1512
45 4 45 4 457 46
3
3
8
2,000 Underwriter Typewriter____25 45 Jan 29 4712 Jan 19
47
47
45 4 48
3
4612 474 4612 47
3
4314 Nov 83 4 Jan
41
41
40 8 405
5
8 404 42
3.900 Union Bag & Paper Corp_100 3812 Jan 25 4314 Jan 3
40
35 May 7114 Jan
8
405
8 404 4014 397 42
102 103
10212 10212 10258 103 4 10112 1033 10212 1033 10312 10512 23,800 Union Carbide di Carb-No par 9918 Jan 26 105: Feb 11
3
*
4
7712 Mar 1003 Dec
*
54
544 5312 53 4 5314 537
3
8 533 5312 534 533
8
25 53 Jan 25 5612 Jan 6
s
4 5314 5312 9,800 Union 011 California
374 Jan 583 Sept
*97
98
98
98
*98
200 Union Tank Car new
99
*98
93 Dec 9514 Deg
98
100 94 Jan 3 9814 Jan 19
99
*96
*96
98
9412 943
4 9412 954 94 945
4,600 United Cigar Stores
4
943 95
4
8 9312 9512 95
95
25 934 Jan 25 100 Jan 6
8318 Feb 1093 Aug
*128 132 *128 132 *128 132 *128 132 *128 132 *128 132
Preferred
100 125 Jan 5 128 Jan 5 1147 Mar 125 June
8
184 4 1843 164 185
3
4
183 184
7
100 159 Jan 25 17114 Jan 10 134 Mar 174 Deo
18212 163 8 2,900 United Drug
16212 164
162 163
597 6
2 5812 8812
900 1st Preferred
0
5
912 5912 5912 5978 594 5912 .5812 597
5512 Mar 59 July
50 5812 Jan 6 60 Jan 12
116 118
116 118
115 118
1163 11712 118 11814 118 11812 4,900 United Fruit new
8
Apr 126 Nov
No par 11312 Jan 28 1197 Jan 6
8
98
*17
1712 *1612 1712 *1812 1712 *1612 1712 *1812 18
United Paperboard
100
17 Dec 3811 May
*164 1712
17 Feb 2 17 Feb 2
*99 101
*99 10112 101 101 *10012 10112 *10012 102 *10012 102
200 Universal Pictures let pfd_100 98 Jan 14 10112 Feb 3
90 Mar 9812 Dec
31
32
32
34
31
33
31
8
3218 304 315
135 Mar 344 Dec
8
8 303 3114 47,300 Universal Pipe & Rad__No par 2712 Jan 25 31 Fecl 7
873 88 .88
4
300 Preferred
8814 *86
*86
88
86
88
*86
88
88
4
100 813 Jan 27 90 Jan 11
52 Mar 9018 Dec
2143 2143 21012 21314 208 21012 210 21012 210 21312 210 217
4
4
13,000 US Cast Iron Pipe & Fdv.100 202 Jan 25 22812 Jan 3 150 May 24812 Aug
*110 115 *112 115 *111 115 *110 112 *110 117 *111 114
Preferred
100 113 8 Jan 28 115 Jan 5 10014 Mar 118 Dec
7
53
534 53 4 54
3
53
53
8
514 53
39 Mar 8112 Feb
5214 5314 3,300 US Distill)Corp tem ot1No par 514 Feb 9 607 Jan 12
5212 53
52 5214 52
5212 5234 53
53
4 1,800 U S Hoff Mach Corp vtoNo pa, Si-', Feb I
53
4
533 5312 533 533
8
8
567 Jan 19
8
457 Jan 593 Feb
7918 795
8 79
7934 807
7914 7812 79
8
8 7912 803 12,800 U S Industrial Alcohol
7814 81
100 7718 Jan 3 8212 Jan 18
45 8 Mar 844 Dec
3
*109 110 4 *109 111 *109 DO *109 112 *109 111 *109 112
3
Preferred
100 1085 Jan 27 1093 Jan 17
8
4
8
9914 Apr 1147 Nov
637 8414 85
8
31,300 US Realty & !rapt new.No par 81,8 Jan 27 664 Feb 7
685
8 6414 857
8 6312 8514 834 654 827 64
8
4818 Mar 717 Jan
5912 607
8 595 613
8
8 8014 8112 6112 84
6412 8318 6412 122,000 United States Rubber
83
100 58 4 Jan 25 8412 Feb 10
5014 May 8814 Jan
3
*10712 10812 *1073 10814 *10712 10812 109 109
4
300 lst Preferred
109 10912 *1083 10912
4
100 1074 Jan 27 110 .Ian 11 10112 Mar 109 Jan
3512 3512 3512 3512 3514 3512 *3518 3512 *354 354 35
3512 1,200 US Smelting, Ref & Min___50 333 Jan 13 387 Jan 4
8
Oct 497 Jan
8
30
*46
4618 4618 4618 *48
8
4812 4612 4612 *4612 467
300 Preferred
Jan
487 *46
8
Oct 60
50 455 Jan 18 473 Jan 4
42
4
8
15612 15712 1564 1584 158 4 1573* 15812 153's 1337 1553 1583 1577 110,800 United States Steel Corp_100 15312 Jan 28 15914 Jan 10 117
8
3
4
Apr 18012 Dec
s
1 *
11314 1135 113 11378 11234 11312 1127 1143 11314 11418 11314 1133 60,300
8
New w 1
8
8
4
8
1113 Jan 23 116 Jan 10 1137 Dec 117 Dec
8
129 4 129 4 1294 1293 1297 1297 1294 130
3
3
1,500 Preferred
4
4
8
130 130
8
130 130
100 129 Jan 28 1304 Jan 5 12412 Mar 1303 Dec
89
69
*63
500 U 8 Tobacco
69
*69
70
70
*69
69
70 1 88
5612 Jan 67 Deo
*89
No par 07 Jan 4 70 Jan 11
*12312 125 *1234 125
Preferred
12312 125 *12312 125 *124 125 *124 1243
4
100 123 Jan 14 124 Jan 26 112 Mar 123 Deo
*11312 1143 *11312 114 4 *11312 114 4 *11312 1143 *110 1143 111 111
3
4
200 Utah Copper
4
3
4
10
275 2758 28
8
28
11,400 Utilities Pow & Lt A...No par
28 28
s 29
277 297
2912 2878 29
8
*3912 40
*39
40
3912 3912 40
3934 1,100 Vanadium Corp
40
383 383
4
4 39
No par
544 5414 5418 547
8,400 Vick Chemical
8 54
54
5412 547
8 543 56
53
56
4
No par
10
10
1018 1018 10
1018 10
1014 1014 1012 1012 1012 2,800 Virg-Caro Chem new -No par
335 34
8
3414 345
8 33 8 345
5
8 335 343
2 2,300 6% Pref w I
8
4 348 385
2
8 357 357
100
*8512 88
86
37
•88
700 7% prof w 1
88 4 853 85 4 86
3
4
3
4
88
100
873 874
*43
50
*43
50
*43
300 Virginia Iron Coal & Coke.100
50
43
43
*41
44
50
44
35
3518 3418 344 344 343
4 333 3412 335 343 *3414 343
4
4 6,200 Vlvaudou (V) new ____No par
8
4
*106 109 *108 108 *108 108 *108 108 *104 109 *105 109
Preferred
100
*24 8 247
5
8 2412 25
•22
2414 2414 244 *2414 2412 2412 2412 1,600 Waldorf System
No par
20
21
2018 2012 2014 2014 1912 2014 193 1934 *193 20
4,100 Walworth Co otte
4
4
No par
10100
-- •100
_- *100
__ *100
.*100
Ward Baking Class A No par
__ _ _
__ *100
.
3012 3
012 3012 3012 294 30
2918 3112 294 303
8 30 3012 3,800 Clain 13
No par
9412 94 8 9478 *94
5
94
95
94
94
93 4 933
9312 1,300 Preferred (100)
3
4 93
No par
4312 443* 424 44
415 435* 39
4
'2 42
4
3912 403 71,900 Warner Bros Pictures A____10
38
41
'76
76 4 7612 774 •75
3
76
7518 755
8 7612 7612 77
1,600 Warren Bros
77
No par
*5812 80
*59
60
5914 5914 584 5912 59
1,000 Weber dr Hellbr, new e_No par
80
60
60
148 148
148 148
149 149
14912 14912 *1473 149 *148 149
1,100 Western Union Telegraph_100
4
8
138 1387 138 13814 13712 1383 138 138
4
1363* 140
1403 1423 12,300 Westinghouse Air Brake....50
8
8
5
687 687
8
8 65 8 6018 887 8912 685 6912 89
8
8
9,100 Westinghouse Eleo & Mfg. 60
8912 683 70
4
17
1812 165
16 8 174 17
3
8 16
17
17
17
3,700 Weston Eleo Instrument
17
17
*33
3312 *33
3312 *33
3312 *32
3212 *32
3312 33
100 Class A
33
1017 103
8
10212 103 *10214 102*1 10212 102's
1017 1014 102 102
8
270 West Penn Eleo el A vt1 No par
10534 106
1057 107
8
107
106 107
107
10512 107
100
930 Preferred
106 106
1123 1l24 11234 113
4
11212 11212 11212 11212 11212 113
West Penn Power pref.-100
1123 1123
4
3
4 2812 263
285 284 2812 26 4 2812 283
8
2812 281
285 2858 2,700 White Eagle Oil
8
No par
544 55
5415 56
54 3 547
5
8 5414 547
5414 55 8 5418 543 19,000 White Motor
3
60
*2714 2712 2712 2712 27% 2712 2714 271
2714 271 *2714 2712 1,200 White Rock Min Elp otf_No par
47
474 464 463
4 463 47
4
46
'r 46
4 464 4684 4612 46'2 1,300 White Sewing Mach pt_No par
5
4
5e
5
8
5
8
5
1
8
4
5
5
5
1
5
8
138 23,600 Wickwire Spencer Steel etf_.
7
7
g
4 2034 2138 2012 214 207 217
8 214 213
2114 217
8
218 53,700 Willys-Overland (The)
4
8 21
6
*907 9214 *907 92
8
8
8
• •907 9212 •907 92
914 913
s
4 9112 911±
400 Preferred
100
4
1414 1414 14
4
133 137
8
8 133 1412 133 14
14
7,200 Wilson & Co. Inc. new_No par
137 14
8
8
8 2912 3012 29 30
3
2912 30 8 295 307
2914 293
4 2914 291
9,000 clam A
No par
8 80
8 8018 8012 8018 805
8014 7912 80
8014 8114 804 817
5,600 Preferred
100
122 12278 122 1231 x12212 123
8
1223 123 8 12214 123
8
12312 1274 29,400 Woolworth Corp new w I
2512 2558 27
26
Ms 2614 2818 2512 26
23
23
23
100
9,700 Worthington P & M
50
48
50
49
50
48
*49
48
50
*47
100
49
49
700 Preferred A
43
4314 43
41
*41
4118 42
41
43
*40
413 413
4
4 1,200 Preferred B
100
3014 31
3212 31
3112 307 32
8
30
30 4 31
3
*32
311
5,300 Wright Aeronautical
-No Par
52 52
52
*515 52
8
52
*513 52
*515 52
*515 52
4
8
8
200 Wrigley(Wm Jr)
No par
3
3
4
3
4
73 4 734 *7314 73 4 723 734 72 4 72 4 *7212 733 *73
3
800 Yale & Towne
73 4
3
25
8 2714 28
8 2712 2814 274 277
25 4 277 102,300 Yellow Truck & Coach... 100
3
273 2812 274 237
4
*9512 98
*9512 96
947 95±
8
3
953 95 4 *9512 96
4
98
96
500 Preferred
100
8 8612 871
881s 884 8618 8612 8614 887
3,600 Youngstown Sheet & T,No par
8618 87
3812 87
•ma and gibed Weer op ealee nu thig gay. sift-dividend. Plits-411v1dima and ex-riglita
93 Apr 110 Nov
11311 Jan 4 1134 Jan 4
2758 Dec 37 Feb
8
27 Jan 8 297 Feb 9
29 Mar 43 Aug
41 Feb 3
37 Jan 20
4314 July 52 Aug
48 Jan 3 58 Feb 11
9 Oct 2512 Feb
9 8 Jan 24 1012 Feb 10
5
Jan
318 Oct 69
s
327 Jan 6 364 Feb 10
Oct 9818 Jan
83
4
8418 Jan 22 873 Feb 11
40 May 6012 Nov
43 Feb 9 51 Jan 4
28 Mar 3612 Dec
4
3212 Jan 24 353 Jan 31
4
943 Jan 11012 Dec
1043 Jan 27 108 Feb 3
8
Jan 23 Deo
17
2212 Jan 6 25 Feb 7
1214 June 234 Jan
18 Jan 14 21 Feb 5
99 June 195 Jan
-2114 Oct 853 Feb
8
29 Jan 25 3312 Jan 5
884 Oct 11012 Jan
913 Jan 7 9514 Feb 3
8
12 June 694 Sept
4512 Jan 6
371s Jan 26
437 Apr 89 Dec
8
65 Jan 14 73 Feb 4
53 Apr 854 Jan
5812 Jan 5 80% Feb 1
8
14412 Jan 8 151 Feb 1 1344 Mar 1577 Sept
8
13312 Jan 4 1423 Feb 11 10514 Mar 148 Dec
65 May 7911 Feb
8
875 Jan 4 705 Jan 10
1
13% May 1912 July
15 Jan 8 1714 Jan 29
274 Jan 3212 Oct
8
3014 Jan 6 345 Jan 28
8812 Jan 984 Oct
977 Jan 4 103 Feb 8
954 May 10212 Dec
102 Jan 4 1074 Jan 31
111 Jan 15 114 Jan 13 108 Mar 115 Sept
2518 Apr 293 Feb
4
25 4 Jan 3 27 Jan 12
3
5118 Apr 90 Feb
53% Jan 25 574 Jan 5
Oct 383 Feb
8
22
8
28 Jan 26 283 Jan 11
464 Oct 844 Oct
4612 Feb 9 59 Jan 17
3 8 Jan
3
58 Dec
13 Jan 11
8
12 Jan 28
18 May 34
Jan
1912 Jan 24 237 Jan 10
8812 Oct 99 Feb
91 Jan 8 95 Jan 11
6 May 143 Deo
8
1114 Jan 17 1412 Feb 7
8
8
14 May 305 Dec
2814 Jan 28 315 Jan 8
42 May 813 Dec
8
3
7818 Jan 3 817 Feb 7
1174 Jan 11 1273 Feb 11 12014 Dec 128 Dec
8
4
19 Nov 443 Jan
2012 Jan 27 27 Feb 8
44 Nov 80 Feb
48 Jan 22 50 Feb 8
3714 Nov 85 Feb
40 Feb 2 4314 Feb 8
4
2412 Mar 393 July
30 Feb 3 3514 Jan 8
4
47 Apr 593 Feb
8
507 Jan 4 524 Jan 21
4
8012 Mar 7212 Aug
7014 Jan 8 733 Feb 3
8
20 May 395 Sept
25 Jan 14 298* Jan 5
9112 Apr 10712 Sept
94 Jan 6 99 Jan 3
851s Jan 29 90 Jan 13
69 May 954 Aug
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
901
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are sow "and iniererf"—ezcept for Income and defaulted bonds.
r.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 11.
h
•••4 a.
Price
Friday,
Feb 11.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 11.
Price
Friday,
Feb. 11,
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No. Low
Ask Low
Bid
High
High
Bid
Ask Low
High No. Low
U. S. Government.
9638 156
8
9312 977
Lyons (City of) 15-year 68_1934 54 N 953 Sale 9518
First Liberty Loan
9614 134
3
9314 97%
Sale_ 101 1132101 14, 407 1014,10114, %Unsettles(City of) 15-yr 68_1934 MN 95% Sale 9a14
114% of 1932-1947
30 Mar'26
,
100114 101
101
Jan'27
Mexican Irrigation 434a____1943 MN
Cony 4% of 1932-47
D
9 -51- - 34
131;
10334, 103114, 74 10214,103.H
Assenting s f 434s-------1)343__31 Sale 31
Cony 434% of 1932-47 __
1 13
5112 Oct'26
102134,Dee'26
- -- Mexico (U S) esti 54 of 1899 '45 Z1
-2d cony 44% of 1932-47
87 -5572 - 644
61945 --- 3912 Sale 3912
Assenting 5s of 1899
'Second Liberty Loan—
M N 1004, Sale 1004, 1004,
7 100344100.n
4034 Jan'27
3953 4014
Assenting 55 large
As of 1927-1942
MN 10014, Sale 100134,100342 669 10011411011a
3712 May'25
Assenting 5s small
Cony 43(% of 1927-1942
19543 D
34 July'26
Gold deb 40 of 1904
Third Liberty Loan
2424 - 43(M 1011132 Sale 1014, 1011342 610 101134101314s
28 Sale 2712
4
34
4 71
313
Assenting 4s of 1904
% of 1928
27 Dec'26
Aa4enting 4s of 11/04 large
Fourth Liberty Loan
0 103114 Sale 103"4,103134, 705 103134,103'9u
,
8
255 Sept'25
Assenting 48011904 small
43.(%
44% of 1933-1938
2614 2734
J J 2612 28
8
1947-1952 A 0 11014, Sale 1101341110"n 83 1104,110114,
273 Jan'27
Assenting 4s of 1910
Treasury 44s
39
2614 Sale 2614
2818 3112
1944-1954 J D 106134, Sale 10614,10634, 155 1064,10637,,
30
Assenting 48 of 1910 large
Treasury 48
13 1034,104.
2234 Sale 2234
2618 239
1946-1956 M S 103342 Sale 10314,104
22% 2658
Assenting 95 of 1910 small
Treasury 3%a
20
4615
43
42
State and City Securities.
Trees 6s of '31 assent (large)'33 .1 J 42 Sale 42
10012 101 1007 Jan'27
57
1007g l007
8
4112 48%
8
45
NY City-41a Corp stock_1960 M
425* Sale 4258
Small
1964 M
10238 103 10212 Jan'27
27 101 102
1952 J D 102 Sale 10112
102
10212 10212 Montevideo 78
44s Corporate stock
1966 A 0 10238 103 10178 Oct'26
5 1074 108,2
4
10812
Netherlands 60 (flat prices)_.1972 M S 108 ____ 1073
445 Corporate stock
1972 A 0 10212 10318 1027 Jan'27
52
A
8
-2
4340 Corporate stock
15578 1627- 30-year external 60(flat). _1954 F 0 1035* 10378 10312 1037 25 103% 1034
A 10214 Sale 1013
l0634
1943
_ 10634 Oct'26
102
4
10114 10214
Norway 20 year extl 6s
11348 Corporate stock
1
2 .1
1944 F A 102 Sale 10134
1065 1063
10214 73 1014 10214
8
4
106%
434s Corporate stock _July= .1 1: 10612 ____ 10658
20-year external 65
8
1063
_ 10658 Jan'27
1952 A 0 1013 Sale 10134
10618 106'8
4
5
10234 63 100 102 8
30 year external es
43.48 Corporate stock
10614 10718 10612 Jan'27
1955J D 10018 Sale 100
10012 74
9834 101
106% 10612
40-year s f 54s teluP
434 Corporate stock
1955 M N 101 Sale 10034
4
1959 M N 9918 993 9914 Jan'27
99
3
99 4 Oslo(City) 30-year 5f6s
9% Corporate stock
10134 22 100% 101,
2
4
1946 F A
9912 72
1958 M N 994 993 9914
4
4
984 Sale 983
99
994
994
97 100
Sinking fund 534s
9% Corporate stock
1
4
1957 M N 9918 993 9958
98% 100
10212 /4 10218 10212
Panama (Rep) eat! 534s___ _1953 J D 10214 Sale 10218
99%
4% Corporate stock
1966 M N 9814 ---- 9812 Nov'26
9 1031/ 10512
1944 A 0 105 108 104%
stock
105
Peru (Rep of) external 88
4% Corporate
1955 M N 98 4 -- -- 977 Oct'26
1940 11 N 1003 Sale 1003
4
8
1014 72 1003 10134
,
4
En]sink fd 748 temp_
4% Corporate stock
8312 45
1940 A 0 817 Sale 817
1936 MN
99 Mar'26
7612 85
Poland (Rep of) gold fla
4% Corporate stock
stock_ _ _1967 54 N 10631 287
1067 Jan'27
1950 J J 955 Sale 9514
105 8 106%
96
5
9314 965
8
Esti sink fd g 8s
• % Corporate
4 10314 105
107
l951 J D 10412 105 1043
107
105
4
4
1053 107
• % Corporate stock _ _ _1957 M N 10612 _
Porto Alegre (City of) 8s_
14 111 113
9018
4
113
8
897 904 Queensland (State) eat'6178 1941 A 0 1123 Sale 1123
s
84% Corporate stk_May 1954 MN 9018 Sale 904
1947 F A 10512 Sale 105
8
897 Jan'27
10512 24 104 10512
89% 89%
83.4% Corporate stk_Nov 1954 MN
-year external as
25
89 Apr'26
1955 M N
10514 18 103% 10514
11413 Corporate stock
Rio Grande do Sul extl 8188_1946 A 0 105 Sale 1044
14 10218 109
10212 Oct'26
4
105
Rio de Janeiro 25-yr ei 1 8a_ _ .1946 A 0 1054 Sale 1043
Mew York State Canal Im 48.1961 J J
10212 Aug'26
1947 A 0 10312 Sale 10312 10434 87 10214 1043
1960 ---4
48 Canal
25-yr esti Ss
8
102 May'26
1962
10414 35 103% 104 4
3
4s
Rotterdam (City) extl 65...._1964 M N 10314 10414 1035
1952 NI N 108 10814 10834
8
1023 Mar'25
1942 J
4 15 10712 1083
1083
Ils Canal
Sao Paulo (City)61 8
4
8
30 10412 1054
4
102
1964 J J
135
Apr'26
4Y4e Canal Inlet
San Paulo (State) eatS f Ss .1936 1J 105 Sale 1043
1017 Mar'26
8
4s Highway impt reglat'd_1058 --- 10712 31 105 107,2
External sf8sint recta_ .._1950 J J 1067 Sale 10612
1956 /31 5 100 Sale 993
111
10012 42
4
Dec 26
Highway improv't 4413-1963 M
984 10012
External water loan 79
42
9512 Sale 95
957
7612 Feb'25
Virginia 2-35
4
1991 J
933 9614
Santa Fe (Prey Arg Rep) 741_1942 M
1942 J J 101 Sale ' 993
4
Voroign Gov't and Municipal's
10114 199
97% 10234
Seine (France) extl 713
4
4 89
1023
8
975 98 4 Serbs, Croats Ac Slovenes 8,3_1962 54 N 1023 Sale 102
argentine Ocvt Pub Wks 613_1960 A 0 9818 984 98
3
9714 1023
98% 145
4
1936 54 N
95 Sale 945
9534 38
100
Argentine (Nat Govt of) 7E3_1927 F A
9114 97
Jan'27
99% 10112 Soissons (City) call 6s
19391 D 10412 Sale 10312 10412 44 103 1043
9814 Sale 98
Sink fund 6s of June 1925_1959 J
,2
4
973 984 Sweden 20
-year Ss
985s 119
8
1954 MN 10312 Sale 10314
Esti a 1 6a of Oct 1925___ _1959 A 0 9814 Sale 9818
8
10334 38 1023 104
973 983
4
4
External loan 548
4 51
983
997 Sale 9912 100
1957 M
84
9738 100
Sink fund (1,3 Series A__
11314 32 113 1137
s
Swiss Conied'n 20-yr s 8s._1990 J J 11314 Sale 113
46 102% 104
104
9838 Sale 98
External fis series IL _Dec 1958 J
3
4 80
983
97% 98 4 Switzerland Govt ext 54s...1946 A 0 10318 Sale 10318
19
86
OS Sale 98
7914
9734 99
Esti a 16,3 of May'26 temp 1960 M N
99
8
755 7978
Tokyo City 5s loan of 1912 _ _1952 MS 7812 Sale 1 777
3
6
Esti 68 Sanitary Works
98% Trondhjem (City) eat' 6348_1944 J J 10118 Sale 100 4
1011g
98
9912 1014
1961 F A 9812 Sale 9814
98% 116
9612 19
9138 Sale 91
9038 92
9112 15
94
Argentine Treasury 50
97
1945 M
Upper Austria (Prey) 7,3_ __ _1945 I D 964 Sale 9618
12 108 8 112
112
4
973 Sale 973
977 193
,
9714 9812 Uruguay (Republic) esti 843_ _1946 F A 112 Sale 109
Australia 30-yr 5a__ _July 15 1955 J
1960 M N 951 Sale 9512
170
96
95
4
External a 1 6,3
Austrian (Govt) s 1 7s
964
1943 3 11) 10514 Sale 1033
10512 101 10114 10 12
1961 J I) 9512 Sale 9514
9612 226
10018 169
9818 10014 Yokohama (City) extl 6s
34
9314 9712
Bavaria (Free State) 634s. 1945 F A 997 Sale 99
53 111 114
Railroad
4
112
Belgium 25-yr ext a f 734s g_1945 J D 1113 Sale 11134
10834 Sale 108
10318 10318
Ala Gt Sou let cons A 513_ _1943 J D 10318 1034 1034 Jan'27
1083
-year s f 8s
20
4 51 108 109
1928 54 N 10014 102 10012
10012
1 100% 10012
3
96 4 10212 Ala Mid 1st guar gold 58
e
-year external 6 3.4s
25
1
) t 101 Sale 10012 10114 157
211
1946 A (3 873 ____ 873 Jan'27
4
4
8
925 98
4
-4
963 260
87% 874
Alb & Suse cony 334,3
External s I 69
1955 J J 963,8 Sale 953
D 104 Sale 10338
85 , 7
10414 345 10212 1051 2 Alleg & West 15t g gu 48_ _ _ _1998 A 0 847 Sale 847
85
85
External 30-year s f 78-1955
1942 M
953 9534 96
264 10138 103% Alice Val gen guar g 411
Jan'27•__ _ _
103
954 96
Stabilization loan 78
1956 51 N 1027 Sale 102
80
July 1995
2
8014 797
24 11212 1133 Ann Arbor 1st g 4s
4
113
4
7912 81
1945 M N 113 11318 1123
Bergen (Norway) s f 88
48_1995 A 0 93% Sale 934
94
56
9912 10014 Atcb Top & S Fe—Gene
924 944
25-year sinking fund 138_ _1949 A 0 100 Sale 993, 10018 14
A 0
6
93
1960 A 0 100 Sale 9934
02
9818 10012
Registered
93
10038 108
Berlin (Germany) 630
58
0
9
91
Adjustment gold 4,1_ _July 1995 Nov 90
13 1024 10412
104
8714 9114
Bogota (City) call f tits_ _1945 A 0 10312 Sale 10314
Nov
8912 Sept'26
Registered
Bolivia (Republic of) 88_ _ _1947 M N 10412 Sale 1044 10.434 152 104 10511
*
July 1995 M N 903 Sale 897
4 25
903
Stamped
4
0638 171
8
033 97%
875* 91
Bordeaux (City of) 15-yr 68_1934 M N 953 Sale 9514
54 N 85
8812 85
Jan'27
36 104 10812
85
Registered
S5
1941 3 D 107 Sale 10612 108
Brazil(U Sof)external 8n
19553 D 88
89
.
881 Jan'27 _ _
414
9.1
8812 8812
Cony gold 4s 1909
94
89
External a f 6 4,3 of 1926_ _1957 A 0 9212 Sale 0212
4
1955 J 1) 883 Sale 881
4
923 277
, 884, 3 8734 89
9613 Sale 9578
9412 9(12
Cony 4s 1905
7s (Central Railway)
J D 8618 87
8714 Jan'27
_
1047
Com, g 40 Issue of 1910_ 1960
4
86
87%
)
D
I 10412 1043 10438
101N
s 11 10178 106
74s (coffee maul £ (flat).11
9912 Sale 9912
8
9934
9914 99%
East Okla Div 1st g 4s__ _1928 M
10414 76 10218 105
Bremen (State of) ext'l 7[3_1935 54 N 10412 Sale 104
8912 Jan'27
10012 21
100 Sale 100
9914 10012
8912 90
Rocky Mtn Div 1st 4s __ 1965 J J 877 90
Buenos Aires(City) esti 6481955 J
913 913
4
4 10
913
55
94, 1
93
9012 913
92
Trans-Con Short L let 40_1958 .1 J
4
Bulgaria (Kingdom) s I 78_ _1967 J J 9212 Sale 9212
984 Sale 98
98
J
4
983
9514 90
Cal-Ariz let & ref 44a A_,1962 M S 98% 984 9914 Jan'27
99,1
Cabins Dept of(Colornbla)740'46
1946 J D 1977
04%
8
1049%4
,
7
1043 1041
4
4
Canada(Domlnion of) 58_ 1931 A 0 10138 Sale 10138 10158 20 10014 101% Atl Knoxv & Nor 1st g 58
Jan'27
54 1013 10218 All & Cheri AL 151 A 4413_ _1944 J -I
8
1017 Sale 10138
102
0
9952 100
10-year 53.4s
8
10458 54 104 10512
MN 1045 Sale 104
10414 105
let 30-year 58 series It.......19443 J 10412 fos 19412 Jan'27
58
9812 Sale 9812
8 44
083
9818 983 Atlantic City 1st cons 4s _ _1951 J J 8518 897 8634 Dee'26
8
1936 F A
44a
9414 Sale 933
9412 37
8
1043
9:134 96
4
Carlgbad (City) sI 8
1954 3 J 1045 105 1044
4 13 10312 105
Atl Coast Line 1st cons 45 July '52 M
88
8 1047
47 1033 10512
1930 M N 1033 Sale 1033
10934 45 108 10914
.Chile (Republic) ext'l s 188 1941 F A 108 Sale 108
8
10-year secured 78
4 11
983
• 1964 .1 D 98 100
1003 113 100 101
9812
1942 51 N 10014 Sale 10014
General unified 434s
-year external 7s
20
4
4
973 983
4
6
4
8 20 1073 109
923
1085
4
-year sinking fund 8,3_ _ _1046 MN 10814 Sale 108
25
9112 93
L & N coil gold 45___ _Oct 1952 MN 9212 Sale 9212
5
A 0 93 Sale 93
13
19483 J 78
8
805s
933 756
9214 9312 Atl & Danv 18t g 4s
8018 79
External sinking fund 60_ _1960
% 8112
701
9612 47
4
1948J .1 7418 743 743
8
4
955 9612
3
7518
7312 754
2548
'Chile Mtge Ilk 64a June 30 1957 J D 96 Sale 96
5
83%
9712 83
835s
8
97
984 AU & Yad 1st g guar 48_ _ 1949 A 0 835 84
S218 84
B f She of 1926_ _Juno 30 1961 3 D 9612 Sale 97
4
103
_ _ 103 103
264
1951 J D 273 29
Jan'27
244 30
2 3
9 4 28
Austin & N W 1St en g 58_ .1941 J I
Chinese (Ilukuang 11Y) 5,3
993
3
4
100
9934 10112 Bait & Ohio lat g 4a_July 19481A 0 94 Sale 933
4
933 9514
943
4
8
7
Christiania (Oslo) 30-yr 816131954 51 5
10012 96
4
July 19481Q .1 9114
993 Sale 09
9758 10012
9212 Dee'26
Registered
Cologne(City) Germany6481950 M
5
10012
1927 A 0 1004 10012 997
997s 1002
248 -5/ - -I933'M
98 Sale 973
99
4
-year cony 44s
69
20
Colombia (Republic)64,3
9634 69
4
953 Sale 954
M
94
1945 J J
Registered
96% Nov'26
96%
Dept of Antioquia 7sA
9512 Sale 9512
53
96
94
J
96%
1045
10118 126 iodia 10212
4
Refund & gen 58eerles A__1995 J D 100% Sale 1033
External a f 7sser IL
10038 Sale 100
10012 51
1948 A 0 10514 Sale 10518
9914 100%
1st g 5s
4
10534 78 1043 10612
Copenhagen 25-year a 548_1949 J
9914 16
1929 J J 1027 Sale 1025
9712 9914
8
71 10214 101
103
10-year 6,4
s
Cordoba (Prey) Argentina 7,31942 J J 9918 Sale 9712
4
6 10018 100%
10011
10953 D 10814 Sale 1073
1944 M S 10012 1003 10018
10812 190 1075 1083
4
Ref & gen &series C
8
58 of 1994
4
Cuba
_ 10114 1013
10112 Jan'27
F A 10114
4
93% 12
4
4
PLE&W Va Sys ref 4s 1991 MN 923 Sale 923
92% 9514
External 59 of 1914 ser A.1949
4
943 Sale 9412
3
94
1950.2 J 102 Sale 1013
943
9434
10214 42 101% 10234
4
Southw Div 1st 503
External loan 43gs
103 Sale 10212 103
60 10115 103
Tol dc CM Div 1st ref 4s A _1959 J J 8212 Sale 8312
8 13
837
82
Sinking fund 534s
84
10912 79 105 110
10118 115 100% 1023
Ref & gen 50 series D_ _2000 M S 10118 Sale 10034
4
Czechoslovakia(Rep of) 8a_ _1951 A 0 109 Sale 10834
4 1087 103 1043 1087 Battle Crk & Stur let gu
8
_1989 J D 65
4
8
1952 A 0 1087 Sale 1073
65
Jan'27
64
Sinking gund 86 ger 11
65
A 0 10814 Sale 10712 108 4 340 1043 10814 Beech Creek let gu g 4a___ _1936 J I 953 ,
4
4 9614 9512 Jan'27
Externals f 734,3 series A 1945
9512 954
28 100% 111
III
J D
Registered
_ _ 9512 Jan'27 _
9512 9512
Danish Cons Munielp 85 A 1946 F A 11034 Sale 11014
16 10914 111
111 Sale 11012 111
1936 J J 9412- - 99
2d guar g 55
99 10112
Jan'27
Series 13 f 813
99
99
70 103% 105
10434 Sale 10412 105
Beech Crk Ext 185 g 3328_ _1951 A 0 82
83 Nov'26
Denmark 20-year 68
9912 18
8
993 Sale 9938
99% 10012 Big Sandy 1st 45
1944 J D 91 - -12 9114 Dec'26 _91
Dominican Rep Cust Ad 53413 4 M
8 10418 46 10012 104,2 Bost & N Y Air Line 1st 49_1955 F A 8012 813 801g
M N 10312 104 1025
4
Dresden (City) external 7,3_1945
801g
8 -i52 81
8
51 102% 1033 BMUS W 1st gu gold 4s
103
4
1938 J
J 103 Sale 1023
8
955 97
9555 Dee'26
Dutch East Indies ext1813_1947
55 1021 1 10312 Buffalo R & P gen gold 5s
103
1937 M
1025 ___ 103
8
1962 M S 103 Sale 10238
40
-year 6s
1 661Jan'27
i52F 1- 2
6 1003 102
1007 10012 1001
s
8
Consol 4481957 MN 947 Sale 947
8
-year externals34s
80
4 76
953
9418 96,2
1953" 8 10012
r
8 1007
5
100 8 101%
s
Registered
M N
1953 51 N 1007 Sale 1005
90 Dee'26
-year external 534s
30
5 10614 1077 Burl C R & Nor lat Es
1061
10612 Sale 1063
8
1934 A 0
1948 J
El Salvador (Repub) 88
5 101 101
101
- 101
963
50
9512 Sale 9518
93
953i Canada Sou cons gu A 5a___ _1962 A 0 105 166 10514
Finland (Republic) extl 68...1945 M
4 14 10518 106
1053
1003
26 100 102
Canadian Nat 4 4s_Sept 15 1954 M
1950 M 8 10012 Sale 100
96
External sink fund 7s..
9614 957
97
95
9634 49
Sale 973
081 146
4
96
,
09 1
-year gold 434s_Feb 15 1930 F A 997 Sale 9912
5
1956 M S 984
9918 100
26
External a 1634s
100
2
98
96
4
98% Canadian North deb a f 7,3 1940 J
11512 Sale 11512 11512 36 1143 1153
4
4
Finnish Mun Loan 6349 A1954 A 0 973 9812 98
9838
3
98
4
95% 99
0 973 OS
634s
20-year a f deb
1946 J .1 11834 Sale 11834 1183
4
2
External 634a series B....1954 A
4 29 1173 1183
10914 Sale 10812 1091 245 10814 110
10-yr gold 44a_ __Feb 15 1935 F A
9814 985* 9818
9712 9812
French Repub 25-yr ext'l 80_1945 M
9812 15
1101 389 105 11212 Canadian Pee Ry 4% deb stock__ J .1 833 Sale 8314
4
83,4 8512
4 36
843
-year external loan 73.48_1941 J D 10918 Sale 109
20
8
8 1025 923
Sale 1013
99 1041s
Col tr 4340
1946 M
1049 J D 1024
96
4
953 Sale 96
96 14 47
External 78 of 1924
9634
1081 518 10612 109 2 Cart)& Shaw 1st gold 48
,
1932 M
95% 95%
95% -German Republic ext'l 78_ 1949 A 0 10818 Sale 10718
9534 Jan'27
52 101 1035,3 Caro Cent let cons g 48
8 1023
8
1025 Sale 1025
86
86
1949 J D 86
_
Jan'27
-34
German Cent Agile Bank 70_1950 ad
86 - 86
1021
25 10112 1023 Caro Clinch & 0 1st 3-yr 58_1938 J 13 1023 Sale 1023
4
4
4
1954 MN 10212 Sale 1013
7 1023 1033
4
103
4
Gras (131unIcipallty) 88
4
53 10418 105 s
4
15t& con g 613 series A.,.1952 J D 1/187 109 10812 1083
2 108 109
4
8
Gt Brit & Irel(UK of) 543_1937 F A 1043 Sale 10412 105
63 1163 11818 Cart & Ad lstgug4s
4
1929 F A 11818 Sale 117% 1181
19813 D 901
-year cony 5345
10
904 Dec'26
47 103% 106, Cent Branch U F let g 45__ _1948 J D 85 2-- 85
1061
4
10 -•
Greater Prague(City)734a 1952 M N 10614 Sale 10514
85
F 86
853
- 4
94
72
95
4
9314 9514 Central of Ga let g 5s_Nov 1945 F A 10412 105 105
104l
3 10412 10512
10518
1964 NI N 933 94
Greek Government 7,1
11
99 3
99 10014
Consol gold 58
4
1952 A 0 99 Sale 99
Haiti (Republic) f 65
1945 M N 10418 105 10414
10414
3 1033 10414
1 10312 105,4
113-year secured Os...June 1929 J D 10218 Sale 10218
2 17 102 102 2
3
1023
Heidelberg (Germany)ext 74850 2 .1 10414 105 10412 1041
101
57
97% 101%
Ref & gen 54,3 series 11_1959 A 0 10614 Sale 105
2 10412 10614
10814
Hungarian Munk,Loan 7413.1945 J J 10012 Sale 100
981 216
9514 99
8
_
Chatt Div pur money g 48_1951 J D 8914 903 89
Jan'27
89
Sept 11046 J J 973 Sale 9714
89
External s(7s
4
104
23 10014 105
Mac & Nor Div 1st g 50_1948 J J 100__ 1024 Dec'26
Hungary (Kingd of) of 730_1944 F A 10314 Sale 10314
30 100 1004
8 1001
66"
18
8
Mobile Division 5s
Ind Bank of Japan 6% notee.1927 F A 1003 Sale 1003
1946 J J 1017 104 1017 Jan'27
957 820
924 97
Cent New Eng let gu 4s__ _1961 J J 8212 Sale 8218
8 27
825
7812 83
Italy (Kingdom of) ext'l 78_1951 J D 9518 Sale 9518
921
54
90
9912 9912
987
__
9212 Central Ohio reorg 434s_ _ 1930 M
9912 Jan'27
Japanese Govt £ loan 48.___1931 J J 92 Sale 9112
101 1 171
8
997 102
2 100 10012
10042
1954 F A 10114 Sale 101
Central RR of Ga coil g Se_ _1937 M N 100 10012 100
-year f 451
30
9712 112
94
2 112 1144
98
11312
Oriental Development 6s_1953 M B 9714 Sale 9612
Central of N J gen gold 5,3
1987 J J 11314 ____,11312
101% 33 10014 102%
s
1123 113
112% 116 111234 Jan'27
Registered
Leipzig (Germany) a f 75_ -- _1947 F' A 10112 Sale 1014
1987 Q
E
M:r„63
_ 1!_
Igg3 14
1E3
9 .
1,JM 1
902
New York Bond Record-Continued-Page 2
BONDS
N Y.STOCK EXCHANGE
Week Ended Feb. 11.
:
.
43
r.
Price
Friday.
Feb.11.
Week's
Range or
Last Sate
..an
I
010
Range
Rinse
Jan. I.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 11.
a.
Price
Friday.
Feb.11.
Wears
Range or
Lase Bale
/1
Range
Since
Jan. 1.
Ecid
Ash Low
High No. Low
High
Bid
High No. Low
Ask Low
9838 High
934
Cent Pao lot ref gu g 411.___1949 F A 9112 Sale 9138
9134 17
913 9212 Day & Mich let cons4%_
3
81931 .1 J 9834 9934 9834 Jan'27 --Registered
F A 9014 92 9033
1
905 9038 Del & Hudson let dr ref 42_1943 M N
8
903
8
7 _ --- 973 Jan'27 ---978 9734
Mtge guar gold 3358__Aug 1929.3 D 97
30
-year cony 56
1935 A 0 Ig14 s e
3g
t
4
Through 8t L let gu 42-1954 A 0 8912 9078 917
15
-year 535s
1937 MN 10413 Sale 10412 10434 10 103 105
8
917
8
5
90 923
4
Guaranteed g Ss
1960 F A 10134 Sale 10112 10178 130 10112 103
10-year secured 78
1930 1 D 10612 10678 10612 107
7 10628 107
Charleston & Savannah 5s__1936 J J 118 ____ 1184 Oct'26 ---- __--__ D RR & Bdge let gu 4$ g_1936 F A 9412 ____ 95 Apr'26 --__
/
1
Ches & Ohio fund & impt ta_1929 1 J 10014 Sale 10014 10014
-1st eons g 42_1936 J J 9118 Sale 9118
1 10018 10114 Den & It 0
9212
918 33 -9118 ---let consol gold 55
1939 M N 10338 10334 10338 1033s
3 10332 10378
Como' gold 4110
1936 J J 9412 95 9434
95
6
9433 9534
Registered
1939 M N --------10212 Jan'27 ---- 10212 10212
Improvement gold 5s.___1928 3 D 10038 Sale 991
28
100
994 100
9738 17
9718 9858 Den Ac Ito West gen 58_Aug 1955 MN 7812 Sale 78
General gold 435s
1992 M 8 9738 Sale 9714
735 80
783 472
Registered
1992 M S --------9433 Oct'26 -.- ___
_ Des M & Ft D 1st gu 4s1935 1 J 35
34
34
38 34 Jan'27 --__
20
-year cony 4118
1930 F A 9913 Sale 9938
993
Temporary Ws of deposit__
9933 97 -9914 ---8
3334 35 34 Jan'27 -___
3318 34%
___
Craig Valley let g 513
1946.3 J 101 10134 101
101
3 1007a 101
Des Plaines Val let 415e_
___1947 19111 9418 ____ 9634 Aug'26
Potts Creek Branch 1st 48_1946 J J 8418 88 8712 Dec'
Det & Mack-let lien g 4s__1995 1 D 70
26 ----7312 7212 Jan'27 ____
R dr A Div let eon g 4s
1989 J J 8714 90 8734
873
4
2 -87% ---88
Gold 45
1995.8 D 65 6432 65
2 -55j2 15
66
2-1-1
65
2d consol gold 46
1989.8 J 8533 ____ 86 Jan'27 --8534 88
Detroit River Tunnel 435e..-1981 MN 98 Sale 9712
11
9718 98
98
9978 1001g Dul Missabe & Nor gen 56_1941 J J 10333 ____ 1033 Jan'27 -___ 10334 10334
Warm Springs V lot g 513._1941 M 8 10018
__ 10018 Jan'27 ___
4
Chic & Alton RR ref g 313-1949 A 0 723 Sale 723
4
9
71
73
Dul dc Iron.Range lst 5s____1937 A 0 1013 Sale 1018
4
723
4
i 10134
3 1013 103
4
4
Ctf dep 'Wed Apr 1928 int__
7134 ____ 713 Jan'27 ,,, 713 717 Dul Sou Shore &Atl g 6s_
4
4
__1937 J J 79
4
7518 80
82 80
80
&Sway first lien 3As
6512 137
1950 i--3 65 Sale 6314
6114 6512
CUs dep Jan '23 & sub coup ___- 6312 6412 623 Jan'27 --8
60 6212 East Ry Minn Nor Div let 48248 A 0 93
94 9212 Dec'26 ---- ---0111.3Burl & Q-III Div 334s-1949 J J 87 Sale 87
8712 20
J 191 ____ 101
8633 8818 East T Va Az Ga Dive 5s_1930
101
8 10034 101
- -J 1Cons gold 58
let
1956 M N 106 10618 106
Registered
8614 Dec'26
/
1
4
1061
/
4
6 106 106
943
4
Illinois Division 4a
8
1949 J J 944 9514 9433
94% 958 Elgin Joliet At East 1st g 50_1941 MN 10238 10434 10312 Jan'27 _-_-- 18124 ler
,
Nebraska Extension 48_1927 M N 9934 9978 9934 • 993
/
4
4
1
99 4 1001 El Paso & SW 181 .58
3
1965 A 0 10434 10512 10512 Jan'27 _ -__
Registered
MN
_
Erie let consol gold 713 ext_1930 M 9 10612 1063 10612 10633 27 10312 10712
9912 Nov'26 --4
General 413
1st cons g 45 prior
1958 M 5 93% Sale 9313
941 83 -93- - 4(3
/
4
2 .
9
1996
J 8218 Sale 8218
8238 6
81% 84
921 Mar'26 -- /
4
Registered
Registered
M 13 9133
J ____ ____ 79 Jan'27 ___
. 1997
79
79
let & ref 55 series A
let consol gen nen g 4s_......1996
1971 F A 105% 106
0573 10614 16 105% 10678
J 763 Sale 7612
734 773
4
7713 -165
4
Registered
Chicago & East III let 613_1934 A 0 106 10712 106 Jan'27
1996
J
75 Jan'27 __ 73
75
0& Ill Ry (new co) gen 5s__1951 MN 83 Sale 83
Penn coil trust gold 4s
F A 8218 8914 9812
8312 "iii 180 s 183 4
°63 063
1951
9812
3 9814 10014
Chic & Erie 1st gold 5s
1982 MN 103 106 10618 10614
2 10618 1073
50-year cony 4s series A...1953 A 0 glia Sale 81
4
83 229
783 83
4
7212 1563
&Mee B
Chicago Great West 1st 43_1959 M S 7113 Sale 707
6914 7213
1953 0 8012 Sale 8012
79
8112 71
8214
Gen cony 48 aeries D
1953 A 0 8814 Sale 8714
8418 9014
9033 2798
ChM Ind & Loulsv-Ref 68.1947.3 J 1137 Sale 1137
Erie & Jersey late f 6s1955 J .1 11234 ____ 11234 11312
7
8
5 113 8 13378
8
a 1137
3 11112 11318
Refunding gold Ss
1947.3 3 10333 ____ 1032 s 10333
I 103% 10333
Genesee River let s f 5e__1957 J J 112 11218 11212 Jan'27 ___ 1113 11312
'
8
Refunding 4$ Series C
1947 J 1 9012 _ 9038 Dec'26 ---- ___
_
Erie Az Pitts gu a 310 B____1940 J i 8834 ____ 8812 Nov'26 --- -- -1986 MN 9933 100 100
General 15s A
10033 15 100- 1018
7Series C 33513
May 19881 J 106% 10713 1063
General 68 B
4
4 106% 14 1063 107 Est RR eat1 s f 75
1951 j N 9912 Sale 8938 666106 -3-2
9 M i
9
8
10'% -12
Mc Ind & Sou 50
-year 48._1958 J J 93
9312 93
93
3
924 9314
/
1
_ Fla Cent & Penn let ext a 58_1930 1 J 10014 100% 10012 Dec'26
Chic L 8& East let 43
9718 Nov'26 ---__
53._--1989 J D 9712 99
- !10 1-1
-i-- 1,1
'i4 1:
0
24 -5538 --60
60
C) M & Puget Sd let gu 48__-1949 J J 5912 Sale 5912
Como' gold 58
1943.8 J 10133 Sale 101% 101% --il_ 10138 I017
9814 - 81i
9558 60 Florida gut Coast let 43581954 .1 D 9989
19
60
5958 60 5938
17 El Tr centre of deposit
9 9 63 s
7
98 2 Jan917 __89
9 113
8
'2
92
14164
8614
788612let & ref 58 series A
Oh M & Eit P gen g 4e Ser A.21989 J .1 86
8712
86'4
99's 101¼
3 --------Fonda Johns & Gloy 415s1952 MN 64 Sale 981!
36 4
84 Dec'26 ---Registered
13 J 8314
Sale 6312
6414 __I
: 109641 9414
.
3s
Fort St U D Co 1st g 4tts_....1941 .1 J 9438 ____ 94
General gold 315t3 ser B--e1989 J J 753
7612 Jan'27 ---94
3
97
Ft W &Den C late 535s__-19131 J D 1063
4
Gen 435e Series C__May 1989.3 J 9612 Sale 9812
6
96
98
_ 1063 Jan'27
4
Ft Worth de Rlo Or ist g 4s__1928 J J 98% lily 984 Jan'27
9234 Dec'26
Registered
_
978 0812
Gen & ref ser A 4Si s_ _Jan 2014 A 0 61 Sale 6018
6 -- Frees Elk & Mo Val Ist fle___1933 A 0 10712 109 107
62 "iii 'Li - -2
10712 ---1 107 108
Guar Tr certifs of deposit___ _
_ 6114 Sale 6033
6134 432
567 6184
554 6013 CI H & 13 A M & P let 58....1g1 rd 1 18812 Is112 ''''1
/
1
/
4
Gen ref cony ser B 5s_Jan 2014 F A 5934 Sale 59
601 125
,8
1, 3
J. 1,16' r,---i in Miz
1
Guar Tr certifs of deposit60 Sale 59
2d extens 58 guar
6014 132
553 8014
4
let sec 6e
i-i 103% 10334 10334
10314 10612 Galy Hous & Rend 1st 121_1933 A 0 9713 9814 9728
98 ' 12
9813 9814
6112
5612 6113 Oa & Ala Ry let cons be-Oct 1945 1 J 99 4 Sale 993
1932 J D 6014 603 5934 Jan'27-i i
Debenture 435s_ _..
4
3
4
9 1: 9 :
7 1 73
8
2
9
2
9933 25
6112 224
Bankers Tr cert.& of deposit
6012 Sale 5934
6112 Ga Caro & Nor let gu g 58_1929
.1 100 1004 10014 10014
56
/
1
3_ .
9_9__ 10014
5612 6014 Georgia Midland let 38
6014 321
1925 Ili 6014 Sale 5912
Debenture 45
1948 A 0 7212 7388 7212 Dec7,22364
2
J 9712 _-__ 963
Mtge & Tr Ws of dep_
6014 Sale 591
6012 167
I ext lst gu 844g-1941
US
5612 6012 Or It &
/
4
4
25
-year debenture 4s
193i i i 60
6012 60
6034 27
5612 6034 Grand Trunk of Can deb 78_1940 A 0 11512 Sale 11512 11538 ---7 11518 111; ;
-- "
1
6012 205
/
1
4
Farm L & Tr et t3 of dep___
15
-years f 85
80 Sale 59
1936 SI S 10733 Sale 1078
5838 6012
108
19 106%108
Chic & Mo Riv Div 58_ _ _1928 1- -- _ - _ _ 9912 June'28 ----Grays Point Term 1st Ss__ -1947
.I
.
13 9618 -_- 9514 Oct'26 -___ ---- - .
_
Ohio & N'west gen g 33581987 MN 78
1936
8
0
1 11334 Sale 11334 114
791 7912
z
6 -fir8 ---- Great Nor gen 713 series A
100 113% 1 1411
/
4
J _ _ _,...___ 11338 Nov'26 ____
RegisteredQ F 7838
7413 Jan'27 -Registered
7412 7612
General 411
1987 MN 9133 Sale 918
9134 29
9012 9112
let & ref 432s series A____1981 1 1 1712 Sale 9712
981 15 -Eliis /
4
ill;
Registered
Q F 89
General 535s series B
87 Aug'26 1952 1 J 10938 10934 10834 10934 58 108 1093
__ 4
Stpd 4e non-p Fed in tax '87 M N 9138 ____ 9012 Jan'27 ---1973 1 1 103 10314 10234 103
9012 9012
General 58 series C
19 10238 10333
Gen 41(5 sled Fed Inc tax.1987 MN 10612 Sale 10578 10612 10 105 107
General 414s @oriel D
1976 .1 1 947 Sale 943
4
954 66
/
1
9418 952
General 68 stamped__ __1987 MN 109 11012 109
2 8318 8318
8318
10912
5 108% 110 Green Bay & West deb ctfs A_ Feb 83 ____ 8318
1879-1929 A 0 10234 10318 103 Jan'27 -Feb 2433 Sale 23
Sinking fund 68
Debentures ctfs B
10114 103
25
171
21
25
Jan'27 ---- 101 101
RegisteredA 0 10214 _ _ 101
Greenbrier Ry let gu U.__ _1940 MN 923
__ 92 Dec'26- -,-ilnking fund 123
1879-1929 A 0 10114 10138 10134 Jan'27 ---- 10112 10. 4 Gulf Mob & Nor let 6345.... _1950 A 0 10534 106% 10534 Jan'27 ___ 1013 106
- 3
8 ---1879-1929 A 0 --------101
Oct'26 ---- ___
Registered
Gulf 2313 I let ref& ter g ge _81952 J J 10618 ___ 107 Jan'27 ___ 107 107
1933 M N 10114 103 013 Jan'27 ---- 101- 162 Sinking fund deb 58
4
MN 10034 10214 10118 Jan'27 -- -- 10114. 10118 Hocking Val 1st cone g 4543_1999 J J ____ 9818 98
98
4
98
9812
Registered
1930 J D 10612 Sale 06% 10612 11
RegIstered
1099 .1 J 9514 _ _ 90 May'26 --10-year secured 70 a
2 11 13 11:
16-year secured 6355 g_ _1938 M 8 11133 Sale 11% 11133
9912 9812 Jan'27 ___ -55TX -9iii
1 8 g18 Housatonic Ry eons g 58.-1937 M N 984 May 20373 D 10414 1043 l02l2 1043
1937 J .3 10133 10212 1008 Jan'27 ...... 10033 10033
4 10 10212 106
H & T C let a Int guar
let & ref g 5.3
4
8
8912 11
Waco & NW 1st 6e
1930 MN 10134 ___ 10134 Mar'26-_
Chic RI & P-RaUway gen 421988 1 J 894 Sale 881
8734 8933
J J 8712 8734 8712
8712
Registered
99
/
1
4
9 ' -0
5
8612 8712 Houston Belt & Term 1st 531_1937 1 J 9912 Sale 9912
6 -.333 10 .93 204
1934 A 0 93 Sale 9234
9214 934 Houston E & W Tex 1st 8E4_1933 M N 10018 ___ 10014 OcV26___ --,, ---_Refunding gold 4s
let guar 5s red
A0
925 Jan'26
Registered
1933 M N 1004 _-__ 1003 Jan'27 ___ 10033 100 4
4
3
90
90
Hud & Manhat 5e series A_ _1957 F A 9812 Sale 98
90 Jan'27 ---Ch Si L & NO Mem Div 46_1951 J D 8934 91
98
984 67
9933
F A -------- 97 Apr'26 - -Registered
8t L & P let eons a 58____1932 A 0 10218 103 10218 Jan'27 -- 10114 10218
8
3
Adjustment income 58 Feb1957 A 0 8613 Sale 8612
Mkt SIP M & 0 cons 8s_1930 .1 D 1033 10312 10338 103%
3 103 8 104
8638 159
_- . iii
ii
.Cons Os reduced to 3%5_1930 .1 D 9434 9512 95 Nov'26 ---___ _ --9913
Debenture fa
1930 M 8 9912 9934 9912 ' 998 11 ' 100 Illinois Central let gold 4s1951 J J 95
0
3 mar 27 .7..7
5 Jan: 6 .: 94 95
992 10018 993
4
Registered
993
4
5
99 4 99 4
3
3
Stamped
93 Mar'26
9612 134
935 97
8
1st gold 3355
19 1 1 1 -g7- Ii11
1 9 -1 3
5
Chic T
So East let 5e__1960 J ID 957s Sale 9578
H& 714
Jan'27 _- -iiis 92
1
8784 927
4
4
Dec1 1980 M 8 913 Sale 9138
Registered
J 1 _
Inc gu 58
8234 Jan'25 ____
- .., 18
97
/ 9812
1
4
98
Extended let gold 330-1951 A 0
Chic Un Sta'n 1st gu 435e A-1963 J D 974 9734 9712
87
1
87 Jan'27 ____ - . 87 4
6 10413 10534
lst gold 35 sterling
1963 J J 105 10518 10413 10533
1951 M 8
lot 56 series 13
_ . 73 Jan'27 „....
73
74 4
3
1944.3 D 10212 10314 103 Jan'27 ---- 10112 1051s
Collateral trust gold 42_1952 A 0 73- - 9114 Jan'27 ____
91% 9134
9012 9132
Guaranteed g 513
16 11788 118 4
19633 J 11738 Sale 11738 118
Registered
A 0 --------8034 Nov'25 -let 6.45 series C
,
/
4
lst refunding 48
. .
. .
1955 M N 9378 Bale 933
it. 1
Chic & West Ind gen a 68-01932 Q M 10512 10534 1051 Jan'27 ---- 10512 10513
8
9414 20 :a'lie :9 ..Purchased lines3155
1952.3 .1 873 Sale 87
-year 42
19523 .3 8512 89 8414 Dec'26 -_-Consol 50
4
87% 42
8688 8814
let ref 535e ser A
1962 M S 1037 Sale 10312 10418 22 10312 10414
8
J .1 --------8411 July'25 -Collateral trust gold 01_1963 MN 8888 Sale 883
Ali
Choc Okla & Gulf cons 5a1952 m N 103 ____ 10414 10414 16 10418 10414
888*
3
5 -iii-'
MN ___
Cln H & D 2d gold 4519_ _1937 .1 3 9734 ____ 973 Jan'27 ---4
Registered
8512 0(1'28 -9733 973
4
- 3
16 ioiis I81C I fit Ler C 1st g 48.-Au6 1936 Q F 9512 9534 953 Jan'27
4
9514 953
4
8 10788
Refunding 513
1955 MN 10738 Sale 1073
___"
s
Registered
Aug 1936 Q F 9518 96 9512 Jan'27 --15
951g 9518
-year secured 535e
1934 J J 10238 Sale 10231 1027
s 61 1017 10314
92
5
9014 92
5 11258 1131
4
Cin Leb & Nor gu 4s g
1942 MN 92 Sale 9114
15-year secured 631s g___1936 J ./ 111% 11288 112% 1123
/
4
8
963 977
1
9714 198
Cin 8 & CI cons Ist g 5s
1928 .1 J 10018 ____ 10018 10018
40
-year 43.4s
1 100 100:8
Aug 1 1969 F A 97 Sale 9684
19501 D 9212 ____ 9212 Jan'27 ---92, 92 2
2
,
Cleve Cin CO & St L gen 46_1993 J 0 893 Sale 8934
4
90
5
89
9012
Cairo Bridge gold 4$
7612 1613
20
-year deb 434s
1931 1 J 99 Sale 9878
99
6
9534 9914
Litchfield Div let gold 38-1951 J J
__ 764 Jan'27 __
General 58 Series B
1993.8 D 107% 110 108 Dec'26--_
Loulay Div & Term g 3%5_1963 J J 8418 8512 834 Dec'28 --- ---- -7812-Ref & impt 66 series A
1929 J 1 10212 Sale 10212 10258 43 10238 104
Registered
-23.0
2
1941 2 J 10714 10734 10734 1073
77 Ja : 6
-77
68 series
4
4 10712 1073
Omaha Div let gold 8i,
4
._1951 .1 A ---- ---- 81'8 A uft 27 -----_-_ -77- ---33' j
58 series D
19633 J 10312 Sale 10338 104
43 mei4 105
7611 76%
8t Louis Div & Term g 35-1951 J J 7833 ___ 7812 Jan'27 ____
943 90
8
8
9428 12
86
Cairo Div let gold 48. _1939 1 J 9312 9438 9438
87 86 Jan'27 ____
86
Gold 315S
86 Jan'27 --CID W & M Div 1st a 4a__1991 J J
86
871
/
4
Springfield Div let g 330_1951 '1 3 ____ ____ 84 Sept'26 __
195 J -1 86
8812 90 Jan'27 ---Ii± -....
St L Div 1st colitr g g 42-1990 MN 88
9;
1;
Western Lines lst g 4a
1951 F A 9034 _--- 90% Jan'27 - _ _ _ . . 6
8733 90
M N 85
Registered
8314 Fe13 26 .
1951 F A --------84 Aug'25 ____
Registered
/
4
8pr & Col Div let g 48_ _ _1940 M 11 921 ____ 917 Jan'27 --His 91% III Central & Chic St L & NO
/
4
8
Joint let ref 55 series A---1983 J D 10312 Bale 1031 10358 30 10318 104
W W Val Div Isle 48.....19403 1 913 ____ 9314 Jan'27 --9314
91
. 10 2
.
.
5
1951 J D 10412 1074 10512 Jan'27 ____ .105_13. 14
2 10714 10712
C C C & I gen cons g 6s____1934 II .1 10712 108 10733 10712
Gold 58
J 13 10312 104 10214 AWN - Clev Lor & W eon let g 58..1933 A 0 10134 ___ 10238 Jan'27 --- 102% 1023
Registered
8
1951 3 13 79% ____ 7812 Felf26 ____ __Cleve & Mahon Vale 58-__1938 1 1 10018 __- 99% Sept'26 --Gold 335s
1935 MN 9812 9934 98% Jan'27 --- -iiais -916-8 Ind Bloom & West let ext 44_1940 A 0 9218 ____ 933 Dec'26 -8
Cl & mar 1st gu a 434s
9
is;
3
6
9918 Aug'26 --3 3 9 %
- 9333 Jan'27 ---- Ws -19103 1 8 14
Ind Ill & Iowa let g 44
Cleve & P gen pi 410 ser B.1942 A 0 10018
19423 .1 10018 ____ 100 Jan'27 ___ jai- 100
If 8614 Jan'27 ______ i
End & Louisville let gu 411-_1966
Series 4 355
1948 M N 8712 ____ 8514 Oct'26 - - - - --___ Ind Union Ry gen User A-1965 1 J 10218 1027 10214 Jan'27 ____ 10214 103%
Series C 330
1023s 102:
80 86
1950 F A 8578
8438 Sept'26 1965 J .1 1023s 10312 10238 Jan'27
_
Gen & ref be series 13
Series D 315s
8
8 . ioifs ithis let & Drt Nor 1st 135 ser A1952 J J 10814 Sale 10578 10714 42 1057 10134
5
Cleve &or Line 151 gu 4315_1961 A 0 101 101 10114 1013 ...
2
4
4
)
1972 A 0 109%
_ 10934 11(
3
Term 531s
Aprl 9438 Sale g3311
91
3 7
El :
l ,;
We 109:
Addta m r ent 6s ear A July 1952
ustm d
e
Cleve Union
1
1973 A 0 103% Sale 1031
APrl --i 12%
let s f to ser B
1945 3 D 88% ____ 88.18 Jaa'27
- -4
75% 7712
774 75
River Ry let gu 48
87338
8888 99 2 Int Rye Cent Amer let 58-1972 M N "7634 "771- 7612
Coal
,
98%
9914 23
95
38
OS
9514
3
941 MN 95 Sale 95
98
let coll tr 6% notes
Colorado & Gouth 1st g 42 1929 F A 994 Sale 99%
97% 23
55
4
5112 55
.1 D 5112 53 54
Refunding & ezten 4 Ae1935 M N 97 Sale 97
97 99 Iowa Central let gold 581
1948 A 0 9138 92 8912 Nov'26 --__ ---- _.__
53 Jan'27 __-5412 55
5212 5312
Certificates of deposit
-Col & H v let ext e 48
21
/
1
4
1955 F A 904 ____ 8934 Nov'26 -17%
iii"i3 --------2111 Jan'27 _-__
Refunding gold 45
Col & Tol let ext 4s
88 Nov'26 ---- -._- ____ James Frank & Clear lit 44_1951 1 D __.- ____ 927 Jan'27 ____
8
9133 93%
5
19 9
Conn & Passum Riv 181 48.-1943 A 0
1930 F A 93'8 ____ 9238 Dec'26 --Corm! Ry deb 48
.1 77 Sale 77
78
5 -- 5i I81- He A dc0 R let gu g (23
8
1964
2 2
.
19383 .1 223 2313 101 Apr'26 ____
-8
Non-cony es
12 ___ ____ 70 Sept'26 -1990 A 0 853s 8678 87 Jan'27 --- lois IF
Han & M 1st gu II 4a
Registered
75
3
5 100 1003
1927 J J 10018 ___ 100% 10038
8
6018 77
2d 20
-year 5a
NO12-11011V debenture 44-1955 J J 75 Sale 75
75
12
2 10138 101%
1928 M N 10138 Sale 101% 10113
6918 76
K C Ft El & M cons g 6s
Non-cony debenture 4s__1958 J J 75 Sale 75
95% 28
9212 22
92 93
947s 98
ESCFtEl&MRyrefg 48..1936 A 0 9214 Sale 9214
-year 659-1952 J J 9514 Sale 9514
Cuba RR lot 50
108
9913 100%
1936.3 D 108 Sale 108
I 107 10834 ICC&MRABlitt gu 511_1929 A 0 10018 ____ 10018 Jan'27 ____
let ref 73411
4
74
41
727 7412.
8
19363 D 10014 10034 10014 10014
9912 101
Kansas City Sou let gold 39_1950 A 0 7312 Sale 734
let Hen & ref SssefB
28
9914 10012
99 4 103
2
Ref & Impt 58
Apr 10591 .1 9912 Bale 9938 100
Cuba Northern Ry lyt 813-19843 1 J 10214 103 10214 102% 27
ag,,4 1N171 1ig 1?1,2 1g:
1 .
14
--
--
--
--
1,1395
,^ Due Tab.
Deo
Mar. st DV* Dee.
New York Bond Record-Continued-Page 3
BONDS
R.Y.STOCK EXCHANGE
Week Ended Feb. 11.
1;1
. Price
Friday.
Feb.11.
Week's
Range or
Last Sate
Bid
Ask Low
High No.
Kansas City Term 1st 411-1960 J J 883 Sale 883
4
30
4
89
Kentucky Central gold 45-1987 J J 88 Sale 88
6
88
Kentucky de Ind Term 4)56-1961 J J 8514 8712 8514 Dec'26
' 883
S
1981
Stamped
8
893
8
893
8
Lake Erie Sr West let g 55-1937 J J 1021 103 10214 Jan'27
/
4
1941 I' 1004 10414 10038 Jan'27
2d gold Is
Lake Shr & Mich 13 g 330-19 7 S D
8114
8114 36
9
Registered
1997 S D
1928 MS -. fia.1- 9° 4 jan.21 109
Debenture gold 45
0512 - e- 89113
994
/
7
1931 MN 9814 Sale 9778
25
-year gold 4e
9814 41
1931 MN
Registered
96 Dec'15
Leh Val Harbor Term 50- _1954 FA 1047 10512 1044 10514
8
4
/
1
8
Leh Val N Y let gu g 4%s 1940 J J 987 9918 9812 Jan'27
88
Lehigh Val (Pa) cons g 40_2003 MN 87
2
88
8812
MN 84 Sale 84
Registered
1
84
2003 MN 98
General eons 41.(8
983 9812
4
9914
16
Lehigh Val RR gen 55 series_2003 MN 10514
10538 Jan'27
Leh V Term ay let gu g bs_ _1941 AO 10212 10312 10212 Jan'27
Leh & N V let guar gold 40.. _1945 MS 9012 92
9014 Jan'27
Lex & East 1st 60-yr Is gu_1965 AO 10934 Sale 1093
6
4 1093
4
1952 MN 82
90
Little Miami 4s
90 Jan'27
1935 AD 108 4 110 109
Long Dock consol g fie
3
Jan'27
Long Told 1st con gold 55J01y1931 Q
10 3 -. - 10 3
04
0 4 1004 10
/
1
98
1st consol gold 4a____July1931 Q J
3
98
1938 SD 9214 ____ 9438
General gold 45
1
943
s
1932 S D 9418
Gold 4s
97 July'26
1049 M
8918 8912 90
Unified gold 4s
Jan'27
1034 J O 9934 Sale 9934 100
Debenture gold 58
8
-year p m deb 55
/
1
4
1937 MN 98 Sale 98
20
/
1
4
983
4 20
Guar refunding gold 4s-1949 MS 89 Sale 89
5
8914
Nor Sh B let con go 5s_Oc.,'32 Q J 100 1001g 100
Jan'27
1927 MS 100 100'± 100
Louisiana & Ark let g 5e
Jan'27
Lou &Jeff Bdge Co gu g 4e 1945 ▪ S 90
91
4
90
90
Louisville dr Nashville 5s-1937 MN 10538 ___ 10518 Dec'26
Unified gold 45
19405, 9638 Sale 9618
964 16
'...ollateral trust gold 55_1931 MN 101 10114 10118 1014
2
-year secured 75
10
1930 MN 105 Bale 105
1053
4 40
let refund 5%8 series A 2003 AO 108 Sale 108
1083
8 11
2003 AO 10614 10712 10612 10634
let dc ref 50 series B
let & ref 4%e series C
2003 AG 10014 Sale 10014
10014
6
J 1034 10414 1033 Jan'27
N 0& M 1st gold 138
1930
4
' 10334 10412 1033 Jan'27
3
26 gold Oe
1930
4
Paducah & Mem Div 411_1946 P A 94
____ 94
Jan'27
St Louis Div 2d gold 3s_ _1980 MS 6712
6778
6778
3
Mob & Montg let g 4 %s 1945 MS 10018 102 10012 10012
5
South Ry Joint Monon 48.1952 J J 8814 Sale 873
4
8814 23
All Miens & Cm Div 48_1955 MN 933 9454 9414
,
4
9514 22
Lousy Cin Se Lex Div g 4%0'31 MN 100 10012 100
100
5
Mahon Coal RR 1st 55
10318 10312 103 Dec'26
1934 J
Vanilla RR (South Linea) 40_1939 MN 6814 Sale 673
8
6814 38
let 43
1959 MN 7612 ____ 7812
7612
5
Manitoba S W Coloniza'n Is 1934 J D 100
____ 10012 Dec'26 -Man GB & NW lst 3155
1941 J J 8514
8312 Oct'26
VIIch Cent Det & Bay City 55231 8 M 1011 ____ 1013 Jan'27 ---/
4
8
Q M 931.
Registered
1,6 Dec:,
014 D 2
,, 13
Mich Air Line 4s
'3
1940
Registered
• J
92 Nov'26
J L & S lst gold 3%s
1951 MS 8378 ____ 79 Nov'26
let gold 3%s
8614 Jan'27 -1952 MN 8538
20-year debenture 40
1929 * 0 9914 ____ 985
8
9914
7
Mid of N let eat 5s
1940 AO 9814 ---- 963
7
9714
4
haw L & West imp g 58._1929 FA 101
_
1003 Jan'27
4
MIt & Nor let ext 4 10(blue)1934 J D 95
/ 98 9412 Dee'25 --1
4
Cons ext 4 L "..s (brown)....1934 J D (MI: 97
,
9614 Jan'27 -•B 9134 93
Mil Spar & NW let gu 4e_1947
9212 Jan'27
'511w J2 State L let gu 3545_1941
J
813 Dec'25
8
Minn & St Louis let 7s
1927 S D
let guar g 75
1927 J D
1st consol gold 55
1934 MN
MN
Temp ctfe of deposit
1st & refunding gold 4s...-1949 MS
Ref & ext 50-yr be ser A1982 Q F
'S
StP&SEIMeong48intgu'38
1st cons bs
1938 J 5
let cons be gu as to int
1938 J J
10
-year colt trust 6306._1931 MS
,
1st dr ref 60 series A
1948 55
25
-year 514s
1949 MB
1st Chicago Term s f 4e
1941 MN
allersissippi Central 1st 5e_ _1949 J
Me Kan & Tex-let gold 40_1990• D
Mo-K-T RR-Pr I be ser A _ _1962• J
40
-year 45 series B
1962 J J
10
-year 68 series C
1932 J J
Cum adjust be ser A Jan_1987 AO
Missouri Pacific
151 & refunding 50 sec A 1985 FA
let & refunding 65 earl). _1949 F •
.st & refund 68 sec E._ .1955 MN
General 48
1976 MS
trt 34
ext at 4% July 1938 MN
99
991 9812
/
4
100 1003 100
4
56
57
57
54
5412
21 Sale 203
4
14
1414 1314
887 Sale 88
8
9712 9712 9712
9712 Sale 977
8
101 Sale 1003
4
102 Sale 102
86
8712 86
963
8
973
4
9618Sale 9618
8714 8712 8714
10118 Sale 10138
8512 Sale 8512
8
103 Sale 1027
987 Sale 984
8
Range
Singe
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 11.
Price
Friday.
Feb. 11.
Week's
Ran.or
Last Sale
111
▪
co 41
Low
88
88
High
Bid
Ask Low
High No.
8914 NY Central & Hudson River
8812
1997 5 J 8012 Sale 804
Mortgage 3%e
803
4 31
1997 5 J
Registered
2
7838
784
8813 593j
Debenture gold 45
1934 M N 9612 Sale 9612
967
8 15
10214 1024
M N
Registered
1
96
96
1003 10012
8
30
-year debenture 40
1942 J J "iir4 951. 95118 Jan'27
4
814 813
4
Registered
93 Feb'25
8012 804
Lake Shore coil gold 33(6_1998 FA
7912 15
7912 Sale 7912
987 99%
8
Registered
1998 P A
784 79
7834 J052'27
Mich Cent coil gold 3%13..1998 P A
971 981
8
4
7934 80
2
793
4
793
4
Registered
1998 P A
79
4
8012 7878
787
8
10412 10514 NYChic&StL Bag 4a__1937 AO 943 95
2
4
/ 95
1
4
95
98!2 93%
Registered
1937 AO
9314 Niay'28
8814 887
8
1931 MN -01 Sale 9658
25-year debenture Is
3E8
9
97
84
84
2d 60 series A B C
1931 MN 10212 Sale 10212 1025
8 19
97
9914
Refunding 5%e series A __1974 * 0 10534 Sale 10514
1057
8 70
10514 1053
4
Refunding 5 Sie series B __1975 J J 106 Sale 10512 106
16
10212 10212 N Y Connect let gu 4%a A__1953 A 96 9614 96
2
9638
9014
90
let guar ba series B
1953 FA 1033 Sale 10338 1033
4
4 16
1093 109 4 N Y & Erie let ext gold 40_1947 MN
4
3
9134 Oct'26
864 90
3d ext gold 4%5
1933 M
9812
9812 Jan'27
1083 109
4
4th ext gold be
1930 AD 10014 ---- 10018 Jan'27
100 4 1003
3
4
5th ext gold Is
1928 S D
_ 99 Mar'26
98
98
N Y & Greenw L gu g 5s
1946 MN 9912
14 9913 Jan'27
944 94 8 NY & Harlem gold 3)4s.....2000 MN 813 116 8134 Jan'27
3
4 827e
MN
Registered
80 Dec'26
894 90
99 1003 N Y Lack & W 1st dr ref 50._1973 MN 1021
4
-2.- 80 July'25
984 99
First & ref 4155
1973 MN 10218 103 10214 Jan'27
2.
89
89 a NY LE& W tet 7e ext_1930 M S 106 Sale 106
7
4
106
100 1003 N Y & Jersey let Is
4
1932 F
3
10114 1011 10114
10114
100 1003 N Y & Long Branch gong 481941 MS
4
90 Dec'26
895s 9012 NY &NE Bost Term 4s_ _1939 * 0
___ 911 Oct'26
/
4
NYNE&H n-c deb 4s
1947 M
1
907814 801
4
4
02 97
M
Registered
60 July'25
10112
10112
Non-cony debenture 3145_1947 M
7412 7314
23
72
74
104 4 106
3
Non-cony debenture 3348_1954 AO 7114 Sale 7114
7112 11
10712 10812
Non-cony debenture 4e___1955 5) 7912 Bale 7914
4
7912
105 4 1063
3
4
Non-cony debenture 48.__1956 MN 793 Sale 79
3
/
1
4
8
7912
993 101
4
'
Cony debenture 3340
5 7114 Sale 7034
1956
7114 30
1033 103114
4
1948 J
Cony debenture 88
1087 Sale 10858 10914 56
8
1035 1033
8
4
'
S
Registered
105
Jan'27
9378 94
Collateral trust (le
1940 * 0 10412 10-‘1; 1045
32
8 105
56712 67s
1957 MN 733 Sale 7314
Debenture 45
4
73
/ 45
1
4
10012 10012
Harlem It & Pt Chas let 44 1954 MN 887 895 89
8
/ Jan'27
1
4
8
87.2 8814 NY & Northern Isle Se.._.1927 AO 997 1021 9978
4
8
100
9334 9514 NY 0 Sr W ref isle 46.5une 1992 MB 79 Sale 78
/
1
4
7912 16
100 100%
M
Registered 85.000 only
_
7212 Dec'26
1955 J D 75 Sale 743
General 40
9
4
7514
66
6812 N Y Providence & Boston 43.1942 * 0 883
8612 Dec'26
7312 7,31. NY Se Putnam 1st con gu 4s1993 AD
/
1
4
/ 14 89 Dec'26
1
4
4-89
14
1927 MS 997 1013 100
NY &RB 1st gold 55
8
8
Jan'27
N Y Buso & West let ref 55_1937 35 89
905 893
8
4
9012 22
i6i37 Oils;
2
1037 FA 723 Sale 723
2d gold 45i/1
4
1
4
72
/
1
4
1940 FA 761 763 7472
General gold 58
/
4
4
7614 23
1943 MN 9914 _2
Terminal let gold fa
,- 9918 Jan'27
N Y W'ehee & B let Ber I 4%s'46 J J 8212 sale 8114
8212 104
"
aOi, 164
993 1003
2
4
95
97
/
1
4
1005 100 4
0
3
"OE;
99
.12
9214 9212
Dec'26
Nov'26
57
1950 AO
Nord Ry ext'l 5 163(5
Norfolk South 1st & ref A 58_1961 P A
Norfolk & South 1st gold 58_1941 MN
Norfolk & West gen gold 80_1931 MN
Improvement & ext 84_1934 FA
1932 * 0
New River 1st gold 6s
1996 AD
N& W Ity let Cons g 4s
1996 AO
Registered
Div'l let Ilen & gen g 48.1944 55
• S
192+
10-yr cony. 8
Pocali C & C joint 40_ __194 I J O
North Cent gen & ref 54 A__1974 M
North Ohio 1st guar g be--__1945 * 0
North Pacific prior lien 40 _1997 Q J
1997 Q 1
Registered
Gen'i lien gold 3s_ _Jan 2047 Q
Jan2047 Q F
Registered
Ref & Mint 4%e series A__2047 J J
J
drim pt 6
Refe tered5 serIes B- _ _2047 1 J
I .1
Registered
Ref & Mot 58 series C .__2047 Ii
Ref & impt 55 series D__2047
_2
19387
Nor Pac Term Co let g 65_1933 1 .1
•0
Nor of Calif guar g 55
1930 .1 .1
North Wisconsin let 6e
Blr prior lien g 5s
1945 J J
Mortgage gold 4e
1945 J
Small
1945 Si
abile & Ohio new gold 115...1927 JO
let extended gold 6s__July1927 Q J
General gold 48
1938 MS
Montgomery Div late 58-1047 FA
St Louts Division 5e
1927 J
ifoh & Mar let gu gold 45_1991 MS
Mort C let gu g Os
1937
Si
Registered
let guar gold 55
1937 S i
rris & Essex let gu 314e__2000 JD
ashy Chatt & St L 1st 50_1928 * 0
F !a& fi let gu g be
1937 P A
tRy of Men pr lien 4 '411.. 1957 ii
July 1914 coupon off
Assent cash war rot No 8 on
Guar 70
-year f 45
1977 AD
Assent cash war rat No 8 on
gat Rit Men prior lien 4%0.1926
July 1914 coupon on
Assent cash war rct No 800.
151 consol 48
1951 AD
April 1914 coupon on
•0
Assent cash war rct No 3 on.
3 "
57
ii
5
61 4 5
,
4
26
21
1712 21
Jan'27
13
1514
883
8 69
87
8812
1
9712 983
9712
8
977
8 34
9712 984
35 1003 102
102
5
3 1004 102
102
8
87
86
89
Jan'27
97 4 973
3
4
3
97
954 97
8714 11
86 2 84
3
10214 42 101 102 t
863
8 11
8512 87
35 102 8 10312
1031
3
9914 327
96
99 4 00 & 1. Cham let gu 4e g_ - -1948 I J
3
Ohio Connecting Ry 1st 4e_ _1943 MS
100 Sale 100
10018 149
9934 101
1936 D
937
Ohio River RR let g 55
10778 Sale 107
269 10812 10814
108
General gold 541
AC
10734 Sale 1073
4
107
/ 161 1087 107 8 Oregon & Cal let guar g 5&.1927
1
4
8
7
'
S
77 Sale 7612
7712 328
76
7918 Oregon RR & Nay con g 40_1948 S D
9278 _ _
93
Jan'27
93
93
Ore Shore Line let cons g 58_1946
J
Guar cons 53
1948
J
10018
_ 99 Sept'25
--Guar refunding 45
1929 JO
9818 ____ 8618 Jan'27
Sal& 8618 Oregon-Wash let Se ref 4s.. _1961 • J
9918
82
Jan'27
82 • 82
Pacific Coast Co let g 5e__1948
D
1007 1- 14 1007
8 68
2 100% 101114 Pac RR of alo let exti g 48_ _ 193 P A
1007
8
93
8
10078 1003 10012 Jan'27
4
99 4 10012
3
.1
2d extended gold 50
/
1
9312 Sale 934
14
94
93
94
Paducah & Ills let 5 f 4 .1t e_ _1955 I J
4
1003 Sale 10038
8
1
1003
0
Paris-Lyons-Med RR 6s_ _1958 P A
100- 10014 Jan'27
ion" 1693.
2
.
Sinking fund external 75_1951 ‘.1
-2
9- 90 Dec'26
91
Paris-Orleans RR 5 f 75
1954 M
8
11112 11212 1117 Jan'27
111i4 112
Pauline Railway 78
1942 hIS
10914 Dec'26
Pennsylvania RR cons g4s. _1943 MN
1033 10414 10312 Jan'27
4
ioiT2
Consul gold 4s
1948 MN
81
Jan'27
80
80 8 8118
7
48 sterl stpd dollar_May 1 1948
N
4 10114 13 1003 10114
100 100 1003
- 7n
8
Consolidated 4%a
P A
103 1034 10318 Jan'27
1025 1031
8
/
4
General 4%8 series A _
D
1965
1 960
30 Sept'24
_
General fa series B
1968 SD
19
Apr'25
10
-year aicured 7s
19311 * 0
173
8 18
17*3 810 1e 17
.
15-year secured 648
1936 P A
8712 Aug'25
Registered
P A
257
8 24
23 Sale 23
40
-year gold 613
1964 • N
3812 July'25
Pa Co gu 3 sis coil tr A reg _ _1937 11
24 Sept'25
Guar 3 tie coll trust Sec B.1941 P A
.
13
26
23 Sale 2378
Guar 3)45 trust ctfe C_ _ _1942 I D
28 Apr'25
Guar 3' trust ctfa D_
3D
1812 Juae'26
_
25
Guar 15
-25-year gold 4a .1931 * 0
1 92
5
13
1312 1314
16
13
Guar 48 series F
MN
NewEagland cone Si
1945 ii
Consul guar 4e
1945
NJ Juno RR guar lit 45
1986 FA
NO&NE let ref&Imp 4%e A•52 J J
New Orleans Term let 4e...-1958 .1
NO Texas & Men n-o Inc 58.1935 AO
102 ba series B
1954 * 0
lig 5%I series A
1954 * 0
R &0 Bdge gen guar 4%e1945 S i
NYB&MBIstoong 50._1935 AO
111 Y Cent RR cony deb 85_1935 MN
Registered
MN
Comm! 45 series A
1998 P A
Ref & leapt 414a A"
2013 AD
Ref & 1mpt Si series 0____2013 AD
Registered
AO
9912 1001 9912 Jan'27
4
9912 9912
87 Dec'26
8712 89
8512 Jan'27
8412
8512 8512
9714 Jan'27
963 97
8
9612 97 ,
6
873
4
BM Sale 8712
874 88
10014 - - -- 10012 Jan'27
100 1001
4
8
10112 Sale 1003
10114 42 10012 10112
8 SO 104 4 1054
10518 Sale 10478 1053
1
963 Dec'26
4
97
98
5 10'a1003g 101
101
1003 102 101
4
10714 15
10718 Sale 10718
108
10614 May'28
9118 Sale 903
4
9114 47 " " 92
66
577k 9914
4
99 8 69
1
983 Sale 983
4
8 1067 154 10514 10712
106 Sale 1053
8
106 1063 10512 Jan'27
8
10512 10512
903
Peoria & Eastern 181 cons 45_194(4 A 0
Income 4e
91,r11 1990 Apr
Peoria & Pekin Uti *51 5)45.1974 F A
Pere Marquette 181 eer A 50.19561 J
let 48 series 8
1950 3 J
Phil& Bait & Wash 181 0 40..1943 \l N
General 56 series B
1974 F A
Philippine Ry let 30-yr a f 4s 1937 J J
Pine Creek registered 60.-1932 J 0
PCC&StLgu 4%21A
1940A 0
Series B 4 155 guar
1942 A 0
Series C 4 %e guar
1942 M N
Series D 4e guar
1945 M N
Series E 315a guar gold-1949 F A
Series F 45 guar gold
1953 .1 D
Series 0 4e guar
1957 M N
963 Sale 9512
8
915 Sale 9118
8
911 Sale 10012
/
4
1057 1065 10534
8
8
10812 -- -- 10884
107
__
10718
925 Sale 92
8
/
1
4
91
927 9012
8
933 Sale 9318
8
182
_ _ 164
927 Sale 927s
8
1057
8_ _ 106
9812 Sale 96
91% Sale 914
91
92
91
6612 Sale 6612
633 67
8
6332
96
971j 9714
4
923
4 - _- 853
1133 Sale 113
4
/
1
4
1133 114 11014
4
1037 Sale 10312
8
8
1031 10414 103
/
1
4
4
1093 -- 1093
4
10412 ,-- 10518
10272 108 102
/
1
4
9674 295
913
4 37
10012 • 7
Jan'27
Dec'26
Dec'26
92 4 15
3
Oct'26
93
/
1
4
8
14
165
9314 17
Jan'27
9812 20
60
92
91
8714 60
2
6332 ._
9712 101
Feb 25
.
113
/ 77
1
4
ar'26
10418
8
1033
4 15
Jan'27
Jan'27
Oct'26
8272 85
9214 ____
___
102
1913 ___
4
10014 Sale
9212 Sale
1077 110
8
107 Sale
/
1
4
983 Sale
4
88 Sale
9012 Sale
824
1
Dec'25
102 ____
1024
5
10012 17
921 ---1077
8 16
10718
2
983
4 24
88
30
901 • 29
Jan'27
1
102
984
/
1
2
931 718
4
10012 147
100
75
10218 11
Jan'27 -9472
1
9430
5
10314 17
100
103
1094 58
106
/ 105
1
4
112
27
Oct'26
824
903
4
102
1024
10014
9212
107
/
1
4
10718
98 ,4
3
874
9012
943
4
102
102"
9818 994 984
9214 Sale 9212
9914 Sale 9912
993 Sale 993
4
8
102 Sale 102
9118
96
9434 95
944
9432 Sale 944
1024 Sale 1014
9978 Sale 9914
109 sale 10838
10612 Sale 10614
1113 Sale 1113
4
4
11118 ____ 11114
10212 Sale 19212
87
86
881 86
/
4
85
86
8612
8438 ____ 8412
073 98
4
98
88
8874 89
0 313
16
1 2
86
2
Jan'27 --__
Jan'26
Jan'27
Jan'271 --_ _
Range
Since
Jan. 1.
Low
High
801s
785
8
9612
95
9412
811
/
4
7912
973
8
98
9834
"7954
7934
793
2
78 2
7
95
79.32
8012
787
8
96
"
oil; 97"
10218 103
1044 10614
/
4
10412 I051
96
9712
1033 1041s
8
8134 8154
1023;
106 106
100 4 10112
3
74
7213 74
6914 7112
76
79 4
4
771 8012
4
69 4 714
1
10512 10914
103 105
103 1051
/
1
4
4
8912 74
8914 89%
997 100
2
764 7912
751
4
997 100
In% 9112
72 2 25
3
711 761
/
4
4
9818 9118
7812 83
/
1
4
93
14 97 4
1
907 9214
4
100, 101%
2
105 4 106
1
9234 937
93I 9354
158 165
92% 96
105 4 106
1
9412 9612
9114 93
90
/ 91
1
4
654 871
/
4
63 8 6514
5
96
9712
ill" 114
lairs10634
lore 106 4
1
109 4 109 4
1
1
1051810512
---813 8318
2
HIT Ili"
1014 1024
100 1002
9214 93
107 10774
1074 107
/
1
/
1
4
98
/ 99
1
4
867 8914
2
9012 93
93 4 9 3
3
44
102 10212
98
9814
8712 95
9612 101
95 1014
14
102 102
/
1
4
96 9618
9414 96
9434 954
102 10314
9914 101
1064 109 4
/
1
3
10514 107
/
1
4
1111 112,
/
4
2
la" 16.i 0
3
"
99" "99
85
5612
DI
88 4 8'
3
83
87
86
8514 57
85 I 50
4.1 Sale 44
411 45 2
/
4
45121 70
10414 Sale 10418
1044
/
1
8 104 104$4
10418 Sale 1.14
10412 291 1034 105
10418 10418 894
90
13, 89
904
054 97
9512
9512
1 1 95 8 97
3
11012 In lit Jan'27i____I 11012 Ill
4312 14
4314 4312 4314
42
4312
10834 Sale 10814
108%1
3 104 2 10 54
6
10044 10214 1003
995 10112
100341
4
8
2 1007 101
8
8
1003 101 1005
1005
4
81
1003 ____100 Dee'26'____
4
95
/
1
4
_ 96
Jan'27:____
96- -96
955168
995 1
2
--_
014
J°1v 27
090
3
19731 Nan0" 6
_ _ . 97
f99 2
3
97
904
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 11.
New York Bond Record Continued Page 4
t
Price
Friday.
Feb.11,
Bid
Flits Cin Chic & St L (Concluded)
Series H 4e
1960 FA
Series I cone guar 434,3
1963 FA
Series J 454e
1964 MN
General M Si series A1970 JD
Registered
D
Gen rotge be series B
1976*0
Pitts & L Erie 20 g 5s_ __Jan 1928 AO
Pitts MOE & Y let gu 68_ _ _ _1932 J J
2nd guar 138
1934 J J
littaSh& LE ling be
1940 AO
let coneol gold be
1943ii
Pitts Va & Char 1st 48
1943 MN
Pitts Y & Ash 1st consas_ _ 1927 MN
let gen 48 series A
1948 JD
let gen be series B
1962 FA
Providence Secur deb 48_ __1957
N
Providence Term let 4s
1956 MS
Week's
Range or
Last Sale
Ask Low
11
Reading Co gen gold 4s
100 Jan'27 -1997 J J 103
Registered
J J 92 92% 4478 May'25 -Jersey Central coil g 48.._ A951 *0 92 Sale 92
9234 16
Gen dr ref 44e series A _ _1997 J J 994 Sale 9833
994 35
Richm & Danv deb Sc stmpd 1927*0 98% 9914 100 Jan'27 -2
8118
Stich & Meek lst g 4e
1948 MN 80 8118 8118
1
Mehra Term By lit go 158_ _ _1952 J J 10212 Sale 1024 10212
Rio Grande Juno 1st gu 58 1939 JD 10058 10114 10034 Jan'27 -- -714 g
Rio Grande Sou let gold 43 1940 J J
718 Dec'26 - 714
6 May'25 -Guaranteed (Jan 1922 coup on)Si
913* 15
Rio Grande West let gold 48_1939Si 9138 Sale 9138
18
85
Mtge & coil trust 4s A1949*0 84 Sale 84
R I Ark & Louie 1st 44e_ __ _1934 M
953* 44
9.5% Sale 9513
2
83%
Rut
-Canada lit gu g 43--1949 ii 83 8 83% 83%
3
18
94
4
Rutland let con g 4348
1941 Si 9334 Sale 933
16
88
Si Jos & Grand Isl 1s1 g 48_1947 J J 8734 Sale 8712
1
100
St Lawr dr Adir let g 58
100 Sale 100
1996 .1
26 gold 6/1
1998 AO 10518 _ _ 10518 Dec'26 -2
97
St L & Cairo guar g 48
1931
97
9712 97
ML Ir Mt&S gen con 555_1931 A 0, 10012 100% 1003
s 10053 15
10038 Sept'26 -Stamped guar Ea
1931 *0
9812 73
Unified & ref gold 49
1929 J J 9838 Sale 9818
93 Sept'25 -Registered
Si
633
4 94
Riv & G Div 1st g 48_ -1933 N 93% Sale 9312
St L /31 Bridge Ter gu g be_ _ _1930 AO 100% 101 10038 1003
1
3
854 229
St L & San Fran (reorg co)431950Si 8512 Sale 854
Registered
J J
_
_- 8212, Oct28 -10114 70
Prior lien series B bs
1950 Si 166 Eitile 100
Prior lien series C Cs
1928 J J 10152 Sale 10112 10134 43
Prior lien 53s series D -1942is 10212 Sale 10214 10234 76
Cum adjust ser A 6s_ _July 1955 A0 99% Sale 9912 10018 155
98 407
Income series A 6s_July 1960 Oct. 974 Sale 97
it Louis & San Fr By gen 68_1931 Si 10514
- 1053* Jan'27
General gold 58
1931 Si 10058 Rif 10178 10178 10
3
L Peer dr N W let gu be_ _1948 Si 10338 107 105
10514
St Louis Sou let gu g 48...._1931 MS 96
1
9718 974
974
St L SW let g 48 bond ctfe_ _1989 MN 87 Sale 87
873
3 29
1
2d g 4s Inc bond etts_Nov 198955 8112 Sale 8112
8112
Consol gold 4e
25
95
1932 in 9434 94% 9434
11
08
let terminal & unifying 58A952
'S 9712 Sale 6712
!Brant& K C Sh L let 448_1941 FA 93 Sale 9278
7
93
BtPaul& Duluth let be
1014 Sept'26 --1931 FA 10158
let consol gold'48
92 Jan 27 ---1968 in
Itt PaulE Gr Trunk 44e_ _ _ _1947 J J 9514
_ 98
Jan'27 - M Paul Minn dr Man con 48_1933 Si 9714 11114 9812 Jan'27 -let consol gee
1933 J J 1077 10814 10778 Jan'27
8
Registered
Si 106
_ 108 Aug'26
68 reduced to gold 41
3
,48_ _ _1933 J J 100 folso4 99% 110
Registered
1933ii 98%
9812 Aug'26
Mont ext let gold 4e
1937 JD 9534 Sale 953
7
4
96
Registered
J D 953
4 _ _ _ 9512 Jan'27
Pacific ext guar 48(sterling)'40Si 9C3 -- 9112 Jan'27 - -3
27
it Paul Union Depot 58...._1972 ii 10512 1057 10534 106
- 8
893* Sale 8912
1024 ____ 10212
1081s
- 1023
4
1025s ____ 1023
4
9212 ____ 9212
8212
6278
823* Sale 82
853 Sale 8412
76 Sale 78
99 Sale 9834
927 Sale 923
4
9734 Sale 9714
100 ____ 10058
101 10112 10112
104 ____ 10378
11014 11012 111
88% Sale 8814
8418 8614 86
983 99 984
4
19134 Sale 1013
5
100 8 101 101
903* 9134 9053
86
10514 ____ 105
951z_.._ 9514
933* 94 9312
Southern-let cons g 5e..
1994 S J
Registered
J J
Devei ds gen 4s series A___1956 A 0
Develop az gen 68
1958 A 0
Devel & gen 648
1966* 0
Mew Div let e be
_1996 J J
St Louis Div let g 48
1951 i J
East Tenn reorg lien g 58..1938 M S
Mob & Ohio coil IT 48...,,193$ M S
Spokane Internat let g 56_1955 J J
Sunbury dr Lewiston 1st 48_1936 J J
Superior Short Line 1st be_ _31930 M S
Term Assn of St L let g43.4ej939 A 0
let cons gold be
1944 F A
1963 J J
Gen refund a fg 48
Texarkana & Ft S let 530A 1950 F A
1943 J J
Tex & NO con gold be
Texas d Pao let gold be
2000 J D
1931 J J
Div B L lit g be
La
Tex Pac-MO Pao Ter 530_1964 M S
1935 J S
Tot & Ohio Cent let gu 5e
1936 A 0
Western Div 1st g 58
1935 J D
General gold be
1917 J J
Peoria & West 4e
Toledo
1950 A 0
Tol St L & W 50-Yr g 48
19315
4sA
To1WV&Oguw
,
1933 J J
let guar 434s series B
1942 M S
let guar 4s, series C
4._ l946 J D
Tor Ham & Buff 1st ft
62
107
99
Dec'26
Jan'27
Oct'26
9258
8212
823
8
857
3
7614
99
927
3
98
Jan'27
Jan'27
Jan'27
Dec'26
883
3
Jan'27
9918
10134
Jan'27
91
Dec'26
105
Jan'27
94
1
price
Friday.
Feb. 11.
Week's
Range or
Last Sale
11
Range
Since
Jan, 1,
Iltoh No, Low High
High
Bid
• Ask Low
II N J RR & Can gen 4e__1944 M
9612 ____ 944 Jan'27
9418 941/
10012 10012 Utah & Nor lst ext 48
1933 J J 974 9834 97 Oct'26
go% 10114 Vandalia cons g 46 series A 1955 F A 9234 ____ 9212 Jan'27
-524
.
100 1014
consol 48 serlee B
9234 ____ 9013 Oct'26
10684 110 Vera Cruz & P lst gu4 30-1 34
185 7
July 1914 coupon on
2 74 Apr'26
2
3
4
Assenting 1st 43.48
10634 110
1934
5 "ii" "Hi
2134 23
2378
Virginia Mid 58 series F
99% 100
1931 M S 1003* ____ 101 Sept'26
105% 105%
la4 1114
General 5s
1936 M N 102 1027s 1027 Jan'27
Va dr Southw'n let gu 154_2003 J J 102 ___ 102
3 102 102
102
94% 96
16i4 let cone 50-year 59
2
958 M N 945* Sale 945
A O
94%
Virginian lit be aeries
43 10212 10318
1962
10258 Sale 1023, 103
Wabash let gold be
1939 M N 1034 Sale 103
1033
4 39 103 10412
,
20 gold 511
1939 F A 1003 10118 160% 10138 26 100 8 102
4
-5.7s - 2
Refef5t4seerteeA
627S
1975 M
104 Sale 1031g
1043
2 27 1034 10434
10414 106%
Debenture B 68 regIstered_1939 M S
8314 Feb'25
1st lien 50-yr g term 4s
72
73
87's 87l
1954 i J 8614 88 8712 Jan'27
104 1044
Det & Chi ext ist g ba
1941 J J 1034 ____ 104 Jan'27
Des Moines Div lit g 48_1939 J J 887 ____ 89
8812 89
Jan'27
100 10018
Om Div lat g 3 Sie
8334 843
2
1
1941 A 0 8412 8434 8432
8432
Tol & Ch Div g 4s
90 91
1
1941 M S 903* 91
90
90
"oi"
80 814
Warren let ref gu g 334s
2000 F A 8112 ____ 813* Jan'27
98 10012 Wash Cent let gold 48
871 8714
4
1948 Q M 883* 8834 8714 Jan'27
100 100
Wash Term let gu 3Sig
85% 85%
1945 F A 8558 Sale 8552
8552 12
80 814
1st 40-year guar 40____ _ _1945 F A 9114 __ 9212
1
9212 9212
9212
10212 10212
1005s 1003 W Min W & NW let gu 50-1930 F A 9914 9934 9914 Jan'27
4
West Maryland let g 48_ _ _1952 A 0 8014 Sale 7934
82
West N Y & Pa 1st g
7 1014 102
_1937 J J 10113 1017g 10112 10112
913* 93
1943 A 0 88 Sale 88
88
ii 88 89
84
Incomebi 534s
engo g
85%
_
Apr 1 1943 Nov 9634 sale 9014 Feb
997'25
94% 96
Western Pao 1st ser A 68_1946 M S
6 '654 for4;
8212 83%
let gold 68 series B
4 103 10413
1046 M
10314
993 997 103
4
914 94
864 873
West Shore let 43 guar
4
23615 J 8672 8734 867s
8712 13
874 89
86
87
Registered
2361
J
86
88
100 100
Wheeling & Lake Erie
993 100
4
Wheeling Div 1st gold 53_1928 3 .1 99% 100 99%
'
99%
-564 9712 Ext'n & impt gold be
1930 F A
974 Dec'26
10014 1013
9012 93
4
Refunding 454s series A 1966 M S 91% Sale 91
91% 12
RR let consol 413
874 8834
8814 Sale 87%
883 64
4
9733 9S1 Wilk & East lst gu g be
7214 7
612
1942 M D 8678 88 7632
1949
S
7612 10
Will & F lst gold be
1938i D 1044 1041 104
5 104 104
104
654 IA; Winston
87% 87%
3
lit 48SB
8658 85'- 8738
87%
100 101
WIe
th
- b(11- m
1 eyr
83 8414
5 83
J
48 :19TO
: 1
8334 834
833
4 10
844 8612
91
Sup & Dui div & term ut 41'36 M N 91
89
27
92 9012
91
Wor & ('on East lit 430-1943 i J
89
89
89 Jan'27
997 101's
10112 1013
4
INDUSTRIALS
10218 1023 Adams Express coll IT g 413_1948 M
4
8914 9014 904
8914 91
9058
2
99 10014 Ajax Rubber lit 15-yr if 88_1938 J
10614 Sale 107 Jan 27 ---- 1057 107
2
3
312 3 Jan'27 ---9514 9914 Alaska Gold M deb 68 A
3
1925 M
312
105 1057
Cony deb 68 series B
1026 M
3
8
4
314 3
14
34 Jan'27 mg
10012 10178 Alpine-Montan Steel 75- 1955 M
9212 9712
9612 42
9512 Sale
105 10512 Am Agile Chem let Es
_ 103 Oct'26 ---1928 A
1st ref e f 7548 g
9718 574
1941 F
Sale 104
1044 35 WA" 1144
8
865 8812 Amer Beet Sug cony deb 611_1935 F
9414 967 98 Jan'27 --95 4 93
1
8
83
81
1024 Sale 10212 10314 26 101 10314
American Chain deb s 1 65_ _1933 A
9418 9638 Am Cot Oil debenture 58_1931 M
9514 96
95% Sale 9514
95%
2
99
95
Am Dock & Impt gu (is
1936 J J 1054 1053 1054 Nov'26 -- -4
92% 9334 Am Mach dr Fdy s 68
1939 A 0 104 104 104 Jan'27 --- la" 104
99 993
4
Am Republic Corp deb 6e 1937 A 0 9912 9934 9912
9934 11
02
92
Am Sm & R let 30-Yr Weer A '47 A 0 10114 Sale 101
10112 68 1004 101%
8
10812 47 1073 10812
98
08
1st M 68 series B
1947 A 0 10858 Sale 108
23 1044 105
9814 9812 Amer Sugar Ref 15-yr 6e-1937 J J 10478 Sale 10412 105
9814 99
1577 108
8
0878 165
Am Telep & Teleg coil IT 48_1929 J J 9878 Sale 9812
9314 98
8
Convertible 48
1936 M S 9414 9412 9414
04s
9512 99
1
0934 100%
9812
1933 M S 9812 9918 9812
20 year cony 4348
10314 Sale 10234 103141 59 10234 10314
1946 J
30
-year coil tr 50
103 June'26 - -- J
9512 96
Registered
9512 6512
35-yr 8 f deb 56
1960 J .1 192 Sale 1014 102 215 161- 1114
4
8
92
10812 85 1051 1067
91
20
-year s f 548
1943 M N 10612 Sale 106
105
1 10312 105
1940 A 0 104 10478 105
10514 106
Am Type Found deb (38.
98
99
60
99
8
Am Wet Wks &
eol tr 58_1934 A c) 99 Sale 083
10134 Sale 10158 10214 77 102 10214
Deb g 83 ser A
883 91
2
59
6012
5914 Jan'27 --- 197 MN
9
Am Writ Paper s f 7-6e._ _ _1935 .1 J 5352 60
587 6012
8
57
587
59
Temp interchangeable Ws dep.
5912 11
I
8
1
91 Iti; Anaconda Cop Mln let 68_1953 F A 104 Sale 10378
10414, 195 1037 104 4
10434 Dec'26 -- -8114 851.,
Registered
814 834
15
-year cone deb 78
1035 F A 10634 Sale 10618 10734 167
834 8812 Andes Cop Min colic deb 73 1943
s
.1 10634 Sale 10612 107341 157 10612 1087
73
76% Anglo-Chilean Nitrate 7sww1945 M N 87 Sale 97 Nov'26 -90
89341 257
9712 99%
8714
Without warrants
9434 9714
9634 Sale 9612
9114 92% Antilla(Comp(Azne) 448. _1939 J
97 1 52
9634 98% Ark & Mew Bridge az Ter 58_1964 M S 10014 10012 1004 Jan'27 ----I 10014 1003
4
10012 10012 Armour & Co let real est 4 43'39 J D
92 Sale 92
9212 40, 91% 934
4
10112 1015
8 Armour dr Cool Del 546_ _ _1943 J
95% Sale 95
95141 110j 95 953
4
24 1021 103
1037 1037 Associated 011614 gold notes 1935 M S 102% 103 10234 103
2
2
Atlanta Gas I. let 53
1947 J D 101 10312 9958 Mar'25 -- --!
1558 Dec'26 -- --;
88'4 90
Atlantic Fruit 713 ctfs dep
1934 I D
r
1
86
00614
86
98
1534-- - 18
1778 13%
Jan'271--- -1 -if - 18
Stamped Ws of deposit.......
953,
7013 767
3
7412 40
4
All Gulf Es W I SS L col tr 56.1959
723 Sale 723
4
101 102 Atlantic Refg deb be
1013
3.
71 101 1017s
1937 J .1 101 10114 101
101 101%
8; 106 107
904 913 Baldw Loco Works let 513-1940 M N 107 Sale 1064 107 1
4
11 1064 108
198
Baragua(Comp Az) 74e_ _ _1937 .1 J 107 _ 108
9812 10612
1
01- Barnsdall Corp 63 with warr_1940 J D 1043 Sale 10478 1064 569
4
944
93781 197, 89
9234 Sale 9212
954 9514
Deb Cie (without warrant)-1940 J
96
9812
97 1 16
96 Sale 96
93% 9412 Belding-HemIngway tle
1936 J J
4 11 103 104
Bell Telephone of Pa 58
1948 J J 10314 10338 10318 1033
45 103% 1044
10334 Sale 1033* 104
10678 10712
let & ref 5s series C
4 17 1004 102
0538
113: 114 Beth Steel let & ref bs guar A '42 M N 100% Sale 10012 1003
03
lS68A°
98% 1001
13
4
99
86
8812
30-yr p m & imp s f be_ _ _1936 J J 9834 Sale 984
4 10238 190 101% 103
Cone 30
F A 1024 Sale 1013
-year 68 series A_ _1948
9.312 278
974 100
4
1
Cons 30 year Lie series 13_1953 F A 9912 Sale 983
1094 12634
161 02
9212 94
93
5
9234 933 93
4
Bing & Bing deb 6148
1 10118 10118
89% 9212 Booth Fisheries deb s f 6e_ _ _1921 M 0 10114 - - -- 10118 10118
19 A 8
90
92
9012 38
Botany Cons Mille 648-1934 A 0 90 Sale 90
8
"55 92 Brier Hill Steel let 530-1942 A 0 10314 10312 10338 10338 12 103% 105
72% 7912
79
4
8412 853 B'way & 7th Av let c g 58-1943 J D 7714 Sale 7714
7,512
5
74
76
75
75 _
9212 9213
Ctfe of dep stmpd June '26 int
634 19
9312 95
9334 Sale 9312
1941
Brooklyn City RR be
105
51 1034 105
953 -18-5d 13klyn Edison Inc gen Si A._1949 J J 10438 104% 104
5 10234 10412
10378 10414 10334 1041s
10238 102
General 68 series B
987 341
9812 997
2
19 J .11
198 S .1 9834 Sale 984
8778 8812 Bklyn-Man R. T sec 0e
3
103% 105
Bklyn Qu Co & Sub con'etd 58'41 M N 633 64 85 Jan'27 --- 64 68
843 79 Nov'26 4
19415 J _
1014 10113
let be
_
8812 Aug'26 -105% 1073 Brooklyn R Tr let cony g 48.2002 J
s
13612 Nov'25 -- _
_
100 10012
12812 Mar'25 ---S-Yr 7% epoeiedsta teaed ............
Ctfs of deecur t arimP10414 10514
954 14
94
9514
95 Sale 05
10212 10212 Bklyn 1/n El lit g 4-68
19on
94 954
1
95
95 9514 95
10014 1004
Stamped guar 4-68
10312 19 102% 103%
958 F A
let cons g 58_1945 MN 10312 104 10312
100.3 10114 Bkiyn Un
11412 1144 15 11358 114%
15
lb
let lien & ref 68 series A_ _1947 M N 114
14 158 162
160 Sale 1591s 160
90
903
4
Cony deb 514e
9214 9214
93 9214 Jan'27 -32 J S
19936 S D 92
99
99
Buff & Smut Iron e f 158
907 9112
3
2
1952 A 0 905 911 9078 Jan'27 -Bush Terminal let 4e
96% Sale 96
967
8 40
9512 97
-154- 94
Consol
9914 101
25
8
1S A S
tax-el'50 j O 1003 101 10014 101
90
9073 Bush Term Bides Ca3
/
____
-ai§ I 99: 821
781 994
Jai; fo-A.
2
60
255
254
301
7
42
2
90
11
2
67
10738 1063
4 10712 21
Jan'27
8612 Sale 8614
867 136
8
11412 Sale 11312 11434 78
55
121
12012 Sale 120
3
1064 Sale 11614 1064
8834 1012 904 Jan'27
10112 ____ 10018 Nov26
9112 9212 9212 Jan'27
8518 86 8534 Jan27
927 ___ 9213 Jan'27
993
10012 Sept'26
4
983* ____ 983 Jan'27
5
1024 _
_1023
8 10238
7
8778 Bale 877
8778
10414 Sale 10334
10414 11
101
.
10118 Jan'27
10578 Sale 1057
1063* 11
10018 10012 10014 1003
3 20
10414 10412 10434 Jan'27
10212 ____ 10212 Jan'27
10012
_ 10014 10012 11
1004 Sale 10018 Jan'27
____ 32
15 Jan'27
_
90
10
903* 90
90
99
99 Jan'27
994 ___ 965 Dec'25
9314 __
94 Jan'27
90
907 90 Jan'27
8
6114
Ulsterdr Del let cons a be_ -1928 J D 61 Sale 61
1952 A 0 4018 41 403 Jan'27
4
let refunding g 46
96
66
Union Pacific 1st RR &id gt 4s'47 J J 96 Sale 9518
J J
943
1
943*
Registered
8
46
1927 J J 997 Sale 9934 100
-year cony 48
20
J
944 Dec'26
Registered
9318 109
Sale 9233
1st lien & ref 4s_. __June 2008 M S 93
109
10914
8
J11/113 2008 M S
let lien & ref be
55
1015
4 102
68-1928 J J 15.14
-year perm eecured
10
Due Aug
Ono Jaw.
It.thie May.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 11.
Mob No. Low
10012 10012
10114 10114 10
1
10114 10114
1074 10818 15
102 Oct'26
1074 Sale 10712 .10814 109
100 101 100 Jan'27
10578 Jan'27 _
108 _
_
101% Nov'26
102 10234
10334- -- 10214 10214
10134 June'26
9114 May'25
10014 Dec'26
1100902020:31148
92% "Hui
931 92%
10658 Jan'27
10418
72% 72% 10
72 75
21
84% Aug'26
8418
95%
10114 Sale
10114 Sale
10712 Sale
SA & Ar Pass 1st gu g M.__ _1943 J .1
Banta Fe Pres dr Phen be_ _ _ _1942 M S
Bay Fla & West let g 68
1934 A 0
let gold 5e
1934 A 0
Scioto V & NE let go g 43_1989 M N
Seaboard Air Line g 48
1950 A 0
Gold 413 stamped
1950 A 0
Adjustment be
Oct 1949 F A
Refunding 48
1969 A 0
let & cons(is series A
1945 M 5
All Birm 30-yr let g 4s41933 M 8
Seaboard All Fla lst gu 66 A _1935 F A
Seaboard & Roan bs extd_1931 J J
Bo Car dr Ga let ext 5'4a_ _ _1929 M N
& N Ala cons go g ba
1938 F A
Gen cons guar 60-yr 58_ _1963 A 0
So Pac coil 48(Cent Pac coil) 3'49 J D
Registered
J 11
20
-year cony 413
June 1929 M S
20
-year cony 58
1934 J D
20
-year golds,
1944 M N
San Fran Terml lit 431
1950 A 0
Registered
A 0
So Pac of Cal
-GO g be
1937 M N
Bo Pac Coast let gu g 48
1937 J .1
So Pao RR let ref 48
1955 J
Range
Since
Jan. 1.
'firs
Cal0& E Corp unit & ref 58_1937 M N
Cal Petroleum if g Lis„ _ _1933 A 0
1938 M N
Cony deb s I 5 kig
Camaguey Aug 1 st s f g 78-1942 A 0
Cent Dint Tel let 30-yr be...1943 J
Cent Foundry ist e 6e_MaY1931 F A
9134 9318 Cent Leather let lien e / 68_ _1945 J J
108% 110
10134 10233
60
3934
94%
94 8
,
99%
64
413
4
96
9413
100
10112 Sale 10112 10112
10313 10353 1035, Jan'27
10114 Sale 101
101%
9914 Sale 99
9912
1023 10314 10358 Jan'27
4
98
963 96% Jan'27
10158 Sale 10112 102
2
89
51
7
10132 10214
10312 10414
100% 10214
99 10014
10214 103%
9634 96%
101 192
New York Bond Record-Continued-Page 5
BONDS
N.Y.13TOCE EXCHANGE
Week Ended Feb. 11.
Central Steel 1st g sI 8s____1941 M N
Chic City & Conn Rye 581an1927 A 0
Cb G L & Coke 1st gu g 58_ _1937 J J
1927 F A
Chicago Rys let 68
Chile Copper cony Os ser A _ _ 1932 A 0
ref 58'56 A 0
Cincin Gas & Eke 1st &
Jan 1 1961 A 0
534e ser B due
Cities Sent Pow & Let(is_ -1944 M N
Clearfield Bit Coal 1st 45_ _1940 J J
Colo F & I Co gen 6 f be__ __1943 F A
Col Indus let & con 5a gu_ _.1934 F A
Col & 9th A v 1st gu g 5t3_ _1093 NI S
Columbus Gas let gold 5e__ _1932 J J
Commercial Cable let g 4e_ _2397 Q
Commercial Credit e I 6s_ _1934 M N
Col tr s f 534% notes_ . ___1935 J J
Commonwealth Power 6s_ _ I 947 M N
Computing-Tan-Rag I 68._1941 3 J
ConnRy &L lsterref 64301951 J J
1951 J J
Stamped guar 4349
Consolidated Clear s / 6s_ 1938 A 0
Consolidated Hydro-Elec Works
of Upper Wuei temberg 78_1956 J .
11
Cone Coal of Md let & ref 58.1950 J D
Consul Gas(N 1') deb 5348_1945 F A
Coat Pap & Bag M1118634e..1944 F A
Consumers Gas of Chic gu 581936 J D
1962 M N
Consumers Power let 56_
Copenhagen Telep ext 6s...1950 A 0
Corn Prod Refg let 25-yr 515s'34 M N
Crown Cork & Seal betel65_1942 F A
Crown-Willamette Pap 68._ _1951 J J
1930 J J
Cuba Cane Sugar cony 78
Cony deben stamped 8% _1930 J J
..7uban Am Sugar let coil 88_1931 M S
Cuban Dorn Sug let 7346_ _1944 M N
Cumb T & T 1st & gen 58...1937 J J
Cuyamel Fruit 1st f 68 A _1040 A 0
Price
Friday.
Feb.11.
Week's
Range or
Last Sale
•;!
46,
5
Range
Since
Jan. 1.
Rid
Ask Lou
High
,
High No , Low
119 Sale 11812 11918 10 1184 120
55
557 545 Jan'27
8
8
2 102 10214
102 103 102
102
76 Sale 7518
744 763
763 102
4
4
11014 Sale 11014
8
11014 293 1097 1103
4
10214 1023 10211
4
102 10212
10214
10434_ _ 10478 Jan'27
1043 1044
8
10114 d;le 100
973 10112
8
10114 310
82 May'26
28 -671- 981,
-98 9884 08
.8
98
10
953 Sale 9558
4
96
9312 9.13
4
10
Oct'25 - -98ly 97
5
97
97 1711
97
80 Sale 80
81
82
803
8
9
965 Sale 9618
8
951. 97
9638 13
91
1
0112 9112
9117
9012 92
10514 20 1043 10512
10472 105 10434
8
105 10518 105
6 1043 10518
4
105
9452 98
931 1 Nov'26
943 9S
4
981 Jan'27 963 98
8
100 Sale 9978
9812 1004
10014 205
10058 Sale 10014
101
1005 101
8
81
8112
10578 Sale 10512 106
79 Sale 79
8118
101h 103 10114
10114
10238 Sale 10218
1023
4
100 101 10014
10012
10112 10212 10212 Jan'27
9614 Sale 9614
9612
9912 Sale 100
1003
4
983 99 994
9934
101 Sale 1004
10114
10812 Sale 108
10814
0612 Sale 9012 10014
101h Sale 10112 1013
2
9478
048 Sale 9412
45
24
53
16
1
48
3
_
53
15
55
12
32
2
2
100 101
81
8318
105,2 10614
8118
75
101 14 102
102 1024
9912 1004
10112 103
93 4 96 4
3
3
995 101
8
95
9931
9814 102
10712 10514
9912 1003
4
10012 10214
9412 95
Davison Chemical deb 630_1931 J J
Deny City Treacly let con 55 1933 A 0
Den Gas & EL 1st & ref 6 f g 5651 M
Stamped as to Pa tax
M
Dory Corp (D G) let ef 7s..1942 NI S
Detroit Edison let coil tr 55.1933.9 .1
let & ref 56 series A _July 1940 M
Gen & ref 5e series A
1949 A 0
let & ref 68 eeries 13...July 1940 M
Gen & ref 58 tier 13
1955.9 D
Get United let cons g 4348_.1932 J
Dodge Brim deb 65
1940 MN
Dold (Jacob) Pack let 6s_ _ _1942 M N
Dominion Iron & Steel 511_1939 M
Donner Steel 1st ref 70
19423 J
Duquesne Lt lot & roll 68_ _ _1949 .1 .1
1st coil trust 534s series B_1949 J .1
983 Sale
9914 Sale
80 Sale
102 Sale
8
10212 1025
1025 Sale
8
10712 Sale
1025 Sale
8
9312 94
9412 Sale
8818 80
50 Sale
96 Sale
10512 Sale
10512 10534
East Cuba Sug 16-yr 6 f g 730'37 M S
Ed El III Ilkn let gong 48_ _1939 J J
Ed Elec Iii lot cone g 5s
1995
Elec Pow Corp (Germany)8346'50 M
Elk Horn Coal 1st & ref 0345.1931 J D
Deb 7% notes (with warets'31 J D
Empire Gas & Fuel 734s_ _ _ _1937 MN
let & ref 834s(wIth mu
-et-13)'41 A 0
Equip Gas Light let con 58_ _1932 M
Federal Light & Tr 1st 58
1942 M S
lot lien s f 5s stamped_ _ _ _1942 M S
let lien 68 stamped
1942 M S
30-year deb 6s ser B
19543 D
Federated Metals sf7e
1939 J D
Flat deb 78 (with warr)
1946 J
Fisk Rubber lets 1 8s
1941 M
Ft Smith Lt & Tr 1st g 56_1938 NI
Frameric Ind & Dev 20-yr 73.58'42J J
Francisco Sugar let at 7345_1942 M N
Breach Nat Mall RS Lines 78 1049.9 D
10738 Sale 10714
1075
8 27
9478 Sale 947
8
2
947
8
10712
10712 10712
8
9812 Sale 983
99
56
99
993 99
4
Jan'27
9512 97 9614 Jan'27 _
10818 Sale 10712 109
432
10312 Sale 10312 1103 1435
4
101 Sale 101
1
101
0512 Sale 9512
957
8 25
95 Sale 05
9538
10314 10334 10314
5
1033
4
9814
9814 Sale 9814
2
89 Sale 89
9018 22
9714 204
964 Sale 954
11578 Sale 11512 1154
5
8712 893 88
6
4
88
104 Sale 103
10434 73
10818
_ 109
22
109
9814 Sale 9818
9914 191
108 108
947 9518
8
1067 10712
8
97
9914
9812 911i
95
964
10518 109
98 1 - 04
4
993 101
9514 963
8
95
9614
103 1033
4
97
9814
89
91
9212 98,2
115 11614
8712 9,04
9812 1053
4
10634 109
943 10014
4
Gas& El of Ilerg Co cons g 5s1949 J D
Gen Asphalt cony 68
1939 A 0
Gen Electric deb g 3348._ _1942 F A
Gen Elec(Gerrnany) 7a Jan 15_'45 J J
St deb 6346 with war
19403
Without warrte attach'd '403 D
(len! Petrol let s f 58
1940 F A
Gen Refr 1st f g 6s ser A
1052 F A
Good Hope Steel & I sec 78_ _1945 A 0
Goodrich (B F) Co let 6348_1947
Goodyear Tire & Rub let 88_1941 MN
10-years f deb g 88_71av 1931 F A
Gotham Silk Hosiery deb 65.1936.1 D
Gould Coupler let ef 68_
1940;F A
Granby Cons MS dr P con Os A'28 M N
1928 M N
Stamped
Cony deb 76
1930 M N
0:16 Cons El Power(Japan)7s.1944 F A
Great Falls Power lets f 5s_ _1940 M N
Hackensack Water let 4s_ _1952 .1 1
Hartford St Ry let 4e
1930 M S
Havana Elea consol a 5s
1952 F A
Deb 5348 serle.s of 1951_1951 M
Hershey Choc, 1st & coil 53461940 J J
Hoe(R)& Co 1st6 346 ser A_1934 A 0
Holland-Amer Line 68(flan _1947 M N
Hudson Co Gas let g 56
1940 NI N
Humble Oil& Refining 5346_1932 J J
_ _ _ 1027
8
107 108 10712
10292 Sale 91
10518 Sale 10514
116 Sale 116
10158 Sale 01
101 Sale 001.2
103 10312 0318
10212 Sale 0238
107 Sale 0634
12114 Hale 2034
11012 Sale 1103
8
9958 Sale 994
84 Sale 8314
100 102
00
100 102 101
131 Sale 127
99 Sale 9778
1033 Sale 10234
4
87
873 87
4
_ 911
06
9314- -- 4 96
963
89 Sale 89
10214 Sale 10178
10014 Sale 100
97 Sale 9612
1025 103 103
8
1025 Sale 10218
8
1027 1024
8
10614 1083
4
91
92
103 10512
11312 119
9914 102
10012 102
101 12 10312
9912 103
1057 108
8
1213 122
4
11018 11034
9314 100'8
834 85
Illinois Bell Telephone 6e
1956 J D
Illinois Steel deb 434e
1940 A 0
Ilseder SteolCorp s f 7s
1046 A 0
Ind Nat Os & 011 58
1936 M N
Indiana Steel 1st 58
1952 M N
Ingersoll-Rand 1st 58 Dec 3110353 J
Inland Steel deb 5348
1945 M N
Inspiration Con CopPer 8348.1931 M
Interboro Melton coil 4346 1356 A 0
Guaranty Tr Co ctts dep
Ctf dep stpd wield 10:5 ______---Interboro Rap Tran let 58_ _1966
Stamped
.1 J
10
-year (318
1932 A 0
10
-year cony 7% notes_1932 M
Int Agile Corp let 20-yr 5s_ _1932 M N
Stamped extended to 1942_ __ _ M N
Inter Mercan Marine 168._1941 A 0
International Paper 58
1947 J J
Ref s 66 eer A
95M1
Int Telep & Trice cony 5348 , 945 M S
Italian Public Utility ext 78.1952 J J
1031s Sale 10234
10314
9714 Sale 9714
975
8
1015 Sale 10112 1014
8
Jan'27
98
984 9£3
10312 Sale 10312 10312
10014 -- 9034 Dec'25
1023 Sale 1024 10212
8
10112
10112 Sale 10118
11
Apr'25
13 Nov'26
15
_ 1012 MaY'25
8
78 Sale 775
7812
4
7814
78 Sale 773
82
803 Sale 804
4
98 3
9814 Salo 98
4
Jan'27
83
897 90
s
8212
8212 Sale 82
99
983 Salo 9812
4
9818
977 Sale 9714
8
10134 Sale 10112 102
1097
8
10912 Sale 10914
9512
9414 Sale 944
Jurgens Works 613 Wag price)_1947 J J
Kansas City Pow & Lt 55_1952 M S
Kansas Gas & Electric 6a._ _1952 M B
Kayser (Julius) & Co let a f 7542 F A
Keith (13 F) Corp 1st 68_
M S
Kelly-Springf Tire 8% notes.1931 M N
Keyston Telep Co let 58_1935 J J
Kings County El & P 6 58...1937 A 0
Purchase money (ie
1997 A 0
10514 Sale
10312 Salo
1043 Hale
4
10814 Sale
9814 99
10414 Sale
934
-10312 Sale
12418 125
_9512 Sale
9512
9518
9218 Aug'25
_
983
8
987
8 15
9812
9914 15
24
7912
80
10112 102
10
1
10212
10212
10214
9
10258
10712 10814 31
10158 1023
4 12
9334
934
9414
947 235
8
9
8818
89
4912
5012 13
13
9578
96
44
10512 106
10514
10512 25
105
10312
1045
8
108
983
4
103
9314
0312
2412
1024
1
108
4
92
4
10512 22
11814 44
10112 20
10118 49
1034
2
103
21
108
42
12114 19
11012 50
100
72
8412 16
Oct'26 _
Jan'27
13112 41
9918 72
1023
4
87
3
Oct'26 _ - _ _
Jan'27 _ - _ _
89
24
10212 65
10014 19
9714 32
Jan'27
_
1025
8 90
39
21
15
16
9
19
370
326
279
86
3
365
96
47
296
215
10514 51
10334 39
1043
4 20
10812 101
9834
4
105
44
9314
5
10312
2
12412
3
9314 97
9814
7612
10112
102
10218
10712
1015
8
9314
9418
88
48
9572
105
1047
8
101s
la
97
78
1023
4
8612
951
89
1013
4
98
9112
1023
4
10218
9914
81
10234
1035
8
1043
8
108
10314
9512
96
895
8
51
91318
10612
10512
1)31
13938
9912
1033
4
87is
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 11,
905
Price
Friday,
Feb. 11.
Kings County Elec lst g 46_1949 F A
Stamped guar 46
1949 F A
Kings County Lighting 65
1954 J J
1954 J J
First dr ref 6348
Ktnney(OR)& Co 734% notes'363 D
Kresge Found'n coil tr 68_ _1936 J D
Lackawanna Steel let be A _ _1950 M S
Lac Gas L of St L ref&ext 58.1934 A 0
Coll de. ref 534s series C_1959 F A
Lehigh C & Nav a 1 4346 A 1954 J J
Lehigh Valley Coal let g 58..1933 J .1
lst 40-yr gu int red to 4% _1933 I J
1934 F A
1st & ref 5 1 55
let & nets f 58
1944 F A
1st & ref os
1954 F A
1964 F A
1st & ref 54
1st & ref f 5s
1974 F A
Lex Ave & P F let gu g 591993 Si S
Liggett & Myers Tobacco 78_1944 A 0
A 0
Registered
55
1951 F A
1 A
7
Registered
Liquid Carbonic Corp 6s___1941 F A
Locw's Inc deb fis with warr 1941 A 0
Without stock pun warrants_
Lorillard (P) Co 78
1944;
A 0
Registered
1051F A
58
F A
Registered
Louisville Gas & Elec (Ky) 55 52 M N
Louisville Ry let cons 513_ _.1930J .1
Lower Austrian Hydro Elec Pow
1944F A
1st s 63411
Manatl Sugar 1st s f 7345_ _1942 A 0
Nlanhat Ry(NY)cons g 4a_1990 A 0
20133 D
2d 4s
Manila Elec Ry & Lt 5 f 55_ _1953 M S
Market St Ry 7s ser A Apr111940 Q J
Metr Ed 1st & ref g (is ser 13.1952 F A
19533 J
let & ref tie series C
Metropolitan Power lot Os A1953 J D
Metr West Side El(Chic) 48_1938 F A
Mid-Cont Petrol 1st 634s_ _1940 M S
Midvale Steel &0cony s f As 1936 M S
Milw Elec Ry&Lt ref&ext 4348'31 .1 J
1951.1 D
General & ref 5s A
1961 J D
let dr ref 58 B
Milwaukee Gas Light let 4.8_1927 M N
Montana Power 1st 58 A._ _1943 J .1
Montreal Tram 1st & ref 55_ _1941 J .1
Gen & ref 6 1 5s series A_ _1955 A 0
l939 J .1
Morris & Co 1st s f 4303.
Mortgage-Bond Co 46 ser 2_1966 A 0
1932 J J
10-25-year 55 series 3
1934 J D
Murray Body 1st 634e
Mutual Fuel Gas 1st1311 g 56_1947 NI N
Mut Un Tel gtcl b ext 4% 1941 MN
Nassau Elec guar gold 411-- -- 1951
National Acme 1st s f 7544_ _193i J D
N
Nat Dairy Prod 6% notes_ __1940
Nat Enam & Stamps let 58.19293 D
Nat Starch 20-year deb 55_1930 J
National Tube lots f 54___ _1952 M N
MN
Registered
Newark Consol Gas cons 54_1948 J D
New England Tel & Tel 58A 19523 D
1961 MN
1st g 434s series B
New Orl Pub Sony 1st 58 A1952 A 0
1955 J D
First & ref 55 series B
N Y Air Brake let cony 6s 1928 M N
-year let g 4s_ _1951 F A
NY Dock 50
NY Edison 1st & ref 6346 A_1941 A 0
1944 A 0
First lien & ref 55 B
N Y Gas El Lt & Pow g 5.s_ _1948 J D
Purchase money gold 4s_1949 F A
NYLE&WC&RR 548_1942 MN
NY LE&W Dock & Imp 561943 J
N Y & Q El L &P Istg 5s_1930 F A
1942 J J
N Y Rye let R E & ref 4s
Certificates of deposit
30-year ad) Inc 5s__ _ _Jan 1942 A 0
Certificates of deposit
N Y Rye Corp Inc Os__ _Jan 1965 Apr
J
1965
Prior lien 68 gorges A
NY & Richm Gas let 681951 M N
N Y State Rys 1st cons 4345-1962 MN
1962 NI N
1st eons 634e series B
NY Steam 1st 25-yr 6s ser A.1947 M N
NY Telep let & gene 14345_1939 MN
30-year deben s f(39_ __Feb 1949 F A
20
-year refunding gold 65_1941 A 0
Niagara Falls Power 1st 55_ _1932 J J
Jan 1932A 0
Ref & gen 68
NiagLock&OPrlst5eA..1055 A 0
No Amer Cement deb 6343 A.1940 M S
North American Edison 6s__1952 M S
Secured of g 6346 ser B__1948 M S
Nor Ohio Tray & Light 65__ _1947 M S
Norn States Pow 25-yr 65 A_I941 A 0
Registered
A 0
1st & ref 25-yr Os series 13_1941 A 0
North W T 1st fd g 454a gtd _1934 J J
98
903
s
10212
101
9714
103
Ohio Public Serv1ce 734e A__1946 A 0
1025
8
1947 F A
1st & ref 78 series 11
Ohio River Edison let 68_ _ _1948 J J
1024 1037 Old Ben Coal lst 85
8
1944F A
9718 08' Ontario Power N F let 58_1943 F A
10038 10234 Ontario Transmission 5a
1945 M N
98
98
Otis Steel lot M 65 ser A._ 1941 M
10312 10412 Pacific Gas& El gen & ref 58.1942 J J
& Lt let&ref 20-yr As'30 F A
i 1E3- Pac Pow & Tel let 55
4 Pacific Tel
1937
10112 um% Ref mtge 58 series A
1
Pan-Amer P & T cony of 68_1934 M N
lot lien cony 10-yr 7s
1930 F A
Paramount-Bway let 5340_1951 J J
-'/7- Wag Park-Lex St leasehold 8)46_1953 3 J
7612 79,, Pat & Passaic G dr El cons 68.1949 AI S
8012 8212 Penn-Dixie Cement 64 A_ __ _1941 51 S
97
99
Poop Gaa & C 1st cons g 68_ _1943 A 0
99
00
Refunding gold 58
1947 NI S
82
83
Philadelphia Co coil tr 65 A.1944 F A
951
4 9914
15-year cony deb 5346___ _1938 M S
9718 9312 Pinta & Reading C & I ref 68_1973 J .1
9952 1023 Pierce-Arrow Mot Car deb 881943 M
4
109,s 1103 Pierce Oil deb s f 84__Dec 15 19311 D
2
9052 96,2 Pillsbury Fl Mills 20-yr 83_1943 A 0
Pleasant Val Co 1st g 155_1928 J J
105 10912 Pocah Con Collieries let 61551957 J J
103 104
Port Arthur Can & Dk 6s A _1953 F A
1033 1053
4
4
bat 64 On series 11
1953 F A
101 12 10812 Portland Elec Pow let 86 11_1947 M N
9834 9912 Portland Gen Elec let 5e_1935 J J
10112 10512 Portland Ry let & ref 58
1930 MN
9314 9312 Portland Ry L & P 1st ref 58.1942,F A
10312 10312
let lien & ref 68 series B__ _1947,M N
12414 125
lot & refund 7345 series A _1944 M N
it
Week's
Range Of
/All Sale
Range
Since
Jan. 1,
Bid
Ask Low
High Ho. Low
High
8218 8312 8238
8212
2
823 88
8
824 83
8212
83
14
8212 86
103 Sale 103
103
5 101 1 2 102
116 Sale 11312 116
4 11214 118
102 Sale 102
103
31 100% 10414
10212 Sale 1024 103
31 102 10312
993 Sale 994
4
10014 16
9912 101
10112 Sale 10012 10114
8 10018 10112
1045 Sale 10414
8
10478 48 1041s 105
9712 9912 9814 Jan'27
9814 98
14
10118 10112 10112 10112
10112 1017g
964
_ _ 97
Jan'27
97
97
101 Hale 101
101
101 101
10014 Sale 10012 10012
3
597 10012
2
100 10012 10012 10012
5
993 10012
4
10018 10012 10012 10012
1
993 10012
2
994 101 1001z 10012
2 100.2 10012
4012 Feb'26
Hi- ince- 120
121
26 120" 1214
12012 May'26
11718
103 Sale 10212 103
6
10114 Sale 10114
10114
2 1O14 10114
110 Sale 10812 110
146 104 110
103 Sale 103
10438 111 101 1043
4
99
083 Sale 99
4
90
14
99
11714 Sale 117h
118
24 1174 120
11812 June'26
9812 Sale 9812
983
4
8 "9812 10 -1
-- ;
0
97
97 Sale 97
97
973
4
8 100
100 Sale 993
50
995 10012
4
9517
9512 Sale 9514
94
5
96
95
11
10712 23
70
28
6212
1
044
1
9712 54
10818
2
10034 18
100
7
Jan'27
10518 19
983 118
4
Jan'27
997 -55
8
987
8 26
100
10
102
16
91312
7
993
4 29
8912 29
Dec'26
Jan'27
975
8 21
Jan'27
Jan'27
897
8
10412
674
80
93 4
3
984
10512
100
105 8
5
74
1043
4
9714
981s
9914
98
98'2
10112
954
99
8614
6118 Sale 61
6138 18
100 Sale 9978 1007
8 I"
10112 Bale 10114
1015
8 60
101h 10212 10138 Jan'27
4
9914 Oct'26
993 101
10314 10334 104
Jan'27 -_-_-_-_
10214 Sept'26
10212 10311 10234 Jan'27
_
1031
! 39
10314 Sale 103
9618 Bale 9618
9614 121
953 Sale 9518
8
953
4 28
9512 Sale 9512
96
5
10111 1013 10112 Jan'27
4
8514 8518 8514
8512 13
11514 Sale 11518 11512 56
10312 50
1023 Sale 10258
4
7
- 10612 107/8
9212
10612- - 9214 921 9212
7
101 July'26
10112 Jan'27
10112 Jan'27
6712 Dec'26
60
Oct'26
8 Dec'26
91
8 Dec'26
28 -162
275 Sale 2612
8
84
833 Bale 834
8
1025 105 10212 10212
8
1
58
58 Sale 5712
33
8014 37
79 Sale 79
1065
8
106 Sale 106
8
4
99
99 Sale 983
61
1113
8 18
1103 1141 11034
4
10814 Sale 10814 1084 26
1011
10114 1011 10114
: 5
1044 Sale 10412 105
1004 15
10014 Sale 10014
9212 46
9014 Sale 90
1063 Sale 10614
1
10612 32
1053 Sale 10514
8
10514 40
9712 23
967 Sale 96
8
10012 23
10018 Sale_ 100
994 Sept'26
in?: 166 106
106
9712 9E02 9812 Jan'27 5
61
997
8
100
1013
8
9312 Sale 9312
102 10712 106
1393 Sale 6914
4
6112 63
6212
94h
943 96
8
974 Sale 97
10818 10812 10818
10014 10012 100
106 10612 106
79
78
78
105 Sale 105
985 Sale 983
8
8
9814
9814
4
994 Sale 993
9814 Sale 98h
994 Sale 9812
10112 Sale 10112
2
983 993 953
4
8
9618 Sale 99
8914 Sale 8914
82
81
98
9714 - T8
197 973 97
4
10112 103 10112
1013 103 10134
4
11518 11512 116
Jan'27
115 Sale 11434 115
10612 15
10612 Sale 10612
903
4
9112 15
904 94
10114 Sale 101
10114
16
10114 ---- 101
Jan'27 - _
94h Sale 9414
95
18
100 Sale 9934 10014 39
10012 Sale 100
10114 24
10158 Sale 102
10218
4
10218 Sale 10134 10212 18
105h Sale 10534 10612 170
105 10518 10518 10514
9
993 Sale 99
4
10014 42
923
924 Sale 9132
8 35
Jan'26
10214 10314 02
10012 Sale 100
1004 45
11312
_ 11312 Jan'27
1025
8
102 1025 102
2
- 8
4 104
46
104 Sale 1033
2 102
36
102 Sale 1003
10114
6
101 Sale 10014
106
7
1053 1063 106
4
4
2 1003
4
9
1003 Sale 1003
4
2
1
1027 Sale 102% 1027
8
9912 Sept'26
_
9214
9
9214 Sale 911s
4 1054 23
1053 Sale 1043
8
10458 1045,
8
1
1045
8
6
10012 10 4 10012 10012
- -1-310014
4
100 Sale 100
9558
5
95
9512 9514
933
4 18
9312 Sale 9318
10012 10112 10012 10012
10712 10
10834 108 10672
9512
10712
714
63
96
971 2
10814
1003
4
10;
80
10516
99
99
100 2
,
100
100
1025
8
994
100 4
3
893
4
9684 98
9612 98
10112 10112
1013 1013
4
4
6212
102
102
102
io534 11414
10234 foi7;
103 104
9558 963
8
958 9612
95,2 98 4
,
10112 10234
843 857
2
a
1152 118
102 2 104
,
108 1071a
9214 93
10112 10113
101 10112
-Hi-2 167i
8312 8514
102 10212
534 59
82
71
10514 1067
8
985 9912
8
11014 1113
8
10814 109
10012 10112
10412 1053
8
10014 1013
e
99
9514
10414 1064
1054 1063
4
9512 9712
100 10115
1042 fg"
08
981z
11414
114
1051s
93 4
3
101
1003
4
933
4
1103
4
993
4
102
1013
4
10414
1043
4
98
903
4
116
115
10612
914
102
101
9612
10012
10114
1024
/
1
103
10812
10514
10012
9312
9913 101
11312 11338
102 10218
10312 10418
10012 102
100 102
1043 10714
4
1003 1033
8
8
10214 10314
-171111-11 12 2
-11044 1051
8
1043 1043
8
6
10014 102
100 101
9412 97
913 94
8
10012 10114
10612 10717
THE CHRONICLE
906.
New York Bond Record-Concluded-Page 6
•ONOS
N. Y.STOCK EXCHANGE
Week Ended Feb. 11.
Price
Friday,
Feb. 11.
Week':
Range or
Last Sale
h
High NO .
34
95
Dec'26
2
111
10514 46
9
10512
11
10514
10718
11012 42
9
165
8 18
1007
34
96
10012 15
10012 39
1255s 139
1.021s 69
25
104
Jan'27
9612 17
4 16
623
4 13
1113
6
10514
Jan'27 ---Jan'17
9
47
Pressed Steel Car cony g be_ _1933 J2
Prod at Ref 8188 (with warts)'31 JD
Without warrants attached__ _ JD
Pub Sem/ Corp of NJ sec 65_1944 PA
Pub Serv Elec & Gas Ist5 As1959 AC
1964 A 0
let & ref 5(-s
Pub Serv El Pow s fist 6s..1940 AO
Punta Alegre Sugar deb 75 1937 J J
J
Rand Kardex 514s (with warr) '31
Without stock pur warrants. _ _
1937 MN
Remington Arms es
ReDub I & S 10-30-yr 585 f_ A940 AO
Ref & gen 5 As series A _ .._ 1953 J2
Rheinelbe Union 7s with war 1946 J
Without stk purch warts.1946 J J
Rhine-Main-Danube 78 A._ .1950 Al S
Rhine-Westphalia Elec Pow 78'50 M N
Rime Steel let s f 75
.1955 FA
Robbins & Myers 1st ef 7s_ _1952 JD
Rochester Gas & El 7seer 13_1946 MS
Gen mtge 53-15series C. _1948 MS
Roch & Pltts CdtIpm 5s_ _1946 MN
Rogers-Brown Iron gendtref 7942 MN
MN
Stamped
Ark Lora
Bid
95 Sale 0412
11034
_
113
4
1103 111 111
10514 Sale 10434
10518 Sale 10518
10518 Sale 10513
10712 10712 10718
11014 Sale 110 4
,
155 160 160
8
1007 Sale '100
9512 Sale 1 9518
10012 Sale 10018
9912 Sale 1 9912
8
1223e Sale 1223
4
1013 Sale 1013
4
4
1033 Sale 103
10312 104 10412
9534 Sale 1 9512
6212 6412 61
8
11112 Sale 1113
10518 Sale 10518
9212 9212
90
4978
48
47 Sale 47
St Jos Ry Lt & Pr lot 5s____1937 MN
StJosephStkYdsiet4e.i930J J
St L Rock Mt & POs stmpd _1955 .1 J
St Paul City Cable cons Is. _1937 2 J
Ban Antonio Pub Serv let 65.1952 .1
Baron Pub Wks(Germany) 7545 F A
19462 J
Sehulco Co guar 6 As
1940 A 0
Sharon Steel Hoop 1st 8seer A '41 sA s
Sheffield Farms let St ref 13 As'42 A 0
Sierra & San Fran Power 24_1949 F A
Silesian-Am Exp col tr 7s_ _ _1941 F A
1920 NI N
Simms Petrol 6% notes
Sinclair Cons 011 lb-year 78.1937 m s
1st in col tr 138 C with war,1927 J
1938 j D
1st lien 61-',s series 13
Sinclair Crude Oil 3-yr 6s A_1928 F A
1942 A 0
Sinclair Pipe Lines 15$
Smith (A 0)Corp 1st 632'13_1933 M N
8
9614 955
96
4
9712 Sale 973
8
78 Sale 773
4
953 9514
95
10612 Sale 106
10234 Sale 10212
4
993 Sale 1 993
4
100 Sale 100
10814 Sale 10814
10714 10812 10814
9518 Sale 9518
10012 Sale 10012
8
1033 Sale 1033
8
102 Sale 102
101 10112 10112
8
1003 Sale 10078
8
1007 Sale 1005
8
4
943 Sale 1 94,
4
8
8
1015 Sale 11015
South Porto Rico Sugar 75.194112 D
South Bell Tel & Tel let 8 f 581941
Southern Cob Power 68 A 1947
Sweet Bell Tel let & ref 5s_ _1954 F A
Spring Val Water lot g 5a_ _ _1943 m N
1930 M N
Standard Milling let be
1945M S
let at ref 53
-Se
Stand Oil of NJ deb 55.Dee 15 '46 F A
Stevens Hotel let 6s ser A_ _ _1945 J
Sugar Estates (Oriente) 713_ _1942,m s
Superior 011 1st 51 is
1929,F A
Syracuse Lighting let g bs_ _ _19511J D
Tenn Coal Iron At RR gen 513_1951 1J .1
Tenn Copp & Cheni deb (39._19411A 0
Tennessee Elec Powlst Be
1947 .1 D
Third Ave let ref 4e
11160J J
Ad)Inc 58 tax-ex N Y Jan 19601A 0
Third Ave Ry 1st g be
1937
1955 M S
Toho Elec Pow let 75
6% gold notes _ __ _July 151329 J
Tokyo Elec Light 6% notes_1928 F A
1941 M S
Toledo Edison 1st 78
Toledo Tr LA P53.% notes 1930J J
1949 M
Trenton O& El 1st g be
Trumbull Steel 1st 5 f 6s_ _ _1940 M N
Twenty-third St Ry ref 55__ _1962 J J
Tyrol Hydro-Elec Pow 73-s-1955 M N
20
10712 Sale 11071 2 108
8 12
8
1027 Sale 10212 1027
10138 Sale 10113 10112 41
10314 Sale 1023
10314 68
4
8
8
100 1003 1003 Nov'26 -3
4
1003
4
1033 Sale 10034
7
103
4
103 Sale 1i:23
10214 426
102 Sale 10178
17
4
993 Sale 1 9912 100
4 78
993
4
09 Sale 1 993
101 18 --10114 Jan'27 -111218 ____ 10234 Jan'27 -1
10514
8
10418 1047 13514
10
100
10014 10012 100
8 43
1057
8
13512 Sale 1053
4 23
8512 Sale 8518
653
252
64
,8 623
7
6
94,2 Sale ,3 8
9812 25
9914 179
99 Sale 98
43
99
9812 Sale 08
104
99
0014 Sale
21
8
,
0 12 77
19 ,
Sale 1098814
108
9914 Sale 9918
8
1)23 __-- 10218 Dee'26 - -59
99
9812 Sale 98
Jan'27 -6712 67
65
19134 11
10012 Sale 100311
1945 MS
17lIgawa El Pow s 1 7s
Ondered of London 43.45.1933 J J
1948
Income 65
Union Elec Lt & Pr(Mo)58_1932
1933 MN
Ref at ext 5s
E LAP(liI)Istg 5 As eer A1959 J2
1945 AC
Union Eley Ity (Chic) 58
1931
J
Union Oil let lien s 58
May 1942 PA
30-yr 68 series A
let liens f 56 series C Feb.1935 AO
United Drug 20-yr 68.0ct 15 1944 AO
United Fuel Gas let s I 65.__1936 J J
United Rye St L let g Co.__ .1934 J J
1937 MN
United 88 Co 15-yr (18
United Stores Realty 20-yr 13s '42 AO
U El Rubber 1st & ref 58 ser A 1947 J J
J J
Registered
10-yr 7 A % secured notes 1930 PA
US Steel CorpIcoueon Apr 1963 MN
f 10-60-yr 5elreglet_ _ Apr 1963 MN
Universal Pipe & Rod (3s___1936 JO
(Utah 1.1A 'frac let & ref 66_.1944 AO
Utah Power & Lt let be
1944 FA
Utica Elec L & P let be
1950 J J
Utica Gas& Elec ref & ext 5131957 J
Vertientes Sugar 1st ref 78_1942 JO
Victor Fuel lets f 55
1953 J
Va-Caro Chem 1st 78
D
1947
Stpd as to payt 40% of prin
let 7s
1947 ---CH of deposit asetd
---CH of deposit etpd
VS Iron Coal at Coke let 568 1949 M
1934 J J
Va Ry Pow let at ref be
Waiworth deb 6 A e(wIth war) '35 AC
let sink fund 88 aeries A _ _ _1945 AO
Warner Sugar ROM 1st 7s 1941 JO
Warner Sugar Corp 1st 7s_ _1939 J J
Wash Water Powers f 5s_ 1939 J J
Weetches Ltg g 58 stmed gtd 1930 JO
1944 MN
West Ky Coal 1st 78
4
1 66
1 9 3 MS
West Penn Power ser A 55
MS
let be series E
1953 AC
let 5 As series F
1956 3D
be aeries G
let sec
1950 2 .3
West Va C & C lst 68
Sale 911
06
975a ---_ 95
8
1015 ____ 1013
8
4
1013 102 10112
8
10218 Sale 1017
4
823 84 83
1U112
102
10812 Sale 10812
8
987 Sale 983
4
10714 Sale 10714
10312 Sale 10312
7612 78
77
91 18 Sale 1 9118
4
4
1043 Sale 1043
96 Sale 1 95
t4
943
gale 1061s
8
1073 Sale 10718
8
1067
4
883 Sale 8812
8
937 Sale 937
8
98 Sale 98
1021s Sale 10238
10218 10212 10218
4
99 Sale 1 983
5612 67141 57
10714
4
1073 Jan'27
10812 Sept'26 _
9412 ___- 108 2 Sept'26
_
9912 Sale 945 Jan'27 24
8
4
/
9334 Sale 993
8
993
4
9
8
033
9514 93
95
105 Sale 95
244
95
9114 Sale 10314
197
106
9214
4
1023 11./312 8912
4
91 1 Sale 1023 Jan'27
1023 ___- 10238
8
10238
1
10112 1013 13112 1011z
4
3
,
100 8 Sale 1003 t 1005
8
8
8
10038 10114 10034j 101
9
105 Sale 105 s 10514
5
10014 Sale 100
10014 23
80 Sale 79
83
14
1944 A 0
Western Electric deb 59
Western Union coil tr cur 59_1938 J J
& real eat g 43.4a_ __ _1950 M N
Fund
4S
193 F A
-year As g
15
Wee'house E & M 20-yr g 58_1948 M S
1
6 .0_1050 J D
Westphalia Un El Pow
Wheeling Steel Corp 1st 53-451948 22
White Sew :Mach 6s(with war) 36 J J
Wickwire Open St'l let 78_1935 J J
Wickwire Sp St'l Co le Jan 14/35 MN
1933 MS
Willys-Overland s 16 As_
Wilson & Co let 25-yr s f 6s 1941 A
A0
Registered
1941 A 0
Winchester Anna 704s
Young'n Sheet & T 20-yr Se.1943 J 1
102
10112 Sale 10118
36
104
___ 1045
8 10478
4
9914 Sale 9914
9912 29
1117 11214 1113
8
4 11214
7
1015 Sale 101
8
192
133
9712 Sale 9712
9812 1J2
4
973 Sale 973
4
8
983
4
983 Sale 985
8
9918 20
5112
53
7
4714 Sale 4214
4712 89
10214 Sale 10218
10214 11
10278 41
8
1025 Sale 102
93 Feb'25
_
106
8
106 Sale 106
10412 142
8
1043 Sale 10418
99
mu,
9712
9734
78
4
95,
10612
8
1033
100
4
1003
108,
4
108,
4
951
1003
4
1033
4
10234
10214
10112
8
1007
4
943
102
7
8
17
2
5
58
12
31
8
2
3
.
13,,
6
212
164
224
118
177
9
,
99 5 20
Apr'26
Aug'26
4
4
1013
4
1013
3
10214 29
3
83
Jan'27
10
109
9
9914
1075s 48
4
1033
Jan'27
9214 11
4
105
158
06
1
8
943
4 34
1063
10734 138
Jan'27
4 20
89,
9434 48
9858 23
Oct'26
3
10218
9912 51
Jan'27
Jah'27
Range
Since
Jan, 1.
[VOL. 124.
Quotations of Sundry Securities
All bond prices are "and Interest" except where mark..d
Per(1)Baal
Public Utilities
Standard 011 Stocks Par 814. A 5.
Anglo-Amer 011 vot stock _ £1 *2118 2112 American Gas & Electric_t *7112 7214
t *0634 9712
8
el *2014 205
Non-voting stock
6% preferred new
MAN 10214 10212
100 1111211212
High Atlantic Refining
Low
Deb 85 2014
100 11618 11612 Amer Light A Trac com_100 230 23012
Preferred
9412 9614
4
100 11212 1143
13o/ne Scrym,er Co new.
71
*69
Preferred
012 11112 Buckeye Pipe Line Co_ _ _ _ 50 *46
4712 Amer Pow & Light pref_ _1009S'z 99
MAS 10118 10138
82
25 *80
4
1033 10514 Chesebrough Mfg
Deb 66 2016
10 *2158 2131 Amer Public Util corn_ ...100
Continental 011 v to
105 108
89
17
105 10512 Crescent Pipe Line Co .50 *15
7% Prior preferred_ ___100 87
4
1063 10712 CumberlandPipe Line___100 126 129
4% Panic preferred_ _100 ____ 83
Associated Gas & Rice pref_t *5212 5312
110 11112 Eureka Pipe Line Co__ __100 5018 51
98
Galena Signal 011com___100 1334 14 Blackstone Val G&E com_50 *96
13018 165
100 52
Preferred old
100 100
60 Com'w'Ith Pow Corp new__t *4418 4414
04
100 93
P.ere::e new
100 52
Preferred
59
951s 98
50 *5812 56
8 Humble Olf & Refining_ __25 *6012 61 Consul Gas 6% prof
8
100, 1013
8
985 100 2 Illinois Pipe Line
100 140 141 Elec Bond & Share pref _100 10714 10734
4
•445 443 Elec Bond & Share Occur__ t 673 68
11812 12614 Imperial 011
8
4
8
....50
Indiana Pipe Line Co.. _50 *66
Lehigh Power Securities_ _ _ t *1614 163
67
8
997 101
98
102 10412 International Petroleum_ t *3418 3414 Mlsaissippl Riv Pow pref.100 96
1951_ _ _J&J 101 102
National Transit Co_12 50 *1312 133
First mtge 55
4
1013 105
4
_
New York Transit Co__ _100 33
34
4
933 93
S g deb 7/3 1935__IVI&N 102
_t
- -12
Northern Pipe Line Co_ _100 76
63
61)
78 National Pow & Light pref. *1112 102
.100 11112 112
25 *26312 64 North States Pow corn..
11114 11214 Ohlo 011
4
_1(10 102 1023
25 .1712 19
10534 10614 Penn Mel Fuel Co
Preferred
40
9212 92,2I Prairie Oil & Gas new__ _25 5537 54
Nor Texas Elec Co com_100 35
8
77
100 74
4978 4978 Prairie Pipe Line new___10( 14512 146
Preferred
Solar Refining
100 200 201
50
47
Ohio Pub Serv, 7% pref_100 105 106
Southern Pipe Line Co
•1612 1712 Pacific Gas & El let pref _100 99
8
4
25 *243 -125 *3814 3914
1st prof new
8
955 97'2 South Penn Oil
8
t *5
4
973 973 • Southwest Pa Pipe Lines.100 573 5812 Power Securities corn
4
4
33
t *30
Second preferred
75 s 78,
,
4 Standard 011 (California)__ _ •5912 5934
93
Coll trust 6s 1949_ _ _JAD 90
9514 9512 Standard 011 (Indlana) 25 •717 72
8
87
Incomes June 1949__F&A *85
8 Standard Oil (Kansas)_ _ _25 *1912 20
10512 1075
32
Standard 011 (Kentucky)_25 119 120 Puq..t Sound Pow & Lt_100 31
101 14 104
86
100 84
25 *4812 49
994 10112 Standard 011 (Nob)
8% Preferred
100 4105 108
997 10114 Standard 011 of New Jer 25 5393 397
8
4
8
7% Preferred
100 11618 11614
Preferred
10712 10812
1st & ref 5545 1949__JAD 101 102
New
8
107, 10834
*3934 40 Republle Ity at Light_ _100 115 118
100 120 ____
Preferred
95
8 Standard Oil of New York.25 •3338 3312
967
100 345 348 South Cal Edison 8% Dr_ _25 533
4
983 101 12 Standard 011(Ohio)
8
100 118 119 S and 0 & E 7% pr pf_.100 105 106
Preferred
101 12 1114 ,
100 15
Swan & Finch
3
97 4 1023
4
1512 Tenn Elec Power let prof 7% 10412 105
14
100 95
Union'rank Car Co
10014 102
98 Toledo Edison 7% pref 100 107 10712
25 *102 10212
100 116 117
8% preferred
Vacuum Oil new
13
,
92 4 102:
10
Western Pow Corp pre1.100 9912 10012
3
1003 101 18 Washington 011
Chic it Stk Ld Bk Bonds
9214 95 8
,
Other Oil Stocks
5145 Nov 1 1951 opt 1931_ 101 10212
1015 1023
8
4
9914 1003
Atlantic Lobos Oil
114 55 Nov 1 1951 opt 1931_
4
•1
50 •27
Preferred
8 4 5/3 May 11052 opt 1932_ 9912 101
,
107 4 109
25 .9512 96 4528 Nov 1 1952 opt 1032_ 08 1(10
10212 10312 Gulf 011
10 *2618 2614 434e Nov 1 1952 opt 1932._ 98 1 09
Mountain Producers
10018 102
100 195 210 44.4s May 11963 opt 1933__ 98 100
8 National Fuel Gas
4
1023 1037
Salt Creek Cons.ol 011__10 *77
8 8 56 Nov 1 1963 opt 1933__ 9912 101
99
i(56" 100, Salt Creek Producers.._ _10 *31181 3114 41.4e Nov 11 1964 opt 1934__ 96 99
43.4s Oct 1965 opt 1935_ 96
4
10234 1033
Railroad Equipments
5.0) 4.90 Pac Coast of Portland,Ore
4
4
1013 1023
be 1955 opt 1935___MAN 10114 103
n ,p
i:g t1c Coast n
4.80 4.70
,
99 100 4 A tl_.a, Enen46 15 e 135
58 1954 opt 1934___MAN 10118 10258
5.03 4.90
9814 100 I
Sugar Stocks
Baltimore & Ohio (Is
4.80 4.60
100 10114
60 •112 3
Equipment 430 &
5.00 4.80 Caracas Sugar
4
4
1023 1023
Buff Roch & Pitts equip 65_ 4.95 4.65 Cent Aguirre Sugar corn_ _20 *100 101
104 105 8
,
100 154 156
100 101 14 Canadian Pacific 4345 A 6s.. 5.00 4.93 Fajardo Sugar
40
5.00 4.90 Federal Sugar Ref cora
8 Central RR of NJ (Is
10518 1057
100 40
100- _- 60
Preferred
4.85 4.70
6's Chesapeake& Ohio 65
63
t *212 412
Equipment C As
4.75 4.65 Godschaux Sugar, Inc
6214 6512
23
100 18
Preferred
Equipment 53
5.00 4.9(1
9812
97
38
97 8 99,2 Chicago Burl & Quincy 85_ _ 5.05 4.00 Holly Sugar Corp com____t *34
,
84
100 82
Preferred
4.90 4.75
9914 Chicago & North West 65
98
Equipment 6345
9.8) 4.65 National Sugar Refinlng_100 130 134
0813 0912
73
100 65
5.15 500 New Niquero Sugar
4
1073 1083
4 Chic R I & Pac 434s &
4
_
Equipment6s
5.20 5.00 Santa Cecilia Suit Corp
4
3
98 4 9113
t •135
Savannah Sugar com pf100- - - 140
65
Colorado A Southern
5.60 4.90
100 117 120
Preferred
5.00 4.75
99 s
-41712 -- 1- Delaware & Hudson (03
77
Erie 4345 & 55
5.251 5.00 Sugar Estates Orlento p1.100 74
Cl
87
Tobacco Stocks
Equipment 6s
5.05, 4.95
4
4
983 1013
Great Northern 65
4.70 American Cigar corn___ _100 120 125
4.851
_
100 100
Preferred
Equipment 5e
4
983 100
4.85 4.70
24
*23 - Hocking Valley 58
5.05 4.95 Britleli-Amer Tobac ord__El *23
24
El
Bearer
Equipment(93
4.79 4.60
28
Gil & Irel'd *25
Illinois Central 4345 A be
10114 102
5.0) 4.90 Imperial Tob of
Machinery____100 119
Equipment 6/3
6
10114 102
5 0
4.7 8.
8.20 4. 0 Int Cigar
_
Johnson Tin Foil & Met_100 65
Equlpment 7e A 6 AB
4
1013 10212
41
8412 Kanawha & Michigan 68.._ 5.1(1 4.85 MacAndrews & Forbes100 40
83
100 102 104
Preferred
Kansas City Southern 5345
10112 102
5.00 4.1)0
34
100 30
Louisville A Nashville 13s__. 4.75 4.70 Mengel Co
10812 109
85
Rican-Amer Tob 100 80
Equipment 63.48
4
983 997
s
4.95 4.75 Porto
47
Universal Leaf Tob cora -..t *44
58 & (01_
,
107 107 8 Michigan Central
5.19 4.85
100 102 105
Preferred
10212 1033
4 Minn SIPASSM 434s& be 5.10 4.80
100 115 119
Young (J El) Co
_
Equipment Cl-Cs A
7612 77
5.20 4.90
100 105 108
Preferred
9312 Missouri Pacific 6s & 63.4s. 4.95 4.75
90
Rubb Stks (Cleve'd gnotat'n)
Mobile & Ohio 5s
4
1013 105
4.70 4.60
4
t•
4
943 9612 New York Central 43.48 A be 5.00 4.85 Falls Rubber corn
15
25
Preferred
Equipment 6s
8
8
913 913
4.75 4.70 Firestone Tire& Rub comb0 *117 122
Equipment 75
4
106 1063
4.65 4.55
100 10414 111412
6% preferred
Norfolk & Western 43.45..,.
10718 103
0 .
4 8 4 7,
4.80 4. 1
100 9812 9912
7% preferred
8 Northern Pacific 78
s
106, 1067
150
General Tire & Rub corn _ _25
__
PacIfIc Fruit Express is.....
8814 893
4
100 10212 11012
Preferred
Pennsylvania RR eq be & 13s 4.95 4.60
8
935 95
5.00 4.75 Goody'r
R of Can pf 100 /98 100
Pittab & Lake Erie °As
98
4
99,
2912
5.0) 4.80 India Tire & Rubber new __ t
Equipment 6s
4.85 4.55 Mason Tire& Rubber conx_t *1,
134
4
8 Reading Co 43-45 A be
15218 1027
4.80 4.70
19
100 17
l'referred
St Louis A San Francisco 55_
9814 100
5.25 4.95 Miller Rubber preferred.100 x103 10338
Seaboard Air Line OIs & 89 4.65 4.60
5614 57
18
100
Mohawk Rubber
10714 10714 Southern Pacific Co 43-2s_
4.75 4.70
65
Preferred
Equipment 78
4.85 4.70 Seiberling Tire A Rubber
22112 23
Southern Ry 4Se & ba
4
10714 1073
5.05 4.95
100 97 _ _
Preferred
Equipment 6/3
5.10 4.95
Water Bonds.
Toledo A Ohio Central es
4.75 4.70 Arkan Wat let 5556 A A&0 9512 98
'ifs; Union Pacific 7s
"oige
Birm WW 1st 53.213A'54.A.A0 10412 105
Short Term Securities
3
4
983 99 4
10218 10212
let M 55'1954 ser 13_ _J&D 9812
7
93 s Anaconda Cop Min 6s'293&J 10012 1003 Butler Wat Co else'27.J&J 100
02
4
Chic It 1 St Pac 56 1929_J&J 10012 1003
9314 9512
4
98
5s Sept 2 1931___ _MAE 1 9612 51.0.1
5% not., 1929
8
917 101
4
JAD 993 100 CItyW(Chatt)5 A8'54A JAI) 10414 10434
412% notes 1928
7818 933
4
86
82
97114
J&D 97
let M 513 1954
'33.MAN
4 Federal Sug Ref 65
4
1023 1023
8
100, 10113 City of New Castle Water
8
8
1023 103.2 Missouri Pacific 55'27_ _J&J 102 102 4
,
95
58 Dec 2 1941_ ._ ..J&D 1 93
Sloss-Sheff S A I 6s'29 FAA
101 1 2 102
,
4
983 9914 Clinton WW let 5(3'39.1 &A 89
10018 10112 Wise Cent 53.4s Apr 151927.
Com'w'th Wat let 5IisA '47 10212 10312
Indus. & Miscall
10012 1004
9312
85 Connellsv W 5sOct2'39A&01 92
25 880
105 10514 American Hardware
4
100 117 119 E 8t L & lot Wat bs'42.J&J 1)33 9412
100 10112 Babcock 5L Wilcox
22
*20
J&J 101 102
1st M 65 1942
131les(E W)Co
80
79
*57
Huntington let 138'64.._M&S 104 ____
50
Preferred
66
•104 11954 9512 9612
58
Borden Company corn- - t
10118 103
20 Joplin Witt 5i
1940 95
100 17
Company
s
1013 1047s Cellulold
66
70 Mid States WW 68'36 MAN 100
100
Preferred
4
9812 993
96
100 118 120 MonmConW 1st 58'58AJAD 95
Childs Company Pref
,
8
1113 112 4
Mono( V,I Wt 53.4+ '50 J&J 9912 10012
100 175 180
101 10234 Hercules Powder
100 115 117 Muncie WW 5s Oct 2'39 A01 92
Preferred
4
963 99.2
105
StJoseph Water bs 1941A&O 95
9634 98 3 International Silver pref_100 *97
,
99 So Pitts Wat 1st be 1960 J&J 9612 97
4
973 9914 Lehigh Valley Coal Sales_50 120 125
FAA 9714 98
let M 50 1955
100
Phelps Dodge Corp
8
507 55
100 164 168 Ter II WW (is '49 A JAD 102
3912 4712 RoyalIing Pow com_100 100 102
let NI be 1956 see B FAA 9434 9534
Preferred
4
1013 10214
385 388 Wichita Wet 1st es'49_MAS 103 _ _
s Singer Manufacturing.__100 •A
10114 1027
9412 9512
let M its 11156 Fier 11 .FAA
El
Singer Mfg Ltd
15412 10618
Per share. t No par value. e Basle. 4 Purchaser also pays accrued dividend.
10334 10412
Ex-rIghte.
New stock. f Flat price. k Last sale. le Nominal. x Ex-dividend.
r Canadian Quotation. e Sale mice.
BOSTON STOCK EXCHANGE-Stock Record ...trLg.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday,
Feb. 5.
Monday,
Feb.7.
Tuesday,
Feb.8.
Wednesday, Thursday,
Feb.9. 1 Feb. 10.
Friday,
Feb. 11.
Sales
for
th
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads.
100
273 Boeton & Albany
178 180
178 178
178 178 *175 178 *17512 178
.
3178 180
100
470 Boston Elevated
8712
8714 873
88
4 87
8712 874 8612 8712 8614 8812 87
100
--------60 Preferred
_ 101 101
100 100
100 100 *100
100 100
100
112 112
114 114
112 114
62 lot preferred
__ 112 112
113 113 *111
8
100
234 2d preferred
-10414 10414 10412 1044 10412 10412 1044 1043 10412 1044 10412 10412
100
5,580 Boston & Maine
57
58
573 58
4
5612 60
5914 60
594 61
60
59
_ _
_ _
_ ____ ____ ___
100
Preferred
100
*$212 . 66
*8212 66
Fro Series A 1st pref
____ ____
*ii i
16- iii. 16
'
id- 100
__ ____
Series B let pref
____ *120 ____ *120 135 *120 135 *120 135
*122
*112
___ *112
__ ____ ____
100
_ •112
Series C list pref
*112
*110
.155 165 *155 165
-Series D 1st pref
100
*155 165 *155 165 +155 165 0
1063 107
4
1064 10612 107 107
107 107
369 Prior preferred
10614 107
107 107
100
9 Boston & Providence
196 196
*196 199 +196 199 *196 199 .196 199 *196 199
28
25
294 28
80 East Mass Street Ry Co__ 100
293 293
4
27
*23
4 293 2 4
27
4 93
"22
64
64
64
64
64
130 let preferred
6412 6412
64
100
65
65
"x65
67
10 Preferred B
*62
66
67
*62
63 63
100
66
*63
66
*63
444 4412 4413 443
*4412 45
45
45
435 Adjustment
4
100
46
*44
457 *45
8
63 63
63 63
61
61
6012 61
61
100
220 Maine Central
61
61
61
8
514 543
4 507 5318 524 564 19,478 NY N H & Hartford
100
4
8 493 5118 4914 53
604 517
99
9912 99
9912 '99 100
88 Northern New Hampshire_100
99
9812 9812 '99
•____ 100
____ ____
•133 140
*128
13 Norwich & Worcester pref_100
128 128 '128___ *128
126 127
126 126 *126 fis
-100
--------174 Old Colony
126 I26
126 126
.111 114 *111 114
110 111
57 Vermont & Massachusetts_100
110 110
'111 114 "111. 114 0
Miscellaneous.
3
3
807 Amer Pneumatic Service-25
23
4 23
4
23
4 23
4
24 24
23
4 27
8
23
4 23
4
•1712 19
•1712 19
19
19
1812 19
*18
50
220 Preferred
1918
19
•18
15414 15418 15414 155
1543 15514 2,379 Amer Telephone & Teleg_100
4
154 15412 15312 1544 15418 155
5113 52
513
4 51
No par
2,834 Amoskeag Mfg
58
4 51
8 5014 503
50:8 50:8 5018 503
75
75
75
7618 7618 80 80
75
75
No par
169 Preferred
*74
75
574
57
57
--------440 Atlas Plywood tr Ws
59
59
58
5819 58
57
56
56
No par
Atlas Tack Corp
*18
1812
18
1812 18
100 Beacon 011 Co con) tr Mrs__
184 "18
.
-318- -- 12 •18
16
8012 "80
8012 80
155 Bigelow-Hard Carpet_No par
79 - 8
6
80
794. 7912 7912 8012 '80
Boston Cons Gas Prof 634%100
-_- - - - --- - - -- ---- - - -- - - - - --- - - - ---- --__ ___
214 1
14
12
2
24 . -,
2
- -12
2
24
500 Cold .k Corp., class A T C___
- 214 212 2
0
.69
72
70
70
70
70
71 - 71
71
71
325 Dominion Stores. Ltd No par
"7012 71
*2
3
*2
3
10
200 East Boston Land
3____ __ __
218 212 '2
214 214
5
5
512
518 512 *5
'512 6
.
3412 6
5
930 Eastern Manufacturing
512 612
4712 4712 4812 4812 --------390 Eastern 88 Lines, Inc
25
5018 5018 4818 494 4512 47
*35
36
*3514 36
"3512 36
*3514 36
"354 36
No par
--__ ____ ____
Preferred
*9112 93
93
92
92 '91
*91
92
"91
92
100
--------40 let preferred
14
14
*12
15
15
•12
15 '12
1412 1434 --------30 Economy Grocery Stores
220 221
221 223
220 221
220 220
100
220 220
2193 220
4
445 Edison Electric Ilium
283 283
4
•28:8 29
2918 2914 294 1,805 Federal Water Sera corn
8 29
4 283 294 284 293
4
29
•2811 30
*29
2934 '29
30
29 '29
5 Galveston-Houston Elec__100
293 --- - ---4
•z14
143 *x14
4
143 *x14
4
143 *z13
4
1434 *x14
____
14
General Pub Serv Corp corn
___
_
37
No par
37
374 37
*3612 37
230 Gilchrist Co
367
367 374 364 -- 8
8
.3612 37
No par
9234 93
924 923
4 9212 93
1,442 Gilette Safety Ravar
9214 927
8 9218 9234 9212 93
25
*1012 12
•1011 12
1112 1113 12
*1012 12
*1012 12
12
275 Greenfield Tap & Die
*12
1212 '12
Hathaway Baking corn
___
___ ___
*12
13
13 '12
*12
13
13
No par
45 45
45 45
*4512 46
45 4512 4512 46
222 Hood Rubber
453 4 46
International Products_No par
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---100
Preferred
55
_ .
95 IEi'5
Rio Kidder. Peab Accep A pref_100
-55L
_
_ ..
---;5L - 93 10
4
*93 -- 14
4 16
119 Libby. McNeill & Libby___ _10
10
93
4 - 4 10 -93
93
4 - -394
93
4 -3
64
25
612 612 *64 61
*614 612
122 Loew's Theatres
64 612
614 64
'6,
4 612
874 8814 88
88
87
8712 87
4
883
8 863 88
88:4 87
764 Massachusetts Gas Cos-_100
100
734 7312 7312 7412 9412 74'2 7312 7312 734 74
--------166 Preferred
11012 11012 *11012 11112 *11012 1111 11012 11012 110 110
55 Mergenthaler LInotype_No par
110 110
100
96
*96
__
'96
_ +96 ------------40 Miss My Pow stpd pref
96
96
96
10
3
*3
3 _3
519 National Leather
3
27
8 3
3
3
23
4 3
314
5
*2414 25
•2414 25
524I4 25
2414 2414 .
24
2414 --------208 Nelson (Herman)
Corp_.20 •____
•-__
.20 *____
New Eng 011 Ref Co tr oths__
.20 *__ -• •------- ---•
100
Preferred tr ctfe
0
. _
4 .
1.
4 •_ _
4 ...
•_ _
4 *_ _
4
--------80 New England Pub Serv $7 pref
oti
96
96
08 .1. 0614 65
4
oi
96
osiE -___
0
4/100 10012 100 10012 *y100 10012 10012 10012 100 10014 ____
160 Prior preferred
*114 218 •112 -•I14 218
135 New Eng South Mills_No par
23 .--4 23
4
214 214
24 218
100
--------125 Preferred
8
8
8
*7_ .7
7
7
7
7
100
118 1 - -1812 118 11812 118 11812 11814 119
118 119
11818 119
565 New Eng Telep & Teleg
.
092
_ *92
•92
_ *92 -___ *92
__ -- --__ ____ _ _ No Amer Utli lot pf full paid-42 42
*40 if
42
"40 -- - *40
42
•40 42
--------50 lift pref 50% paid
100
40
40
41
4012 397 4014 404 4013 4012 4212 1,750 Pacific Mille
4012 40
8
20
'20
*20
25
25
20 '20
25
25
25
--------15 Plant (Thom G), let pref _100
10
•15:8 164 +15:8 161 "154 164 *154 1612 164 1612 1612 612
20 Reece Button Hole
'114
112 *14
10
*114
112 *1 14
11
13
8
13 ____ ____
8
112
10 Reece Folding Machine
*108 109
109 109
130 8wed-Amer Inv part pref 100
10812 10812 10712 10812 108 108...-__
11712 118
011712 118
100
1173 11814 •11712 118
4
1173 11812 11712 11814
4
483 Swift & Co
-*68
6812 68
6812 6812 •68
681
26
684 *6814 684 6812 684
50 Tordngton Co
812 819
8
814
8
8 14
8
8
8
8
614 73
4 3.025 Tower Manufacturing
13
131 *13
1314 '13
134 *1314 1312 *1314 1312 13
5
225 Union Twist Drill
13
51 12 5214 52
513 52
8
5114 5112 5112 52
5212 5218 5212 1,159 United Shoe Mach Corp
25
2814 2812 284 2812 2818 2818 2814 2814
281
2814 2814 *28
25
Preferred
526
8712 8712 8712 8713 8712 874 874 8712 •8712 88
874 8712
405 US & Foreign Sec lot pref f pd
4
81,
2 803 81 •58012 8112 81
81
81 •281
81
82
8114
let pref 75% paid
267
4
8 243 2478 244 2434 2414 244 2414 24:8 2438 2412 2,405 WaldorfSys.Inc, new eh No par
24:4 247
*4012 41
41
41
"4012 41
*4012 41
*4012 41
-___ -___
165 Walth Watch cl B com_No par
63 63
63
'6212 65
6812 6812 63
*6212 65
100
---- --__
158 Preferred trust We
____ ____
100
Prior preferred
'11219 113 *11212 113 *11212 113 *11212 113 '113 115
20
20
*1912 2012 __-20
20
21
20
20
2012 *20
400 Walworth Company
76
8
77
753 767 *7512 76
4
78
763 -- -3
4 7 4 2,037 Warren Bros
6
76
773
4 76
50
___ ____
46
46
46
46
46
46
___
_ _ *46
50
.046
58 let preferred
____ ____
*47
50 '47
50
50
+47
50
50
4912 - 4912 +49 5 2d preferred
0
"x1512 1614 *.21512 164 *x1512 1614 ..21512 1614 +x1514 1614 ___ _-__
Will at Baumer Candle ownMining.
.20 .20 •.05 .25
..05 .25 •.05 .25 +.05 .25
•.10 .25 0
25 Adventure Consolidated_-__25
.55 .55
.55 .55
25
285 Arcadian Consolidated
.50 .50 'a.50 .60 *e.50 .60 'a.50 .60
814 84
81
8
83
8 83
'83
4 9
9
4 1,050 Arizona Commercial
9
9
6
9
4312 4412 44
431
•42
44
443
8
*43
4312 4414 *43
10
715 Bingham mines
44
153
4 1518 154 154 1512 2,474 Calumet & Hecht
1514 15
1512 153
25
4 154 1519 15
Carson Hill Gold
'.20 .30 .0.20 .30 '
1
0.20 .30 ".20 .30 .0.20 .30 +.20 .30
133
8 1318 134 1,417 Copper Range Co
13's 13
133
8 13
13
25
1314 13
1314 13
2'A 214
2
24
238
238
238
238
+23
8 212
2 4 214
,
665 East Butte Copper Mining- 10
.10 .15
.05 .10
. .10 .20
/
1
4
.08 .08
.10 .10
.05 .0
505 Franklin
25
•.00 .75 ---_
0.
.60 .7
*AO .75 '
0.60 .7
3.60 .75 .
_ ____ .... Hancock Consolidated
25
161 *1512 16
16
*16
•1512 - - 16
17
17
10 Hardy Coal Co
+16
"16
17
1
0.80
•.75
1
1
.75 .80 '
0
..80
1
1
•.80
.0.80
1
100 Helvetia
25
225 225
226 226
225 225
*228 230
225 227
225 228
1
208 Island Creek Coal
*10514 10512 10514 10514 10518 10518 *1044- *1047
8 - ' s --- - 1047
1
25 Preferred
10 1012 10
16
10 -1018
11
10
10 •x10
11 *210
225 Isle Royale Copper
25
"2
2
212
2
24 24 1,375 Keweenaw Copper
212 2
212 2:8
214 214
3
25
.95 .95 ' 85
1%
1
0.90 114
".90
112 •.90
.90 .90 '
11
75 Lake Copper Co
25
•.75 .85 0..75 .85 •.70 .85 ".70 .85 0..70 .85 •.70 .85
Ls Salle Copper
25
"1:8 2
"14 2
+14 2
*14 2
Mason Valley Mine
*13
8 2
*112 2
6
.35 .50 '.35 .50
.35 .3
230 Mass Consolidated
.
3.35 .50 •.35 .50
•.50 1
25
.60 .60
.55 .62 3.930 Mayflower-Old Colony
.50 .50
.60 .60
.65 .65
.65 .65
26
38
39
8 38
3914
38
38 "x38
3712 383
178 Mohawk
38
38
39
25
224 2218 2414 2214 2214
22
2214 22
885 New Cornelia Copper
2214 2214 2214 22
6
.
•.05 .15 .
New Dominion Copper
•.05 .25 *.05 .15
3.05 .15 '
0.05 .1
"18
20
__ "10
--__--20
____
*16
20 '16
New River Company
20
20 '16
100
68
•65
68 '65
*65
66
68
67
150 Preferred
*65 68
68
75
100
10
10
93
4 924
510 NipissIng Mines
9
92'
912 93
4
*93 10
4
912 93
4
5
3
3
21 4 23
/
8
234 24
24 27
life 1 /.
23
4 23
4
8
916 1.337 North Butte Mining
15
*0.98
"a.95
14 ".95
112 "0.95
1
11 *a.95
1
30 OilbwaY Mining
114
1'h
25
01212 13
1212 13
"13
14
1212 1212 *1212 13
13
13
435 Old Dominion Co
25
1112 113 •1112 12
4
"11
12
1112 1112 *1111 12
230 I"d Cek Pocahontaa Co No par
•113 12
4
,
1512 151 *1412 15
*1512 16
153
4 154 154
415 Quincy
*144 1512 15
25
23
223 223
4
23
23
4
2412 x23
224 24
1,010 St Mary's Mineral Land
24
2412 25
25
0.212 314 "212 23
*212 3
3
4 "21
*212 3
---- --- - ___ __ _ Seneca Mining
0
..30 .40 '
.25 .30
.30 .31
3.30 .40 '
•30 .40
0.30 .
625 Shannon
10
.
0.25 .40 •.25 .30
3.26 .40 1 •.25 .35 •.26 .35
.25 .26 '
250 Superior & Boston Copper_ 10
64 614
614 614
8
Ws 04
64 8 4 1,880 Utah-Apex Mining
64 03
,
54 614
5
15
8
15
8
138 3,710 Utah Metal & Tunnel
8 154
112 1%
15
8
8 *15
1 ‘X. 15
1 '1(8 13*
1
•.65 .75 •.60 .75 '
0.60 .75 •.60 .75 1 .51 .51 •.60 .75
900 Victoria
25
.10 .10 •.05 .20 $.05 .20
•.10 .20
.15 .15
.12 .12
400 Winona
25
•Bid and asked prism no aside on this day. a Assessment paid. S Ex-stock dividend. t New stock. s
Range Since Jan. 1.
Lowest
Highest
907
rMC 511 AKA'
Range for Previous
Year 1926
Lowest
Highest
183 Jan 28 159
Jan 17512 Dee
77 May 8512 July
94 Jan 15
101 Feb 1
89 Feb 103 Dee
116 Jar 26 11212 Dec 122
Jan
9812 Jan 112
106 Jan 6
Jan
61 Feb 7
35 Mar 5812 July
6112 Jan 8
32 Apr 6112 Dec
86 Feb 5
59 Apr 86 Dec
84 Apr 130 Dec
125 Jan 8
113 Feb 4
74 Apr 110 Sept
164 Feb 4 105
Jan 165 Dec
94
107 Jan 25
Apr 10712 Dec
200 Jan 213 x17512 Mar 20718 Dec
213 Feb 10
4
Jan
28
Oct 61
71 Jan 11
Jan
5912 Apr 71
67 Jan 5
Jan
56 May 69
40
4814 Jan 4
Apr 4914 Jan
65 Jan 24
49 Sept60 Feb
564 Feb 11
314 Mar 483 July
8
9912 Feb 10
81
Apr 9812 Dec
Jan 4 128 Jan 12 120 Apr 132 Dec
Jan 4 128 Jan 29 111
Jan 125 Sept
993 Mar 107 Dec
4
Jan 6 116 Jan 31
171 Jan 7
83 Jan 4
99 Jan 4
11012 Jan 4
101 Jan 20
5214 Jan 18
66 Jan 22
7634 Jan 15
125 Jan 8
105 Jar 10
155 Jan 15
105 Jan 13
198 Jan 18
25 Feb 4
64 Feb 8
63 Jan 20
44'2 Feb 10
474 Jan 13
41 18 Jan 6
9212 Jan 13
127
122
107
5
Jan
2 Nov
3 Feb 11
214 Jar 3
18 Dec 2414 June
1512 Jan 12 21 Jan 21
4
4
14912 Jan 3 1553 Jan 8 13912 June 1503 Feb
48 Jan 17 58 Feb 11
Jan
4812 July 71
733 Jan 10 80 Feb 11
8
7212 Nov 78 Feb
524 Apr 633 Jan
4
54 Jan 19 59 Feb 10
8 Jan 22
814 Oct 1714 Jan
82 Jan 31
18 Jan 31 204 Jan 3
1418 May 204 Jan
74 Nov 984 Jan
79 Feb 11 8612 Jan 7
10718 Jan 4 10712 Jan 11 10512 Jan 10912 June
2 Jan 2!)
5 Jan 3
67 Jan 28 7212 Feb 3 57 May 717 Dee
112 Dec
334 Feb 3
1 12 Jan 26
312 Jan
34 Mar
312 Jan 11
7 8 Oct
62 Feb 11
3
44 Nov 8812 Jan
45 Jan 4 52 4 Jan 31
34 Nov 45
36 Jan 21 372 Jan 28
Jan
9014 Oct 9912 Jan
9112 Jan 27 9114 Jan 29
12 Feb 3 1434 Jan 18
26 Feb
14 Nov
218 Jan 31 2294 Jan 3 x207
Jan 250 Feb
3
2814 Jan 21 29 4 Jan 26
-- June 17
14
2512 Jan 14 30 Jan 31
Oct
14 Feb 3
113 Jan 11
4
11 Dec 17
Jan
35 14 Jan 24 3714 Feb 4
3414 Apr 402 Jan
8
9134 Jan 19 9514 Jan 11
8812 Mar 11312 Feb
11 Jan 10 12 Jan 20
10 May 14 Sept
12 Jan 17 1218 Jan 21
45 Feb 5 47 Jan 3 1514 683
Dec - 4 Feb
52 May 6814 Feb
Jan .30 Nov
.10
Jan
.30 May .55
95 Jan 10 95,z Feb 3 x93
Apr96 July
93 Feb 2 1012 Jan 6
4
612 Aug103 Dec
4
6 Jan 3 10 Jan 18
1218 Jan
6 Jul
863 Feb 9 8912 Jar 6
4
80 Apr 9412 Nov
70 Jan 3 75 Jan 25
65 Jan7018 Feb
10812 Jan 3 112 Jan 21 1104 Jun 1110 May
95 Jon 22 96 Feb 8
89
Apr96 Jan
43 Jan 20
8
23 Jan 4
8
2 Aug412 Jan
2614 Jan 4
21 Jan 31
1512 Jan2912 July
.20 Feb 1 .20 Feb 1 .20
Jan .95 Apz
318 Jan 11
4 Jan 4
3 July
1012 Jan
91 Jan 18 9614 Feb 8
974 Jan 26 101 Jan 25
95 Sept 101 Sent
.60 Dec
.80 Jan 7
2 411
3 3eb 1 i
8 Feb
8 Feb 10
4 Jo . 5
2 Dec 28
Jac
1154 Jan 4 119 Jan 17 1104 Apr 1183 Feb
4
90 Jan 5 90 Jan 5
89 Feb 96 Feb
143 Dec 27 Feb
4
40 Jan 6 42 Jan 5
397 Feb 9 4312 Jan 7
8
3512 July 55 Jas
.
20 Feb 5 424 Jan 3
40 Mar 6814 Jan
16P2 Feb 10
15 Feb
1518 Jan 26
1714 Aug
14 Jan 11
118 Dec
13 Feb 10
8
2 No
98 May 110 Aug
1052 Jan 5 110 Jan 17
115 Jan 3 119 Jan 19 111
Apr 11814 Dec
54 Mar 72 Sept
66 Jan 3 69 Jan 19
94 Jan 31
64 Feb 11
7
Jan -1612 Feb
11 Jan 4 14 12 Jan 24
47 Mar 5314 Awl
50 Jan 3 524 Feb 10
28
Jan 30 June
28 Jan 3 2812 Jan 13
82 Nov 135 Feb
8712 Jan 13 89 Jan 3
60 May 90 Api
79 Jan 21 82 Feb 4
17
Jan 223 Oci
2212 Jan 8 25 Feb 4
4
29
Jan 41 De4
4018 Jan 21 4118 Jan 13
4818 Nov 61 Dec
61 Jan 3 63 Jan 31
112 Jan 10 113 Feb 4 101 Sept 112 Del
1734 Jan 18 2012 Feb 2
123 May 23
Jar
44 Mar 69 De<
6518 Jan 13 7812 Feb 4
44 Jan 5 47 Feb 4
39
Apr 48 De(
45 Jan 17 414 Feb 4
42 Apr 47 Fel
14 Jan 12 164 Jan 22
104 Aug 174 Jar
.05 Jan 14
.50 Jan 24
8 Feb 9
30 Jan 3
1458 Jan 7
.10 Jan 7
1212 Jan 28
2 Feb 9
.05 Feb
.50 Jan 10
16 Feb 9
.75 Feb 9
19711 Jan 3
10518 Feb
10 Jan 8
112 Jan 6
.80 Jan 7
.70 Jan 24
2 Jan 4
.25 Feb 2
.45 Jan 3
3712 Feb 9
22 Feb 5
.06 Feb
.20 Feb 10
.89 Jan 15
104 Jan 6
46 Feb 2
163 Jan 25
4
.20 Feb 2
143 Jan 19
4
234 Jan 4
.25 Jan 22
.75 Jan 13
18 Jan 7
.85 Jan 6
240 Jan 7
106 Jan 21
1158 Jan 19
24 Feb 4
1 Jan 17
.80 Jan 24
2 Jan 4
.85 Jan 3
112 Jan 11
4114 Jan 13
24 Jan 20
.06 Feb 1
634
88
Pie
.80
1212
11
15
223
4
3
.20
.20
7
58
1
.51
.10
75 Feb 8
10 8 Feb 2
,
338 Jan 5
114 Jan 26
1412 Jan 3
13 Feb 4
1712 Jan 3
2514 Jan 6
312 Jan 14
.40 Jan 12
.31 Jan 13
8
6 4 Jan 12
2 Feb 2
.85 Jan 11
.21 „Tan 17
Jan 19
Jan 5
Feb 11
Jan 18
Feb 9
Jan 4
Jan 10
Feb 11
Feb 3
Jan 6
Jan 31
Jan 3
Jan 3
Feb 10
Jan 30
.05 Mar .40 Jul]
.25 Mar
13 Aut
8
04 May 123 Jar
,
29 June 553 Jar
4
1314 June
1838 Aui
.10 Dec 50
Jar
Jar
13 May 20
214 Oct4 Fel
.25 Nov
114 Jar
14 Juli
.27 Dec
14 Mar 2114 Jar
.75
Oct2 Jas
141 Mar 19912 Dee
9912 Jan 106 Jul]
912 June 14 Au)
278 Sep1
.50
Jan
.60 Oct13 Jul,
8
212 Mal
.80 June
238 Sepl
14 Jan
.15 Dec .75 J1113
14 Jar
.40 Dec
Ocl
30 Mar 46
1812 May 24 Aui
Jan .20 June
.05
18 Dec 25 Feb
45 July 72 Feb
5 July 1012 Dec
3 8 Sept
7
2 Apr
2 No
.50
Jan
13 Dec 20 July
Jan
1012 Mar 15
1512May 25 July
25 Dec 3818 Feb
9 8 Jan
5
23 Dec
4
.15 Dec .80
Jar
.20 Nov
11,4 Mai
434 Oct 1134 Feb
.25 Dec 2% Max
.40 May .75 Feb
.10 Sept .40 July
r Ex-rights. a gi
-dividena and MOO*
908
THE CHRONICLE
Friaav
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price Low, High Shares
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
stock Exchange Feb. 5 to Feb. 11, both inclusive:
Friday
Last 'Yak's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds
-Assoc Gas Elea 5368..1977
Boston Elevated 4s_ _ _1935
Chic Jct Sly & U S Y 5s' 40
4s
1040
B Mass St RR ser B 58.1948
Series D 13s
1948
Series A 4349
1948
Hood Rubber 78
1937
KCM&Bine 58
1934
Maas Gas 434a
1929
414s
1931
534s
1946
Miss River Powor 55_ _1951
New Engl Tel & Tel 4 14s'61
6s
1032
New Or!Pont 13dge 78_1941
PC Pocah Co 78 deb _ _ 1935
Richfield 011 68
1941
Sayre & Fisher 6s w I_ _1047
Swift & Co 55
1944
Western Tel & Tel 5s_ _1932
7234
10336
9934
10114
1044
101%
9514 9531 525,000
92
1,000
92
7,000
100% 100%
8934 894 1,000
8,000
724 75
2,000
85
85
2,000
6731 67%
8,000
103% 104
9934 101
22,000
99% 994
1,000
98
4,000
98
10334 10334 1.000
2,000
101 101
1,000
95;4 9536
10136 6,000
101
994 9934 10,000
104 10434 9,000
99
99
5,000
5,000
96
96
2,000
101% 102
101% 1014 15,000
Range Since Jan. 1.
Low.
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Fel
Jan
Feb
Jan
Feb
Jan
Fel
Feb
Jan
Jan
9511
92
1004
8934
69
824
65
1034
9936
99%
9734
10334
100
954
10034
9936
102
99
96
101%
100%
High.
9551
92
10131
00
7214
85
68
104
101
100%
98%
1034
101%
9534
101%
994
104%
99
96
102
101%
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange Feb. 5 to Feb. 11, both inclusive, compiled from official sales lists:
r /ifMy
Stocks-
OLL<GO
Last Week's Range for 1
Week.
ofPrices.
Sale
Par, Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Amer Wholesale, new stock
Arundel Corp, now stocks 3134
Atlan Coast L (Conn)_ -50
Baltimore Trust Co_.....60 13034
Benosch (I), cons
•
Preferred
25
Central Fire Infrurance_ _10 284
Century Trust
50
Cheer & PotTel Halt, pf _ 100
Commercial Credit
• 1531
Preferred
25
Preferred 13
'
,
5 2034
100
636% preferred
Consol Gas, E L & Pow_ _* 51
6% preferred
100 10736
100
634% preferred
100 11531
7% preferred
8% preferred
100 12634
Consolidation Coal _ _ _ _100 35
East Roll Mill. new stock_• 2734
Elkhorn Coal Corp, pref._ _
Equitable Trust Co
25 71
Fidelity & Deposit
50 149
Finance Co of America_.25
Finance Service, class A _10
Preferred
10
Handler Creamery. prat_ _ _ _
Home Credit, corn
Preferred
Houston 011 pre! v t c _ _100 91
Hurst (J E), first pref _ _100
Manufacturers Finance.25
First preferred
25 2134
Second preferred
25 2131
Trust preferred
25
Maryland Casualty Co_ _25
Md & Penna RR, com_100
Mercantile Trust Co_ _50
Merch & Miners, new....
_ _ _•
Monon Val Trac, prof_ 25
Mt V-Woodb Mills v t r 100 1734
Preferred v t r
100 80
New Amsterdam Cas Co.10 54
Northern Central
50
Silica Gel Corporation..._• 17
Union Trust
50 240
United Porto Ric Sug corn_
United By & Electric___50 2034
US Fidelity & Guar__ _ _50 20831
Rights
50 3334
Wash Halt & Annan__.50 16
Preferred
54)
Weet Md Dairy, pref _ _50 51
10 102
10331 10334
314 32
1,066 3131
233 233
5.5 230
12934 13036
152 12936
40
40
15 38
7 2631
2635 2731
264 284
603 26
63 170
186 192
12 115
116 11631
1434 1534
290 1434
21
62 2031
21
195 20
2034 214
814
42 81
81
51
135 51
52
6 lossi
10734 10735
1114 11134
22 III
9 1134
11434 11511
289 126
12634 127
46 3434
35
3555
755 2334
26
28
2036 2036
30 204
71
71
10 71
144 150
225 1354
931
10
10
10
64 1731
1734 1731
10
90 10
10
100 10135
75 100
25
40 25
25
42
30 42
42
91
737 86
93
25 70
70
70
4136 4234 . 105 4136
2136 22
230 2134
249 214
2134 2134
105 20
2034 2134
183 98
100 101
432 25
25
3134
4 402
402 402
4134 414
571 40
50 24
2434 2434
120 1636
17
1734
80
80
590 7834
54
507 5216
54
123 81
814 82
1.121
15
1714
17
1' 240
240 240
445 374
374 3714
288 20
2034 2034
97 205
20734 215
2,996 3134
3331 3414
834
(18
17
14
110 20
2434
20
126 51
5131
51
BondsBernhelmer-Leader 7s_1943
Charles Con Ry,G&E 58'99
C & P Tel of Va 1st 59_1943
Consol Gas gen 434s..1054
Cons G,E L & P pf 5s_1965
6% notes, series A__1949
Consol Coal ref 5s_ _ __1950
Elkhorn Coal Corp 616s'32
Fair & Clarks Trac 5s_1938
Georgia & Ala cons 55_1945
Ga Car & Nor lot 58_ _1929
Ga Sou & Florida 58_1945
Gibson Island 1st 68_1936
Bender Creamery 63 _1946
Houston Oil 648
1935
Md Electric Sly 1st 58_1931
1952
6348
United Porto Ric Sug 7s_ _ United Sty & E 43.___1949
1949
Income 4s
1936
Funding 55
1949
6s when issued
Wash Balt & An nap 5s 1941
West Md Dairy 6s_ _ _ _194d
104 104
9811 99
10134 10134
9936 9914
102 102
1073-4 10734
81
81
9931 9931
9334 9351
9934 9934
1004 1004
10134 1014
1004 101
100 100
1034 104
98
98
9936 100
101
10111
72
73
53
54
7714 7836
09
994
7431 7434
10034 10031
9834
102
10714
993-4
10036
10016
104
73
5311
7834
9951
744
51.000
4,000
1,000
1,000
2,000
1,000
4.000
3,000
2,000
4,000
7,000
3,000
2.000
10,000
13,000
1,000
42.000
4,000
46,000
14,000
15,900
18,000
88,000
4,000
104
9834
10134
99
10134
1074
81
98
93
993-1
9934
10151
100
100
103
97
9634
101
7034
51
753-1
9731
65
10034
High.
105
3136
409
43
2414
1811
85
5531
82
1834
240
3811
204
259
38
18
2434
52
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan 104
Feb 99
Feb 10134
Jan 9951
Feb 10234
Jan 10734
Feb814
Jan 9931
Feb 9331
Feb 0931
Jan 1004
Feb 10131
Jan 101
Jan 101
Feb 104
Feb 98
Jan 100
Jan 10131
Jan 73
Jan 54
Jan 784
Jan 0034
Jan 77
Jan 10034
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jim
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
10334
3234
233
13034
40
2734
2836
192
117
1734
2236
23
87
.52
10734
11114
11536
127
3734
28
2036
71
1504
10
1834
10
10134
25
42
93
70
44
2234
22
2134
•No par value.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Feb. 5 to Feb. 11, both inclusive,
compiled from official sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. 1119h. Shares.
Adams Royalty Co corn-5
All America Radio Cl A..5
Amer Pub Serv pref. _100
American Shipbuilding_100
Amer States Scour Corp A •
•
Class B
Warrants
Armour & Co(Del)pref_100
100
Armour & Co pref
Common CIA v I c .25
27
8%
08
85%
14%
26
8
97
8335
334
3;4
16
9536
85
14;4
27
831
98
85
4
4
34
9554
86
14%
390
1,025
200
60
1,435
576
216
275
1,125
760
Range Since Jan. 1.
Low.
2534
8
94
7936
331
334
31
93%
8331
1434
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
111gh.
28
10
98
85
434
436
1
9511
8636
16
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
[VoL. 124.
Range Since Jan. 1.
Low.
Associated Investment Co 5 3734 3631 3714
180 3634
Auburn Auto Co com _ _25 92
84
9234 17,485 6834
Balaban & Katz v t c _ _25
6131 6234
315 6134
Preferred
100 100
100 100
175 100
Beaver Board v t c "A".10
311 4
334
311
200
a
3
Vot tr ctfs "B"
3
3
50
3
Pre( vot tr ctfs
100 38
38
38
95 38
Bendix Corp class A _ _ 10 4134 4034 42
6,470 3631
Borg R. Beck common_..10 603-4 58
604 10,785 53
Brach di Sons(E J) corn..* 24
24
2434
350 24
Bunte Bros common_ _ _ _10 18
18
18
50 17
Butler Brothers
20 2331
23
2334 2,855 17
Celotex Co common
•
, 74
75
157 70
Preferred
100
90
91
470 89
Central Ill Pub Serv prof.
89
894
•
391 884
Central Ind Pow pref. _100 8936 89
315 8634
90
Central Pub Serv (Del)._• 1811
18
1831
916 17
Central SW URI com _ _ _* 64
6334 67
2,630 5631
Preferred
* 04% 0434 9434
328 9316
Prior lien preferred.
., °
99 100
580 '9834
Chic City & Con By pt oh •
31
31 2,050
34
Participation pref
•
5.31
434 511
1,215
334
Chic Fuse Mfg C ocom___*
33
34
100 30
Chic N S & Milw corn_ _ 100
35
34
150 3334
Prior lien pref
100
9934 100
187 99
Preferred
100
68
70
53 68
Chic Rap Tran pr pref A100 104
10234 104
255 1024
Chic Rys r art et( sec 1.100
5
5
5
5
10
Part ctfs series 2_ _ _ _ 100
Si
20
31
36
Commonwealth Edlson.100 1404 13931 14036
680 138
Consumers Co cora
0
734
7
73.4 3,600
64
Preferred
100
77
7734
216 7434
Crane Co corn
25 50
50
50
231 .50
Preferred
100 11734 51734 11834
392 11734
Decker (Alf)& Cohn, Inc.* 2736 2736 2734
400 274
Preferred
100
105 105
20 105
Deere & Co pre
100 109
109 109
185 106
Diamond Match corn_ _100 11834 11834 11831
130 116
El Household Util Corp.10 1336 124 1331
755 11
Elec Research Lab, Inc_ _. 103-4
1016 1036
460
9
Empire G & F Co 7% pf 100
95
9534
200 9334
Evans & Co Inc, cl A_ _ _ _5 3434 3234 34% 4,670 2834
Class"B"
5 324 29
3234
5,950 243.4
Fair Co (The) corn
2734 2736
315 254
Preferred
100 105
105 105
35 105
Fitz Simons & Connell
Dk & Dredge Co com_20
2831 2834
50 28
Foote Bros(0 & M)Co_ _5 14
13
1434
650 12
Gill airs Co
10
534 534
100
5
534
Gossard Co (II W) corn..* 34
34
344
915 3334
Great Lakes D & D_ _ _100 14234 14236 14234
10 14234
Greif Bros Coop'ge A com • 39
39
50 384
39
Hammermill Paper Co..10
30
30
150 30
Hart,Schaffner & Marx 100 115
114 115
225 110
Hibbard,Spencer, Bartlett di Co corn
25
63
63
.50 594
Hupp Mot Car Corp com 10
550 21
2134 2134
Illinois Brick Co
25 5111 504 52
3,700 49
Illinois Nor Utilities pf _100
04
94
10 92
III Wire & Cable Co com.10 2534
25
2534
650 2434
Kellogg Swtichb'd corn _10
15
1,425 134
153-4
Preferred
97
100
97
12 96
Ky Hydro-Elec prat _ _ _100 05
9534
95
. 70 0434
Ky CBI Jr cum pref _ _ _ _50
51
51
60 Si
Keystone St & Wire pf.100
•
00
91
100 90
Kraft Cheese Co corn.- _25 5234 51
1,084 51
5431
Kup'heimer & Co(B) Inc_5
36
50 36
36
Laclede G & E pr lien_ _100
100 100
10 100
La Salle Ext Univ corn.10
691 8
63-1
1,800
Libby McNeil & Libby _ _10 10
936
934 104 4,135
McCord Radiator Mfg A."
38
38
10 38
MeQuay-Norris Mfg
•
194 1911
90 17
Maytag Co corn
27
5
27
50 26
Mer & Mfrs Sec part pf _ _25
28
105 28
30
Middle West Utilities_ _ _ ..* 112
112 11414
1,935 110
Preferred
100 111
11034 11331 4,300 1054
Prior lien preferred _ _100 11911 119 1194
640 11734
Midland Steel Prod com _ _ 5
44
44
50 4216
Midland UM prior Ilen.100 102
100 102
735 98
Preferred A
100 97
97
974
30 97
Morgan Lithograph corn.* 59 94
5834 5934
1,880 58
Mosser Leather Corp com.•
1531 16
11
201
Nat Elec Power A part_ _• 24
24
2411
985 2334
National Leather corn _ _10
.
3
3
334
24
750
National Standard corn...* 3234 3234 33
5,550 3034
North American Car cm..
29
2914
650 223.4
Nor West Utll pr In prof 100
9916 100
40 084
7% preferred
100 9614 0534 100
200 9434
Novadel Process Co pref_.• 27
26 34 2736
820 254
Penn Gas & Elea A corn _ _•
400 19
2034 21
Pick Barth & Co part pf..* 2134 20
2134 2,670 1031
Common v t e
1
10 1236
1336
1331 1331
Pines Winterfront A com_5
248 4134
4536
44
Pub Serv of Nor Ill corn...5 135
200 13036
135 136
Pub Serv of Nor III com.100
10 132
135 135
6% preferred
85 102
10251 105
100
7% preferred
70 11334
100
114 116
Q-R-S- Service Co corn__ •
250 3234
35
35
Quaker Oats Co com
150 180
185 185
•
Preferred
90 107
100 10714 107 IOS
Real Silk Hos Mills corn 100 4731 45
4716 1,725 394
Iteo Motor Car Co
1,010 20
10 214 214 2231
Ryan Car Co (The) corn _25
50 12
12
12
St Louis Nat Stk Yds_ _100 82
10 82
82
82
So Cities URI class A corn..
700 2534
2531 26
50 2531
So Colo Pr Elec A com_25
2531 26
165 0434
Southw 0 & E Co 7% pf100 9711 9634 98
50 25
Sprague-Sells Corp Cl A.30
25
25
720 6234
Stewart
-Warner Specdom • 6434 6231 65
Swift & Co
100 11811 118 11834 2,260 11536
2134 5,480 21
Swift International
15 2114 21
305 47
4834
Thompson (J R) com
25 4836 48
850 99
Union Carbide & Carbon.' 10534 10234 10536
425 394
414 44
United Biscuit class A
•
24
531 15,450
United Iron Works corn_ _ 5
4
534
1,430 87
03
United Lt & Pr Cl A pref. _5 93
01
50 60
5131 5131
Class B preferred
•
5,205 1334
Common class Anew..* 1334 1336 14
17
174
125 164
Common class B new-•
6,200 0231
U S Gypsum
.0 954 0331 104
35 11534
116 11634
Preferred
100
200
4
4
4
Linty Theatres Cone cl A.5
850 1434
14 34 1534
Utilities Pr class B v t C. •
1,050 2736
37
Vesta I3attery Corp corn_ 10 364 36
1,170
13
12
894
• 12
Wahl Co com
320 804
6234
Ward (alontgomery)&Col0 6234 82
385 114
1144 114 115
Class A
•
60 374
3814
38
Waukesha Motor Co com_5
1,710 1431
1434 1516
Williams 011-0
-Mat corn -•
475
6
5
5
Wolff Mfg Corp corn
•
200
5
5
.5
Voting trust certificates•
6
631
475
516
Wolverine Portland Cem 10
1,210 51
5191 52
Wrigley(Wm Jr) Co, corn" 52
Yates Machines part pfcl_• 2614 2594 2631 2,565 25
1,42
2534
Yellow Tr&Coach Mfg B 10 2614 2631 2834
4394
4234
1,92
Yellow Cab Co Inc (Chic) 5 4314 43
Bonds
Cent West PS con deb 68'36 9714 074 9731 $15,000 9734
Chicago City Sty 5s _ _ _1927 7634 7634 7614 56,000 75
Chic City & Con Rys 58'27 554 5434 5514 39,000 524
High.
Jan 3714
Jan 9234
Feb 63
Feb 102
4
Jan
Jan
4
Jan 384
Jan 42
Jan 6014
Feb 2534
Jan 2034
Jan 2334
Jan 834
Jan 91
Jan 894
Jan 90
Jan
1831
Jan 6734
Jan 9634
Jan 1014
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
ii
Jan
5
Feb
Jan 34
Feb
Jan 364 Jan
Jan 100
Jan
Feb 7034 Jan
Feb 10411 Jan
Feb
Feb
5
Feb
36 Feb
Jan 141
Jan
Jan
736 Jan
Jan 78
Jan
Jan 52
Jan
Jan 11134 Jan
Jan 28 . Jan
Jan 105
Jan
Jan 109
Feb
Jan 1194 Jan
Jan
144 Jan
Jan
1234 Jan
Jan 9534 Jan
Jan 3434 Feb
Jan 55gg
Feb
Jan
2874 Jan
Feb 107
Jan
Jan 29
Jan
144
Jan
534
Jan 38
Feb 162
Jan 40
Feb 35
Jan 115
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan 70
Jan
Jan 23% Jan
Jan 5234 Jan
Jan 94
Feb
Jan
2531 Jan
Jan
1551 Jan
Jan 98
Jan
Jan 06
Jan
Jan 5134 Jan
Feb 02
Jan
Feb 51)
Jan
Jan
38
Jan
Feb 100
Feb
Jan
9
Jan
Feb
1036 Jan
Jan 40
Jan
Jan 21
Jan
Jan 28
Feb
Feb 31
Jan
Jan 11411 Feb
Jan 11334 Feb
Jan 11914 Feb
Jan 45
Jan
Jan 102
Feb
Jan
Jan 98
Jan 60
Jan
16
Jan
Jan
Jan 2531 Jan
Jan
411 Jan
Jan 3331 Feb
Jan
30 'Jan
Jan 101
Jan
Jan 100
Feb
Jan 274 Feb
Jan 21
Feb
Jan 214 Feb
Jan
13
Jar
Jan 5134 'Jar
Jan 136
Feb
Jan 136
Feb
Jan 105
Feb
Jan 116
Fat
Jan
36
Jar
Jan 186
Jar
Jun 10831 Jar
Jan 4636 Jar
Jan 2334 Jar
Feb
1234 Jar
Jar
Feb87
Jan 29
Jar
Jan 2634 Jar
Jan 98
Fel
Jan
2631 Jar
Feb 67% Ja,
Jan 11834 Jar
Feb 23
Jar
Jan 4834 Jar
Jan 1054 Fel
Jan 44
Fel
Jan
531 Fel
Jan 93
Fel
Jan 5134 Fel
Jan
154 Jai
Jan
18
Jar
Jan 109
Jai
Jar 1164 Fel
Jan
4
Jai
Feb
154 Fel
Jan 37
Fel
Jan
1331 Jar
Jul
67
Jai
Jan 117
Jai
Jan 40
Jai
Feb
1551 J9.1
Fel
7
Ja
Feb
5
Fe
Jar
634 Ja
Jar
53
Ja
2734 Ja
Jan
2951 Ja
Jan
Jan 4534 Ja
Jail 9734 Ja
Ja
Jail 79
haul 5634 Ja
119 493.9
29.889 494
10,821 2074
100 63
1.657 52
100 4255
229 57
35 114
422 94%
1,490 214
75 974
10,595 82
1.100
139
654
3
1,923 36
5 213
6,874 894
50 13%
132 146
6,786 3354
1,295 8734
1,018 97
1
335
49 40
100 52(4
Bonds
Amer Gas & Elea 58_2007
994 9934 62,500 95
Catawis.sa 1st cum 4s.1948
93
93
3,000 93
Elec & Poop tr ctfs 4s.1945 584 574 5814 9.100 54
Inter-State Rys coll 43 1943
49
49
10,000 48
Keystone Tel 1st 5s_ _ _1935
9334 9334
7.000 9311
Leh C & N gen 4 48_1924 9834 984 99
14.000 9855
Peoples Pass tr ctfs 43.1943
70
70
15000 66
Phila Co cons & coil tr 58
stmpd sk. fd & red_1951 100(4 100(4100(4 6,000 994
1960 10334 1034 10351
Phila Electric 53
9.000 103
1st os
10355 105
1966
27,100 10334
105 1064
1953
1,600 105
16(48
1941
I 13s
107 107
2.000 107
1972 10334 10334 104
10.000 103
3 5148
1044 1044 2000.
Reading Terminal 5s_ _ 1941
1044
65(4 66
United Rya gold tr ett 43'49
7,000 63
• No par value.
Jan 52
Feb
Jan 54
Jan
Jan
Jan 24
Jan
Jo
66
Fe
54'4 Jan
Feb 463.4 Jan
Jan 5751 Jan
144 Jan
Jan
Jan 111% Feb
Jan 24% Jan
Feb 9955 Jan
Jan 9071 Feb
Feb
255 Jan
Jan
3i'la Jan
Jan 39
Feb
Feb 213
Feb
Feb 9374 Jan
Jan
1555 Jan
Feb 15935 Jan
Feb 3934 Jan
Jan 924 Jan
Jan 99
Jan
Jan
141 Jan
Jan 424 Feb
Jan 57
Jan
Feb 100
Feb 93
Jan 584
Dec 5631
Jan 9374
Feb 100
Jan 71
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan 100(4
Jan 103(4
Feb 1054
Feb 10734
Jan 10751
Jan 105
Feb10434
Jan 66
Feb
Jo
Jan
Jan
Jan
Feb
Jan
Feb
San Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond Exchange
Feb. 5 to Feb. 11, both inclusive, compiled from official
sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price, Low, High. Shares.
American Trust Co
355
Anglo & London P Nat Bk.
Bancltaly Corp
10354
Bank of California N A_
Bank of Italy
595
Catmint Sugar, Pre(
California Copper
4.50
Calif Oregon Power pref_ _ _
California Packing Corp.._ --6674
California Petroleum cm. 31 5i
Caterpillar Tractor
2855
East Bay Water A pref. _ _ 98
B preferred
Emporium Corp (The)..._ -----Ewa Plantation Co
44
Federal Brandeis
Firemen's Fund Insurance_
Foster & Kleister common_
13
Great Western Power pref. 1034
Haiku Fruit & Pack (Free)
Hale Bros Stores
Hawaiian Coml & Sugar. _ _
484
Hawaiian Pineapple
55
Hawaiian Sovar
Range Since Jan, 1.
Low.
799 300
331 355
221 195
205 204
91,236 894
100 105
57 250
251:1 251
575 5994 2,507 528
20 82
8351 834
4
4.00 4.50
866
15 10255
103 10334
2,070 654
6555 67
3131 314 2,420 3054
2755 284 8,366 26%
630 96
9754 98
16.5 10.555
109 109
15 36
36
36
25 44
44
44
94
1014 114 3,085
105 90
904 9115
13
60 1251
13
1034 104
260 10355
230
875
8% 955
20 354
351-4 3555
484 4955
160 48%
55
515 54
5555
40'.o 41(4
115 4034
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
High,
355
21155
105
270
599(4
833£
5
1044
6955
33
2951
98
109
3655
45
1155
92%
1355
10474
974
364
50
5551
42
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
XX444
X
x
....
:WAggggaggggalgge,84gg&gg.ggng1gggiigggF424
.
xxxV
xxx
xx
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
x cOxx ;!,x
High.
5455
1751
734
17635
15
92
11351
42
41
20%
42
2614
7955
55
8751
93
4855
261
55
5554
5
2
11954
125
184
28
155
12
73
6854
77
•No par value.
Cincinnati Stock Exchange.-Reeord of transactions
at Cincinnati Stock Exchange Feb. 5 to Feb. 11, both
inclusive, compiled from official sales lists:
!flatly
Stocks-
..),....,
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price, Low, High. Shares.
Am Lawn& alach, com_25 111
American Products
2234
Amer Rolling Mill, com _25 455£
100 11154
Preferred
Amer Thermos, corn
834
Preferred
100
Baldwin, corn
100 108
New preferred
Buckeye Incubator
Champ Fibre, corn_ _100
Churngold Corporatlon_ •
Cincinnati Car Co
Cinc Union Stock Yds_100 150
••
City Ice & Fuel
.
Cooper Corp (new)_ _ _100 73
100 102
New preferred
Dalton Add Mach,corn 100 79
Preferred
100 107
Eagle-Picher Lead, corn _20
Formica Insulation
* 2234
Giant Tire
51
Gibson Art, corn
• 44
Globe Wernicke, prof __100
Gruen Watch, corn
• 48
Preferred
100
Hatfield-Reliance, prof.100
Hobart
29
Jaeger
Johnston Paint, pref. _100 100
100
KahlaS. let
43
Participating
Kodel Radio"A"
•
Kroger, corn
10 1304
New preferred
100 114
McLaren Cone
• 17
Nash "A"
101
Paragon Refining, corn_ _25
634
Procter & Gamble, com_20 18434
8% preferred
100
6% preferred
100 11255
Pure 011.6% preferred.100
8% preferred
100
Putman Candy, corn
• 40
U S Can, corn
Preferred
100 100
US Playing Card
20 1754
US Print & Litho, com_100 75
Preferred
100 10034
•
6
U S Shoe. corn
Whitaker Paper, com .•
Vulcan Last
100
110 1124
22
2235
4451 455£
11139 11154
84 834
37
37
195 195
107 108
4611 47
10451 10451
42
43
22
2259
150 150
2434 25
72
72
102 1024
79
70
107 107
2654 28
2234 23.51
503.4 51
4351 44
904 903.4
48
48
10951 110
103 10354
2834 29
2734 274
100 102
0934 100
4234 43
1151 114
130
1303.4
1 133-4 114
17
'17
100 101
674
73.4
181 185
164 164
112 11254
97
073.9
112(4 11234
20
20
3874 40
083-9 100
17555 176
75
7534
100 1004
6
6
56
56
100 100
BanksFifth-Th ird-Union units100
310
310
2,356
205
873
85
150
15
5
15
420
20
137
346
20
210
so
59
649
50
6.120
70
165
179
2'
26
61
162
45'
29'
20
19
562
60
454
31
79
99
110
380
2
242
7.8
10
5
351
205
19
79
45
19
as
105
Range &nee Jan. 1.
Low.
0634
9455
91
7134
03
94
91
704
11255
0635
9434
984
714
1124
540
361
86
93
58
TractIons
Cincinnati Street rt y__ _ _50
Columbus Ry,P & L, 01100
387-4
384 3854
100 100
388
5
9434 9454
2
50
Bonds
Am Roll 381116% notes1938
Baldwin notes 555% _ _1926
Champion Coated_ ___1927
Cmampion Fibre
1941
6% notes
1930
C N & C let 68
1947
Dalton Adding Machine
8% notes
1931
U S Print & Litho 6s _1927
• No par value.
104
100
101
99
994
104
$5,000
10,000
5,000
101,000
28,000
15,000
9734 9754
1004 100
5,000
5,000
104
9951
101
99
9934
10351
High,
11544
23
47
112 34
11
3734
195
107
4734
10554
45
24
150
25
73
103
78
107
284
24
55
44
9054
5434
110
10334
293.4
294
102
100
43
1159
13354
114
1754
101
73.4
1913.4
164
113
98
113
20
41
100
178
7834
10034
6
59
100
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Fob
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Fet
Jar
Jar
Jot
Jar
Jar
Pot
Fet
Fet
Jar
Jas
Yet
Fe!
Fet
Joe
Jar
Fel
Jru
Joe
Jai
Pal
Joe
Joe
Jai
Jai
JaFe
Jo
Fe
310
Pe
9634
954
9211
73
11251
Pe
JO.
Jo
Jo
Jo
39
100
25
Public Utilities
Cincinnati & Sub Tel_ __50
Cincinnati Gas & Else.100
C N & C Lt & Tr, com_100
Preferred
100
Ohio Bell Ti, pref
100
Railroads
Little Miami, guar
1
g'gggggg':-°4-gggg0ggr≫gggr;WV4tNttNtVV;.grA'
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
9 Jan
714 Jan
56% Jan
754 Jan
g
Low.
48
13
70
147
15
92
11235
42
40(4
1755
354
26
7355
5151
804
6955
43
250
52
514
4
134
107
100
154
25
174
ggggg
73
895
3,651
275
25
50
71
10
30
1,150
200
24
458
60
150
371
43
35
655
1,035
40
410
630
1,376
4,783
1,080
100
1,427
55
18,900
135
Ja
Po
9434 Fe
104
100
101
96
9955
104
SP,
10
Alliance Insurance
48
49(4
Almar Stores
1355 144
1434
• 7034
American Stores
71)
7234
Locomotive_ _100
Baldwin
16534 17634
Bearings Co of Am cam. •
15
15
Preferred
92
92
Bell Tel Co of Penn pref _ 113
11251 113
Buff & Suqs pref v t e_ _100
42
42
50 40% 40% 40%
Cambria Iron
•
Congoleum Co Inc
1855 194
Consol Traction of N J.100
49%. 404
East Shore G 6c E 8% p1.25
2655 2634
Electric Storage Batty.100
734 754
Fire Association new. _10
52
523.9
General Asphalt
100
83% 854
Giant Portland Cement.50
6955 75
Preferred
50
464 4654
Horn .5z Hardart(Phila)cam
250 255
Horn & Ilardart(N Y) corn
52
534
Insurance Coot N A.....10 5355 514 5355
Keystone Telephone_ _50
5
5
Lake Superior Corp_ _ _ _100
14 2
1 51
Lehigh Navigation
50 110
107% 110
Lehigh Valley
50
11974 124
Lehigh Pr Sec Corp corn_ _•
16
1654
Lit Brothers
10
25
231
Man Rubber
10
14 154
Flints Electric Co pow rec__
11%
11% 12
Penn Cent L & P cum pf •
.
73
73
Pennsylvania RR
50
57
58
Pennsylvania Salt M fg_ _50
7655 77
Philadelphia Co (Pitts)
Preferred (cumul6%)_50
61
52
Phlla Electric of Pa
50
4955 52
Warrants
25 214 2155 23
Phila Insulated Wire
•
65
65
PhIla Rapid Transit _ _ _50 52
52
52%
Phila & Read C& I Co •
42% 4251
Philadelphia Traction. _50
574
57
Phila & Western
50 124
1255 12(4
Reading Co
50
10655 11155
Shreve El Dorado Pipe L 25
23
2455
Scott Paper Co pref_ _100
98% 9935
Stanley Co of America...* 8634 86
8911
Tono-Belmont Devel_
155 1'',,
Tonopah Mining
1
355
351
Union Traction
50
364 39
United Cos of NJ
100
213 213
United Gas !flint
50 90
8955 9134
United Lt & Fr A & com •
14
14
Victor Talking NIachine....1
146 148
New
3351 36%
6%
90
9055
7%
98
98g
Warwick Iron & Steel...10
1
1
West Jersey dr Sea Shore.50 413£ 41
41%
.
Westmoreland Coal new _50
534 5355
Range Since Jan. 1.
XX X
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
l'ar. Price. Low. High. Shares.
.
A X
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Feb. 5 to Feb. 11, both
inclusive, compiled from official sales lists:
AX
• No par value.
XXX X
XA
X
........
.....
9755 11,000 9734 Feb 9755 Feb
86
1,000 8439 Jan 86
Feb
10055
1,000 9934 Jan 10534 Jan
102
16,000 10155 Jan 102
Jan
AA
Jan
Jan
4X
Jan 100
Jan 98
4
9655 Feb
Jan
High.
F •.
Jan
Feb
Ja.
Jan
Jan
Jan
Jo.
Jan
Jan
J
Jan
Jan
Feb
Jan
Jan
Jan
la.
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jag
Joa
Jan
mr1.4
9555
2,000
Low.
3054 3074
40 30
4051 4251 7,803 3754
254 2555
790 2555
134 134
100 124
34
33
745 3255
60
60
15 60
99.55 9954
195 9874
.65 .75
1,000 '.40
26
264
350 2554
45
48
9,805 4051
354 36
479 35
8
854 84
200
973,4 9834
195 9755
1.40 1.50 1,120
1.50
1094 110
360 10654
680 11034
11634 118
584 5955
1.075 6474
165 1514
1954 1955
300 154
1534 16
2754 2759
175 27
7,804 244
253-9 2551
180 10634
10874 1e94
105 105
30 103
250 8939
8934 90
1,355 21
2134 2251
3151 3154
7.990 2834
75 934
9554 9531
92
6 87
92
305 10614
10874 109
47
25 44
484
45 9255
934 94
10255 103
310 1014
4,864 58
5934 60
.50
.00
.95 13,500
10 204
204 2055
53
1,665 53
5351
4,615 63
54
53
1.67
1.80 1.80 3,400
40 3754
39
39
9
9
595
955
075i 0734
140 06
2°VdVi:!NnEtlEEFI.Sr.:Eg::t3§,UtTfttLW32=E4 ,E.-:t!S•
t2f
9679
100
6,000 100
9754 25,000 96
Jan
Home Fire & Marine Ins__ -- __ _
Honolulu Cons 011
404
Hunt Bros Pack A corn_ _ _ -----Hutchinson Sugar Planta'n
Illinois Pacific Glass A_ _ _
34
Re: S ste ., Tran. it
LA Gas & Electric pref.__
994
Magnavox Co
.65
Magnin (I) common
North American Oil
4511
Oahu Sugar
Ohta Sugar
Pac Light Corp 6% prof _ _ _
9755
Pacific Oil
Pacific Tel & Eel pref
Paraffine Co's Inc, corn_ _ _ 118
Philipps Petroleum
_
Piggly Wiggly W States
corn_es
Pig'n Whistle, pref
16
Pioneer Mill
Richfield 011
2555
SJ Lt & Pow prior pref__
S J L & P "A"7% pref____
Schlesinger, B F pref
90
"A" common
2251
Shell Union 011 common.
3155
Sherman & Clay 7% prof
9534
Sierra Pacific Elea prof _ _ _ _
92
Southern Pacific
109
Sperry Flour Co eon
Preferred
Spring Valley Water
1024
Standard Oil of Calif
5955
Texas Consolidated Oil_ _ _ _
.80
Traung Label Sz Litho Co
2055
Union Oil Associates
53
Union 011 of California
53
U S Petroleum
1.80
Walalua Agricult'l Co, Ltd.
Yellow & Checker Cab _ _ _ _
9
Zeller bach Paper 6% pref_ -
X
7634 Feb
76
Feb
gn28
7439 Jan
7434 Jan
52
jaann
J
35
A X44
767% $23,000
76
31,000
5351 12,000
364 37,000
Range SOLC4 Jan. 1.
4
High.
E
Low.
.V2223E
xx xx x
Chicago Rye 58
1927 76
75
1st M ctf of dep 5s_ _1927 76
75
58 Series A
1927 5351 53
58 Series B
1027 3654 3655
Commonwealth Edison
1st M 455s ser "C"_1956
9655
Holland Fur CoSkg 01 6% gold deb 1936 100
100
nous G G Co s f g 6 As 1931 97
97
La Ice dr Utll, Inclst M cony g b "A"63'46
9734
Northwestern Elev 5s_1941 86
86
1004
Pub Serv lot ref g 5s. _1956
Swift & Co 1st a f g 53_1944
10151
Range Since Jan. 1.
909
Sales
Friday
Last It'eek's Range far
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares
_
Bonds (Concluded)
-
THE CHRONICLE
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
o
PHIL 12 1927.]
Po
Pe
Fe
V°
Fe
Fe
9735 Fe
10 54 Fe
0
-For this week's record of
St. Louis Stock Exchange.
transactions on the St. Louis Stock Exchange see page 886.
910
THE CHRONICLE
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange Feb. 5 to Feb. 11, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Law. High. Shares.
Am Vitrified Prod com_ _50
Preferred
1140
Am Wind GI Mach pref 100
Arkansas Nat Gas com _100
Blaw-Knox Co
25
Byers(A M)Co com
•
Preferred
100
Columbia Gas & Elec corn •
Preferred
100
Conley Tank Car pref_ _100
Consol Ice common__ _50
Preferred
50
Devonian 011
10
Duquesne Light 7% pf_100
Barb-Walk Ref com___100
Houston Gulf Gas
•
Independent Brew pref_ _50
Jones& Laugh'nSteel pf 100
Lone Star Gas
25
Nat Fireproofing com_ _100
Okla Nat Gas Ws of deo__
Pittsb Brewing corn _ _ _ _50
Preferred
50
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass_100
Salt Creek Consol 011_ _ _10
San Toy Mining
1
Standard Sanit Mfg corn 25
Tidal Osage 011
100
Union Steel Casting com •
United States Glass Co...25
Waverly Oil Wks class A_•
West Penn Rys pref _ _ _100
24
734
71
108
8334
14
634
6
11834
39
2134
43.4
11
24434
73,4
86
24
42
99
Rights.
Columbia Gas & Electric- ......
Bonds.
24
24
8434 8434
77
77
714 831
71
71
5414 6034
107 108
8334 8534
10034 101
1043.4 10434
3
3
20
20
14
1434
116 116
13734 13734
63,4 634
6
6
11834 119
393,4
39
814 9
2134 22
414 434
11
11
334 334
243 245
7%
73,4
6c
5e
8654
85
24
25
3134 33
13
13
42
42
99
99
214
...
25
10
10
1,050
10
530
103
80
236
100
150
200
84
20
10
733
200
25
3,675
320
3,671
200
334
170
215
130
3,500
267
135
120
10
20
30
3
3,441
...
..., nnn
Range Since Jan. 1.
Low.
High.
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
'Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
27
873g
80
834
73
6034
108
9134
10134
105
3
20
15
11634
138
714
6
119
4434
9
23
434
1174
374
270
714
60
9234
2515
333.4
1514
43
9934
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
214 Feb
33,4
Jan
'YK L?
Tnn
24
8414
77
734
70
43
10634
8354
9934
104
234
14
14
116
133
614
534
118
373.4
8
2034
4
11
314
243
734
Sc
85
22
3134
13
42
99
-t
Tn..
•No par value.
Note.
-Sold last week and not reported. 304 Columbla Gas & Electric "rights"
at 274 3e3.
New York Curb Market.
-Official transactions in the
New York Curb Market from Feb. 5 to Feb. 11, inclusive:
friars,
Ow.
Last Week's Range for
ofPrizes.
Sate.
Week.
Par. Price. Low. High. Shares.
Week Ended Feb. 11.
Stocks-
Range Since Jan. 1.
High.
Low.
Indus. & Miscellaneous.
Acme Packing
3c Feb
10
3c Feb
1,000
3c
214)
Aeol Weber P & P com.100
Feb
Feb 39
38
39
100 38
Ala GI Sou RR com____50
Jan 12734 Jan
125 1263.4
1.100 124
Preferred
Jan
300 12431 Feb 130
12434 12714
50 127
Allied Packers pr pref. _100
Jan
13
150
754
734 Feb
734
Alpha Portland Cement..' 39
Jan 4214 Jan
39
39
125 39
Aluminum Co common
Feb
•
700 7034 Feb 73
7214 73
Preferred
100 10234 102 10214
300 10134 Jan 10234 Feb
American Arch Co
Jan
100
Feb 109
10234 10334
475 102
Am Brown Boveri El Corp
Founders shares
Jan
Feb 21
18
• 19
20
3,100 18
Jan
Founders shares v t a.. •
Jan 21
1834 1934 3,300 17
Amer Cellulose & Chem_ •
Feb
Jan 103
101 103
140 74
Amer Cigar common_ 100
Jan
Jan v123
12034 123
180 v117
Amer Cyanamid cl B com20
34
Jan
34
3534 Jan
200 34
Jan
Preferred
100 8715 863,4 8834
160 8634 Feb 89
Amer Electrice Corp v t c..*
Feb
434 Jan
3
431
3
1.800
Class A
11
11
25
Feb 1334 Jan
100 11
Amer Gas & ElecCorn (new ex-stk div)...• 713.4 6934 7334 11,900 683,4 Jan 7434 Jan
Preferred
•
9714 9814
700 9634 Jan 98/1 Feb
American Hawaiian St3...10 113.4
1134 Feb
Jan
10
9
1134
1,600
Jan
Amer Lt dr Tree com___100 230
230 23034
725 22234 Jan 233
Feb
American Meter Co
93
93
*
25 8934 Jan 93
Jan
American Piano, corn. 100
Jan 285
250 250
10 250
Amer Pow & Lt pref. _100
130 9714 Jan 9874 Feb
9834 983,4
Jan
8
American Rayon Products*
800
514 511
53,4 Feb
554
Amer Rolling Mill corn _ _25
4414 4434
50 4434 Feb 4674 Jan
Jan
Amer Seating Co 5 v t c• 4331 4234 44
5,400 4234 Feb 45
2914
Amer Superpower Corp A_• 29
900 2734 Jan
29
2934 Feb
Jan
Class B
2934 1,600 2834 Jan 30
• 2914 29
Panic preferred
2834 2,400 2634 Jan 2834 Feb
28
25 28
Jan
95
First preferred
•
100 9334 Jan 95
95
American Thread pre! ....5
311is 31•4. 2,500
33,4 Jan
334
3 1 Feb
"
.
Amer Writ Paper v to....1014 1034
1034 Jan
Jan
1,000 10
Jan
Preferred v t e
30
28
Jan
28
100
100 28
Anglo-Chili Nitrate Corp_• 1434
Feb
14
1634 Jan
1514
2.800 14
Arnold Pt Wks witho war__
Feb
5
5
Feb
5
5
100
Assoc Gas & Elee class A.' 41
Jan 4134 Feb
4034 4115 33.100 35
Atlantic Fruit & Sugar...'
134 Jan
13,4
Feb
1
114
3,200
1
Atlas Portland Cement_ _ _• 42
Jan
Jan 44
400 40
4134 43
Auburn Automobile coin 25 92
Feb
92
Jan 92
85
300 69
Babcock dr Wilcox Co_.100 117
Feb
117 117
200 11554 Jan 118
Bancltaly Corp
25 104
100 10431 12,100 8534 Jan 10431 Feb
Beaver Board Cos, pref.100 38
38
38
Jan
Jan 38
100 38
Bigelow-Hartf Carp. com _. 783,4
7834 7834
50 7834 Feb 7814 Feb
Bliss(E W)& Co, corn_ _.• 2014
2214 Jan
Jan
203.4 2054
100 20
Blyn Shoes Inc corn._ _ _10
314 Jan
534
334 514 4,200
531 Feb
Bohack (II C) Co. 1st pref_
98
Feb
98
98
Feb 98
54) 98
Bohn Aluminum & Brass.'
14
14
Feb
Feb
14
100 14
Borden Co common__ ..5(r1047-4 10434 106
Jan 10831 Feb
1,000 101
Borg & Beck
5915 60
• 60
Feb
200 5954 Feb 60
Bridgeport Machine corn •
5
5
534 Jan
43,4 Feb
200
• 4534 4514 46
Brill Corp class A
2.200 4414 Feb 4731 Jan
• 2154 2134 2114 1,800 2114 Feb
Class II
2214 Feb
-Amer Tob ord bear _El
Brit
2334 2314 2.400 2334 Feb 21
Jan
Ordinary registered_ ...el 2331 2355 2314
200 2334 Feb 2334 Jan
Brooklyn City RR
Jan
3,300
Ill $514 r534 6
5
674 Jan
210 210
Bucyrus Co old corn. .100
25 210
Jan
Feb 235
10634 10615
100
Preferred
100 1063.4 Feb 10634 Feb
31
32
100 31
Feb
Feb 32
Budd (Edw G) Mfg, corn.*
300 2514 Jan 2874 Feb
Buff Meg & East Pr corn.* 2834 2834 2831
2515 2534
100 2534 Jan
25
Preferred
2534 Jan
3531 36
Feb
50 3514 Feb 36
Bullard Machine Tool__ *
2255 2334
20
300 2214 Feb 26
Jan
Butler Brothers
20 131
315
Jan 13814 Feb
Canada Cement, Ltd. 100 13854 133 131
27
1,600 22
Jan 27
Feb
Canadian Indus Alcohol.... 2631 24
28
2834
300 2734 Feb
•
31
Jan
Caterpillar Tractor
10 1734 Jan 20
1811 1834
100 1834
Jan
Celluloid Co corn
68
68
20 6534 Jan 72
Jan
100
Preferred
74
.72
100 72
Feb 83
Jan
*
Celotex Co corn
17' 8734 Jan 903-4 Jan
8936 9034
100
7% preferred
1,100 9734 Jan 10131 Feb
Central Aguirre Sugar .50 10034 100 10115
2114 2274 8,600 193.4 Jan 'a% Feb
Cent Leath (new)cl A vte * 22
4,000 7334 Jan 82
7834 82
Feb
100 8134
Prior pref v t c
200 1834 Jan
2074
20
2055 Feb
Central States Elec corn_ •
160 927-4 Jan 9534 Feb
953-1
9334
100
8% preferred
1,000
1614 Feb
1834 Jan
Centrifugal Pipe Corp_ .. _• 16% 16% 1631
500 4314 Jan
4414 Feb
Chicago Nipple Mfg el A 50 4434 4414 44333
300
1
3334
Jan
3314 Feb
50
Class B.
^ •"""
Childs Co. pref
100 12035
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares
[Vol.. 124.
Range Since Jan. 1.
Low.
Cities Service common. 20 5714 57
5714 60,800 50%
Preferred
100 92
4,300 91%
91% 92
Preferred B
10
814
600
8% 8%
8%
Preferred BB
100
8414
200 81%
84
Colombian Syndicate
Vie
214 315. 35,200
2%
Columbus Elec & Power.. •
450 8914
6914 72%
Com'we,alth Edison_...100
140 142
20 139
Com'wealth Power Corp
Common
• 44% 4314 4434 4,925 42%
Preferred
100
600 9134
93
93
Canso' Dairy Products_ __•
134
1% 1%
100
Con Gas EL & P Balt corn• 51% 51% 51%
1,900 50%
Consol Gas (N Y)
New common wI• 95% 95% 96% 2,100 94
New preferred w 1
• 9254 92% 92% 4,600 91%
Consol Laundries
2015 21% 3,700 2014
Copeland Products Inc
8
Class A with warrants •
500
og log
Courtaulds Ltd
£1 2514 25% 26
500 2474
Crocker-I'Vheeler. corn.100
100 26
37% 37%
Cuneo Press, corn
10
100 30
30
30
Curtiss Aeropl & Itt aom__• 21
21
2134 1,900 19
Curtis Pub Co corn
140 170%
• 178% 178% 180
$7 preferred
340 114
• 117
116% 117%
De Forest Radio Corp..*
7
2,000
815
7
8
Vot tr etre of deposit..._
7%
500
734
83,4
8
Dixon (Jos) Crucible..._100 16114 154 161%
160 153
Doehler Die
-Casting
18% 20% 2,300 18
2014
Dominion Stores, Ltd _ • 70
250 66
6914 71%
Dubiller Condenser Corp.'
3%
1,200
314 355
334
Dunhill International__ _.• 24
24%
2.200 22
23
Durant Motors Inc
•
514
514 6% 10,000
Eagle(C K)& 007% pref with warrants__
94
25 94
94
94
Eastern Rolling MIII con).*
27
27
100 24%
Eastern SS Lines corn_ _ _ _5
48
20 48
48
Eitington Schild Co corn. _• 34% 3414 3414
500 335.1
Elec Bond & Share pfd_ 100 107% 107 107%
880 107
Elec Bond & Share Scour_* 6834 68
68% 6.500 68
Elec Invest without war.•
33
34
4,400 33
Elec Pow & Lt. 2d pf A_ •
91
91
25 90
Option warrants
6%
614 7
500
Empire Pow Corp part stk•
27
27
300 26
Estey-Welte Corp class A..• 21% 2114 25% 12,200 1714
Class B
714
1.600
8
•
8%
Evans(E S)& Co Inc comA• 3415 32% 3415
900 32%
Class B common
5 31% 2954 3254 2,100 29%
Fageol Motors Co corn _10
314
314 4
1.500
3%
Fajardo Sugar
280 151%
151% 157
100
Fanny Farmer Candy St..' 25% 25% 2654
600 25%
Federal Purch Corp, cl A.
100 22%
2634 2615
Class B
434
900
4% 534
•
Film Inspect Mach
5% 5%
100
•
43.4
Firestone T & R 7% pf.100
150 99
99
9954
Ford Motor Coot Can.100 427
416 427
350 410
Forhan Co, class A
1,800 1731
17% 1814
•
Foundation Co
16
Foreign shares, class A.
1731 16% 17% 3,300 21
Fox Theatres cl A com„.• 2134 21
21% 1,400
500 15%
Franklin (H H)Mfg corn.' 1514
15% 1514
25 79
Preferred
79
79
100
3%
700
Freed-ELsemann Radlo._.•
3% 4
4
20
Freshman (Chas) Co
•
20% 1.800 18%
Fulton Sylphon Co
• 39% 3914 40% 2.000 39%
100 28
28
28
Galv-Hous Elec. com _ _100 28
400 850
Garland Steamship
3
134
13,4 85e
750
1,900
134
Garod Corp
1
•
134
General Baking el A
57% 5951 8,100 56%
• 59
514
6
•
6% 17,500
Class B
6%
1 160
170 170
Gen Elec (Germany) warr's
76 51
Gen'l Fireproofing corn...• 52% 32
5216
400 40%
40% 42
General Ice Cream Corp_ •
1,000 1134
13% 1311
General Pub Serv corn. •
175 106g
105% 106
7% pref
• 106
9%
100
General Silk Corp. corn..'
9% 9.%
914
25 42
Gibson Art Co common_ •
43% 43%
3,700 91%
Gillette Safety Razor._ _ _• 9214 91% 93
9%
300
9% 914
COSpring & Bumper tom*
700 1014
Gleasonite Prod corn. _ _10 10%
1014 11
300 166
Glen Alden Coal
173 174
•
900 25%
Gebel (Adolph) Inc corn _ • 27% 27
Si
Goodyear T & R corn. _100 3015 29% 31% 4,100 28%
Grand (F&W)5-10-25c St• 64
600 61
67
64
Happiness Candy St cl A.•
1.500
6
634 614
6%
•
6
1,000
Founders shares
634 6%
•
Hazeltine Corp
800 12%
12% 13
Hellman (Richard) CoPartIc pref with warets.•
100 2811
30% 30%
1%
Heyden Chemical
200
1%
114
•
155
Hires (Chas) Co el A corn _•
600 21%
2214 22%
Hollander (A) & Son,com_• 24% 24% 24%
100 24%
Hood Rubber common. •
200 45
45
46
Horn & Harden corn. •
150 52%
5234 33
4%
2,600
Industrial Rayon class A
614 611
3
Int Concrete Ind fdrsshs 10
1,400
3 • 3%
3%
100 23
Internet Utilities, class A_• 3115
3115 31%
3
1,200
Class
354 4%
•
Johns
-Many, new corn w I.• 62% 62
6454 6,400 5534
New preferred w 1_100 115% 115 115% , 200 114 54
800 29
Kawneer Co
29% 29%
•
17,000 10c
Keystone Solother
13c
10c
100
10
900 26%
Land Co of Florida
2914
27
• 29%
10 91
91
Landers, Frary & Clark.25
91
100
831
La Salle Extension Unly.10
851 811
200 106
Lehigh Coal & NavIg'n. 50 106
106 108
15
1615 6,000
Lehigh Power Securities_ • 1651
16
4014
Lehigh Val Coal Ws new_. 4134 41% 4211 2,300
425 96
Lehigh Valley Coal sales 50 98% 98% 98%
300 10
1034 10%
Libby, MgNeili & Libby_ 10 10%
4,000 135
140 146%
Libby Owens Sheet Glass25
75 141
141 143
Long Island Ltg common_*
20 107%
108 108%
Preferred
100
100 40%
41
41
MacAnd & Forbes, corn _ _•
16% 17% 2,300 1531
Madison Sq (lard Co v to• 1634
28 90
90 105
Mansfield Min At Smelt war 90
1,800 79c
8Se 95e
Marconi %Mel of Canada. I
100
314
4
4
Mare Wirel Tel of Lond.Ll
1,700 47%
60
58
Marmon Motor Car corn • 60
875 66
92
69
91
Massey-Harris Co. Ltd.100
200 105
105 105
7% cum preferred_.100
200 18
1814
18
McCord Rad & Mfg v t e..• 18
Mead Johnson & Co com • 4011 40 '4114 2,500 39%
150 59
65
62
Melville Shoe, corn
• 65
25 30
30
30
30
Warrants
100 2914
29% 29%
100
Mengel Company
200 100
Mercantile Stores Co..100 100% 100% 10034
30'
30
31% 33
Metropolitan Chain store.• 33
34
50 30
30
Met 5 SE 50c Storse, pi_ 100 34
40( 110
Middle Wen UM corn__ __ • 11134 111% 114%
3,970 10534
110% 113%
100 111
7% Preferred
100 23%
2314 2314 23%
Midvale Co
9,500 20%
25% 25% 27
Mohawk SE Hurl Pow corn •
96%
so 94
9634 96
Second preferred
900 37
37% 3sn
• 39
Mohawk Valley Co
100 50
50
50
Moore Drop Forg class A.
11
400
10
11;
Municipal Service
•
2
50c 50c
50c
Mu-Had Radio Corp
•
78
25 78
78
National Baking pref. _100
1,30
23%
Nat Elec Power, class A..* 2315 2334 2414
234 3
400
214
National Leather
10
10214 10234
100 101
Nat Power & Light. pref.
..•
High.
5714
9254
8%
84%
311.
72%
142
Feb
Jan
Feb
Feb
Jan
Feb
Jan
45
Jan
03
Feb
2% Jan
52% Jan
Jan
97
9314 Jan
22% Jan
1114
2814
3714
32%
22%
180
118
1054
10%
163
2034
713,4
4
25
734
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
94
27
48
3414
109
72%
37
9134
7%
27%
48%
18%
34%
32%
4%
164
33
2734
6%
5%
100%
427
19
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
18%
23%
19%
7914
7%
23%
41%
30%
114
3%
63%
734
170
54
43%
14%
106%
10%
4334
95
10%
12%
179
28
31%
67
7
6%
13
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
30% Feb
114 Jan
2231 Feb
Jan
28
Feb
46
Jan
55
7% Jan
Jan
4
31% Feb
Jan
Jan
65
117% Jan
29% Jan
15e
Feb
36
Jan
91
Feb
834 Feb
121
Jan
18
Jan
46
Jan
99
Jan
1014 Jan
159% Jan
150
Jan
109
Jan
41% Jan
1834 Jan
105
Feb
95e Feb
4% Jima
62% Jan
92
Feb
105
Feb
21
Jan
41% Feb
65
Feb
31
Jan
31
Jan
100% Feb
33 % Jan
37
Jan
114% Feb
113X Feb
24% Jan
27 Feb
9634 Feb
39
Feb
Jan
60
11
Feb
75c
Jan
Feb
78
25% Jan
414 Jan
103
Jan
FEB. 12 1927.1
THE CHRONICLE
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Nat Pub Serv corn class A.•
Common. class B
•
National Sugar Refg_ -100
Nebraska Pow,7% pref 100
Neisner Bros, Inc, corn_ •
i5o
Preferred
Neptune Meter, class A._*
Nev-Calif El Corp, corn 100
New Eng Telep & Teleg 100
New Mex & Ariz Land_ _1
New On Grt Nor RR._100
New York Merchandise..'
NY Teiep 634% pref _ _100
North Amer Car Co, corn.•
Northeast Power, corn.....*
Northern Ohio Power Co.'
Nor States P Corp. com.I00
Nor Texas Elec Co, corn100
pf _100
Ohio Bell Telep
•
Pacific Steel Boiler
25
Parke Davis & Co
New w
Ponder(D) Grocery Cl B *
Penney (J C)el A pref _ _100
Penn-Ohio Ed $6 pref__ •
Warrants
Penn Ohio Seeur Corp _ _ _ _*
Pa G & E ci A part stk_ •
Penna. Pow & Lt pref__ •
Penn Water & Power_ _100
•
Peoples Drug Stores
-Dodge Corp_ _100
Phelps
25
Phila Electric, corn
Phillip-Morr Cons Inc corn*
Class A
25
Pick (Albert) Barth & Co—
Preferred class A
•
Pitney-Bowes Postage
•
Meter Co
Pittsb & Lake Erie com.50
Pittsb Plate Glass Co_ _100
Pratt & Lambert
•
Procter & Gamble corn_ _20
Pro-phy-lac-tic Brush corn*
Puget Sound P&L.eom.100
Seven per cent pref.
.100
Pyrene Mfg
10
Rand-Kardex Bureau_ _ _ _•
Warrants
Realty Associates corn
Remington Arms
Remington-Rand w 1
Rem Noisel Typew corn A.'
Reo Motor Car
10
Richmond Radiator com.•
Preferred
100
Rickenbacker Motor
•
Safety Car Htg & Ltg__100
Safeway Stores corn
St Regis Paper Co
Seeman Brothers, corn_ _.•
Serval Corp (Del) com
•
Sherwin-Wms Co corn_ _ _25
Shredded Wheat Co
•
Sierra Pan Elec, corn_ __100
Pref'rrei
100
Silica Gel Corp. corn, v t c•
Singer Manufacturing. _100
Sugar Mfg, Ltd
.C1
Snia Viscosa ord (200 lire).
Dep recta Chase Nat Bk.
Sou Calif Edison pref B25
Sou Cities Util prof_ __106
Southern G & P.class-A _.•
Sou Grocery Stores el A
ireastern Pow & Lt corn..'
Corn vot trust certifs_.•
Participating preferred.'
Warrants to pur corn stk_
Southwest Bell Tel pf _ _100
Southw Pr & Lt 7% pf _100
Stand Comm'l Tobacco_ _•
Stand 0& El 7% met...100
Stand Publishing Cl A...25
Stanley Co of America__ _•
Steel Cool Can coin _ _ _100
*
Stromberg-Carlson Tel MI'
Stutz Motor Car
Swift & Co
100
Swift International
16
Tampa Electric Co
Teitz (Leonard)
Warrants
Texas Pow & Lt 7% pf_100
Timken-Detroit Axle_ __10
Tobacco Prod Exports...'
Todd Shipyards Corp _ _ _*
Trans
-Lux Day Pict Screen
•
Class A common
Trumbull Steel corn
25
Tublze Artificial Silk cl
Tulip Cup Corp corn
•
Tung Sol Lamp Wks el A.*
Union SC United Tob corn..
United Artists Theatre Co
Allot etts for corn & pf stk
United Biscuit class A. _ _*
Class 11
•
United Rice Coal Cos v t •
United Gas Impt
50
United Light & Power A__•
Preferred A
•
United Profit Sharing com•
United Ity dr El Bait corn 50
U S Distributing corn....'
7% cony pref
io
US Gypsum coin
20
US Light & heat corn.... 10
Preferred
10
U S Rubber Reclaiming_ _•
Unly Leaf Tobacco corn_
Universal Pictures
•
Utilities Pr & Lt class B._'
Utility Shares Corp cum_ •
Option warrants
Van Camp Packing. pref
Warner Bros Pictures....*
Warner-Quinlan Co
•
Wesson 0&SD corn v t c..•
Preferred
•
West Dairy Prod el Byte*
West Tsld Ry 1st pref. _100
Western Power. Prof.. i00
Wmtinoreland Coal
50
W & L E Ry pr lien stk _100
Wheeling Steel corn _ _100
_
White Sewing Mach corn
Yellow Taxi of New York.*
2034
10734
3734
2234
25
29%
30
18
1134
111
1234
23
10034
11%
834
182%
3134
1836
Range Since Jan. 1.
Low.
High.
1931 20% 2,000 18% Jan 2134
14% 14%
Jan 16%
800 14
135 135
25 130
Jan 139
10 107% Feb 107%
10734 10734
700 3634 Feb 3931
3634 3734
96
9734
30 96
Jan 98
22% 22%
100 22% Feb 23%
25
25
100 25
Feb 26%
11831 11824
50 11234 Jan 119
12
800 11% Jan
12%
12%
2934 34
1,300 1934 Jan 34
2731 30
800 27
Jan 30
113% 114%
175 113% Jan 115
50 29
29% 29%
Jan 293(
17
8.500 1634 Jan
18
18%
1131 12% 12,200
934 Jan 12%
111 113
1,800 109% Jan 11334
36
36
200 27
Jan 36
10 111
112 112
Jan 112
12% 12%
300 12
12%
Jan
137 141
25 137
Feb 146
28% 2834
100 28% Feb 28%
22% 23
300 22
Jan 25
70 100
10054 102
Jan 102
81
310 8034 Jan 82
81
700 1031 Jan
11
11%
11%
600
8% 931
8% Fe
10%
600 19
2014 21
Jan 21%
50 106 ' Jan 109%
108 10834
178% 182%
1,780 17531 Jan 182%
30
400 29% Jan 31%
3135
120 120
10 120
Feb 131
51
51
50 4934 Jan 53
1834 1931 2,800 17
Jan 20%
19% 20
800 19% Feb 22
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
1351 1334
1,300
12%
Jan
13%
Feb
634
631 7%
169% 17531
175
245 245
52
52
180 185
55
55
3134 31% 31%
106
106 106
9% 934
67
6534 72%
540
540 650
247 255
8% 8%
34
33% 34%
38% 34% 3031
21% 22
21
2034 2134
46
4731
134 950
136
126 127
2 4s 233 234
3
42
42% 42%
2734 2731 2734
8% 9%
, _
9
44
5134
49n
56
56
2635
2654 26%
88
88
17
17%
384% 387%
6% 5%
534
9
10%
9
931
24% 25
83
86
2134
2134 2131
3434 35%
3031 3031 313.4
28% 29
68
68
_
8% 8%
an
115% 116
10534 105%
2434 24% 2534
10511 10531
551 5%
90
90
12734 12734
40
40
1734 18%
1834
118 118%
20% 21%
60
6031 61%
33% 3331
110 115
107 107
12% 12
12%
334
334 334
48
48
49%
400
3,100
40
200
460
100
60
10
80
73,10
22
100
200
21,200
2,700
1,300
900
800
13,400
50
280
100
400
10,400
1,400
100
100
10
200
60
100
700
3,100
900
200
900
100
5,300
700
200
2,400
20
20
7,200
75
200
100
75
600
2,900
350
2,30C
700
50
10
20
1,200
700
200
6
167%
245
51
180
53
3031
10334
9%
57
400
225
7%
3334
34
20
20%
46
95c
125%
232
40%
27
734
44
56
26%
88
14%
365
5
5
5
24 34
83
2134
3434
30
28
67%
8%
114%
104
1934
104%
5%
83%
127%
39%
14
115%
2034
49
31
95
107
12
334
4631
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jo
Fe
Fe
Jan
Fe
Jo
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
7%
178%
269
5334
19231
55
33%
106
1434
72%
650
255
1134
34%
39%
23
23
49
1%
127%
238
46
28
974
5134
56
27%
88
18%
38731
5%
10%
9%
25%
86
22%
3534
32%
31
68
9
118
10534
25%
106
6%
00
127%
42
1934
11931
23
6-54
3334
115
108%
12%
334
50
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Fe b
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
7%
11%
82
1234
oo
13%
93
10%
133-1
86%
9534
43
4436
40%
14%
14
2951
57.%
10031
167
19
Rights—
Bancltaly Corporation_
6%
1051
150
15
18
82
731 18,400
6%
11% 2,500
9%
53. 145
170%
10
15
15
30
18
1734
50
86
81%
9534 9634
45
42
1134 13
2534
25
8936 91
13% 14
9151 93
10% 103i
20%
20
13%
13
8634 88
9434 100
37
47
7% 834
12%
12
43% 4531
3834 41%
135-4 13%
934 10
111 1%
14
14
2834 32%
26%
26
5751 58
98
98
15%
15
115 122
9934 10031
53
53
163 170
3431
34
1834 20%
31% 3254
750
750
300 9534
500 38%
15,00
7
20
23
900 8954
14,400 13%
875 85
1,600
10
300 20
3.600 12%
900 86%
775 91
6.300 29
1,300
734
800 12
3,900 37%
3,600 2131
4,100 1334
300
9%
800
1%
100 14
18,000 2731
300 2534
1,125 52%
10 97%
200 15
200 98
130 98
25 53
80 163
50 34
10,200
15%
1,100 31%
100
550
Feb
8% Jan
Jan
11% Feb
Jan 17034 Jan
Feb
15
Feb
Jan 1831 Jan
Jan 00
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jar
Fb
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Fe
Feb
Feb
Jan
Jar
Jan
Fe
Feb
Jan
Jan
Fe
Fe
Fe
Jan
Fe
96%
45
13
2634
93
15%
93
105(
20%
1531
9034
110
47
814
13
46
4134
15%
10%
2%
1634
33%
26%
59%
99%
16%
123
10031
55
171
34%
20%
34%
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Fe b
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
750
Jan
911
Friday
Sales
Z.ast Week's Range for
ofPrices.
Sale
Week.
Rights (Concluded) Par Price. Low. High. Shares.
Blackstone Val Gas & EleeBorden Co
Carib Syndicate
Servel Corp
3:4
9%
3%
3e I
6c
100
034
4
1.900
10e 39.000
6c
1.000
Range Since Jan. 1.
Low.
9% Feb
3% Feb
3c
Jan
60 Feb
High.
931
4
10c
60
Feb
Feb
Feb
Feb
Former Standard 011
Subsidiaries.
Anglo-Amer Oil(vet sh).£1 2134
Voting stock ctf of dep._
Non-voting stock. _ _ _S1 20%
Non-voting stk etf denBorne-Serymser Co_ .100
---Buckeye Pipe Line
50
Continental Oil v t C.
...10 2154
Cumberland Pipe Line_100
100
Eureka Pipe Line
Galena-Signal Oil com_100
New preferred
100
100
Old preferred
Humble Oil & Refining_ _25 6034
100 14084
Illinois Pipe Line
Imperial Oil (Canada)_ _ _• 4431
Indiana Pipe Line
50 67
National Transit_ _ _ _12.50
O
New York
oTransit
100 34
25 x64
Penn-Man Fuel
25
25 54
Prairie Oil & Gas
100 145
Prairie Pipe Line
100 20134
Solar Refining
South Penn 011
25
Southern Pine Line
50
So'west Pa Pipe Lines_ _100
Standard Oil (Indiana) 25 71%
standard Oil (Kansas)_ _25 19%
25 119%
Standard 011(Ky)
25 48%
Standard Oil(Nob)
Standard Oil N J new par
3931
paid sub receipts
Standard 011(0) com__100 345
100
Preferred
Swan & Finch Oil Corp___ _
25 10234
Vacuum 011
2034 2134
21% 21%
2031 2014
2034 2034
69
68
4734 47%
21% 21%
122 128
50% 5054
12% 1335
51
5134
54
54
5931 62%
129 140%
41
44%
67
66
1334 1331
34
34
6054 x6434
18%
18
5334 5434
137 146
198 20134
3835 39
2731 273(
5731 57%
70% 72
19% 2031
11934 120%
48% 49
4,100
200
700
100
150
400
11,600
400
300
700
60
10
11.300
3.300
40,900
050
1,400
100
8.100
200
10,400
6,500
20
400
100
150
37.300
1,500
900
600
19%
2134
1934
1934
63
45
20
106
47
1034
45%
50
58%
123%
37%
61
13%
31%
5934
1634
52
132
194
38
24
5534
6751
19%
11834
4631
39% 40% 13.900 37%
33 335
340 350
4 118
118 11934
50 15
1534 1554
101 103% 7,100 9554
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2134 Jan
21% Feb
2034 Jan
20% Feb
69
Feb
Jan
48
22% Jan
Jan
137
Feb
51
13% Feb
59% 1Jan
6014 Jan
6254 Jan
14034 Feb
4434 Feb
69% Feb
14
Jan
36
Feb
x6i34 Feb
19
Jan
5534 Jan
146
Feb
20134 1Feb
4134 Jan
273( Feb
Feb
58
743( Jan
20% Jan
122% Jan
4934 Feb
Jan 40%
Jan 354
Jan 122
16
Jan
Jan 104
Feb
Jan
Feb
Jan
Feb
Other Oil Stocks.
1%
134
1%
Amer Contr Oil Fields._ _ _5
5
534
531
•
Amer Maracaibo Co
734 834
Arkansas Natural 0as__10
134 134
Atlantic Lobos 011, corn _.•
Bamsdall Corp stk punch
6
63(
634
warrants
• 18
18%
18
Beacon 011 Co corn
22% 2334
British Amer Oil new
24e 260
10 250
Cardinal Petroleum
23% 2354 2534
Carib Syndicate
Certificates of deposit... 23% 23% 25
9
9%
Consolidated Royalties_ 1
133( 14%
• 1434
Creole Syndicate
2% 254
234
Crown Cent Petrol Corp..'
•
8% 954
Darby Petroleum
9
931
Voting trust certificates_
134
134
134
Derby 011 & Refg corn...*
3
3%
354
Gibson 011 Corporation..1
1
1
Gilliland Oil, corn. v t c_ •
95%
Gulf 011 Corp of Penna._25 9531 95
International Petroleum._• 3434 3254 3434
239 265
Interstate Nat Gas warets. 265
1% 1%
•
134
Kirby Petroleum
9% 10%
Leonard Oil Develop't__25 1034
• 26% 26% 2731
Lion Oil Refining
65e 900
Livingston Petroleum_ _•
1% 234
1%
Magdalena Syndicate_...1
1234 1234
•
Margay 011
4
4
5
Mexican Eagle Oil
2
2%
23.4
Mexican Panueo Oil__..10
11
11
•
Mexico Ohio 011
25e 30e
Mexico 011 Corporation.10 30e
1% 1%
1
Mountain & Gulf Oil
26
2654
..10
Mountain Producers.
200 201
Gas
100 201
National Fuel
5% 534
5%
5
New Bradford Oil
1054 1054
25 1035
New York Oil
North Central Texas OIL.. 11% 11% 12
2131 2134
Okla Nat'l Gas et( dep _ _ _ _
751 7%
751
Pandem 011 Corporation.'
11% 12
Pantepec Oil of Venezuela.* 12
12
13
Pennok 011 Corporation..'
22
22
25
Red Bank 011
12% 1334
Reiter Foster 011 Corp_ _.• 13
2535 25%
Richfield 011 of Calif _ _ 25
25e 26c
Royal-Can Oil Syndicate.*
654 6%
•
Ryan Consol Petrol
731 8
734
Salt Creek Consol 011_ __10
32
Salt Creek Producers_ _ _10 3134 31
5% 7
534
5
Savoy Oil
91
91
Shaffer Oil & Ref, pref.100
24
25
Tidal Osage voting stock.' 24
22%
Non-voting stock
• 21% 21
Tide Water Associated Oil• 2234 22% 2234
100 9534 9434 95%
Preferred
64
64
Transcontinental 6% pref.
6% 7%
6%
Venezuela Petroleum
_5
Wilcox (H F) Oil & Gas..' 29% 2831 3034
631 7
Woodley Petroleum
•
431
4% 434
"Y" Oil& Gas new
26.200
18.600
9,400
1,000
134 Jan
4% Jan
734 Jan
134 Jan
2 11, Jan
,
Jan
8S4 Feb
lat Jan
10.400
534
2.900 173(
1,100 2034
7,100 24e
20.400 23%
4,300 2331
2.300
834
39,900 13
1,900
2%
43(
2.000
1,000
8%
400
13(
14,700
2%
400
1
800 9234
49,100 31%
23 230
1.300
134
33.300
834
3,800 24
1.600 65e
7,000
1%
100 1234
400
4
12.300
2
100
1074
24,000 26e
200
13(
2.000 25
40 192
1,700
5
200
934
3,400 1134
100 2131
700
7%
3,600 1134
500 12
100 19
1,500 12%
20
2531
2,000 21c
500
5
600
794
5.300 30%
4,600
3
100 91
2,800 21
2,600 1914
6.300 2134
3,500 93%
225 6334
16,000
6%
7,100 2854
500
6%
1,200
4
Jan
654
Jan 2034
Jan
2334
Jan 26e
Jan 28%
Fe
26
Jan
934
Jan 14%
Fe
3
Jan
1034
Jan 10%
Feb
2%
Jan
334
Jan
1%
Jan 9634
Jan 34%
Feb 265
Jan
234
Jan
1034
Jan 2734
Feb 950
Jan
234
Jan 12%
Feb
4
Jan
3
Feb
12%
Jan 380
Jan
134
Jan 2634
Jan 203
Jan
5%
Jan
11
Jan
12
Feb 21%
Jan
834
12
Jan
Feb
1334
Jan 2434
Jan 1534
Jan 2734
Jan 300
Jan
7
Jan
8
Jan 32
Jan
7
91
Fel
Jan
2534
Jan
23
Jan 2334
Jan 9534
Jan 65
Jan
734
Jan 32%
Jan
8
Jan
6
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
jam
Jan
Jan
Jan
Jan
Jab
Fen
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
60
6.000
Sc
85e
2.300 51e
7c 15,000
5c
72%
850 6734
1%
100
134
1214
100 12
2%
100
211
4
100
4
291 4,700
2%
1334
500 13
12c 11.000
7c
6c
7.000
Sc
434
2.600
41.4
6c 34.000
50
74e
14,500 700
Sc
1,000
6c
134
1%
1,3(10
8c 34.000
3e
2.000
9c
I lc
6.000
6e
6e
Sc
7c 71.000
1434 7,400 12%
2234
900 203(
2
100
2
35e
10
41c
252
I., 409,700
86c 68,400 76e
1%
1 34
600
200 223(
2231
230 184
187
600 6784
69
Jan
60
Jan 90c
Jai
70
Feb 73
Feb
2
Jan
1334
Feb
334
4
Feb
3
Feb
Feb 13%
120
Jan
7e
Jan
Jar
5%
6e
Jan
Jan 780
70
Jan
1%
Feb
8c
Jan
110
Jan
6e
Jar
I lc
Feb
Feb
1531
22%
Jan
3
Feb
Feb 41c
lhee
Feb
Jar
86e
Feb
231
Feb 24
Jo
193
Jan 6951
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mining Stocks—
6e
Amer Com'l Min & 151111_ _
83e
Amer Exploration Co.._ _1 830
Sc
Arizona Globe Copper...)
6935 6734
Bunker Hill &
___
Calaveras Copper
1
1%
Carnegie Metals
10
123-4
Chief Congo' Mining
234
1
Conlagas Mines, Ltd_ _ _ _5
4
Conseil Copper Mines_
234
I
234
Copper Range Co
13
25 1354
12e
Cortez Sliver Mines
100
Divide Extension
Sc
1
49.4
Engineer Gold Mines. Ltd 5
434
Sc
Eureka Croesus
50
1
Falcon Lead Mines
70c
1 73c
Forty-Nine Mining
5e
Golden Centre Mines..._5
154
Sc
Golden State Mining _ _..10e
6e
Goldfield Consolidated_ _ _1
10e
Goldfield Florence
6c
6c
1
Hawthorne Mines, Inc._ _1
6c
Sc
Hecla Mining
25e 13%
129-4
Hollinger Cons Gold Min.5
2234
Iron Cap Copper
2
10
Jerome Verde Dev Co_ _ 50e
41e
Kay Copper Co
25e
1 46c
Kerr Lake
8,Cie
5 86c
Mason Valley Mines
14
19-4
5
New Cornelia
2291
5
New Jersey Zinc
185
100 187
Newmont Mining Corp 10
69
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Pa Price. Low
High. Shares.
Nlpissing Mines
5
Noranda Mines, Ltd
*
North Butte
15
Ohio Copper
1
Plymouth Lead Mines__ _1
Premier Gold Mines
1
Red Warrior Mining
San Toy Mining
1
Shattuck Dean Min Corp_*
Silver King Coati Mines_5
Spearhead Gold Mining_ _1
Standard Silver-Lead_ _ _1
1
Teck-Hughes
Tonopah Belmont DevelA
Tonopah Extension
1
Tonopah Mining
1
United Eastern Mining...A
United Verde Extension.50c
Utah Metal & Tunnel_ _1
Wenden Copper Mining_ _1
West End Consolidated_ _5
West End Extension
1
White Knob C & D. pf 10
951
20%
231
I5c
380
65
551
2
25c
351
244
991
20%
2%
49c
130
2%
270
6c
54
84
Sc
19e
656
1.ou
250
3
50c
24%
11110
251
11c
35
100
Range Since Jan. 1.
Low.
8,200
10
214 5,100
246
200
1,000
49c
150 10,000
2616 3,200
3,800
380
60
5,000
100
54
84
100
4c 24,000
2,000
19c
651 5,600
1,700
2
5,000
30c
500
351
800
50c
700
24%
1,600
191
1,400
3,
6,000
13e
30 12,000
200
100
8
19%
231
45c
ge
19
,
1
160
Sc
555
831
2c
160
5%
141
24c
3
50c
22%
1.31.
254
80
35
10c
Bonds
Alabama Power Cis_ _1951
Allied Pack deb 8s__1939 6955
Debenture 6s
1939 5754
Aluminum Co 75
1933 10551
Sinking fund deb 55_1952 100
Amer & El 65
,
2014 10231
American Power & Light
68. without warr_ _2016 101%
Amer Roll Mill 6s___1938
Amer Seating 6s
1936 103%
American Thread 6s_ _1928
Am Writing Paper 65_1947 8356
Anaconda Cop Min 68_1929 102%
Andlan Nat Corp 6s__1940
102
Without warrants
Appalachian El Pr 58_1956 9531
Arkansas Pr dr Lt 58_1956 95
Associated 0 & El 68_1955 104%
Assoc'd Sim Hardw 631533 9751
Atlantic Fruit 85
1949 1951
Batavian Petr deb 431s 42 9651
Beacon 0116s, with warr'36 101%
Bell Tel of Canada 55_1955 101
Berlin City Else 645_1951 07%
Berlin Electric 6 315._ _1928 10051
Berlin Electric 6318___1929 1004
Berlin Else Kiev 6345.1956 9734
Boston Consul Gas 55_1947
Boston & Maine RR 65 '33
Brunner Tur & Eq 7515 '55 88
Burmeister & Wain Co of
Copenhagen 15-yr 6s '40 9434
Calif Petrol deb 4315_ _1939
Canadian Nat Rys 78_1935 111%
Carolina Pr & Lt 55_1956 100%
Chile Copper 55
1947 9631
Cities Service 6s
1966 102%
Cities Service 78, sec D 1966 131%
Cleve Elea Ill 5s, sec B 1961
Cleve Term Bldg 65_1941
9951
Columbia Gas & El 5s_1928
Commander-Larabee 68 '41. 9791
Cons G El& P68. tsar A '49 107%
68, series F
1965
58. series F,new_ _1965
545. series E
1952
Consol Publishers 6345 '36
1941 95
Consol Textile 85
Container Corp 6s_ _ _1946 9751
Cuba Co 6% notes_ _ _1929 9754
Cuban Telephone 748 '41
Cudahy Pack deb 53151937 9791
1946 9951
5s
Detroit City Gas 65..1947 106%
1950 100
5s. series B
Duke-Price Pr 1st 68_1966 105
E Tenn Off Bldg 646_1943 99
Eitingon-Schild 6s__1938
Else Refrigeration (03.1936 92
1933 oo
Federal Sugar 65
Fisk Rubber 545___1931 9791
Florida Power & Lt 55_1954 94
Gair (Robert) Co 75_ _1937 1064
Galena-Signal Oil 78_ _1930 9256
Gatineau Power 58. __1956 9655
1941 9955
6s
Gen Mo 8 crept deb 65 '37 1004
General Petroleum 68_1928
Georgia & Fla RR 6s_ .1946 98
Goodyear T & K 58_1928
Goodyear T&R Cal 545'31 96
Grand Trunk Ry 645_1936 108%
Great Cons Flee 6555_1950 96
1937 10051
Gulf Oil of Pa 5s
1947 100
55
Serial 5516
1928
Gulf States Utils 58_._1956 05%
Hamburg Else Co 78_ _1935 10255
Hood Rubb 545.0ct 1536 9751
Indep Oil & Gas648_ _1931
Indiana Limestone 613_1941 98
Indianapolis P & L 65_1936 104
Ea series A
1957 98
Internat (it Nor 55 B_1956 99
Internal Paper 1513. _ _ _1941 98
Int Rys Cent Am 6515.1947 9251
Interstate Nat Gas 65_1936 126%
Without warrants
1014
Jeddo-Highland Coal 65 '41 102%
Keystone Telep 6558_ _1955 9031
Krupp (Fried) Ltd 78_1929 102%
Laclede Gas Lt 5558-1935 100%
Lehigh Pow Scour (38._2026 9755
3
Leonard Tietz Inc 75-2, '46 101
With stk pur warrants_ _
ioiii
Libby McN & Lib 7s_ _1931 ,
Ligg Winchester 75_ _1942
Lombard Else Co 78_ _1952 944
Long Isld Ltg Co 6s_...1945 1044
Manitoba Power 548_1951 99%
Mansfield Min & Smelting
(Germany)75 with war'41
Without warrants
Mass Gas Cos 5559-1940 10356
McCrory Stores 548._1941 9851
Wag Mill Mach 75_ _1956
Without stk pur warrants
Midwest Gas 78 A_ _1936
Missouri Pacific RR 551927 1004
1977 100
58, series F
Montecatini (Italy) 78.1937 97
Montgomery Ward 5sA946 9851
Montreal L ft & P58 A '51 9994
Morris az Co 7 s___ _1930
Narragansett Co col 55 '57 99
Nat Dist Prod 64a._ _1945 98%
[Vol.. 124.
THE CHRONICLE
911
10451
64
54
10531
100
1024
10431
694
58
10535
10056
10351
55,000
71,000
60,000
39.000
470,000
117,000
10455
64
54
10551
100
10131
1004
10331
1034
10191
8351
102%
102
10351
103%
102
8331
10251
150.000
33.1500
40,000
3,000
47,000
36,000
10055
103
101%
10151
82
10131
25.000
101% 102
9591 9551 154.000
51,000
9451 95
104% 105 202,000
97
9751 42,000
4,000
19
19
9631 9631 221,000
16.1300
1014 102
101 101% 28,000
9741 9851 226,000
10056 10041 3,000
3.000
100 100%
9791 98% 202.000
6,000
103 103
101% 1024 9,000
88
024 33,000
101
9531
9451
1024
97
19
9651
10.4
101
97%
10034
100
9631
103
10055
8551
9491 9451 10,000
9655 9634 118,000
111% 111% 43,000
100% 10031 53,060
064 9654 411,000
10056 10254 816,000
9.000
1285-413131
104 10434, 13,000
7,000
9954 100
1,000
10055 10055
97
9791 49.000
1074 10741 6,000
101% 10131 10,000
1.000
101% 101%
1,000
10651 no%
3,000
984 9831
35,000
9355 95
9751 98% 17,000
97
9744 41.000
1114 111% 7,000
974 9734 31,000
9951 99% 40.000
106% 10754 37,000
100 10034 46,000
1044 10551 109,000
99
99
17,000
9735 9734 11,000
94% 43,000
92
88% 89% 9,000
974 9791 66,000
9341 94 180,000
106 10651 3.000
36,000
914 93
9651 9691 161,000
9951 9954 67,000
100 10031 95,000
10131 1014 39,000
22,000
974 98
9731 9831 1 9.000
98
9651 13,000
10855 108% 13,000
96
964 170.000
100 100% 12,000
9936 10056 359,000
10094 100% 15,000
9531 9655 301,000
9,000
1014 103
96% 9734 14.000
102% 10254 12,000
98
9854 37,000
39,000
104 104
98
98 110.000
9891 99% 50.000
98
0851 240,000
924 9251
1,000
12454 126% 70.000
10151 10251 102,000
102341023-4 23,000
9051 91
6,000
10251 1024 40,000
10051 10034
9.000
97% 9751 152,000
10054 101
14,000
111% 1134 37,000
10331 1044 16,000
1084 1084 12,000
941
% 95 130,000
104 10431 15,000
99% 9954 61,000
94
961z
11151
100
964
9835
123
10354
9
10051
9551
1074
10194
10114
106%
973
4
8934
9751
96%
11054
9434
974
10651
100
10455
99
9755
92
85
9751
9354
10451
90
9455
98%
100
101
9734
9755
95
10855
9355
100
99%
10051
9491
100%
96%
10191
98
10051
98
97%
98
92%
124
10051
102
904
9991
1004
954
10054
109
10331
10851
9451
102%
98
109 11055
094 100
10351 10331
98
9851
107 10791
9551 9651
98
984
1004 10031
100 100
97
9791
9834
98
9951 99%
10451 10434
99
99
984 995-4
104
99
10351
98
9731
93
9755
10054
100
97
9751
9931
1024
99
9854
22,000
11,000
9,000
30,000
7,000
34,000
22.000
1,000
48,000
317,000
21,000
38,000
13,000
20.000
44,000
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
High.
1031
24
331
490
15c
251,
380
6c
6
851
4c
205
651
202,1
300
34
530
244
255
351
14c
3c
10c
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Bonds- (Continued)
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Nat Pow & Lt Os A....2020 9951 9855 994 69.000 9851 Feb 100% Jan
Nat Pub Serv 6515._ _1955 1004 9854 1014 53.000 9751 Jan 10151 Feb
Nevada Cons 55
1941 9634 95
Feb 10255 Jan
98
30.000 95
New On Tex & M RR 5556 103
10234 103
34,000 10254 Jan 10331 Jan
NY Trap Rock 1st 65_1949
9831 9846 10,000 98% Jan 98% Feb
Niagara Falls Pow 65_1950
Jan
10491 10431 2,000 104% Feb 107
Nor States Pow 6555...1933 11334 11351 1144 18.000 11151 Jan 11454 Feb
6555 gold notes
Jan 10331 Jan
1933 10334 1033-41035-4
5,000 103
Feb 0834 Jan
North Amer Edls 55 A.1057
98
9851 45,000 98
Nor Cont't UO16518_1942 100
Feb 100% Feb
400 10051 32,000 100
Ohio Power 75 ser A_ _1951
Jan 10651 Jan
106 106
1,000 105
58 ser B
Jan
1952 9855 9851 0834 36.000 9791 Jan 99
4518 series D
1956 89% 89% 90
82,000 8931 Feb 90% Jan
Ohio River Edison 55_1951 9731 9751 9731 53.000 97
Jan 9854 Feb
Feb
Okla Natural Gas 65._1941 101
Jan 101
9951 101
126.000 99
Pan Amer Petrol 65_ __1940
100 1004 54.000 9954 Jan 10051 Jan
Park & Tilford 65
Jan 9651 Jan
1931
97
9754 13.000 96
Jan
Penn-Ohlo Edison 138__1950 120
119 120
6,000 11554 Jan 121
Without warrants
9656 9651 9791 82.000 95% Jan 9751 Jan
Jan
Penn Pow & Light 5s._1952 0991 9951 9951 4.000 99
Jan 101
5s series D
1953 9955 9951 9954 38,000 994 Jan 99% Jan
Phila Electric 535s_ _ _ _1953 10651 10691 10695 5,000 106% Jan 1064 Jan
,
551s
1947
1.000 10636 Feb 106% Feb
106341063-4
65
1941 10731 10755 10731
1,000 10731 Jan 10751 Feb
Phila Elea Pow 5348_1972 10334 103% 104
86,000 102% Jan 104% Jan
Phila. Rap Transit 6s 1962
100 10051 42.000 9991 Jan 100% Jan
10455 Feb Porto Rican Am Tob 135'42 99
9851 9934 188,000 9851 Feb 9955 Jan
76
Jan Potomac Edison 58_ _ _1956 9551 9531 96
Jan
48,000 9551 Feb 97
66
Jan Pub Serv Corp NJ 55- '56 1013' 1014 10194 127,000 100% Jan 10151 Feb
25
1054 Jan Pure 011 Co 6318
Jan 10391 Feb
1933 10391 103% 10354 44.000 103
10054 Feb Richfield 011 of Calif 651941 99
Jan
99
99
Jan 99
30.000 99
103% Jan Sauda Falls Co 5s___1955 9855 98
9855 53.000 9751 Jan 9834 Jan
Saxon Pub Works 6451951 983-4 98% 99
Jan 993-5 Jan
95.000 97
10331 Jan Schulte K E Co 6s... .1935
11451 9431 2,000 93% Jan 9551 Jan
1034 Jan
6s without corn stock1935 8655 864 87
Jan
18,000 85% Jan 87
104% Jan, Serve! Corporation 65..1931 8755 8655 89 315.000 7051 Jan 89
Feb
102
Jan Shawsheen Mills 75..._1931
10051 101
9,000 10034 Jan 10195 Jan
834 Feb Sieman & Hafske 75_1935 103
Jan
102% 103
53,000 101% Jan 103
10251 Feb Siemans & Halske SS
6515 with warrants_1951 10454 10255 10511 708.000 98
Jan 10551 Feb
102
Jan Sloss-Sheff S & I 65_ _ _1929 10254 10231 102% 22,000 10191 Jan 1024 Jan
96% Jan
Purchase money 65_1929
,
10251 10291 2.000 10231 Jan 10236 Feb
96
Jan So'vay & Cie 65
Feb
1934
105 105
2,000 104% Jan 105
105
het) Southeast P & L
9755 Jan
Without warrants
9855 9855 98% 187.000 96% Jan 99% Jan
20
Jan Sou Calif Edison 55._.1951 98
98
9851 76.000 9791 Jan 9831 Jan
9651 Jan
New
9851 084 9855 31.000 98
Jan 9834 Jan
10355 Jan
55
10151 10154 6.000 101
1944
Jan 102% Jan
101% Jan Southern Gas Co 6518_1935
102 102
9,000 102
Jan 10214 Jan
9,34 Jan Southwest P & L 65_ .2022
10051 10154 7,000 094 Jan 10131 Feb
10031 Feb Stan Inv Co 55 with war '37
,
10034 10055 15,000 100% Feb 10031 Feb
1004 Jan Stand 011 of NY 630_1933 10534 105 105% 62.000 104% Jan 105% Feb
5
9951 Jan
4 Si s when issued_ _ _1951 95/4 9531 9594 815,000 95% Feb 97% Jan
103
Feb Stinnes (Hugo) Corp 7%
1024 Feb
notes Oct 1 '36 with warr 9931
993.5 995.4 212,000 9955 Jan 0931 Jan
9251 Jan
75 1946 with warrants,,. 9951 994 9931 378.000 9954 Jan 994 Feb
Stutz Motor 745
1937
9434 96
25.0013 88
Jan 96
Feb
Jan Sun 0115555
1939 100 . 100 10051 50,000 994 Jan 10055 Jan
95
,
9934 97.000 09
9751 Jan Swift & Co 5s Oct 15 1932 9951 99
Jan 0955 Jan
95% 9655 41.000 95% Feb 9741 Jan
,
11151 Jan Texas Power & Light 55 '56 96
1004 Jan Thyssen (Aug) I & S 751930 102% 102% 103
10.000 10251 Jan 10351 Jan
96% Jan Trans-Cont'l 011 7s...1930 9951 99% 9934 19.000 9751 Jan 9911 Feb
9951 100
Jan
19 000 99% Jan 100
1936 100
10251 Feb Ulen & Co 6555
94% 173 000 93
Jan 954 Fob
13155 Feb United F,1 Say (Unes) 75'56 9451 94
Feb
United Industrial 642.1941 9756 9791 98
32 000 9751 Feb 99
Jan
105
68
71
29 000 6051 Jan 78
Jan
Jan United 011 Pro d 8s_ __1931 70
100
100 100
Feb 100% Jan
10.000 100
10051 Jan U S Rubber 64% notes'27
1014 10154
Serial 634% notes.,1928
5.000 10191 Feb 101% Jan
Jan
98
Jan
Serial 655% notes...1929
102341025-4 4,900 102% Jan 103
10831 Jan
10251 103
12 000 10251 Jan 103
Jan
Serial 655% notes__1930
10251 Jan
10291 103
Jan 101
Feb
Serial 651% notes__1931
10,000 102
10251 Jan
Jan 103
Jan
Serial 64% notes_ _1932
10251 10244 11.000 102
10655 Jan
10234 10251 15.000 10231 Jan 10251 Feb
Serial 64% notes__1933
Jan
99
102% 10255 12.000 102% Jan 10251 Jan
Serial 651% notes__1934
9631 Jan
102% 10255
7.000 10251 Jan 103
Jan
Serial 651% notes_ _1935
9892 Jan
102% 102% 3.000 102% Jan 103
Jan
Jan
Serial 655% notes
98
-1936
10254 102% 3.000 10251 Jan 1024 Jan
Serial 651% notes_ _1937
111% Feb
Jan
10251 10291 9,009 102
Jan 103
Jan
Serlal 64% notes__I938
98
Serial 63.1% notes_ _1940
10251 103
8.000 1023-6 Feb 10351 Jan
9951 Jan
102 102
,
30.000 10134 Jan 102% Jan
107% Jan US Smelt & Ref 5528_1935
United Steel Wks Burlach
100% Jan
Luxemburg 7s
1951 10291 10155 1024 38,000 9854 Jan 10391 Jan
10555 Jan
Jan LT S Steel Works A 65581951
99
With stk pur warr sex A.. 10531 105 108 799.090 10251 Jan 11031 Jan
9753 Jan
9754 Jan
Without stock pur. ware
9954 10054 40.000 9554 Jan 100% Jan
Jan
8955 Feb
Series C
10551 107 135,000 10234 Jan 110
Jan
Jan Valvoline 011 6s
10451 10455
98
4,000 10431 Jan 105
1937
94% Jan Wabash Railway Os.._1976 99
9831 9951 237,000 9751 Jan 99% Jan
10634 Feb Warner Bros Plc 63511- 1928 108
Jan 1104 Feb
10655 110% 136,000 105
Jan
113
Feb Webster Mills 63-a8---1933 9856 08% 99
isa
5.000 9734 Jan
Jan
9751 Jan Western Power 545 _1957
98
98
17.000 9731 Feb 99
Jan
Jan Western Union Tel 55.1951
100
Jan 102
10151 10154 63.000 101
99
Jan
Jai
99
99
2.000 99
10095 Jan Wise Cent Ry 55
1930 99
101% Jan
Jan
98
Foreign Government
981s Feb
and Municipalities
9751 Jan Austria (Prov of Lower)
Jan
109
1950 10051 100 10034 823,000 98% Jan 1004 Jan
73
-48
Jan 102% Jan
Feb Baden (Germany) 75__1951 10134 100 1014 284,000 99
97
99
Feb
Feb
98
9846 20.000 08
1004 Jun Bolivia:(Repub) ext 75.1958
9951 62.000 9754 Jan 9954 Feb
100% Jan Buenos Aires(Prov)745 '47 9931 99
Feb
36,000 9555 Jan 99
10051 Feb
7s
1936 9851 9851 99
87,000 96% Jan 9731 Feb
97
96
9651 Feb
7s
1952 98
Feb
103
75
1957 9551 9551 96 232.00(5 95% Jan 964 Jan
9534 Jan
98% Jan Costa Rica (Rep) 70_1951 9531 9531 9551 46.000 963( Jan
1024 Jan Cundinamarca (Dept of)
9954 Jan
Colombia ext 75....1946 9451 944 94% 56.000 9451 Jan 95% Jan
59,000 9751 Jan
9955 Jan
1044 Jan Danish Cons Music 54555 984 9851 09
130 000 9031 Jan 101
Feb
100% 101
98% Jan Denmark (King'm) 555s r5 101
10.000 10055 Feb 101% Jan
10051 101
Os
1970
09% Jan
10151 85,000 9951 Jan 102
Jan
9851 Jan German Cone Munie 75 '47 10151 101
51,000 9541 Jan 9931 Jan
92% Feb If
(State) Ger 65'46 9751 9751 98
12651 Feb Hungarian Land Mtge Inst
1961 100% 9941 100% 20,000 9851 Jan 100% Feb
1024 Feb
745 series A
Jan Indus Mtge Bk of Finland
103
5.000 99% Jan 10151 Jan
100% 101
Jan
91
1st mtge coil s f 75..1944
Jan 10454 Feb
1024 Jan Medellin (Colombia) 85 '48 ---- - - 104 10434 15,000 103
Feb
9431 94% 95 125,000 9351 Jan 95
1951
101% Jan
Ts
98% Jan
Mendoza (Prov) Argentina
101
Feb
1951 9851 9851 9811 29.000 9891 Jan 9954 Jan
755s
Jan 9351 Feb
9331 94.000 93
114% Jan
Montevideo (City) 6315 69 9331 93
10451 Feb Mtge Bk of Chile 645.1961 9851 9831 994 46,000 984 Jan 9956 Feb
Jan
Jan Netheri'ds(King)6s 11 1972 10831 10731 10831 6,000 107% Jan 109
109
9554 Feb New So Wales(State)55'57 9651 9651 9691 203,000 96% Feb 0664 Feb
100 10051 86,000 100
Jan 1004 Jan
1956 100
10451 Feb Peru 7555
99% 10051 113,000 9851 Jan 1004 Feb
10054 Jan Prussia(Free State) 651551 100
Rio Grande Do Sul (State)
9791 98
9.000 974 Feb 984 Jan
Feb
111
1906 98
Brazil ext 75
144 1491 14,000 1451 Jan
15
Jan
1014 Jan Russian Govt 64s---1919
1351 144 55.000 134 Fe
15
Jan
1044 Jan
651% certificates_ _1919
14
14
1,000 14
Feb
16
Jan
14
1921
9851 Jan
5315'
134 14
7.000 13% Feb 15% Jan
10951 Feb
5518 certificates_ -1921
6.000 100
Jan 102% Feb
Jan Saxon State Mtge Inv 78'45 10136 10151 102
98
Jan
100
Jan
1946 9951 984 99% 49,000 9744 Jan 100
6315
1004 Jan Switzer'd Govt 5545_1929 101% 10131 10131 27,900 10131 Jan 101% Feb
10031 Feb
98
Jan
•No par value. k Correction. I Listed on the Stock Exchange this week, wheat
9851 Jan additional transactions will be found. m Sold under the rule. n Sold for cash.
99% Jan
104% Jan o New stock. r Ex 33 1-3% stock dividend; sold at 14851 on Jan. 3 1927 with stook
Ex-cash and Mock dITI99
Jan dividend on. s Option sale. S Ex-rights and bonus.
100
Jan dent's to When Issued. z Ex-dividend. y Ex-rights. s Ex-stock dividend.
Investment and Ataiirratt $,Txtelliffettet.
•
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first
week of February. The table covers 2 roads and shows
5.87% increase over the same week last year.
First Week of February.
1927.
1926.
Increase. Decrease.
395,426
364.508
Buffalo Rochester & Pittsburgh_
4.631,526 4,383,618
(Uneaten National
Total (2 roads)
Net Increase (5.87%)
5,026,952 4,748,126
30.918
247,908
278.826
278.826
In the table which follows we also complete our summary
of the earnings for the fourth week of January:
Fourth Week of January.
1927.
1926.
Increase. Decrease.
5.164.855 4,891.645 273.210
Previously reported (3)
Canadian Natiodal
6,664.833 5,979,669 685,164
120,384
Duluth South Shore & Atlantic_
139,816
19,432
Georgia & Florida
45.600
54.545
8,945
8.559
Mineral Range
10.317
1.758
Mobile & Ohio
464.298
521.447
57,149
Nevada-Califor.da-Oregon
5.219
7,297
2.078
Southern Ry System
4,986.120 5,348.461
362.341
662.000
704.128
St Louis Southwestern
42,128
986.186
Texas 2c Pacific
947,274
38,912
Western Maryland
622,646
593.857
28,789
Total (13 roads)
Net Increase (2.77%)
19.730,700 19,198.456 1.026.075
493,831
532 244
In the following we show the weekly earnings for a number
of weeks past:
Week.
Current
Year.
.
lit week Oct. (14 roads)____
2d week • Oct. (14 roads). _
3d week Oct. (14 roads)._
4th week Oct. (14 roads) _ _ _
.
let week Nov. I14 roads)._
2d week Nov. 14 roads)_ _ _
8d week Nov. 15 roads)--_
4th week Nov. 14 roads)--let week Dec. 114 roads).___
2d week Dec. 14 roa(is)._
8(1 week Dec. 13 roads)--4th week Dec. 11 roads).let wt..* Jan. (II r old .i,.. ___
rd week Jan. (13 roads)___
'411.1 week Jau. (13 roads)._
4th week Jan. (13 roads)____
1st week Feb. ( 2 roldsl. _ .
Previous
Year.
Increase or
Decrease.
%
$
22.080.405
21.459.391
'22.217,535
30.638.424
21.446.173
21.112.807
23.484.291
26.404,625
18.005.738
17.928.230
16.002.555
13,420.049
I ,.1.. , I k,N
14.583.490
14,010.7.37
19.730.700
5,026.952
$
22.265,044
21.265,115
21,114.400
29.041.065
19,753.529
20.154.637
23.144.554
24.637.411
19,492.721
19.351.698
17,628.110
14.314.930
$
-184.639
+194.271
+1,103.135
+1.597.359
+1.692.644
+967.369
+33.737
+1.767.214
-1.486.983
-1.423.467
-1.625.555
-894.881
4- II.:1 ...
+294.828
+124.5.14
+532,244
+278,826
0.82
0.91
5.22
5.50
8.57
4.79
0.14
7.17
7.63
7.35
9.22
6.25
I 2
,
2.14
0.87
2.77
5.87
12,8)44.2,
13.746,043
14,195.271
19.198.456
4.748.126
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 garnIngs•
Month
1926.
1925.
Increase or
Decrease.
Net Earnings.
1928.
1925.
Increase or
Decrease.
$
3
5
5
$
3
Jan __ 480,062,657 484,022,805 -3.980,038 102,270.877 101,323,883
+946.994
Feb__ 459.227,310 459,198.05' +5.029.255 99,480.860 99.518.858
-38.009
March 528,905,193 485.238,551 +43.668,624 133.842,754 101081,102 +24.581.862
April. 498,448,309472,6411,821)+25.818.489 114.685.151 102,920.855 + 11.704.298
May. 518.487.480 487.9.52,192 +28.515,298 128,581.566 112.904.074 +15.677,492
June. 538.758.707 506.124.762 +32.834,035 149,402,478 130.920,896 +18.571,582
July.. 555,471.276 521,596.191 +33.875.085 161.070.812 139,644.601 +21.435,011
Aug.. 577,791,746 553,933,904 +23,857,842 179.416,017 166,428.204 + 12,989,753
Sept__ 588.945,933 584.756.924 +24.192.009 191,933,148 176,938.230 +14,996,919
Oct.. 804.052.017 586.008.438 + 18,043.581 193,990.813 180.629.394 + 13.381,419
Nov__ 559,935.895 531.190,465 +28.736,430 158,197,446 148.132,228 +10,065,218
Dee.. 525,411,572.122,467,60))+2.943.972 119.237.349 134.504.658 -1a 9(17 SAC
Note.-Pereentage of increase or decrease In net for above won be has been
1925
-Nov., 12.77% Inc.; Dec., 3.69% Inc. 1926
-Jan.,0.93% Inc. Feb., 0.04%
dec.; March, 22.50% Inc.; April, 11.43% Inc.; May, 13.89% Inc.; June 14.18% Inc.:
July, 15.35% Inc.; Aug., 7.86% Inc.; Sept, 8.48% Inc.; Oct., 7.35% lute.
In November the length of road covered was 238,726 tnlles In 1925, against 235.917
miles In 1924; In December. 230.959 nil les, against 238,057 miles; In January 1926.
236.944 miles, against 236.599 tulles In 1925; In February, 238,839 miles, against
236,529 miles; In March. 238,774 miles, against 238.500 mites;in April. 238,518 miles.
against 236,526 'Mies: In May. 230,833 miles, against 238.859 miles; in June, 236,510
miles, agal oat 236.243 inikm: In July, 236.886 miles. against 235.348 miles in August.
.
238.759 miles. against 216 002 miles: In September. 236,779 miles, against 235,977
miles: In October. 236.654 miles. against 238.898 miles,
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Mailgram- -Net from Railway-- --MI after
1928.
1925.
1928.
1026.
1925.
$
$
$
$
$
tAtiantlo & West Point
December.. 253.251
51,468
84,983
272,465
47,237
From Jan). 3,173,188 3,184,981
791,916
729.960
544.182
Denver & Salt Lake
December.. 480.390
88,792
157,959
479,600
83,343
From Jan 1_ 4,288,447 3,889,321
787.983
542.590
470,942
stiutlandDecember__ 647,294
72,708
68,503
92.772
508.138
From Jan 1. 8,759,524 8.440,041 1.230,142
990,541
873,084
sWestern By of Alabama
December... 247,773
80,088
1,119
15,878
283,654
From Jan 1_ 3,344,018 3,392,382
857,738 1,080,992
859,481
S Figures corrected.
7'axes1925.
I
48,025
000,862
186.271
897,064
51.300
879,905
913
Fixed
Balance.
.
Gross
Net after
Charges. Surplus.
Taxes.
Earnings.
Companies.
$
$
$
Commonwealth
Dec '26 4,639.661 2,250.021
Power Corp
'25 4.29.452 1.102.101
12 mos ended Dec 31 '26 49.197,543 22.807.740 12,129.582 10.678.158
'25 44,174.864 19.252.298 11.112.748 8.139.550
16.413
34.396 kg17.983
Honolulu Rapid
Dec '26
90.670
12.949
29,270 ko16,321
Transit Co
*93,937
'25
173.280
12 mos ended Dec 31 '26 *1.015,108 5240,145 kg66.865
194.339
'25 *1.062,788 5270.986 kg76.647
k3.791
-7,842
Dec '26
19,480 *5-4.051
York Utilities
k3.722
-4.225
16,184 ,*J--503
'25
k45.467 --54.433
202,323 *5-8.967
12 mos ended Dec 31 '26
148.002 --41.666
*56.336
'25
182,278
• Includes other income.'9 Before taxes. k Includes taxes. g Includes
depreciation. - Deficit.
New York City Street Railways.
Fixed
Gross*Net
Charges.
Revenue. Revenue.
Companies.
967.926
Nov '26
964.145
'25
11 mos ended Nov 30 '26 10,595.421
'25 10.639,035
1.559
Brooklyn Heights Nov '26
1.560
'25
(Receiver)
17.407
11 mos ended Nov 30 '26
17.460
'25
221.332
Brooklyn Queens Nov '26
216.683
'25
11 mos ended Nov 30'26 2.279.700
'25 2.373.156
223.069
Nov '26
Coney Island &
217,995
'25
Brooklyn
11 mos ended Nov 30 '26 2,627.279
'25 2,651.478
7,281
Coney Island & . Nov '26
5.656
'25
Gravesend
122,244
11 mos ended Nov 30 '26
125.521
'25
478,711
Nov '26
Nassau Electric
483.341
'25
11 mos ended Nov 30 '26 5,402.251
'25 5.485,003
100,208
Nov '26
South Brooklyn
97.942
'25
11 mos ended Nov 30 '26 1,228,026
'25 1.335,875
20.4£40
Manhattan Bridge Nov '26
21,074
'25
213,928
11 mos ended Nov 30'26
229.958
'25
Interboro Rap Tr Nov '26 3.813,423
3.563.127
'25
Subway Division
11 mos ended Nov 30 '26 38,212.409
'25 37.106.182
Elevated Division Nov '26 1.636.135
'25 1.558,462
11 mos ended Nov 30'26 17,610.105
'25 17.447.552
Nov '26 2,800.953
New York Rapid
'25 2,618.672
Transit
11 mos ended Nov 30'26 30,132.834
'25 28.702.413
Third Aveeue By Nov '26 1.268,071
'25 1.206,964
System
11 mos ended Nov 30 '26 13,694,876
'25 13,319,478
571.860
New York Railways Nov '26
603,341
'25
11 mos ended Nov 30 '26 6.608.668
'25 7,667.380
73.623
Nov '26
Eighth Avenue
85.281
'25
858.312
11 mos ended Nov 30 '26
978.225
'25
45.364
Nov '26
Ninth Avenue
43,671
'25
469.898
11 mos ended Nov 30 '26
451,619
'25
102,844
Nov '26
N Y & Harlem
110.745
'25
11.mos ended Nov 30 '26 1.100.232
698.782
'25
88.010
Nov '26
Second Avenue
'25
88.501
(Receiver)
967.451
limos ended Nov 30'26
951.387
'25
67.620
Nov '26
N Y & Queens
62.711
'25
(Re3eiver)
705.483
11 mos ended Nov 30'26
'25
735.256
65.880
Steinway Railways Nov '26
(Receiver)
'25
61.903
705,691
11 mos ended Nov 30 '26
'25
679.544
2,801
Nov 26
Ocean Electric
'25
15.462
201,901
11 mos ended Nov 30 '26
'25
309.141
Manhat & Queens Nov '26
37,195
(Receiver)
'25
36,439
415.852
11 mos ended Nov 30 '26
'25
387,614
•Includes other income:
Brooklyn City
175.205
174.893
1.755.773
1,927.390
7.738
7.622
83.472
76.600
21.463
5.223
367,892
174,943
38.269
26.175
630.525
460.481
--1.176
--840
13.611
21,146
4.784
90,688
584.710
876.978
25,097
32.680
387.739
423.642
2.673
2.630
20.074
11.708
1,853.735
1.665.508
16,768.547
16,160.221
481.148
462.157
4,789.895
4,800.493
1.042.584
915.298
10.224.720
9.520.882
256.231
229.521
2.617.742
2.429.691
101.002
112,112
1.181.387
1.418.920
-1,533
--6,769
--92,846
--74.119
--5.239
--2.202
--94.349
--123.556
112.925
61.010
1,162.945
1,187.830
9,343
9.621
78,330
62,050
13,868
8.674
111.016
118.376
6.789
5,372
67.659
62.387
-5.283
-6.857
47.291
74.358
8.691
9.510
72.839
91,731
Net Corp.
Income.
129.329
45.877
127.827
47.066
523.737 1,232.037
551.094 1.376.296
57.954 -50.216
57.954 -50.332
637.494 -554.022
637,511 -560.911
57.902 -36.439
57.349 -52.126
630.575 -262.683
590.694 -415.751
5.693
32,577
-6.755
32.930
267.492
363.034
107.462
353.019
13,679 --14.855
6
13.526
:
312::
4 60
0 17
149,757 =121: 03
149.325
0 7
10
99.701 -243 6
96.466
1.048.497
1.030.885 -153.907
66
25.031
8.492
24.188
101.553
286.186
134.281
289.361
2.300
373
2.296
334
18 218
62
. 05
.
3.869
3.490
758,808
1.094.926
571.684
1.093.824
12,207.007 4.561.539
11,941,991 4.218.230
696.779 -215.631
692.538 -230.381
7.710.580-2.920.685
7,598.063-2,797.570
547.057
495.528
415.775
499.523
5.463.995 4.760.725
5.482.586 4.038.090
33.468
222.763
6.488
223,033
180.929
2.436.813
2.444.353 -14.662
79.444
21.558
24.977
87.135
367.372
814.015
1.432.950 -14.030
2.913
-4.446
2.065
-8.834
29.005 -126.239
23.378 --97.497
4.010
--9.249
4.012
---6,304
45,202 --139.551
43.521 --167.077
58.834
54.091
79.697 -18.687
580,484
582.461
604.170
583.660
--8.281
17.625
--7.812
17.433
192.302 --113.971
180.696 --128.648
--9,727
23.595
24,065 --15.391
262,028 --151,012
275.091 --156.715
2,353
4.436
994
4,378
14.325
53,324
13.451
44,936
-5.283
-.
-9.901
3.044
8.763
38.528
12.612
61,746
--940
9,631
-304
9.814
119.118 .46,279
108,883 --17.152
FINANCIAL REPORTS
62,117
868.494
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
Electric Railway and Other Public Utility Net have been published during the preceding month will be given
Earnings.
-The following • table gives the returns of on the last Saturday of each month. This index will not
ELECTRIC railway and other public utility gross and net include reports in the issue of the "Chronicle" in which it is
earnings with charges and surplus reported this week:
published. The latest index will be found in the issue of
-Gross Earnings--Net Earnings-. Jan. 29. The next will appear in that of Feb. 26.
Current
Previous
Current
Previous
Companies.
Year.
$
Community Pr & Lt_Dec'28
326.288
12 mos ended Dec 31 '26 4,084,319
* After taxes.
Gross
Earnings.
Companies.
i
Bldyn City Ry Co--Dec '26
900,324
'25 1,001.617
6 mos ended Dec 31 '26 5.677.845
*25 5,688,734
Year.
Year.
Year.
$
$
318.222 *121000 *124,776
3,510,987 *1,531,722 *1,375,447
Net after
Taxes.
$
*141,525
• 194,331
*905,389
*1,047.046
Fixed
Charges.
$
47.880
47.657
280,923
325,530
Balance,
Surflus.
93.645
146.774
624.465
721.516
Republic Iron & Steel Co.
(27th Annual Report
-Year Ended Dec. 311926.)
The remarks of Chairman John A. Topping will be found
at length on subsequent pages, together with the comparative income account, balance Sheet and other tables.
UNFILLED ORDERS (IN TONS) DECEMBER 31.
1922.
1923.
1924.
1925.
1926.
Finished and semi-finisbed_157.250 223.973 228.965 68.955 162.025
Pig from
44,010 64,463 67.872 72.956 67.923
THE CHRONICLE
914
[Voir,. 124.
Astounding Figures.
To-day, with its tremendous distribution through its agents, Gillette
practically dominates the safety razor business of the world.
The company has seen competitors begin business, both here and abroad,
during the years of its existence, but it has continued an unabated development. The management learns occasionally of some competitor who has
sprung up In England, Germany or elsewhere, supposedly to destroy Gilcircular letNet profits
$5.065.022 63,813,484 61.917,936 $6,252,218 lette's business to his own advantage. While his advertising, happened
efforts as
Proferred dividends__
(7)1.750.000 (8)2.000.000(13)3250.000 ters, &c., are being broadcast he is making desperate
recently) to have Gillette purchase his company.
Common dividends- __(2%)600,000
Consolidations, purchases of competitors' business, &c., have played no
company'k; growth
Amt. carried to surp_ 82.715,022 $2.063,484 def$82.064 $3,002,218 part in the Gillette company's plan of success. Theconsolidations, but
during the past 25 years has been effected, not through
Bal., surplus account_ _ x$34,836.163 $33,562,389 832.921,772 $33,003.836
by constant, intelligent application of the management to the principle of
Shares of corn. outst'd'g
300.000 an excellent product, good advertising and sound merchandising.
300,000
300,000
300.000
(Par $100)
$1500
S0.52
Shareholders Get Half of $100,000,030 Earnings.
$688
Barn. per share on com_
$1105
z After deducting $1,441.248 adjustment for abandonment of properties,
From an original capital investment of $5,000, the company has earned
for its shareholders almost $100,000,000. For 20 years the company's
31.
BALANCE SHEET DECEMBER
earnings have practically never failed to show increases over previous years.
1925.
1926.
1
1926.
1925.
Of these earnings the shareholders have received about $50,000,000 in divi$
8
I LiabilitiesAssets$
$
dends, and the remainder has been carefully reinvested in the company's
Property acc't_107.705.050 106.876.698 Pt. St., 7% cum. 25.000,000 25,000.000 further development.
Common stock_ 30,000,000 30,000.000
Investments__ 2,809,035 2,813,676
-the
For 20 years, with two unimportant exceptions-1912 and 1916
4,000,000
15% coll. tr.notes
Cash deposited
each year. Its shareholders own
company's dividend rates have
5% s. f. mtg. bds 10,576,000 10,906,000 the business: no bonds, notes or increased shares rank ahead of them.
with trustee
preferred
bonds of
1st m.
for redemption
The company's earnings in 1926, a ter reserves or taxes, depreciation,
300,000
200,000
Bessemer mine
187 1,406,970
of bonds, &c_
&c., were $13,311,000. These compare with $12,089,000 in 1925 and $10.Cash
2,134,064 2,564,379 R.& G.s. f.5SO 8,757,000 8.924.000 122.000 in 1924.
14,000
Inventories.... 13,017,883 12,901.750 Potter Ore bds
A glance over its balance sheet at the close of 1926 shows $50,000.000 of
Ore at docks_ _
. 1,245,272 1.325,112 Accounts pay'le. 2,614.549 3,103.351 assets. Against this are current obligations of only $64,000. Truly a
i State. &c., taxes 1,315,552 1.121.738 remarkable set of figures.
Investments in
490.735
379.018
I Accr. bond Int__
U. S. bonds &
The company keeps on hand a liquid cash balance of$5,030.000 to $7,000.437,500
437,500
Treas. certifs. 4,040,208 4,040.208 Div. pay. Jan. 2
investments in securities have a market value of $400,000 to
1 Res've for depr_15.793,798 14,650,005 000. Itsin excess of their book value.
Notes and acc'ts
6500.000
I Res.for exhaus'n
-reprereceiv'le (less
and equipment
The
its real
of minerals.__ 5,443,587 5.275,387 sentingcost of millionsestate, buildings, machinerypaid from current funds
6,168.630
4,927.179
reserves).
many
of dollars
-has always been
Deterred charges 1,756,175 1,975.500 Reserve for conand with no need of financing. These have been well depreciated and stand.
tingencies. &c. 2,281,887 2,287,819 on the company's books now at figures far below their replacement value.
34,836,163 33,562,389
Surplus
The company's plants at Boston. Montreal and Slough (England) are
models of
machinery for the handling of its products is
137,635,053 140,072,925 extremely efficiency and themachinery is solely for the Gillette company's
Total
137,635.053 140.072.925
Total
ingenious. This
-For special information regarding items in balance sheet. see purpose and is protected by broad basic patents.
Note.
The company surrounds its employees with every possible safeguard.
rep wt published under "Reports and Documents" on a subsequent page.
Its operatives work in the newest and most up-to-date factory buildings in
-V. 123, p. 2149.
New England. Its insurance rate is among the lowest in New England.
The company's labor turnover is very small and the management is fortuGoodyear Tire & Rubber Co. of Akron, 0.
nate in the high-grade, satisfied employees who assist in the company's
pperations. ?any ofthose employees are shareholders in the comAaly
ihecompanywagesymformleesisaseonarwarforinvic
(Annual Report-Year Ended Dec. 31 1926.)
COMPARATIVE STATEMENT OF EARNINGS AND DISPOSITION
OF INCOME FOR CALENDAR YEARS.
1923.
1924.
1925.
1926.
Gross volume of business$53.890.445 653.907.959 $43,982,523 $59,043.131
9,267,796
4.414.657
6.669,702
Gross profits
8.442.681
3,015.578
2.496.721
Depredation & charges_ 3.377.658
2.856,218
(7%)1,750,000
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
a1928.
1925.
Net sales (less returns
disc'ts & freights) incl.
ship'ts to sub cos,and
foreign branches.. _ _ _6230 161.3576169.470,1128115,323,173E06,026,109
Deduct mfg. cost & sell.
& general expense___ y215.240,428 151,822.651 101.004,330 95,250,572
$14,920.929 817.647.461y$14,318,843 810.775.537
Add surp. net profits of
sub. cos. & foreign
branches & other Inc__ c1.517.962 8.637.211
3.044,319
1,944,590
Total earnings
$16.438.890 $26,284,672 817.363,162 $12.720,127
Profits of California co_
z641.396
Balance, surplus
316.438.890 $26,284.672 317.363.162 812.078.731
Interest charges
3.970.199 4,095,118 4.410.787
4,991.554
Loss on property liquidated. atc
208.609
403.056
217,999
Foreign exchange prov_ _
359.018
Propr. of bond & deben.
discount. &c
905,518
1,344,743
888.505
1,234.469
Special raw mat'l reserve
7.500.000
Prop.ofsub.cos. ded'ted 1.303.455
2,729,652
Divs,on prior pref. stocktx8,743.444 z5,655,156{ 1,149,100
Divs.on preferred stock_
855.694 37,850.743 811,012 440 33.136,196
Add profits of California
641 396
co. as above
30.649.320 22,798,576 11,786.136 8.008,542
Previous surplus
Profit & loss surplus_ ---630.705.014 830.649.319 622.798.577 611.786.136
The 1926 report is a fully consolidated profit and loss account of the
company and its sub. cos, throughout the world: not so the previous years.
b Profits of sub. cos, applicable to stocks not held by Goodyear Tire &
Rubber Co.: (a) Current dividends on pref. stocks, $943,834; (b) equity in
Undistributed earnings, $359,621: (c) other Income only.
zApplied In reduction of California deficit and consoquently an addition to
parent co. equity, but not available for interest. &c. y Includes Federal
taxes in 1926. 1925 and 1924.and in 1926 after charging excess cost of rubber
and cotton to the net amount of 65.250,000 to special raw material reserve
previously created therefor. z Representing dividends on prior pref. stock
and pref. stock less the dividends on the stocks held by subsiary companies.
-V. 124. p. 241.
Gillette Safety Razor Co.
(Annual Report-Year Ended Dec. 31 1926.)
The remarks of J. E. Aldred, Chairman of the Board, will
be found in the advertising pages of to-day's issue.
In connection with this report, the Gillette's Silver Jubilee,
Frank J. Fahey, Vice-Pres. and Gen. Mgr., in a recent
interview, said:
The Gillette company is In many respects one of the most remarkable
commercial developments of New England.
Beginning in Boston 25 years ago, with a new idea, New England capital
has extended
and under the guidance of New England people, its
to the far corners of the earth. By virtue of its expansion in foreign fields,
the company's management has the most intimate contact with business
and trade conditions, not in America only, but throughout the entire world.
The company's Silver Jubilee was celebrated during 1926 and New Englanders should point with pride to such commercial progress, particularly
now when so much is heard about the supposed decadence of New England
Industry.
Gillette sowed its seeds in foreign fields 20 years ago when its represents
Lives sold Gillette razors and blades the world over. To-day the name
,
"Gillette' is as well known in Bombay as in Boston.
The company has been one of the mist consistent advertisers throughout
the world tor the past 18 years and during that time millions of dollars
have been spent, from current funds, to secure and maintain good-will for
Gillette products.
A world traveller, recently returned, said the Ford Car, the Gilette Razor
and the Singer Sewing Machine were the three best known American
articles observed on his trip, lie stated that although he used neither an
automobile nor a sewing machine on his trip, his Gillette Razor was in daily
We.
It is interesting to hear now of some industrial heads awakening to the
fact that there Is a foreign market for New England products; that they
must bestir themselves to secure that business.
Potential Market for 730,000.000 Razors.
The company's statistical department estimates the world market for
800,000.000. The company has sold 70,000,000 razors,
Gillette razors at
leaving a tremendous potentiality.
The number of young men annually reaching the shaving age runs into
millions; each of these individuals IS a safety razor possibility. In addition,
there are the ladies who have become factors of no small Importance in
our company's distribution.
The company has sold 3A billion blades. Of this amount almost 600
mil ion were sold in 1926.
ual effort and the results have proved very pleasing to both employer and
employee.
Daily Capacity 118 Miles of Shaving Edge.
The company's daily productive capacity Is 150.000 razors and 2,500,000
blades. This means that more than 118 miles of shaving edge Is produced
daily. There are 6 inspectors to each ten blade operatives and extra wages
are paid for high quality of output rather than for q uantitY.
The quality of the Gillette blade is to-day better than at any other time
In the company's history and the management is constantly endeavoring
to make still further improvement. Of the very few blade complaints received we find nearly every one is due to the user's razor being damaged,
thereby throwing the blade out of alignment for shaving. Whenever such
a case is discovered the company is glad of the opportunity to put the razor
in perfect condition without charge to the user, and, if necessary, supply
him with another Gillette razor for use while repairs are being made.
Some years ago the company spent several hundred thousand dollars to
have its factory experts travel from Portland. Me.. to Portland. Ore., and
from Canada to the Gulf to personally interview the trade and the users.
These experts visited all the large cities and invited complaints. At the end
of the service campaign the company collected 31 large packing cases of
damaged (and in some cases almost worn-out) razors from which users were
trying to get satisfactory shaves. The company replaced each damaged
part without cost to the user. Some of these razors had given service for
15 or more years.
The Basis of Gillette Success.
If we were asked to state the factors that have brought the company
success, we would give the following: (1) An article of world merit and quality. (2) Sound financing. (3) Able management, which includes mechanical ingenuity, and sound merchandising. (4) A courageous, yet conservative board of officers.
And with all its growth throughout the years Gillette remains a New
England institution, controlled by New England capital, operated by New
England people whose activities result to the benefit of New England.
This is the brief story of one New En land enterprise and we shall feel
happy if it points the way to those who think they see New England's
supremacy and productive capacity being swept off the commercial maps
of our country.
It should also insp're our New England manufacturers with that spirit
of commercial entivdse which prompted the forefathers to carry New England products to all too countries of the world and helped make Boston and
New England famous in the annals of commercial history.
We agree with henry Ford's advice: "Work hard and New England will
take care of itself."
-NET EARNINGS WITHOUT RESERVE FOR TAXES.
SALES
[The sales Include the sales of subsidiaries In England, France and Canada.]
eEarns. Per
Net Earns.
-Total Sales (Incl. Sub. Cos.)Share.
1t564
Before Taxes.
Doz. Blades.
No. Razors.
a$6.66
a$13,311.412
available---Not
1926
a12,089.857
b52.983.533
14.862,098
1925
al0.122,473
b42.604.498
8,438.576
1924
4.21
8.411.776
29.061,634
7,798.781
3.80
7,602.939
24.082,970
3,420.895
3.50
7.008.564
19.511.861
4.248.069
111999222231
3.40
6.801.407
19.051.268
2,090.616
1920
3.01
6,025.350
d19.535.083
c2,763,349
1919
2.63
5,252.136
d15,897.973
c8.060.429
1918
2.30
4,601.782
9.619.030
1,094.182
1917
60
.
7,153.466
782,028
1916
ten blades . elncluding
&c. b Packets of
a After reserves for
sales to U. S. Govt.. 447.457 in 1919 and 3,479.442 In 1918. d Including
sales to U. S. Govt., 2.214.566 doz. In 1919 and 3.002,355 doz. in 1918.
e Based on present 2,000.000 no-par shares outstanding.
Record of Dividends Paid (Inserted by Editor].
1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925. 1926.
e
(rxgul
( e traar).--17ii
)
$9 $10 $12 $12 $12 $12 82.75 $3.25
.75 1.25
2 -Cash
2
1
10% 10% 10% •10%
Stock
•The shareholders on Oct. 6 1924 increased the authorized capital stock
from 500.000 shares to 2.000.000 shares of no par value. Stockholders
of record Nov. 1 1924 received on Dec. 11924 4.7 additional shares of stock
for each share held, making 2,000,000 shares outstanding.
1 5.
BALAN0E SHEET DEC. 31.
1925.
1926.
1925.
1926.
AssetsReal est. &bides._ 5.621,640 4,403,191 Capital & surplus 042,809,091 39,099.864
104,216
63,898
& tools. 4.171,307 3,843,970 Accounts payable_
19 84
4,052,825 3,803:7375
3,459,500 3.439.500 Reserves
PMasetehnitsnerY
6,214,378 5,242.619 For, drafts diset_
Cash
Accts & accept.ree 12,692,627 9,777,823 Acceptances disct. 2,565,474
34,922
Notes receivable.- 390,017
7,497,120 6,931.294
Inventories
9,278,174 9.179,905
Investments
174,014 Total(each side)49,492,189 43,027.288
167,424
Deferred charges
a Capital stock and surplus represented by 2,000,000 shares common
-V. 124. p. 655.
no par value.
stock having
Continental Can Co., Inc. (of New York).
(14th Annual Report-Year Ended Dec. 311926.)
President C. C. Conway Feb. 9 says in brief:
The 1926 earnings, after making full provision for depreciation, taxes
and ad bad and doubtful accounts are $3.734,184,as compared with earnings
1
FEB. 12 1927.]
THE CHRONICLE
915
of $5,539.733 in 1925. These decreased earnings are due to lower prices
(The) Detroit Edison Company.
for our products and smaller crop production.
We have no bhls payable except a small purchase money mortgage
(Annual Report
-Year Ended Dec. 31 1926.)
012.000. We have only current accounts payable.
amounting to
During the latter part of the year company acquired the assets, business, CONSOL. INCOME ACCOUNT (INCL. ALL CONSTITUENT COS.),
patent rights and good-will as a going business of the Los Angeles Can Co.
Calendar Years1926.
1925.
1924.
1923.
A California corporation, to continue this business, known as the Los Gross revenue
Angeles Can Corp., was organized with an issued capital stock of 4500,000, Oper. & non-oper. exps_$44.854.735 $38.948,782 $34.163,286 $31,724.185
all of which shares (except qualifying directors' shares) are owned by your Federal and other taxes- 21,310,959 18.692.140 17,756.6241 19.339.459
3.131.850 2.641,100j
4.049.600
company.
Retirement res've(dope) 5.500.000
4,515.000 3.500.000
3.025,001)
Since Jan. 1 1927 company has acquired all of the capital stock (except
directors' shares) of the Seattle Can Co. at Seattle, Wash., and
qualifying
Net income
all of the capital stock (except qualifying directors' shares) of the G. N. mt. paid and accrued _$13.994.176 $12,609.792 $10,265,563 $9,359,726
3,770.160
3.794,841
3,866.916
Easton Can Co. at San Jose, Calif. These plants, well located, moderate Extinguishment of disc't 3,862,161
in size, enable us to better serve our customers on the Pacific Coast.
on securities, &c
333.890
449,343
368.864
326.259
RESULTS FOR YEARS ENDING DECEMBER 31.
Donations
25.000
6.354.457
Dividends (8%)
1925.
5.471.996
1926.
3.968.480 3,061,548
1924.
1923.
$5,146,989 $7,097.736 $5,317,370 $4.837,480
Net earnings
Balance, surplus
$3,443.668 $2.918.293 $2.133,378 $2,086,003
830.014
Depreciation
776.343
741,888
519,750
582,792
7,542,974
5.605.903
781.680
Res.for taxes & conting_
4.099,199
2.616.534
522,157
550.000 Previous surplus
371.828
387.116
Preferred dividends(7%)
405.256
411.574
Total
$10,986.642 $8,524,196 $6,232.577 $4,702.537
2,947.056
Common dividends
1,875.725
1,514.389
995.464
-Dr
Adjustments
228.444
241,221
103,674
131,339
980.000
$415,299 $3,276,892 $2,133.680 $2,360,692 Renewals,&c.(add'1)
Surplus
640.000
423.000
430,000
5.849,695
Previous surplus
350.000
100.000
3.946,236
10 ).ii00
3.517.022
42.000
1.740.797 Insurance reserve
Surplus applic. to red.
Total surplus Dec.31- $9,428.199 $7.542.974 $5,605,903 $4,099.199
2.028.500
of preferred stock_
1.846,000
1.665.500
1,485.000
Earnings per share
$11.32
$9.97
$10.68
$11.86
Total surplus
$8,291,494 $9,069.128 $7,316,202 $5,586.489
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Stock expenses
206.349
1926.
1925.
1926.
of
1925.
Write off book value
Assets-$
$
Ltabtlittes$
$
patents and good-will_
67.833
403,967
403,967
183,009,735 153,056.933 Capital stock__ 86,542,800 78,567,100
Property
Deprec. on patents
31,893
Investments and
Premium on capCommon stock divs(5%)
al.125.100
b913.650
mlscell. assets 5.582,305 4876.956
hal stock_._
201,604
99,878
1,505.691
1.571.894 Cap. stock subse 2,584,500 1,388,298
Profit & loss, surplus_c$8,259.602 $7,876,195 $5,792,236 $5,182,522 Cash
Noteatacels roe 6,356.038 8,803,936 Funded debt_ _x86,336.700 72,378,200
'
• Shares common stock out703.442 Notes payable_ 2.427,930
965,601
standing (no par) _--500,000
476.552
450,050 . 365,464 Subs. to cap.stk. 2,408.104
134,278
287.200 Acc'ts payable:. 4,917,877 3,536.583
Earned per share
$672
$1081
$811
$919 ReacquIrit secur.
a Being 22.502 shares of no par value. la Being 18.273 shares of no par Materials & supp 6.624.128 4,228.736 Acer'd liabilities 3,831,552 3,114,083
2,600
143.001 Miscell. unadjusvalue. e Including $2,207.000 represented by preferred stock acquired Special deposits_
Deferred charges 4,681,313 4,807,488
ted credits._
598.731
511,389
for retirement.
75'.066
806.223 Oper.reserve_ _ y15.321,558 11,919.872
Prepaid fleets
CONSOLIDATED BALANCE SHEET DECEMBER 31.
738.168 Surplus
Insur.investmls 1.135,192
9,428.199 7,542.974
1926.
1925.
1926.
1925.
Assets-'
I Liabilities
$
212.191,451 180.023,977
Total
212,191,451 180,023,977
Total
x Including 7% convertible debentures due Jan. 15 1928. $246,000; due
mach., ie._ _ _ a20,881.448 19,973,998 Common stock _ _625,536,510 24.129,630
Feb. 1 1929, $252,200; due March 1 1930. $754.000: 6% due Dec. 15 1932,
Pats. & good-will_ 2,745,433 2,777,326 Pur. money mtge.
12.000
16,000 X600.5n0 ipe jti.
rx,
roe, ev •
r, ii e
• is page 178 of Oct. 1926
Investments
554,646
25.889 Accounts payable.. 716,169 1,447.148 issue of "Public Utility Compendium." y Includes (a) retirement reserve
Inveatories
7,797,082 7,292,429 Divs. payable__
92,628
95,786 (depreciation), $14.078,828; (b) casualty insurance reserve. $1,137,107;
Accts.& bills rec 4.970,065 3,746,986 Accr wageatax.,&c 445.396
c) other reserves. $105,622.-V. 124. p. 505.
Cash
3,855,096 4.280,482 Reserve for taxes_ 866,265 61,136,867
U. S. securities_
1,500,000 Sur. red. pref. stk. 2,207.000 2,026,500
Accr. int. & disc...
24,650
Surplus
6,052,601 5,849,695
Empl.subs. to stk. 249,709
427,970
Prepaid Insurance_ 143,442
150,046
GENERAL INVESTMENT NEWS
Total
41,221,570 40,175,127
Total
41 221,570 40.175,127
a Less reserve for depreciation of $5.714.170. b Including reserve for
contingencies. b Represented by 500,000 shares no par value.
-V. 124,
p. 378.
Hart, Schaffner & Marx.
(16th Annual Report
-Year Ended Nov. 30 1926.)
INCOME ACCOUNTS FOR YEARS ENDED NOVEMBER 30.
1925-26.
1924-25.
1923-24.
1922-23.
tiNet profits
$1.874.192 $1.854.447 $2,041.383 $2,541.249
Deduct
-Prof. divs.(7%)
y21,286
102.260
Common dividends_(8%)1,200.000 (8)900,000 (6)900.000 (6)900.000
STEAM RAILROADS.
0
Wage Increase of 73.6% Granted to 31. 00 Firemen and Enotnemert by
-Brotherhood of Locomotive Firemen and Eturinemen win award
Railroads.
from 27 major roads and 32 subsidiary lines east of Chicago and north of
the Ohio River through arbitration carried on by United States Board of
-New York "Times" Feb. 6. p. 1.
Mediation.
Wage Increase of ni% Granted to 22.000 Conductors and Trainmen.
Order of Ry. Conductors and Brotherhood of RR. Trainmen win award
from Southeastern roads, effective as of Feb. 1, through arbitration conducted by U.S. Board of Mediation -New York "Times" Feb. 9. p.10.
-Class I railroads on Jan. 31 had 259.548 surplus freight
Car Surplus.
cars in good repair and immediately available for srevice, the Car Service
Division of the American Railway Association has announced. This was a
decrease of 15.996 cars compared with Jan. 22, at which time there were
275,544 cars. Surplus coal cars on Jan. 31 totaled 62,588, a decrease of
3.163 cars within approximately a week, while surplus box cars totaled
148,742, a decrease of 14,483 for the same period. Reports also showed
24,288 surplus stock cars, an increase of 329 over the number reported on
Jan 22. while surplus refrigerator cars totaled 11,759. an increase of 739
within the same period.
Matters Covered in "Chronicle" Feb. 5.-(a) Loading of revenue freight
continues large because of heavy coal tonnage
-p 701. (b) Wheeling &
Lake Erie shares again reach high peak on Stock Exchange-Questionnaire
of Exchnage-p. 721. (c) Wage demands of Brotherhood of Locomotive
Firemen and Enginemen referred to U. S. Board of Mediation-p. 735.
(d) Wage increase granted to employees of American Railway Express Co.
P•
- 736.
Balance, surplus
$674,192
$954.447 $1,120,097 $1.538,989
Earned per share on corn.
$12.49
$12.36
$13.47
$16.26
a Net profits after deducting manufacturing, marketing, administrative
expenses and interest on loans and p-ovisions for depreciation of equipment,
doubtful accounts and Federal taxes. y Preferred stock redeemed April 1
1924.
BALANCE SHEET NOVEMBER 30.
1926.
1925.
1926.
1925.
Assets8
$
Goodwill, trade
Common stock-c15.000.000 15.000.000
3 names, Ja____a10.000.000 10,000.000 Bills payable
1,000,000
Mach..futn.& fixt_ 6467.441
535.119 Accounts payable_ 218,850
151,786
Inventories
3,711,732 5,295.770 Accrued taxes, salInventory, less res. 1,220.000
683.000
aries. dm
661.672
676,420
Accts.& bills recile 5,672,428 5,885.095 Goods in transit
243.774
153,719
Buffalo Rochester & Pittsburgh Ry. Co.
-Earnings.
Cash
4.813,130 3.856.228 Reserve for continCalendar Years1925.
1926.
1924.
Prep.Ins.prem.,&o.
79,009
69,102
gencies
1,750.000 1,750.000 Gross earnings
$18.423.272 $16.560.781 $15,951,853
Sundry accounts
61,805
77,280 Profit and loss
8,624,779 7,950,588 Expenses
14.851.591 13,690.729 13,451.122
Payment by emTaxes, &c
496.016
605.129
407.932
ployees for pur280,917
chase com.stock 473,530
Operating income
$2.966.552 $2.374.036 $2.092.799
276,721
326.425
548.608
26,499,075 26.682.513
Total
Total
26.499,075 26,682,513 Equipment & joint tacit. rents
a Goodwill, &c., account shown after deducting amount written off in
Net operating income
$3.292.977 $2.650.757 $2,641,407
1920, $5,000.000. b After deducting $507,879 for depreciation against Other income
138.078
129.367
124,541
$831,191 in 1925. c Common stock authorized and issued, 150,000 shares
of $100 each.
-V. 122, p. 2661.
Total income
$3.431.055 $2.780.124 $2.765,948
t
Interest, rents,&c
2,102,761
2,118.528
2.144.084
Cluett, Peabody & Co., Inc. (& Subs.).
-Year Ended Dec. 31 1926.)
(Annual Report
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1926.
1924.
1923.
$23.650.382 $24.882.867 $24,380.979 $28,264,902
Net sales
21.647.408 22,386.834 22.194,86Z 24,657,758
atExpenses. &c
Interest
Cr.27.590
0%45,506
90.908
196,165
Depreciation
280.925
276.257
271.991
281.312
Net income
$1.772.223 $2,242.699 $1,823.213 $3.129.666
Preferred dividends(7%)
518,976
590,935
572,813
582.190
Common dividends
($5)955.455 ($5)939.966 %)900.000 %)900.000
(5
(5
Balance, surplus
$297,792
$711.798
$350,400 $1.647.476
Red.in good-will
300.000
275,000
Prof.stock redeemed,&c Dr.545.589
Appropriation (deb.).
y795.500
Previous surplus
8,275.385
8,987.183
8.720,485
7,348.009
Total surplus Dec.31- $5.739.386 $8.987.183 $8,275,385 $8,720,485
Shares of corn. outst'g__
a192,391
a192,391
b180,000
b180.000
Earns. per share on corn_
$859
$651
$695
$1415
a Shares of no par value. b Shares of $100 par value. x Including cost
of raw materials, labor, supplies, operating expenses, general and selling
expenses, all administrative expenses, reserves for taxes, &c.; interest and
depreciation. y Appropriated from surplus for settlement of patent suit.
BALANCE SHEET DECEMBER 31.
1925.
1926.
1926.
1925.
Assets-Liabilities$
$
8
$
Rea!estate
3,988,171 3,924.677 Common stock...b9,743.460 9.743.460
Preferred stock... 8.950.000 9,000.000
Good-will, patent
rights, trade
Accounts payable_ 255.207
304.744
names. dm
6,000.000 9.000.000 Res. for taxes. lta. 366,638
536,945
1,380.128 1,976.666 Pref. dividend payCash
258.672
able Jan. 3
U. S. securities_
105.000
146.461
Accts. receivable s4,087.206 4,224.921 Sur. for red,of pref 1,443,380 1.285,850
100.065 Surplus
90.328
Misc. investments
4,296,006 7,701,334
Merchandise
6,355,187 8,842.286
650.178
Pref. stk. In treas.
22.159.692 28.718.795
Total
Total
22,159.692 28.718.794
a After deducting reserve for cash discount. b Represented by 192.391
-V. 124, p. 653.
shares of no par value.
Net income
Preferred dividends
Common dividends
$1.328.294
360,000
420.000
$661.596
360.000
420,000
$621.884 •
360.000
420,000
Balance, surplus
$548.294 def$118.404 def$158,116
Shs. com.stk. outstanding (par $100)
105.000
105.000
105.000
Earned per share
$9 22
$2 87
$2 49
R. M. Young, of A. E. Iselin & Co., has been elected a director to fL1 a
vacancy In the board.
-V.124, p. 368.
Baltimore & Ohio RR.
-Acquisition.
---
The I.
-S. C. Commission on Jan. 15 approved the acquisition by the
company (1) of control of the Cheat Haven & Bruceton RR. by purchase
of its capital stock; and (2) of control of the railroad of the Cheat Haven &
Bruceton RR. under an operating contract.
The Cheat Haven owns and operates a railroad extending from a connection with one of the B. dr 0.s lines at or near Cheat Haven, Fayette
County, Pa.. in a general southeasterly direction up Cheat River to a point
in hionongalia County, W. Va., a distance of 5.3 miles, with a branch line
running southeasterly 1.2 miles from Morgan River Junction. The road
was built by the Kendall Lumber Co., as an adjunct to its lumbering operations. Construction was begun in 1911.
The B.& 0.proposes to acquire from the lumber company all the $75,000
capital stock of the Cheat Haven, and to pay therefor $150,000 in cash.
Control of Indian Creek Valley Ry.-
The I.
-S. O. Commission on Jan. 24 approved the acquisition by the
company of control of the railroad of the Indian Creek Valley By. under
an operating contract.
The Indian owns a line of railroad extending from a connection with the
B.& 0's railroad at Indian Creek, Pa ,In a generally northeasterly direction
to Blair mine, a distance of 27 miles. In Fayette and Westmoreland counties,
Pa. The B. & 0. owns all of the Indian's capital stock. It acquired
1.400 shares in 1917. and the remaining 1.200 In June 1926. The Indian
has outstanding $187,000 first mortgage 6% bonds. due Dec. 1 1927. It
is indebted to the B. & O. on account of loans and bills payable in the
amount of $372,593, accrued Interest. unpaid. $165,804. accounts receivable $79.143 and cash advances. $90.000.
The B. & 0.and the Indian propose to enter into a contract by the terms
of which the B. & 0. Is to operate the Indian's railroad as a part of its
system. The contract provides that the B. & 0. shall receive all revenues:
that it shall furnish all money necessary to properly operate, maintain and
keep in repair the properties of the Indian, to make any necessary improvements, additions and betterments, to pay all taxes, charges and assess-
916
ments, interest upon bonds or other indebtedness of the Indian now outstanding or which may hereafter be lawfully issued or incurred, except
interest upon bonds owned by the 13. & 0. and as to any bonds so owned
the B. & 0. undertakes to cancel and return to the Indian the coupons
thereon as they mature, and to pay the necessary expenses of maintaining
the corporate organization of the Indian. The 13. & 0. further agrees to
assume all current contracts and to pay all accrued and current charges
and indebtedness, other than bonded indebtedness. The contract is to
remain in force until terminated by either party upon 6 months' written
notice.
-V. 124. p. 787.
Cheat Haven &Bruceton RR.
-New Control.
See Baltimore & Ohio RR. above.
-V. 108. p.2122. .
Chesapeake & Ohio Ry.-Seeks Erie and Pere Marquette
Directors Vote to Ask Commerce Commission to Grant Nickel
Plate Merger Proposals
-It
-Plan $59,E02,400 Stock Issue.
was announced Feb. 7 that another step in their campaign
to create "a great transportation system able efficiently to
compete with the New York Central, Baltimore & Ohio and
Pennsylvania railroads" was taken by the Van Sweringen
brothers when plans for selling their Erie and Pere Marquette stock to the Chesapeake & Ohio were announced.
Following the meeting of the board, held in Cleveland Feb.
7, W. J. Harahan, Pres. of the Chesapeake & Ohio Ry.,
made the following statement:
The Board of Directors directed the filing of petitions to the 1.-8. 0.
Commission for authority to sell $59.502,400 of the company's common
stock, at par, and for permission to acquire stock control of the Erie RR.
and Pere Marquette Ry.
In pursuance of recommendations by a special committee of its board, the
Chesapeake & Ohio Co. has already acquired, in the open market, substantial holdings of shares in the Erie and in the Pere Marquette. It also
had secured from the Messrs. 0. P.& M.J. Van Sweringen options on additional holdings of Erie, which, when exercised, with the consent of the
C. Commis.ion, will give the Chesapeake & Ohio substantial stock
control of the Ere.
In pursuance ot the recommendations of the same committee. the Chesapeake & Ohio has acquired options from the Nickel Plate road for its
interests in Pere Marquette, the option price being fixed by negotiations
with John G. Bernet, then President of the Nickel-Plate. The Messrs Van
Sweringens have also optioned their own Pere Marquette holdings at the
same price.
The special committee which conducted these negotiations, acting under
the direction and with the approval of the Chesapeake & Ohio directors,
was composed of John Stewart Bryan and George Cole Scott of Richmond.
Va.; Otto Miller and Frank H. Ginn of Cleveland and President Harahan
of the Chesapeake & Ohio Ry.
The new Chesapeake Sr Ohio stock, if authorized by the I.
-S. C. Commission, will be offered to common stockholders of the company on the
basis if one-half new share for, each share held, and since It would be sold
at par it would bring $59,502.460 to the company's treasury.
The 1.-S. C. Commission nearly a year ago held that a proposed grouping
of railroads, including Erie, Pere Marquette and Chesapeake & Ohio, was,
from a transportation standpoint, in the public Interest. and the logic of
the decision was to the effect that Chesapeake & Ohio should be its back-
.
e
Accordingly, it is the purpose of the Chesapeake & Ohio, with the approval of the I.
-S. C. Commission, to broaden and strengthen its system
by the acquisition of lines supplemental to it, and in that direction the
plan proposed, it is believed, will lead to the creation of a great transportation system able to efficiently compete with the New York Central,
Baltimore & Ohio and Pennsylvania systems.
The announcement Feb. 7 by Pres. W. J. Harahan, that
the company will apply to the Commerce Commission for
permission to acquire the Erie and the Pere Marquette, is
the first definite answer of 0. P. and M.J. Van Sweringen
to their plans for building up the Nickel Plate merger.
They have decided to make the Chesapeake & Ohio the holding company and the nucleus of a great Mid-Western system.
Proposals for merging these roads was denied March 2 1926
(V. 122, p. 1249) by the Commission, largely on the theory
that the proposed ratios of stock transfers, as proposed to
the Commission, were inequitable, in so far as the stockholders of the Chesapeake et Ohio were concerned.
A strong minority stockholders Committee, represented
by bankers, brokers and stockholders, with headquarters in
Richmond, Va., fought the "Nickel Plate merger plan"
from the time the merger was first proposed to the Commission until it was finally denied by the Commission.
Richmond dispatches credit Geo. S. Kemp, Chairman of
the min rity stockholders with denying that minority stockholders of the Chesapeake & Ohio have never offered their
stock at any price to the majority holders. "They have
never discussed the sale of the stock to the majority," he
added, in denying reports that the negotiations with the
Van Sweringen brothers had reached a deadlock because of
the minority group insistence on $210 a share for their holdings.
Files Application with Commission to Acquire Stocks.
The company Feb. 11 filed an application with the L-S. C. Commission
for authority to acquire control of the Erie and Pere Marquette railroads
through stock ownership. In a separate petition, approval is sought for a
proposed issue of $59,502,400 additional common shares of C. & 0. stock
for enhancement of the capital structure through substition of stocks
for bonds and for the purpose of reimbursing the com_pany's treasury for
capital expenditures for additions and betterments.
-V. 124, p. 105.
Chicago Great Western RR.
-Notes.
-The I.
-S. C.Commission on Jan. 21 authorized the company to issue forty
promissory notes, for various amounts, aggregating $2,387,609, payable to
the order of the Pullman Car & Manufacturing Corp., and to be delivered
to that company in payment for certain equipment.
The company represents that because of increased demand for certain
equipment, and the need for box cars of a larger capacity than It now
owns, It is necessary to acquire additional equipment, and has arranged to
procure 200 steel-underframe, single-sheathed, 40
-ton automobile cars, at
$2,346 41 each, and 300 steel-underframes, single-sheathed box cars, at
$2.114 99 each, a total cost of $1,103,779. It proposes, also, to take up certain unmatured notes heretofore issued and outstanding aggregating
$978,241 57, and to include this amount in the new notes to be issued.
Of the new notes to be issued,$1,409,367,face amount thereof, will be issued
-V. 124, p. 100.
in respect of the new equipment above mentioned.
Chicago Milwaukee & St. Paul Ry.-Sale of Properties
Approved in All Judicial Districts.
Edwin S. S. Sunderland of New York City represented the Guarani
Trust Co. of New York and Merrel P. Callaway, as trustees for the road
)
in presenting the petitions for decrees of confirmation.
The first confirmation decree was entered by Federal Judge James It.
Wilkerson at Chicago on Jan. 19, in whose Court the railway receivership
proceedings began almost two years ago.
Following Judge Wilkerson's decree, the H. S. Circuit Judge Wilbur P.
Booth at Minneapolis entered a decree confirming the sale of the propertied;
Included In the 'Eighth Judicial Circuit which embraced holdings in the
States of Iowa' North and South Dakota. Missouri, Nebraska and Minnesota. On Jan. 29, Honorable Charles N. Pray entered a similar decree
confirming the sale of property in the Ninth Judicial Circuit which Includes
Montana, Idaho and Washington. At Grand Rapids on Feb. 2 Judge
Raymond confirmed the sale of properties in the Sixth Judicial Circuit.
which includes the State of Michigan.
Judge Goddard's action in New York on Feb. 4 marked the final judicial
step in confirming the sale to the Chicago Milwaukee & Pacific RR. Co.,
the assignee of the purchasers, R. T. Seine and D. C. Swatland, their
corporation organized under the Kuhn. Loeb & Co., National City Co.
plan of reorganization.
-V. 124, p. 787. 639.
Chicago & North Western Ry.-Bonds
Loeb & Co. and The National City Co. have sold $20,572,000 1st & ref. mtge. 432% gold bonds at 95 and int. to yield
about 4.74%. The bonds are not subject to redemption
before maturity. These bonds were originally prepared as.
5% bonds and the bonds and coupons will be stamped to
the effect that interest has been reduced to 434%.
Dated May 11920; due May 1 2037. Denom. 81.000 ced and r*. Int
payable J. & D.
-S. C. Commission.
Issuance.
-Subject to the approval of the I.
Li gal investment for savings banks in the States of New York, Mass.
New Jersey, Conn., Calif.Minn., Wig. and other States.
Listinp.-Application will be made in due course to list these bonds on. •
the New York Stock Exchange.
Data from Letter of V.-Pres. S. A. Lynda, New York, Feb. 9 1927.
Purpose.
-The purpose of the sale of these bonds is to reimburse the
treasury for expenditures heretofore made for additions, betterments,and
Improvements to the company's property subject to the lien of the 1st &
ref. mtge. and for the payment of $6.545.000 principal amount of matured
prior lien bonds and for other corporate purposes.
Sqvrity.-Secured by a lien on all the company's lines of railway owned
at the date of the mortgage and their equipment and appurtenances, inchiding the very extensive and valuable terminals of the company in the
cities of Chicago and Milwaukee and in other cities which it serves, together
with all other property thereafter acquired by the use of bonds secured by
the 1st Sr ref. mtge. Company's lines of railroad aggregate 8.383 miles
first main track on 1.221 miles of which the 1st St ref. mtge. is a first lien,
while on the remaining mileage, said equipment, &c., it is or will be subject
in so tar as such bonds have liens on the several parts thereof, to 5216.023.000
prior bonds (Including $4,355.000 gen. mtge. bonds which may still be issued
for other than refunding purposes), for the refunding of which a like-face
amount of 1st & ref. mtge. bonds is reserved.
Company covenants not to renew or extend any of the prior bonds.
The prior bonds for which gen. mtge. bonds aro reserved may be refunded
by the use of either gen. mtge. bonds or 1st & ref. mtge. bonds. Company's $7.371.000 5% debentures of 1933. Included in the above mentioned
prior bonds, are entitled to share, to the extent required by their terms, in
the security of the gen. mtge. and the 1st & ref. mtge. The entire funded
debt, other than equipment trust certificates, of the company outstanding
In the hands of the public after the issuance of these $20.572.000 1st & ref.
mtge. bonds will amount to 8251,255,200, equal to only $29,972 per mile
of first main track.
Compare -Serves the important territory between the Great Lakes
and the Missouri River Valley, and to the west thereof its lines extend into
the States of South Dakota, Nebraska and Wyoming. The lines of the
company connect such important centres as Chicago. 111.. Milwaukee and
Madison. IS is., Des Moines. Sioux City and Council Bluffs. Ia.; Omaha
and Lincoln Nob., and Pierre, S. D. At Council Bluffs the company's
lines connect with those of the Union Pacific System, thus forming an
important link in a through passenger route to the Pacific Coast.
-For the year ending Dec. 31 1926 the gross income of the
Earnings.
company applicable to the payment of rentals and interest on Articled debt
amounted to $25,000,542, while the rental payments, interest on funded
debt and other deductions for that year (other than Federal income taxes)
amounted to $12,580,701.
-Company has outstanding $22,395,120 pref. stock and
rapitol Stock.
6166,742,512 common stock. Regular dividends have been paid unlit,
terruptedly on both the pref. and common stock since 1878. the present
dividends being at the rate of 7% per annum on the pref. stock and 4%
per annum on the common stock.
-In addition to these $20,572.000 bonds, 815.000.000
1st & Ref. Bonds.
of 6% bonds secured by this mortgage have been issued and pledged as
-year 7% secured gold bonds
part security for the company's 815.000.000 10
maturing June 1 1930 and 815.250.000 of 5°4 bonds are issued and outstanding in the hands of the public. In addition to the bonds reserved for
the refunding as above stated, bonds may be issued under the 1st & ref.
mtge. for the construction or acquisition of railroads, for additions and
betterments, rolling stock and floating equipment to become subject to
the mortgage. Company has the right in the manner provided in the
mortgage to reserve or to issue bonds to refund the indebtedness of other
companies which it may acquire through purchase. consolidation or merger
- . hote properties shall become subject to the lien of the 1st & ref. mtge.
tudv w12
d
69
3
.
-Bonds.
Chicago & Western Indiana RR.
The 1.-S. C. Commission on Jan. 29 authorized the company to issue
$281.000 of consolidated mortgage gold bonds to be delivered to company's
-V. 123, P. 1111.
tenants in payment of sinking fund advances.
-Final Valuation.
Cliffside RR. (N. C.).
The I.
-S. C. CommW• ion has placed a final valuation of $173,872 On
the property of the company as of June 30 1918.
Denver & Salt Lake Ry.-Final Valuation.
The I.-3. C. Commission has placed a final valuation of 515,035,500 on.
the owned and used property of the Denver & Salt Lake RR.(Use old company) as of June 30 1919.-V. 124. p. 639.
Duluth South Shore & Atlantic Ry.-Earnings.-Quar. End. Der. 31- -12 Mos. End. Dec.31Freight revenue
Passenger revenue
AU other revenue
1926.
1925.
1925.
1926.
$897,879 $1,017,829 $3,860.155 24.287.168916.435
980,170
243.566
229,658
126,124
504.680
532,591
134,249
$1.261.786 $1,387,519 85.281.270 65.808,935
Total
$223.225
5934,579 $1,023,311
Maiut. of way & struc... $181,938
919.641
956,827
235.340
210.729
Malnt. of equipment_ _ _
87,208
19.906
82,027
21,561
Traffic expe.ises
582.075 2,276.449 2,353.748
584,934
Transportation expenses
62.891
64,873
15.510
15,344
Miscellaneous operations
28.253
126,123
130,249
31,993
Generalexpenses
81,046.499 51.104,309 $4.406.891 $4,611.035
Total
$283.210
$874,379 $1,197.900
$215,287
Net operating revenue
$85,103
$78,661
$346,103
$336.661
accruals_ _ _
Railway tax
1717
134
Uncollectible railway rev
15.434
.
18:585
123.003
181,402
Equipment rents
16,358
11.918
63.161
61.009
Joint facility rents
Sale of the Chicago Milwaukee & St. Paul, and the Chicago Milwaukee
and Puget Sound Ry. properties, recently consummated at Butte. Mont.,
Net railway oper. inc.
has been approved by decrees of confirmation entered in all judicial districts
in which the properties are represented. The action of Judge Goddard Other income
City Feb. 4, which decree was filed
in signing the decree in New York
Gross Income
Feb. 5. completes the necessary confirmation of the sale and thus makes it Interest on funded debtpossible to twin execution of the foreclosure proceedings.
Because of the railroad's widespread property holdings in 11 States it Other income charges--was ascoasary to secure confirmation of the sale In four judicial circuits by
Net deficit
the Federal courts at Minneapolis, Minn.; Great Falls, Mont.; Grand
-V. 123, p. 2772.
Rapids, Mich., and New York City.
[VOL. 124.
THE CHRONICLE
$98,375
24,463
$144.078
17,929
$342.095
120,128
$618,694
152,328
$122.838
218,442
1,675
$i62,007
221,184
390
$462,223
880,158
10.355
$771,022
886,021
3.71e5
$97,279
259,567
2428.290
$118.712'
FEB. 12 1927.1
THE CHRONICLE
-Control to be Held by Chesapeake & Ohio Ry.
Erie RR.
-See that company above.
New Merger Plan.
Asks Authority to Issue $39,254,200 Common for Conversion.
-S. C. Commission for
The company has filed application with the I.
permission to issue $39.254,200 additional common stock for use in making
conversions of the series D bonds. Under the terms of a supplemental
indenture the series D general mortgage the bonds are convertible Into
common stock before Oct. 1 1927 at the rate of $50 a share (par value $100).
The application sets forth that the maximum of stock required for
conversion of all such bonds outstanding in the hands of the public was
392,542 shares. None of the bonds have been converted into stock to date
but certain holders had requested the road to make the conversions.
New Vice-President.
Carl Howe, for nerly Traffic Manager of the Michigan Central RR., has
been appointed Traffic Vice-President of the Erie RR., with headquarters
at Chicago. a newly created office. David L. Gray remains Senior VicePresident in charge of traffic, with offices at New York.
-V.124. p. 788.
-Abandonment of Part of Line.
Fordyce & Princeton RR.
-S. C. Commission on Jan. 22 issued a certificate authorizing the
The I.
company to bandon, as to inter State and foreign commerce, that portion
line of railroad extending from its present terminus at Trigg. In a
of its
southwesterly direction, a distance of approxiinately 5 miles in Dallas and
-V. 121. p. 2517.
Cleveland counties, Ark.
Grand Rapids& Indiana Ry.-AbandonmentofBranch.
-
•
917
Such interest is chargeable to capital account as a part of the cost of the new
property in accordance with I.
-S. C. Commission procedure.
Net earnings of 83.193.592 for the calendar year 1926 were equivalent
to over 2.29 times the total annual interest requirements of $1.392.523 as
shown above. Such net earnings, after deducting the annual Interest and
sinking fund which will be payable upon completion of the present financing
on obligations prior to this issue, are equivalent to more than 4.5 times
annual interest charges on these 87.500.000 of 1st lien & ref. mtge. bonds.
Purpose -Proceeds will be used in part to finance the construction of 197
miles of railroad, 173 miles of which will run from San Salvador City,
Salvador, to Zacapa. Guatemala. and 24 miles from Santa Ana, Salvador,
to Ahuachapan, Salvador, to purchase additional equipment and for
other corporate purposes.
-Mortgage will provide that the company shall pay to the
Sinking Fund.
fis,-al agent semi-annually, commencing Feb. 1 1928. sums sufficient to
retire 880,000 principal amount of these bonds per annum, through inn'
chase in the open market at or below the current redemption price and lot..
or. If not so obtainable, through redemption by lot. Company may anticipate its sinking fund obligations.
-V. 124. p. 639.
LaCrosse & Southeastern Ry. (Wis.).-Final Value.
-
The I.
-S. C. Commission has placed a final valuation of $643,000 on the
property of the company, as of June 30 1917.
Lexington Terminal RR. (Ga.).-Final Valuation.
-
The I.
-S. C. Commission has placed a final valuation of $28,600 on the
property of the company as of June 30 1916.
Louisville & Nashville RR.
-Operation Under Trackage.
-S. C. Commission on Jan. 21 Issued a certificate authorizing the
The I.
abandonment of a branch line of railroad of the Grand Rapids & Indiana
The I.
-S. C. Commission on Jan. 15 issued a certificate authorizing the
Ey., extending from Round Lake Junction to Jennings, Missaukee County, company to operate over tracks of the Alabama State Docks Commission
lynch., a distance of 3.07 miles. The Commission denied the application and of the Gulf Mobile & Northern RR.,in and near Mobile, Ala.
-V,123,
for authority to abandon the line extending from Veneer Junction. Masan- 13. 3178.
kee County. to Michelson, Roscommon County, Mich., 16.34 miles.
Mexican Central Ry.-Bond Interest.
V. 119, p. 455.
See advertisement on page xxvi in last week s "Chronicle. -V. 117,
Great Northern Railway.
-1927 Budget.
2653.
According to President Ralph Budd,the company's 1927 budget calls for 1:'•
the expenditure of $40.000 000. which includes $17,000.000 for upkeep of
Milltown Air Line RR.
-Abandonment.
equipment, approximately $13.000.000 for upkeep of road, and $10.000 000
The I.-S. C. Commission on Jan. 14 issued a certificate authorizing the
for improvements. This does not include the 1927 portion of the $10.000,- company to abandon, as to Inter-State and foreign commerce, its line of
1:100 which is being used for the construction of the new Cascade tunnel.
- railroad which extends from Milltown In a general southeasterly direction to
V. 124, p. 788.
Naylor, a distance of 10 miles, in Lanier and Lowndes counties. Ga.
The company's railroad was built in 1901 and was operated as a legging
Indian Creek Valley Ry.-Control.trairroad to Sept. 25 1903 by the operator of a large sa.vmill at Milltown.
See Baltimore & Ohio RR. above.
-V. 123. p. 2515.
On that date the Railroad Commission of Georgia required it to file tariffs
International Rye. of Central America.
and make reports as prescribed
-Bonds So'd. operated as a common carrier. for common carriers, and It has since been
Henry Schroeder Banking Corp., Blyth, Witter & Co. hands several times, the railroad After the ownership of the line had changed
was incorporated under the laws of
and White, Weld & Co. lilive sold at 92 and int., to yield in January 1922. No bonds are outstanding, but a note for $2.500. Georgia
payable
RR., is outstanding, and other indebtedness
over 7.259,$7,500,000 1st lien & ref. mtge.634% gold bonds. to the Atlantic Coast Linethat company.
-V. 113. p. 1360.
Date Feb. 11927: due Feb. 11947. Interest payable F.& A. at office of amounting to 83.329 is due
J. Henry Schroeder Banking Corp.. fiscal agent. Denom. 31,000 and
National Rys. of Mexico.
-Interest Payments.
$500 O. Principal and interest payable in New York City in U. S. gold
See article entitled "Mexico Completes 1026 Payments Due on Foreign
coin or at the option of the holder in London, at the office of J. Nenry
Schroder & Co. In sterling at $4 86 2-3 to the pound sterling, without de- Debt" under "Current Events and Discussions" In last week's "Chronicle"
duction for any taxes present or future of the Republics of Guatemala or page 718.-V. 122. p. 2325.
Salvador. Red. all or part on any int, date on 60 days notice, to and
New York Chicago & St. Louis RR.
-Chesapeake &
incl. Feb. 1 1930. at 105 and int. thereafter to and Incl. Feb.1 1942,at 102
and Int, and thereafter until maturity at par and int. Authorized issue. Ohio Ry. to be Centre of Consolidated System Under New
$50.000.000: initial series. 58.000.000, of which $500.000 to be in company
-See Chesapeake & Ohio Ry. above.
Plan.
-V.124, p. 789,
treasury. Additional bmds may be issued under restrictions contained
in the mortgage. Chatham Phenix National Bank A: Trust Co.. trustee. 108.
Interest payable without deduction for any Federal income tax up to 2%
Norfolk Southern RR.
-Preliminary Earnings.
per annum. Company will refund any Conn., Penna. and Calif. personal
1926.
Calendar Years1925.
property taxes not in excess of 4 mills, Maryland securities tax not of 434
1924.
1923.
810.066.486 89.131.877 89.291.928 9.386.653
mills. District of Columbia tax not in excess of 5 mills andMass. income Gross
Exp.. taxes. &c
7.814,296
7.231.790
tax on the interest not to exceed 6% of such interest per annum.
7.452.784
7.588.610
Data from Letter of Minor C. Keith, President of Company.
Operating income____ $2.252.190 81.900.087 $1,830.144 81.798.043
-Organized In 1904 in New Jersey. Operates 597 miles of Other IIICOITIO
Company.
598,526
541.263
606.908
78:3.769
railroad and 61 mile,of sidings In the Republics of Guatemala and Salvador.
The road comprises the principal railroads in the two Republics and In
82.850.716 82.441.350 82.446.052 82.581.812
Total income
Guatemala, extends from Puerto Barrios on the Atlantic Coast to San Jose Int., rents, &c
2.037.139
1.928.827
2.037.531
2.207,462
on the Pacific, via Guatemala City, and through the coffee section of the
Pacific region. In Salvador the road. comprising 157 miles, extends from
$813.577
Net income
$512:523
$408.521
$374.350
the port of'La Union on the Pacific to the City of San Salvador. The system Shs. cap stk. out,stand g
160.000
160.000
160 000
160.000
Is operated under long-term concessionsfrom the Governments of Guatemala Earned per share
$5 08
$3 20
$2 52
$2 34
and Salvador.
-V. 124. p. 640.
Company carries over its lines substantially the entire production of the
United Fruit Co. within the region served by the railroad. Over 75%
Northern Pacific Ry.-Tentative Valuation.
-The I.
-S.
of the total revenue of the company is received in the form of U. S. dollars
or In gold. The executive and operating officials are practically all Amer-- C. Commission has placed a tentative valuation of $417,cans of long railroad experience.
217,965 on the total owned and $415,255,915 on the total
Diversified agricultural products constitute the bulk of the company s
freight traffic, which produces about 80% of the gross revenues of the used properties of the company as of June 30 1917.
company. Of the total freight revenues coffee contributes about 15%.
-S. C. Commission on Jan. 17 issued a certificate authorizing the
The I.
bananas about 15%, and miscellaneous items of freight
company to abandon a branch line of railroad extending from a connection
has now in course of construction 197 miles of road which70%* Company with its main line near Iron River in a northeasterly direction to
will shorten cona
siderably the trade route from the Pacific Coast region of Salvador to the distance of 9.78 miles, In Bayfieid County, Wis.-V. 124, p 789. Coda,
U. S. and Europe. Upon completion or the new mileage, the company will
Pere Marquette Ry.-Control Proposed by Chesapeake
operate a total or 861 miles of main line and sidings.
The equipment of the company, as of Dec. 31 1926. consisetcl of 105 & Ohio Ry.-See that company above.
-V.124, p. 641.
locomotives, 2,034 freight cars and 199 passenger cars.
Capitalization Outstanding (After Giving Effect to Present Financing).
Pittsburgh Youngstown & Ashtabula Ry.-Registrar.
0
First mortgage 57 bends, due 1972 (closed).a
The American Exchange Irving Trust Co. has been appointed registrar
149,936.666
Central Division first 5% bonds, due 1972 (closed)
-V.122, p. 3079.
2,261.000 of the preferred and common stock.
Guatemala Central first 6% bonds, due 1931 (closed)
2.310,000
Sewell Valley RR.
-Construction of Extension.
First mortgage collateral 6% gold notes, due 1941 (closed)
c2.600.000
First lien and refunding mortgage 634% bonds (this issue)
The 1.-8. C. Commission on Jan. 19 issued a certificate authorizing the
i
ec
6% unsecured notes. due 19:36
to
d:7°°
..5107,.9°°22° companyandconstruct an extension of its line of railroad from a point on its
5% preferred stock ($100 par value)
Glencoe
Duo branch, at or near Rupert. in a northerly direction
10.000.000
to a
Common stock ($100 par value)
30.000.000 point beyond Duo, a distance of approxately 12 miles, all in Greenbrier
a Except for issuance of additional bonds to be pledged under this mtge. County. W Va.-V. 122. p. 1024.
b Not including $2,125.000 bonds to be pledged as security for the present
Southern Pacific Co.
-Financing.
issue and $5,250,000 pledged for first mortgage collateral notes. Of these
It is stated that the forthcoming bond issue will be $35,000.000
bonds, $4,786,172 (L983460) represent sterling bonds converted at par of
4;4s, to
exchange. c Not including $900,000 notes to be pledged as security for the be floated about Mar. 31. Of the proceeds $17.437.000, it is said, will go
to retire Oregon Ai California Ry. 1st 5s and the balance
Present issue. d Not including 8500.000 bonds to be in the co s treasury.
treasury. This will be the only loan this year from the to the company's
Sectiritg.-Secured by a direct mortgage upon all the lines of railroad,
recent authorize
-V. 124, p. 502.
equipment and other physical properties of the company, subject only to Hon.
$18.416.666 mortgage bonds outstanding (excl. of bonds to be security for
Tucson Cornelia & Gila Bend RR.
this issue), for the refunding of which bonds are reserved under this mort-Final Valuation.
The 1.-S. C. Commission hall placed a final valuation of
age. Also secured by $3,475.000 1st mtge. 5% gold bonds, of which
8764,70000 the
will be pledged under this mortgage and $1,350,000 arThecuritk property of the company, as of June 30 1917.
mortgae.2,150
e se booY
or notes of the company to be pledged under this
Vera Cruz & Pacific RR.
value of the property, less depreciation, according to the consolidated
-Bond Interest.
See article entitled "Mexico Completes 1926 Payments
balance sheet as of Nov. 30 1926, was in excess of $65.000.000.
Due
Upon completion of the additiohal 197 miles of road now under con- Debt" under "Current Events and Discussions" in lastweek's on Forage
"Chronicle,
struction, the 1st lien & ref. mtge. will be a direct mortgage, subject to the page 718.-V. 118, p. 2306.
mortgage bowls above mentioned, on 74:3 miles of railroad together with all
Virginian Ry.-Bonds.equipment and other physical property owned by the company. An addiThe I.-S. C. Commission on Jan. 29 authorized the
tional 51 miles of road are owned free and clear by a subsidiary, over 99%
company to
of the stock of which is pledged to secure the 1st mtge. bonds of the company. the authentication and delivery of $3,663,000 of first mortgage 6% Procure
60
-year
-V. 123. p. 3179.
Upon the retirement of underlying bonds, additional 1st mtge. bonds of gold bonds.
the company will be pledged under the 1st Hen & ref. mtge. Company
Virginian Terminal Ry.-Bonds.agrees that by May 1 1941 this mortgage will have pledged thereunder
The 1.-S. C. Commission on Jan. 22 authori_ed the company to
over 45% of such 1st mtge. bonds then outstanding.
.
issue
884.000 of first mortgage 6% 50
-year gold bonds,
Consolidated Income Account for Calendar Years (Dec. 9126 Est.).
6.
Virginian Ry. in reimbursement of advances madeto be delivered to the
by it to the Virginian
1925.
1924.
Terminal fly.
Railway operating revenue
$5,120,572 86,097,011
The Virginian Ry. was
Open.exp., maintenance and dorm-- 2,816,024 3,677,562 $6,866.496 guarantor. In respect of authorized to assume obligation and liability, as
3.957,831
said bonds and to
them with the trustee of its
first mortgage dated May 1 1912. The pledge
Virginian
Net operating revenue
82,304.548 82,419,449 $2,908.665 procure the authentication and delivery of $84,000Ry. was authorized to
of first mortgage 5%
Other income
103,804
284.956
-year gold bonds.
284,927 50
-V. 121. P. 704.
Net earnings (before fixed
charges
Western Maryland Ry.-B. & 0. Has Acquired 35% of
and Federal income taxes)
$2.408,350 $2,704,405 $3
.193.592 Stock-Asks to Issue Common Stock-Alien Property Custodian
Total annual int. on secured funded debt Including this issue__
Balance for amortization, other int., Fed, taxes, diva., &c__ -- x$1,932.523 May Sell Stock-Equipment Trust.
1,801,069
x Not including interest on obligations to be pledged as
See under Wheeling & Lake Erie Ry. below.
secured funded debt nor interest on bonds of this issue to becollateral for any
in
The company has asked the I.
-S. C. Commission for permission to re-Of the above Interest $670,000 is not chargeable toco. s treasury.
Note.
ings, as it represents interest on obligations for lines now under current earn- issue 810,000.000 of common stock in exchange share for share for seoond
construction. preferred stock that may be surrendered for that purpose.
918
THE CHRONICLE
Allen Property Custodian Sutherland, accoraing to Washington dispatches. is considering the advisability of disposing of the 65,000 shares of
Western Maryland common stock held by that office. He expects to reach
a decision on whether these shares ought to be disposed of within the next
few days. In the event this stock should be disposed of, no decision has yet
been reached as to the method of sale.
-S.
The company on Feb. 11 filed a supplemental application with the I.
C. Commission asking it to disclaim jurisdiction and dismiss the application for authority to reissue $10,000,000 of common stock in exchange,
share for share, for second preferred stock surrendered for that purpose.
The I.
-S. C. Commission on Jan. 18 authorized the issuance of S1,260,000
equipment trust certificates, series E, to be issued by the Equitable Trust
Co., New York under an agreement dated Dec. 15 1926, and sold to the
highest bidder at 97.532 of par and diva. in connection with the procurement of certain equipment.
The report of the Commission says in part:
The applicant asked for competitive bids on the proposed issue of equipment-trust certificates, and six bids were received
various syndicates
of bankers located in New York City and Baltimore, Md. They have been
sold, subject to our approval, to Alex. Brown & Sons, of Baltimore, Md.,
and Brown Brothers & Co. of New York, N. Y., the highest bidders, at
$975 32 and accrued dividends to date of delivery for each $1,000, face
amount, of certificates. On that basis the average annual cost to the
applicant will be approximately 4.906%. See offering in V. 124, p. 232.
Wheeling & Lake Erie RR.
-Little Activity in Stock for
Last Two Days after Hectic Week.
-Wheeling & Lake Erie
failed to provide a sensation in Thursday's and Friday's stock
trading, except through its unusual quiescence after Wednesday's hectic activity.
Common stock yesterday opened at 77, reached a low of 64 and closed
at 68, 17 points from Thursday's close of 85, which was off 5 points
from Wednesday's close. The turnover for the day in the common totaied
800 shares. The pref. stock opened at 87. reached a low of 793i and
closed at 82%,off33i from Thursday's close of86. The turnover amounted
to 3,100 shares.
A chronological review of the Wheeling situation during
the past week follows:
On Saturday, Feb. 5, in a turnover of only 3,000 shares, the common
stock dropped 6 points to 83 below Friday's high of89 and 3 below Friday's
closing, the high for the day being 87. Coincidentally the pref. rose
33( points in 2,400 shares to a high of 81. , t the same time holders of
8
stock who were willing to lend it were exacting 3.1i% after the close of the
market. Regarding rumored suits against the railroad the New York
"Evening Post" Feb. 5 said:
"Speculators caught short in Wheeling common stock are the victims
of a situation without precedent in the history of Wall Street through an
oversight on the part of the railroad corporation.
"To-day the disgruntled shorts were consulting their attorneys as to
the possibility of making the railroad pay part of their losses because
of the error. At least one suit against the road has already been started.
"Robert M. Shaw, an investment broker, of 42 Broadway, who was
short several hundred shares of Wheeling common, but held preferred
stock as a protection, announced he had instructed his attorneys to bring
suit against the railroad. He was among those who presented his preferred
certificates to the New York Trust Co. yesterday, only to be met with a
flat refusal to exchange them for common.
"Wheeling & Lake Erie 6% preferred stock, according to the charter
of the company, is convertible into common stock of the corporation at
any time, on the option of the shareholder, on a share for share basis.
"Yesterday, when traders with preferred stock presented these shares
to the railroad's transfer agent. the New York Trust Co.. they were met
with refusal to exchange them for common stock. They were informed
that the railroad's board of directors had failed to provide the necessary
additional common stock to redeem the preferred, having already issued
336,413 shares out of a total of 336,424 authorized. This left an 11-share
margin to care for all preferred stock.
On Monday Feb. 7 the common stock reached a high of 95 in a turnover of 4,760 shares, the low for the day being 80. The premium rate
jumped to 7%. The pref. in a turn-over of 11,600 shares reached a high of
84. the low being 77W
Purchase of Stock by Other Roads.
It was officially announced Feb. 7 by three of the large railroad systems
that they had purchased large blocks of Wheeling stock.
The New York Central reported that it had purchased 95.000 shares of
the Wheeling & Lake Erie. partly in common and partly in preferred.
The Van Sweringen brothers of Cleveland, for the Nickel Plate, reported
that they had purchased 95.000 shares of 'Wheeling & Lake Erie, partly in
preferred and partly in prior lien.
The Baltimore & Ohio reported that It had acquired about one-sixth
interest in Wheeling & Lake Erie shares, partly in prior preference and
partly in common stock, and that it had purchased 144,000 preferred shares
of the Western Maryland formerly held by the Rockefeller interests, which,
ogether with common shares bought in the market, gave it 35% ownership.
It was evident, in view of these announcements, that the Rockefeller
interests, represented primarily by the personal holdings of John D. Rockefeller, had passed to the three railroad groups. How much money was
Involved in the private transactions with the Rockefellers, and later in the
open market, can only be surmised.
Mr. Rockefeller obtained control of the Western Maryland through the
purchase of a majority of the common stock from the late George J. Gould.
It is not known how he acquired control of the Wheeling & Lake Erie, but
t has been so completely his road that nothing could be done toward
acquiring it without purchase of his holdings. He has owned $11,396.100
of the $11,882,600 of prior lien stock of the road, which sold Feb. 7 on the
I
New York Curb Exchange at $170 a share. It was calculated some time
ago when the stock was near that price that be had a paper profit of almost
$8,000.000 more than the par value ($100) of the stock. Dividends of 71%
have accumulated on this stock, and so long as these remain unpaid, the
holders of the other classes of stock have no voice in the road's affairs.
When the dividends are paid the control will pass to the holders of the
common stock, which is the largest issue of the three classes outstanding.
Railway Officials Speak.
A. H. Harris, Vice-Pres, of the New York Central, made the formal
announcement that his company has bought more than 95,000 shares of
Wheeling & Lake Erie, partly in preferred and partly
the former being a portion of the Rockefeller holdings. in common stock,
All the Purchases
were made before the recent upheaval in Wheeling & Lake Erie stocks, he
said.
A telegraphic communication from Cleveland said that M. J. Van
Sweringen. Chairman of the Nickel Plate, although in New York, authorized the statement through Cleveland that the Nickel Plate over a period
of time has purchased in excess of 95,000 shares of Wheeling & Lake Erie
common, preferred and prior lien stocks, the last named having been acquired from the Rockefeller interests.
George M. Shriven Senior Vice-Pres. of the Baltimore & Ohio in announcing his road's position in the situation, said:
"The Baltimore & Ohio has acquired about 144,000 shares of preferred
stock of the Western Maryland fly. formerly held by the Rockefeller interests, which, with common stock purchased in the market some time
since, gives this company something over 35% of the shares of the Western
Maryland. The Baltimore & Ohio also has acquired about a one-sixth
interest in the shares of the Wheeling & Lake Erie RR.
"The Baltimore & Ohio maintains extensive interchange agreements with
both these railroads, especualiy with the Western Maryland, with which
we interchange practically 40% of all its business and 60% of all its business
interchanged with other railroads. Because of these agreements and because of the expedition and increase of traffic which will undoubtedly ensue
from their operation,the Baltimore & Ohio deemed it advisable to participate
in the buying of stocks of the roads. The Wheeling & Lake Erie is to be
used by the New York Central, the Nickel Plate and the Baltimore & Ohio
as a neutral terminal and industrial line. Under the four-system plan
-S. C. Commission in 1925 it was suggested
which was submitted to the I.
that the Western Maryland be allied with the Baltimore & Ohio, but such
a move is not being presently contemplated, although it may be assumed
that general consolidation of railroads is being looked to in the future. The
Baltimore & Ohio has no present purpose of adding to Its holdings in either
of these railroads."
Wheeling Directors Approve Issue.
A meeting of the directors of the Wheeling & Lake Erie was held at the
Equitable Trust Co. 37 Wall Si, after the meeting William M. Duncan,
Chairman of the Bard, said:
[Vor.. 124.
"Nothing but routine business in connection with the conversion of the
preferred and prior lien stocks took place. As was announced at the recess this morning, the directors approved a resolution authorizing conversion of the prior lien and preferred stocks into common stock subject to the
approval of the I.
-S. C. Commission and the Public Utilities Commission
of Ohio.
"The approval of the stockholders in the conversion ocnnection is not
necessary, we feel, as our counsel has advised us that under our charter
we already have the authority to issue common stock for preferred and
prior lien stocks.
"We do not anticipate any difficulty with the Commission, and we believe it will be a matter of three or four days when the situation will be
cleared up and the preferred and prior lien stockholders can exercise their
privilege of conversion. Under our charter we are permitted to take care
of converions of the entire amount of preferred and prior lien stocks outstanding."
Exchange Asks for More Information on Wheeling.
The Committee on Business Conduct of the New York Stock Exchange
in a letter Feb. 7 to member firms asked for the following information
by 11 o'clock each morning until further notice in relation to their situation
at the close of business on the previous day in both the common and pref.
stocks of the Wheeling & Lake Erie:
1. The aggregate long and aggregate short position of yourselves and
customers.
2. The number of shares borrowed and from whom.
3. The number of shares loaned and to whom.
On Tuesday, Feb. 8, in a turnover of 5,500 shares, the common stock
reached a high of 130 the low being 100. The loan premium continued
at 7%. The pref., in a turnover of 14,600 shares, reached a high of 93,
the low being 83. The New York "Times" Feb. 8 had the following:
Price swings were the most violent since the uprush in the stock 'began
In the latter part of January. Unmistakable evidences ofa corner developed
and Wall Street abandoned the pretty pretense which it had kept up for
days by referring to the stringency as a "technical corner." The New
York Stock Exchange, to which the imperiled shorts had looked for rescue,
took no action beyond announcing in a formal statement that it was "in
close touch with the situation."
The stock market community, learning that the Exchange was to have
something to say after the close of the market, expected action that would
break the corner, but there was little comfort for the shorts or for the
financial community in the announcement that came, with considerable
ceremony, at 3.40 o'clock.
Statement of New York Slack Exchange.
"The Stock Exchange is informed that at a meeting held on Monday
Feb. 7, the directors of the Wheeling & Lake Erie Ry. Co. passed resolutions
in regard to the conversion of the prior lien and preferred stocks into the
common stock of that company, and that an application will be made to
the Inter-State Commerce Commission to approve the issuance of the
additional common stock necessary to provide for this conversion.
"The purchase of control of the Wheeling & Lake Erie fly. Co. by the
New York Central. the Baltimore & Ohio and the Nickel Plate, which was
announced this morning, resulted in wide fluctuations in the price of the
company's stocks and in high premiums for the use of the common stock
in the loan market.
"The Committee on Business Conduct of the Exchange has been in close
touch with the situation through daily reports from the members of the
Exchange. The purchase of control greatly reduced the amount of both
the common and preferred stocks in the market, and the Committee on
Business Conduct will continue to require daily reports of the position of
the members of the Exchange in these stocks until further notice."
On Wednesday, Feb. 9, the Wheeling common stock hit a low of 66)( and
a high of 105. The turnover for the day was 4,800 shares. A premium
of 7% was maintained on stock loaned. The pref. in a turnover of 10.500
shares reached a low of 79%. the high being N. Regarding Wednesday's
trading on the New York Stock Exchange the "Times" Feb. 10 said:
"A bear raid of singular daring, directed at the market's most vital spot,
precipitated a break on the New York Stock Exchange yesterday which
within less than an hour erased millions of dollars of security values, wiped
out hundreds of speculators and toppled over a speculative structure which
Wall Street had regarded as a menace.
"That the market in its most exposed position. the 'little rails,' was about
ready to collapse of its own weight was made plain when a group of operators, timing their attack with precision, struck with dramatic suddenness just before 12 o'clock. Singling out Wheeling & Lake Erie, which has
been the market's sensation for several days, as well as Western Maryland
and other speculative favorites, these operators launched a selling move--,
meat that met virtually no resistance. Within five minutes Wheeling,
which had been astonishing the Street by the rapidity and breadth of its
advances, was crumbling at breathless speed.
"This break in stocks and their subsequent recovery furnished a page in
Wall Street's financial history which, it was poredicted, might never be
duplicated. Railroad stocks of every description, irrespective of earning
power or possibilities of use in mergers, had been bid up frantically and
excitedly in the first hour and a half of trading until in virtually every case
they were selling at the highest prices for all time.
"Suddenly, and rather mysteriously, heavy pressure was brought against
them. Every bid found stock offered. Prospective sellers were obliged to
make concessions. Just what happened no one seemed to know. The
sharp drop in Wheeling & Lake Erie had a psychological influence. Frenzied bidding up of this and that low-priced railway stock no longer was in
evidence, and without such bidding to sustain them the shares immediately
sought their former levels. Railroad mergers, possibilities of earnings and
future prospects meant nothing.
"An avalanche of selling came Into the market as the Crash In the 'little
rails' took place to the accompaniment of reports that the corner in Wheeling
& Lake Erie had ended and that powerful interests were preparing to check
the speculative orgy. Trading expanded so rapidly that for a time it
seemed that a new high record for total transactions for the day would be
made. During the period of the widest break it was of unprecedented
volume. As it was, it was one of the biggest markets in recent Years,
transactions totaling 2.845.050 shares, whitic figure has not been exceeded
since March 30 1925, when 3,297.901 shares changed hands."
Asks Authorization of Inter-Slate Commerce Commission for Additional
Common for Exchange of Prior Lien and Preferred.
The Wheeling & Lake Erie Feb. 9 filed its formal application with the
I.-8. C. Commission asking for authority to issue $22,227,600 of common
stock, amounting to 222.276 shares and to exchange it for 118,287 shares
of
lien stock and 103,450 shares of pref. stock. The proposed issue
of 'Wheeling & Lake Erie common stock will be exchanged for prior lien
Wheeling
and preferred st,ock now outstanding in the hands of the public at dollar
for dbllar of par value, from time to time as the stock may be presented
and surrendered to the transfer agent of the company for conversion.
On Thursday, as above stated, there was little activity in Wheeling
stock. The turnover for the day in the common was 500 shares, the
high was 85 and the low 80. Wheeling preferred sold at 88, or above the
price on the common, reversing the usual position In the past week. The
low Was 83, the turnover for the day being 1,700 shares.
of 1% premium but there was
The common shares were offered at.
no borrowing demand.
-V.124, p. 7 .
89
PUBLIC UTILITIES
-Earnings.
Annapolis & Chesapeake Bay Power Co.
Calendar YearsOperating revenue
Operating expenses
1926.
$527,257
319,491
1925.
$475.547
295,162
1924.
$445,837
295,710
Operating income
Other income
$207,766
1,298
$180.385
459
8150.127
254
$209.062
$180,844
$150,381
Total income
38,546
15.088
38,742
Taxes
4.302
4,033
4,437
Depreciation
63,353
52,790
60,515
Interest
,
,
,
Bond discounts
2.640
6.330
5,642
Misc. deductions,incl.inventory adj_
($2)79,442 ($135)59481 (81)39.721
Dividends
$13.940
$7,321
$31,915
Surplus for year
$579,781
$598,522
$612,279
Profit and loss surplus, Dec. 31
The Washington Baltimore & Annapolis Electric RR, owns all of the
outstanding 39,721 shares of no par value stock of the above company.
V. 122, p. 1760.
FEB. 12 19271
THE CHRONICLE
919
Associated Gas & Electric Co.
-440,000,000 Debentures purposes, the proceeds may be loaned on call or invested in securities of
& Electric System senior to
Sold.
-A country-wide syndicate of bankers headed by the Associated Gas properties of the Associated this issue.
Properties.
-The
Gas & Electric System fall
Harris, Forbes & Co. and including Lee, Higginson & Co., into ten operating groups as follows:
New England Group
Guaranty Co. of New York, Kidder, Peabody & Co., Mar- Penn Public Service Group
Staten
Edison Group
Western New York Group
shall Field, Glore, Ward & Co., Brown Brothers & Co., CentralIslandYork Group
New
Eastern New York Group
Edward B. Smith & Co., E. H. Rollins & Sons, the Equitable Kentucky-Tennessee Group
Manila Electric Group
Gas Utilities Inc. Group
Trust Co. of New York and John Nickerson & Co. offered Long Island Group
The
unusua
Feb. 10 one of the largest public utility issues on record. degree territories served by these properties are diversified to anactivity.
as to both geographical location and type of industrial
3
This new issue, which was priced at 95% and int., yielding They include important agricultural and mining regions, as well as subindustrial centres. In density of
over 5.75%, consisted of $40,000,000 53% conver ible gold stantialvary from portions of New York City population the communities
served
to exclusively rural districts.
debentures, dated Feb. 1 1927 and due 1977. A substan- Due to the large lighting business, diversification of industry and to the
wide range in the
the business
tial amount of the bonds will be marketed in London and of the system havetypes of communities served,dependable. and earnings
been particularly stalm and
V. 124, p.789
Amsterdam. The debentures are convertible into units conBangor (Me.) Hydro-Electric Co.
-Rights.
---President
sisting of 2 shares of class A stock and 1 share of common
stock at $110 per unit for the first $10,000,000 of debentures Edward M.Graham,in a letter to the common stockholders,
converted, and at a gradually increasing price to 8140 per says in substance:
During 1926 the company has made very,rapid growth. It has purchased
unit for the last $5,000,000 of debentures converted.
the electric light and power property in NUIlinocket and East Millinocket
Dated Feb. 11927; due Feb. 1 1977. Int. payable F. & A. Red.. all
or part, on the first of any month prior to maturity on 60 days' notice at
105 and hit. to and incl. Feb. 1 1932; at a premium decreasing ji% for
each 5-year period thereafter to and incl. Feb. 1 1972: thereafter at 100Si
and int. to and incl. Feb. 11976, and thereafter at 100 and int. Denoms.
$1.000 c*. New York Trust Co., New York, trustee.
Company will agree to pay interest without deduction for any present
normal Federal income tax not exceeding 2%.
Data from Letter of J. I. Mange, New York, Feb. 8 1927.
Campqny.-Incorp. in 1906 in New York. Company and its affiliated
interests own, control or operate properties rendering electric power and
light, gas, water and transportation service in territories having a population estimated to be in excess of 2,300,000. The present operating properties render public utility service to over 435,000 customers in more than
1.000 communities located principlaly in the States of New York, Pennsylvania, Maryland, Illinois, New Hampshire, Maine, Connecticut, Vermont, Ohio, South Daknta, Kentucky, Tennessee and Indiana, and also
city of Manila, P. I. These properties have been in continuous and successful operation for long and varying periods.
Capitalization.
-The consolidated capitalization of Associated Gas &
Electric System as of Nov.30 1926, after giving effect to important financial
changes to Jan. 15 1927, the issue of these debentures and the contemplated
retirement of indebtedness of the company and indebtedness and pref.
stocks of subsidiary and affiliated companies, is as follows:
Associated Gas & Electric Co.i,converti
perpetual convertible debentures and option warrants
al2,527.707
Preferred stocks (four series, all of equal rank)
c496,427 shs.
Class A, B and common stocks
c1.867,977 abs.
Subsidiary and(or) Affiliated Companies
-b
Funded debt and preferred stocks
5104.956.050
Common stocks (par or stated value)
8,883
a This amount consists of $8,667,550 of obligations now, or in some cases
after Jan. 1 1928, convertible into pref. stock at the company's option:
$3.095,257 paid in on option warrants ($1.085.360 remaining due on call
at intervals of not less than 90 days); and 6764,900 of 6% debentures convertible into pref. stock at the holders' option. The option warrants, on
full payment, entitle the holder to call for pref. stock or perpetual debentures convertible at his option into pref. stock. Thus far over 90% of the
option warrants when fully paid have been converted into pref. stock.
b Pref. stocks are stated at par or liquidation value if without par value.
There are also outstanding 13,018 shares of Clarion River Power Co.
participating stock, the value of which is contingent on additional water
power developments by - that company.
c Consist of 148,499 hares of original series ($3 50 dividend). 54.310
shares of $6 dividend series, 198,849 shares of $6 50 dividend series and
94.769 shares of $7 dividend series. The 1.867.977 class A, B and common stocks consist of 336,823 shares of class A stock, 300.000 shares of
class B stock and 1,231.154 shares of common stock.
Conversion Privilege.
-Debentures will be convertible, on terms and conditions to be set forth in the indenture, on the first day of any month after
Feb. 1 1928 up to and Incl. Feb. 1 1933 at the option of the holder, on ten
days' notice, into units consisting of two shares of class A stock and one
share of common stock, as said classes of stock are from time to time constituted, of Associated Gas & Electric Co. on the following basis:
For the first 510.000.000 debentures surrendered for conversion, at $110
per unit; for next $5.000.000. $115 per unit; for next $5,000.000, $120 per
unit; for next $5,000.000, $125 per unit; for next 85,000.000. 3130 per unit;
for next $5.000,000. $135 per unit. for the last $5.000,000. $140 per unit.
In case the debentures site called for redemption at any time during the
period in which they are convertible, the conversion privilege shall continue
until the close of business on the redemption date. No fractional shares
will be issued, but appropriate provision will be made in the indenture for
fractional interests in case of conversion. At the time of conversion adjustments will be made so that interest on the debentures and dividends
on the stock will not be paid for the same period.
The class A stock is entitled to quarterly non-cumulative dividends at
the rate of $2 per share per annum in priority to the class B stock and the
common stock, and to certain rights of participation with the common stock
as stated in the amended certificate of incorporation of the company.
Dividends upon the class A stock arebeingregularly paid:stockholders have
at the present time the option or receiving, in lieu of cash, dividends in
class A stock at the rate of 10% per annum. The class A stock is entitled
upon dissolution or liquidation to $35 per share in priority to the class B
stock and common stock, and to certain rights of participation with the
common stock, as stated in the amended certificate of incorporation of
the company. Both the class A stock and the common stock are without
par value; the former has limited conditional voting rights and the latter
no voting rights, except with the consent of th, class 11 stock.
Equity:
--Current market quotations for the preferred, class A and common stocks, and the estimated value of the class B stock, all of which are
junior to these debentures, indicate an aggregate value for these stocks of
more than $80,000,000.
Earnings.
-The consolidated earnings of properties of Associated Gas &
Electric Co. and subsidiary and affiliated companies for the 12 months
ended Nov. 30 1926, irrespective of dated of acquisition, were as follows:
Gross earnings and other income
$31,191.832
Operating expenses, maintenance and taxes (except Federal inincome taxes) and amounts applicable to minority common stks. 16.704.590
and it has acquired the power site of the International Paper Co. at West
Enfield on the Penobscot River,including the dam and flowage rights which
are as yet undeveloped. It has extended its transmission lines from Ellsworth through to East port and has built a generating station on the East
Machias River which is now practically completed.
These large extensions require financing and as a part of the program
adopted by the directors to finance those purchases and construction
projects the Directors on Jan. 12 1927 passed a resolution offering to the
common stockholders of record Jan. 17 1927. the right to subscribe pro
rata to $500.000 of additional common stock at par ($100), and by this
resolution each stockholder is given the right to subscribe to one share
of additional common stock for each four shares of common stock held on
Jan. 17.
[For the convenience of stockholders the company has made arrangements with Beyer & Small, 208 Middle St., Portland, Me., and with
E. W. Clark & Co., 321 Chestnut St., Philadelphia, Pa., so that stockholders desiring to buy or sell whole or fractional warrants may do so with
these houses. Subscriptions for the new stock should be sent direct to
the Bangor Hydro-Electric Co., 84 Harlow St., Bangor, Mel
-V. 123.
n• 980.
Bell Telephone Co.of Pennsylvania.
-New Director.
-
Samuel Rea,former President of the Pennsylvania RR.. has been elected
a director, succeeding Howard F. Thurber. Chairman of the Board of the
New York Telephone Co., who had retired from the board of both companies.
-V. 123, p. 3180.
Brooklyn Edison Co., Inc.
-Earnings.
-
Calendar Years1926.
1925.
1924.
1923.
Gross operating revenue $34,020.871 329,791,801 $25.879.577 *23.003.520
Gen. exp. & uncoil. bills 13.702.720 12,451.153 11,616.077 10,460,642
Maintenance
2.315.252
2.080.218
1,712,999
1,429.144
Retirement expense-2.447,670
2,090.634
1.153,715
1.620.198
Taxes
4.173,819
3,385,000
2.356,000
2.242,000
Net oper. income
$11,381,411 $9,784,796 59,040.785
Net non-oper. income
202.456
95,500
151.263
57,251,535
418.794
Gross income
511,583.867 59.880.296 *9.192.049 17.670.329
Deduct-Int. on fund. dt 2.310.160
2.302,310
1.872,260
1.790.303
Int. on unfunded debt
54,113
51.453
105.980
27,712
Bond disc. written off
121.669
121,650
154,796
137.912
Dividends (8%)
5,967.076 4,791.978
4,084,307
3,171.518
Employees' profit share
458.254
368,419
294.855
224,095
Contingencies
680.417
595.836
496.897
1,355.263
Surplus for year
51.992.179 51.648.650 $2,182.952
$963,526
Net surplus deductions_ Cr.49,899
118.570
1.372.020
Previous surplus
7.918,387
6.388.307
5.577,376
4,613.850
Surplus at end of year- *9,960.464 $7.918.387 $6,388.307 $5.577.376
Shares of capital stock
outstanding (par $100)
749.938
740,102
597.544
437 043
Earns. per sh.on cap.stk.
$1213
$1001
$1181
315 07
-V. 124. p. 789.
Central Illinois Traction Co.
-Abandons Cars.
--
The City Council of Mattooh. Ill., has granted the request of the company
to substitute buses for trolley cars in the city of Mattoon. The trolley
cars had been for a number of years operated at a loss. The rails will be
torn up and trolley poles taken down. Three to four buses will be operated
as traffic conditions warrant-("Electric Railway Journal").
-V. 06,
p. 359.
Central Maine Power Co.
-Balance Sheet Dec. 31.1926.
Assets$
Fixed capital
28,090.877
Cash
570,165
Current assets-- 3,157.909
Prepayments
70.856
Investments
1,782.988
Unadjusted debits. 2,205,308
Total
1925.
$
24,216,018
502,497
2,956.884
146,107
1,488,013
1.800,056
35,968,191 31,200,475
1926.
LtahnnferCommon stock-- 2.500.000
Pref. stock,6%___ 660.800
Pref. stock, 7%_11.727,500
Pref. stock, 7%
(subscr, on partial pay't plan). 225,200
Prem.on pref. stk. 915.659
Funded debt
14.240.500
Current liabilities. 3,779.670
Accrued liabilities_ 262.214
Reserves & surplus 1,656,648
Total
1925:
$
2,500,004)
660,800
10,254,100
277,000
779.064
12.382,500
2,411,311
440.438
1,495,262
35,968,191 31,200,475
The usual comparative income account was published in
V. 124, p. 789.
Central Public Service Co.
-Acquisition.
-
The company has acquired the Pottsville (Pa.) Gas Co.for, it Is reported,
approximately 5800.000. The Central Public Service Co. will extend gag
service from Pottsville to many other towns in the Southern Schuylkill
region, it is stated.
-V. 124. p. 110.
Consolidated net earnings before int., deprec., divs., &c-$14,487,242
Chickasha (Okla.) Gas & Electric Co.
-New Control.
Annual int. and diva on subsidiary and affailited companies'
Transfer of the properties of this company from the Public
bonds and pref. stocks to remain outstanding, less $833.790
of Oklahoma to the Southwestern Light & Power Co. has beenService Co.
announced
credit for interest during construction
4,876.373 by Earl R.Ernsberger,President and General Manager of the latter company.
Annual interest requirements on $40,000.000 5J4% convertible
The Chickasha company becomes a subsidiary of the Southwestern company.
gold debentures (this issue)
2,200.000 with Mr. Ernsberger as President and General Manager to succeed Fred
Provision for depreciation
1.736,474 Insult of Tulsa. L. D. Harris has been elected Secretary-Treasurer, sucW.
The above consolidated net earnings were, before provision for deprecia- ceeding R. F. Frank. F. D. Shaffer was re-elected Vice-President.
The acquisition of the Chickasha company will add 20 towns to toe
tion, over twice and, after provision for depreciation, over 1
times, the
Southwestern company, giving the latter company a total of 76 properties.
annual interest on this issue of convertible gold debentures and the prior
annual interest and dividend charges (less credit for interest during con- It also will be an addition of 130 miles of high line, giving the Southwestern
struction) on such bonds and pref. stocks of subsidiary and affiliated com- company a total of approximately 730 miles of high line. The Chickasha
panies as are to remain outstanding upon completion of this financing. company serves Union City, Mince), Tuttle, Pocassett, Amber, Alex.
For the purpose of the foregoing calculations, the interest charges on the Blanchard, Chickasha, Lookeba, Binger, Gracemont, Norge, Carnegie,
outstanding $12,527,707 perpetual convertible debentures and option war Fort Cobb, Verden, Apache, Cyril, Cement. Rush Springs and Ninnekah,
-V.124. p. 110.
rants of the company have not been considered, but for such purpose they Okla.
have been treated as ifconverted into pref. stock.
Cincinnati Georgetown & Portsmouth Co. (El.) RR.
Over 85% of the gross operating revenues for the 12 months ended
Nov. 30 1926 were derived from electric and gas operations.
Acting on behalf of the holders of the $1,000,000 bonds of the company.
Purpose of Issue.
-Over $20.000.000 of the proceeds of this issue will be the Union Trust
used to further simplify the capital structure of the Associated Gas & Elec- cinnati. Feb. 4 toCo. trustee. filed suit in Common Pleas Court at Cinforeclose
tric System through the payment of indebtedness incurred in retiring bonds asking for the appointment the mortgage upon the assets of the road, and
charge of and
of the company and bonds and pref. stocks of subsidiary and affiliated com- road for the benefit of the of a receiver to takeother creditors.operate the
bondholders and all
panies and through the retirement by redemption, purchase or otherwise
Lloyd E. Woster, General Superintendent, was named as receiver by
of various other indebtedness and pref. stocks with interest or dividend Judge Stanley Struble.
rates of 514% or more, ranking senior to this issue.
With its suit, the
J.P. Longon, owner
The balance of the proceeds will be used to acquire additional public of'970 of the 1.000Union Trust Co. filed a letter from
mortgage bonds, announcing default by the company
utility properties, or securities deriving their income from such properties, in the payment of interest
coupons due on the bonds, and demanding, as
no benefit from which Is reflected in the above earnings statement, for new the holder of the
that foreclosure proceedings be
,,onstruction and for other corporate purposes. Pending use for the above nstituted at once. majority of the bonds,
920
THE CHRONICLE
This letter. dated Jan. 31 last, was forwarded to the railroad officials
with a demand for payment of the interest, and at a meeting held Feb. 1
the directors passed a resolution to the effect that it was impossible to
comply with the demand and pay the outstanding coupons. This resulted
In the foreclosure and receivership action.
-V. 121. p. 2155.
-Earns.
Columbia Gas & Electric Corp.(& Subs.).
[Vol,. 124.
Indianapolis Crawfordsville & Danville Electric Ry.Earnings-Cal-Mar YearsTotal operating income
Total operating expenses and taxes
Deductions from income
Sinking fund
1926.
8318.209
304.330
38.382
21.118
--$45.662
1925.
$317.925
303.984
39.980
19.520
(Controlled by over 95% common stock ownership or lease).
Deficit
$45.559
Consolidated Earnings and Expenses 12 Months Ended Dec. 31 1926.
-V. 122, p. 3339.
$92.253.446
Gross earnings
43.505.087
Operating expenses (exclusive of taxes)
-Income
Indianapolis &Northwestern Traction Co.
7.645.208
Reserved for renewals & replacements and depletion
Calendar Years1926.
1925.
8.819,161 Total operating income
Taxes
$510.732
$480.49$
451.768
484.240
Total operating expenses and taxes
$32,103,990 Deductions from income
Net operating earnings
124.000
124.000
2.954.948
Other income
Deficit
$95.275
$97.508
325.148.938 -V. 122, p. 3339.
Total income
Lease rentals
4.351.116
-Earnings.
Indianapolis Street Railway Co.
Interest charges and preferred dividends of subsidiaries
4.459.398
Calendar Years1925.
1926.
Gross earnings
$5.518.795 8.5.536,37j
Net income applicable to dividends on preferred and com4.032.82
4,343.347
Operating expenses
mon stocks of Columbia Gas & Electric Corp. on basis that
630,939
629.184
all shares exchangeable therefor have been deposited__ _ $26,338,424 Fixed charges
386.624
294.872
Taxes
Annual dividend requirements on 951,848 shares of6% preferred
stock Issuable
85,711.088
Net income
$487.742
9249.636
Earn per share on 3,000.000 share com, stock issuable
Under terms of merger
-V. 123. p. 1762.
6
a 8
The Pittsburgh Stock Exchange has approved for listing 375.000 $ddT-Another
-Bonds Offered.
Interstate Power Co. (Del.).
-V. 124, p. 643.
tional shares (without par value) of common stock.
large public utility bond issue was offered to the public
Community Power & Light Co.(Ill.).-Reincorporated.- yesterday. It comprised $20,000,000 1st mtge. gold bonds,
The stockholders on Feb. 8 approved the reincorporation of the company in Delaware. Incorporation papers were filed in Delaware Feb. 9. 5% series, due 1957, of the Interstate Power Co., of which
The Delaware company will have the same capitalization as the Illinois Harley L. Clarke is President. The syndicate offering the
company, all as outlined in V. 124, p. 790.
issue is h aded by the Chase Securities Corp. and includes
-Stock Sold.
Dallas (Tex.) R. & Terminal Co.
West & Co., Spencer Trask & Co., Federal Securities Corp.,
The company is reported to have sold more than 6,000 shares of its 7% Pynchon & Co., Halsey, Stuart & Co., Inc., and W. S.
cumul. pref. stock to its customers and employees since Nov. 4 1926.
Hammons & Co. The offering price of the bonds is 973.
-V. 123, p. 580.
and iw erest, to yield 5.16%.
-Stock Increased.
East Kootenay Power Co., Ltd.
Dated Jan. 1 1927, due Jan. 1 1957. Prin. & int. (J. & J.) payable at
Supplementary letters patent have been secured under date of Nov. 10
1926, increasing the capital stock of the company from 7.5007% cum. pref. Chase National Bank of New York, trustee: int, also payable at Continental
shares (par $100) to 50,000 7% pref. shares (par $1C0). and Increasing & Commercial Trust & Savings Bank, Chicago. Denom. $1,000 (c5),
80.one common shares (no par value) to 50,000 shares; (no par value). $500 and $100, and r* $1,000. $5.000. $10.000 and $25.000 or a multiple
These supplementary letters patent were in confirmation of by-law passed thereof. Red. as a whole at any time or in part on any int. date on 60 days'
at meeting of board of directors May 28 1926. and confirmed by sharehold- notice, at 105 prior to Jan. 1 1933, at 104 on said date and thereafter prior
to Jan. 1 1939: at 103 on said date and thereafter prier to Jan. 1 1945: at
ers on June 28 1926. No issue of new stock has been made as yet.
L. C. liaskell is Secretary, with address 330 Coristine Building, Montreal, 102 on said date and thereafter prior to Jan. 1 1951, and at 101 on said date
and thereafter prier to maturity, plus int, in each case. Int. payable with324.
-V. 123, p.
Canada.
out deduction for Federal income tax up to 2%. Penn. 4 mills and Calif.
-Acquisition.
Eastern Texas Electric Co. (Del;).
5 mills taxes and Mass. 6% income tax on int., refundable.
CapitalizationAuthorized.
Outstanding.
The c mpaly has purchased the Nebraska Electric Power Co.. which
serves some 25 towns in central and northwestern Nebraska and maintains let mtge. gold bonds, 5% series due 1957
(thisissue)520.000,000
cur r cations in Loup City, Broken Bow. Cozad, IAxington and Gordon.
$7,500.7)00
7,500.000
debenture bonds. due 1952
Nebraska Electric Power Co., will be under the Executive management
200.000 shs.
80.000 shs.
of St, n3 & Webster, Inc., and wilt be operated from Scottsbluff, Neb.- $7 dividend preferred stock (no par value)_
175.000 stn.
175.000 shs.
Common stock (no par value)
V. 123, p. 2898.
a Issuance of additional bonds restricted by provisions of the mortgage.
-Balance Sheet.
Engineers Public Service Co.(& Subs.).
Data from Letter of Pres. FL L. Clarke, Chicago Feb. 9,
Dec. 31 '28. Feb. 28 '26.
Dec. 31 '26. Feb. 28 '26.
-W'111 furnish electric light and power to 267 cities and comCompany.
Assets
of Minnesota, Iowa, South Dakota and
Prop., plant, &c.132,708,757 115,348,694 Pref. stk. of sub. 22,123.200 19.576.700 munities located in the States
Oklahoma. and in addition supply gas to 6 communities and steam heat to
Stock subscribed
Agreement to un2. and also operate an electric railway and bus service in Dubuque and
derwrite allotfor (subs.). _
342.586
subsidiaries, which will be controlled through
24.378 ajacent territory. Through stock and bonds, electric light and power will
Prem.on pf. st.
ment rigs, for
outstanding
Bonds of subsid's 57.166 500 44.104.500 ownership of all74 communities in the States of NS isconsin. North Dakota.
pref. & corn.
b3 furnished to
262.250 3,384,000 Coupon notes.- 5,953,000 4,267.500
' stock
Nebraska and Illinois. The total population of the territory served by the
6.145.022 4,902,501 Unpaid but unCash
system is approximately 460.000 and the company's customers total over
61.617
42.902
Notes receivable
derwritten bal.
84,000. The combined annual electric output is about 91,000,000 kw.h.
on allotment
Acc'ts receivable 2.492.074 1,762.208
Over 90% of the net earnings of the system is derived from the sale of
price of allotMarls Os.supp.._ 1,788.555 1,608,726
gas, and 1.6% from electric railway
407.109
834.360
ment certifs.,.
262,250 3.384.000 electric light and power. 7% from
Prepayments.._
293.271
Notes payable__ 2,165,566 1,576.741 and bus service. of the properties of the company have been physically
Subscr. to stock.
Practically all
126.612
861.710
848,842
517.995 Acc'ts payable__
Misc. investm'ts
connected so as to permit a more efficient operation of the steam plants and
Sinking funds._ 3.254.166 2.871.597 Accounts not yet
utilization of electric energy generated by the hydro44,101
1,999.094 1,980,178 a more complete Company and its subsidiaries own 15 steam electric
due
Special deposits_ 2.848,871
electric plants.
Divs. declared._
46.789
Unamorrd debt
plants,6 gas plants and 2 steam heating
disc. & exp._ 3.279.103 2,205,246 Retirement res. 11,184,413 8,938.469 generating plants, 12 hydro-electric
The
bus system in
248,397 plants, as sell as the electric railway and and 2.877 milesDubuque.
270.416
719,777 Oper. reserves__
579,318
Unadjusted deb.
of high tension
combined properties have 192 substations
639,594
Unadjusted cred 1,050,500
transmission lines and a complete system of distributing lines. The
Bal. of assets for
capacity of the system's electric generating plant9 is approximately 40.000
corn. stock of
k.w.
subs. In hands
In addition to the power which the system generates at its own plants,
of public
'1,250,126 1.328.265
the purchase of poser from the Northern
Total(each skie)154.673.975 133.814.946 Bal, of assets._ .250.0 i 0,693 46.884.501) it has favorable contracts forRy., Light & Power Co., Interstate Light &
0 a Showing book value of 305.018 preferred shares and 778.938 common States Power Co., Wisconsin
Poser Co. and others to the equivalent of 15,000 kw. It also has favorable
shares, both without par value.
contracts for the Interchange of power.
The income account was published in V. 124. p. 505.
curlig.-Secured by a direct first mortgage on all real estate, plants,
- transmission lines and other fixed public utility 'properties of the company
Evansville & Ohio Valley Ry.-Exchange of Securities.
The company has been granted permission by the Indiana P. S. Com- now owned (located in Minnesota, Iowa, South Dakota and Oklahoma)
mission to issue $235.100 1st & ref. 7% bonds in exchange for $235.000 or hereafter acquired (subject, as to after acquired properties, to prior liens
of 7% preferred stock of the Evansville Henderson & Owensboro Ry. within limits permitted by the mortgage, and by the pledge of all outstanding
bonds and capital stocks of subsidiaries owning the W isconsin, North
-V. 123. p. 2898.
included in the system.
Nebraska
-Recapitalization. Dakota, properties and Illinois properties Day & Zitmnermann, Inc., who
Fairmount Park (Phila.) Transit Co.
have been examined by
These
The stockholders will vote Feb. 21 on authorizing 150,000 shares of have estimated that the cost to reproduce new, less depreciation, _plus an
common stock, no par value,In lieu of the present authorized common stock allowance for "going concern value, is substantially $41.000.000. The
of 40,000 shares. par $10 each. three shares of new common stock to be properties which will be under direct first mortgage constitute about 90%
issued in exchange for each share of the common stock now outstanding.
of the total valuation. These first mortgage bonds are issued on the basis
Income Account for Calendar Years (Incl. Woodside Real Estate Co.). of less than 50% of the value of the properties. as above stated.
which
-The following consolidated earnings of the properties F. W.
Earnings.
1923.
1924.
1926.
1925.
for these bonds have been certified by
$453.309 will comprise the securitypublic accountants, for the year ended Dec. 31
Rev, from all sources-__
$448.990
$439,661
$565.700
Operating expenses
264.361 Lafrentz & Co.. certified
266.115
334.979
274.327
properties for the two preceding years
Bond interest, /kb
46,395 1926. The earnings of the same
44,028
43.449
43,663
Co., based, with respect to certain
Res. for depreciation
59,205 have been certified by F. W. Lafrentz & Young & Co. (for 1925) and upon
72,984
64.455
63,150
of the properties, upon audit by Arthur
1924):
:Combined profit_ _ _ _
$83.345 company figures (for
$114,286
$57,215
$75,696
1925.
1926.
1924.
12 Mcnuhs Ended Dec. 31Earns, per pref. share
$4,989,092 $5.217.301 $5.470,124
(7,968.6 sh. outsrg)._
$1048 Cross earnings
$1434
$7 18
$9 50
other
•Oper. exp., maint. & taxes,
Earns, for common sh.
2,685.078
2,807,872
2,705,466
than Federal
2 72
1 94
1 29
1 75
t, (40,000 sh. outsrg)._
x Federal income taxes estimated at $15.500 for 1926: $6.000 for 1925:
Net earnings (before int., Fed. inc.
19,300 for 1924 and $10.600 for 1923, not deducted.
-V. 116. p. 2993.
taxes & deprec. reserves, &c.)--- $2.181,220 92,532,223 $2,764,658
Georgia Railway & Power Co.
-Bonds Called.
Annual int, requirements on $20,000,000 1st mtge. gold bonds,
81,000.000
-year 6% gen. mtge. gold bonds, series of 1923,
5% series, due 1957 (this issue) revenue for maintenance in accordance
AS of the outstanding 25
•Includes 8% of gross operating
have been called for payment March 1 at 1073. and interest at the Bankers
with requirements of the mortgage.
Trust Co., 16 Wall Street, New York City.
present financing
-Proceeds received by the company from the the
Purpose.
-year sinking fund gold
All of the outstanding 1st & ref. mtge. 5% 40
company and
previous bond issues of
bonds. dated April 1 1914. have been called for payment April 1 next at will be used in the retirement ofstocks of subsidiary companies .to permit
preferred
105 and int, at the Fidelity-Philadelphia Trust Co., trustee, Broad & Chest- underlying bonds and properties into one operating unit, and for other
-V. 123, p. 3319.
Phila.. Pa.
consolidation of the
nut Sta.,
corporate purposes.
-Balance Sheet Dec. 31.Illinois Bell Telephone Co.
-Company has the benefit of the management of the
Management.
1925.
1926.
1926.
1925.
Utilities Power & Light Corp., through that corporation's ownership of its
Liabilities
-V. 123. p. 581; V. 124, p. 507.
Assetscommon stock.
Capital stock_-_ 80,000.000 80,000,000
Land & bldgs. &
International Utilities Corp. Preliminary Statement.3.433
3433
teieph. plant_199,731,337 180,049,328 Prem.on cap. stk
Earnings on the preferred stock of the corporation for 1926. Including the
General equip't. 3.300.559 3.049.169 Funded debt.__ 49.137,400 49.252.900
the Southwestern
979.303 Advances
971,729
13.800.000 3.000.000 apecial profit accrued from the sale of its subsidiary. e according to a
Investments..._
636 57 a Aar .
Acc'ts
5.099.959 3,609.511 Utilities Corp., will show approximatelyPres. P. M.
Cash & deposits 1.224.623 1,677.589 Accr. payable
Chandler. NThhout
liabilities,
35,904
23,036
preliminary earnings statement issued by
Marketable sec.
not due
27,827
819
special profits the stock earned $21 79, practically three times the dividend
Bills receivable_
outstanding $3.000.000 preferred stock 89 compared
ben. fund 3 42 82
6 0 5 0 081
:9
Accts. receivable 6,686,557 5.815.050 Empl.derd cred. 6.'500.'007 20555.'000 requirements on the
943,022 Other
32,422 with 317 96 for 1925.
53,775
954,627
Marls & auppl's
Rerve for accrd
preliminary report also states that class A stock of the corporation
The
Accrued income,
depreciation_ 49.175.386 44.366,948 shows approximately $6 69 a share for 1926, including special profits
10.277
7,059
not due
.
A pprop fiiv plus
Other reserires_ 5.6860 9 4,199:53 50 from the Southwestern Utilities Corp. sale. or $3 35 without the special
216946
:3
146 0 7
Deterred debits- 4,962,909 4,884.799
Profits, as compared with $2 48 in 1925.
Corporate sum_ 4,763,490 4,406.386
An amount equal to two-thirds of the corporation's 1927 requirements for
preferred and common stock dividends has accrued from cash dividends
Total
217.883.255 197,472.269 already provided for by two of its subsidiaries, leaving intact earnings of
217.863,255 197,472.289
I Total..
-V. 124. p. 506.
291,
all other properties to complete the balance.
The usual income account was given in V. 124, p.
FEB. 121927.]
THE CHRONICLE
-Offered to City
.Jacksonville (Fla.) Traction Co.
r* The property of this company has been offered for sale to the city
of
Jacksonville, Fla.. by J. P. Ingle, manager of the company, but the City
Council tabled a motion that a legislative bill be prepared to authorize the
city to make the purchase. ("Electric Ry. Journal.")
-V. 121. P. 1677.
-To Abandon Service.
Las Vegas (N. M.) Transit Co.
This company (controlled by the Las Vegas Light & Power Co.) has been
authorized by the City Council of Las Vegas, N. M., to abandon railway
service. The company operated between Las Vegas and East Las Vegas,
3.7 miles.
The as Vegas Transit Co. and the Las Vegas Light & Power Co.
succeeded by reorganization, in 1909, the Las Vegas Ry. & Power Co.
V. 98, p. 1920.
-Annual Report.
Laurentide Power Co., Ltd.
921
-Acquisition.
Michigan Gas & Electric Co.
The company has taken over the Niles Gas Light Co., serving the cities
of Niles and Buchanan, Mich. The plant at Niles has a capacity of 300.000
cu.ft. of gas daily, and gas is supplied to the neighboring town of Buchanan
through a 4
-inch high pressure main. There are 2,500 customers in Niles
and Buchanan.
-V. 124, p. 111.
Milford & Uxbridge (Mass.) Street Ry.-Abandonment.
The company has received permission to abandon its railway lines between
Milford and Hopkinton, Mass. Following this approval, the Milford
Selectmen granted a permit to the Johnson Bus Lines, Inc., Milford, to
operate buses from the Milford-Hopkinton town line to the Milford-V. 123, p. 710.
Hopedale town line. ("Electric Ry. Journal.")
-Proposed Improvements.
Minneapolis Gas Light Co.
-
It is announced that the company proposes to make the following improvements during the next few years: Additions to water gas equipment
to cost $1,000,000; a new oil gas plant to cost $1.000,000; a coal gas plant to
cost $3,000,000; extension to gas and pressure mains to cost $2,000,000.
Owing to the fact that questions of the adoption of a block rate for gas
$1,417,822 and an extension of the company's franchise have not been decided and are
247,537 now live issues, the company will limit its expenditures during this year to
474,857 $1,000,000. 8.393
1925.
1924.
1826.
1923.
Calendar Years$3,895,469 33,582.650 $3,667,840 $3,640,076
Gross income
64,000 Expenses and taxes
2,918,686
2,702.179
2,705.961
2,691.659
525,000 Depreciation
184,828
180,840 • 174,194
150.000
409,491
374,422
427,400
Interest charges, &c_ _
349.704
$98,035
69,238
Net income
$417.892
$264,460
$410.399
$424.519
-V.122, p. 1026.
$167,273
al27,458
-Definitive Bonds.
Minnesota Power & Light Co.
89,340
The American Exchange Irving Trust Co., 60 Broadway, N. Y. City,
Cr60,000 is now prepared to deliver definitive 1st & ref. mtge. gold bonds. 5% series,
due 1955. in exchange for outstanding temporaries. For offering see
V. 123, P. 3038
.
$10,474
1926.
1925.
1924.
1923.
Calendar YearsRevenue from power-- $1,476,766 $1,496,522 81,478,087 $1,411,180
6,981
3,890
2.775
6,642
Miscellaneous revenue- _
Total revenue
Expenses
Interest
Exchange on bond int
Prop'n of bond conv
ncome tax
Dividends ($5)
$1,483,747 $1,500,412 $1,480,862
262.835
248,249
242,585
458.875
467,854
475,380
69
3,994
7,860
7,860
50.000
65,000
65,000
525,000
525,000
525,000
Balance
Previous surplus
$179,177
26,168
$186,380
30,038
$168.903
10.474
Total surplus
Adjustments
Sinking fund
From contingent fund..
Trans. to deprec. res
$205,345
$216,418
$179,377
90,250
90.250
89.340
Dr60,000
100,000
100,000
$15,095
Profit & loss, balance$26.168
$30,038
Shares of capital stock
outstanding (par $100)
105.000
105.000
105.000
105,000
$6.71
Earn. per sh. on cap.stk.
$6.78
$6.61
$5.93
a Settlement of income taxes, 1918-1922, $107,198; settlement water
rentals, 1918-1922. $20.259; total, $127.458.-V. 122, P. 1026.
Los Angeles Gas & Electric Corp.
-Bonds Sold.Bond & Goodwin & Tucker, Inc., E. H. Rollins & Sons,
Harris, Forbes& Co., Mercantile Securities Co.of California,
and Blyth, Witter & Co., have sold at 98M and interest,
$10,000,000 first and gen. mtge. gold bonds, series of 5s,
.
due 1961.
Dated Sept. 11926; due Sept. 1 1961. Interest payable M.& S. in San
Francisco, Los Angeles and New York, without deduction for the normal
Federal income tax up to 2%. Denom. $500 and $1,000 c*. Redeemable
on any interest date,in whole or in part, on 60 days prior notice, at 105 and
interest until and including 1941, the premium decreasing thereafter % of
1% for each year. All the mortgage 'bonds of the corporation heretofore
Issued ha ve been certified as legal investments for savings banks in California
and application will be made to have these bonds so certified. Exemptfrom
the California personal property tax. American Trust Co., San Francisco,
and Security Trust & Savings Bank, Los Angeles, trustees.
Issuance.
-Authorized by the California Railroad Commission.
Corporation.
-Serves gas and electricity for domestic and industrial use
to a large and constantly growing territory which comprises the metropolitan
area of Los Angeles and many adjoining communities, having a total estimated population of about 1,650,000. The gas business of the corporation
and its predecessors has been in continuous and successful operation for
nearly sixty years, and the electric business for about 44 years.
The corporation had on Jan. 1 1927 a total of 472,891 gas and electric
meters connected to its system. These were represented almost entirely
by small consumers, which is the most profitable business for public utilities.
The gas department has a generating capacity of 95.000,000 Cu. ft. per
24 hours, and a holder capacity of 69,270,000 Cu. ft. Its distributing
facilities include one of the largest compressor plants in the world, with a
capacity of 9,000,000 cu. ft. per hour; 2,737 miles of mains and 13 modern
gas holders. Both natural and artificial gas are served by the corporation's
system, which on Jan. 1 1927 had 339,736 active meters in service. In a
substantial portion of its territory the corporation controls all of the gas
business.
The electric department has a present installed generating capacity of
145,687 h.p., and its facilities comprise 1,333 miles of pole and transmission
lines, and 59 miles of underground conduits. On Jan. 1 1927, there were
133,155 active electric meters in service.
CapitalizationAuthorized. Outstanding.
Preferred stock, 6% cumulative
$30,000,000 $19,053,900
Common stock
30,000,000 x14,000.000
First and general mortgage (this issue)
•
10,000,000
Underlying mortgages (closed except for sinking fund purposes) 37,215,000
x All owned by Pacific Lighting Corp.
Valuation.
-The properties of the corporation, consisting of valuable real
estate holdings generating plants and equipment of the most modern type,
together with its extensive gas and electric distributiong system, have a
present conservative value, based on independent appraisals,of$96,390,000.
including the additions provided for by this financing. This is equal to
more than twice the total funded debt of $47,215,000.including this issue.
Earnings Year Ended Dec. 31 1926.
Gross earnings
$17,611,710
expenses, maintenance and taxes
Operating
10,070,791
Not earnings available for interest, depreciation, diva., &c_ -$7.540,919
Annual interest chargt. on $47,215,000 bonds
$2,584,378
For the past five years net earnings applicable to bond interest requirements have averaged $6,006.175. Approximately two-thirds of the corporation's gross operating income is derived from the gas business, and
about one-third from the electric business.
Sinking Fund.
-The terms of the indenture provide for the payment of an
annual amount to the sinking fund, beginning Sept. 1 1927, equivalent to
3.5 of 1% of the par value of the largest amount of bonds at any time outstanding, including all underlying and additional bonds. Corporation may
credit its sinking fund with any payment made under the terms of the
sinking fund of any underlying mortgage.
Purpose.
-The proceeds of this issue will be used forthe purpose of redeeming all of the outstanding series"B" 7% and series"C' 7% gen. and
ref. mtge. bonds (aggregating $5,000,000 principal amount); to retire
$1,895,500 series
" 5%% gen. and ref. mtge. bonds, and for extensions,
additions and improvements to the corporation's plants and system. A
substantial saving in interest charges will be effected by retiring the above
bonds.
Output Gains.
-
-Bonds Called.
Montpelier & Barre Light & Power Co.
-year gold bonds, dated
All of the outstanding let ref. mtge. 5% 30
Oct. 1 1914, have been called for payment April 1 next at 105 and int.at
the American Trust Co., trustee. Boston, Mass.
-year 8% gold notes, dated Sept. 15 1920, have
All of the outstanding 10
been called for payment March 15 at 104 and hit. at the American Trust
-V. 124, p. 236.
Co., trustee, Boston, Mass.
-New Control.
Nebraska Electric Power Co.
-V. 123. p. 1763.
See Eastern Texas Electric Co. above.
-Trustee, &c.
New Jersey Power & Light Co.
The Guaranty Trust Co.of New York has been appointed trustee, paying.
agent, registrar and fiscal agent under the mortgage of the above company.
dated Aug. 1 1926, securing an unlimited issue of 1st mtge. gold bonds.
See V. 124. p. 112.
-Listing.
New Orleans Public Service, Inc.
The New York Stock Exchange has authorized the listing of $8,099,000
additional 1st & ref. mtge. gold bonds, series "B." 5%. due June 1 1955.
making the total amount of such series B bonds applied for, 313.000.000.
Comparative Statement of Income for 12 Months Ended Nov. 30.
1926.
1925.
Operating revenues
$17,527,044 $16,306.956
Operating expenses
8,967.407 8,678,493
365,591
236.538
Federal taxes
1.801.433
1.806.215
Other taxes
Net revenues from operation
Non-operating revenues
36.392.612 $5,585,710 ,
102.426
192.332
.ta
Gross corporate income
38495,038 $5,778.041
2,348.710 2,252,944
Interest on bonds
176,268
158.404
Other interest & deductions
491.243
300.757
Dividends on preferred stock
Appropriation for renewal and replacement reserve 1.642,552
1.537,493
Distributable earnings prior to acquisition
9.155
89.521
41,827.111
Balance
-V. 124, p. 647.
31.438.923
-Annual Report.
New York State Railways.
1924.
1926.
1925.
1923.
Calendar Years$10,351.484 $10.027,907 $10.358,199 810,800,518
Railway oper. rev
Railway oper. exp. (Incl.
7,588,756
7.199,140
depreciation)
7,257.745
7.708,178
Net rev. ry. oper
Net rev. mull. oper
$2,762,729 $2,828,767 $33,100,454 $3,092,339
496
1,247
665
2,484
Net oper. revenue__ __ $2,763,224 $2,830,014 $3,101,119 $3,094,821
695,146
711,305
659,422
797,122
Taxes
Operating income_ __ _ 2,103,802
Non-operating income_ _ yDr.38.194
Gross income
Deductions
Sinking fund
Preferred diva. (5%)
Common dividends
2,134,868
132,942
2,389.814
125,072
2.297.700
76.869
92,065,608 $2,267.810 32.514.886 32,374,569
1.536,601
1,507.672
1,478,479
1.451,177
34,636
31,603
32,664
34,130
x193,125
193,125
193,125
x193,125
(2)0448,763
Surplus
$304.278
3534.350
9808,646
$247.374
Sham; of common out199,524
199,524
standing (par $100)
199,524
199,524
$1.52
$2.68
Earn. per sh.on common
$44.05
$3.49
x 2l% paid in 1925, none in 1926.
y Adjustment of excess of specified return under service-at-cost contract,
Rochester.
City of
Balance Sheet Dec. 31.
1926.
1925.
1926.
1925.
g
Assets-•
$
Liabilities$
$
Rd.at equip., dm_ _52.721,908 52,455,425 Preferred stock_ _ 3,862,500 3,862.500
.
Sinking funds____ 158,950
161,366 Common stock_ _ _19,952,400 19,952,400
Inv. in MM. cos- 2,632,136 2,641,397 Funded debt
26,552,000 26,554,000
Other investments
200
200 Real estate mtges_
36,000
36,000
218,434
Cash
220,875 Current liabilities_ 2,852,602 3,098,706
Special deposits_
247,163
632,918 Deferred liabilities 470,274
610,599
Accts., dm.. rec. _ 1.142,842
889,313 Tax liability
241,121
264.764
Mails St supplies_ 814.125
889,964 Accrued depree'n. 2,249,859 2,364,930
Other curr. assets38.450
41,320 Other unadj. cred_ 358,677
285,939
Unadj. debits
1.792,166 1,800,840 Sink. hi. reserves_ 386,322
357,393
Profit ,St loss surp_ 2,834,620 2,346,387
New high records for both gas and electricity consumption volume were
established in January by the corporation, according to the monthly stateTotal
59,766,374 59,733,618
Total
59,766,374 59,733,618
ment. Gas send-out registered 2.658.180,000 Cu. ft., an increase of 20.03% -V. 124, p. 507.
above Jan. 1926, while the electric department reported 22,100,566 k.w.h.
an increased of 19.57% over Jan. 1926. In view of a recent readjustment
New York Telephone Co.
-Expended Over $78,000,000
in electric rates directed by the California RR. Commission. it is anticipated increasd use will boost revenue substantially without adding to During 1926 for Enlargement of System-Expenditures.
More than $78,000,000 was invested by the company in 1926 to enlarge
-V. 124, p. 646.
operating expenses.
its system in New York State, Northern New Jersey and a small portion
of Connecticut, to care for the increased demand for service. This invest-Tenders.
Madison River Power Co.
The United States Mortgage & Trust Co., trustee under the first mort- ment was for new or enlarged buildings, central office equipment cable,
gage of the above company, has on hand $41,743 for the purchase of out- poles and added trunk lines between hundreds of central offices to carry
standing bonds. Holders of bonds are invited to offer them to the trust the greater load of calls resulting from the installation of new telephones.
These facts are contained in a statement issued Feb.4 by President J. S.
company at not more than 105 and hit, before noon on Feb. 16.-V.
McCulloh, reviewing last year's telephone developments. Mr. McCulloh
95, p. 1334.
says that since Jan. 1 1920 the telephone company has had to invest a total
of $500.500,000 for construction to improve the service and enlarge its
-Dividends.
Manila Electric Corp.
entire system to meet requirements for greater service.
The directors have declared a dividend of 20 5-6 cents per share on the
Nearly $41,000.000 of the 1926
went for necessary expansion
common stock, payable March 1 to holders of record Feb. 15. and a dividend of the system in New York City. investment
In the Westchester area the investment
of 62% cents on the common stock, payable May 2 to holders of record totalled about 35.425,000; in Suburban Long Island; $4,215.000; Northern
Mar. 31. In each of the five preceding quarters the company paid 50
Jersey. $15,600,000; Up-State New York. approximately $12.000,000.
cents a share on the common stock and previous to Dec. 31 1925 paid Newtotal of 174,200 telephones were added to the company's system which
A
-V. 124. p. 507.
62% cents quarterly per share.
now serves over 2.600,000 telephones of which nearly 1.520.000 are in the
922
THE CHRONICLE
5 boroughs of New York City. Manhattan has 839.611 telephones, a gain
of 35,064, the Bronx has 159,281 telephones, an increase of 9,361: BrooklynQueens 499,689 telephones, an increase of 42,686. Suburban Long Island
75,228 telephones, an increase of 10.817: Westchester and Rockland
Counties 116.167 telephones, an increase of 11,159. The New Jersey area
has 425,943 telephones
-a growth of 35.211. In the Up-State area 483,557
telephones are now in service
-a gain of 28,302.
The volume of local calls handled in the company's entire territory
Increased during the year from approximately 9.568,000 daily to about
10.228,000 per day. 'roll and long distance calls Increased from 773.500
to 881,900 daily, a gain of nearly 15% •
The company's building operations during the year resulted in the
completion of 22 new telephone structures or additions to existing buildings
which provides a total additional floor area of over 1,500,000 sq. ft. Of
these buildings 12 are in the company's down-State or metropolitan area
6 in New Jersey and 4 In the up-State area. The largest structure cornpleated is the new 33 story headquarters and central office building at 140
West St., N. Y. City, which occupies an entire block and is the largest
telephone structure in the world, housing approximately 7.000 workers.
Newbuildingsor additions started during the year totalled 17, four of
which are in the down-State area, 6 in New Jersey and 7 up-State. These
buildings will provide approximately 360,000 sq. ft. of additional floor
space. The company now owns 196 buildings and leases 373 others, with
a combined floor area of nearly 9,000,000 sq. ft.
The directors have authorized the expenditure of $9,153.220 for new
construction work in various parts of the territory served by the company.
Of these appropriations $8.309,630 was set aside for enlargement of plant
facilities in the metropolitan area.
-V. 124. p. 112.
The electric plants and systems in Shattuck and Gage have been acquired
from the Southwestern Light Sz Power Co., while the properties operated
by the Oklahoma Gas & Electric Co. in Clinton and Elk City, Okla., were
recently sold to the Southwestern company.
See also Chickasha Gas Sz Electric Co. above.
-V.124. p. 648.
Pacific Gas & Electric Co.
-Listing-Earnings, &c.
-
The New York Stock Exchange has authorized the listing of $5,287.000
additional common stock, par $25,on official notice of issuance and payment
In full, making the total amount of common stock applied for $58,232.800.
I
This additional stock is being offered to common stockholders of record
Jan. 26, at par, to an amount equal to 10% of their holdings. Rights
expire March 1. Proceeds from the sale of this stock will be applied toward
the cost of additions and extensions to the company's properties made
necessary by the development of its business In the 11 months ended
Nov. 30 1926 such expenditures aggregated approximately $17,000,000,
and the Company's construction program for the year 1927 contemplates
the further extension and enlargement of its generating, transmission and
distribution system. This program involves the completion of a dam and
intake for Pit River Plant No. 4; the construction of an additional hydroelectric plant on the rim of Lake Spaulding and the enlargement of Drum
Canal. with other developments calculated to increase the capacity of the
Spaulding
-Drum system: the completion of a power house at Melones which
will add 36,000 h.p. to the company's hydro-electric generating capacity;
and the expenditure of upwards of $4.000,000 for additions and betterments
to its gas properties.
Calendar Years1923.
•1028.
1924.
1925.
Gross oper. rev., incl.
other Income_
_ _ _ _$51,125,990 $48.066,897 $44,935,419 339,971,743
Deduct--Oper Sz admin.
exp., taxes (incl. Fed.)
maint.,uncoll.acc'ts.&c 29,654,474 28,898,713 28,203,096 23,493,410
Niles (Mich.) Gas Light Co.
-Control.
See Michigan Gas & Electric Co. above.
-V. 124, p. 112.
Norfolk Ry. & Light Co.
-Merger.
See Virginia Electric & Power Co. below.
-V.123. p. 2520.
Northampton (Mass.) Electric Lighting Co.
-Rates.
The company on Jan. 28 notified the Mas~husetts Department of
Public Utilities that it proposes to reduce its rates substantially. The rate
was reduced from 8 cents to 73t cents per kw.h. on Feb. 1 and a further
reduction to 7 cents will be put into effect on July 1.-V. 103. p. 583.
North • Continent Utilities Corp.
-Bonds Sold.
-The
6
offering of $2,000,000 6 , % cony, sinking fund gold deb.
bonds, due Jan. 11942, at 100 and int. by Coffin, Forman
& Co., Inc.; George M. Forman & Co., and R. E. Wilsey
& Co. Inc., has been oversubscribed. See full details in
'
V. 124, p. 791.
Northern Pennsylvania Power Co.
-Definitive Bonds.
The Guaranty Trust Co. of New York is prepared to deliver definitive
let & ref. mtge., series "A" 5% gold bonds, due June 11958, in exlicnage
for temporary bonds now outstanding. (For offering, see V. 123, D. 207).
V. 123, p. 1763.
Northwest Louisiana Gas Co. (Inc.).
-Tenders.
-
The Chatham Phenix National Bank & Trust Co., trustee, will until
-year (closed) mtge. 7% s. f. gold
Feb. 17 receive bids for the sale to it of 5
bonds, due Nov. 1 1931. to an amount sufficient to absorb $12.500, at
prices not exceeding 105 and int.-V. 124, p. 112.
Northwestern Public Service Co.
-Bonds Offered.
A. C. Allyn & Co., Inc., and A. B. Leach & Co., Inc., are
offering $5,800,000 first mtge. 5% gold bonds, series A, at
963 and interest, to yield about 5%.
Dated Jan, 11927: due Jan. 1 1957. Interest payable J. & J. Denom.
81.000. $500 and $100 c*. Redeemable, all or part, on any Interest date
on 60 days' notice at a premium sr 5% of the principal amount and accrued
Interest to and including Jan. 1 1937, this premium decreasing II of 1%
of the principal on each July 1 thereafter, the bonds being redeemable on
July 11056 at 100 and interest. Principal and interest payable at Equitable
Trust Co. of New York, trustee. Interest also payable at National Bank of
the Republic, Chicago. Interest payable without deduction for normal
Federal income tax not to exceed 2%. Connecticut 4 mills tax, Maryland
43( mill tax, Penna.4 mill tax, Calif. personal property tax at a rate not in
excess of 4 mills per annum, and Mass. 6% income tax refundable.
-Authorized by the Nebraska State Railway Commission.
Issuance.
Data from Letter of President Harry Reid, New York, Feb. 7 1927.
-Owns and operates public utility properties furnishin electric
Company.
light and power directly at retail without competition in Aberdeen, Mitchell,
Huron and Yankton, S. D.; North Platte and Columbus, Neb., and in 54
other communities in these States. In addition, the company supplies
electricity at wholesale for distribution to 32 other communities in Nebraska
and South Dakota and also manufactures,and distributes gas In Aberdeen,
Mitchell, Ifuron and North Platte. The total population served Is estimated to exceed 130,000, embracing 92 communities, and the aggregate
number of gas and electric customers is approximately 31,000. of which
23,250 are electric and 7,750 are gas. Company expects a steady increase
in Its business because of the growth of the urban territory already served
and the addition of new communities to its system.
The company also supplies electric energy to a large number of power
consumers, among which may be mentioned shops of the Union Pacific
and Chicago & North western railroads, large sand and gravel companies.
poultry depots, creameries, grain elevators, stock yards and numerous
representative manufacturing establishments.
Capitalzation to Be Outstanding (upon Completion of This Financing).
First mortgage gold bonds, series A 5% (this issue)
$5,800.000
Divisional 6% bo-cis
260.000
7% cumulative preferred stock
2,045,500
Common stock (no par value)
35,000 shs.
Purpose.
-To retire all bonds at present outstanding against the property
of the company (bearing interest rates higher than that of this series) except
the 8260,000 of divisional bonds (above) to reimburse its treasury for
construction expenditures and to provide an adequate medium for future
financing.
Earnings(Including Those ofProperty Recently Acquired), 12 Mos.End.Dec.31
Gross earnings
$2,285.619
Open exp.(incl. current maint. & taxes other than Fed'!taxes)
1.470,269
Net earnings
$815,350
Annual interest requirements on total funded debt
305.600
Net earnings, as shown above, were thus more than 2.66 times the annual
Interest requirements on the total funded debt to be presently outstanding.
Mortgage Restrictions.-Additional first mortgage gold bonds may be
Issued from time to time to a principal amount not exceeding 75% of the
cost or fair value, whichever is the lesser, of permanent additions and improvements made or acquired subsequent to Dec. 31 1926. or upon the deposit of cash, provided earnings applicable to bond interest for 12 consecutive calendar months within the 15 calendar months immediately preceding the date of application for issuance of bonds, shall have been not less
than twice the annual interest charges on all first mortgage gold bonds outincluding those proposed to be issued, and the divisional 6%
standing' outstanding, if any. First mortgage gold bonds may aiso be
bonds then
Issued to refund equal principal amounts of other series of bonds issued
under the mortgage, and the $260.000 principal amount of the divisional
67. bonds now outstanding.
-All of the outstanding common stock, except directors'
Management.
qualifying shares. Is owned by National Electric Power Co.
-V.121, p.331.
Oklahoma Gas & Electric Co.
-Acquisitions.
-
The company has purchased the electric power and light properties in
Guthrie, Mulhad, Langston, Coyle, Perkins and Vince, Okla. from the
Public Service Co. of Oklahoma, according to announcement' by J. F.
Owens. Vice-President & General Manager of the Oklahoma Gas & Electric
Co. All details of the acquisition have been completed and actual operation
of the properties by the purchasers will be assumed at once.
The purchase includes plants, substations, local distribution systems and
high-voltage transmission lines and all installations and equipment involved
In electric service of the towns enumerated. It also includes installations
and property incidental to electric light and power service furnished to the
town of Crescent, where current is provided at the transmission line but is
not distributed.
[VOL. 124.
Gross income
321,471,516 $19,168,185 316.732.323 816.478,332
Bond int., disc. exps
6.497,281
8,383,425
7,508,838 6.646.557
Reserve for deprec'n_ _ . 4,228,850 3.807.990 3.057.417
3.224,757
Net Income
$8,859,241 $7,851,357 $7.028,349 $6,756,294
Divs. pd. on pref.stk (6%)3.563,077 3,265.434
3,244.608 3.103.847
Common dividends_ _(8%)4,120.037(8)3.624.337(8)3.040,123(6)2,310,498
Balance, surplus
$ ,03
4 0
3743.618 $1,3 10 49
76010
7
5961.586
51,131.2 3
Earns. per sh. on com_ _
$9.53
$8.83
* Preliminary figures.
Sales of electric energy in 1926 were 1,511.000.000 kw.h. an increase
h.,
of 162.000.000 kw.h. over 1925, or 12%. Gas sales, in 1926 totaled 17.480.000,000 cu. ft., a gain of 1,279,000,000 cu. ft., or 8% over the previous
year. The number of active meters in service at close of 1926 was 874,724,
a net increase of 61,026.
•
Commenting upon the records, A. F. Hockenbeamer,
Vice-President of the company, says:
The gains in sales and business added to company's lines, reflect the
increase In the company's business more accurately than a comparison
of _gross operating revenues, as the latter were diminished by about $1,335.000 through reductions in flit rates. Without reduced rates, there
would have been an increase of ,566,000, or about 10%.
The average cost of oil used n gas manufacture was 34 cents a barrel
less than in 1926. The resultant lower costs were passed on to our customers without, however, diminishing net from gas operations. This
policy of adjusting gas rates to conform with fluctuations in oil costs was
adopted by the Railroad Commission about five years ago and has given
desirable stability to our gas business without impeding normal growth of
net in that department.
We anticipate for 1927 about the same rate of growth as in 1926, with
water conditions at this time, however, more conducive to economical
operation than they have been for years. The reservoirs about our hydroelectric plants are well filled and the snow coverage in the tributary water
sheds in mountain areas, with a good part of the precipitational season
ahead. is also sufficient to justify expectation of an ample and prolonged
runoff to defer drawing on stored water until well in the summer.
Uur construction program this year calls for expenditure of about $20,000,000. No new financing, except possibly in the latter part of the
year, will be necessary as our present cash exceeds 37,000,000. By Juno 1,
approximately $5,500,000 will become due from the sale of common stock
to common stockholders to whom the right has been extended to purchase
this additional stock at par to the extent of 10% of their existing holdings.
Substantial amounts for reinvestment will also be available from reserves
and surplus above dividend requirements and $3.000,000 from minor
properties which are under contract of sale, and the disposal of which are
under contract of sale, and the disposal of which, merely connotes a shifting
of capital into more profitable channels.
Stock Listed on San Francisco Stock Exchange.
The San Francisco Stock & Bond Exchange has approved and started
listed trading in 2,540,000 shares of common stock and 2,115,000 shares
of preferred stock of the company. The new listing follows the recent
split up on the basis of 4 for 1 changing stock from $100 to $25 par value.
To Sell Telephone Properties.
See Sacramento Valley Telephone Co.
Municipal Gas Plant Acquired.-After many years of experience with a
municipally owned gas system. Santa Clara,
,
has sold its system to
the Pacific Gas & Electric Co. of San Francisco. for $50000. The decision
Calif.,
to sell was reached at a recent election, when the issues were either selling
or raising taxes to expend a large sum for needed replacements and extensions. Coincident with the improvements, the company announced a rate
reduction that will save Santa Clara customers $9,300 a year.
-.-V. 124,
13. 373, 236
Penn-Ohio 'Securities Corp.
-Output of System.
The operating properties of the Penn-Ohio .system for January report
electric output of 47,972.711 kw.h.. a gain of 15.4% over the same month
of last year, and the second largest monthly output in the history of the
properties. For the 12 months to Jan. 31 the output totaled 520,293.554
kea:r .,y 2 eA1-month record and exceeds the output of the preceding,
y w h b an
6
Kilowatt-Hour OutputMonth of January
12 months to Jan. 31
-V. 124, p. 236.
Increase.
1926.
1927.
47.972.711 41 .554.185
6,418,526
520.293,554 412,632,106 107,661.448
-Sub. Co. Acquisition.People's Light & Power Corp.
J. J. Helm of Lawrence. Kan., and C. 0. Kalman of St. Paul. Minn.,
controlling the Citizens Light, Heat & Power Co. of Lawrence, Kan., have
Sold this utility to W. B. Foshay Co. of Minneapolis, Minn.
The Citizens conmany serves a population of over 12,000 with natural
gas. It is located 38 miles south of Kansas City, Mo., being connected
by an hourly interurban system. This gas property will be operated by the
Foshay interests as the Peoples Utilities Kansas Corp., a subsidiary of the
Peoples Light & Power Corp. The new owners state that improvements
will be made.
-V.124. P. 702, 648.
-New Control.
Pottsville (Pa.) Gas Co.
-V.74, p. 941.
See Central Public Service Co. above.
-New Franchise.
Public Service Co. of Colorado.
A 20
-year franchise for gas, electric and steam heat service in Denver
has been awarded by tax-payers' vote to this company, a Cities Service
subsidiary, according to an announcement by Henry L. Doherty & Co.
The franchise is a renewal of an expiring franchise and continues until
1947. The Public Service Co. of Colorado serves the population of Denver
-V. 123, p. 1997.
through 157,000 gas and electric meters.
-Sale of Properties.
Public Service Co. of Oklahoma.
-V.124. p. 113.
See Oklahoma Gas & Electric Co. above.
-Improvement Program.
Public Service Corp. of N. J.
An authoritative statement says:
More than $57,000.000 is available this year for new construction,
extensions and improvements by the various Companies embraced E
he
Public Service Corp. of New Jersey system. Of this sum $31,064,3
as
authorized In the 1927 budget. The other $26,000,000 was previously
now in progress.
authorized and covers work
The electric operating department's portion of this year's budget is
825.461,578 of which sum about $2,500.000 will be used for the installation
FEB. 12 1927.]
923
THE CHRONICLE
unit of boilers consisting of three of 2,360 h.p. each, for the
Kearny Generation Station. Approximately $12,000,000 is assigned to the
about
development of electric transmission facilities. Of this latter sumsimilar
stations,
*7.000,000 will be used for the building of new switchingdistribution purTrenton. For sub-stations and
to those at Athenia and
pose there is available more than $9,000,000. New sub-stations will be
City and
erected at Westwood in Bergen County. at Rahway, Union Elizabeth,
Princeton. Stations will be reconstructed at Ridgewood,
Cranford, New Brunswick. Washington Ave., in Newark; Garfield Ave,
Jersey City; Olden Ave., Trenton. Extensions will be made to Englewoodsub-stations and additional equipment will be provided for the Metuchen
switching station. About $1.000,000 will be spent for underground
conduits in congested sections and another $1,000.000 for reinforcement of
distribution lines. Jersey City will have a new storehouse at a cost of about
*300,000. The gas department budget is close to $2.000,000 and will
provide largely for the laying of new mains in territory, where the population
is increasing and for the reinforcing of existing facilities. Improvements
The railway
of the department's gas manufacturing plants will be made. for upkeep of
and transportation companies will spend about $4,500.000
additions and alterations to plant and equipment. The largest
properties,
item authorized is an appropriation for the purchase of about 200 new
buses, contracts for which have not yet been awarded. The railway
company will spend approximately $1.500.000 for track reconstruction in
various parts of the State and 450 new electric fare boxes will be bought for
the transportation company.
In the four years from 1923 to 1926 a total of $120,656,205 new capital
has been added for extensions and betterments of electric and gas services.
4
-V.124. P. 648. 37 .
The largest expenditures under the 1927 budget will be made for the
Pittsburgh properties where a total estimated amount of $26,000,000 will
be expended. The Colfax steam-electric generating station near Pittsburgh will be increased from 190,000 kw. to 270.000 kw. capacity. Extensive switching facilities will be installed in connection with the Brunot
Island plant at Pittsburgh.
Next in volume and importance to the Pittsburgh situation is the continuation of work on the 108.000 h.p. hydro-electric.station for the Louisville Hydro-Electric Co., a subsidiary of the Louisville Gas & Electric Co.
at the falls of the Ohio River at Louisville.
A hydro-electric development for the California Oregon Power Co., on
the north fork of the Rogue River, will be remarkable both for the rapidity
with which it will be completed and for the unusually large amount of energy
which will be made available. Work on this plant, which will have an
initial capacity of 15,000 kilowatts, was started in Jan. 1927, and it is
expected that it will be in operation by Oct. 1 of this year. The initial
development of 15.000 kilowatts will produce an annual output of 130,000.000 k.w.h., while second and third units of the same size, to be installed
as necessity for increased power becomes evident, will produce 110.000.000
k.w.h. and 60,000,000 k.w.h. respectively,or a total of 300.000,000 k.w.h.
from a 45.000 kilowatt development.
The remainder of the 1927 construction program consists largely in the
Installation of additions to existing plants and the construction of a large
-V.124, p. 649.
amount of transmission and distributing equipment..
-Timefor Deposit of
Public Service Electric & Gas Co.
Stock Extended.
Dec.31•26. Dec.31'25.
Dec.31'26. Dec.31'25.
$
$
$
Assets28,000,000 24,000,000
Capital stock
Land.bidgs.,plant.
14,531
17,794
equipment, &c_45,826,410 41,492,672 Prem. on cap.stk.
1,000,000 1,000,000
35,375 Funded debt
35,375
Investment secur_
43,188 Advances from sys43,523
Miscell. tnvestm'ts
1,250,000 3,000,000
178,0691 tern corps
and deposits_ 155,787
Cash
Accts.receivable__ 1,443,455 1,354,768 Accounts payable_ 1,879,130 1.444,242
979,130
521,501 , Accr. liab. not due 1,154.093
Mans & supplies_ 437,022
114,112
148,297 Ins.& casualty res. 100,779
99,426
Prepayments
450,000
3,219 Employ. fund_-__ 500.000
11,745
Def'd debit Items_
6,974
7,458
Def. cred Mons__
Res. for deprec__ -11,990,630 10,963,009
144.145
Res. for amortlz__ 152,685
2,000,155 1,660,945
Total (each side)A8,052,724 43,777,087 Surplus
The usual comparative income account was published in V.124, p.793.
of the fifth
A notice to the holders of stocks of companies now held under lease says
In substance:terms of the deposit agreement dated Dec. 28 1926, for the
Under the
exchange of the capital stocks of certain companies now leased to the above
company, the time for the deposit of said stocks expired on Feb. 10 1927.
The holders of substantial amounts of said stocks have expressed their
desire to take advantage of the offer of exchange but have been unable for
various reasons to deposit their stock certificates and complete the necessary
formalities for transfer within said time limit. Therefore, to permit the
deposit of such additional stock, the time within which deposits will be
received has been extended until and incl. March 12 1927.
More than a majority of the stocks of Essex & Hudson Gas Co.,
Hudson County Gas Co. and the Paterson & Passaic Gas & Electric Co.
have already been desposited, thereby assuring the plan of exchange
(V. 124, p. 374) becoming effective as to those companies on said extended
date.
The other companies to which the offer of exchange applies are: South
Jersey Gas, Electric & Traction Co., the Gas & Electric Co. of Bergen
County, the New Brunswick Light, Meat & Power Co., the Newark Consolidated Gas Co.. the Somerset, 'Union & Middlesex Lighting Co. and
the Ridgewood Gas Co.
The stocks of the leased companies may be deposited at the offices of
J. P. Morgan & Co., 23 Wall St., N. Y. City, or Drexel & Co., Chestnut
& Fifth St., Philadelphia, depositaries, or at the office of Fidelity-Union
Trust Co. 755 Broad St., Newark, N. J., agent for the depositaries.
Depositing stockholders will receive registered certificates of deposit
issued by the depositaries under the deposit agreement. No expense of
any kind will be chargeable to the depositors. See also V. 124, p. 792, 374.
-New Control.
Southern Gas & Power Co.
-V. 124. P. 113.
See United Utilities & Service Corp. below.
-Balance Sheet.
Southern New England Telephone Co.
-Larger Dividend-Rights.
• Quebec Power Co.
The directors have declared a quarterly dividend of 14% on the common
stock, payable April 15 to holders of record March 31. Prior to the payments of dividends on the common stock of 14% each on Oct. 15 1925
and Jan. 15 1926 quarterly distributions of 14% each were made.
The stockholders of record Mar.15 are to be given the right to subscribe
for additional common stock at par ($100) in the ratio of 3 new shares
for each 10 shares held. Payment will be due in installments of 50% each
-V. 123, p. 2901.
on May 2 and June 1 next.
-Stock Reclassified.
Queens Borough Gas & Electric Co.
The stockholders on Feb. 4 approved the plan to reclassify the preferred
stock and increase the authorized capitalization, as outlined in V. 124.
p. 649.
-The
-Bonds Offered.
Redondo Home Telephone Co.
Citizens National Co. Los Angeles, are offering, at 100 and
'
interest, $200,000 first mtge. 6% gold bonds.
Dated Sept. 11926; due Sept. 11946. Principal and interest(M.& S.)
payable at the Citizens Trust & Savings Bank, Los Angeles, trustee, without
deduction for the normal Federal income tax up to 2%. Denom. $1,000
and $500 c*. Callable on any interest date up to and including Sept. 1
1936, upon 30 days' notice, at 105 and interest, the callable price being
of 1% for each year thereafter. 'Exempt from California perreduced
sonal property taxes.
-Authorized by the California Railroad Commission.
Issuance.
Data from Letter of John G. Mott, President of the Company.
-Operates, without competition, in the cities of Redondo,
Company.
Hermosa and Manhattan Beaches, and. Palos Verdes Estates. Company's
lines connect with the long distance lines of the Pacific Telephone .t Telegraph Co. and the United States Long Distance. Pacific Telep. & Teleg.
Co. owns a substantial amount of this present issue of bonds.
-Proceeds will be used to retire present indebtedness of the
Purpose.
company and to pay for the cost of betterments and extensions which have
recently been Installed.
Authorized. Outstanding.
Capitalization85,000,000
$200,000
First mortgage bonds
500,000
Preferred stock
N e
119,400
1,000,000
Common stock
Sinking Fund Company will provide a sinking fund for the purchase and
retirement of 2% of the bonds of this issue outstanding each year, beginning
the
that
Jan. 1 1929, the trust deed stipulatingbonds2% ofopen then outstanding
in the
market up to the
issue shall be retired by the purchase of
then redemption price.
Sacramento Valley Telephone Co.-Purch. of Properties.
The 1.-S. C. Commission on Jan. 17 approved the acquisition by the
company of the telephone properties of the California Telephone & Light Co.
The company is a subsidiary of the Pacific Telephone & Telegraph Co.
and owns and operates a telephone system in Glenn and Tehama counties,
the
Calif. The California company is controlled by the Pacific Gas & Electric
Co. through stock ownership, and is engaged in for business of generating,
light, heat and power.
in electricity
transmitting and dealing generally
It also owns and operates a telephone system in parts of Sonoma, MendoLake counties, Calif., the territory served being contiguous
cino, Napa and
to that of the applicant. No question of duplicated facilities is presented.
It appears that the California company desires to discontinue its telephone
business and to devote its efforts exclusively to the conduct of the business
of an electrical corporation.
By a contract made Sept. 23 1926, the Sacramento company agrees
to purchase from the California company its telephone properties, conGuerneville,
sisting of exchanges at Calistoga, Healdsburg, collectively Lakeport,
serve 2,875
Sonoma, Middletown and Potter Valley, which
subscriber stations; the land and buildings at Calistoga and Ilealdsburg
exchanges at those points are maintained, the suburban telein which the
phone lines out of 011overdale, Geyserville, Santa Rosa and Sebastopol,
and all materials and supplies on hand purchased exclusively for use in the
telephone business. The consideration to be paid therefor is $400,000,
with adjustments for property additions and retirements since Jan. 1 1926.
Of the proposed purchase price $300,000 will be paid in cash, and $100,000
by a promissory note due two years from date, without interest. The
Pacific Telephone & Telegraph Co. will advance the amount needed to
make the cash payment and will guarantee the promissory note.
-Earnings.
Terre Haute Indianap.& Eastern Trac. Co.
Calendar YearsGross earnings
Operating expenses and taxes
1924.
1925.
1926.
$5.668,554 $5.058,804 *5.197,922
4,618,040 4,000,623 4,040,502
$1,050,513 $1,058,180 $1,157,419
Net earnings
626,233
614,951
637,073
Rentals & other deduc'ns, sub. cos.._
47.049
48,263
49,558
Sinking funds-subsidiary cos
267.599
263,316
259,177
Int. on T. H. I. & E. bonds
168,359
172,498
164,076
Sinking fund on T. H.I. & E. bonds.
def.$67,792 def.$47,991 sur.$63,745
Balance
-V. 123. p. 712.
--Income Account.
Terre Haute Traction & Light Co.
Calendar Years
Total operating revenue
Total operating expenses and taxes
Deductions from income
Sinking fund
Balance
-V.122. p. 3343.
1925.
1926.
$2,847,537 $2,774,007
1,975,479
2,071,873
272,811
267,600
28,744
28,440
$479,624
$496.973
-Annual Report.
Toledo Edison Co.
Calendar YearsElec. kw.h. sold
Sales(gas) cu.ft.)
Gross earnings
Oper. exp.& maint
Federal taxes
1925.
1923.
1924.
1926.
293.410,630 293.499,070 235.441,088 234,878.220
2335387000 2231140000 1916450000 1812573000
$9,638,747 39,231,218 $8,015,230 *7,491.890
5.143,923
4,682,881
5.512,610
4.311.271)
236,711
159,115
258,906
160.487
Net operating income_ $3,867.231 $3,850.584 $3,173,234 $3,020,134
111,048
173,450
125,890
63,308
Other income
Total income
Interest
Reserve for replace
Preferred dividends_
Common dividends
$3.993,121 $4.024.034 $3,284.282 $3,083,442
1.389,821
1.338,033
1.220,174
1,331,080
855.433
947.157
730,294
1,082,785
408,395
609.083
307,271
677,241
832.500
1.248.750
832,500
277.500
$245,473 def$566,330 sur$548,203
$69,515
Balance
Shares of common stock
138,750
138.750
138.750
138.750
outstanding(Par $100)
$4.91
$7.76
$6.50
Earned per share
Sheet Dec. 31.
Comparative Balance
1926.
1028.
1925.
1925.
$
$
3
AssetsPlant & investm't_50,527,825 48,599,427 8% pr. pref. stock_ 2,351.500 2,351,500
7% cum. series A_ 5,996,700 5,867,800
Uncompleted lob
24,660 Cum.6% series_ __ 2,034,800
7,877
496,700
orders
4,660
7.045 Common stock_ _ _13,875,000 13.875,000
Securities owned
971,625 1,042.153 Total funded debt 19,505,400 19,565,400
Stores & supplies
5,222 Bills & acc'ts pay_ 421.738
3,950
820,737
Bills receivable_ _ _
Acc'ts receivable 3,244,487 '2,788,538
388,753 Acc'ts pay.affil.cos. 127,573
49,651
153,010
Cash & deposits
Acc'ts payable___ 438,760
530,524
Payments made in
305,338
394,598 Interest accrued__ 413,966
414,312
advance
Taxes accr. (Fed.) 309.365
274,909
Bond & stock disc.
331,165
571,350 Other tax. accrued 671,699
547,290
& expense
Other reserves_ _ _
260,154
214,919
Fiscal agent acc't 621,982
1,270,162 1,015,757 Undeliv. securities 573,300
receivable
570,200
9,000 Securs. borrowed_ 905,000
Treasury securities
905,000
905,000 Replace. reserve__ 3,013,686 2.803,776
Securs. borrowed_ 905,000
Other liabilities__ _ 451,466
446,111
Total(each side) 58,243.522 55,751,503 Surplus
6,835.514 6,113.916
-V.124, p. 508.
Turners Falls (Mass.) Power & Electric Co.
-Forms
Voluntary Association to be Known as Western Massachusetts
Companies-Deposit of Stock.
-The directors, in a letter
dated Jan. 19 to the stockholders, says in part:
The directors have caused to be organized under a declaration of trust
dated Jan. 15 1927, a voluntary association called Western Massachusetts
Companies which is prepared to take over the outstanding common stock
of this company.and to issue in exchange therefor shares without par value
of said association at the rate of four such shares for each share of this
company so acquired. Many of the stockholders, including the entire
board of directors, have already declared their intention of making this
exchange and for the reasons hereinafter stated the directors unanimously
recommend the exchange to all other stockholders.
The business of this company is the wholesale production and distribution
of electricity. The demands of the communities which are served by it
alone are constantly increasing and should continue to do so. These
communities, however, are contiguous to territory a ready served by other
bulk supply companies so that beyond these communities further growth
of business is taking place and can continue only through interconnections.
exclusive terri-Proposed 1927 Con- The development of the company's market within its own that territory a
Standard Gas & Electric Co.
tory is, therefore of great importance to it and within
struction.- •
very material part of its business is furnished by five local distributing
look to it for all or
Construction expenditures budgeted for the operated and affiliated Public companies which are now closely affiliated with it andthe public. At the
to
utilities of Standard Gas & Electric Co. for the y_ear 1927 will total U1,- the greater part of the electricity which they sell companies rests wholly
Vice-President present time, however, this affiliation with these
500000, according to an announcement by IL W. Fuller,
with this company many of the
In charge of engineering and construction, Byliesby Engineering & Manage- upon the fact that they have in common
same stockholders and directors and substantially the same executive
ment Oorp. The announcement further states.
proposed is to make more permanent
The total of the authorized construction budget of the operated com- officers. The object of the plan now
' the relations between this company and the companies referred to.
panies for the year 1926 was $30,417,741.
•
924
THE CHRONICLE
Dividends paid to shareholders who exchange their shares should be at
least as great as those which they are now receiving. From each share of
this company acquired the association will receive at the present env.rate
$8 a year which will pay $2 a year on the 4 shares issued in exchange. The
dividends paid by the association will be free of Massachusetts income
taxes and of normal Federal income taxes and will be subject only to Federal
surtaxes.
For the purposes of getting shares transferred a deposit agreement has
been executed by the Western Massachusetts Companies with the Merchants National Bank of Boston. Mass., as depositary, and the First
National Bank of Greenfield. Mass., as sub-depositary. This agreement
provides that shares of common stock of this company may be deposited
thereunder at any time prior to March 1 1927 or such later date not after
April 1 1927 to which the time for such deposit may be extended from
time to time by the trustees of Western Massachusetts Companies: that
if there shall be so deposited 90% of such shares or such smaller percentage
as the trustees shall deem sufficient and elect to purchase, the depositary
shall thereupon transfer to the trustees all shares so deposited and the
trustees shall thereupon issue and deliver to the depositary for and in the
name of the several depositors shares of Western Massachusetts Companies
as herelnbefore stated. If less than a sufficient number of shares is so
deposited those which are deposited will of course be returned.
It was reported on Feb. 10 that over 55% of the common stock of the
Turners' Falls company has been deposited under the deposit agreement.)
See also V. 124. p. 650.
Twin City Rapid Transit Co.
-Acquisition.
This company, it was recently announced, has acquired control of the
Yellow Cab Corp. of Minnesota. The latter was formed, through the merger of the Yellow Cab and Red Top Cab Cos. in the Twin Cities, the Yellow Cab Co. in Duluth, the Town Taxi Cab and Drive Yourself. Inc.,
in Minneapolis and Rochester. Minn. ufficers of the Yellow Cab Corp.are:
Robert F. Pack, Chairman: P. W. Loudon, President, and J. H. Coleman,
Secretary-Treasurer.
-V.123. p.2263.
United Elec. Light Co., Springfield, Mass.
-Earnings.
Calendar Years1926.
1925.
1924.
1923.
Gross revenues
$3,231,158 $3.180.570 $3,031,319 $2,799,869
Oper.expenses and taxes. 1,827.771
2,145.539
1.768,849
1,662,119
Net otter. income
Other income
$1,403,387 $1,035.030 $1,262,470 $1,137.750
27,065
805
352,283
783
Total income
Fixed charges
Depreciation
Dividends paid
$1,430.453 $1,035,835 $1,263.253 $1,490.033
4.338
2,634
71,293
95,201
402,119
288,873
259,746
600.000
600.000
534,215
384,000
Surplus
-V.123, p. 3322.
$423,996
$433,201
$368,872
8751,086
United Gas Improvement Co.-Earnin9s.Calendar Years
1926.
1925.
1924.
1923.
$10,320,578 $9.955,285 $9,326.510 $8,483.135
Regular sources
742,233
Profitfrom sale ofsecurs.
37.467
235,933
18,288
$11,062,811 89,992,751 $9,562,443 $8,501.423
1,964.803
1,476,620
1.310,707
1,247.346
Profit for year before
deduction of loss of
Phila. Gas Works
$9,098.007 $8.516,131 $8,251.736 $7.254.077
Loss on oper. of Philadelphia Gas Works prof.244,607
414,455
154.480
820.121
Preferred dividends_
231.417
427,236
427,236
Common dividends
6,516,888
5,250.065
4.272,204
3,661,788
Balance, surplus
$2,825.726 $2,619,594 $3,397.816 $2,344,931
-V. 124, p. 794. 237.
Total income
Taxes, salaries, &c
United Utilities & Service Corp., Phila.-Sale.-
Confirming press reports, Pres. Walter Whetstone says that this corporation has disposed of its controlling interest in the Southern Gas & Power
Corp. to a responsible Chicago corporation[Central Public Service Co.
-Ed.)
Pres. Whetstone continues: "We. however, are continuing in the future
as in the past to acquire, operate and finance meritorious public utilities."
Address of company is 1612 Market St., Philadelphia, Pa.
[VOL. 124.
000 has been withdrawn for sale in Canada by Royal Securities Corp., Ltd. The bonds were priced at 99 and int. to
yield about 6.09%.
Dated Feb. 1 1927; due Feb. 1 1947. Prin. and int. (F. & A.) payable
in United States gold coin at First National Bank, Chicago, or at Farmers'
Loan & Trust Co., New York, or at the option of the holder in Canadian
gold coin at any branch of the Royal Bank of Canada,in Canada, or at the
Royal Bank of Canada, London, Eng., at the rate of $4 86 2-3 to £1.
Denom. $1,000 and $500 c*. Red. all or part on any int. date on 60 days'
notice at par and int., plus a premium of 5% if red, on or before Feb. 1
1928, such premium decreasing thereafter A of 1% each two years until
Feb. 1 1946 and thereafter at par and int. Company agrees to refund
certain State taxes as defined in the indenture. Interest payable without
deduction for Feder& income tax not in excess of 2%. Montreal Trust Co.,
Montreal, trustee.
CapitalizationAuthorized. Outstanding.
First mortgage 6% sink,fund gold bonds
$4,000,000
$10.000,000
7% cumulative preferred stock
10,000,000
4.000.000
Common stock (no par value)
100,000 shs. 100.000 shs.
Data from Letter of Alexander Smith, President of the Company.
Company.
-Has acquired all the properties and assets of the Mattagami
Pulp & Paper Co., Ltd., as a going concern. These properties, located at
Smooth Rock Falls, Northern Ontario, include a'complete plant of modern
reinforced concrete construction with a manufacturing capacity of 50,000
to 60.000 tons per annum of high grade sulphite pulp, to which bleaching
equipment with a capacity of about 30,000 tons per annum was added in
1926, and a complete hydro-electric development with an installed capacity
of 9.000 h.p., which supplies power for current needs. Company holds a
Crown timber license from the Province of Ontario covering approximately
840 square miles of timber lands on watersheds in the neighborhood of its
plant, in addition to about 125 square miles of timber areas on the same
watersheds owned in fee simple
-a total of approximately 965 square miles,
estimated to contain not less than 3,000.000 cords of spruce pulpwood.
This amount assures an ample supply of pulpwood for the company's requirements.
Security and Assets.
-Bonds will be secured by a deed of trust and mortgage, constituting a first mortgage and charge on all of the company's assets
present and future, specific as to real estate, plants, buildings, equipment,
timber areas and other fixed assets, and a treating charge as to all other
assets.
The net tangible assets, as shown by the balance sheet Dec. 31 1926.
after giving effect to appraisals, were as follows:
Plant and equip., sound depreciated value, as appraised
$5,458.219
Freehold timber lands and Crown timber limits, as appraised
3,000,000
Working capital
1,347,979
Total assets
59806,198
Earnings.
-Net earnings of the properties acquired, available for interest,
after deducting all operating charges, maintenance and repairs, but before
depreciation and Dominion taxes, have been as follows:
Year ended Dec. 31 1925
$534,611
Year ended Dec. 31 1926
700.735
Net earnings for the year 1926, reflecting only in part the operation of the
new bleaching plant, were therefore over 2.9 times the maximum annual
interest charges of $240.000 on these Series "A" bonds to be outstanding.
Sinking Fund.
-The trust deed will provide for annual sinking fund payments commencing Nov. 1 1928, estimated to be sufficient to retire over
61% of these Series "A" bonds prior to maturity, the minimum annual payment being $90,000.
Ownership and Management.-AbitIbi Power & Paper Co., Ltd., has purchased all of the issued preferred and common stock of the Abitibi Fibre Co..
Ltd.
Abitibi Power & Paper Co., Ltd.
-Acquisition.
-
See Abitibi Fibre Co., Ltd., above.
-V.124, p. 114.
Allerton New York Corp., N.Y.City.
-Bonds Offered.
-
G. L. Ohrstrom & Co., Inc., Blyth, Witter & Co. and Graham, Parsons & Co. are offering at 984 and int., to yield
about 5.65%, $4,250,000 1st mtge. 04% s. f. gold loan.
Dated Jan. 1 1927; due Jan. 1 1947. See full details in
V. 124, p. 794.
Allied Chemical & Dye Corp.
-To Build Plant.
-
The corporation is reported to have purchased approximately 300 acres
Virginia Electric & Power Co.
-Consolidation.
The stockholders on Feb. 24 will vote upon an agreement whereby the at Hopewell. Va., from the Tubize Artificial Silk Co.
An authoritative statement says: "This corporation, for the past
Ry. & Light Co. is merged into their company. The Virginia
Norfolk
company, a subsidiary of Engineers Public Service Co., has acquired ap- five years, has had In operation a laboratory plant involving an investment
proximately 95% of the Norfolk company's stock through the exchange of of approximately $4,500,000, devoted to the manufacture and intensive
$33 per share in cash or one share of 6% cumulative preferred stock of the study of fixation nitrogen products. This work, to date, justifies the
Virginia company and $9 in cash for each 3 shares of the Norfolk company initiation of new installation, of large capacity, with a view to producing,
from raw materials available in the United States. fixation nitrogen products
stock. (See latter company in V. 123, p. 2520.)-V. 123, p. 3040.
In quantities sufficiently large to enable the United States, eventually,
to be independent of importation of these products as units of fertilizer.
Western Massachusetts Companies.
-Organized.
as well as making the United States independent of importation during
See Turners Falls Power & Electric Co. above.
periods of war. The economics, as to location and technical process, at.
Wisconsin Public Service Corp.
- Muscle Shoals not proving of interest, the cempany has acquired a large
-Capital Increased.
Shareholders on Feb. 3 authorized an increase in the number of shares of acreage, accessible to both rail and deep-water carriers, at Hopewell.
preferred stock from 55,000 to 125.000 (par $100) and the number of Va., for the location of the first installation. While the investment in
shares ofcommon stock from 30.000 to 75,000 (par $100). They also voted plant necessary for these installations is very large, current assets are
to change the par value of the common stock from $100 to $10 per share. ample to take care of this requirement without obligating the company
-V. 124. p. 376.
Dividend dates on the series A and series B preferred stocks, which hereto- in any way for additional financing."
fore have been different for the two classes of stock, were made to coincide
Allis-Chalmers Mfg. Co., Inc.
-Earnings, &c.
and all dividends on preferred stock will now be payable on the 20th of
Net Profit after Prey. for
March, June, September and December to stock of record the last day
Sales Billed
Federal Taxes.
-V. 123, p. 983.
of the preceding month.
Month of1926.
1926.
1925.
1925.
Worcester (Mass.) Consolidated Street Ry.-Bus Line. January
$2,442,826 $2,419,833
$260.689
8276,836
February
2,417,870 2,413,802
277,131
281,455
President Clark V. Wood, has announced that negotiations have been
2,297,317
290.581
2.467,322
288,762
completed for the purchase by the railway of tho Carter Bus Lines. Worces- March
ter. Mass., which operate between Salem Square and the Lake District in
Total 1st quarter,. _ _ $7.328.018 $7,130,952
Worcester, a large territory not directly served by the railway where there
$828.401
$847.053
82,444,206 $2,308,804
$270,606
are several hundred permanent residents and a much larger summer colony. April
$275,908.
May
2,365,896
2,428.169
265,158
("Electric Ry. Journal.")
-V. 123, p. 2522.
271,497
June
2,481.692
2,368,050
290,395
282.617
INDUSTRIAL AND MISCELLANEOUS
Refined Sugar Prices.
-On Feb. 7IFederal reduced price 5 pts. to 6.15c.
per 113. and Revere. 10 pts. to
price 10 pts. to 6.05c. per lb. 6.15c. per lb. On Feb. 11 Arbuckle reduced
Worsted Mill Announces Wage Reduction.
-Jarrett Bros., Woonsocket,
R. I cuts wages 10%. effective Feb 14 affecting about 400 employees.
-New York "Times" Feb. IQ, p. 39:
Scale Committee of United Mine Workers of AmericaTto Meet Feb.
14
Regarding New Agreement.
-New York "Times" Feb. 9, p. 33.
Bread Price Cut by Chain Store.
-Great Atlantic & Pacific Tea Co. will cut
price of 13 oz. loaf from 6 to 5 cents.
-"Wall Street Journal" Feb. 5.
Paper Box Workers' Strike Ends in 18th Week.
-2.000 members expected to
return to work. Collapse of strike due to lack of public support and funds
-Mew York "Times" Feb. 10, p. 39.
for relief of strikers.
Matters Covered in "Chronicle" Feb. 5.-(a) Fall lines of overcoatings and
suitings opened by American Woolen Co.
-Prices under those of one year
-p. 705. (h) Cut in wages of glass workers
ago
-cut In glass prices at-p. 708. (c) New York Stock Exchange
tributed to output of Ford plant
inaugurates new service, making available copies of listing applications to
investment houses throughout the country-p. 722. (d) New
banks and
York Stock Exchange notice regarding lost securities
-members reminded
that they are responsible for safekeeping of securities erroneously delivered
to them-p.722. (a) Ruling of New York Stock Exchange regarding ad-p. 722. (f) Consolidated Stock Exchange resumes
vertising by members
trading-p. 723. (g) Protective committee calls for creditors of G. L.
-p. 723. (h) McCown & Co.'s liaMiller & Co., Inc.. to deposit bonds
-p.723. (I) Bidder brothers
bilities placed at $919,903 in excess of assets
-New York "Commercial"
acquire ownership of "Journal of Commerce."
merged with it
-p.740.
Total 2d quarter
July
August
September
87,354,067 $7,042,750
2,433,004
2.531,177
2,419.341
2,651,705
2,446,225
2.628,972
$826,158
299.348
308,986
317,327
8830,022
289,297
274,511
262,299.
Total 3d quarter
October
November
December
$7,811,854 $7,298,571
$2,654,362 $2,357,307
2,465,002
2.706,376
2.626,774
2,827.865
$925,661
$345,897
342,834
327,957
$826,107
$255.074
235,872
*423.239
Total 4th quarter_ _ _ _ $8,188,604 $7,449,084 $1,016,671
$914.186•
Total 12 months
$30,682,542 $28,921.357 $3.596,892 83.417,368.
•Includes a credit of $181.842 for adjustment of 1925 realty and personal
property taxes.
Unfilled Orders.
-The unfilled orders on hand as of Dec.311928 amounted
to 811,634,712, whereas at the close of 1025 they were $10,147.073 and
110.100.000 Dec. 31 1924 and $12.000,132 Dec. 311923.
The 1926 results show an increase in profits over 1925 of $179,523, or
approximately 5.25%, which, after allowing for pref. dividend of 7%, were
equivalent to $9 48 per share on the common stock, as compared with
IS 78 in 1925.
Bookings in 1926 aggregated $32,170,182, contrasted with $28,944,402 in
1925, an increase of $3,225,780, or 11.14%.
A tabulation of the billing and net profit for the past 6 years follows:
Net Profits.
Billing.
Billing.
Net Profits.
1921
$24,685,258 $2,215.468 1924
$27,855,524 $3,221,101
1922
2,208,549 1925
20,794.046
28,921,357
3,417,368
1923
2,703,636 1926
25.612.709
30,682,543
3.596,892
-V. 123, p. 3187.
Aluminum Co. of America.- Bonds So!c1.- The Union
-Bonds Sold.
Abitibi Fibre Co., Ltd.
-An issue of Trust Co.of Pittsburgh, Guaranty co.of New York,Bankers
$4,000,000 1st mtge. 6% sinking fund gold bonds, series A, Trust Co., New York; Lee, Higgmson & Co., and Mellon
has been sold by Peabody, Houghteling & Co., Inc., and National Bank, Pittsburgh, have sold at 100 and interest
Royal Securities Corp. of New York. Of this issue $2,000,- $60,000,000 5% sinking fund debenture gold bonds.
FEB. 121927.]
925
THE CHRONICLE
Dated March 1 1927, due March 1 1952. Denom. $1,000. Principal
payable at the office of Union Trust Co., Pittsburgh, trustee. Interest
payable (M. & S.) at office of Union Trust Co., Pittsburgh, or at Bankers
Trust Co., New York, without deduction of normal Federal income tax up
to 2%. Red. all or part on any int. date upon 60 days' notice or for sinking
fund purposes upon 4 weeks' notice at 105 and int., if red. on or before
March 1 1937, or at 103 and int. if red. after March 1 1937. Free of
.
Pennsylvania 4 mills tax.
-Sinking fund of $1,000,000 per annum, commencing
Sinking Fund.
Jan. 1 1929 up to and incl. Jan. 1 1937 and of $2,000,000 per annum coinmencing Jan. 1 1938 up to and incl. Jan. 1 1951, to be used to purchase.
upon tenders made on or before each Jan. 25, bonds at less than the current
redemption price. To the extent that this fund is not exhausted by tenders,
bonds shall be called by lot for redemption on the first day of March next
following the date of each sinking fund. payment.
Data from Letter of Pres. Arthur V. Davis, Pittsburgh, Feb. 1.
-and by company
-The business conducted by the company
Business.
-was estabis meant Aluminum Co. of America, together with subsidiaries
lished in 1888 and consists of the mining of the ore of aluminum, smelting
of aluminum therefrom and its fabrication.
The primary business of the company is the smelting of aluminum from
Its ore (bauxite). This business is carried on at Niagara Falls and Massena,
N. Y.; Alcoa, Tenn.; Badin, N. C.; Shawinigan Falls and Arvida. Quebec,
and in Norway. Aluminum is smelted by an electric process and for this
purpose the company is at present utilizing more than 500.000 h.p. The
hydro-electric plants for the development of this electric power are either
owned by the company or the electric power therefrom is obtained under
long-time leases at such rates as make these leases very valuable. In addition the company has several undeveloped water powers which when developed will considerably more than double the company's supply of electric
power. Company also carries on an extensive fabricating business, producing aluminum sheet, rod, wire, tubes, castings and other similar forms.
Its mills for this purpose are located at Alcoa. Tenn.: New Kensington,
Pa.; Edgewater and Garwood, N. J.; Buffalo. Niagara Falls and Massena,
N.
Cleveland, O.; Detroit, Mich.; Fairfield. Conn.; Toronto, Ont..
and Shawinigan Falls, Quebec. Company owns its own bauxite mines in
Arkansas. South America and several European countries, and has its
plant for the preliminary refining of bauxite at East. St. Louis, Illinois
-The proceeds of these bonds will be applied partly toward
Purpose.
the redemption of the company's entire outstanding funded debt, except
the $1,000,000 6% gold notes due 1934 on its subsidiary, the Franklin
Fluorspar Co., which are not subject to redemption at the present time.
Company will also pay a bank indebtedness of $5,500.000 which has been
incurred in the last four months in connection with its building program.
The remaining proceeds of this issue are to be used for the corporate
purposes of the company, including a large building program in which the
company is engaged and which it is anticipated will be completed by the
end of 1928. This program consists principally of the building of dams
and hydro-electric plants at Santeetlah and at Badin. N. C., and an aluminum smelting plant, ore plant, town. &c., at Arvida. Province of Quebec.
-These bonds are to be the direct obligations of the
Provisions of Issue.
company and will be issued under a trust indenture, which will provide,
among other things, substantially, that until all of the bonds have been paid;
(1) Company will not create, or permit to exist, any mortgage, pledge or
other secured indebtedness upon or against the properties owned, on the
date of the indenture, by the company, or by any subsidiary company, or
upon the shares of stock in any subsidiary company owned, on the date of
the indenture, by the company, except on the condition that a sum equal
to the appraised value of such property or shares be deposited with the
trustee for the purchase or redemption of these bonds.
(2) In case of any sale of (a) shares of stock owned by the company, on
the date of the indenture, in any subsidiary company. or (b) the whole
or any part of the property owned, on the date of the indenture, by the
company or by any subsidiary company, the proceeds of which sale (either
(a) or (b) above), shall exceed $2,000.000, a sum equal to such proceeds
shall be deposited with the trustee for the purchase or redemption of these
bonds.
(3) For the purposes of the indenture the term "subsidiary company"
is defined to mean any company of which 50% or more of the voting stock
is owned directly, or indirectly, by the company.
--For the 10 years ending Dec. 31 1926 the net income of the
Earnings.
company after taxes and depreciation available for interest has averaged
over $12,000.000 per annum and for the last three years such net income
has been, respectively: 1924, $13,425,267; 1925. $22,891,505, and 1926.
$19,747,069.
Authorized.
Outstanding.
Capitalization$150,000,000 $147,262,500
Preferred stock
1,500,000 Ms. 1,472,625 shs.
Common stock (nopar)
5% debentures (this issue)
660.000,000
$60,000.000
Consolidated Condensed Balance Sheet Jan, 1 1927 (After Present Financing)
Liabilities
AssetsPlant & eq. (less depr.)-$103.331,742 Preferred stock
$147.262,500
Common stock
Inv. in sub. cos. (not
a7.363,125
consolidated herein)_ 46,868,336 Pref, stock of sub. cos.
(held by outside int.)_
Invest. in allied cos.._ _ _
5.977,827
200,000
Prepaid exp. & def. chgs
3,806.638 Def. credits & accruals_
1,783.585
29,869,572 5% sinking fund debs__ 60,000,000
Inventories
Marketable securities_ _ - 3,190,138 Franklin Fluorspar Co.6s 1,000.000
Bills & accts. receivable. 14,278,811 Bills payable
4,000
33,983,751 Accounts payable
Cash
2.565,794
Res, for inc., &c., taxes
2,696 953
Contingent reserves- _ 453:738
Total (each side). -$241.306,814 Surplus
17.977,119
a Represented by 1.472.625 shares of no par value.
--The present quoted prices of the preferred stock and the
General.
common capital stock of Aluminum Co. of America indicate a value exceeding $250.000,000.
Since its inception, the policy of the company has always been to put
back into the business a large portion of the earnings. For the last five
years the amount put back has averaged more than 75% of the earnings
dividends.
The issue and sale of the bonds are subject to the approval of the stockholders of the company,and will be submitted to the stockholders at a special
meeting to be held April 11 1927.-V. 124, p. 794.
on the lower Hudson River between the Manhattan and Jersey shores.
-V. 124, p. 651.
-Equipment Order.American Car & Foundry Co.
500 refrigerator cars from
Union Refrigerator Transit Co. has ordered -V. 124, p. 238.
the above company.
-New President, (roc.
American Ice Co.
Charles C. Small, Vice-President, has been elected President to succeed
the late Wesley M. Oler, Robert W. Kelley, a member of the executive
committee, has been elected Chairman of the board.
This company operates 68 plants along the Atlantic seaboard, the manufacture of ice having almost superseded the harvesting of natural ice.
-V. 124, p. 651, 115.
-Resumes Common DiviAmerican International Corp.
-The directors on Feb. 10 declared a semi-annual
dends.
dividend of $1 per share on the outstanding 490,000 shares
of common stock, no par value, payable April 4 to holders
of record March 15. From Dec. 1919 to Sept. 1920, incl.,
quarterly dividends of $1 50 per share were paid; none since.
Gives Option on Stock of Simms Petroleum Co.Luke, Banks & Weeks, members of the New York Stock E
r
ik ii ha
ve obtained an option to purchase the 86.000 shares of stocrCrt e
Sims Petroleum Co. held by the American International Corp. John
L. Weeks,of the firm taking the option.is a director of the Simms company.
-V. 123, p. 2143.
-Vice-President.
American-La France Fire Engine Co.
Charles B. Rose has been elected Executive Vice-President. Until
recently he was Vice-President and General Manager of the Fageol Motors
-V. 123. p. 2143.
Co.
-Equipment Orders.
American Locomotive Co.
The company has received an order from the Missouri Pacific RR. for
-wheel switching locomotives. and 6
5 Mountain type locomotives, 25 8
Pacific type locomotives, and an orderfrom the New Orleans Great Northern
RR. for 3 Mountain type locomotives and also an order from New England
-V.123,
-wheel switching locomotive.
Fuel SZ Transportation Co.for 1 eight
p. 3187.
-Balance Sheet
American Republics Corp. (& Subs.).
Dec. 31.1926.
5
AssetsLands, buildings &
e9,775,409
equipment
e5.996,743
Rolling stock
Property & mineral
20,000,000
equities
Oil properties.....e2,695,692
Car Serv.contracts 500,000
1,605,283
Cash
Accts. & bills rec..- 6,559,175
4,915,153
Inventories
Marketable secure 6,022,925
Other notes and accounts rec. _d14,128,724
Bonds, Inter-CO- - 800,000
Deterred charges... 637,506
87,368
Accrued funds.--
1925.
$
9,916,103
5,558,905
20.000,000
2,387,799
500,000
1,339,390
5,427,765
5,098,030
5,088,732
12,459,832
743,702
72,930
1925.
1926.
$
Preferred stock_.10,000,000 10,000,000
Common stock_ _c20,210.000 20,210,000
Trust certilicates_a1.809,000 1,503,000
Coll, trust certils_a1,916,000 2.069,000
300,000
15-year 1st M.6s_ b300.000
-year deb. 68, A.
15
4,250,000 4,500,000
R. Corp
Pet. Nay.Co. mar.
equipment 6s_ __ 800,000
Accounts payable_ 975,553 1,497,186
3,520.549 2,444,359
Dills payable
326,172
Accrued expenses_ 407,423
Accts. & bills pay.
-1ntercomp'y_14,068,984 12.390,361
1,961,809 2,502,196
Reserves
Surplus
13,504,660 10.850,912
Total
73.723.978 68,593,187
73,723,978 68,593,187
Total
a Pennsylvania Tank Line. b Pennsylvania Car Co. c 200,000 shares,
no par value. d Inter-company and officers and employees. e After
deducting depreciation.
A comparative income account was published in V. 124. P. 794.
-New Director.
American Rolling Mill Co.
Harry M. Runkle, President and Treasurer of the International Derrick
& Equipment C o.. has been elected a director. Mr. Runkle is 100 Presi-V.122,
dent of the Superior Die Tool & Machine Co.,of Columbus, Ohio.
p. 2802.
-To Transfer Branch.
American Tobacco Co.
A current report believed by the "Chronicle" to be based on fact, says:
With official confirmation of the reported transfer of the cigarette branch
of the company's Durham (N. C.) plant to Reidsville(N. C.), where it has
a modern plant, V.-Pres. C. A. Penn also gave assurance that the company
has in mind for Durham a much larger factory than it has been operating in
the past. The removal of the cigarette branch does not affect the smoking
tobacco plant at Durham. Mr. Penn said that, while no final action had
been taken, the company was planning to erect in Durham a cigarette fac-V.124.
tory of sufficient size to take advantage of economy in production.
P. 238.
-Court Rules Agazns
Anaconda Copper Mining Co.
Carson.
A dispatch from Butte, Mont., Jan. 25 to the New York "Sun" says:
The question of the validity of ore furnace patents held by George Campbell Carson, to-day threatened renewal of the long court battle climaxed
a year ago -when the U. S. Circuit Court of Appeals at San Francisco held
he was entitled to a large sum for alleged violation of his rights by mining
corn
e tlie San Francisco tribunal reversed a ruling of a Federal Court at
anie
Seattle, which returned a verdict against Carson, the decision in conclusion
- Judge
held: "The ends of justice demand that the litigation end here.
George M. Bourquin yesterday left the way open for more litigation when
in favor of the Anaconda Copper Mining Co. in a suit in Federal
he ruled
Court here attacking the validity of the Carson patent.
Following the San Francisco decision attorneys for Carson claimed that
various mining companies owed Carson between $15,000,000 and $29.000.-Acquisitions:
Amalgamated Laundries, Inc.
the purchase of the Blue Diamond Steam 000, and suits were filed by the Carson Investment Co. and John Miller, as
This corporation announces
trustee, to coilect huge sums.
Laundry. Inc., and the Fulton Laundry,Inc., both located in Manhattan.
ruled that the operation of furnaces at Dollar Bay,
Judge
President Morris Robinson reported that three new units have been Mich., In Bourquin 1906 constituted a prior public use of the "side feeding"
1905 and
acquired since incorporation and negotiations are being conducted for
by Carson in 1915 to
additional units. The company has also purchased a building with 20.000 furnace device patented The court suggested take the place of the old-style
however, that if the patents
sq. ft. of floor space in Brooklyn, N. Y. and is enlarging this structure to hand-stoking method.
were later found valid infringement to a certain extent might be established.
-V. 124. P. 794.
contain a plant with 30,000 sq. ft.
In commenting on previous cases, Judge Bourquin held that the Seattle
decision, in which the American Smelting & Refining Co. was victorious.
-Consolidated Balance Sheet.
American Chicle Co.
Francisco
should receive the closest attention. The Appellate Court at
Dec.31'26, Dtc. 31'25, ruled on the law rather than the actual invention, he said. San evidence
Dee.31'26. Dec.31'25.
The
Assets$
presented here indicated, he concluded. Carson was able to obtain a patent
Prior pref. stock_y3,578.125 3,577,375 on his side-feeding principle only through a misrepresentation by the
Land, bldgs.& ma137,500
,
chin's,aft. depr. 2,731,075 2,902,767 Preferred stock__
138,100 Patent Board of the former patents
deduction concerning
Common stock_ _ _x3,731,900 3,731,900 the efficacy of the earlier devices. and an incorrect
Good-will, pans &
118,816
trade-marks__ 5,000,000 5,000,000 Accounts payable_
125,169
Counsel for Carson announced they would appeal the Butte decision.
228,327 Notes payable..
Cash
501,660
250,000 V. 124. p. 115.
53,289
$2,7511
339,803 Accruals
Awls rec., less res. 348,367
150,185
Inventories
127,554
2,791,668 2,250,446 Fed. Inc. taxes_
Anglo-American Oil Co., Ltd.
-Proposed Acquisition.
222,159 SKI Sen bonds.... 1,423,000 1,578,000
Chicle at for. gimp.
54,885
The company has made an offer for control of the Glico Petroleum Co.
Adv.,chicle purch. 147,589
317,104 Sur. through raThe latter has a capital of £500,000, of which 515,000 is 7% preference
capitalisation__ 1,587,502 1,530,437 stock and the remainder
lly/. & note rec.__ 308,183
295,500
ordinary stock. Exchange is on the basis of share
163,876 Earned surplus__ 1,298,830
175,721
Prepayments
627,689 for share for the preferred stock, while the ordinary stock is offered two
shares for one, the success of the plan being subject to 75% of the stock12,059,147 11,719,982 holders agreeing. ("Wall
Total
Total
12,059,147 11,719,982
-V. 123, p. 3040.
Street News.")
x Represented by 186,595 shares of no par, stated value $20. y Eepre
Arkwright (Cotton Cloth) Mills, Fall River,Mass
sented by 35,78154 shares. no par value, $100 stated value.
The usual comparative income account was given in V. 124. p. 794.
Comparative Balance Sheet.
Jan. 1 '27. Jan. 2'26.
-Large Contract.
American Brown Boveri Electric Corp.
„ran. 1 '27. Jan. 2'26.
$
$
Assets
Liabilities-The Railway & Industrial Engineering Co., affiliated with the American
1,000.000 1,000.000
Capital stock
Brown Dover! Electric Corp., has received from the Public Service Pro- Land. buildings dz
364,000
machinery
$1,585,634 $1,583,038 Notes payable_ __ - 364.000
switching equipment and
duction Co. a contract to furnish the entire
66,122
2.747 Accounts payable. 119.051
steel work for the Marion outdoor sub-station of the Public Service Electric Mdse, on hand... 159,890
.4
57.166 Reserve for depre& Gas Co. This will be one of the largest outdoor sub-stations in New
502.990
502.989
dation
Stock in process.
42,124
Jersey.
44,274
51,053
The Diesel electric ferryboat Frank E. Gannett was launched on Jan. 29 Cash & sects'Tele
Total (each side) 1,986,040 1,933,111
203.761
189,463
at the corporation's Camden, N. J., shipyard. This vessel is the last Profit and loss_ _ __
of six built by the corporation for ElectricIferries, Inc., for regular service -V. 122, p. 1614.
926
THE CHRONICLE
Asbury Park Hotel & Realty Co.
-Stock Sold.
-
The recent offer of $300,000 additional common stock at par ($100 per
share) to common stockholders of record Oct. 8 1926, has been fully subscribed. The final payment of $33 1-3 per share is due and payable on
March 5 next. This increases the outstanding stock to $580,500.
The proceeds are to be used as follows: $100.000 to retire the second
mtge. bonds due March 1 1927: $105,000 to pay for the enlargement of a
number of smaller guest rooms, Ste., of the New Monterey Hotel and
$95,000 to retire floating debt which has accumulated during the past few
years for improvements and betterments to the hotel.
Upon the 'payment on Feb. 15 1928 of the building and loan mortgage of
$300,000. the stockholders will own the property free and clear.
Offices are: William G.Besler, Pres.;J. Lyle Kinmonth, V.-Pres.; William
J. Cense, Treas.; William C. Rogers, Sec.
Income Account for the Year Ended Sept. 30 1926.
Net operating income for hotel, season of 1926
$90,364
Recovery of bad account. 1925
164
Total
Reserve for depredation, $23,462; taxes. $18,513; insurance. $90,528
$10.789; interest paid. $29,696; other expenses,$18,953; total- 101.414
Profit and loss deficit for the year
$10,886
Auburn Automobile Co.-Report.xii Mos.End.
Years Ended Dec.31
Nov. 30'26.
1925.
1924.
1923.
r $7.746,906 $33,469,472 $4.465.200
PeriodSales
Expenses, &c
Operating profit
Other income
Not
l
available 1
6.953,497
Total income
$1.082,416
Federal taxes
139.154
Preferred dividends.. _ _ _None outst.
Common diva. (cash)......
256.703
3,528.673
4.453.298
$793.409 def.$59,201
61,630
21,250
$11,902
$855,039 loss $37,951
99,354
10,255
31,879
90.000
I
31
$11,902
1.500
35,000
90.000
[VOL. 124.
$100 c*. Red. all or part by lot on any int. date on 30 days' notice at 105
and int. up to and incl. Feb. 11932; at 103% and int, thereafter up to
incl. Feb. 11937; at 102% and int, thereafter up to and incl. Feb. 1 and
1942:
and at 101 and int. thereafter prior to maturity. Int, payable without
deduction for the normal Federal income tax up to 2%. Company will
refund any Penn.. Conn. or Calif. personal property tax not in excess of
4 mills, the Mich. mortgage tax of 5 mills, any Kentucky personal property
tax not in excess of 5 mills and any Mass, income tax not in excess of 6%
per annum.
Data from Letter of L. A. Beeghly, President of the Company.
Company.
-Organized in Delaware Jan. 22 1927 to acquire the properties
and business of a company of the same name incorp. in Ohio in 1919. The
business was originally established in 1888. Company owns a large deposit
of limestone at Bessemer, Pa., and its business originally consisted entirely
of the production of fluxing stone forithe iron and steel industry.and:crnshed
stone for construction purposes. In 1920 the company erected a cement
plant which now has an annual capacity of 1.500,000 barrels, for the conversion of its limestone into cement, and at the present time slightly less
than 50% of stone produced is used in its cement plant, the balance being
sold largely as fluxing stone to the steel companies operating open hearth
and blast furnaces in this district. Limestone and shale are used by the
company as the chief raw material for its cement. Limestone deposits
owned or under lease by the company are estimated to contain over 50,000.000 tons, equivalent to about 60 years' supply at the present rate of consumption. The overburden contains shale, which is used by the company
in the manufacture of cement; also coal which is used for fuel for the company's locomotives, steam cranes, sttiam shovels, &c. Some shale is also
sold for the manufacture of brick.
Earnings.
-Net earnings of the predecessor company available for interest and Federal taxes, after allowance for depletion and depreciation,
and after elimination of special charges of non-recurring character, for the
3 years and 10 months ending Oct. 31 1926, and from the company's reports for the months of Nov. and Dec. 1926, have been as follows:
1923.
1924.
1926.
1925.
$772,129
$743,048
$463,409
$745,644
Sinking Fund.
-Indenture will provide for semi-annual payments to the
trustee of $110.000, from which sum interest on the bonds shall be paid,
the balance to be used as a sinking fund for the retirement of bonds by call
by lot. Sinking fund payments may be made in bonds taken at cost, but
not exceeding the prevailing redemption price. It is estimated that the
sinking fund will retire approximately 85% of this issue prior to maturity.
CapitalizationAuthorized. Outstanding.
First mortgage 6%8
$2,500,000 $2,500,W0
Class A stock (no par)
60.000 ans. 60,000 she.
Class 13 stock (no par)
108,000 shs. 100.000 sips.
Pres. Beeghly, with others,including both operating and executive officers
is investing over $1,400.000 in cash in the Class "B" shares ofthecomPanY.
Directors.
-L. A. Beeghly, W. E. Bliss, W. H. Kilcawley, Charles
Schmutz, E. E. Swartswelter, R. C. Steese and Philip Wick, all of Youngstown. O.; and H. N. Snyder, Buffalo, N. Y.; R. C. Inglis, Cleveland,
W. G. Scheub, Toledo, 0. Officers.-Pree., L. A. Beeghly: V.-Pres.,
W.H. Bliss; V.-Pres., in charge of sales, Charles Schmutz; See., W.H.KUcawley. and Treas., George G. Treat.
-V. 124. p. 511.
Balance, surplus
$686,559
$655.430 def.$69,830 def.$114.598
Com.shs.outst.(par$25)
60.000
30,000
84.558
30,000
Earnings per share
$11.11
$12.42
Nil
Nil
x The company has changed its fiscal year to end on Nov. 30.
Comparative Balance Sheet.
AssetsNor.30'26. Dec.31'25. LiabilitiesNov.30'26. Dec.31'25.
Land, bldgs. and
Capital stock- -732,124,890 $1,500,000
eq. (less depr.)_ $697,817 $561,757 Debenture notes__ 1,250,000
600,000
Good-will
634,027
634,027 Accounts payable_ 213,539
434,417
Cash
715,680
836,972 Sundry creditors__
43,783
24,415
Mktble. securities_
101,594
Dividend pay.
45,000
Notes & accts. rec_ x2,398,162
489,620 Accrued wages,salAccr. Int. receivle
14,784
4,549
lutes, &c
10,200
32,262
Inventories
1,252,614 1.257,916 Dealers' deposits__
18,410
15,954
Deferred charges
25,771
45,146 Excise tax payable
3,103
22,098
Accrued State and
local taxes
45,642
35.914
Borden Co.
-To Offer Additional Stock to Shareholders.
Other accruals
12,500
12,182
The directors have authorized the issuance of 63,090 additional shares of
Accrued Fed. tax. 165,735
Res. for Fed. taxes
99,364 capital stock (par $50) at $60 per share to stockholders of record March 9
Total(each side)_$5,840,348 $3,829,987 Surplus
1.952,547 1,008,391 pro rata, in the proportion of one share of new stock for each 10 shares of
x Including secured demand loans of $2,000,000. y Represented by stock held. The right to subscribe expires on April 6.-V. 124, P. 239.
$2.122.200 capital stock (par $25) and $2,690 unconverted scrip.
-V.
124. p. 651.
Bridgeport Machine Co., Wichita, Kan.
-Bonds.
-
Auto Knitter Hosiery Co., Inc.
-Bankruptcy.
-
A detailed schedule of liabilities and assets of the
thrown into involuntary bankruptcy on the 'petition ofcompany recently
several creditors,
was filed in Federal Court at Buffalo Jan. 19 by the defunct corporation
through V.-Pres. F. C. Sylcox. Total liabilities were listed at $349,901
and assets in hand and accounts receivable at $288.854.
The corporation and several officers were indicted by the Federal Grand
Jury at Rochester on June 9 1925 for alleged fraudulent use of the malls
in violation of Section 215 of the United States criminal code. Those
mentioned in the true bill were Oscar F. C. Kunst', Mrs. Kunau, Burton
Bigelow and the corporation as an entity. Although
and pleas of not guilty entered, no action was taken tobonds were posted
prosecute and the
indictments later were nolle pressed.
Unsecured claims amount to $304.124, of which 0. F. C. Kunau hold
notes aggregating $171,000, and J. S. Bache & Co., 42 Broadway. New
York. $103,600. Income taxes due the Federal Government for 1919,
1920, 1921 and 1922 are $35,984: the State taxes
city taxes $3,980. Chief items in the company's amount to $500 and the
assets are five buildings
valued at $119,758 and stock in trade at $95,693.-V. 123.
P. 5 .
46
Baldwin Co.
-Balance Sheet Dec 31.1928.
1925.
AssetsLiabilitiesMtg. Plants (real
Preferred stock___
estate & bldgs.)_ 1.118,837 1,106,087 Common stock___
Mach. & egulp___ 799,494
733,999 Reserves
Cash & U.S. secur 201,488
284,517 Funded debt
Investment
176,500 Bills payable
Bills & accts. roc_ _ 9,256,878 7,811,227 Accounts payable_
Inventories
4,196,967 3,668,784 Reserve for taxes_
Surplus
1926.
5
2,232.709
2,339,476
3,043.501
2.475.000
750,000
602,126
188,512
3,944,347
1926.
2,232.700
2,249,568
2.783.209
1,800,000
200,000
642,883
202.340
3.670.415
Total
15,573,663 13,781,115
Total
15,573,883 13.781.115
The usual comparative income account was published in V. 124, p.795.
Bankers Bond & Mtge. Co., Phila.-Indebtedness.-
The stockholders on Jan. 28 voted to increase the indebtedness of the
company from nothing to $5,000,000.
The present authorized and outstanding capitalization of the company
Is $2,040,000, consisting of $1,000,000 of 8% pref. stock and $1,000.000 of
7%Z'ef stock,
:s
Iiheop a0fd companya
Ttldti000nonst0t,Nl. The
r
aldvs.
03aierZgabl
Ihls
company was incorporated in Pennsylvania on July 1 1924.
Bates Manufacturing Co -Balance Sheet.
Dec. 31 '26. June 3026.
Assets$
$
Real estate, machinery. &c_ _ _ _ 6,102,662 5,993,051
Securities
23,563
22,063
Cash
1,33.5,878 1,078.977
Awls receivable
699,092
680,883
Inventories
1,877,202 2.613,200
Taxes unexpired
60,101
62,134
Insurance prepaid_
75,795
10,220,531 10,463,969
Total
-V. 123, p. 714.
Dec.31 '28. June 3026.
Leatrititles$
$
Capital stock
2,700,000 2,700,000
Guarantee fund_
249,785
249,785
Improvement fund 750,000
750,000
Reserve for deprec. 1,936,051 1.874,257
Reeve for Fed. tax
5,143
13,560
Acc'ts payable_ ___
30.133
20,823
Profit and loss.... 4,549,420 4.855,554
Total
Bauer Cab Co., Chicago.
-Receiver.
-
10,220,531 10,463,969
The Chicago Title & Trust Co. was recently appointed receiver for the
Bauer Cab Co.and the Bauer Taxicab Mfg. Co. on the petition of creditors.
The issue of $500,000 6% gold bonds, dated Jan. 1 1927
were offered by a syndicate headed by Stern Brothers & Co.,
Prescott, Wright, Snider Co. and Guarantee Title Trust
Co. See description in V. 124, P. 377.
(The J. G.) Brill Co.(& Subs.).
-Earnings.
-
Calendar Years1926.
1925.
1924.
1923.
Total net sales billed_ _ _ _510,416,382 $9.101,910 $8,721,727 $18,167,486
Cost of sales. oper., gen.
& adm. exp. & depr.
reserve
x9.582,831
8,447,850
8,212,337 15,525,021
Net profits
8833.550
$654,060
$509,390 $2,642,465
Miscellaneous income_ _ _
See x
See x
160,682
101.937
Total income
$833.550
$654.060
$670,072 $2,744,402
Reserve for Federal taxes
109,178
82,791
92,311
347,896
Special deprec. reserve
150.000
Res. for development of
gas propelled vehicles_
100,000
Preferred diva.(7%)
320.600
320,600
320,600
320,600
Common diva.(5%) --200,425
240,510
240,510
240.510
Balance, surplus
Previous surplus
Adjustments
$203,347
4,916,668
$10,159
4,905,309
Cr.1,200
$16,651 $1,585,396
4.985.196
3,582.971
Dr.96,538 Dr.183.171
Total surplus
$5.120.015 $4,916,668 84.905,309 84,985.190
Shares of common outst g
(Par $100)
48,102
48,102
48 102
48,102
Earn, per sh. on com$5.21
$8.39
$5.35
$3'.95
x After deducting miscellaneous income.
-V.124, p. 239.
By-Products Coke Corp.
-Balance Sheet Dec. 31.1926.
Assets$
Plant, equip., &c_11.938,503
Cash
638,527
Marketable secur_ 520,000
Acc'ta receivie and
accrued interest. 1,435,657
Inventories
3,769,931
Investments
3,376,101
Deferred charges
480,926
1925.
$
11,490,831 9% preferred stock
654,137 Common stock_xBills payable
Accounts payable.
1.466,034 Ore account2-7-- 2,956,992 Accrued int., &c__
3,536,831 Accrued tax.(gen.)
.530,989 Bonded debt
Reserves
Surplus
1926.
1,522,200
9,500,668
962.560
667,854
605,718
130,602
335,000
5,000.000
1,288,253
2,246,890
1925.
1,522,200
9,500,568
926,498
855.078
127,434
125,000
6,000,000
1.092,208
1,486,828
Total
22,159,645 20,635,815
Total
22,159,645 20,635,815
x Represented by 189.931 shares no par value. y Deferred payments not
yet due.
The usual comparative income account was given in V. 124, p. 796.
(Edward G.) Budd Mfg. Co., Phila.-Status.-In connection with the omission of the common dividend, President
Edward G. Budd says in part:
In the last six months of the year 1926 the company took on added
contracts which practically doubt(d its business. This necessitated the
establishment of a finishing plant in Detroit and the installation of a
mat deal of new machinery in both Detroit and Philadelphia, and the
installation coat for this new business was necessarily great and in some
cases exceeded our estimates. The 'plants have now been completed
gathered and
-Subsidiary Receives Order.
put in working order.
and the new organization has been
Beacon Oil Co.
The company has also during the year established with its English
The Beacon Transport Co., a subsidikry to which the Beacon 011 Co.
its tank steamers, a fuel oil barge and 296 tank cars, associate in England a plant known as the Pressed Steel Co. of Great
has transferred two of
has contracted to sell to the Union Tank Car Co. these 296 tank cars for Britain, Ltd., and in Germany with its German associate, a plant known
approximately $475.000, the company to take care of its further tank car as the Ambi-Budd Co. Tnese plants should be good revenue producers.
Our arrangement with Citroen r)o. of Prance for the use of our methods
-V. 124, D. 377,
requirements under a lease agreement.
and patents has resulted in a substantial and increasing annual revenue.
of the automobile business the last of tha year
-Bonds Offered.
Bessemer Limestone & Cement Co.
- The rapid slowing downinventory, now approximately $5,000,000 more
-year 63% gold bonds left us with an excessive will be several months before this inventory is
An issue of $2,500,000 1st mtge. 20
than a year back, and it
down to where
regard it as normal
is being offered by Otis & Co., the Guardian Trust Co. and worked business will, in the management willrevive as to volume,again.
The
my judgment, soon
and the
Wick & Co., Cleveland.
contracts now on the books can be filled with a petit to the company.
due Feb. 11947. Prin. and int. (F. & A.) payable However, the management feels that they should not pay a quarterly
Dated Feb. 1 1927;
at Guardian Trust Co., Cleveland, trustee. Denom. $1,000. $500 and dividend on the common stock at this time, because the company has
927
THE CHRONICLE
FEB. 12 1927.]
Capitalization.
made no net earnings in 1926 available for common dividend. The manage6500.000
ment hopes that before the end of the year the earnings will justify payment 6% first preferred stock (par $100)
50,000
of the regular annual dividend for the year 1927.
second preferred stock
6)i%
275.000
Over half of the common stock of the company is owned to-day by the Common stock
Company.-Incorp. in Indiana. Owns in fee simple, free of encumbrance.
principal officers of the company, who largely increased their• holdings
at the time of the last offering. Compare V. 124. p. 795.
the 7 story and basement brick and steel structure located at the Northwest
corner of Pennsylvania and Maryland Streets in Indianapolis. This
-New Director.
(A. M.) Byers Co.
building was erected 20 years ago and carried the first preferred stock issue
William S. Charnley, Manager of the Pittsburgh office of Dillon. Read floated against real estate in Indiana: it matured on Jan. 1 1927. The
& Co., has been elected a director, succeeding H. H. Springford.-V. 124, building contains approximately 210,000 sq ft. of which 158,000 sq. ft. is
available to produce a rental income. The building is gradually being
la• 511.
converted to the use of smaller tenants at higher rentals.
-An
Earnings.
-The average net income from the building after operating
California Group Corp.--Pref. Stock Offered.
$1,000,000 6% cumulative preferred stock is being costs for the past three years has been in excess of 845,000.
additional
offered at 97 and div. by California Securities Co. of San
Francisco, bringing the total outstanding to $2,500,000.
See original offering in V. 123, p. 1385.
-Listing.
California Petroleum Corp.
The New York Stock Exchange as authorized the listing of 88,000,000
-year cony. 5% sinking fund gold debentures due Feb. 1 1939.
12
Consolidated Income Account.
-Years Ended Dec. 31-11 Mos.End.
1924.
1925.
Nov. 30'26.
$17,675,548 $22,940,651 $31,550,408
Gross earnings •
7,363.899
8,735,357 13.895,299
Operating expenses
2,571,977
Outside purchases
592,628
595,959
567,164
Bond interest
Cr4.973
3.012
107.151
Minority earnings
1,921,007
2,370,250
3,152,099
Provision for depreciation
940,240
964,386
1,344,933
Provision for depletion
931,232
1,280.896
945,298
Loss written off
2.104,082
2.095.939
2,219,156
Intangible development expense
350,000
600,000
665.949
ReserMe for Federal taxes
Prov. for red. of pref. stocks & bonds
582,969
ofsubsidiaries
Balance carried to surplus
-V. 124, p. 511.
82,894,463 $6.294,852 $6.081.382
Calumet & Arizona Mining Co.
-Copper Output.
Month of JanuaryProduction (lbs.)
Compare V. 124, p. 240.
1927.
3,728.000
1926.
1925.
1921.
3,474,000 3,788,000 3,764,000
Canada. Cement Co., Ltd.
-Annual Report.
Calendar Years1926.
1925.
1924.
1923.
*Income from operations $2,274.007 $2,344,006 $2,205,590 $2,235,439
Bond interest
287,898
307.459
326.190
343,592
Fire ins.trans.to res.acct.
149,462
150.570
40,455
Contingent reserve
200.000
200,000
210,000
190.000
Renewals, &c.,reserve._
40,000
40,000
40,000
40.000
Res. for indus. accidents
16,500
11,000
23,500
24,000
Pref. dividends (7%)_ _ _
735,000
735,000
735,000
735,000
Common dividends(6%)
810,000
810.000
810.000
810.000
Balance, surplus
$35,148
$52,392
$89.976
860,900
Com.shs.outst.(par$100)
135.000
135,000
135,000
135,000
Earns. per share on com_
$6.26
66.39
86.67
$6.45
* Profits from operations (and other income)-after making provision for
depreciation.-V. 122, D. 1031.
Canadian Brewing Corp., Ltd.
-Stock Offered.
-A syndicate of Canadian bankers in January last offered 100,000
shares (no par value) capital stock at $30.
Cespedes Sugar Co. (Compania Azucarera Cespedes).
The New York Stock Exchange has authorized the listing of 82,690,000
1st mtge. 73.% sinking fund gold bonds, due Sept. 1 1939.
Income Account Year Ended May 31.
1926.
1925.
6813.984
8266.234
Operating profit
35,289
33,201
Other income
Total
Interest, amortiz. expenses, &c
Provision for depreciation
Provision for taxes
Balance
Previous balance
Accrued dividend received
Profit & loss, surplus May 31 1926
-V. 124. p. 116.
6847.185
232,855
105.000
15,000
$301,522
302,909
105,000
profit$494,330 1055.$106,387
494,876
546
$494,876
$388,489
-New Director.
Chandler-Cleveland Motors Corp.
Percy W. Brown, of Hornblower & Weeks, has been elected a director.
succeeding James A. Fayne.-V. 123, p. 3041.
Chesapeake Mortgage Co. of Md.-Bonds Offered.
W. W. Lanahan & Co., Baltimore, are offering at par and
int. $500,000 6% real estate 1st mtge. gold bonds, series
"D." Payment of principal and interest guaranteed by the
United States Fidelity & Guaranty Co., Baltimore, Md.
Dated Jan. 1 1927. due 6200,000 Jan. 1 1932 and 8300,000 Jan. 1 1937.
Interest payable J. & J. Denom. $500 and $1,000 c*. Callable on any
interest date at par and hit., plus a premium of 1% of the principal. Baltimore Trust Co., Baltimore, trustee. Security tax of any State, up to 434
mills per annum, refunded.
-The security for the bonds consists of guaranteed first mtges.
Security.
on real estate in or near the City of Baltimore, Md. The mortgages are
made for not more than 60% of the appraised value of fee simple properties
and not more than 50% of the appraised value of leasehold properties. All
of the properties are completed and are owned by responsible borrowers.
The properties do not include any "specialties" such as theatres, hotels.
large apartment buildings, office buildings, manufacturing plants, and others
designed for a single-use.
The bonds are the direct obligation of the Chesapeake Mortgage Co. of
Md., which has capital and surplus in excess of 6400,000. The real estate
loan and investment business of this company is well established.
Financial Statement Oct. 31 1926.
Assets
6341,000
$36,912 Bills payable
Cash
1,771
114,717 Accounts payable
Notes receivable
1,976,190 Accrued interest: Certificates,
Mortgages
bonds and hypothecations_
23.243
29,213
Accrued interest on mtges
20,156 Certificates and bonds outPrepaid expenses
standing
1,397,000
1,426
Furniture & fixtures
5,000
2,040 Reserve for taxes
Subscriptions unpaid
368.977
Capital stock paid
2,040
Capital stock subscriptions
41,623
Surplus & reserves
Bankers Making Offering.-Aird, Macleod & Co., Toronto; Williams,
Partridge & Rapley, Ltd., Flood, Barnes & Co., Ltd., Montreal; Bongard
&
S. R. Mackellar & Co., Toronto: Ernest Savard, Ltd., Ryan, Grier
& Co..
Hastings, Kippen & Co., Montreal; W. F. Mahon & Co., Halifax: J. M.
Robinson & Sons, Ltd., and Eastern Securities Co., Ltd.. St. John.
Transfer agents, National Trust Co., Toronto and Montreal. Registrars, Royal Trust Co., Toronto and Montreal.
Authorized.
Issued.
Capitalization82,180,654
Total
82,180,654
Total
Common shares(no par value)
150.000
160.000
.
-Controls, through ownership of approximately 95% of the -V. 121 fi• 1573
Company.
outstanding shares. The Dominion Brewery Co.. Ltd., Toronto: Grant's
-Stock Sold.
Chicago Electric Manufacturing Co.
Spring Brewery, Ltd., The Hamilton Brewing Association, Ltd., Hamilton.
The plants of the company have been kept in excellent working condition, Davis, McDade & Co. and Manning & Co., Chicago, have
and have been in successful operation since their formation, with the excep25,000 shares Class "A" stock, particition of those periods during which adverse legislation affected their opera- sold at $25 per share
tions. The brands manufactured by this company have been well and pating, cumulative preference, no par value (full voting).
favorably known in Ontario for the past fifty years.
Continental & Commercial Trust & Savings Bank. Chicago, transfer
Earnings.
-From a report of Julius C. Schultz, of Buffalo, brewery
Central Trust Co. of Illinois, Chicago, registrar. Dividends to
architect and expert, the plants have a present minimum capacity of 120,000 agent.
be established at 82 per annum, payable quarterly, with additional divibbls. per annum, on which a profit of $4 per barrel may be expected, or net dends under specific terms.
earnings of $480,000 per annum. The plants of the company, more esAuthorized.
Issued.
Capitalizationpecially the Dominion Brewery Co.. Ltd., lend themselves to expansion at Class "A" preference stock (this issue)
30,000 shares 25,000 shares
a very reasonable cost, and it is the company's intention to increase their Class "B" common stock
30,000 shares 25,000 shares
capacity to 250,000 bbls. per annum. On the increased capacity, earnings
Data from Letter of E. S. Preston, President of the Company.
of $1,000,000 may be expected.
-Organized in 1903 to engage in the manufacture and distribuCompany.
tion of electrical equipment, and has grown to its present size through
-Sale.
Cap Magdalen Pulp & Lumber Co., Ltd.
reinvested earnings from an original investment of 810.000. The company
A meeting of the holders of the first mortgage 20-yr.7% sinking fund gold
electrit heaters
bonds will be held at Royal Trust Co. (trustee). Feb. 28. for the purpose manufactures an extensive line of merchandise consisting of
and
of authorizing toe trustee to sell and dispose of the properties and assets of for home use, electric stoves, waffle irons, toasters, switches ignitionmarspecialties, as well as electrical automotive equipment, all
the company. The properties and assets are to be sold by the Royal Trust lighting
Company's
Co. or by it jointly with George S. Currie, liquidator of the company, keted under the company's well known "Handy" brand. the Central
either as a whole or in parcels, by private sale, at such price and upon such property is located in the industrial section contiguous to
City of
terms and conditions as it may deem best, or at public auction, at such time Manufacturing District of the equipped Chicago, and consists of modern
with up-to-date machinery and
daylight buildings completely
and on such terms and conditions as the trustee shall determine.
tools for the conduct of this business and arranged for efficient manufacturing.
-Annual Report.
Products Corp.
Certain-teed
-The net tangible assets amount to more than $31 per share on
Assets.
1925.
1924.
1926.
1923.
Calendar YearsA stock. Current assets are more than 14 times
66,077,775 85,950.864 $5,255,679 84,996,185 the Class quick assets amount to over 613 80 per share. current liabilix Gross oper. profit
Good-will and
ties: net
51,487
32,587
Inc. from other sources..
21,371
62.321 valuable patent rights owned by the company are carried on the books at 81.
-For 11 years prior to Dec.31 1926 net earnings after all charges
Earnings.
Total income
86,099.146 86.002,351 85,288,266 85,058,476 have averaged substantially more than dividend requirements for this issue:
Sell., adm. & gen. exp.
years prior to this date 84 26 per share; and for two years 85 04 per
3,397,747
3.306,544
and bank interest_ _
3,471,962
3,494.988 for 3
For the year 1926 net earnings applicable to dividends and deprecia426,310
530.400
Interest on bonds
394,321 share.
tion (after giving effect to non-recurring extra compensations) amounted
174,000
78,000
Federal taxes
319,000
82,000 to 8136,959, or $5 48 per share on the Class A stock.
Proper. paid to stockh'rs
-Proceeds will be devoted to working capital for the company's
Purpose.
of cos. acquired
316,171 increased requirements and to acquire inactive stock interests to concen15,137
705
Sundry adj. (not) Cr
26.644
20,529 trate control in the management, which has been responsible for the success
this business.
Net income
62,334,828 82,100,999 81,292.459
$791,525 ofProvisions.
-The charter among other things will provide as follows:
1,195,418
592.768
1,489,779
Previous surplus
424,509 (1) Class A stock is entitled to preferential and cumulative dividends at
of 82 per annum, payable
-J. (2) 20% of the net earnings In
Total surplus
8.3.824.608 83,296,417 81.885.226 81,216.035 the rate year over and above $2 per Q.
any
share on the total number of "A" and
$317,450
$330,925
1st pref. dividends
$301,000
$321,650 "B"one
shares outstanding shall be set
out during the
187,250
187,250
2d pref. dividends
187,250
187,250 succeeding year as extra dividends up as a reserve to be paid
on the Class A stock, contingent in no
746,000
Common dividends__
1,228,000
way upon dividend payments on Class B shares but based upon earnings
Appro.for redemp. of 1st
171,634
170,042
Preferred stock
199,877
114.367 only.
Listing.
-Application will be made to list these shares on the Chicago
Prom,on bondsretirod_
385,895
Stock Exchange.
Plant abandoned
193,501
Earned surplus Dec.31 $1,714,980 61489.779 81,195.418
8592,768
Shs. corn. stk. outst's92,000
307.000
307,000
92,800
88.41
Earned per share
$5.19
86.02
$3.07
-V.123, p.3041.
x After deducting repairs, maintenance and depreciation.
Century Building Corp., Indianapolis -Pref. Stock
-City Securities Corp., Indianapolis recently offered
Offered.
at par and div. $500,000 6% 1st preferred stock.
Dated Jan. 15 1927; due serially, July 1 1928-1942. Dividends payable
Callable all or part on any oily. date after 30 days' notice at 101 and
dive. City Trust Co., Indianapolis. Ind., registrar, transfer and fiscal
agent.
-Sales.
Childs Co. (Restaurant), New York.
Month of JanuarySales of meals, excl. of other income
Total number of meals served
-V. 124, p. 653. 378.
1925.
1926.
1927.
82,214,487 62,120,353 81.982.917
4.301,340 4.248,439 4.105,104
City Investment Co. of San Francisco, Calif.
The company has entered into an agreement to sell its properties, against
which the first mortgage 5% bonds were issued ($1,869.000 now outstanding). This agreement stipulates that final payment on account of the purchase be made on May 1 next. If this payment is met, it is the company's
intention to issue a call May 1 and retire the bonds on June 1 1927 at 105 at
-V. 102. p. 253
the First Federal Trust Co., San Francisco, Calif.
928
THE CHRONICLE
City Dairy Co., Ltd.
-Annual Report.
-
Calendar Years
-1923.
1926.
1925.
1924.
Net trading profit after
depreciation, bad and
doubtful debts, &c__ _
$278.490
$274,330
$248,456
$225,477
Income from investm'ts.
37,206
156,384
Total income
$278,490
$274,330
$285.662
$281,861
Preference dividends_ _ _
49,000
49,000
49.000
49.000
Common dividends
90,400
67,800
64,975
56.500
Balance, surplus
$139,090
$157,530
$171.687 Ilk $176,361
Previous surplus
450.152
292.622
149.314
421,586
Total surplus
$589,242
$450,152
$3321,000
$597,947
Organiz'n acct, written
down to $1
448.633
Adj.ofdepr.res. year 22
28,379
Profit and loss,surplus $589,242
$450,152
$292,622
$149,314
Com.shs.outst.
(par$100)
5,650
5,650
5.650
5.650
Earns.per share on com_
$40.62
$39.88
$41.89
$41.21
-V. 122, p. 755.
City State Bank Building (City State Safe Deposit
Co.) Chicago.
-Bonds Sold.
-P. W. Chapman & Co.,
Inc., have sold at 100 and int. $2,500,000 1st (closed)
mtge. 6% sinking fund gold bonds.
Date Feb. 11927: due Feb. 1 1947. Principal and int. (F. &
at National Bank of the Republic, Chicago, trustee, or at Bank A.) payable
of
New York. Denom. $500 and $1,C00 c*. Red. as a whole on America,
any int.
date, upon 30 days' notice at 102 and int., or in part at 104 and int, to and
incl. Feb. 1 1932; thereafter at 103 and int, to and incl. Feb. 11937: thereafter at 102 and hit, to and incl. Feb. 11942: thereafter at 101 and int, to
and incl. Aug. 1 1946. Interest payable without deduction of Federal
income tax not in excess of 2%. Penn., Calif., Conn., and Kansas 4 mills
tax, Maryland 4% mills tax. Dist. of Col., Va. and Ky. 5 mills tax; Iowa
6 mills tax; Mich. 5 mills exemption tax; and Mass, income tax not to
exceed 6% refunded.
Building.
-Is located at the southwest corner of Randolph and Wells
Sts. "Loop District" of Chicago, and, upon completion of the proposed
addition thereto, will occupy a total ground area of 12,545 sq. ft., having
a frontage of about 60 ft. on 'West Randolph St. and about 180 ft. on North
Welts St. The completed building, will be of modern fireproof steel construction, of Gothic design. The present building is 17 stories and basement in height and the addition thereto will be 23 stories and basement in
height. The basement will be largely devoted to the needs the City State
Safe Deposit Co.; the ground floor will be occupied by the of
Savings Department of the City State Bank and commercial tenants; and the entire second
floor, together with a considerable amount of upper floor space, will be
occupied by the City State Bank, while the balance of the building will be
devoted to high grade office space. Adequate high speed elevators will
provide rapid service to all floors.
Security.
-These bonds will be secured by a closed first mortgage on the
fee, comprising approximately 12.545 sq. ft. of land, the present 17 story
building and the proposed 23 story addition thereto. The mortgaged
property has been independently appraised as having a value, upon completion of the proposed improvement, of
over 172% of the
principal amount of this issue of bonds. $4,319.000, or above appraisals
Based upon the
this loan represents less than a 58% mortgage.
Earnings.
-The annual net income available
after the payment of all operating expenses, for interest on these bonds.
tases (other than Federal)
and insurance, has been estimated by lndepdents experts to be in excess
of $313,000, or over two times the maximum annual interest charges on
this issue of bonds.
Sinking Fund.
-The mortgage securing tjis issue of bonds will provide
for a sinking fund payable monthly to the trustee, beginning Aug. 25
1928.
The operation of this sinking fund, through purchase or by redemption, is
calculated to reduce the principal amount of bonds of this issue outstanding
at maturity to less than the present appraised value
of the ground alone.
[VoL. 124.
building, containing 200 offices, 286 front ft. of ground floor stores and a
combined motion picture and vaudeville theatre having 2,075 seats. The
theatre is leased to Alexander Pantages until 1973 at a net rental of $3.000
per month. The building is over 98% occupied,
Based upon the lowest of three separate appraisals, this property has a
total value, exclusive of the Pantages lease, of $1.829,000, which is more
than twice the amount of this issue.
Commercial Investment Trust Corp.
-Earnings.
Calendar Years1925.
1926.
1924.
Volume of business
4206,113,9303148,015,075 $95,509,475
Net profit after taxes,reserve. &c---- $33,571,051 $3,015,554 $2,292,633
Other income
13,662
29,120
9.054
Total income
$3.600,171 $3,029,216 $2,301.68T
Miscellaneous adjustments
Cr.16,910
Dr.25,795
Cr.43,459
Pref. diva. of Merc. Accept. Co
70,000
70,000
70.000
Net income
$3,504,376 $2,976,126 $2,275,147
Com. Inv. Trust dividends
170,000
7% preferred dividends
404,250
391,650
393,517
636% preferred dividends
483,844
Common dividends
1,032,500
1,592,100
658,000
Surplus
$1,036,783 $1,539,376 $1,053,630
Profit and loss surplus
55,590,866 $4,539,084 $1,176,208
Shares of corn. outstanding(no par)
360.000
443,000
350,000
Earns, per share on common
55 93
$489
$7 14
x Includes foreign subsidiaries, $8,476.796.
Balance Sheet December 31.
1926
1925
1926.
1925.
Assets
Liabilities
Cash
13,356,576 19,690,752 7% pref.stock_ _ _ _ 5,460,000 5,640,000
Retail auto. notes_65,558,989
616% pref. stock__ 7,275,000 7,500,000
Wholesale auto. ace 4,025,820
Common stock_ _ _ 8,860,000 8,840,000
Derpay.paper.see,
7% cum. pref. stk.
by commodities
61,253,660
of Mere. Acc.Co. 1,000,000 1,000,000
other than autos 11,904,296
5% gold notes_ __.x8,000,000 10.000,000
Accts. rec. purch
1,781,288
Notes payable.__ _59,287,245 38,599,262
Repossessed cars
378,914
Accounts payable_ 734,6881 1,748,670
Miseell. accts. rec_ 314,881
227,888 Fed.State&Can.tax 497,9921
Due from officers &
Int. accrued on
empl. for cap'l
5% notes
83,333
66,667
stock purchased 285,204
4,781 Deferred income 3,008,106 2,624,822
Invest. In & adv.
rtes. for loss and
to foreign co's__ 2,442,103
contingencies._ _ 1,356,869 1.392,147
Furniture & fixt's_
5
5 Surplus
5,590,866 4,539,084
Deferred charges__ 826,989
567,224
Stock purch, for
sale to employ'es 245,973
223,007
5% ser. gold notes
purchased
16.395
Total (each side).101,137,433 81,967,318
x Represented by/143,800 shares of no par value.
-V. 123, p. 586.
Commercial Solvents Corp.
-Earnings.
--
Calendar YearsGross profit
Depreciation
Admin. expenses, &c
1926.
1925.
1924.
41,553,576
See
1923.
$165,828
59,533
114,152
Operating income_ __ _ $2,444.335 $1,312.189 51,236.151
Other income
112,222
87,712
183,044
Total income
$2,556,556 $1,399,901 $1.419.196
Interest, &c.,charges__.
486,847
338,014
217,223
Federal tax reserve
361,918
171,622
158,000
Preferred dividends x
40,000
80,000
62,736
Class A dividends x
79,920
159,880
280,000
Class B common diva_ _ _
435,444
loss$7,857
26,691
Not
J reported
Not
reported 1
*
317,425
$18,834
78,708
15,652
40.000
Balance
$1,152,427
$650,385
$701,237 def$115,526
Class B com.stk. outst g
(no par)
108,861
47,064
40,000
40,000
have declared an extra dividend of 25c. a share on the Earn. per sh.on Cl. B com. $14.59
$13.82
Nil
$17.53
common stock, no par value, payable March 15 to holders of record Mar.5.
* After deducting production costs, laboratory expense, factory oper.
An extra dividend of like amount was paid on the common stock on
exp., redistillation charges and returns and allowances (and depreciation
Dec. 15
last. Compare Y. 123, p. 2906.
in 1924). x Class A stock and pref. stock retired in April 1926.-V. 123,
p. 2145.
Cluett, Peabody 8c Co., Inc.
-Reduces Goodwill.
Two interesting facts in regard to the financial position of the company
Continental Baking Corp.
-New President.
are revealed in its annual report just released. Goodwill, patents, tradeM. L. IAvingston has been elected President, succeeding Wade D. Holmarks, &c, have been reduced by $33,000,000, from 39,000,000 in 1925 to land.
-V. 124, p. 796. 781.
36.000,000 in 1926. During the year about 24,000 shares of preferred stock
were accumulated by the company. As of Dec. 31 1926 a total of 30,500
Continental Oil Co. (Me.).
-Larger Dividend.
-The
pref. shares were held in the treasury of the company.
-V. 124. p. 653.
directors on Feb. 9 declared a quarterly dividend of 30c.
Cleveland (0.) Stone Co.
-Extra Dividend.
The directors
Columbia Ice & Ice Cream Co., Chicago.
-Bonds per share on the capital stock, payable March 15 to holders
Offered.
-Hitchcock & Co., Chicago, are offering at 100 and of record Feb. 14. The company, from Mar. 16 1925 to
int. $275,000 1st mtge. 6% serial gold bonds.
Dec. 15 1926 incl., paid quarterly dividends of 25c. per share.
Dated Jan. 15 1927; due serially July 15 1928-1936. Interest payable
Colorado Company to Be Dissolved.
J. & J. at Chicago Title & Trust Co., Chicago.
trustee, without deduction
for normal Federal income tax not in excess of 2%. Callable on any hat.
date on 60 days' notice at a premium of 34 of 1% for each year of unexpired
life, except that premium shall not exceed 2%. Denom.31.000 and $500 c*.
Data from Letter of Pres. Samuel Donlan.
History.Business was originally established in 1900 as the Donlan Ice
Cream Co. and with the exception of the years 1912 to 1914, has since
been under the control of the founder, and built up under his management.
Purpose.
-Proceeds of this bond issue will be used to retire existing in
liquidate bank loans incurred for additional construction, and
furnish additional working capital.
Security -Bonds will be secured by a jet mtge. on the plant located on the
corner of .
}Cedzie Ave. and Fillmore St., Chicago, with garage
lignis7 by the Lloyd-Thomas Co. at a net sound depreciatedadjacent,
5d
e.
value of
Earnings.
-Net earnings after
ending Nov. 30 1926 were at an depreciation for the 2 years and 11 months
annual
the total interest charges of this issue. rate of $101,076 or over 6.1 times
Columbus Hotel, Miami, Fla.
-Receiver.
A dispatch from Miami Jan. 10 said: Two of
Coltunbus and the Robert Clay, were involved Miami's leading hotels, the
in court litigation Jan. 10.
A receiver was appointed for the Columbus, while a petition
was filed asking
a receivership for the Robert Clay, on the
dissipated and the hotel was not properlyground that its income was being
managed.
George W. Moore, of Miami. was named receiver for the
Columbus,
which was built in 1925. during the "boom" days. The receivership
grows
out of a suit brought by G. L. Miiler of New York and Hilliard Sperling
against the East Coast Enterprises and the Miami Holding Co. to foreclose
trust deed to secure an issue of bonds of $1,500,000.
a
The suit against the Robert Clay, which has been operating about three
months. Is in connection with the foreclosure of a second mortgage of
S80,000 held by the Bay Shore Operating Ce. against Mr. and Mrs. R. C.
Hogue, property owners.
G. L. Miller & Co., Inc., in August 1925 offered 51,600.000 first mtge.
7s, 1927-40. secured on the Columbus Hotel. An issue of S500.000 first
mtge. 7s, 1927-35. secured on the Robert Clay Hotel, was offered by the
same interests In November 1925.)
The final step in the absorption of the old Continental 011 Co.of Colorado
by the present Continental Oil Co. of Maine will be taken March 3. when
stockholders will vote its dissolution. The stockholders in the old Continental Oil Co. of Colorado have the choice of accepting $48 30 a share in
cash or exchanging their stock on the basis of one share of Colorado company
stock for two Shares in the Maine company. The latter company already
owns 999, of the stock of the Colorado company.
-V. 123, p. 2524.
Coty, Inc.
-Balance Sheet Dec. 31.Assets1926.
1925.
1926.
1925.
Building limns_ $142,774 $132,972 Capital stook_ _ _..x$1,599,081 $1,599,081
Mach., equip., &e. 277,934
270,063 Accts. pay., don..
163,523
Rent deposit
20,000 Accts. receivable_
7,177
20,000
inv.Coty,Ltd.,Eng
69.871
42,006
22,130 Due officers, &o.
Marketable secure. 1,023,358
Tenant deposit.... 27,500
25,000
Goodwill.formulae,
Accrued expenses_ 139,839
102,862
1 Res. Fed. tang_ 465,000
1
360,000
Cash
717,640 P.& L. surplus__ _ 3,944,466 2.560,526
1,001,337
Accts. receivable.- 1.033,702
795,013
Inventories
Tot.(each side).16,183,062 $4,880,863
2,641,861 2,923,042
x Represented by 309.300 shares of no par value.
The comparative income account was published in V. 124, p. 798.
Craddock-Terry Co., Lynchburg, Va.-Stock Offered.
-
A dispatch from Richmond. Va., states that the company is offering to
its stockholders $500,000 additional 7% pref. stock at par ($100).-V. 122.
P. 1176.
-Dividend Rate Decreased.
Cuba Co.
-The directors have
declared a quarterly dividend of 75 cents per share on the
common stock, no par value, payable March 1 to holders of
record Feb. 21. Quarterly dividends of $1 per share had
been paid since Dec. 1 1923.-V. 123, p. 2660.
Dalton Adding Machine Co.
-Merger-Terms of Exchange.
-See Remington Typerwiter Co. below.
-V. 122,
Commonwealth Building Co., San Diego,' Calif.
- p. 3610.
Bonds Offered.-M:tchum, Tully & Co., and Dean, Witter
Deep Sea Fisheries, Inc.
-Sale.
-& Co., are offering at 100 and int. $900,000 1st mtge. 6%
The properties of the company were bid in without competition at
serial gold bonds.
auction at Rockland. Me., Jan. 28, by Harry M. Rice, representing
Dated Jan, 1 1927; due serially, Jan. 1 19284947. Principal and int.
payable (J. & J.) at Pacific-Southwest Trust & Savings Bank, Los Angeles,
trustee, without deduction for the normal Federal income tax up to 2%*
Denom. $500 and $1,000 c*. Red. on any int. date upon 30 days' notice.
at 105 and hit., on or before Jan. 1 1932; at 102% and int., on or before
Jan. 1 1941: at 100% and int., on or before July 1 l944: thereafter at 100
and int. Exempt from personal property taxes in California.
The Commonwealth Building located in San Diego, Calif., completed in
-story office, store and theatre
March 1925. is a Class A, steel frame, 6
the
bondholders' Committee. Bids were $240,000 for all the property included
in the mortgage held by the Canal National Bank of Portland, which, with
accrued interest of $611,624,amounts to $2,156,374,and $4,300 for property
not covered by mortgage. The sale was conducted by Ira W. Feeney,
receiver, as special master appointed by the court.
The members of the bondholders protective committee are F. W.
Lafrentz. Wallace P. Harvey and F. A. W.Ireland with Charles P. Gotchlus,
Sec., with office c Deep Sea Fisheries, Inc., 100 Broadway, New York
-o
City.
-V. 122, p. 2954.
run. 12 1927.]
THE CHRONICLE
929
Deere & Co.
-Balance Sheet Oct. 31.1926.
1925.
1926.
1925.
Assets
LiabilUies$
Real estate, bldgs.,
Preferred stock _y33,000,000 33,000,000
and equipment 21,396,926 20,836,933 Common stock __z1 7,904,400 17,904,400
Timber lands, &c_ 3,824,149 4,597,639 Dividends payable 1,485,000
660,000
Trade-marks, patAccounts payable_ 2,072,452 2,057.827
ents & goodwill_17,904,400 17,904.400 Notes payable_
800,000
Pref, stock owned_
128,400
113,100 Accrued taxes_ _ _ 1,900,842 1,094,678
Com.stock owned. 113,173
104,450 Reserve
al2,455,522 11,060,270
x14,403,047 13,258,703 Surplus
Inventories
16,244,372 12,294,022
516,346
Deferred charges__ 433,366
Cash
7,161,338 4,581,952
Notes receivable_ _10,390,688 8,644,071
Accts. receivable 9,307,101 8,313,604 Total(each side)_ _85,062,588 78,871,197
x Inventory at lower of cost or market. 918,435,886; less reserve for
possible losses, $4.032.839. y Preferred stock Issued, $37,828,500; less
stock in treasury, 94,828,500. z Common stock issued $21,572,800; less
stock held in treasury, $3,668,400. a Reserves: Against property and
equipment,$8,396.125; against current assets, $1,735.037; against insurance
and pensions, $1,324,360; against contingencies, $1,000.000.
Note -Undeclared cumulative dividends on the 7% preferred stock
amounted at Oct. 31 1926 to 9'4%, or $3,217,500.-V. 122. p. 654.
or purchase of assets) after deducting amounts calculated to reflect minority
interests presently to be outstanding and after deducting Federal taxes at
current rates for the three fiscal years ended June 30 1926, were as follows:
1924. 9344.619; 1925, 9610,805; 1926. 9748,183.
No adjustment in earnings has been made to reflect the retention of cash.
receivables and securities aggregating $292.555 by Gauntlett & Co., Inc.
in view of approximately $350.000 additional consolidated working capital
being made available to Educational Pictures, Inc. through this financing.
Such net earnings for the three fiscal years ended June 30 1926 average
$567,869 per annum,or more than 34 times the maximum annual dividend
requirement on $2,000.000 pref. stock presently to be outstanding, and for
the fiscal year ended June 30 1926. equal more than 44 times such dividend
requirement. After deducting from such net earnings for the fiscal year
ended June 30 1926 the annual dividend requirement on 92,000.000 Preferred stock there remains 9588,183,or more than 93 60 per share of common
stock presently to be outstanding.
Such net earnings for the 6 months ended Dec. 31 1926 were 9373,778.
CapitalizationAuthorized, Outstanding.
8% preferred stock
93,500,000
$2,000,000
Common stock (no par)
250,000 shs. *162,630 shs.
* Not including 20,000 shares reserved against outstanding purchase
warrants.
The Hudson's Bay Co., which has held a controlling Interest in Educational Pictures Securities Corp., will own a substantial amount of the
common stock of Educational Pictures, Inc.
(D. G.) Dery Corporation.
-Bonds Called.
-The preferred and common stock is to be issued in connection
Purpose.
-year 7% sinking fund gold bonds. due Sept. 1 1942, with the acquisition of the stocks.and other assets presently to be owned
Certain first mtge. 20
aggregating $59.000. have been called for payment March 1 at 110 and int. by the company, and including not less than $350,000 cash to be added
at the New York Trust Co., trustee, 100 Broadway, N. Y. City.
-V. 122, to consolidated working capital.
p. 889.
Pro Forma Consolidated Balance Sheet Dec. 311926.
Assets
Devoe & Reynolds, Inc.(& Subs.).
Liabilities
-Balance Sheet.
Cash
$1,001,287 Accounts payable
5357,237
Nov.30'26. Nov.30'25.
Nov.30'26. Nov.30'25. Accounts receivable
135,408 Adv. payments by exhibitors
62.354
Assets$
LiabilitiesAdvances to producers
104,176
Plant, equip.. &c.,
Claes A com. stk. _x3.191,667 3,191,667 Unamortized cost of own film_ 622,120 Provision for Federal taxes_
937,310 Mortgages payable
50,500
less depreciation 2.316,163 2,668,783 Class B corp. stk_ _y1,333,333 1,333, 33
Accessories,
117,420
Investments
872,222
788,180 1st pref. stock _ ___ 1,810,700 1.872,000 Real estate props and supplies 279,311 Minority int. in stocks of con& equip, less depree
stituent companies
96,600
53,325
65,734 2d pref. stock_ __ _ 935,500
let pref. stk. pur
935,500 Prepaid rent, insurance, &c_ _ _
2,000,000
33,286 8% Preferred stock
Cash
629,396
436.5 0 Accounts payable_ 380,617
524,817
Common stock
456,275
Notes receivable
183,927
144,698 Accr. taxes & exp.. 201,118
180.009
Accts. receivable 3,924,732 2,527,422 Res. for fire loss,
Total
$3,126,142
$3,126,142
Total
Inventories
2,631,848 2,662,718
repairs, drc
4,650
Deferred charges
238. 78
268,554 Surplus
2,229,747 1,849,145
Evans Auto Loading Co.
-New Name.
Prepaid Insur., &c. 232,592
328.482
See E. S. Evans & Co., Inc. below.
10,082,682 9,891.121
Total
Total
10,082,682 9,891,121
(E. S.) Evans & Co., Inc., Detroit.
-Stock Listed-To
x Represented by 95.000 shares of no par value. y Represented by
Change Name-Annual Report.
40.000 shares of no par value.
The usual comparative income account was published in V. 124,
The Detroit Stock Exchange has authorized the listing of 40,000 class A
13• 654•
stock (par $5) and 60,000 class B stock (par $5).
Domes Mines, Ltd.
-Gold Production (Value).
At the annual meeting held on Feb. 2, it was voted to change the name
Jan. '27.
Dee. '26.
Nov. '25.
Oct. '26.
Sept. '26.
Aug. '26. of the company from E. S. Evans & Co., Inc. to Evans Auto Loading Co.
$327,850
$327.609
$321,308
$324,629
$324,774
$324,243 Formal announcement of this change has not yet been made.
-V. 124. p. 513. 240.
At the annual meeting Frederick S. Robinson (of Parker, Robinson-& Co.)
was elected a director. In addition to Mr. Robinson the other members
Dorris Motors, Inc., St. Louis.
of the board are: E. S.Evans, M.B. Tucker,E. H. Rogers,E. M.Groover.
-Sale.
The assets were sold at bankruptcy auction Jan. 12 by the trustee. The Paul H. Davis, and B. S. Adams.
sale included machinery, tools, fixtures, equipment, accessories, parts.
Earnings for Calendar Years.
material, goodwill. patterrs, desigr s, patents and completed vehicles.
1925.
1926.
1923.
1924.
Gross profits on sales___
$845.169
$748,493 -Not available
Eastman Kodak Co.
-Extra Dividend of 75 Cents.
An extra dividend of 75 cents a share has been declared on the common Net profits after taxes
and depreciation
502,072
460,195
283,839
301.872
stock in addition to the regular quarterly dividend of 91 25, both payable
Dividends paid in 1926 amounted to 9300,000 against $225,000 in 1926
April 1 to holders of record Feb. 28. Extras of like amount were paid on
on the present capital stock and 975,000 in 1924 on the old capital stock.
the common stock in the previous 12 quarters.
-V. 123, p. 2661.
Consolidated Condensed Comparative Balance Sheet Dec. 31.
Educational Pictures, Inc.
IE. S. Evans & Co., Inc. Lumber Products Corp.;
-Preferred Stock Sold.
1926.
1925. I LiabilitiesAssets1926.
Dillon, Read & Co. have sold at 100 and div. $2,000,000
1925.
$546,079 $551,305 Class A co.stock $200,000 $200.000
Fixed assets
rn
8% cumulative preferred stock (with common stock purchase Timber lands
34.295
Class B corn. stock 300,600
300,000
148,153
70,598 Bank loans
Cash
warrants).
2,000
147.428 Accounts payable_
183,661
23,120
43,670
Preferred over the common stock as to cumulative dividends at the rate Receivables
307,915 Accruals (inci.tax.)
383,466
88,090
of 8% per annum, and as to assets, in case of liquidation, at $105 per share Inventories
73,195
10,000
10.000 Purchase
money
and div. Red. (without cancellation of warrants) as a whole, or in part Investments
17,356
obligations
23,932
10,321
by lot, on any div. date on 30 days' notice at $105 per share and diva. Deferred charges
45,095
licenses_ 776,282
826,892 Capital surplus_
830,478
833,324
Divs. payable Q.
-F.(accruing from Feb. 15
Divs.free of the present Patents dr
Earned surplus__
. 645,284
442,788
normal Federal income tax. Seaboard National Bank, New York, transfer
1927)'
agent. American Exchange Irving Trust Co., registrar.
$2.099,293 $1,938,071
Total
Total
$2,099,293 $1,938,070
Sinking Fund.
-Company is to provide a sinking fund of 930,000 on
Sept. 1 1927 and on March 1 1928, and thereafter, in semi-annual install- -V. 123, p.2525.
ments, in each fiscal year an amount equal to 10% of the company's net
Fairbanks Co.(& Subs.).-Earnings.earnings (as defined but after preferred stock dividends) for the preceding
fiscal year provided such amount shall not exceed a sum sufficient to redeem
-Quer. End. Dec. 31- -Year End. Dec. 313% of the maximum amount of preferred stock issued. Sinking fund
Period1926.
1925.
1926.
1925.
moneys are to be used to purchase preferred stock at not exceeding 9105 Net profit from oper____
9353,885 $1,512,204 91.341,955
9395,118
per share or to redeem preferred stock at 9105 per share in each
243.522
224,153
914.784
826,955
case plus Expenses
accrued clfildends to be provided by the company.
Deprec., int., reserve for
Common Stock Purchase Warrants.
Federal taxes. U.....
-The preferred stock will carry war63,166
72,711
302,854
309,958
rants (non-detachable prior to Feb. 2 1928, except in the case of the
preferred stock called for redemption) entitling the holder to purchase, prior
Net profits
$57.020
$294,564
988,428
$205.041
to Feb. 2 1932, common stock at $35 per share, at the rate of one share Earns, per sh. on 10,000
of common stock for each share of preferred stock.
abs. Ist pref.8% stk
$5.70
929.45
98.84
$20.513
No dividends have been paid on the let pref. stock since May 11921.Data from Letter of E. W. Hammons, New York, Feb. 4.
V. 123, p. 2661.
Company.
-Organized in Delaware Feb. 4 1927 to consolidate the ownership and operation of a national distributing.organization for short motion
Fairbanks, Morse &
Chicago.
-Bonds Offered.
pictures
-one and two reel comedies, novelties and a weekly news reel
with a group of established companies producing short motion picture Lee, Higginson & Co., First Trust & Savings Bank, Chicago,
comedies. 'the company is to acquire the then outstanding capital stock Clark, Dodge & Co. and Harris,
Forbes & Co. are offering
of Educational Pictures Securities Corp. which, through subsidiaries, has
since 1919 distributed short motion pictures in the United States, and at 97M and int., to yield about 534%, $8,000,000 15-year
more recently in Canada and abroad. It is also to acquire, directly or 5% sinking fund gold debentures.
through a subsidiary, the motion picture business and assets (except cash
Dated Feb. 11927: due Feb. 11942. Principal and int. (F. & A.) payand other current assets aggregating $292,555) of Gauntlett & Co., Inc.
which, through subsidiary and affiliated companies, has been engaged in able at offices of Lee, Higginson & Co. in Boston, New York and Chicago.
the production of short motion pictures for several years. The assets to and at office of First Trust & Savings Bank, trustee, Chicago. Denom.
be so acquired include all of tho rights of Gauntlett & Co., Inc. in pictures $1.000 and $500 c*. Callable as a whole on any int, date or in part for
previously produced and its entire stock interest in subsidiary and affiliated sinking fund on 30 days notice at 103 during first three years; 1024 during
companies, comprising four producing companies and another company next three years; 102 during next three years; the premium thereafter' deowning a modern motion picture studio in Hollywood. Calif. Additional creasing ji% every two years to 1004 during last two years before maturity.
Company agrees to pay int. without deduction for normal Federal income
amounts of these stocks are to be acquired from other sources so
that tax now or hereafter deductible at the source not in excess of
Educational Pictures, Inc. will own in each case, directly or indirectly,
2%; and also
a to refund present Penna. and Coma. 4
-mill taxes and Mass, income tax
majority of the outstanding capital stocks of these companies.
The educational and Gauntlett companies have co-operated for several up to 6% upon application within 90 days after payment.
years in the production and distribution of short motion pictures under the
Capitalization (Upon Completion of Present Financing).
name of "Educational Pictures"
-all of the films produced and distributed IS-year 5% striking fund gold debentures (this issue)
$8.000,000
by these organizations having been released under this trade name. The Pref. stock, 7% cumulative (par $100: authorized
912.500.000,
unissued $4,970,575. retired by sinking fund
acquisition by Educational Pictures, Inc. of controlling interests in the
9193.100)
companies of both groups should strengthen their position by assuring Common stock (no par value; 375.000 shares authorized, 368.977 7,336,325
shares outstanding), net assets available
to the producing companies a continuance of adequate distribution,and
19.700,401
by giving the distributing companies full control over the production of
Data from Letter of C. H. Morse,President of the
Company.
aproximately 50% of their product, which has heretofore been distributed
Business was founded 97 years ago in 1830. when production
under contract. The balance of the distribution is made under annual scales began.
of Fairbanks
Present company,incorp. in Illinois in 1891, has grown from
contracts with other producers (including the Christie film Co. producers original invested
capital of $300,000 to more than
of "Christie Comedies"), except the distribution of Rinorgams, a semi- over
of which
920,000,000 has been derived from earnings.927,000,000.to-day is
weekly news reel which is controlled by a contract extending until 1930.
Company
largest manufacturer in United States of
Diesel and other internal comBusiness.
-The business of Educational Pictures Securities Corp. and bustion engines for
subsidiaries was established in 1915. The American distributing sub- tically all classes industrial, marine and farm purposes, including pracother than automobile engines. Company also manusidiaries, all present outstanding minority stockholders of which have factures Fairbanks
agreed to accept common stock of Educational Pictures, Inc. for their Western territory scales and markets them through its own houses in the
of the United States, the selling rights in the East. South,
holdings, have branch offices in 36 important cities. Practically every
Important motion picture theatre circuit in the United States and Canada and for export being held by another company under a contract expiring
Jan. 1
Is playing or has contracted to play "Educational Pictures" during the pumps,1929. Also manufactures and sells centrifugal, steam and power
1926-1927 season. Another wholly-owned subsidiary effects distribution motors railroad motor cars, hand and push cars, and standpipes; dynamos,
of short films in France. Germany. Spain,Brazil, Japan and other foreign lighting and electrical equipment; windmills, water systems and heme
plants. Plants, with approximately 2,500.000 sq. ft. of floor
countries.
space at Belot, Wis., Three Rivers,
The principal product of the producing companies to be controlled
Mich. Indianapolis, Ind., St. Johnssists of "Hamilton," "Lane," "Mermaid,' "Tuxedo," "Juvenile" con- bury, Vt., and East Aloline, Ill., efficient and modern in every respect.
'
and Sales. 1926, over 932,000,000.
"Cameo comedies, all of which are made in the studio of a company
to
No Mortgage on any of company's property or that of any subsidiary,
be a subsidiary of Educational Pictures, Inc., and are realeased through other than
the Educational organization. These films are widely and favorably hereafter purchase money obligations, or mortgages existing on property
acquired, may be created while these debentures are outsatnding;
known throughout the motion picture industry. The studio was built and
no further debentures may be issued unless after issuance current assets
In 1925, and is completely equipped for the production of motion pictures. including
proceeds of issue, shall exceed 125% of current liabilities plus all
The producing business now carried on was established in 1920.
Earnings.
-he combined net earnings of the business being acquired debentures, and current assets shall be at least twice current liabilities;
Educational Pictures, Inc. (either through acquisition of capital stocks nor unless average net earnings for three preceding years shall have been
by
at least twice interest requirements on total funded debt to be outstanding.
co.,
.
Indenture will provide also that while these debentures are outstanding,
no cash dividends on company's common stock may be declared which would
reduce current assets below the above ratios.
Purpose.
-Proceeds of these debentures will be used for additions to
working capital, including retirement of all bank loans, for the development
of the Diesel engine and Scale branches of the company's business, and for
other corporate purposes.
Net Earnings, After Depreciation, Availablefor Interest, Years Ended Dec. 31.
1926 (9 Mos.).
1925.
1922.
1923.
1924.
$2.983,5_83
63,552,134
$1,695,286
$2,874,250
$2,381,670
$13.486.923
Total 4% Years
2,839.352
Average per year
interest and Federal taxes. 4%
Net earnings, after depreciation, before
years to Sept. 30 1926. averaged $2,839,352, or more than 7 times annual
interest requirement of $400,000 on these debentures. For 9% years such
net earnings averaged nearly 6% times this requirement and in no year
of this period except 1921 have such net earnings been less than 4 times.
Based upon returns for first e months of 1926, it is estimated that final
accounts for year will show net earnings of at least 8 times this requirement.
Since 1924 earnings represent consolidated returns of the company and its
subsidiaries. Prior to 1924 they do not include the surplus earnings of
E. & T. Fairbanks & Co.
Sinking Fund.
-Trust agreement will provide that the company shall
.
mt.? Lee Higginson & Co. as sinking fund agent on Jan. 1 of each year,
ingJan. 1 1929, a sinking fund for the benefit of these debentures
sufficient to retire at least $320,000 in principal amount per annum. This
sinking fund payment may be made either in cash, to be used for the call
and retirement of debentures on the succeeding Feb. 1 at the prevailing
call price, or in debentures at par for retirement. This sinking fund is
sufficient to retire at least 52% of all debentures before maturity.
Financial Condition as of Sept. 30 1926 (Adjusted to Incl. Proceeds of This
.
Financing).
Liabilities
Assets-.
$3,172,120
$9,747,078 Current liabilities
Real estate. plants, &c
Due to subsidiary companies. 1,691,558
Investment in E. & T. Fair332,082
1,500,000 Reserves for contingencies.- banks& Co
8,000,000
25,780,551 5% debentures
Current assets
7.336,325
1,842.027 7% preferred stock
Sundry investments
194,588 Common stock (368,977 abs.) 7,565.890
Due from subsidiary cos____
12,134,511
1,168,239 Surplus
Deferred charges_
1
Patents, good-will, &c
Total
-V. 124, p. 514.
[VOL. 124.
THE CHRONICLE
930
$40,232,484
Total
$40,232,484
-Sales.Fanny Farmer Candy Shops, Inc.
Increase.
1927.
1926.
Month of January$27.770
$213,383
$241.153
Sales
1924.
1926.
:Results for Calendar Years1925.
Sales
$3.353.928 $2.636,674 $1,906,525
182,894
242,319
Net earnings after taxes
367.701
295,701
Available for common
$1.10
.70
$i
Earns. per share on common stock
$.95
x Adjusted to present capitalization of 100.000 shares, no par value.
Current assets as of Dec. 31 1926 amounted to $671,107, while current
liabilities amounted to $36,827. Net quick assets increased $222,197
-months period despite the fact that in the same period the
during the 12
company expended $149,148 net after depreciation, for factory property
-V. 124, p. 241.
and opening of new shops.
Federal Mining & Smelting Co.
-Company Loses Appeal
-Delaware High Court Holds Common Dividends Cannot Be
Paid While Capital Is Depleted.
The Delaware Supreme Court, in an opinion handed down Feb.8 holding
that the company cannot pay dividends on its common stock as long as its
capital is greatly depleted and its net assets are less than its paid-in capital.
The opinion was flied on the appeal of the company from a decree entered
by the Chancery Court early last year overruling a demurrer it filed to
H. Content & Co.'s bill of complaint which sought a permanent injunction
to restrain the company from paying a special dividend of $10 a share on its
common stock and other dividends on the common it might contemplate
declaring.
Prior to filing of the demurrer, the Chancellor had issued a preliminary
injunction. The main question argued before the Supreme Court was
whether a wasting asset corporation can pay dividends on its common
stock when its net assets are less than its paid-In capital.
At close of its opinion, the Supreme Court affirms the Chancellor's decree
overruling the demurrer.
The Court's opinion follows in part: "After a careful examination of authorities, the Court concludes there are none which distinctly hold it is
permissible, in the face of a statute law like ours, to pay dividends on
common stock when, as in this case, there is an outstanding issue of preferred stock, the capital is greatly depleted and the net assets are less than
the paid-in or invested capital.
"Whether corporations engaged in the exploitation of'wasting assets shall
be excepted from the operation of our law is a question for the Legislature
of the State to decide.
"It may be fortunate that the Legislature is now in session. The complainants claim they are entitled to the infunctive relief prayed for because
of contract rights growing out of the relation between the preferred stockholders and the corporation. They say there is impliedly written into every
corporate charter of this State, as a constituent part hereof, every pertinent
provision of our constitution and statutes!'"And they claim the pertinent
provisions of the Delaware statutes and the defendant's certificate ofincorpoEation are the following:
'Section 34 of the General Corporation Law which provides that: The
directors of every corporation created under this chapter shall have power,
after reserving over and above its capital stock paid in, such sum, if any,
as shall have been fixed by the stockholders, to declare a dividend among its
stockholders of the whole of its accumulated profits, in excess of the amount
so received, and pay the same to such stockholders on demand; provided,
the corporation may, in its certificate of incorporation, or in its by-laws,
give the directors power to fix the amount to be reserved.
'And the following provision of the defendant's certificates of incorpora"
tion: In the event of any liquidation, or dissolution, or winding up, whAher
voluntary or involuntary, of the corporation, the holders of the preferred
stock shall be entitled to be paid in full both the par amount of their shares
and the unpaid dividends accrued thereon before any amount shall be paid
to the holders of common stock, and after payment to holders of the preferred stock of its par value and unpaid accrued dividends thereon, the
remaining assets shall be divided and paid to holders of common stock ac.
cording to their respective shares.''
The Court continues:"There being no exception in the Delaware statutes
in favor of wasting assets of corporations, the Court cannot usurp the
function of the Legislature by reading into the language of the Legislature
an exception that is not expressed, anti we may say, an exception that is
clearly at variance with the language used.
After all, this question resolves itself into a consideration of what the
Legislature meant by the statute in question. It will not be claimed there
Is anything in the language of the law that expresses, or even indicates, an
intention to except from its operation wasting asset corporations.
"The question here Is whether the company can pay dividends on its
common stock when its net assets are less than the paid-in or invested capital. The setting up of a reserve is not the only way by which the net
assets can be kept equal to capital. It may be done, and often is done, by
the purchase of other properties."
assets below paid-in capital. The Court having held against the company
on demurrer, answer will now be made and evidence will be taken on the
question of fact whether the net assets of the company exceed the paid-in
value of the capital stock.
"As indicated in the last annual report and the circular to stockholders
issued early in 1926, the true valuation of the company's properties will
considerably exceed that reflected by the books of toe company. Careful
study has been made of property values, which will be discussed in the
coming annual report. The officers of the company believe that the Court
will ultimately find such existing value of the company's assets as will permit
the payment not only of dividends on the preferred, but on the common,at
least to some extent and for some period of time.
"If the evidence fails to disclose an excess of net assets over paid-In
capital stock, the right to pay dividends on the preferred stock would, under
the reasoning of the Court, become doubtful. Considerable litigation is
therefore still in prospect and the final answer to the two questiors above
-V.123. p. 3190.
outlined will not be known until its termination."
Firestone
-Progress in Liberia.
Tire & Rubber Co.
Harvey S. Firestone, Jr., V.-Pres. of the Firestone Plantations Co., who
has returned to Akron after three months spentin Liberia, West Africa, made
a thorough investigation of the work being done in the development of
the Firestone 1.000,000-acre rubber plantation in Liberia and is greatly
enthused over the progress made.
According to Mr. Firestone, the production of crude rubber in that
country has long since passed the experimental stage, as the company now
has more than 200.000 rubber trees that are producing an average of 100.000
pounds of rubber per month.
"Thousands of acres have been cleared and planting started on a large
scale." he stated. "The trees now bearing were planted before the war.
Those planted now will produce rubber in about five years.
-dozen
"We have plantation developments begun or projected in a half
places. By degrees,the whole concession of 1,000.000 acres is to be brought
under cultivation. Soon afterward our production will supply at least half
of American consumption.
"After three years of investigation and organization, we are convinced
Liberia will be the next great source of rubber and in time will free the
American automobilists from foreign tribute."
Mr. Firestone said plans have been laid for the construction of a harbor
at Monrovia. the capital of Liberia, which was named after the American
President, James Monroe.
"Liberia is exactly suited to become a great rubber-producing territory
for the United States," he said. "We have unlimited labor available and
all the advantages of operating in a friendly country, with close ties to the
United States.
"We expect ultimately to employ no less than 300,000 men, We have
given this question of labor the closest attention and the character and
habits of the Liberian natives go far to assure our success.
"The idea of continuous remunerative work has attracted the whole
people. Groups of 800 to 1,000 men come to our plantations seeking work.
Some of them had trekked for eighteen days through the jungles.
"As Liberia is a virgin field for development, the Government is fully
aware of the advantages to be derived from such a large enterprise. We
have had the fullest co-operation in making possible a successful start
We have every assurance that this friendly spirit will continue.
"Contrary to the ideas many persons hold about the tropics and Africa in
particular, Liberia is a healthful and pleasant country, although it lies but
a few degrees above the equator. We have plans for extensive sanitation
and will take every precaution to protect the health of our workers, both
American and native.
"Returns from our plantations in Liberia already indicate we can compete
with the rubber growers of any nation. We hope to break the foreign crude
rubber monopoly by producing a considerable percentage of the rubber
supply needed by America from our African plantations. Motorists of the
United States will then be freed from paying rubber tribute abroad."
Ends Mexican Rubber Plan.
The company has abandoned its project to grow rubber in the Mexican
State of Chiapas. Soil, climate and all natural conditions in Chiapas are
favorable for rubber production, but the Firestone company explains that it
-V.
found "other conditions" such as would militate against the project.
123, p. 3327.
First Federal Foreign Investment Trust.-Pres. cfcc.-
Alfred 0. Corbin of F. J. Lisman & Co. of New York has been elected
President.
Besides Mr. Corbin the board of directors now consists of F. J. Lisman
of F. J. Lisman & Co., Chairman; Col. Benjamin F. Castle, Vice-President
& Gen. Mgr.; Julian Gerard, Chairman of Central Mercantile Bank, N. Y.:
Charles A. Marshall of Hines, Rearick. Derr, Travis & Marshall, New
•
York' Mitchell May of F. J. Lisman &Co. and James T. Monahan.
-V. 124,
Vice-President of Chatham Phenix National Bank & Trust Co.
p.797.
-By-Products Profits.
Ford Motor Co., Detroit.
The "Wall Street Journal" reports the following: "Ford Motor Co.'s
by-products division reported total business for 1926 of more than $13,600.000, approximately $2,250,000 more than in preceding year. The byproducts division in selling all surplus as well as material not adapted to
Ford production is an important Industry in itself due to the vast and
varied operations of the Ford Motor Co. Scrap, which includes machine
shop turnings, sheet steel scrap and miscellaneous assortment of waste
materials, last year brought $3,000,000 and were second to coal, which
leads all items in the by-products list, with sales for the year of $4,000,000.
"Sales of chemicals manufactured from wood scrap in the wood distillation
plant at Iron Mountain, Mich., and at the coke ovens at the Fordson plant,
Detroit, totaled more than $2.500,000 in 1926. These included heavy
neutral oil, menthanol, CP ethyl acetate, methyl acetone, calcium acetate,
crude napthalene, hardwood tar, hardwood pitch, creosote oils, motor
benzol and ammonium sulphate. Value of cement produced from blast
furnace slag at Fordson is not given, but plant was enlarged during past
Other
Year and has capacity for 600,000 barrels annually. 124, by-products
-V.
P. 11'7. 797.
are charcoal, coke, plate glass, pig iron and wood."
-Earnings.
Forhan Co.
Calendar Years
Net operating income
Other income, less deductions
1926.
$717.650
8,555
1925.
$649,066
def.15.189
Net income before Federal taxes
Provision for Federal taxes
$726.205
95,000
$633,876
76,077
Net income
Class A dividends
Common dividends
$631,205
$557,799
($1.60)240,000 (40c.)60,000
($1)150,000(25c. 37,500
$241.205
$460,299
Balance, surplus
$4.20
$3.66
Earnings per share on Class A stock
Balance Sheet Dec. 31.
1925.
Liabilities1928.
1925.
1928.
AssetsAccounts payable. $35.337
$75,397
Mach. and equip
97,500
$79,489 Divs. payable....
97,500
$72,144
lees deprec
117,085 Res. for Fed. and
232,342
Cash
123,500
State tax
178,784
105,780
Marketable secur- 228,271
141,108 Capital dr surp.„52,568,488 2,332,247
Accts. rec., less res. 150,543
94,500
141,528
Inventory
Formulae.tr.-mks.,
&o.... 2,000.000 2,000,000 Total (each side)_ S2.822,825 32,610.925
Company to Appeal Decision of Delaware Supreme Court.
a Rej3resented by 150.000 shares(no par) class A stock and 150,000 shares
F. If. Brownell, Pres of the company, referring to the decision of the
-V. 123. P. 2002.
Delaware Supreme Court in the dividend case of H. Content & Co. against (no par common stock.
company, said:
the
-ReFoss & Co., Inc., Cambridge, Mass.
Court of Delaware held:'Under the charter contract exist(H. D.)
"The Supreme
complainants as preferred organization, &c.-.
ing between the defendant company and the law forms a
part, dividends
of which contract pertinent statute
stockholders,
when the capital of
On July 1 1926 Charles A. Barton (V.-Pree. of the Worcester Bank &
cannot be paid on the common stockless than its paid-in the company Is
.
capital. This is Trust Co.), Dr. Frederick A. Sawyer and William Hahn were appointed a
greatly depleted and its net assets are this court.'
determined in
stockholders Committee to see if something could be done about a reorganithe sole question to be
corporation acceptable to the note holders and present manage"This decision was rendered on a demurrer to a bill of complaint which zation of the
been accomplished a plan of reorganization having
alleged that the company's net assets were not equal to the paid-in value of znent. This has now
has carried its properties largely in accord- been adopted. more than a majority of the preferred and new preferred
its capital stock. Toe company Treasury Department. Under this sys- stockholders having voted In favor of the reorganization the note holders
the system used by the
ance with
value of increased ore deposits
their consent.
tem, adequate expression IS not given to thein excess of original cost. The also giving
The reorganization of the company has been accomplished on the followascertained to exist, and to property values has indicated a
deficit ofnet ing basis.
the company, therefore,
balance sheet of
FEB. 12 1927.]
THE CHRONICLE
931
A new corporation will be formed to take over all the assets and liabilities
General Railway Signal Co.
-Books Large Orders.
of the old. The stock (all of no par value) will be as follows: Class A stock,
Orders booked in January are reported the largest in any month in the
6,500 shares. Class B stock, 2,678 shares. Class 0 stock, 3,116 shares.
company's history and include, among other important items, automatic
Class D stock, 1,500 shares.
The note holders have agreed to take the class A stock in payment for block signaling installations on 647 miles of road and train control equipment
for 9 engine divisions covering 1,338 miles of road.
$650,000 now owed to them by the corporation.
The company announces that with the completion of train control
The class A stock will bear dividends of $7 per share per annum. Noncumulative for three years; cumulative thereafter. It will be callable as a installation of the first engine division of 67 miles on the Lehigh Valley.
whole at $100 per share during the first three years, and at $105 per share it has received an order for train control equipment on 194 miles additional
In whole or in part thereafter; and will be preferred in liquidation up to on the Lehigh Valley's line between Easton and Sayre, Pa. This consists
of installation on 2 and 3 tracks with equipment for 175 locomotives. With
$100 per share. Provisions are to be made for the retirement as earnings this
order the company has received so far this year contracts for train
warrant.
The class B stock will be distributed to the present holders of preferred control equipment involving 10 engine divisions from various lines.
V. 124, p. 799, 655.
and new preferred stock,share for share.
It will bear non-cumulative dividends (after $7 per share are paid on
General Tire & Rubber Co.
-Earnings.
class A) of $4 per annum, and share with class D stock in dividends in the
Year Ended Nov. 301925.
1926.
1923.
1924.
ratio of $1 per share to class B stock to $2 per share of class D stock till
Sales
$20,100,000 $18,700,000 $13,152,000 $9,000,000
class B stock shall have received $6 per share in all. It will be callable at
$75 per share and preferred in liquidation up to $75 per share over issues Net income after charges x709,831 y1,843.299 y1,465,810 y1,200,000
Profit & loss, surplus_ _ _ 3,391,807
3,193,539
876,152
1,878.766
junior to it.
x Before Federal taxes. y After Federal taxes.
Arrangements have been made so that the holders of preferred or new
preferred who desire can sell their stock for $17 a share.
Comparatire Balance Sheet Nov. 30.
Class C stock will be distributed to the present holders of second preferred
1926.
Assets1925.
1926.
1925.
stock share for share. It will bear non-cumulative dividends (after $7 Real estate, bldgs..
Preferred stock___$1,042,400 $1,042,400
per share is paid on class A stock. and $4 per share is paid on class B stock)
machinery,&c_x$1,398,259 $1,227,070 Common stock-- 2,024,425 1,998,550
of $3 per share; will be callable at $50 per share and preferred in liquidation Patents
1
1 Accts. payable (Into $50 per share over issues Junior to it. Holders of the second preferred Cash
439,099
566,666
cluding payroll) 151,676
267,129
assented to this.
Notes & accts. rec- 3,670,622 3,763,009 Excise tax accrued
19,252
The class D stock will be issued to H. D. Foss and C. D. Rice (president Accrued interest
1,146 Notes payable____ 1,800.000
4,548
300,000
and treasurer, respectively) in consideration of their agreement to continue Inventory
2,971,112 1,597,612 Local & branch tax
present management, and their procuring the transfer of the actual Investments
in the
11,405
187,951
241,762 y417,218
reserve
ownership of the "Cynthia Sweets" brand in which now the corporation Prepaid exp., &c__
29,456
22.201 Surplus
3.391,807 3,193,539
only has certain selling rights.
The class D stockholders will have sole voting power except as certain
$8,652,070 $7,238,089
Total
Total
$8,652,070 $7,238.089
voting rights vest in class A stock dependent on maintenance of dividends.
-V. 124, 13• 117.
x After deducting $688.891 reserve for depreciation.
Now Showing Profit After Years of Losses.
-
The Boston "News Bureau, Jan. 17,says: After several years of losses,
H. D.Foss & Co., Inc., confectionery manufacturers, has turned the corner,
showing for the year ended Dec. 31 1926, net profits after depreciation of
approximately $60,000. Sales for the year amounted to $1,200,000, against
$1,150,000 in 1925. As of close of the 1926 year current assets were $543.267, with current liabilities of $283,882. -V. 123, p. 587.
(Chas.) Freshman Co., Inc.
-New Line Announced.
-
The company has Just announced a new line of six-tubes one-control
Freshman Masterpiece radio receiving sets. The new sets will be distributed through the 10,000 authorized Freshman dealers throughout the
country.
-V. 123, p. 2661.
General Motors Corp.
-Dividend Rate on Common Stock
Increased from $7 to $8 Per Annum.
-The directors on
Feb. 10 declared a quarterly dividend of $2 per share on the
outstanding 8,700,000 shares of common stock, no par value,
payable March 12 to holders of record Feb. 19. During
1926 the company paid on the common stock four quarterly
dividends of $1 75 per share and, in addition, on Jan. 7 an
extra cash distribution of $5 per share, on July 2, an extra
cash dividend of $4 per share and on Sept. 11, a 50% stock
dividend. An extra cash distribution of $4 per share was
also made on the common stock on Jan. 4 last. (Compare
also with our "Railway and Industrial Compendium" of
Nov. 27 1926, page 186.)
The directors also declared the regular quarterly dividends
on the senior securities, payable May 2 to holders of record
April 9.
Pres. Alfred P. Sloan, Jr., in addition to announcing the
increase in the dividend rate on the common stock, said in
substance:
Preliminary figures indicate that dealers' sales to ultimate consumers
In January were over 80,000 cars and trucks, as against 53,698 cars and
trucks in January last year, and that the corporation's sales to dealers were
approximately 100,000 cars and trucks, compared with 76.332 cars and
trucks last January.
Sales of Chevrolet and Pontiac cars account almost wholly for this large
Increase. Export sales in January were more than double those of a
year ago.
Edward 'I'. Strong, General Manager
Division,
a Vice-President of the corporation. Buick Motor Carpenter was elected
Walter S.
Jr., VicePresident in charge of finances of E. I. du Pont de Nemours & Co., was
elected a director and a member of the finance committee, membership in
which committee was increased from 12 to 13 members. William A. Fisher,
President of Fisher Body Corp., was elected a Vice-President and director.
Distribution to Employees.
The actual cash distribution made at this time to 8,623 employees in
the 1921 Class from the savings fund is $1.527,845. This is their deposits plus interest at 6% compounded'semi-annually. In addition to
this cash there will be distributed from the investment fund 42,686 shares
of General Motors common stock with a market value as of Dec. 31 1926
of $6.733,716.-V. 124, p. 799. 514.
•
General Outdoor Advertising Co.
-Earnings.
-
PeriodProfit after depreciation and interest charges
Prov. for amort. of advertising display plants
Federal income tax
Preferred dividends
Class A stock dividends
Common dividends
Surplus
Previous surplus
Year End. 10 mos. end.
Dec. 31 '26. Dec. 31 '25.
45,924.081 $2,146,114
2,259,310
495,657
262,014
170,426
128.260
500.000
375.000
963,577
$1,535.111 $1.380,839
1.380.839
-Changes in Personnel.
Gillette Safety Razor Co.
At the meeting of the board of directors Feb.8 the following officers were
elected: King C. Gillette, President; J. E. Aldred, Chairman of the board
Frank J. Fahey. V.-Pres. & Gen. Mgr.; William E. Nickerson, Thomas W
Pelham and Ralpn E. Thompson, Vice-Presidents; William J. McCarthy.
Treasurer; F. G. Flynn, Secretary; J. J. DeCourcey, Asst. Secretary.
The company has increased toe number of its officers to meet the expansion of its business.
Frank J. Fahey has resigned from the office of Treasurer to devote more
time, as Vice-President and General Manager, to the development of the
company's general policies. William E. Nickerson, for 25 years the company's expert engineer, has been elected Vice-President in charge of mechancal deve.opment. Thomas W. Pelham, the company's sales director, was
elected Vice-President to broaden the scope of the sales department activities throughout the world. Ralph E. Timipson was elected Vice-President to continue in charge on the company's manufacturing plants at Boston, Montreal and Slough England. Maier McCarthy was elected Treasurer and will, for the present, remain in charge of the company's purchase
and stores department. F. G. Flynn was elected Secretary. sucm,e.ling
F. J. Sullivan. who resigned in 1926. J. J. DeCourcey has been elected
Assistant Secretary to succeed Mr. Flynn.
The report for the year ended Dec.31 1926 will be found under "Financial
-V. 124, p. 655. 379.
Report" on a preceding page.
-Earns.
-To Retire More Notes.
(Adolf) Gobel, Inc.
-
For the past 6 months, or during the period since the company has been
taken over by bankers, the company's final figures are expected to show
earnings at the annual rate of roughly $4 per share on the 51.000 shares of
common stock outstanding.
The company's directors are expected to purchase $100,000 of the 6%
notes soon which, together with the $50,000 purchased en Dec. 1 in anticipation of sinking fund requirements for 192T, would reduce the note issue
outstanding to $700.000.-V. 124. P. 117.
Gotham Silk Hosiery Co., Inc.
-Listing.
-
The New York Stock Exchange has authorized the listing of 38.639 shares
(or such portion thereof as may be issued) common stock (non-voting).
without par value, on official notice of issue and payment in full and &stribution upon the exercise of the rights to purchase conferred by outstanding non-detachable stock purchase warrants annexed to certificates for
outstanding $5,000,000 7% cumul. preferred stock, and 20,020 shares of
common stock (non-voting) without par value, on official notice of issue and
payment in full, making the total amount applied for 150,000 shares of
common stock (non-voting) without nominal or par value.
The authority and purpose of issue are outlined asfollows in the company's
application to the New York Stock Exchange:
"The stock hereby applied for was originally authorized under a resolution of the board of directors on Nov. 10 1925. On Nov. 15 1926 the directors authorized the reclassification of the capital stock structure, which
contemplated the retirement by redemption of all of its outstanding first
preferred stock and second preferred stock, and the creation of a new class
of preferred stock to be known as 7% cumulative preferred stock, each certificate of said 7% cumul. pref. stock to bear a warrant (non-detachable)
entitling the registered holder thereof to purchase one share of common
stock (non-voting) of the company for each share of preferred stock held.
at any time on or before Dec. 31 1931, at the following maximum prices per
share: 1927. $75; 1928. $80; 1929, $85; 1930, $90; 1931, $100. There will
be accordingly required to be reserved against the exercise of said warrants,
50,000 shares of common stock (non-voting) of the comapny. The said
reclassification and issue of new preferred stock was further authorized
at a meeting of the stockholders of the company held on Dec. 10 1926. and
at a meeting of the board of directors held on Dec. 23 1926. At a meeting
of the board of directors held on Feb. 1 1927 the issue of common stock
(non-voting) for the purposes herein stated was authorized."
On Oct. 28 1926 the company, in anticipation of its proposed reclassification, entered into an agreement with the bankers whereby the bankers
agreed to underwrite the conversion of the then outstanding first preferred
stock on or before Feb. 11927. with an agreement on the part of the cornpany to pay to the bankers the sum of $1 per share for each share of common
stock (non-voting) issued on conversion prior to Feb. 1 1927, and to sell to
the bankers all of the shares of common stock (non-voting) out of the
amount then reserved against the conversion of said first preferred stock not
so required on Feb. 11927, at the price of $54 per share for all shares to
be purchased by the bankers up to and including 25,000 shares. On Feb. 1
1927 the amount which the bankers are entitled to purchase from the company was 20,020 shares of said common stock (non-voting), making a total
together with the aforesaid 50.000 shares, of 70.020 shares. The proceeds
from the sale of this stock will be to afford the company additional working
capital.
In view of the fact that out of the 50,000 shares required to be reserved
against the exercise of the subscription warrants attached to the 7% cumul.
pref. stock, there is available only 38.639 shares, the balance of 11.361 shares
has been obtained from an outside source and deposited with the transfer
agent of the company to be delivered when required upon the exercise of
the said warrants, the proceeds covering said 11.361 shares to be paid over
to the persons to depositing the same with the transfer agent. This stock
so being obtained from an outside source is stock already Issued and listed
under the previous application and application is therefore now being made
for the listing of only 58.659 shares, being the difference between 70,020
shares and the shares so being obtained for deposit from an outside source
and representing the same number of shares which the company requests
be canceled from the list.
Total surplus
$2,915,951 $1,380,839
Shares of common outstanding (no par)
642.382
642,383
Earned per share on common stock
$3.89
$2.15
x And after $747.967 charges for ordinary charges.
Balance Sheet Dec. 31.
1926.
1925.
1926.
1925.
LiabilitiesAsset:$
$
$
IS
6% cum. pt. stk__ 2,837,833 2,847,933
Real est., mach.,
&.equipment_ 6,517,485 6,539,994 Class A stock
6,250.000 6.250,000
3,335,091 Common stock_ .x14,224.397 14,224,417
Cash
3.789.723
Accts.receivable._ 4,010,046 3,576,811 Accts. payable.- - 301,429
268,195
Painted dispi. not
Commiss. payable 212,589
351,848
Accr. int. & exp__ 622,390
blued to cust'ts
575,202
(estimated) _ _ 826,977 1,050,004 Amts. pay, on sub.
.
Adv. to employees 280,977
333,143
let contracts_ _ _ 2.192,894 1.930.331
Mains & supplies. 608,460
426,553 Prov.for Fed. tax_ 495,657
369,928
Prepd.lease rentals 352,486
789,957 Common Div. pay.
Prepd. Int., ins. &
Jan. 15 '27
Loses Suit.
321,192
303,244 Funded debt
other expenses__ 396,578
1,354,036 1,284,903
The company on Jan. 14 lost an application to restrain the Roman Stripe
Cash. depos. with
Res. for coating._ 360.000 1,000,000 Mills. Inc., from using the word "stripe" in connection with its business
trustees
29.233
20,149 Res, for mm. has.
on the ground that that word belonged to the plaintiff through long usage
Mtges., notes &
outstanding_ _ _ _
115,353
122,290 of the phrase. "gold stripe" and the manufacture of hosiery containing a
other rec'bies...... 278,316
270,159 Earned surplus... 2,915.951 1.380,839 gold stripe. Supreme Court Justice Gavegan denied the application. but
192,874
Stks. & 0th. secs
200,776
directed the Roman company to desist from using a card attached to Its
adver,display pits.14,070.665 13,404,004
hosiery which was alleged to be similar to one used by the Gotham company.
Organ. expense_ _ - 350,000
350,000
Tot.(each side)_32,203,722 30.605.887
Justice Gavegan found that the Roman company has been Using a stripe
x Comprised of 642,382 shares of no par value, recorded at $20 per share in its hosiery 20 years and that the stripe is not similar to that woven by
-V. 123, p. 2268.
and initial surplus.
the Gotham company in its stockings.
-V. 124. 110• 379.
General Petroleum Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of $5.658,000
additional 1st mtge. sinking fund 5% gold bonds, due Aug. 15 1940. The
bonds have been assumed by the Standard Oil Co. of New York.
-V. 124.
p. 655.
(F. & W.) Grand 5-10-25 Cent Stores, Inc.
-Plans to
Extend-Preferred Stock Conversion Privilege.
Plans for extension of the conversion privileges of the preferred stock are
announcement
being discussed by the directors. Definite
of the action of
the board is expected in the near future following which t he proposal will
932
THE CHRONICLE
[voL. 124.
be submitted to the stockholders either at a special meeting or at the
Income.
-The net earnings of the Huckins Hotel, Oklahoma City,
annual meeting.
during the past six years, before Federal
President Adolph F. Stone, commenting upon the proposal, stated he was charges, have averaged $187,456, which is income taxes, but after all other
more than 4M times the greatest
In favor of extending the conversion privilege of the preferred stock for two annual interest charge under this
mortgage, and
years from July 1 1927. when current conversion privileges expire, to July 1 greatest annual interest and principal payments more than 2% times the
due under this mortgage,
1929.
except the tenth year.
When the preferred stock was issued the terms provided for the conversion
of one share of preferred at the option of the holder, upon 10 days' written
Hudson Motor Car Co.
-Production.
notice, into 1 1-3 shares of common stock. No change in the terms of conIt is announced that the company entered this month on the largest
version is expected.
manufacturing schedule for February in its entire history, with a daily
Month of January-output of 500 IIudsons and 700 Essex. The announcement further states:
1927.
1926.
1924.
1925.
Sales
$657.582
$414,536 ' $379,056 "Since the introduction of new cars the first of the year, distributors and
$642.923
-v. 124, P. 799. 379
dealers have been urgent in asking for additional shipments. As cars
.
have gone directly into the hands of retail buyers this demand has inGould Coupler Co.-Earnings.creased consistently. As a result all tentative schedules for production
-Quar.EndedDee. 31
-Year Ended Dec. 31-- nave been sharply advanced.
Period
'In January 12,000 Essex cars were shipped. The new Hudson Super1925.
1926.
1926.
1925.
Net profit
$17,393
$139,865
$635,503 sixes went into production Feb. 1. The 500
$373.611
-a-day schedule on Hudsons
Other income
2,281
29,180
36,972
51,706 is the largest in the company's history. Many factory departments have
gone on a two-shift-a-day basis."
-V. 124, p. 783. 242.
Netincome
$19,674
$176,837
$687,209
$402,791
Less bat. on 1st lien bds_
Illinois Merchants Trust Co., Chicago.
-Bonds Offered.
66,865
57.750
187,765
232.890
Net profit
def$38,076
$109.971
$169.901
$499,442
x After depreciation, selling and general expenses, interest on notes,
provision for reserves and for State and Federal taxes.
-V.123, p. 2662.
(W. T.) Grant Co.(Mass.).
-January Sales.
-
Month of January-.
Sales
-V. 124, p. 379.
1926.
1925.
1927.
$2,205.220 $2,064,915 $1.816,041
1924.
$1,341,715
Greenfield Tap & Die Corporation.
-Earnings.
-
The company is offering at par and int. $2,000,000(Chicago
Title & Trust Co., as trustee) 1st real estate mortgage collateral 5% gold bonds, series D.
Date Feb. 1 1927; due Feb. 1 1939. Prin. and int. (F. St A.) payable
at Chicago Title & Trust Co. Red. all or part upon 30 days notice on
Feb. 1 1932, or on any int. date thereafter at 100 and int. Denom. $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,
and, together with any other series, will be specifically secured by deposit
with the trustee of first mortgages upon the fee of improved real estate
.
located in the"Greater Chicago' district, to the amount of 110% of the
par value of outstanding bonds. For details regarding diversification of
collateral, collateral legal for trust funds and the 10% margin, see V. 123.
p. 1883, 2003. 3192.
Calendar Years
1926.
1925.
1924.
1923.
Net sales
Not available
$3.334,287
xNet profit
$550.245
$544,950
$317,970
$613,690
x Net profit after all charges (and including depreciation in 1926) but
before Federal taxes in each year.
Balance Sheet Dec. 31.
Assets1926.
Liabilities1926.
Imperial Oil, Ltd.
1925.
1925.
-Shows Improvement.
Plant&equip.,.1,0_63,018,178 $4,291,711 Common stock_a_$2,586,055 $3,248,825
At the annual meeting held Jan. 27, President C. 0. Stillman said in
Cash
212,827
405,473 8% pref. stock__ 2,933,800 3.112,000 part: "The increased purchasing power of the community and the greater
Notes & accts. rec_ 383,334
416,398 6% pref.stock_ _ _ _
35,000 consumption of commodities which were in evidence in practically all
35,000
Inventories
2,514,767 2,812,606 Notes payable____ 1,350,000 1,500,000 branches of trade in 1926 were reflected in a larger output of the various
Prepaid expenses_
42,044
39,768 Accounts payable_
20,845
55,612 products of this company. The earnings of the company and its improved
Investments
95,677
330,087 Reserve for deprec.
1.059,724 revenues arising from its operations in South America made possible the
Deferred assets_
244,815 payment in 1926 of an extra dividend of 25 cents per share, in addition to
48,910 Other reserves____ 341,126
Good-will
1,000,000 1,068,813 Surplus
309,432 the regular dividend ofone dollar per share. The directors have felt justified
Pat'ts dr trade mks.
151,641
by current conditions in declaring at the meeting to-day an extra dividend
of 12)i contain addition to the regular dividend of 25 cents for the quarter
Total
$7,266,826 $9,565,408
$7,266,826 $9,565,408 ending Feb. 28. In the future, as in the past, the payment of extra diviTotal
dends will be considered in the light of business conditions at that time
a Represented by 129,953 shares of no par value.
-V. 124. P. 799.
existing.
Hartman Corporation, Chicago.
The wider markets enjoyed by this company during 1926 were to
-Net Sales.
The 11 Chicago retail stores of the corporation during January showed some considerable extent obtained through the improvement in refining
an increase in their net sales of 8.8%. this being the 12th consecutive practices and the production of new products which found general favor
month of increase for these stores. Net sales of all retail stores of the cor- with consumers.
"In the early. part of the year new refining equipment was perfected which
poration in and out of Chicago for January were $842,354, a decrease of
was successful in producing new motor oils from Peruvian crude, and since
$59,648, or 6.6%.-V. 124, p. 380.
placing this new product on the market we have had an opportunity of
Hendler Creamery Co., Inc.
studying the satisfactory results of the application of it to motor lubrication.
-Listed.
The Baltimore Stock Exchange has authorized the listing of $718,000 The attitude of the trade, as well as the approval of the engineering departrior preference stock (par $100) with authority to add from time to time. ments of practically all of the motor-car industries, has been a source of
982.000 additional to provide for the conversion of the first mortgage gratification to the company." See also V. 124. p. 656.
nds.
Independence Indemnity Co.,Pbiladelphia.--Div.of$5
Company was incorp. Aug. 10 1926, in Maryland to operate, the business
of manufacturing, buying and selling, and otherwise dealing in ice cream,
The directors have declared a dividend of $5 per share on the capital
ices and dairy products of all descriptions.
stock, payable March 15 to holders of record March 1.-V. 119. p. 2537.
Balance Sheet as of Dec. 31 1926.
International Cement Corp.-Earnings.AssetsI Liabilities
-Quar. End. Dec. 31- -Year End. Dec. 31Land, bldg., equip.. &c____ $1,598,9651 1st mtge. 6% bonds
$682.000
Prricd1926
•
Cash surr. value of life ins__
718,000 Gross sales
6,871 Prior pref. 7% stock
$6,742,245 85,161.695 $26.470,759 821,559.726
Cash
301.025 Preferred stock (20,000 shs.
Packages. discts. & allow 1.240,882
970,057
4,862,464
3,960,628
Notes & accounts receivable_
34,616
20,000 Manufacturing
no par)
2,123,832 10,756,966
8.651.569
Inventories
45.119 Corn.stk.(30,000 she. no Dar)
30.000 Depreciation costs- _ -- 2,736,422
401,197
1.591,379
287,076
1,056.968
Prepaid insurance, &c
17,530 Capital surplus
106,745 Int. charges & financial
68,362
Earned surplus
expenses
85,953
30,789
74.252
Current liabilities
Reserves
304,765 Shipping, selling & administrative expenses_ 1.044.787
944,364
3,201,907
3.957,031
Total
62,004,1251 Total
$2,004,125
Net profit
$1.288,168
$836.365 $5,216.966 $4,688,653
-V. 123, p. 1768.
Miscellaneous income_
133.484
113,865
f,o
Hercules Powder Co.
-Balance Sheet Dec. 311926.
Assets
Plants & property_26,814,425
Cash
1,895,375
Accts. receivable_ _ 4,358,974
Collateral loans
650,000
Invest't securities_ 2,194,030
Liberty bonds.... 3,933,158
Materials & suppl_ 3,501,125
Finished product_ 2,447,834
Deferred charges
127,615
1925.
25,818,539
1,626,396
3,231,912
775,000
2,044,809
3,933,158
3,109,287
2,172,990
112,899
1926.
Liabilities-$
Common stock--14,700.000
Preferred stock_ __I1,139,200
Aetna bonds
2,833.075
Accounts payable_ 431,367
Bond int. & pf. div. 97,468
Deferred credits
16,596
Federal taxes (est.) 528,833
Reserves
5,282,941
Profit and loss
10.893.057
Total income
$1,288.168
$950.229 $5,216.966 $4,822,136
1925.
Reserve for Federal taxes
$
& contingencies
124.158
868,416
157.082
851.548
14,300,000
10,572,200
Net to surplus
$1.164,010
$793,147 $4,348,552 83.970,587
3,261.675 Shs.com.stk.out.(no par)
500.000
562.500
562.500
500.000
386,111 Earns, per share on com_
$7.02
$6.51
$1.77
$1.07
92.507 -V. 124, p. 656.
8,276
-AmerInternational Mortgage & Investment Corp.
430,462
4,044,270 ican and German Bankers Sponsor Organization Which Has
9,729,490
Total
45,922,538 42,824.991
45,922,536 42,824,991
Total
The usual comparative income account was published in V. 124. p. 799.
During 1926 the company acquired all the capital stock of the Virginia
Cellulose Co.
-V. 124, p. 799.
Howe Sound Co.-Earnings.-
Just Sold $1,500,000 Bonds in Amsterdam-Issue Heavily
Oversubscribed.•
-year gold
%5
Announcement is made that the issue of $1.500.000
bonds at 98 brought out in Amsterdam by Amsterdamsche Bank and the
Internationale Bank To Amsterdam, was heavily oversubscribed. No
offering was made in the United States.
The loan is secured by $1,800,000 face value of real estate mortgages
which are held by the Amsterdam Bank in Amsterdam as trustee in favor
of the bondholders.
The International Mortgage & Investment Corp. is sponsored by American and German bankers, the corporation having been organized in the
early part of 1926 for the purpose of acquiring and selling German valorized
first mortgages. The proceeds from the sale of these bonds will be used
to purchase these mortgages, which are being acquired for an amount
materially lower than the valorized nominal value.
The directors of the compnay consist of the following: George II. Burr
(of Geo. H. Burr & Co.), New York; B. A. Tompkins (V.-Pres., Bankers
Trust Co.). New York; Robert C. Adams (V.-Pres. Equitable Trust Co.);
Noble Crandall (of (leo. H. Burr & Co.); Thomas Hildt (Alex. Brown dr
Sons), Baltimore; G. Oberlander (Berkshire Knitting Mills) Penna.: Paul
Sims, New York, and Fritz Andrae and Richard Pohl, directors of Hardy
& Co., G. m. b. H., hankers in Berlin.
[Incl, operations of the Britannia Mine in British Columbia and the
Calera Mine and El Potosi Mine in Mexico.)
Gold (ozs.) Silver (ozs.)Copper(lbs.) Lead (lbs.) Zinc (lbs.)
4th quarter 1926_
2,454
576,071 7,893,427 14,183,604 13,293,644
4th quarter 19252,982
526,669 8,252,264 9,973,348 8.447,780
3d quarter 19263,090
678,630 7.080.470 15,133.821 11,890.863
3d quarter 19252,891
594.615 7,583.675 6,735,038 5,888.439
-Quar. Ended Dec. 31- -Years Ended Dec. 31
Earnings for1926.
1925.
1926.
1925.
Value of metals produced $3,333,742 $2,998,536 $13,797,373 $8,684.998
Operating costs
2,533,892
2,220,169 10,154.223 6,627,252
Operating income---- $799.849
$778,367 $3,643,150 $2,057,746
Miscellaneous bacome_ -69,094
127,563
211,704
314,665
Total income
$868,943
$905,930 $3,854,854 $2,372,411
Less deprec. & bond int_
192,793
241,188
762.762
804.657
Johnson Iron Works, Dry Dock & Shipbuilding co.
-Bonds.
$676,150
Net income
$664,742 $3,092,092 $1,567.754 Inc.
Earnings per share on
An Issue of $250,000 1st & ref. mtge. 7% serial gold bonds was offered at
496.038 shares(no par)
$1.36
$1.34
$6.23
$3
.16 100 and hit. in December last by Securities Sales Co. of Louisiana, Inc.,
New Orleans.
-V.123, p. 2146.
The bonds are dated Nov.11926:due serially Nov.11927-1936. Denom.
Huckins Hotel Co., Oklahoma City, Okla.
-Notes of $1,000 and $500. Principal and interest(M. St N.) payable at WhitneyOrleans, without
-Federal Commerce Trust Co.St. Louis recently Central Trust & Savings Bank, Newor part by lot, at deduction for Federal
Offered.
105 and interest upon
income tax up to 2%. Callable all
offered at prices to yield from 5% to '5%%, according to 30 days' published notice.
Company was organized in 1920 and is a consolidation of Johnson Iron
$750,000 1st mtge. real estate serial 53% gold
maturity,
Works. Ltd., which had been in the marine repair business for 80 years
notes.
and in the boat building business for 20 years, and New Orleans Dry Dock
Dated Nov. 15 1926; due serially, Nov. 15 1927-1936. Principal and & Shipbuilding Co., which had been in the dry docking and ship-carpentry
int.(M.& N.) payable at Federal Commerce Trust Co., St. Louis, trustee. business for 14 years.
These bonds are secured on entire physical property which consists of
Denom. $500 and $1,000c*.
-Direct obligation of the company and secured by a closed one 7,C00 ton wooden floating dry dock, one 2000 ton wooden floating
Security.
first mortgage on the Huckins Hotel and Annex, and other properties dry dock, together with the necessary moorings, wharves, &c., the comowned by the company in Oklahoma City, Okla. The Huckins Hotel pany's general marine repair plant consisting of machine, boiler, black-story reinforced concrete, fireproof building, containing 325 rooms, smith, pipe and other shops, wharves, derricks and machinery. All of
Is a 10
The Huckins Hotel Annex is a seven-story reinforced concrete, fireproof this property is located in New Orleans on a plot of ground containing
approximately 177.767 sq. ft. and having a frontage of approximately
building containing 125 rooms.
The company is a close corporation, having no outside stockholders 1,423 feet on the Mississippi River.
-Jos. H. Huckins Jr., Marquand
The physical assets of the company's Algiers plant were appraised in
composed of four brothers
and being
1920 at a sound value of $1,198,850. Additions totaling $115,644 have
H. Huckbas. Paul G. Huckins and Leon W. Huckins.
933
THE CHRONICLE
FEB. 12 1927.1
been made to the plant since that time. These assets are presently carried
on the books of the company at $971,227. after charging off $332,200 for
depreciation and $11,045 for amortization. These assets, at depreciated
figures, are in excess of 3.80 times the amount of this issue.
Net earnings before depreciation and interest for the 634 year period
ended Oct. 31 1926 averaged $75,090 per annum or 4.28 times the largest
annual interest requirement on the company's funded debt.
These bonds will be issued in part by the trustee to refund the present
outstanding mortgage bonds as they mature, or are called in for payment,
after which these bonds will constitute a first closed mortgage upon all the
property of the company. The remainder will be issued for general corporate purposes.
-Each bond carries a detachable stock purchase
Stock Purchase Warrants.
warrant which entitles the holder to purchase 24 shares or 12 shares (accordingly as the bond with which the warrant is originally issued is of the denomination of $1,000 or $500) of the fully-paid and non-assessable no par
value common capital stock of the company at the price of $10 per share.
Rights will expire on Nov. 1 1936.
Authorized. Outstanding.
Capitalization$250,000
$250.000
Funded debt
398,500
398,500
Preferred stock, 8% cumulative (POO par)
50,000 shs. 40,000 shs.
Common Stock (no par value)
-V.110, p. 2492.
and years previous. Any other statements to the contrary are fabrications
of fancy and not of fact."
Earnings For 12 Weeks Ended Nov. 21, 1926
$2.178,636
Operating profits
879.486
Depreciation & taxes
$1.299.151
Net profit
-V. 123. p. 2890.
-To Change Capital Structure and
(Julius) Kayser & Co.
Create New Issue of Debentures.
The stockholders will vote Feb. 18 on changing the capital structure of
the company so that the authorized capitalization shall consist of 10,000
shares of special preferred stock (par $50) with a fixed dividend rate not
to exceed 8% per annum, 70,000 shares of no par value preferred stock and
500,000 shares of no par value common stock. The present authorized
capitalization consists of 70.000 shares of no par value $8 pref. stock (to
be retired April 11 next), and 150,000 shares of no par value common stock.
-year
The stockholders will also vote on creating an issue of $7,000,000 20
% debentures, to be dated March 1 1927, and convertible into common
stock.
$7,000,000 Debentures and 81,666 Additional Common
Shares Offered to Common Stockholders-Underwritten.
-Annual Report.
Lima Locomotive Works, Inc.
Calendar YearsSales
xExpenses, &c
1924.
1923.
1925.
1926.
$17,899,074 $4,490,028 $14.577.135 $20,286,867
15.788,430 5,540,095 13,068,399 17,495.031
$2,110.6441oss$1050067 $1.508.736 $2.791,836
Profit
216,307
110,769
165,434
205,675
Other income--Cr.
221.250
225,000
500,000
Reserve for Fed. taxes
350,000
Reserve for contingencies
30,326
Pref. dividends (7%)844,228
844,228
809,570
Common dividends
844,228
$655.815 $1,562,709
$860,600df$1,688,620
Balance, surplus
Profit and loss surplus_ $3,843,672 $2,983,072 $44,671,692 $4.015.876
211.057
211.057
Cora.shs.outst.(no par)
211.057
211,057
Nil
$7.11
Earns.per share on com_
$8.08
$11.24
x Including manufacturing,administrative and other expenses(amounting
to $15,378,462 in 1926),and deprec'n (to the amount of $409.967 in 1926).
Balance Sheet Dec. 31.
1926.
1925.
1926.
1925.
Liabilities$
$
S.
Assets$
Common stock__y10,552,850 10,552,850
Land, buildings,
machinery,&c_ _x4,413,037 4,726,506 Accounts payable. 659,663 1,024.262
Miscellaneous acDrawings, patt'os,
crued liabilities_
129,128
169,390
1
1
dies, &c
2,687,716 2,687,716 Reserve for Federal
Good-will
taxes & conting_ 736,840
165.590
50.452. 190,488
Cash
U.S. Govt.smuts. 5,133,225 3,610,184 Accident insurance
reserve
161.910
138,538
170,379
Other investments 170,379
3,843,672 2,983,072
27,019 Surplus
182,842
Bills receivable
855,050
Accts. receivable_ _z2,043,631
1,179,323 2,547,655
Inventories
138,538
Accident ins.fund- 161,910
61,546
80,165 Total (each side)_16,084,062 15,033,702
Deferred charges__
x After reserve for depreciation amounting to $1,817,121. y300,000
shares without par value authorized, 88,943 shares unissued. 211,057 shares
outstanding. z After reserve of $5.000.-V. 123, p. 1513.
Blair & Co., Inc., have underwritten an offering to the common stock-year cony. 535% sinking fund gold debentures
holders of $7,1110,000 20
and 81.666 shares of common stock (voting trust certificates). The proceeds from the sale of the debentures and stock are to be applied to the
redemption of the outstanding $3,017,800 1st mtge. 7% bonds at 107M and
66,115 shares of $8 pref. stock at 120 per share.
It is proposed to offer to the holders of the present outstanding common
stock (voting trust certificates) the right to subscribe on or before March 7
-January Sales.
Loft, Inc., New York.
to the debentures at 963i and int. and to the common stock at $50 and divs.
1927.
1926.
Increase.
Month of JanuaryUpon completing this financing the company will have outstanding
$504.779
$487.845
$16,934
-year cony. 534% debentures, due 1947, and 198,336 shares Sales
$7,000,000 20
-V. 124. p. 381.
of no par value common stock.
No public offering of these securities will be made at present as the com-Annual Report.
(P.) Lorillard Co.
mon stockholders have prior rights to subscribe to them.
1925.
1923.
1926.
1924.
Calendar YearsTo Redeem Preferred Stock.
Netinc. after Fed. tax-- $5,340,779 $6,868,461 $6,439,196 $6,277,634
16,214
13,765
15,150
14.345
The company,it is announced, will redeem all of its outstanding preferred Premium on 7% bonds.,
1,207,368
1.213.265
1,219.209
1,225,248
stock on April 11 1927 at 120 and dividends. at the office of Blair & Co., Bond interest
791,532
791,532
791.532
791,532
Preferred diva. (7%)---V. 124, p. 380.
Inc., 24 Broad St., N. Y. City.
3,505,362 3,704,039
4.088.938
3.803,834
Common diva.(12%)
-Common Stock Increased, &c.
Knox Hat Co., Inc.
The stockholders on Feb. 27 voted to increase the authorized common
stock (no par value) from 20,000 shares to 40,000 shares and to offer
5,000 shares to stockholders at $100 a share on the basis of one share of
new stock for each four shares of common stock held. Expansion plans
of the company which recently disclosed the acquisition of a large interest
In the Long Hat Stores made the increase in capital necessary.
The stockholders also elected the following directors for the current
year: F. A. Callahan, R. C. Montgomery, H. R. Stern, J. F. Sandefur.
C. A. Corliss, Arthur H. Lockett, N. V. Tibbals, E. R. Tinker. F. H.
-V. 124, p. 800.
Montgomery, R. I. Barr and J. R. Simpson.
-January Sales.
(S. S.) Kresge Co.
•
1924.
1926.
1925.
1927.
Month of January$7,955,788 $7,450.760 $6,671,813 $5,456,794
Sales
The company reports 370 stores in operation at Jan. 31 1927.-V. 124,
p.800.
-January Sales.
(S. H.) Kress & Co.
Month of JanuarySales
-V. 124, p. 800. 381.
1924.
1925.
1926.
1927.
$3,292,250 $3,046,025 $2,796,130 $2,152,521
-Report.
Landers, Frary & Clark, New Britain, Conn.
Calendar Years.xNet earnings
Surplus on Jan. 1
Adjustments
1924.
1923.
1925.
1926.
$2,474,053 $2,311,417 $2,166,367 $2,069,968
5.518,278
4,418.643
4.182,561
3,178.517
Cr222,892 Dr395,336 Cr 97,678 Cr140.270
Total
Cash dividends
Stock dividends
$7,115,588 $6,098,643 $5,442,562 $7,728,516
1,680,000
1,680,000
1,260.000
1,050,000
3,500.000
$609,471
$157,572
Surplus after divs____def$179,695 $1.145,860
Dr.3,000,000
Adjustments
13,586,233 12,440,373 14,830,902 14,673,330
Previous surplus
Profit & loss surplus__$13,406,537 513,586,233 512.440,373 $14,830,902
shs,com.outst'g(par $25) 1,286,644
1,286,640
1,212,220
1,212,212
$2.58
P.77
Earns. per sh.on corn_
$3.64
p.50
-V. 123, P. 3193.
LymanMills.-Balance Sheet.Dec. 2426. Dec. 26'2&
Assets$1,000,000 $1,000,000
Plant
accts. rec._ 466,174 1,167,224
Cash &
Market securities. 705.000
8,214
Misc. sec. St loans.
913,300
538,618
Inventories
52,718,006 $3,080,524
Total
-V. 123. P. 720.
Liabilities-Dec. 2429. Dec.2625.
Capital stock
61,470,000 61,470,000
Accounts payable_
30,546
125.278
Guarantee account
517,858
Deprec. reserves... 407.913
310.515
Surplus
809,547
656,873
Total
$2,718,006 33.080.324
Mattagami Pulp & Paper Co., Ltd.
-Successor Co.
-
-V. 121. p. 120.
See Abitibi Fibre Co., Ltd.
-Extra Dividend of 25 Cents.
Maytag Co. (Del.).
The directors have declared an extra dividend of 25 cents per share In
addition to the regular quarterly dividend of 50 cents per share, both payable Mar. 1 to holders of record Feb. 15. Regular quarterly dividends of
50 cents per share have been paid since Dec. 1 1925.-V. 124, p. 657.
Metropolitan Casualty Insurance Co.
-Reports Large
Gains in Year.
3. Scofield Rowe, President, reports that for the year ended Dec. 31
P.&I.sur. Dec.31- _ - $5,435,588 $4.418,643 $4,182,562 $3,178,516
1926 the company enjoyed an increase in assets of 55,573,959. Capital
Shares of cap. stock out420,000
420,000
420,000
420,000 gained $1,000,000, surplus $1,171,267 and premiums S3,818,102.
standing (par
The resources of the company show cash on hand and in banks of$961,994,
on cap.
Earn, per share 325).-premiums in the course of collection, not overdue, of 31.918.967: United
$5 16
$5 89
$5 50
$4 53
stock
States, State and municipal bonds of $1,256,478: railroad and miscellaneous
x After deducting reserves for depreciation and income taxes.
bonds of $2,627,615: guaranteed mortgages of $1.475,190, and real estate
Balance Sheet Jan. 1.
valued at $79,726. The statement marked the close of the 53d year in
1927.
1926.
1926.
1927.
which the company has been writing insurance.
Luabilities3
$
Assets
The election to the board of directors of Paul A. Schoellkopf (Pres. of
5.165,349 Capital stock
10,500,000 10,500.000 the Niagara Falls Power Co. and an officer of numerous other corporations)
Plant, mach.& eq. 5,364.685
3,785,963 4,050,144 Seals pay., scar.
Inventories
was announced. Wm. B. Stanton has been elected a Vice-President in
exp. & inc. taxes 741,540 1,139,318 charge of the development of the mortgage guarantee activities of the
Cash, accounts &
Res. for condos's. 605,000
605,000 company.
notes rec., treas420,000
7,669,631 7.119,041 Dividends payable 420,000
ury notes, &c_
At the annual meeting Edmund J. Donegan, general counsel of the
5,435,588 4,418.843 company, and Lamar Hardy, general counsel of the National American
627,919 Surplus
Inv.in sub.cos.,&c. 754,203
120,506
Prepaid charges._ _ 127,646
Co., Inc., were elected directors.
The company during the year opened new offices at
17,702,128 17,082,962 Philadelphia, in charge, respectively, of J. Cross Jr. and Rochester and
Total
Total
17,702,128 17.082,982
J. J. Heelan.
-V. 122, p. 2340.
-V. 122, p. 2148.
-Initial
Leonard, Fitzpatrick, Mueller Stores Co.
Common Dividend.
-
Metropolitan Chain Stores Inc.
-January Sales.-
Month of January1927.
1926.
1925.
Sales
$654,515
$567,415
$456,368
The directors have declared a dividend of $1 50 per share on the com- -V. 124. p. 381.
mon stock, no par value, payable Feb. 15 to holders of record Feb. 10
Middle States Oil Corp.
-Reorganization Committee.
(see also V. 123. p. 92).
Joseph P. Tumulty and Joseph Glass, receivers of the corporation and
The regular quarterly dividend of 2% also has been declared on the pre- affiliated companies. Feb.9 issued the following
statement:
ferred stock, payable April 1 to holders of record Mar.21.-V. 123. p. 1389. • "Pursuant to the suggestion of the receivers, the various security holders
in the Middle States Oil Corp. group have constituted a reorganization
-Listing.
Liggett & Myers Tobacco Co.
committee, the personnel of which is as follows: Henry S. Fleming, ChairThe New York Stock Exchange has authorized the listing on or after man of stockholders' protective committee, representing stockholders:
March 1 1927 of $5,945,500 additional common stock B (authorized $44.- Frank B. Cahn. member of Middle States serial noteholders' protective
363,800). par $25 per share, on official notice of issuance as a 10% stock committee, representing Middle States serial noteholders: James E. Sague,
dividend, making the total amount of common stock B applied for $43,903,- Vice-Chairman bondholders' protective committee, representing United
875.-V. 124, p. 501. 515.
Oil Producers' bondholders and Oil Lease Development Co. bondholders;
Leavitt J. Hunt. counsel for Gulf Coast creditor group, representing Gulf
Loew's, Inc.
-Denies Rumor-Expanding Slowly.
Coast creditor group, and John S. Sheppard, counsel for Turman minority
Nicholas M. Schenck. 1st Vice-President and General Manager, states: stockholders, representing Turman minority stockholders.
"The committee is informally constituted with the thought in mind that
"The Loow Circuit is expanding slowly in the same modest manner it has
experienced for years. but certainly not with any splurge of millions it may be broadened to include representatives of other security groups,
as has been erroneously reported in various parts of the country through should that become desirable. The committee expects to commence conthe press." This statement was made on behalf of Marcus Loew, who was sideration of the problems of reorganization in the very near future.
"The receivers wish to announce that the filing of their report which
flooded with inquiries from all sources following the publication of an article
that the Loew Circuit would be immediately expanded to the extent of was expected to be filed during January has been delayed. The report
will be filed during February.
$50,000.000.
"The operations of Turman Oil Co., a subsidiary, in the Seminole field
Mr. Schenck. continues: "It has never been the policy of the'Loew
Circuit to splurge in such a manner as indicated in the article. It is true it have thus far proved successful, and, while the outlook appears favorable,
Is our ambition, the same as in any other industry to expand, but in doing the receivers feel that it is too early to predict the final result and effect of
sO, to continue our method of years standing in being modest in our claims these operations, and they feel that security holders should temper any
and reasonably certain of our investments. We have about the same too optimistic consideration of this situation with conservatism until rei.umber of theatres in the course of construction now as we had last year sults have been finally established, bearing in mind that very frequently
934
THE CHRONICLE
market fluctuations are the result of speculation having no relation
intrinsic merits of a company's affairs or its fundamental values. to the
"The receivers have been observant of the acitvities of one Robert Wilson
Jackson, who,claiming to be Vice-Chairman of a reorganization committee,
has addressed security holders asking for their proxies. Mr. Jackson has
not disclosed the personnel of his committee. The receivers regard it as
their duty to state that they do not feel that the
holders will be furthered by the giving of proxies best interests of security
to Mr. Jackson, at least
until the personnel of hit sommittee is made known. Mr. Jackson is
In no way connected with the reorganization committee above constituted
at the suggestion of the receivers."
-V. 124, p. 120.
[VOL. 124.
and distribution of tank and refrigerator cars of the
North American
Car Corp. and poultry cars of the Palace Poultry Car Co.,
one of the latter's subsidiaries.
-V. 124, p. 120.
Northwestern Iron Co.
-Bonds
All of the outstanding 1st mtge.6% serial Called.
bonds,
Oct. 1
have been called for payment April 1 nextgold103 anddated at the 1914.
int.
First
Wisconsin Trust Co., Milwaukee, Wis. Thisat
does not include those bonds
which by their terms fall due on Oct. 1 1927, which bonds will
be paid
at par.
-V. 123, p. 3332.
Ohio Oil Co.
-Extra Dividend of 50 Cents.
Morse Twist Drill & Machine Co.
-The directors
-Larger Dividend.
- have
declared an extra dividend of 50c. per share and the
usual quarterly dividend of 50c. per share on the outstanding
$60,000,000 capital stock, par $25, payable Mar. 15 to holders of record Feb. 14. Like amounts were paid on Sept. 15
Mullins Body Corp., Salem, Ohio.
-Earnings.
and Dec. 15 last. Record of dividends paid since 1917
Calendar Years1926.
1925.
1924.
1923.
Gross sales
fa$2,922,570 $3.486,805 follows:
Cost of
The directors have declared a dividend of 21 25
per share, as previously reported) payable Feb. 15per share (not 21 50
to holders of
Jan. 27. Three months ago a distribution of 50c. per share was record
made.
-V.124, p. 658.
sales
} Not stated Not statedl 2,379,321
3.238,361
'17. '18. '19. '20. '21. '22.23. '24. '25. '26.y'27
Regular (per cent)
20 20 20 20 20 20 9 6
8 8 2
Gross profit on sales_ _ $586,644
$646,850
$543,249
$248,444 Extra (percent)
76 76 68 60 23 *20 -2 6
Adm.,gen.& selling exp.
318,199
*Also $300% in stock. y Divs. payable Mar. 15.-V. 124. p. 383. 2
317.458
237,117
204,519
Operating income_ _ $268,445
Parke, Davis & Co.
$329,392
$306,132
$43,925
-Annual Report.
Other income
48,719
38,419
Calendar Years17.823
101,897
1926.
1925
1924.
1923.
Gross earnings
$8,493,380 $7,904,074 $7.037,751 $6.400,864
Totalincome
$317.164
$367,811
$323,956
$145,822 Reserve to equalize value
Income charges
16,075
2,229
ofcurrent assets in for21,159
39,620
eign countrieswith marBalance, surplus
$301,089
$365.582
ket rates of exchange..
4302.797
$106,202
19,218
8,550
66,037
263,877
Previous surplus
2,417,520 2,207,989 1,992,022 1.976,808 Reserve for depreciation
304,463
343,146
242,808
198.945
Credit adjustments
1.909
1,541
Federal and foreign taxes 1,045,000
62,234
975.000
825,000
750.000
Cash dividends
5,697,069 5,696,065 4.745,816 5.218,618
Total surplus
$2.720,518 $2,575,111 $2,357,053 $2,083.010
Pref. divs.(8%)
76,670
77,160
Bal.,sur.for cal. year_ $1.427,630
77.360
77,600
2882,213 $1.158,090 def.$30.575
Fed. taxes (prior year)_ _
41,106
31,053
.
16,053
612 Previous surplus
$9,170,514 $8,388,301 $7,330,211 $7,360,786
Adjustments
Dr5,689
Dr12,777 Employees'pension fund
100,000
100,000
100,000
Amort.of obsolete equip.
65,777
49,378
49,961
Loss on fixed assets scrapProfit and loss surplus $10,498,144 $9,170,514 $8,388,301 27,330,211
ped
28,527
Shares of cap, stock
outstanding (par $25)
949,576
949,392
949.212
949,064
Profit & loss surplus__ $2.508,438 $2,417,520 $2,207,989 $1.992,022 Earn.per ah.on cap.
stk.
$7.50
$6.93
$6.22
$5.47
Shares of corn. outst'd'g
Balance Sheet Dec. 31.
(no par)
100.000
100,000
100,000
100,000
Earned per share on com.
1926.
41 83
1925.
y$2 47
y$1 94
1926.
1925.
Y$0 12
x After deducting Federal taxes calculated on 1334% bases. y
Assets$
$
Liabilities$
2
deducting Federal taxes (as shown in reports for subsequent years). After Land, buildings,
Capital stock
machinery, do)... 5,890,278 5,160,385 Accounts payable 23,739,420 23,734,820
Comparative Balance Sheet Dec. 31.
840,919
801,645
Formulae, tradeReserve for special
Assets
1926.
192 Liabilities1925.
marks, &c
10,500,000 10,500,000 taxes
1,641,693 1,488,806
Real est.,plant,&c.$2,523,742 $2,415,929 8% cum. pref. stk.. 1926.
946,500
964,000 Inventories
6,674,422 6,564,227 Dividend reserve_ 1,899,132 1,898,762
Pref.stkakg.fund.
2,759
299 Common stock__ x500,000
500,000 Investments
8,106,215 7,848,783 Surplus
10,498,144 9,170,513
Pats. Si good-will.
85,210
85,210 Notes payable_ __ 100,000
100,000 Cash
3,320,129 2,837,599
Cash
120,022
109,262 Acets pay. & ace_ 205,998
251,911 Accts.receivable_ 4.128,264 4,183,553 Total (each side) 38.6l9,308
.
Mtges. receivable_
37,094,547
6,000
6,000
Accrued taxes...
529
19,749
V. 124, p. 02•
0
Acc'ts receivable
385,177
748,458 Res. for disc: on
Notes receivable._
97,392
1,939
pref. stk. purcb_
Pan American Petroleum Co. (of Calif.).
5,254
7,670
-Listing.
Mdse. inventory
889,842
833,337 Surplus
2,508,438 2,417,520
The New York Stock Exchange has authorized the listing of $15000000
Invest. (at cost)__
2.366
52,366
1st mtge. 15
-year convertible 6% sinking fund gold bonds, dated Dec. 15
Accounts rec. from
1925. due Dec. 15 1940.
offIcerakempLon
Income Account Nine Months Ended Sept. 30 1926.
stock subsc.. &c. 136,459
Deferred charges__
Gross sales
20,166
7,635
$25,815,870
Operating and other costs
20,525,856
Total
$4,269,136 $4,258,435
Total
2,024.432
$4,269,136 $4,258,435 Depreciation and depletion
Generai and administrative expense
x Common stock, no par value, 100.000 shares, declared in accordance
457,633
Provision for Federal taxes
with the laws of New York State.
145,342
-V. 123, P. 2401.
Net profit
National American Co., Inc.
$2.662,607
-Stock Oversubscribed.
Surplus Jan. 1The company announces that its subscription
$8.705.832
been closed
and that 35,000 shares offered at 250 per share to books havestockholders
the former
Total
of its constituent cmpanies and the stockholders of the Central Mercantile
$11.368.440
Bank & Trust Co. have been oversubscribed. This is in addition to the Dividends
500.000
company's original issue of 40,000 shares.
Profit and loss surplus
The directors at their meeting authorized the issuance of additional stock,
$10,868,440
V. 123 p. 2530.
sufficient to make allotments in full on the subscritpions received under
the warrants which expired on Feb. 1.
(David) Pender Grocery Co.
-January Sales.
The Central Mercantile Bank & Trust Co. has been appointed transfer
Month of January1927.
1926.
agent for the stock and the Bank of Manhattan, registrar.
1925.
-V.124, p. 382. Sales
$930,638
$805.787
$662,109
-V. 124, p. 246.
National Licorice Co.
-Balance Sheet Dec. 31.Assets 1926.
1925.
LiabilUiesPennsylvania Dixie Cement Corp.
1925.
1926.
-Dividends.
Plant investments_ $525,330 $519,086 Preferred stock_ _ _ 2500,000 $500,000
The directors have declared the regular quarterly dividend of 1 3i%
Trade-marks,goodCommon stock._ _ 1,000,000 1,000,000 on the series A cony. 7% cum. pref. stock, pyaable March 15 to holders
will,&c
900,000
900,000 Current liabilities_
2,662
2,063 of record Feb. 28 and a dividend of 80c. per share on the common stock,
Cash
124,374
151,138 Div. pay. Jan. 7__
50,000
75,000 payable April 1 to holders of record March 15. Initial dividends of like
U. S. & Canadian
Bad debts reserve_
4,063 amounts were declared on the respective stocks in November 1926.
Govt. bonds_ _ _ 242,940
212,227 Res. for deprec. of
Balance Sheet December 311926.
Accts. receivable
49,006
40,971
plant inv
215,141
200.424
Inventories
Assets150,936
138,469 Federal tax reserve
Liabilities
28,762
18,397
Deferred charges._
14,057
8,839 Surplus
$3,454,999 Notes payable
$66.821
210,078
170,782 Cash
Notes & accts. receivable 1.054,397 Accounts payable
156,276
Total
$2,006,642 $1,970,730 Total
2,704,145 Accr.wages,int.,tax.,&c.
427,340
$2,006,642 $1,970,730 Inventories
Fixed assets
a26,233.242 Rea. for Federal taxes_
700.221
-V. 123, p. 3194.
Miscell. investments_ _
120,500 Miscell. reserves
67,523
Insurance fund
(J. J.) Newberry Co.
30,000 1st mtge, sink. fund (1s. 12,468,000
-January Sales.
79,879 7% cumul. pref. stock- 13,000,000
•
Month of January1927.
Increase. Deferred charges
1926.
Corn.stk, of no par value 1,4,000,000
Sales
$584,929
$387,920
$197,009
Total (each side)
c2 790 979
233,677,160 Surplus
-V. 124. P. 245.
a At reproduction cost less depreciation as appraised by Ford. Bacon &
New Cornelia Copper Co.
Davis, Inc., as of June 30 1926plus subsequent net additions at cost:
-Copper Output.
Month of JanuaryLand, mineral reserves, building;, machinery and equipment. &c.. 131.1927.
1926.
1924.
1925.
Production (lbs.)
5,540,400 7,328,120 6,906,512 3,512.831 224,149; less reserves for depreciation and depletion, $4,990,907. b AuthorCompare 'V. 124, p. 245.
ized-1,000.000 shares issued-400,000 shares. c Inducting 22,555.885
surplus at organization.
New York Title & Mortgage Co., N. Y.
-Expansion.
- The income account was published in V. 124, p. 802.
In the extension of its title insurance business, now covering properties In
-January Sales.
Peoples Drug Stores, Inc.
40 out of the 48 States, the company announces the opening of a now
headquarters in Atlanta, Ga. The offices will be located in
Month of January1927.
1926.
1925.
Trust Co. Building. The first branch was opened in Florida inthe Atlanta 'ales
$584,130
$427.437
$413,304
Nov. 1925.
The company's business of insuring titles to real estate was confined until -V. 124, p. 246
a short time ago to the metropolitan area. Its activities have now broadened to the extent of covering the whole country. The expansion of the
Pittsburgh Coal Co.
-New Vice-President.
company's capital to the present figure of $40,000,000 has been accom0.E. Lesher, Assistant to the President, has been elected Executive Vicepanied by a growth in its facilities so as to protect the investor in real estate President, a newly created office.
-V.123, p. 3332.
throughout the United States.
-Shipments.Prairie Pipe Line Co.
The present plan of the National Title Insurance Department is to issue
19271926.
title policies anywhere in the United States upon the certification of ap1926.
Month of January1924.
proved attorneys. This service is used not only by residents of the com- Shipments of crude oil (bbbi.)-- -4.850,702 4,187,390 4,441,289 3,942,645
munities where the poroperty is located, but is available for those buying -V.124,p.384.
out-of-town properties as well. The New York office of the company,
-Dividend-New Director.Pratt & Lambert, Inc.
with 2,300 correspondents throughout the country, receives applications
. The directors have declared the regular quarterly dividend of 75 cents
for title insurance on property in any locallty.-V. 124, p. 516.
per share on the common stock, payable April 1 to holders of record March
15. On Jan. 1 last an extra distribution of $1 per share was made on the
-Balance Sheet Dec. 31.Nunnally Co.
common stock in addition to the usual quarterly dividend.
1925.
1926.
LiabilitiesAssets1926.
1925.
B. Holmes, President of the E. & B. Holmes Machinery Co., has
Property account_21,257,258 $1,165,225 Capital stock_ __ _x$3,000,000 $3,000,000 been elected a director.
-V. 123, p. 2531; V. 124, p. 802.
Accts. payable__
Trade-marks and
65,680
75,508
1,449,974 1,449.924 Fed'l tax reserve__
36,824
good-will
-To Reorganize Its Capital Structure.
35,308
Pullman Co.
63,980 Reserves
19.230
253,575
Cash
229,806 President E. F. Carry, in a letter (dated Feb. 1) to the
150.038 Profit & loss sur142,004
Investments
325.829
plus
substance:
(oust.)- 325,602
134,725
Accts. rec.
94,530 stockholders, says in
225,611
215,510
Inventory
The directors have become convinced that the best interests of the
Derd chgs., leasecorporation and its stockholders require a reorganization of its capital
holds & organstructure.
54.545 Total(each MO-23,490,804 $3,435,152
81.226
ization expenses
At present the company, through stock ownership or otherwise, is interested or engaged In different activities. It I9 generally known as conx Represented by 160,000 shares of no par value.
ducting the business of operating sleeping and other cars on railroads.
The usual comparative income account was published in V. 124, p.802.
This affects it with a public interest and subjects it to Federal and State
-Acquisition.
North American Car Corp.
regulation.
On the other hand it owns the entire capital stock of the Pullman Car &
The corporation has purchased the plant of the North Judson (Ind.)
latter will be used for the repair Manufacturing Corp., which latter company is a manufacturer of railroad
The plant of the
Car & Equipment Co. -
r.
THE CHRONICLE
FEB. 121927.]
equipment. The Pullman Co. also owns or controls other assets and
onnection
shares of stock In other companies not essential to and having no ,cit is diffiwith its carrier business. Under the present corporate structure
cult to separate from each other the definite results of operations of these
different activities.
The directors believe that a reorganization is desirable for the following
reasons:
1. It is advisable that the public, the stockholders of the company, and
Federal and State regulatory bodies shall distinguish clearly the earrings
derived by the company from its carrier business. To that end it is the
Judgment of the board that the property of the company devoted to its
carrier business and the property in which the company is interested
business
through stock ownership or otherwise and not devoted to its carrier that the
entities:
Should be placed under the control of separate corporate assets. if any, as
other
Shares of stock of such corporate entities and suchcorporation in the form
may seem desirable should be acquired by a new
of
of a holding company, in which in lieu of the present shares of stock be
the Pullman Co., the present shareholders of the Pullman Co. Should
stockholders.
2. The reorganization is desirable because under a new corporate structure
the assets of the Pullman Co. which are not essential to its carrier activities
can be utilized for the benefit of the stockholders of the Pullman Co. more
advantageously in broadening the scope of its corporate activities that can
be done under the corporate structure. because it will increase the total
3. The reorganization is desirable
number of outstanding shares and thereby attract a larger number of inin tot
vestors of moderate means, who are deterred from investingbelieved comthat
thereof.
pany's shares by the present high unit price company,It is by employees
both
in the ownership of the
a larger participation
and the public at large, is desirable and will result from the proposed change.
935
Balance Sheet Sept. 30 1926.
Liabilities—
Assets—
$614,126
$2,099,549 Accounts payable
Cash
Notes dt acols rec., less res. 4,607,632 Accrued accounts, incl. prov.
848.366
for est. Federal taxes
4.892,801
Inventory
86,009
Preferred dividends declared
Inv'ts in & open ace ts of
2,759,000
23,762,375 5
-year 535% notes
subs. & affil. corps
34.052
64,808 Minority stockholders' int__
Miscellaneous accounts
Reserve for envies' welfare.
Land. bldgs.. equip, lees
43.443
&c
.5.160.984
depreciation
1 Class A 7% cumul. pref. stock 5,510,148
Goodwill
211,485,175
842,169 Class A corn, stock
Deferred charges
b50,000
Class B cora, stock
$21.430,320
Total
921,430,320
Total
---As of Nov. 24 1926 the company had acquired 8892,205 class A
Note.
preferred stock and 22,963 Shares of class A common stock, resulting in a
reduction of the item "investments in and open accounts of subsidiaries
and affiliated corporations- by $1,838,145.
Foreign subsidiaries are included in the above balance sheet in "invest-7
ments in and open accounts of subsidiaries and affiliated corporations."
a Represented by 406,848 shares of no par value. b Represented by
50 000 shares of no par value.
See also Globe,Werniake Co. above and V. 123. p. 3195,--V. 124. P.
517, 384.
Renfrew Manufacturing Co.—Annual Report.—
1923.
1924.
1925.
1926.
Calendar Years—
$87,247
loss$404,561 loss$144,268 loss$307.406
Profits
101.313
121.746
101,657
107.169
Depreciation
4,243
4,243
4,243
4,243
Exp. s. f. note issue_ __ _
provides, in part, as follows:
The plan
1,961
156
Miscellaneous
1,919
2.955
A new corporation will be organized which will include the wend "Pull- Adjustments
shares of Prof. diva paid
(33'570)14.000 (7)28,000 (7)28.000
man" in its title and which will have not less than 3.375,000
14,000
35,000
capital stock.
Res.for. pref. divs
(134)19.387 (6)71.550
The new compauiy. if the plan is approved by stockholders, will acquire Common dividends
substantially an of the assets of the Pullman Co., not essential to the
4138,292
$462,268
8280,128
$554.084
proper conduct of its carrier business.
Balance, deficit
shares of stock of the Pullman Co. Profit & loss, surplus_.. def$486,262
$321,422
$760.072
$47,510
The new company will also acquire the
through an exchange for the shares of the new company,2% shares of new.
31.
Balance Sheet Dec.
no par Wale, being issued for each share of Pullman Co. stock. extend,ed
1926.
1925.
Liabilities—
1925.
1926.
but may be
Assets—
The time for deposit of shares will expire May 14which, will consist of
Real est.& mach..$2,779.466 $2,731,784 Preferred stock... $400.000 8400.000
discretion of the reorganization committee
in the
141.023 Common stock_ __ 1,292,500 1.292,500
53,624
and John J. Mitchell. Unless at least two- Cash
George F. Baker, J. P. Morgan
953.425
323,819 15-year 7% notes_ 907,000
109,078
thirds of the outstanding capital stock of Pullman Co. approves proposed Accts. receivable
9,702 Depreciat'n res've 1,202,280 1,095,111
9,702
Inv. account
plan by the deposit of their shares, the plan will be abandoned.
15,282
14,774
15,000 Tax.& int. reserve
15,000
with B. W.II.& R.stk.
No banking or underwriting commission will be paid in connection
4.500
19,996
1,070.864 1,408,031 Res.for cony.. &e_
Inventory
the consummation of the plan.
60,263 Res. for pref. stk.
39,500
P. Morgan & Co.. the First National Bank of New Prepaid InsuranceDepositaries are. J.
49,000'
dividend
60,064
42,426
Deferred items...
York and the Illinois Merchants Trust Co. of Chicago.
166,369
Accounts payable_ 108,861
486,282
[The Guaranty Trust Co. of N. Y. has been appointed registrar by the Deficit
760.000
Notes payable- _-- 626,500
reorganization committee for the Pullman Co. certificates of deposit, issued
47.610
Surplus
by J. P. Morgan & Co. as depositary under agreement dated Feb. 1 19274
__Ir. 124. p. 803.
$4,805,923 94,749.686
Total
34,605.923 $4,749,686
Total
Pro-phy-lac.tic Brush Co.—Listing.--—V.122. p. 895
.
The New York Stock Exchange has authorized the listing of 100,000
Remington Typewriter Co.—New Holding Company
par value. The common stock, together with
shares common stock of no
$1,300,000 of 6% cumulative sinking fund pref. stock, was issued in 1924 Formed to Consolidate and Co-ordinate Remington, Rand
to holders of 3.000 prof. shares and 20.000 common shares in the trust of
Machine and Others.—B. L.
Florence Mfg. Co. in exchange for the shares in the trust and in consider- Kardex Bureau, Dalton Adding
ation of the transfer to the corporztion of the assets and business of the trust
Winchell, President of the Remington Typewriter Co. has
Earnings of Company and Predecessor.
announced that the board of directors of the Remington
--Calendar Years-- 11 Alos.ftd. company at a meeting held Feb. 9 voted approval of the
Nov.3026.
1925.
1924.
83.011,826 $3.252,603 $2,888.541 creation of Remington Rand, Inc., a holding company formed
Sales
2,138,820 to consolidate and co-ordinate the Remington Typewriter
2.609.792
Cost of sales. selling, gen. de adm.exp. 2,590.533
9.3
Interest
37,887 Co., the Rand Kardex Bureau, Inc., the Dalton Adding
40.024
38,940
Depreciation
84.667 Machine Co. of Cincinnati, the Baker-Vawter Loose Leaf
69.87o
47.337
Federal income tax
----------8627,167 Ledger Co. of Benton Harbor, Mich., and one or more
$532,912
8334,103
Net profit
867,599 additional unnamed companies. The securities of the com$76.124
833,000
Dividends—Preferred
300.000
275.000
376,666
Common
companies have a present market balue of $65,000,000.
bined
The combined sales volumes of their products is $60,000,000
per year. The combined earnings exceed $8,500,000,
The completion of the exchange of stock of the various
-Realty Associates of Brooklyn.—New Director.
companies for shares of the new company, will result in an
Henry A. Mark, of the law firm of Stoddard & Mark, has been elected outstanding capitalization of $14,999,608 total par value
a director and Vice-'President of Realty Associates and the Prudence Co.,
Inc., and from March 1 will devote his time as general counsel to drolr cumulative first preferred 7% stock; $5,743,000 cumulative
--V. 123,ji. 3048.
affairs, severing his connection with Stoddard & Mark.
second preferred 8% stock and 1,289,868 shares of no par
•
Remington Rand, Inc.—Formed to Consolidate Reming- common.
The directors of the above named companies have approved
ton Typewriter Co., Rand Kardex Bureau and Other Companies.
the proposed consolidation.
See Remington Typewriter Co. below.
Balance, surplus
Earnings per common share
—.V. 121. P. 31.15.
def$75 563
S ol
$181.788
$4 57
8259,568
$560
Rand Kardex Bureau, Inc.—New Holding Company
Formed to Consolidate and Co-ordinate Remington, Rand,
Dalton Adding Machine and Other Campanies.—Terms of Exchange of Stock.—See Remington Typewriter Co. below.
Status—Earnings—Balance Sheet—
President J. H. Raid, Jr., in a circular letter to the stockholders in
advance of the mums]report, which will be issued as of March 31, reviews
the present status of the company, and the progress made during the first
Library
year of operation during_ which the business ofKardex, Bureau, Index
Inc.. have been
Visible, Inc., Rand Co., Inc.. and the American
consolidated. President Rand says:
Rand Kardex Bureau. Inc.. is the largest manufacturer and distributor
In the world of office Meg,recording and visible index equipment.
For 12 months your officers have been engaged not only in the development of increased volume of business, but allo in the work of weaving the
independent units which made up the company into a single harmonious and
efficient organization. The uniform co-operation of 6.000 workers has
resulted in real and rapid progress. The full advantages and economies of
consolidation are not yet wholly reflected and should continue to be increasingly evident during the next two years.
The official and executive organizations of the several units included in
the Rand Kardex Bureau, Inc., have been centralized into a single directing
organization. The consolidation of administrative offices and departments
has resulted in cutting the cost of rental, insurance and office overhead to a
fraction of its former total. The merging of several clerical departments is
eliminating much implication of effort and resulting in a greatly reduced
office overhead.
In the sales field as many as five sales offices in one city have been
consolidated into a single headquarters.
Without considering efficiency in manufacture and without allowing for
the increase in volume of sales which has already resulted from the consolidation, these economies in fixed overhead alone should add materially
to the profits of the units now included in your companies.
Earnings.—Net sales and net earnings for the predecessor and subsidiary
companies according to the company's boots are as follows:
Net
Net
Sales.
Earnings.
$10,014.027
$236.836
1921
10.487,555
350,222
1922
13.597,423
1,121.601
1923
15.415.240
1,216.825
1924
12.448.197
1.570.750
1925 (9 moos. to Sept. 30)
21,377,896
3.082.824
1926 (12 mos. to Sept. 30)
reserves for depreciation and
Consolidated net earnings, after interest,
Federal taxes, and preferred dividend reqrdrements, for the 12 months
ended Sept. 30 1926, covering the period immediately following the acquidOm and control of predecessor and subsidiary companies (as audited by
Ernst & Ernst for the 6 months ended March 31 1926, and according to the
company's books for the 6 months ended Sept. 30 1926) were equal to $7 21
er share on 383.885 shares of class A common stock outstanding Nov. 24
!926.
The National City Bank of New York will act as depository in the
exchange of stock. Early application will be made for listing all classes
of stock on the New York Exchange. All shares possess equal voting
rights. The management expects to inaugurate cash dividends at the
annual rate of $1 60 a share on the common stock with the first quarterly
dividend of 40 cents payable about April 1.
Terms of Exchange of Securities.
(1) Rand Kardex first preferred stock will be exchanged share for share
for first preferred stock in the new company. All classes of Rand Kardex
common stock will be exchanged at the rate of two shares common in the
new company for one.
(2) Remington first preferred 7% stock will receive $115 in first preferred
stock in the new company.
Remington second preferred 8% stock will receive $115 in the second
preferred stock of the new company. Remington common will be exchanged at the rate of 43-i shares in the new company for one.
(3) Dalton preferred will be exchanged on the same basis as Remington
preferred and Dalton common stockholders will receive % share of the
first preferred and one full share of common in the new company for each
share.
No changes in the sales or manufacturing organizations of any of the
companies are being contemplated. Each organization will continue to
operate separately as heretofore, but under close co-operation with one
another.
President B. L. Winchell of the Remington company says:
I consider this step the best but of work I have ever done for the Remington stockholders, this action will result in decreased waste and Increased
earnings. I am happy to participate in the formation of such a forwardlooking enterprise. I am anxious for every officer and employee of the
Remington company to share my views and to be as proud as I to be related with such an outstanding institution as is formed by this alliance.
James H. Rand Jr., President of Rand Kardex Bureau,
Inc., made the following statement:
The greatest assurance of success for Remington Rand. Inc. arises from
the fact that B. L. Winchell, Preis. of the Remington Typewriter Co. is
'
to be Chairman of the Board. The combined companies will be able to
render greater service to customers throughout the world than was possible heretofore.
Mr. Winchell, Chairman and President of the Remington Co.,becomes
Chairman of the Board and of the Executive Committee, and James H.
Rand Jr., President of the Rand Kardex Bureau, Inc., becomes President
of Remington Rand.Inc.
•
Common Stock Put on a $5 Annual Dividend Basis.—The
directors on Feb. 8 declared a quarterly dividend of $1 25
per share on the outstanding $9,996,000 common stock, par
$100, payable March 31 to holders of record March 12.
Except for a distribution of $1 per share made on Oct. 1
1913, no dividends have been paid on this issue since 1907
when the quarterly rate was $1 50 per share.
936
THE CHRONTCLE
The directors also declared the regular quarterly dividends
of 13 % on the 1st pref. stock and 2% on the 2d pref. stock,
4
both payable April 1 to holders of record March 15.-V.
123, p. 2402.
Revillon, Inc.
-Resumes Preferred Dividend.
-
[VOL. 124.
tors offered to the stockholddrs 8,000 shares at $25 per share.
Subsequently, in 1925. the directors offered to the stockholders 12,000 shares
$50 per share, all of which were readily taken. The balance ($500,000) at
of
this authorization remains unissued.
Officers are: Victor Roth, Pres.; Walter D. Williams and W. Perdue
Johnson, V.-Pres.; W. A. Thomson, Sec. & Treas.
Servel
Corp. (Del.).
-Sales-Contracts, &c.
The directors have declared a quarterly dividend of 2% ($2 per share)
The corporation announces that it has been obliged to refuse further
on the 8% cumul. pbref. stock, payable Feb. 21 to holders of record Feb. 11. for February
orders
delivery of its gas-fired refrigerating machine, owing to the
This is the first disbursement on the issue since Nov. 1 1924.-V. 116, unusually large
number of early orders received from gas companies throughp. 3006.
out the country, and that the corporation now has on its books orders for
delivery of this machine extending through June. These machines are now
(R. J.) Reynolds Tobacco Co.
-Listing.
operation in 38 States, with orders on hand for a total of 48 States.
The New York Stock Exchange has authorized the eisting on and after In This corporation
is the only company marketing both gas and electric
Feb. 15 of $20.000.000 additional new class B common stock (authorized refrigerators.
The corporation already has developed an export market
$130.000,000). par $25 per share, on official notice of the issuance as a with sales
during 1926
25% stock dividend, making the total amount of said new class B common from the United Statesof over $250,000. Prior to 1926 this export market
did not exist, and according to Hamilton G. Scott.
stock applied for $90.000,000.-V. 124. p. 659. 517.
President and Chairman, it shows prospects for several times that amount
business for
Richardson Paper Co., Cincinnati.
-To Retire Pref. Stk. ofCommenting 1927. growing demand for the gas-fired refrigerator,
on the
All of the outstanding preferred stock, aggregating 9979,200 has been Scott
Mr.
called for redemption at 110 and divs., effective April 1. The directors gas said: When it is understood that there are approximately 14,000.000
meters
also declared a dividend of $1 50 per share on the common stock, payable furniture in the United States, and that a refrigerator is a piece of kitchen
and that gas is used in most kitchens,some idea may be had of the
Feb. 15 to holders of record Jan. 31.-V. 109. p. 893.
enormous market available. The expressed approval of the machine by
the gas companies marks
Ritz
-Carlton Hotel Co. of Boston.
-Stock Offered.
- household refrigeration."an epoch for it in the gas business and mechanical
A,B. Duren & Co., Boston, are offering at $10 50 per share,
Mr.Scott also stated that the new steel box developed during 1926 by the
Servel Corp.,and which was introduced as Its 1927 line, has met with Instant
30,000 shares common stock of no par value.
Transfer agent. National Shavrtnut Bank of Boston. Exempt from and favorable reception throughout the United States.
The corporation also reports that the business of Servel, Ltd., of Great
Massachusetts income tax and normal Federal income tax.
Britain for the month
CapitalizationAuthorized. To be Issued. corporation in its bestof January was 25% greater than that shown by the
month of 1926.-V. 124. 803.
7% preferred stock (par $100)
$650.000
$650,000
Common stock (no par value)
100,000 shs. 100.000 shs.
(Isaac) Silver & Bros. Co., Inc.
-January Sales.
Company.
-Has been organized in Massachusetts to operate the RitzMonth of January1927.
1926.
Carlton Hotel now under construction at Arlington and Newbury Sts..
1925.
Sales
$280,776
$216,829
Boston. It is expected that the hotel will be ready for occupancy some time -V.
$200,243
124. P. 247.
prior to July 1 1927. Lease of the property is obtained from the Ritz
Arlington Trust for a term ef 21 years from April 11927. The building will
Skelly Oil Co.
-Shipments in 1926.be of 15 stories, with stores on the ground floor. There will be 309 guest
A total of 21,809 cars of refined products were shipped during 1926 by this
rooms.
company, the greatest in its history. Natural gasoline shipments aggregated
Management.
-This will be under the direction of Albert Keller, general 3.742 cars, compared
with 3,108 cars in the previous year. A new type of
manager of the Ritz-Carlton Hotel System of America.
rafractionated gasoline, placed on the market in December, took 2,092 Cars
Estimated Earnings.
-Based on average annual occupancy of only 85%
-V. 123, p. 3049.
of the guest room space, plus income from other hotel functions and from during the month.
stores, it is estimated that annual profits will approximate $214,000 before
Solvay & Co.
-Notes Called.
depreciation and Federal and State taxes, but after very liberal allowances
MI
-year 6% secured gold notes, dated April 1
for replacements and repairs. On this basis earnings for the common stock 1924, of the outstanding 10
have been called for payment April 1 next at 105 and int. at the offices
should be not less than $1 68 per share.
of Lee, Higginson & Co., New York, Boston or Chicago.
-V. 124, p.660.
Roxy Circuit, Inc., N. Y. City.
-Acquires Theatre Site.
-
The Roxy Circuit, Inc., the Havemeyer Construction Co.and the Chanin
Construction Co., completed negotiations on Jan. 24 for the sale of an entire
block front in the Sherman Square section in New York City for improvement with a 23
-story hotel and a 4,000-seat theatre, representing an investment of approximately $10,000,000. The property just sold comprises
the block front on the south side of 75th St. between Broadway and Amsterdam Ave., with a frontage of 212 ft. on the street, 160 ft. on Broadway and
150 ft. on the avenue. It was acquired two years ago by the Chanin Construction Co., representing Irwin S. and Henry I. Chanin, who planned to
improve the site with the hotel and theatre (the latter to be known as
Roxy's Midway Theatre). The proposed improvements will now be carried
out by the Havemeyer Construction Co. in conjunction with the Boxy
Circuit, Inc. The theatre will be under the general direction of S. L.
Rothafel, known as Rory, Herbert Lubin is President of
Inc.. and William E. Atkinson, Vice-Pres. and Gen. the Roxy Circuit.
Mgr. Work will
begin at once.
It was announced that a building loan of $3.500,000 has been made by
the Prudence Bond Corporation, secured by a first morgtage upon land and
improvements.
The predecessors of Roxy's Midway Theatre in
expansion will
be the Roxy Theatre, located at 7th Ave. and 50ththe Roxy is now being
St.. which
completed, and Roxy's Mansion at Lexington Ave. and 58th St., upon which
the work will begin immediately.
Rosy Theatre Corp.
-Stock Offered.
-
Bennett, Bolster & Coghill, Inc., announce
offering tho last
block of undistributed shares of Class A stock.they are
are
These
at $40 a share and with each three shares of Class A stockshares will priced
there
be delivered one share of common stock.
There are now approximately 6,000 stockholders in the Rory enterprise.
The grand opening of the great new theatre at Fiftieth Street and Seventh
Avenue is announced for the first week in March. The appraised value of
tangible property covering the Class A stock exceeds by an ample margin
the cost per share. Yearly net earnings are estimated at 4Ji times the
class% preferred dividend requirements. The aggregate value at current
market prices of stock Junior to the "A" stock is over $24 per share of
"A" stock. The "A" shares are entitled to cumulative preferred cash
dividends of $3 50 per share yearly and participating dividends with common stock of an additional $1 a share. Dividends are cumulative from
Dec. 11925. The estimates of earnings it is now expected will be considerably exceeded. 15% of net earnings after preferred dividends must be
used to retire Class"A"stock, which is not callable for less than $50 a share.
-V. 124. p. 517.
St. Mary's Mineral Land Co.
-Dividend of $2.
The
directors have declared a dividend of $2 per share, payable March 10
to holders of record Feb. 10. A distribution of like amount was made on
May 18 1926, while on May 20 1925 and 1924 distributions of $3 per share
were made.
-V. 122. p. 2205.
Sayre & Fist‘er Brick Co.
-New Financing Shortly.
-
Acquisition by the Harley L. Clarke interests
Fisher Co.
of Sayreville, N. J. operators of the largest brick of the Sayre &
and the
plant
oldest of its kind in the United States, which started in the worldin 1851.
operations
was officially announced this week by Mr. Clarke, who stated that the
purchase price was approximately $6,000,000 and that a new corporation
controlled by the Clarice interests and to be known as the Sayre & Fisher
Brack Co. had been formed to effect the acquisition. This purchase by Mr.
Clarke adds another industry to his diversified public utility and industrial
holdings.
In connection with the acquisition
plies the New York as well as other of the Sayre & Fisher plant which supmarkets, the new
an issue of13.000,000 1st mtge.sinking fund bonds to acorporation has sold
syndicate consisting
of Halsey. Stuart & Co., West &
Pur&
chase of the plant at Sayreville Co. and Graham, Parsons by Co. same
also included acquisition
the
Interests of the Sayreville Electric Light & Power Co.
and the transfer
to them of 1.800 acres of land which includes 3 miles of waterfront.
(Bernard) Schwartz Cigar Corp.
-Recapitalization.
-
Southern Dairies, Inc.
-January Sales.
-
Month of JanuaryGross sales
-V.124, p. 660. 247.
1927.
$675,482
1296.
$621,115
Increase.
$54,367
Southwest Public Service Co. (Md.).-Bonds Sold.
Hoagland, Allum & Co., Inc., have sold $900,000 1st mtge.
6%% gold bonds, series A, at 99M and int. to yield over
Dated March 11927; due March 11937. Interest payable M.
Chicago and New York without deduction for any Federal income & S. in
exceeding,'. Penn., Conn. and Calif. personal property taxestax not
not in
excess of 4 mills per annum, Maryland 43.i mills per annum securities tax,
Iowa, Mich. and
of Columbia personal property taxes not in excess
of 5 mills per annum and Mass. income tax not in excess of 6% per annum
on the interest refunded. Red. all or part by lot on 30 days' notice on any
int. date at 1023i% and int, on or before March 1 1932, with successive
reductions in the redemption price of 34% eacbarear thereafter until maturity. Denom. $1,000, $500 and $100 O. Etiuitable Trust Co., New
York, trustee.
Data from Letter of Pres. F. W. Woodcock, Feb. 8 1927.
Company.
-Will be organized in Maryland to render retail and wholesale
Ice and cold storage service in the southeastern section of Kansas and the
northeastern section of Oklahoma. including 43 cities and towns with a
population of 79.600. The properties to be acquired consist of 6 modern
plants with ample insulated storage space, 165.000 cubic feet of commercial
cold storage and the necessary distribution equipment. The plants are
situated In Coffeyville, Winfield and Eldorado, Kansas, and Miami and
Nowata. Okla., all strategically located on railroads in a sound agricultural
and industrial section.
CapitalizationAuthorized. Outstanding.
First mortgage gold bonds
$10,000.000
1900,000
5% gold notes
250,000
250,000
Cumulative preferred stock
1.000.000
400.000
Common stock (no par)
40,000 shs. 40,000 shs.
Consolidated Income of Properties Years Ended Dec. 31.
1923.
1924.
1925.
Gross income
$413,216 $376,049 $473,782
Operating expenses
238,781
215,352
239,33:3
Net avail, for int., dopr. & Fed. taxes- $177,435 $160,697 $234.449
Annual int. requirements on $900,000
Series A bonds (this issue)
958,500
Such net income for the 9 months ended Sept. 30 1926 was 8196.405.
Profits from the operation of the properties totaling $584,100 were distributed in cash during the period of three years and 9 months ended Sept.
30 1926. as follows: For the year ended Doc. 31 1923. $118,600; for the
year ended Dec. 311924, $109,500;for the year ended Dec. 311925, $193.000, and for the 9 months ended Sept. 30 1926, 1163.000.
Sinking Fund.
-Commencing Sept. 1 1928 the company is to pay to the
trustee as and for a sinking fund for the retirement of Series A bonds,
through purchase or redemption, an amount in cash or in Series A bonds
equivalent to 2% (payable semi-annually) of the greatest amount of Series A
bonds theretofore authenticated. Series A bonds may be purchased with
sinking fund moneys at not to exceed the then redemption price.
Purpose.
-The Series A bonds, $400.000 par value of 7% preferred stock,
40,000 shares of common stock without par value and $250,000 par value
of 5% notes to be presently outstanding, are to be issued in connection with
the acquisition of these properties.
-Company is to be controlled by ConsoliOwnership and Management.
dated Public Service Co. and the active management and operation is to
be under the supervision of Day & Zimmermann, Engineers, together with
local interests with more than 20 years' successful experience in the management of ice properties.
Southern Surety Co., Des Moines Ia.-Stock Offered.Caldwell & Co., Nashville, Tenn., and `iNT. S. Aagaard & Co.,
The stockholders on Jan. 18 authorized the Issuance of
shares of
non-voting preference A stock, without par value, and 68.000 shares of Chicago, recently offered 2,701 shares capital stock at $235
68.000
voting participating B stock, vrIthout par value, to be exchanged for the per share (par $100).
present 170,000 shares of class A and B common stock, on a
Dividends payable Q-J at the present rate of 16% per annum, free from
shares of preference A stock plus two shares of participating basis of two normal Federal income tax. Stock transferable at the company's office,
B stock for Des
each five shares of either class of stock outstanding.
Moines, Iowa.
Capitalize/fem.-Authorized and outstanding $1,500,000 (par $100).
The preference A stock is to receive cumulative preference dividends of
$2 per share. It is red., all or part at $45 per share and It Is to receive
Data From Letter of C. S. Cobb, President of the Company.
preference up to $40 a share in liquidation of assets. The dividends are
Company.-Incorp. In 1907 in Oklahoma. Was merged in 1918 with the
payable quarterly and the stock will participate in dividends as
Southern Surety Co.(Iowa), and has since been operated uncle r the laws of
After the preference A stock has thus received $2 per share and the follows: the
particilatter State with home office in Des Moines. It is ono of the leading
pating B stock has drawn 50 cents per share per annum, the preference A
stock and the participating B stock are to receive equal dividends, share surety and casualty companies west of the Mississippi River. Starting in
1918 with a capital of $800,000. the company's growth has been steady and
for share, until the preference A stock has received an additional $1 50 per
conservative.
share or a total of$3 50 Per share.
-V.123. p. 3334.
For the 7 years ended Dec. 311925. operating on a capital of $1,228.500
or less, the company showed an Increase in net premiums of more than
Security Insurance Co. of New Haven, Conn.
The stockholders on Jan. 31 increased the capital stock from $2,000,000 321%. With the additional capital provided by the present financing, the
company should be able to show a further substantial increase in business.
to $3.000,000 (par $25), the total amount authorized by the charter, and
Company. through Its branch offices and agency oreanization composed
authorized the directors to issue additional stock from time to time
less than $50 per share. No financing is contemplated at present. at not of 4.133 representatives located In 42 states, transacts a general casualty
business, writing surety and fidelity bonds, accident and health. liability,
At a special meeting held July 1 1924 the stockholders authorized the issue
of 40,000 shares of stock ($1.000.000) to be Issued upon such terms and at steam boiler, workmen's compensation, plate glass, burglary, automobile
such times as the directors might deem for the Interests of the company, but liability, property damage and collision, and credit insurance. Company
has ample and profitable facilities for reinsurance of its risks in other
at not less than the par of $25. Of this amount in the year 1924 the
direc- companies.
FEB. 12 1927.]
THE CHRONICLE
Earnings & Dividends -During the 7 years ended Dec. 31 1925, the
company paid dividends on its stock totaling $927,280, and dividends for
the first 6 months of 1926 were $98,280, a total of $1,025,560 since Jan. 1
1919, or an annual average of $136,741. The record of annual dividend psymsnts is as follows: 1919 to 1923, inclusive, 12%: 1924, 14%;
1925-1926, 16%. Taking into account the increase of non-admitted assets,
the analysis of Alfred M. Best Co. Inc.. shows total earnings for the
7 years ended Dec. 31 1925, to have been $3,033.161 or an average of over
$433,000 per annum.
-The purpose of this issue of stock is to provide additional funds
Purpose.
for the expansion necessitated by the company's Increasing business.
Financial Statement June 30 1926 (After New Financing).
LlatildiesAssets
5938,824 Capital stock
$1,500,000
Cash
1,387,066 Res. for unearned prems_ _ _ 3,445,917
Bonds (market value)
121,670 Reserve for claims
Stocks (market value)
1.787,177
57,500 Reserve for commissions__ _ _
Collateral loans
547,214
1,058,832 Res. for taxes & exp
130,717
Real estate mortgages
Office bidgs. & other real est. 1,376,916 Reserve for reinsurance
20,627
Surplus
Premiums in course of collec803,692
2,165,298
tion (accts.)
796,699
Due from reinsuring cos
332,539
Other assets
$8,235,344
Total
$8,235,34
Sun-Maid Raisin Growers Association, Fresno, Calif.
-Dillon, Read & Co., New York; Anglo
-Bonds Sold.
London Paris Co. and First Securities Co., Los Angeles,
have sold at 98M and in $5,500,000 1st mtge. 6M%
sinking fund bonds (closed issue).
937
by the company this year and increases the total of Stanley controlled
theatres in Philadelphia to 63. The vaudeville house at 23rd St. and Ridge
Ave., Philadelphia, still under construction, will be made more elaborate
than was originally planned, under its new management.
Pres. John J. McGuirk also announced plans for the erection of a $5,000,000 motion picture theatre in Philadelphia, comparable to the Paramount
In New York and the Famous Uptown in Chicago. The auditorium will
seat 5,000 persons. The new theatre increases the Stanley 1927 building
program to $15,C00.000. Its site includes 10 parcels of land at the corner
of Market and 20th Sts., the latter of which is to be widened 40 ft. to
become one of Philadelphia's principal north and south highways.
-V.124,
P. 518, 386.
-Earnings.Superior Oil Corp.
-Quarter End. Dec.31- -Calendar Years
1926.
1925.
1926.
x1925.
Gross income
$1.010,121
5244.607 $1,070,338 $1,291.318
Oper., gen. & adm. exp.,
loss on expired leases,
&c., bond Interest_ _
282,684
352,468
709,615
1,047,357
Deprec. of plant and
equip. and depletion
340,765
218,050
671,544
981,823
Net loss
gain $386,672
$325,911
$310.821
$737.862
x Actual figures.
Deficit Account.-Defielt Sept. 30 1926, 83.398,157; net gain for quarter
ended Dec. 31 1926. $386.672; deficit Dec. 31 1926, 53,011,485.-V. 123.
P. 2669.
Symington Co.
-Earnings
Quarter Ended
Year Ended
Dec. 31 '26. Dec. 31 '25. Dec. 31 '26. Dec. 31 '25.
Period*Net profit
555,407
$480,114
59,180
$500,186
14,433
8,444
Other income
33,960
29,859
Dated Feb. 1 1927; due Feb. 1 1942. Int. payable F. & A., without
$63,851
Net income
$23,613
$514,074
$530,045
deduction for normal Federal income tax not exceeding 2% per annum. Interest on notes
15.000,
1.216
142,122
45.000
Penna. and Rhode Island personal property taxes not exceeding 4 mills
Net profit
362,635
$371,952
$8,614
$485,045
and Mass, income tax not exceeding 6% per annum refundable. Free
*After depreciation of plant, all selling and general expenses, provision
from present personal property tax in Calif. Principal and interest payable
-:V. 123, p. 2405.
in-New York at the principal office of Dillon, Read & Co., or at Pacific- for reserves and for State and Federal taxes.
Southwest Trust & Savings Bank, Los Angeles, trustee. Denom. $1,000
-Dividend Increased.
Taunton-New Bedford Copper Co.
and $500 c*. Red. all or part by lot, on any int. date, on 30 days' notice:
The directors have declared a quarterly dividend of $2 per share, payable
To and incl. Feb. 1 1932 at 105; thereafter to and incl. Feb. 1 1937 at 103;
Feb. 28 to holders of record Feb. 9. Previously dividends of $1 50 per
thereafter prior to maturity at 101 plus int. in each case.
-The mortgage will provide for a sinking fund, payable share were paid quarterly. In addition, the company on Nov. 30 last paid
Sinking Fund.
-V. 123, p. 2533.
semi-annually (first payment June 1 1927), of a minimum of $250,000 per an extra dividend of $6 50 per share.
annum, to be used in the purchase, or redemption by lot, of bonds of this
399 Fullerton Parkway, Chicago, Ill.
-Bonds Offered.
issue.
Data from Letter of President Ralph P. Merritt, Feb. 4.
S. W.Straus & Co., Inc., are offering at prices to yield O(%
Company.
-A Delaware corporation, formed in 1923 to acquire all of
1st mtge. 63 % serial gold bonds.
the real estate, plants and equipment doemed essential for its operations. $950,000
Dated Nov. 15 1926; maturities 3 to 15 years. Interest coupons payable
formerly owned by Sun-Maid Raisin Growers, a corporation now in liqui
- M.&
N. Callable on any hit, date at 102 and int. 2% Federal income tax
dation. The common stock of the Delaware corporation is entirely owned
by Sun-Maid Raisin Growers of California, a co-operative association paid by borrower. California 4 mills, Colorado 5 mills,Iowa 6 mills, Kansas
2)4 mills. Kentucky 5 mills, and Minn. 3 mills, personal property taxes
organized in the same year.
The co-operative association has approximately 15,000 members, all of refunded upon proper application.
-Bonds are secured by a direct closed first mortgage on a 17
Security.
whom are raisin growers. Under the terms of contracts between the cooperative association and its members, each member is required to deliver story and basement apartment building of reinforced concrete fireproof
to the association the entire raisin crop produced on the land specified in construction, and land owned in fee, with a frontage of approximately 85 ft.
such contracts. These contracts may be canceled by either the associa- on Fullerton Parkway with a depth of 165 ft. The building will contain
-room apartments. These apartments will
-room apartments and 16 9
16 8
tion or its members on approximately one year's notice.
most modern
The crops delivered by the members of the co-operative association have contain the latest and appeal to the feature of high grade apartment house
very highest class of tenants.
construction, and will
averaged more than 167,000 tons per annum•during the poast five years,
-The net annual earnings
Earnings.
compared with an annual average raisin production of approximately expenses, taxes and insurance and anafter liberal deductions for operating
ample allowance for vacancies are
208,000 tons in the United States and approximately 307,000 tons in the
estimated at $118,560 per year, which Is more than twice the greatest
entire world during the same period.
Under an exclusive service contract expiring Nov. 23 1973, between the annual interest charge and much in excess of the greatest combined interest
Delaware corporation and the co-operative association, the Delaware cor- and principal payment. and building when completed and
Valuations.
-The land
equipped have
poration receives, without cost and free of lien, the entire raisin crop
Eliminating
$50,000 of
delivered to the co-operative association by its members. Raisins so been valued at $1,345,000. the balance the the issue, bonds which have
of
been subordinated in lien.
received are prepared and packed by the Delaware corporation and are herewith being offered for sale, represents a 67% loan. namely $900,000,
advertised and sold under the Sun-Maid raisin brands, which are owned
-The bonds are the direct obligation of 399
Borrowing Corporation.
by the co-operative association.
Fullerton Parkway Building Corp. The principal stockholders
Sales of raisins in packages have steadily increased in volume and to-day corporation own other valuable properties and have had experienceof this
in the
represent a substantial proportion of the corporation's total business. management of apartments of this character.
Because of the use of certain patented processes, a large part of the corporation's sales represents products which command a premium in the
-Sales.
(John R.) Thompson Co., Chicago.
market.
1927.
1926.
Increase,
Month of JanuaryIncome.
-Results of operations during the four-year period ended Dec.31
51.224.745 51,093,665
Sales
$131,080
1926 (incl. estimated results for Dec. 1926, and results of operation of Sun-V. 124, p. 247.
Maid Raisin Growers in the first 5% months of 1923), were as follows:
Oper.,Selling
Bal.for Int.,
-Balance Sheet Dec. 31Tobacco Products Corp.
.
Net Sales,
and General Pref. Dirs. and
1926.
1925.
1926.
1925.
(incl. Other
Expenses, incl. Remittances to
Liabilities3
$
Assets-$
$
Income.)
Depreciation. Co-Over. Assn.
Class A stock_ ... _620,712,631 20,712,631
Brands, tr.-mks..
59,597,307
1923
$19,632,805
*$10,035,498
&c
4,227,102 4,227,298 Common stock. c45,583,821 34,462,643
1924
24,119,172
9.722,391
14,396,780
Notes payable__ __
Am.Tob. Co.lease
1,500,000
20,397,184
1925
9,624.877
10,772,307
al
I Bills and accounts
(62,560,000 ann.)
1926 (December estimated)_ 19,978,137
9,180,304
10,797,833
payable
23,669
Stocks in other cos.62,612,935 53,070,409
350,836
Annual averages
21,031,825
9,531,219
11,500,605
Cash
d4,265,658 1,111,262 Common div. pay- 1,153,780
514,853
* After deduction of current interest, non-separable from certain expense Bills & accts. rec- 3,318,530 3,900,009 Reserves for taxes,
items.
11,987
19,445 &e
401,375
Materials supp_
275.000
The terms of the contract with the co-operative association will provide Prepaid &
Surplus and undiinterest,
that the Delaware corporation shall receive all raisins from the co-operative
131,842
vided profit
6.560,937 4,644,305
expenses, &c
association without payment therefor and shall deduct from the proceeds
of its sales all of its operating, selling and general expenses (including
74,436,213 62,460,268
Total
74,436,213 62.460,265
Total
depreciation), interest, dividends on its preferred stock, and reserve to
-year lease ($2,500,000 annually). b 448,092%
a American Tobacco Co.99
maintain net working capital at not less than 32,000,000. The balance of
to the co-operative association in lieu shores outstanding. c 659,330% shares outstanding. d Includes desales proceeds is then to be remitted
Mand loans.
of payments for raisins received and sold.
The usual comparative income account was published in V. 124,P.806.
The maximum annual interest requirement on these bonds is $357,500.
-Properties owned by Sun-Maid Raisin Growers Association
Properties.
Trianon Commercial.Properties (Trianon, Inc.), Chiinclude 20 plants of modern design, equipped for preparing or processing
-Bonds Offered.
-An issue of $1,450,000 first
raisins and other dried fruits, or for reclaiming numerous by-products cago, 111.
(such as cream of tartar, syrup and stock feed), and four receiving stations. mortgage sinking fund 6M% gold bonds is being offered
at
In addition to the plants and stations owned, the corporation leases six
plants and 20 rec'eiving stations of varying sizes. All plants and receiving par and interest by American Bond & Mortgage Co., Inc.
Dated Dec. 30 1926, maturing Dec. 30 1938. Callarne at 101 and interstations are located in the San Joaquin and Sacramento valleys of California, the principal raisin producing area in the United States, and they est, except if redeemed on or after Dec. 30 1937, no premium shall be paid.
are the only means through which the members of the co-operative asso- Trustee, American Trust & Safe Deposit Co., Chicago. Normal Federal
ciation or any other raisin growers may yorocess their crops for distribution Income tax up to 2% on the annual interest paid when claimed: also certain
under the Sun-Maid brand. The total capacity of these plants is esti- State taxes refundable. Interest payable J. & D.
Security.
mated to be substantially in excess of the aggregate capacity of all other
-Security for these bonds consists of direct closed first mortgage
upon three separate Chicago properties all owned in fee and all located close
raisin plants in the San Joaquin and Sacramento valleys.
Purpose.
-These bonds are being issued in connection with the retirement to important transfkr corners. The total security has been valued at
of $2,250,000 outstanding 7% first mortgage bonds, and the purchase for $2,170,000.
I. Land located at the southeast corner of 62d and Cottage Grove Ave.
retirement of about $3,500,000 7% preferred stock from the trustee of
-story and basement fireproof building containing 9 stores
Sun-Maid Raisin Growers, thereby furnishing funds to complete liquidation and completed 4
of the latter. Upon such completion the Delaware corporation will receive and the well-known and popular Trianon ballroom.
about $1,350,000, the balance of which, after retirement of present out- and completed 4 story and basement fireproof building containing 9 store
2. Land at southwest corner of 79th St. and Maryland Ave. and onestanding bonds and preferred stock as above, will be available for working
story building of 8 stores to be erected.
capital and other corporate purposes.
3. Land owned in fee 666-670 W. 63d St., and one-story building of 4
31 1926 (After This Financing).
Balance Sheet (Delaware Corporation) Aug.
stores to be erected.
Liabilities
Assets
Earnings.
-After allowing 10% for vacancies for stores and deducting
$422,324 for operating expenses, the net
$734,858 Accounts Payable
Cash
annual income is esimated to be $218.025,
352,194 or over 2.3 times the
Accts. receivable-customers
692,742 Accrued taxes, disc.,in,&c_
Funded debt
5,705,500 largely on the actual heaviest interest payments. This estimate is based
1,485,825
Inventory
average net operating earnings from the Trianon
874,543 Ballroom for the past three
Land, bldgs. & equiprnent
6,483,640 Deferred liabilities
years ending Dec. 31 1926.
455.302
Advances to subsidiary co_ _ _
31,629 Reserves
2,394,200
Unpaid pref. stock subscrip'ns
105,057 7% preferred stock
Trumbull Steel Co.
-Annual Report.Sundry notes and accounts
Calendar Years1925.
1926.
receivable, less reserve_ _ _ _
74,577
Operating profit
$4,193,912 $3.405,962
Deferred charges
595,726
Other charges
106,004
121,530
Total
Total
$10,204,063
$10,204,063
The corporation has no accumulated surplus; under the terms of its
contract with the co-operative association the latter agrees to provide all
of its operating and other expenses. Company has outstanding 100,000
shares common stock (no par value).
-V. 123, p. 3050.
-Increases Holdings.
Stanley Co. of America.
President John J. McGuirk has announced that the company has taken
over the entire Stiefel theatre interests in Philadelphia, six motion picture
houses and one combination motion picutre and vaudeville theatre, representing an investment of $1,500,000. This group is the largest aciuirel
Balance
Other income
$4.087,908 $3,284,432
100,421
238,961
Totalincome
Depreciation, &c
Interest and amortization
$4,326.869 $3,384,853
840,000
840,000
1,222,906
969,283
Net profit
52,263,964 *1.575,570
Shares common stock outstanding (no par)
575,118
574,108
Earned per share x
$2.72
$1.53
x After allowing for preferred dividends.
-V.123, p. 2276.
938
THE CHRONICLE
-Organized.
Troy Laundry Machinery Co., Inc.
The above company was incorporated in Delaware Jan. 4 1927 with an
authorized capital of 200.000 shares capital stock (no par value). The
company, it is understood, will acquire the properties of the Troy Laundry
Machinery Co., Ltd.
-Retiring Pf. Stk.
Tubize Artificial Silk Co. of America.
The company has sent a letter to the preferred stockholders asking for
tenders of stock at prices not in excess of the call price This offer anticipates the March 1 operations of the preferred stock sinking fund, which
provides for call by lot of the 8% cunaul. pref stock on any city. date at par
and divs. The letter states that "the company i9 prepared to buy a considerable amount of its outstanding preferred stock, and is striving to avoid
the necessity of a call by lot, which would tend to break up holdings." If
sufficient stock is not tendered the necessary remaining shares will be called.
It is understood that January sales of Tubize were the highest in the history of the company.
-V. 122. p. 3355.
See also Allied Chemical & Dye Corp. above.
[VOL. 124.
almost twice the annual dividend requirements of its outstanding preferred
stock. Corporation has just started to turn its capital which will result
in a multiplication of profits in 1927. In addition, the earnings of the
affiliated companies and subsidiaries will be reflected in the profits accruing
to the stockholders of the parent company from time to time.
-Proceeds will be used as additional working capital to meet the
Purpose.
requirements of the expanding operations of the company.
Statement of Condition as of Jan. 18 1927 (Without Giving Effect to this
Financing.)
Liabilities
Assets
$3,585
Cash in bank & on hand
$122,241 Accounts payable
3,000
Liberty loan bonds (4) %)_
82,092 Incomplete mtge. payments
45,500
2,102,614 Subsc. to stock of subsidiaries
Investments
2,666.013
Notes & accounts receivable_
36,481 Capital stock
420,739
Accrued interest
16,913 Surplus & reserves
Furniture & fixtures
18,453
Due from subscribers
760,043
$3,138,837
Total
Total
$3,138,837
-Bonds
Twin Falls-Jerome Inter-County Bridge Co.
-Common Stock Increased.
United States Gypsum Co.
-Ferris & Hardgrove, Ralph, Schneelock & Co., the
Offered.
The stockholders on Fob. 9 increased the authorized common stock
Pacific Empire Co., Murphey-Farre Co., John E. Price & from $15,000,000 ($14,856,380 outstanding) to $25,000,000 par $20.Co., and Geo. H. Burr, Conrad & Broom, Inc., SeAttie, V. 124. p. 806. 122.
-10% Stock
Wash., are offering at par and int. $500,000 1st mtge 7%
United States Realty & Improvement Co.
gold bonds.
Dividend.
-The directors on Feb. 10 declared a 10% stock
Dec. 15 1926: due Dec. 15 1936. Interest payable J. & D.. without dividend in addition to the usual quarterly cash dividend of
. Red. all or part
deduction
eeduction for normal Federal Income tax not exceeding
both payable
by lot on 30 days' notice at 102 and int. Denom. $1,0011 and $500. C. $1 per share on the no par value capital stock,
Wash., trustee.
March 15 to holders of record Feb. 23. During 1926 the
Seattle National Bank, Seattle,
-The Twin Falls-Jerome Inter-County Bridge. to be constructed
Property.
dividends of $1 per share.
by the Puget Sound Bridge & Dredging Co., will be a steel cantilever structure, company paid four quarterly cash
1.400ft.long,476 ft. high,crossing the canyon of the Snake River and connect- Treasurer Albert E. Hadlock says:
miles directly
ing the two counties of Twin Falls and Jerome at a point 234
north of the City of Twin Falls, Idaho. This bridge will eliminate the dangerous grades crossing the deep, winding Snake River Canyon and will furnish a
much needed direct communication between the cities of Twin Palls and
Jerome, both county seats, and important trading centers for a large and
increasingly productive territory in southern Idaho. It will constitute a
necessary link in the Old Oregon Trail (the Transcontinental Route) connecting with the Columbia Highway on the west. The new bridge will also be on
the direct route between Nevada and California points, on the south and
northern Idaho.
-The bonds will be secured by a first closed mortgage upon the
Security.
assets (now owned or hereafter acquired) of the Twin Falk-Jerome InterCounty Bridge Co., consisting of bridge, approaches, easements necessary for
the construction and maintenance of the bridge, the necessary connecting
roads and franchises granted by joint action of the Commissioners of Jerome
County and Twin Falls County.
DEarnings-Based on a survey of the ferry crossings in the vicinity of this
bridge and on the comparative income of existing toll bridges a.s related to
populatien served, it is estimated that the minimum annual gross income
from the bridge will amount to $135.000 or more than three times the maximum annual interest requirements on this Lssue of bonds. In arrivi •g at this
estimate, no account has been taken of the steady increase in the use of automobiles and trucks which annually amounts to approximately 18%. An
exceptionally large volume of commercial and truck traffic. developed by the
agricultural activities of this territory, will be served.
-A sinicing fund will be created out of earnings of the comSinking Fund.
pany which it is estimated will be sufficient to retire over 70% of this issue by
maturity.
Total income
$4,024,521 $4,250.071
Interest on mortgages_
892,094
382,773
Gent. & corporate exp_y
$3.713.311 $3,611,348
451.951
448,531
874,516
819,420
Net Income
$3,641.748 83,357,977 $2,445.360 $2,284,882
After interest on mortgages (amounting to $371.953 in 1927). y Includes provision for all Federal and State taxes and depreciation on buildings
and equipment. z Includes net income of George A. Fuller Co. and
-V. 123. p. 2534.
proportion of net income of Plaza Operating Co.
-Unfilled Orders.
United States Steel Corp.
-Earnings.
Underwood Typewriter Co., Inc.
1925.
1926.
Calendar Years-$2,474,159 $3,314,580
Net earnings
Other net income (int.
211.406
218,959
received, &c.)
For the purpose of each of the dividends, holders of record Feb. 23 1927
of certificates for shares of common stock of $100 par value, which shall
not have been exchanged for certificates of stock of no par value, shall be
deemed the holders of record of 234 shares of stock, no par value, for each
share common stock of $100 par value, held on Feb. 23 1927 as if such
exchange had been made, and shall be entitled to the dividend.
The proper officers of the company are authorized to withhold payments
of aforesaid said dividends in so far as the dividends are declared in respect
of any outstanding $100 par value common stock certificates until such
stock certificates shall have been surrendered in exchange for certificates of
stock of no par value.
•
Results for Nine Months Ended Jan. 31.
1924.
1925.
1926.
1927.
Income from real estate_ x$1,347,036 $1,287.971 $1,824,145 $1,8 646
85.
611.106
All other income
1,006,366
1,392.579
z2,677,485
1,067,840
817,034
1,376,092
Bldg. contracts profits_
Prof. on sales of secure_
46,756
65,766
193,429
1923.
1924.
$2.355,587 $2,881,968
203.407
219.937
$2.693,117 $3,525,986 $2,558.994
Dedua-Deprec. charged
263,784
244,731
260,140
off, &c
Res. for empl. profit90.972
188.501
sharing plan
286.600
392.000
328.100
Res. for Fed.. &c., tax
253.750
246.750
239,750
Pref. divs. (7%)
1.200,000
1.600,000
1,600,000
Common dividends
(12%)
(16%)
(16%)
Dividend rate
$3.101.905
250,112
218,209
350.000
260,750
1,050.000
(11%)
See under "Indications of Business Activity" on a preceding page.
V. 124, p. 638, 520.
-Tenders.
Utah Fuel Co.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
-year sinking fund 1st mtge.
Feb. 21 receive bids for the sale to it of 5% 30
bonds, due March 1 1931. to an amount sufficient to exhaust $11,556, at a
price not exceeding 110 and Int.-V. 122, P• 764•
-New Foreign Business.
Victor Talking Machine Co.
The steady increase in the business of the Gramophone Co., Ltd., the
Victor company's European affiliation, has resulted In authorization of the
construction of additional plant facilities in many centers where the company maintains production units. According to Walter J. Stoats, VicePresident of the Victor company In charge of foreign business, the main
$972,835 plant of the Gramophone
at Hayes, Middlesex, England. Is operating
$463,888
$854,004
$265,128
Transf. to sur. acct _
400.000 at capacity, night and day, to take care of the heavy volume of orders and
Co.,
400,000
400.000
Shs.com.stk.out'g(par $25) 400.000
$5.06 despite additional plant facilities acquired at Hayes last summer, It has been
$4.16
$6.14
$4.66
sh. on com _- Earn, per
necessary to authorize for immediate construction a new cabinet factory
-V. 124, p. 519.
equipment. will
-The direc- which, withof an additional cost about $750,000. has been authorized.
plant at Calcutta also
-Extra Dividend of $1 50.
Erection
Fruit Co.
United
The new plant at Barcelona, construction of which was
declared an extra dividend of $1 50 per share In answer to demands for increased production from started last summer
tors on Feb 8
Spanish consumers,
in addition to the regular quarterly dividend of $1 per share will be opened in March. Production at the Berlin plant and also at the
at Nogent-eur-Seine Is at capacity while
$2,500,000 capital stock, no par value, French plant New Zealand both are enjoying the largest branch plants in
on the outstanding
business of their
Australia and
payable April 1 to holders of record March 5. In the last history. The South American plant of the Victor company, in Buenos
dividends of $1 per share were paid. Aires, Argentina, has been oversold for some time and construction of a new
three quarters, regular
plant with double the capacity of the old unit has been authorized.
-V.124, p. 519, 366.
Business of the Gramophone Co., Ltd.. for the last 6 months was almost
as large in volume as that for the entire fiscal year ended June 30 1926,
United Iron Works, Inc., Kansas City, Mo.-Earnings. according to Mr. Stoats. Exclusive of the Gramophone company's foreign
,_
ths
7 Months Ended Dec. 31business, exports from the Victor company's American plant in 1926 showed
..
$3,218,741 $2,067,884 an increase of 78% over the largest previous year in the company's history.
Sales
1,781,128
2,744,826
Cost of sales
Sales for Jan. 1927, amounted to $3,672,000, showing an Increase of
182.155
234,781
General administrative and selling expense
ago, when sales amounted to $1,977,000.
76,014 $1,695,000 over January a yearthe sales for Jan. 1926, and for that reason
71.208
Interest charges
15,729 Production difficulties curtailed
45,831
Discount charges and allowances
the very large percentage of increase for Jan. 1927, cannot be accepted as
growth for the year as a whole, it is
$12,859 a measure of the anticipated relative
$122,096
Net earnings
announced.
-V. 124, p. 807.
-V. 121, p. 1357.
-Federal
-Bonds Sold.
Wabash-Monroe Building Corp.
-Stocks Offered.
United States Bond & Mortgage Corp.
has sold $2,700,000 1st mtge.
41st St., N. Y. City, Securities Corp., Chicago,
-This company, with offices at 8 East
gold bonds at prices to yield from 5%
is offering in units of one share of pref. stock and one share leasehold 6% serial maturity.
to
shares 7% cumul. to 6%, accordingdue serially semi-annually Jan. 1 1928 to Jan. 1 1953'
of common stock at $150 per unit 10,000
Dated
pref. (a. & d.) stock (par $100) and 10,000 shares common PrincipalJan. 11927; & J.) payable at Standard Trust & Savings Bank'
and int. (J.
,
Chicago,or Chase National Bank, New York. Denoms.$1,000 and $5000
stock (no par value).
reverse of numerical order on 30 days' notice at 10234%
Dividends payable Q-J. Red. all or part at 110 and dive. Common
stock Is full paid, non-assessable and each share carries full voting power.
Authorized. *Outstanding.
Capitalization$5,000,000 $3,350,C00
7% cumulative preferred stock (par $100)---_
(no par)
150,000 shs. 133,500 abs.
Common stock
*Including this issue.
Corporation.-Incorp. in New York on Dec. 27 1923, and is one of the
largest and most successful firms handling limited amortized second
mortgages on one or two family dwellings and other improved income
producing real estate. The field of operations of the corporation. Is:
Greater New York, where its home office is located; and the rich suburban
counties of Queens, Nassau, Suffolk and Westchester,in which the company
maintains branch offices.
United States Bond &
Three new affilated companies: MassachusettsBond & Mortgage Corp.
New York
Mortgage Corp., United States Eastern &
Bond
Mortgage Corp. operate in the
and New Jersey United States Albany and Newark, respectively. Each
suburban territories of Boston. in excess of $1,000,000 and
more than 527p
affiliated company is capitalized each is owned by tile United States Bond &
of the common (voting) stock in
Mortgage Corp.
in ten other States in which
separate charters
The parent company holds companies. Also, as a protective measure
it will conduct similar affilated corporate name has been filed in 20 other
the
and with a view to the future,
States as a foreign corporation.
three subsidiaries in Now York: Title & Second
In addition, there are
York, United States Co. Buildings, Inc.,
Mortgage Guarantee Co. of New of the capital stock of which is owned by
all
and Garden City Agency, Inc.,
the united stows Bond & Mortgage Corp., with the exception of director's
qualifying shares.
for the year ending Dec. 31
-The net income of the companyby mortgage discounts, was
Earnings.
represented
1926, excluding deferred profits
Red. all or part in
and int. Interest payable without deduction for normal Federal income
tax not in excess of 2% Corporation agrees to refund personal property
tax paid by residents of Penn., Calif. and Conn. not in e/CCOM of 4 mills,
and of Maryland not in excess of 434 mills, and of Kentucky not in excess
of 5 mills, and the Mass, income tax not exceeding 6% per annum on income derived from those bonds. Standard Trust & Savings Bank and
Ward C. Castle, Chicago, trustees.
Data from Letter of Ernest A. Jackson, President of the Corporation,
-The building, located in Chicago, is to be named
Location and Building.
and known as Carson Pine Scott & Co. Men's Store. It has been leased
to Carson Pine Scott & Co. for a period of 50 years.
Carson Pirie Scott & Co. Men's Store, which has been under construction
during practically all of 1926, should be completed and ready for occupancy
on or before July 1 1927. The main structural work and the entire exterior
are already completed and the interior finish is well under way. The Men's
Store will occupy the northwest corner of South Wabash Avenue and East
Monroe Street and will presently be connected with Carson Pirie Scott &
Co.'s retail stores on Wabash Avenue and at State and Madison streets.
The new Men's Store will occupy a ground area of 12,920 square feet and
by reason of its location, within one-half block of State Street, will be situated in one of the most active shopping districts in the world. The building will be of the most modern fireproof design and construction and will
consist of 15 stories and two basements with approximately 200,000 square
feet of floor area.
-Carson Pixie Scott & Co. has leased the entire building (with the
Leases.
exception of a part of the sub-basement) from Wabash-Monroe Building
Corp. for a period of 50 years, beginning July 1 1927. Carson Pirie Scott
& Co. assumes complete operation and maintenance of the building, including the payment of ground rent, taxes, and insurance. The rental paid to
the building corporation is consequently net income after all charges other
FEB. 12 1927.]
THE CHRONICLE
939
.
specialists in bank securities, of New York. Valuable subscription rights
accrued to stockholders in the case of those banking institutions that sold
additional stock during 1926. A feature of the survey, which has been
Issued in circular form, is that it takes in the earnings records of the New
York City banks and trust companies for a period of four years.
—Fabian F. Levy,formerly President of Gerstiey, Sunstein & Levy.Inc.,
of Philadelphia, has opened an office at 213 S. Broad St., Philadelphia. for
the transaction of a general business in investment securities. Mr. Levy's
activities in the financial community began in 1910 and were only interrupted at the time of the World War. He was at one time editor of the
Fitch Bond Book, and subsequently published an exhaustive manual of
sinking funds. His service in the army was largely in the Statistical Section
at General Headquarters at Chaumont, where he had charge of the tabulation of the arrival and departure of troops in the Expeditionary Forces.
—Robert Garrett & Sons, investment bankers, Baltimore, Md., have
prepared for distribution a circular commenting upon "Features vitally
concerning the Security of Guaranteed Mortgage Bonds" and giving
"Essential Information" for selecting guaranteed real estate mortgage
bonds. They have also prepared a booklet entitled "A Sound Form of
Investment" in which they deal with the subject of Guaranteed Mortgage
Bonds in general and The Mortgage Company of Maryland, Inc., in parWahl Co., Chicago.—Gross Sales.—
ticular, for which company they are fiscal agent.
1926.
1925.
Calendar Years—
$4,438,493 $4,336,980
Grosssales
—The engineering firm of Sanderson & Porter announces that Lucien R.
Comparative Balance Sheet Dec. 31.
Shattuck, Frank W. Lawrence and Frederic G. Coburn, heretofore
Liabilities—
1926.
1925.
1926.
1925.
Assets—
managers, respectively, of the firm's engineering, operating and industrial
7% cum. pref. stk_ $1.092.900 $1,092.900
Land. bkigs., maCommon stock. __a2,485.424 2,485.424 departments. have been admitted as partners in the firm. The engineering
chinery, tools &
130.107
176.436 firm was established in 1896 and now has offices in New York, Chicago and
equipment ____:$1,540.390 $1,554,233 Accounts payable_
93,004 Taxes accrued_ _ __
93.004
30.479 b438.332 San Francisco. The other partners of the firm are E. N. Sanderson,
Patents
356,392 Surplus
237.740
867,798
636,102 H. Hobart Porter, Francis Blossom, Richmond Talbot, Wynn Meredith
0lab
482.429
U.S. Treas. notes_ 279.423
and Seton Porter.
Notes & accts. rec_y1.181.655 1,253,506
999.719
entories.z ____ 1,152.202
In ,
—In its 67th annual report, as of Jan. 1 1927, the Horns Life Insurance
93,932
72.932
In ,estments
28.361
16,978 Total (each side)-$4,606,708 $4,829.195 Co. of New York shows an increase during the preceding year to $301,744.D ,terred charges
Note.—DIvIdende on preferred stock are in arrears at Dec. 31 1926 243 insurance in force. Besides paying $7.072,964 10 in death claims,
endowments and dividends to policyholders and their beneficiaries, a subamounting to $114.755 or 1034%•
x After deducting reserve for depreciation, $590,759. y After deducting stantial amount was added to surplus, increasing that fund to $2,890,870,
reserve for doubtful accounts, allowances and discounts. z Inventories of and the company will continue to pay in 1927 an extra dividend paid to
finished stock, work in process, raw materials and supplies (at cost or
market, whichever is lower). a Common stock represented by 154,796 policyholders in 1926.
shares of no par value. b Including Federal taxes.
—The F. H. Smith Co., an investment house dealing exclusively in rea
The usual comparative income account was published in V. 124, p.807.
estate first mortgage bonds, announced the opening of a St. Louis Office,
Ward Baking Corp. (& Subs.).—Balance Sheet.—
in the Boatmen's Bank Building. The company was founded in 1873 and
Dec. 25'28. Dec. 2625.
Dec. 2526. Dec. 28'25. has its Main office in Washington, D. C. The company also has offices in
$
$
LfeWitirs—
Assets—
New York, Philadelphia, Chicago, Boston, Pittsburgh, Buffalo, Albany
3.936.296 24774.258 Capital stock...-c31.888.700 31,841,500 and Minneapolis.
Cash
U.S. Ws.of lndeb. 1.451.400 1.338.150 Min. Int. In Ward
—William J. Clancy, for over fifteen years connected with the Chatham
Accts. receivable._ 915.798
876.259
Bak. Co.& subs.
200
47,797
2,073,043 2,002,744 Funded debt
5,340.000 5,511.400 Phenix National Bank & Trust Company, seven years of which he acted in
Inventories
168,202 Mortgage payable 150.000
Investments
966.927
of Assistant Manager of their 116th Street Branch, has been
33,344 the capacity
8,387
10.272 Reserve for self-ins
5,281
Stk. held for empl.
Id. investm't a214,113 1,127,363 Reserve for conting 183.341 1,068,493 appointed manager of the sales department of S. Weinberg & Co.. 2 Rector
552,911 St., New York, specialists in bank, trust, title and insurance company
Property & plant 623,944,753 22,966,730 Accounts payable. 556.364
672.353 Salesmen's & cusDeferred charges
505,771
stocks.
116,667
tomers' deposits 122,675
Pats., copyrights,
—L. A. Higgins, for the past two years head of the Trading Department
602.936
goodwill, &c...._11,498,938 11,481,428 Est. Federal taxes_ 692,203
558.065 of Federal Securities Corp., will join the staff of traders of Hickey, Doyle
Dividends payable 717,481
7,270 & Co., Chicago on Feb. 1. Hickey, Doyle & Co. are bond traders excluEmpl.'s Inv. fund.
6,068
83,457
89,138
Sundry accruals__
salesmen and taking no participations in under5,763,975 3,993 921 sively, employing no
Total (each sIde)45,515,426 44,417,759 Surplus
a U. S. Third Liberty Loan bonds deposited with Department of Labor writings.
under Workmen's Compensation Laws, $25,513; U. S. certificates of in—Matt H. Connell, who has been engaged in the bond brokerage business
debtedness to cover self insurance. $5,300,_• U. S. certificates of Indebt- for the past several years. and John H. Wolfarth, formerly with Arthur
edness to cover contingencies. $183.300. b Appraisal value as at Dec.
Lipper & Co., haveformed a copartnership under the firm name of Matt H.
31 1922, $21,179,724; net additio a since appraisal to Dec. 25 1926,
$10,982,286, total $32,162,010, less reserve for depreciation, $8,217,258. Connell & Co. to transact a general bond brokerage business with offices at
c 7% cumulative preferred stock (par $100 each). 318,887 shares, common 34 Pine Street, New York.
stock class A (no par value), 86,275 shares; common stock class B (no par
—Ciokey & Miller, specialists in bank and insurance stocks. 52 Broad'value), 500.000 shares.
The comparative income account was given in V. 124, p.807.
way, New York, announce that Walter A. Anderson, formerly associate
and
White Star Line, Ltd., London, Eng.—Offering of editor of Best's "Insurance News" Best manager of the Fire and Marine
Co., has become associated with
reporting department of Alfred M.
£2,500,000 Preference Shares Oversubscribed in London.—
manager o I their Insurance Stock Department.
The offering of £2,500,000 65i7o preference shares, placed on the London them as
market Jan. 17 by the British Foreign & C. lonial Corp., was oversub—H. C. Spitler & Co., Inc.. have issued a partial list of private water
scribed within an hour after the opening of the subscription books.
bonds, which they have recommended in the past which mentions
The shares were guaranteed as to capital and dividends by the Royal company
Mail Steam Packet Co., which recently negotiated the purchase of the the price at which these bonds were recommended and also mentioning the
White Star Line fleet from the International Mercantile Marine Co. price at which these bonds are now selling, showing a very attractive
Subsequently the White Star Line was formed with an authorized capital ad_vaGncerse.
sunstew
of £9,000,000, divided Into .C5,000.660 634% cumulative preference stock
& Co.,Inc., 213 South Broad St.. Philadelphia,
and £4r _000,000 ordinary shares, to acquire the entire capital of the Oceanic
Steam Navigation Co. (the old White Star Line) for £7,000.000.
announce that as of Feb. 1 ITI27 they have succeeded to the investment
The International Mercantile Marine Co. acquired the Oceanic stock business formerly conducted un
he name of Gerstley, Sunstein & Levy.
25 years ago through the late J. Plerpont Morgan. Arrangements have
been made for the International Mercantile Marine to act in the United Inc.
States as agents for the Oceanic Steam Navigation Co. for five years.
—Ware & Co., members New York and Philadelphia Stock Exchanges,
The £4,000,000 ordinary shares of the new company already have been
moved their Philadelphia offices to the Fourth floor of the Mutual
subscribed for by the Royal Mall Co.. the Union Castle Mail and other have
Trust Building, 1518 Walnut Street.
associated companies.
—James H. Causey & Co. Inc. investment bankers of Denver Colo.(
CURRENT NOTICES.
have opened a New York office at 44 Wall Street. A. 0. Foster VicePresident is making his headquarters at the New York office.
—The first meeting of the recently organized Executive Committee,
—Hayden, Miller & Co., Cleveland, announce that John S. Meek,
Division, Financial Advertisers Association, will be
Trust Department
Arthur M.Newton and Louis C. West, who have long been associated with
city, Tuesday. Feb. 15 at the offices of the Equitable Trust them, have been admitted to general partnership in their firm.
held in this
Co. of New York. Members of the Committee are: Oliver J. Nelbel,
dealers in investment securities, 120 Broad—Jordan,Colyer & Co.,
Commerce Trust Co., Kansas City, Chairman; T. E. Herrick, Cleveland way. New York, announceInc.. John W. McGuire, formerly
that
with ThrockTrust Co., Cleveland, Vice-Chairman; Paul Laferty, the Union Trust Co., morton & Co.. has become associated with them as a Vice-President.
Cleveland, Secretary; R. S. Racey, the Equitable Trust Co. of N. Y.;
—Howard Kochersperger, formerly with Tobey & Kirk, has been apA. D. Oliver, the Provident Trust Co., Philadelphia; W. A. Stark, the pointed to manage the New Haven office of E. A.Peirce & Co.in theRoger
Union Trust Co., Cincinnati; F. R. Robinson, the Guardian Trust Co., Sherman Building, 86 College St.
Detroit; H. F. Pelham, First National Bank, Flint, Michigan; A. F.
_scovell, Wellington & Co., Accountants
-Engineers, announce the
Young, the Guardian Trust Co., Cleveland, Ohio; H. W. Kitchell. Illinois establishment of an office in the Federal Reserve Bank Building, Kansas
Merchants Trust Co., Chicago; Samuel Witting, Continental & Commercial City, Missouri, with Milton E. Carter, C. P. A., as Resident Manager.
'Trust, Chicago; Samuel Marsh, First Trust & Savings Bank, Chicago;
—Brooke, Stokes & Co., investment bankers, announce the removal of
George M. Pyle, St. Louis Union Trust Co., St. Louis; Win. T. Cross. their Philadelphia offices to larger quarters, in the Lewis building, at FifC. Lincoln, Security Trust & Savings teenth and Locust streets, where they will occupy the ground floor.
Bankapf Italy, San Francisco; C.
—Chatham Phenix National Bank and Trust Co. has been appointed
13ank, Los Angeles; R. M. Alton, United States National Bank, Portland.
Fiscal Agent of an issue of $6,500,000 Province of Mendoza, Argentine
A luncheon is being arranged for members of the Committee by the New Republic external
% secured sinking fund gold bonds, due June 1 1951.
York Cityllmembor, it. S. Racey, of the Equitable Trust Co. of N. Y.
—Benner, King & Goldman, members New York Stock Fachange, have
—The Amsterdamsche Bank of Amsterdam, Holland, announces the opened a branch office at 422 Fourth Avenue, corner of 29th Street, New
tenth issuelor its "Financial and Economic Review." published quarterly York, under the management of Max Reichenbach.
bylthe statistical department of the bank. It contains a detailed report
—Wood, Gundy & Co. have just issued for distribution an eight page
.onlall,circumstances that have been of influence on the financial and list of diversified investment bonds on which the yields range from 4.55%
economic conditions of Holland during the fourth quarter of the year 1926. to 7.30%.
—John H. Greenwood has become associated with the bond department
The "Review" usually opens with an article written by some authority
onithe„subject dealt with. This time the article is by A. Guyot van der of Loge & Co., members of the New York Stock Exchange.
Engineerlrof the technical department of the Colonial Office, The
—Barrington Elliot, formerly with the Manufacturers Trust Company.
Ham,
Hague, formerlyImining engineer to the Dutch East Indian Government, Is now associated with J. K. Rice, Jr. & Co..of New York.
—Charles L. Churchill is now associated with the municipal bond
and dealkwithithe position,and the future of the tin market.
York
Et —Eleven bank mergers were consummated in NewNew City in 1926, department of A. M. Lamport & Co., Inc., of New York.
York increased
—R. B. DeLacour has been ap8ointed assistant district manager of the
and thirty-four banks and trust companies here in
Bridgeport office of the Bankers apital Co. of Connecticut.
their dividend disbursements, whole thirty-seven raised their capitalization
—Lage & Co., announce that Edwin S. Robinson has become associated
either by,declaration of stock dividends or through the sale of additional
with them in their trading department.
stock aecordingito alsurvey just concluded by Ralph B. Leonard & Co..
than Federal income taxes, and such rental in every year is more than sufficient to pay the maturing semi-annual principal and the semi-annual interest on these bonds, and in most years is substantially in excess of such requirements. The sub-basement has been leased to Commonwealth Edison
Co. for a long period of years on terms favorable to the corporation, thus
producing additional monthly income.
The rentals from these two sources will be deposited monthly directly
by Carson Pine Scott & Co. and Commonwealth Edison Co. with Standard
Trust & Savings Bank. as depositary,.and one-sixth of the principal and
Interest due on the following payment date is set aside before the depositary
uses such rentals for any other purposes.
Carson Pine Scott & Co.
The business of Carson Pine Scott & Co., which was started more than
70 years ago and which has been built up almost entirely out of earnings,
is one of the largest concerns in the country devoted to the manufacture,
importation and wholesale and retail distribution of dry goods. With the
inclusion of this new Men's Store, the company's retail department stores
in Chicago will cover the major part of the block bounded by Madison.
State, Monroe and Wabash. the main store entrance being at State and
Madison streets, reputed to be one of the busiest corners in the world.
The wholesale business of Carson Pine Scott & Co. has its headquarters
at Monroe and Market streets, where the company's building occupies
practically the entire block. Company also has sales offices in most of the
principal cities of the United States, together with important buying offices
and connections in many foreign countries.
[VOL. 124.
THE CHRONICLE
940
iftrport5 and
oicuntents.
KI•1...1111ED AS AVVEATISZAIENTS
REPUBLIC IRON & STEEL COMPANY
YOUNGSTOWN, OHIO.
TWENTY-SEVENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1926.
To the Stockholders of the
Republic Iron ct: Steel Company:—
The Board of Directors submits herewith its Twentyseventh Annual Report of operations for the fiscal year ended
December 31 1926, together with a Financial Statement
and General Report upon the condition of the property
at the close of the year.
INCOME REPORT.
The year 1926, like the preceding year, was a period of
hand-to-mouth purchasing and fluctuating demand, but
notwithstanding this character of demand, the volume of
business was satisfactory, although full capacity was not
employed.
To summarize sales conditions affecting your company's
operations, it may be stated, order bookings were large
during the last quarter of 1925, with a substantial carryover into 1926, but demand declined during January and
February, with renewed activity in March and April; then
followed another recession extending to July, with heavy
demand during the third quarter, succeeded by liquidation
of stocks during the balance of the year. More or less price
fluctuations occurred during the year, with the general
average of prices downward. Increased manufacturing
efficiency was obtained during the year, through the installation and operation of new devices and processes, and also
by reason of further improvement in practice, so that notwithstanding the lower average of prices, a substantial increase in earnings was realized. The total Net .Profits,
applicable to dividends, for the year ending December 31
1926 being $5,065 022 37.
Expenditures during the year, on account of new construction, amounted to $2,060,365 71. Further improvements of a minor character have been authorized, which
leaves an unexpended balance on account of improvements
of $1,017,980 03. In this connection it may be stated, that
other improvements are under consideration, which have
in mind increasing and diversifying your finishing capacity.
The Funded Debt of your company, during the year,
through purchases of notes and bonds, was reduced by the
sum of $4,611,000, leaving the balance of Working Capital,
as of December 31, 1926, $20,617,989 09, of which amount
$6,174,272 33 is represented by cash and Government
securities.
As a result of the acquisition of one-half interest in the
properties of the Susquehanna Mining Company, the Pettit
Mine leases were surrendered, furthermore, 1,010 southern
bee-hive coke ovens at Birmingham; Ala., and number one
Haselton blast furnace at Youngstown, Ohio, were replaced
by more more modern equipment. As these transactions
bore no relation to Profit and Loss for the current year, the
amount involved as Depreciation was written out of Surplus
and Reserve Accounts. After adding undivided profits for
the year, the balance to Surplus Account, as of December 31
1926 is $34,836,162 73.
BALANCE SHEET DECEMBER 311926.
ASSETS.
Capital Assets:
Property Accounts:
Cost of properties at December 31 1925__$106.876,697 78
Net additions for the year ending December 31 1926
828,352 67
$107,705,050 45
Investments:
In Potter Ore Company
$401,000 00
Investments in and advances to other
companies
2,408,034 68
2,809,034 68
186 50
Cash Deposited with Trustees
Current Assets:
Inventories of manufactured
products, materials and
supplies on hand
$13,017,882 87
Ore at docks
1,245,271 92
$14.263,154 79
Accounts and notes receivable after deducting reserve for doubtful accounts:
Customers
$4,077.759 34
Republic Supply Company
849.419 89
4,927,179 23
Investment in United States Bonds and
Treasury Certificates
4,040,208 33
Cash in banks
2,134,064 00
25,364.606 35
Deferred Charges:
Expenditures for explorations, stripping at .
mines, advanced royalties, bond discount
and expense, chargeable to future operations
1,756.175 13
Net Current Assets
$137,635,053 11
120,617.988 09
LIABILITIES.
Capital Stock:
Common-300.000 shares at $100 each __ $30,000,000 00
Preferred 7% cumulative--250,000 shares
at $100 each
25,000,000 00
$55.000,000 00
-year 5% Sinking Fund Mortgage
10_30
Gold Bonds:
(Total authorized issue $25,000,000 00)
Total issued
$20,869,000 00
10,293,000 00
Less: Bonds purchased for sinking fund
10,576,000 00
Refunding and General Mortgage Sinking
Fund 53i% Gold Bonds:
(Total authorized issue 815,000,000 00)
Total issued
$15,000.000 00
Less:
Bonds purchased for sinking fund
$1,243,000 00
Bonds held in treasury
5,000,000 00
6,243,000 00
First Mortgage 6% Serial Gold Bonds Outstanding on Bessemer Mines Nos. 1 and 2
Current Liabilities:
Accounts Payable
$2,614,549 09
Federal, State and Other Taxes
1,315,551 67
379,017 50
Accrued Bond Interest
Provision for Dividends payable Jan.2 1927
437,500 00
Reserves:
For Exhaustion of Minerals and Mining
$5,443,587 10
Equipment
For Depreciation and Renewal of Plants_ 15,793,798 18
918,374 99
Furnaces
For Relining and Rebuilding
772,195 04
For Fire and Accident Insurance
591.316 81
For Contingencies
Surplus:
Balance, December 31 1926, per attached statement
8,757,000 00
200.000 00
4,746,618 26
23,519,272 12
34,836,162 73
INCOME ACCOUNT AND STATEMEN=1:=
$137,635,053 11
FOR THE YEAR ENDING DECEMBER 31 1926.
Net earnings from operations after deducting Federal taxes
and charges for maintenance and repairs of plants amount17.983,603 59
ing to $4,403,272 77
459,077 23
Interest and income from investments
WORKING CAPITAL.
The following statement covers items affecting Working
Capital from organization of the Company to December 31
1926, and is followed by Comparative Statement of Net
Working Assets, as shown by the books of the Company as
at December 311924, 1925 and 1926:
$8,442,680 82
Total profits for the year
Less:
Provision for depreciation and renewal of
$2,194,045 24
plants and exhaustion of minerals
1,183,613 21
Interest and discount on bonds and notes
3,377,658 45
Working Capital, May 3 1899
Collateral Notes Issued, October 1 1904
Bond Issue, October 1 1904
$5,065,022 37 Preferred Capital Stock Sold
Net profits for the year
10-30 Year Bonds Issued
$33,562,388 54
Surplus at December 31 1925
Mortgage Notes on Ilaselton Property
Leas—Adjustment for abandonment of
1,441,248 18
Additional Preferred Stock Sold
properties
32,121,140 36 Additional Common Stock Sold
Mortgage Bonds Issued
$337.186,162 73 Refunding and General Gold Notes, Dated
Jan. 2 1925
5% Collateral Trust Serial
Deduct:
AmountsReserved out of Profits for Depreciation and Re$1,750,000 00
--7% on preferred stock
Dividends
newals, Insurance and Contingencies
600,000 00
-2% on common stock
Dividends
2.350,000 00 Net Profits, May 31 1899 to December 311926
sheet
Net surplus carried to balance
$34.836,162 73
$6.50d,000 00
7,000.000 00
10,000.000 00
110,000 00
20,889,000 00
1,475,000 00
4.583,100 00
2.809,000 00
10,000.000 00
4,000.000 00
25.040,192 50
90.912.048 44
1183.298,340 9
4
941
THE CHRONICLE
FEB. 121927.]
COMPARATIVE STATEMENT OF ANNUAL CHARGES
TO COST OF PRODUCTION AND DEDUCTIONS
FROM PROFITS FOR REPAIRS AND MAINAND
DEPRECIATION
TENANCE,
OTHER PROVISIONAL FUNDS.
EXPENDED.
$45,043.936 87
Dividends on Preferred Stock
8,153,472 00
Dividends on Common Stock
7,000,000 00
Collateral Notes Paid
21.850.000 00
Bends Retired
1.475.000 00
Notes Paid
Heselton
5% Collateral Trust Serial Gold Notes Paid_ 4,000,000 00
186 50
Bond Sinking Fund
2.809.034 68
Investments, etc. (less Potter Bonds)
1,756.175 13
Prepaid Mining Expense, etc
61,579,746 92
New Construction
9,012.800 75
Property and Plants
162.680,352 85
120.617.988 09
Net Current Assets per Balance Sheet
Consisting of:
113.017,882 87
Inventory
1,245,271 92
Ore at Docks
4,927,179 23
Accounts and Bills Receivable
4,040.208 33
U. S. Bonds and Treasury Certificates
2,134.064 00
Cash
Less Current Liabilities
125,364,606 35
4,746,618 26
Year Ending
Year Ending
I Year Ending
Dec. 31 1926. Dec. 31 1925. Dec. 31 1924.
Repairs and Maintenance__ $4,408.272 77 84.370.845 71 $3.932.216 25
Charges for Depreciation and
Renewals of Plants and for
1,374,088 47
Exhaustion of Minerals__ 2,194,045 24 1.577.821 19
.
$6.602,318 01 15,948.688 90 _ $5,306.304 72
Total
,--
PROVISIONAL FUNDS.
For
Depreciation
and Renewal
Year Ending. of Plants.
Dec. 31 1926_415,793,798 18
Dec. 31 1925__ 14,650,005 39
Dec. 31 1924_ 14,894,572 55
For
For
For
Fire and
Relining
Exhaustion
For
Accident
of
of
Furnaces. Insurance. Contingenc's
Minerals.
$5,443,587 10 3918,374 99 3772,19504 $591,316 81
5,275,387 43 939,62008 716,213 49 631,985 01
5,032;580 92 721,227 26 635,687 64 579,937 52
$20,617,988 09
NEW CONSTRUCTION AND PROPERTY ADDITIONS
Additions to the Property Account during the year aggreOF NET WORKING
COMPARATIVE STATEMENT
ASSETS.
gated $2,060,365 71. The total New Construction to
Dec. 31 1926. Dec. 31 1925. Dec. 31 1924.
Date, December 31 1926, is:
Current Assets62
Net Current Assets
$13,017,882 87 812,901.749 85 814.295,949
Inventory
1,245,271 92 1,325,111 84 2,718,20600
Ore at Docks
Accounts and Bills Receiv4.927.179 23 6,168,630 03 5,481,277 15
able
U. S. Bonds and Treasury
989,895 83
4,040,20833 4,040,208 33
Certificates
1,466.557 46
2,134,064 00 2.564,379 87
Cash
125,364,606 35 $27.000,079 92 124.951,88606
tess Current Liabilities- 4.746.618 26 5,153,324 60 4,797.993 30
Net Current Assets
Blast Furnaces
Steel Plants, Rolling Mills and Factories
Ore Mines, Coal Mines, Coke Ovens and Quarries
Miscellaneous
$61,579,746 92
Total
SUMMARIZED COMPARATIVE STATEMENT OF
PROPERTY ACCOUNT.
Year Ending
Year Ending
Year Ending
Dec. 31 1926. Dec. 311925. Dec. 31 1924.
$2.060.365 71 $3,534,317 81 $3,816,879 99
6,508 95
19,770 24
*258,551 25
398.583 65
55,100 00
$20.617.988 09 121.846.755 32 $20.153,892 76
COMPARATIVE STATEMENT OF INCOME.
Year Ending
Year Ending
Year Ending
Dec. 31 1926. Dec. 311925. Dec. 311924.
Net earnings from Operations, after deducting
charges for Maintenance
and Repairs of Plants,
amounting to:
17.983.603 59 96,252,400 61 13,769,353 86
Dec.31 1926_84,408,272 77
Dec.31 1925- 4.370,845 71
Dec.31 1924_ 3,932,216 25
Interest and Dividends Re645.303 25
417.301 62
459,077 23
ceived
Total Profits for the Year.. $8,442,680 82 $6,669,702 23
Less-Provision for Depreciation
and Renewal of Plants and
for Exhaustion of Minerals $2,194,045 24 91.577.821 19
Interest and Discount on
1.278,39683
1,183,813 21
Bonds and Notes
$3,377,658 45 92,856.218 02
Net Profits Applicable to
65.065,022 37 13,813.484 21
Dividends
Add
Surplus December 31 1925....•32,121,140 36
31.498.904 33
Surplus December 31 1924
Surplus December 31 1923
$37.186.16273 135.312.388 54
Deduct
1.750.000 00
Dividends on Preferred Stock 1,750.000 00
600.000 00
Dividends on Common Stock
12.350,00000 21,750.000 00
Net Surplus Carried to
Balance Sheet
834.836.162 73 933.562.383 54
$4.414,657 11
$1.374,088 47
1,122,632 34
$13,858,208 51
28,196,585 34
18,759,908 44
785.044 63
New Construction
Property Additions
Property Sold
Unexpended Balance of Provision for Depreciation and
190,157 02
1,021,713 30
1,143,792 79
•
Renewals for Year
Net Balance of Property
86,467.665 17 88,951,304 96 86,128,978 08
Account
•Deduct.
LABOR AND EMPLOYMENT.
No changes were made in labor rates during the year,
except in one coal mining district, where competitive influences temporarily effected lower rates. In general, employment was on a satisfactory basis throughout the year.
In this connection, the following comparative figures,
showing average number of men employed and total earnings
per annum will be of interest:
AVERAGE NUMBER OF MEN EMPLOYED.
92,498,720 81
NorthOre Mines
Coal Mines and Ovens
Furnaces
33,003.835 76 Works
Total North
134.921,77206
South
Ore Mines
2,000,000 00 Coal Mines and Ovens
Furnaces
Commissaries
12.000.000 00
Total South
Grand Total
132.921,77206
81.917,936 30
Year Ending Year Ending Year Ending
Dec. 311926. Dec. 31 1925. Dec. 31 1924.
169
214
156
1,322
1.405
1,525
759
834
817
6,834
6.757
6,823
9.321
9,167
9,127
692
834
602
32
670
800
580
32
682
753
449
35
2,160
11.481
2,082
11,249
1,919
11,046
TOTAL EXPENDED FOR LABOR.
*See Income Statement December 31 1926.
Year Ending-
Amount.
Average
per Man.
120,008.68283
INVENTORIES.
December 31 1928
311,741 on
743
19,586.386 40
December 31 1925
19.280,52379
1.74500
In accordance with the usual policy of the Company, December 31 1924
cost, on all products mined, manuInventory was taken at
UNFILLED ORDERS AND BUSINESS OUTLOOK.
factured or purchased. For all classes of material, the
The year 1926, as stated in our last Annual Report, was
Inventories are no higher than present market prices. The ushered in, under the stimulus of a back-log of orders carried
comparative total value of Inventories is shown by the over from 1925, as a result of heb,vy purchases during the
last quarter of that year. These conditions for 1927 were
following tables:
As at
As at
As at
reversed, viz., carried-over orders for 1926, were substanDec. 311926. Dec. 31 1925. Dec. 31 1924.
Classificationreduced, due to abnormal purchasing during the third
84,058,585 04 $4,166.207 06 $4.698.071 51 tially
Finished Product
822,370 40
777,927 25
1,280,464 76 quarter of 1926; consequently, sales declined and liquidation
Pig Iron
60.943 84 of stocks followed during the last quarter of the year.
Puddle Mill Products
819,962 27 1,056,63780
782.339 69
Since the first of the year, business has substantially
Billets, Blooms, Slabs
3,852,811 79 3,571,209 52 3.802,238 67 improved and further improvement is expected, as stocks are
Ores
857,346 19
682,039 86
Scrap
720,701 67 low, prices relatively so, and the purchasing power of the
184.467 69
287,380 68
79.872 59 country substantially unchanged, which condition taken in
Ferro-Manganese
.
380,721 91
516,209 60
239.903 48
Fuel
with a favorable credit situation and cheap
135.956 31
159,408 46
152.521 22 connection
Rolls, Moulds and Stools
1.699.793 32 1.793.274 13 money, should insure a satisfactory volume of business for
1,614,925 29
Stores
70.73964
71,695 89
86,115 47 the year 1927, provided normal crops are harvested.
Commissary Supplies
392,975 54
214,561 32
The balance of Unfilled Orders on hand, as a Decem325.206 48
Miscellaneous
as follows:•
$13,017.882 87 $12,901,749 85 114,295,949 62 ber 51 1926, compared with previous years, is
Total
-FINISHED.
FINISHED AND SEMI
Tons.
COMPARATIVE STATEMENT OF EARNINGS AND
Year Ending
December 31 1926___________________________________________ 157.250
DISPOSITION OF INCOME.
265
2 8 973
_________________ 223;9
Year Ending
Year Ending
Year Ending
Dec. 311926. Dec. 311925. Dec. 311924.
Gross Profits
$8,442.680 82 $6,669.702 23 14,414.657 11
Depreciation and Charges
3.377.658 45 2.856.218 02 2,498.720 81
Net Profits
1.917,93630
5.065,022 37 3,813.484 21
1.750.000 00 2.000,000 00
Dividends
2.350.000 00
640.616 48
Amount Carried to Surplus_ 1,273,774 19
*82,063 70
Balance Surplus Account
34,836,162 73 33.562,388 54 32,921,77206
GROSS VOLUME OF BUSINESS.
Year Ending
December.31 1926
December 31 1925
December 31 1924
•Deducted.
$53.890,444 58
53,907,95939
43,982,523 20
December 31 1925______________________
December 31 1924
Year Ending
December 31 1926
December 31 1925
December 31 1924
PIG IRON.
1.
2 3
44 10
64.463
67,874
The Board of Directors takes pleasure in expressing its
appreciation to the Officers and Employees of the Company
for the loyal and efficient services rendered by them during
the past yrear.
By Order of the Board of Directors.
Respectfully yours,
JOHN AITOPPING,
Chairman.
942
THE CHRONICLE
[VOL. 124.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, Feb. 11.
COFFEE on the spot was quiet with Rio 7s, 15c.; Victoria 7-8s, 143 c., and Santos 45, 18% to 18%c.;fair to good
4
Cucuta, 183 to 213c.; Honda, 243 to 243 c. The Coffee
4
4
Institute cabled: "In warehouses at Paulista, 4,240,984
bags; station wagons, Paulista, 1,002,349 bags; warehouse,
Cruzeiro, 100,602 bags; total, 5,343,935 bags, compared
with 5,648,000 on Jan. 15. Visible supply of the world on
Jan. 1, 4,604,914 bags, against 4,755,143 bags in 1926.
Interior stock reported by the Permanent Institute Defense
of Coffee on Jan. 31, 5,343,935 bags, against 5,329,000 in
1926." Cost and freight offers on the 5th inst. included
Santos Bourbon 3s and 4s for prompt shipmnet at 17e.;
4s at 16.94c., prompt, and 16.85c. for February-April; 4s
and 6s at 16.65c.; 5s and 6s at 163'c.; genuine Bourbon 3s
and 5s at 17.60c.; 5s and 6s at 163 tc.; 2s at 19Yo.; part
/
Bourbon 3s and 5s at 16.900.; March-May 4s at 163'c. to
173'2c.; 6s at 163c. and Victoria 7s and 8s at 14.10c.
On the 7th inst. cost and freight offers were 10 points
above the lowest on the 5th inst. Prompt shipment offers
from Santos included Bourbon 2s at 193 to 19.35c.; 3s at
183/2c.; 3-4s at 17.10c.; 3-5s at 17 to 17.55e.; 4-6s at 16.65c.;
4-5s at 17.20c.; 5-6s at 163/i to 163c.; 6-7s at 163c. to
4
16.35c.; 6-7s grinders at 16.85c.; 7-8s at 143'c.; part Bourbon
2-3s at 173'c.; 3s at 18.10 to 19.80c.; 3-5s at 163/8c. to 173/sc.;
5-6ssep rations at 1632c.;6sat 16Mc.;Peaberry 3s at 18.10c.;
4s at 17.15c.; Burbon 4s for Feb.
-April shipment equal
quantities were here at 16.95c. On the 8th inst. cost and
freight offers included Bourbon 3--s at 16.85c. Prompt
shipment from Santos included Bourbon 2s at 193Ic.; 3-4s
at 173. to 18.15c.; 3-5s at 174 to 17.60c.; 4-5s at 16.65c. to
17.200.;5s at 17c.; 5-6s at 163c.;6s at 16.60c.; part Bourbon
or flat bean 3s at 18c.; 3-5s at 17c. to 173'c.; 6s at 163/20.;
Santos Peaberry 3s at 18c.; 4-5s at 17.15c.; Victoria 7-8s
at 143c. No Rio offers. Future shipment Santos Bourbon
4s for Feb.
-Jan.
-April at 17.10c.; part Bourbon 3- s Nov.
153c. To-day trade was dull with prices nominal or weak.
Rio 7s 14% to 15c.; Santos 4s 183i to 183'2c. It was rumored
that Santos 4s on firm offers were as low as 16.65c. and up to
17.05c. Santos 3s 17.75 to 20.30c.; 3s-4s at 16.85 to 17.75c.;
4s-5s 16.75 to 16.95c.; 5s 16.30c.; 5s-6s 16.30 to 16.50c.
Warehouse deliveries of coffee for the first five days of
February totalled 146,318 bags, against 127,977 bags for
the same time last year and 119,539 in 1925. Futures declined on some months on the 5th inst. owing to lower
cables and persistent liquidation. The sales on a half holiday were 21,000 bags. Europe has at times recently sold
the distant months, even at the current discounts. It evidently counts on big crops. Leading March bull interests are
supposed to have bought. The outlook for Brazil's stabilization plan is said to be none too promising; about $200,000,000.it is estimated would be needed to carry it out. It
seems dubious to many whether Brazil can obtain a loan of
that size. Producers it seems moreover are not in accord
with the policy of the Defense Committee. On the 7th
unit. futures were 20 to 31 points higher with the cables
higher and shorts covering here freely. Santos and Rio advanced. Santos exchange on London was 5 31-32d.; dollar
rate 280, a decline of 30 reis. Rio,5 31-32d.; dollar 8$300.
The stock at Rio was 261,000 bags, against 316,000 a year
age at Santos 989,000, against 1,216,000 last year. The
visible supply for the United States was 1,076,636 bags,
against 1,051,501 last year, 958,926 in 1924, and 1,029,871
in 1923. The sales here on the 7th inst. were 52,000 bags,
of which considerable was switching.
Some take the,ground that while none of the estimates
suggest any scarcity of coffee, yet until one knows the attitude of the Defense Committee it seems dangerous to keep
selling the market short, particularly in view of the decline
it has already had and also in view of the fact that each active
month is selling at about a dollar a bag less than the preceding active month. September was over 2e. below March.
This seemed to some illogical. If the Defense Committee
plan to sustain prices, speculation may be diverted to September and December at the remarkable discounts. Futures felt the increasing depression in the market for spot
coffee and the uncertainty regarding the possibility of a successful issue of the Brazilian Government's plan for the
stabilization of milreis currency. .To-day futures closed 2
points lower to 1 point higher with sales of 21,750 bags.
The trading was light on the eve of the holiday. There were
rumors of a sharp decline in firm offers. In the dulness of
the market, however, fluctuations were narrow. Final
.4
prices show a decline for the week of to 6 points. Rio today, it is true, opened 125 to 325 reis higher and Santos 75
to 350 reis higher. Rio exchange on London was 1-64d.
higher at 5 31-32d.; dollars were 10 reis lower at
300.
Hamburg was 125 to 175 pfennigs lower.
Spot (unoffic.)_c14 %-15 I May
March
14.00a _
I July
13.38a13.40 I September_ _ 12.01a
12.65a ___ I December_ _11.61a
SUGAR.
-Prompt Cubas early in the week sold at
3 3-16c. c. & f. for 15,000 bags with 5,000 tons for March
at 3.10c. f.o.b.; later 8,100 tons of Porto Rico February
shipment at 3 7-32c. e. & f., Cuba basis, and 3,000 tons of
Cuba first half of March at 3 3-16c. c. & f. Early European
cables on the 7th inst. reported small sales of Cuba to Havre
and Holland at 15s. 6d. and some business with the Continent, believed to be to Holland,at 15s. 73..d. c. & f. Futures
fell 4 to 6 points here on the 7th inst. with some pressure to
sell, as refiners were accepting 6.15c. for fine granulated.
Hedge selling and selling on stop orders also had their effect.
The total sales were 62,200 tons, about one-third exchnages.
Some point out that about 400,000 tons have been sold out
of the present crop to countries other than the United States,
or over 40% of last year's sales; so the prospect of reaching
last year's total does not seem remote, which would leave
200,000 tons less Cubas for this country than last year.
That the big sales to other countries have not yet shown in
Cuba's exports is attributed to the fact that the sales have
been made mostly for February and March and some for
April shipment. Receipts at Cuban ports for the week
were 183,339 tons, against 173,157 in the previous week,
192,274 last year and 208,507 two years ago; exports, 78,787
tons, against 82,453 tons in the previous week, 101,306 in
the same week last year and 118,358 two years ago; stock,
403,234 tons, against 298,682 in the previous week, 446,552
last year and 384,040 two years ago; centrals grinding, 171,
against 171 in the previous week, 172 last year and 172 two
years ago. Of the exports U. S. Atlantic ports received
35,092 tons; New Orleans, 15,341 tons; Galveston, 11,530
tons; Savannah, 3,301 tons; Europe, 6,500 tons, and China,
7,023 tons. In Philadelphia the list price for refined sugar
was 6.25c. basis. It met competition and was prepared to
consider business on the basis of 6.15c. shipment within
two weeks.
The public it is pointed out has not been in the market for
some time and therefore did not benefit by the late advances
of 1926 and early January this year. Later on some look
for a revival of outside interest and higher prices. Europe
is gradually coming into the market. Recent sales reported
Cubas for February-March shipment to the United Kingdom
and Italy at 3 5-32c. per pound c.&f. basis New York.
As some put the case trade conditions have not favored the
market which has nevertheless given a comparatively good
account of itself, all things considered. Cuba, the dominating influence in the world's sugar market at this time, has
shown no inclination to throw stocks on the market at bids
below asked prices. This may be taken as a fair indication
of how they propose to market the crop, though it may have
to be modified for a time as Porto Rico is now selling freely
at every opportunity. When this competition disappears,
however, and consumption is stimulated by the advent of
warmer weather the outlook, it is believed, will change for
the better. Meantime there is a short interest of sizeable
proportions. Others pointed out that despite the delay in
starting grinding this year there is now just as much sugar
in Cuba as a year ago and 82,000 tons more at United States
refining ports and in Cuba. They draw the inference that
present artificial prices are retarding consumption. They
are inclined to sell May, July and September. The production of the domestic beet crop is estimated in some quarters at 801,608 long tons, against 804,000 long tons last year.
To-day prompt sugars were quiet at 3 3-16c. or about what
they were a week ago. Bids were not generally over 33'c.
On Thursday 5,000 bags of Cuba sold at 3 3-16c. c. & f.
second half of Febuary and 19,500 bags Cuba afloat at
3 5-32c. One refiner reduced his price to 6.05c. prompt and
6.10c. 30 days. California, Hawaii dropped to 6.05c.
British refined fell 6d. Refined here was said to be in better
demand at the easier prices. Future closed 3 to 4 points
lower to-day with total sales of 45,700 tons. Final prices
show a decline for the week of 6 to 7 points.
Spot (unoffic.)c3K-3-i61July
March
3.10a _-_ SeptemberMay
3.21a _
3.330 _ -- 1December. --3.26a ---3.40a3.41 January
3.11 nom
LARD on the spot was steady but quiet early in the week.
Prime Western, c. & f. New York, 13 to 13.10c.; refined
Continent, 133/2c. delivered New "York; South American,
143c. New York; Brazil, 153/20. To-day trade was dull.
Prime Western, 12.85 to 12.95c.; refined Continent, 1334
to 133/2c.; South American, 14 Yic.; Brazil, 1534c. Futures
were steady on the 7th inst. regardless of declines in grain
with cottonseed oil fluctuating little, despite considerable
selling of it. Moreover, hog markets were well maintained
with receipts below the estimates. They were 110,000,
FEB. 12 1927.]
THE CHRONICLE
943
• in British and Continental demand. The stock in London
was stated at 55,740 tons, against 54,786 in the previous
week, 50,766 last month and 9.554 last year. At the Exchange here on the 7th, February closed at 37.20e., March
at 37.80c., April at 38.30e. and May at 38.80e. Outside
prices were as follows. Ribbed sheets, spot and February,
3
37% to 3734e.; March at 38 to 38Mc.; April-June, 38% to
4
39c.• July-September, 3934 to 393 c. First latex crepe,
to
38 ' 383.c.; clean, thin, brown crepe, 350.; specky brown
%c.; No.2 amber, 3534c.; No.3 amber, 34M to
crepe, 347
4
34%e.; No. 4, 343'Ic.; rolled brown,303 to 31c. In London
8d.
on the 7th mat., spot and February, 18/ to 19 Md.;
March, 1934 to 193d.• April-June, 1934 to 19%d.; JulySeptember, 19Md. to 29Md. Singapore on the 7th, Febwith trade
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO, ruary 183d.; March, 18%d.; April-June, 19%d.,
Fri.
Tues.
Wed. Thurs.
Mon.
Sat.
quiet.
12.22
12.42
12.30
12.32
12.47
March delivery _ ___cts_12.47
New York on the 10th inst. was irregular. London was
12.42
12.55
12.65
12.50
12.67
12.67
May delivery.12.62
12.67
12.72
12.82
12.82
12.85
July delivery
Md. higher but New York was held back by the selling.
PORK firm but quiet; mess $37 50; family, $39 50 to The trading was only 275 tons, however, or only about half
$41 50; fatback pork, $30 to $33; ribs, Chicago, cash, 16c., the total on the same day last week. Outside prices were
basis of 40 to 60 lbs. average. Beef steady but quiet; mess, steady but business was dull. At the close on Thursday
38.600.
$19 to $21; packet, $19 to $21;family, $21 to $22; extra India March closed at 37.800., April at 37.400., May at
mess, $34 to $36; No. 1 canned corned beef, $2 50; No. 2, and July at 39.40e. Outside prices: Smoked sheets, spot
$4 25; 6 lbs., South America, $12 75. Cut meats quiet and and February, 38 to 383.e.; March, 38M to 3834c.; April4 to 400.; first latex
steady; pickled hams, 10 to 20 lbs., 22e. to 253,404 pickled June, 39 to 39Mc.• July-September, 393crepe,
3432c.; No. 2
4
bellies, 6 to 12 lbs.; 22 to 233 e. Butter, lower grade to crepe, 383( to 3834e.; clean thin brown
Paras
4
4
gh
h. scoring, 44 to 520. Cheese, 23 to 28c. Eggs, medium amber,3530.; No.3,343 to 35c.; No.4,30% to 31c.; 28 tO
Caucho Ball, upper, 2234 to 23c.• up-river fine, spot,
to extras, 31 to 400.
2134 to 22c. London on the 11th closed
-Linseed was more active on the 9th inst. While 285.c.; coarse,
OILS.
February 1834 to 19d.; March,1934d. to 193.1d.
were quoting 10.8c. spot raw oil in carlots, cooper- with spot and
producers
4
April-June, 1934 to 193 d.,and July-September, 20 to 2030.
age basis, it was said, was available at 10.4c. Spot tanks Singapore on the 11th inst.: Feb., 1834d.; March, 183 d.;
4
be obtained at 9.6c., whereas 10c. was quoted. For
could
-June, 1934d. To-day London was unchanged to Md.
barrels or more 11.2 to 11.4c. was asked. There was a April with April-June the best sustained. Spot and Febru5
better jobbing inquiry. Linoleum interests were buying in lower %d. to 18 Md.; March, 18% to 19d.; April-June, 1931
ary, 183
a larger way. Cocoanut, bbls. spot, 10 to 10Mc.; Manila, to 193 d. New York was,quiet and unchanged to 20 points
%
'
coast, tanks, 8%c.; spot,8% to 9o.; China wood, New York, lower. Spot and February sheets were offered at 373(e.;
bbls., spot, 183jc.; Pacific Coast,spot, tanks, 160.; February, March was immovable at 38c.; April-June was the same at
16e. Corn, crude tanks, plant, low acid, 83(o. Olive, 39c.; May new wound up at 38.600.; July at 39.500., and
40. Soya bean, coast, tanks, 9%03. September at 40.200.
Den., $1 35 to
blown, bbls., 14c. nominal. Lard, prime, 150.; extra,
-Last week sales of River Plate frigorificos were
HIDES.
4
strained winter, New York, 133 e. Cod, domestic nominal;
%
50,000 Argentine steers at 1834 to 185 e. e.Srf. taken by
Newfoundland, 63 to 66c. Turpentine, 78 to 84(;. Rosin,
Europe; 6,000 Montevideo steers sold
$11 75 to $18 55. Cottonseed oil sales to-day, including the United States and
%c. chf.; 5,000 frigmifico cows at 173/ to
switches, 15,200 bbls. P. Crude,S. E., Sc. nominal. Prices at $43 75 or 193 packer hides were lower; 2,800 January
17 9-16e. City
closed as follows:
brands at 14c., and
/
9.73a9.71 native steers sold at 141 2c.; 2,000 butt
9.40a9.50 I July
C 9.000 _ 'April
Spot
9.87a -- 3,000 Colorados at 1334c. January are said to be scarce
August
9.54a _
May
9.000 _
February
..--9.94a9.98
September..
9.60a9.70
9.32a9.38 June
March
now and little or no February was offered. Common dry
PETROLEUM.-Gasoline was advanced lc. a gallon by hides were quiet and unchanged. Country hides were dull
the Standard Oil Co. of New York to 22c. throughout New and weak. Common dry hides: Antioquias, 25e.; Orinocos,
York and New England. Other companies are expected to 21c.; Maracaibo, 2034c.; Savanillas 2034c. New York
Last sales 1.900. for
meet this advance. Another feature was the advance of 2 City calfskins rather more active. '
cents by local gasoline companies in service station prices in 5-7s and 1.950. for 7-9s. Later 8,000 Anglo-Campana,
Georgia. This followed the Standard Oil Co. of Kentucky 8,000 Anglo-South Dock sold at $39 1234, or 17 15-100.;
raise in prices. Bulk gasoline was firmer. United States 4,000 Swift La Plata steers at $39 3734 or 1834c., and 8,000
Motor was quoted at 1234c. There was a good jobbing Sansinena steers at $39 25 or 18c. cakf. Interior Colombian
demand. Consumption is steadily increasing. A heavy hires were held at 26e. Coast hides 21 to 220. The Chicago
consumption is looked for, during the spring. Gulf gasoline market was weaker. It is reported that a lot of Brooklyn
was also firmer with United States Motor available at 10Mc. all-weight cows have been sold at 12c. Country hides were
and 64-66 gravity 375 end point 1234c. Bunker oil stronger quiet. Extremes, 1334 to 14c. for 25-45 lbs., and 13 to
with spot supplies small. The price was $1 75 refinery with 133/2c.'for 25-50 lbs.
rumors heard of an impending advance. The demand
OCEAN FREIGHTS have at times been more active.
for Pennsylvania lubricating oils is increasing. Export Full cargo tonnage was in better demand.
business was better. Kerosene has been rather quiet of
CHARTERS included grain from Vancouver to United Kingdom-ConFrancisco to United
late but prices have been holding fairly well. Water white tinent, 37s. 6d., Feb. 20-Mar.10; San Gulf to Greece. heavyKingdomgrain 4s..
39s. 6d., Mar. 20 canceling;
43-44 gravity 93c. refinery; prime white 41-43 gravity 9c. Continent. 20-Mar. 8: 38.000 qrs. heavy from Atlantic range to Lisbon,
103.d., Feb.
22s. 6d.,
crude was cut 25 cents by the Texas Corp. on the 3s. 10d.; sugar from Cuba to Uhited Kingdom-Continent, February;
Markman
Kingdom-Continent, 23s..
Mar. 1-15: Santo Domingo
10th inst. making the new price $1 15. This grade was coal from Hampton Roads to United
40; tankers, 10.000 tons, clean
to Rosario,
as Gulf Coast heavy crude oil. At the from San Pedro to United Kingdom-Continent. 63s.. February: 9.000
formerly classified
•
clean, from Gulf to
Texas Corp. met the lc. advance in gasoline tons, consecutive trips BlackUnited Kingdom-Continent, 45s.. Fe 1 3 .:
same time the
4 a
Sea to United Kingdom-Continent. 21 7
three
in New York, New England and other 3,000 tons, crude, from Black Sea to Hamburg. 36s.. March: 6.200 tons.
prices made effective
about
clean.
Eastern territory by the Standard Co. of New York and the 35,000 Gulf to United Kingdom-Continent, 41s. 3d.. March-April: spirit.
bbls. crude. Gulf to North Hatteras. 473ic. refined and (or)
Jersey Standard Oil. New York refined export prices: 45s., Black Sea to United Kingdom-Continent, February; 4 to 6 months
continuation; 1,471
West
Gasoline, cases, cargo lots, U. S. Motor specifications down,Indies. El 40 5734; 3,006 tons net,tons net, Canadian trade trip
prompt two trips across at $2;
February. El
• deodorized 27.40c.; bulk, refinery 1234 to 12c.• Kerosene, 1,917 tons net. _prompt delivery round trip West Indies, El 35: 1,202 tons
bulk 41-43 90.; W. W.150 deg. net, 6 months NVest Indies trade, February, El 75; 1.123 tons net, West
cargo lots, cases 18.65e.;
Gulf to Buenos Aires or
eases 20.150.. bulk 43-46, 934e.; Kerosene, tank wagon to Indies round trip. $1 85. February: lumber,
Rosario, 1658.
store 17e.; Motor Gasoline, garages (steel bbls.) 22c.• UpTOBACCO has been in somewhat better demand at higher
'
State 22e.; New England 220.; Naphtha, V. M. P. prices. Supplies of New York, Wisconsin and Ohio tobacco
deodorized in steel bbls. 21e.
were small. Pennsylvania on the other hand is said to be
Elk Basin
$2.00
Oklahoma, Kansas and Texas1.85 less easily salable for the moment than that of some other
$1.50 Big Muddy
328-28.9
2.00 States. There is a small or moderate business in other
1.70 Lance Creek
2-32.9
1.85
2.70 Homer 35-35.9
52 and above
tobacco. Wisconsin binders, 25 to 300.• Northern, 40 to
Caddo
Louisiana and ArkansasBelow 28 deg
1.40 450.; Southern, 35 to 40c.; New York State, seconds, 45c.;
1.70
-32.9
32
32-32.9
1.70
1.85
35-35.9
Ohio, Gebhardt binders, 22 to 24c.; Little Dutch, 21 to 220.;
38-38.9
2.00
38 and above
$3.10 Eureka
2.
$3 00 Zimmer Spanish, 300.; Havana first remedios, 8.5e.; second
25
$3.40 Buckeye
Pennsylvania
10c.; broadleaf
2.15 Bradford
Corning
o
gt .
i s n 40-40.9.... 2 0
2
:‘/? til
.10 remedios, 700.; Pennsylvania broadleaf filler,
2.10 Lima
Cabell
seconds,
1.98 Plymouth
1.63 binders, 15 to 200.; Connecticut top leaf, 21c.; No. 1
Wooster
2.25 Indiana
2.10 Haynesvillc.33 deg. 1.75 1925 crop, 650.; 1924 crop, 400.; seed fillers, 200.; medium
Rock Creek
1.b5 Princeton
2.61 Gulf Coastal "A"- 1.40
Smackover,27 deg. 1.50 Canadian
wrappers,
1.15 Be Soto 44-44.9-- 2.30 wrappers, 1925 crop, 400.; 1924 crop, 28c.; light
Corsicana heavy
20 to 30 points at $1.25, nominal. Later on more life was reported in the
RUBBER advanced on the 7th inst
Pennsylvania.
the Exchange and 34 to Me. outside with London and Singa- market except it was said for
COAL has been declining. Chicago retailers have reduced
pore up M to Md. Shorts grew uneasy and covered. London reported a better demand from consumers. It did a prices 250. on West Virginia smokeless Pocahontas coal.
better business than New York. Sales here were 48734 New York bituminous was weaker. Central Pennsylvania
tons. The London stock statement was about what was was still producing at a high rate. Navy standard, or someexpected. It showed an increase for the week of 954 tons. thing declared to fall within the general classification of
Some attribute the steady increase to the employment of that standard, has been sold, it seems, at as low as $4 40
unused coupons to offset the lowered export allowance and at Hampton Roads and at New York at $2 60 mine basis;
buyindby America.iiThop has been some recent decrease some quoted $2 75 to $3. _ tA.nthracite has been less active.
against 145,000 last year. On the 10th inst. prices rose
2 to 5 points with some buying by commission houses. Some
hedge selling tended to restrict the advance. Western
hog prices advanced 10 to 150. with receipts of 110,000
which was smaller than expected. Liverpool fell 3d. to 9d.
To-day futures closed 10 to 12 points lower, owing to declining prices for hogs and selling by packers and warehouse
people. Hedging purchases of loose lard was a depressing
factor. Cash trade in Chicago was dull. Hogs dropped 15
to 25 points with the average top $12 20. Western receipts
were 95,000, against 101,000 a year ago. Lard paid little
attention to cottonseed oil which was 3 to 5 points net
higher. Final prices show a decline for the week of 20 to
23 points.
944
THE CHRONICLE
COPPER early in the week declined to 12e. Later on,
however, sales were made at 12%c. A good business was
done at the lower figure. On the 9th inst., however, producers who had contracted for a considerable tonnage on
Tuesday, were less inclined to sell. A few producers later on
revised their prices to 12Yic. On the 9th inst. spot standard
in London advanced 15s. to £53 15s.; futures up 17s. 6d. to
£54 78. 6d; electrolytic advanced 10s. to £60 for spot and
£60 for futures. later the tone was firmer at 12%c. and the
prediction was that the week's sales would not fall much short
of 40,000,000 pounds. Copper Exporters, Inc. advanced the
official price for export %c. to the level of 13Mc. c.i.f. European ports. Bare copper is still 14%c. London advanced
on the 10th inst. 10s. on the Exchange there to £54 5s. on
the spot with futures up 7s. 6d. to £54 15s; sales 100 spot and
2,100 futures; electrolytic £60 10s. spot and £61 futures.
TIN has been quiet but steady. The rise has been rapid
and not a few are now looking for a reaction. Yet the statistical position is strong. On the 9th inst. spot and
February Straits sold at 6934c. March at 68
April at
6734c., May at 663/2c. to 66qc. In London on the 9th
inst. spot standard advanced £3 to £308 and futures rose
£1 5s. to £269 15s.; spot Straits up £3 to £316 10s.; Eastern
c.i.f. London advanced £1 10s. to £305 10s. Later a decline of Yi to %c. occurred here with London off and no
great demand at New York. Sales of 150 tons were made
on the .10th inst. They included March Straits delivery
at 68c. and April at 67c. Straits spot, 693ic., February,
69c.; March, 68c.; April 67c., and May, 660. Bullish
features of the statistics seem to have been discounted.
In London on the 10th inst. spot standard was £308; futures
fell £1 to £295 15s.; sales, 150 tons spot and 450 futures;
spot Straits tin dropped lOs to £316; Eastern c.i.f. London
was up 5s to £305 15s. on sales of 300 tons.
LEAD was in good demand and steady. The American
Smelting Co. was quoting 7.40c. New York. At East St.
Louis 7.25 to 7.273/20. was asked. Most of the demand
was for February and March with a little April wanted.
Makers of cables, batteries and pigments were the chief
buyers. In London on the 9th inst. spot advanced Ils. 3d.
to £26 18s. 9d.;futures rose 12s. 6d. to £27 10s. Later with
a better demand the tone was firmer. East St. Louis rose
$1 per ton to 7.30c. with some quoting 7.323'c. The
American company adhered to 7.40c. New York. Outside
sellers were said to be getting as much as 7.55c. April is in
better demand. Consumers and speculators have both been
buying. London prices advanced on the 10th inst. on spot
8s. 9d. to £27 7s. 6d.; futures rose 7s. 6d. to £27 17s. 6d.;
sales, 200 tons spot and 2,050 futures.
ZINC was quiet. On the 9th inst. prices were stronger
owing to higher London cables. Most producers quoted
6.65e. East St. Louis though it was intimated 6.623'o.
would be accepted. In London on the 9th inst. spot standard advanced 12s. 6d. to £29 12s. 6d. and futures rose us.
3d. to £29 16s. 3d. Later prices were lower at 6.60 to 6.65c.
East St. Louis. In 60 days surplus stocks are said to have
increased 15,000 tons. Output will be curtailed. Prices
fell 2s. 6d. in London on the 10th inst. to £29 10s. for spot
and £29 13s. 9d. for futures; sales 50 tons spot and 1,450
futures. In January American stocks gained 8,025 tons;
now 29,912 tons.
STEEL has been a little more active at declining prices.
Ingot production has increased. Bars, shapes plates, sheets
and wires are anywhere from $1 to $4 a ton under
the quota.
tions current at the opening of hte year. February business,
however,is.better than that of January. Wire products have
declined $2, making plain wire 2.400. Pittsburgh and wire
nails $2 55 per keg. Nobody asserts that there is any remarkable increase in the demand for steel, but there has been
a moderate improvement. And the tone on that account is a
little more hopeful. Jobbers have reduced steel sheets $3 a
ton. Bookings of fabricated structural steel by the members
of the Structural Steel Board of Trade here during January
are said to have been 38,000 tons, an increase of 16,500 tons
over those for December, and treble those for January last
year. Youngstown reports a better trade in rolled steel
lines at rather steadier prices. Quotations in the sheet and
strip steel are becoming, it is said, more stabilized. Black
sheets are quoted by some at 2.90c. minimum, although
recent sales were at $3 a ton less. Efforts are being made to
fix 2.25c. as the minimum on blue annealed, although there
are intimations that they are not always entirely successful.
Galvanized sheets, however, are quoted at 3.75c. Railroads have been devoting their purchases mainly to passenger
cars. Quotations on heavy finished steel at Chicago are
believed to conform to the recent decline at Pittsburgh of $2.
It is said that shipments of strip from Youngstown to the
Detroit section are heavy. The composite price at 2.3740.
per pound is the lowest in five years. At Pittsburgh on
Feb. 10 wire products fell $2 per ton, following the recent
cut in the West. Plain wire, 2.40c.; wire nails, $2 55 a keg,
Pittsburgh. Wire mills are running at around 50%.
PIG IRON has been in only moderate demand and Buffalo
was not generally quoted higher than $18 with some intimations that $17 50 or less might be accepted. Last week
the sales at New York are said to have reached 10,000 tons.
The prospects of an increase in the duty on pig iron of 373.c.
per ton are naturally gratifying to Eastern makers, although
it is true that now and then foreign iron, as a matter of
fact, sells at $2 per ton under the domestic price. So
[VOL. 124.
that the proposed increase in the tariff would be futile in
any attempt to meet such competition. But there are times,
it is said, when the increase would have a tendency to equalize
matters. The composite price keeps declining. It is 9e.
under that of last week, and $2 66 per ton lower than
a year ago. Cleveland and Mahoning Valley prices have
recently declined 50c. Many would-be buyers are holding
off to make sure that the bottom has been reached. Naturally buying is not stimulated by rumors that as low as $17
at furnace has been accepted in the Buffalo district. Some
are rather chagrined to find their recent buying under the
impression that the decline had culminated, has turned out
to have been premature. There is a large potential business,
but buyers after recent experiences are inclined to proceed
more cautiously.
WOOL has been in fair demand for domestic fleece and
territory wools. Medium and low grades sell more readily
at somewhat steadier prices. There are no really important
sales, however. Mills are not inclined to buy freely at this
time. They buy only as they need supplies. At Wanganui,
N. Z., on the 4th and 5th inst. offerings were 17,200 bales
and 17,000 sold. The selection was satisfactory. Demand
good. Prices compared with those at Dunedin on Jan. 3
showed crossbredsfirm and merinos in sellers'favor. Following are prices realized at this series with comparisons for
1925 and 1926:
Super merinos 20 to 23d., against 19;1 to 24Ud. in February last year
and 30 to 35d. in 1925: average merinos 20 to 21d., against 173i to 19d.
last year and 27 to 291id. In 1925; crossbreds, 56-58s. 19U to 20 .,
,
0
against 14 to 17d.in 1926 and 23% to 29d.in 1925; 50-56s 1814d. to 20d..
against 123 to 16d. in 1926 and 20 to 22d. in 1925; 48-50s 163,4 to 19d..
against 13 to 17d. in 1926 and 19 to 243id. in 1925; 48-48s 151i to 173d,
against 1234 to 1634d. in 1926 and 18 to 24d. in 1925;44-46s 1334 to 1510.,
against 1134 to 15d. in 1926 and 1834 to 2234d. in 1925: 40-445 103.1 to
1334d., against 934 to 12d. in 1926 and 1634 to 20d. in 1925.
On Feb. 10 the Christchurch wool sales were concluded
with 20,000 bales offered and 19,500 sold. Demand good.
America bought. Prices were about par with Timaru on
Feb. 5. Closing prices were as follows:
Super merinos 19 to 2236d.; average merinos 1634 to 1814d.; crossbreds
56-55g., 1734 to 20d.: 50-56s, 1634 to 19d.: 48-50s, 1434 to 1734d.; 46-48s,
13 to lid.; 44-46s. 1134 to 1334d., and 4111-44s, 1034 to 12d.
A Government report of the Boston market on the 9th inst.
said: "Business in wool is moderate and fairly well diversified. Both fleece and territory lines are moving at steady
prices. Fine French combing territory is selling quite
freely. Very good stapled wool of this grade is selling at
$1 05 scoured basis. Shorter stapled fine wool with an edge
of 60s. is bringing $1 to $1 03 per pound and mixed lots with
clothing wool in around 900. Some concerns continue to
receive a fair call for medium fleece and territory wools.
Ohio 4 blood 48-50s brought 44 to 45c. in the grease and
territory 34 blood about 80c. scoured basis."
COTTON
Friday Night, Feb. 11 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
228,441 bales, against 235,198 bales last week and 258,932
bales the previous week, making the total receipts since the
1st of August 1926, 10,086,650 bales, against 71608,016 bales
for the same period of 1925-26, showing an increase since
Aug. 1 1926 of 2,478,634 bales.
Receipts atGalveston
Texas City
Houston *
New Orleans
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Philadelphia
Sat.
4,340
Mon.
Tues.
Wed.
9,867 22,712 10,634
5,598 11,543 11,088
6,090 8,775 16,898
471 1,154
1.865
2,673 5,411 4,401
1,397 1,459 1,468
1,677
352 1,358
1,216 1,162 1,799
7
75
392
Thurs.
8,304
9,831 5,351
7,887 7,815
149
677
2,098 2,947
1,734'1,912
380
675
1,378 2,129
100
50
Fri.
Total.
81,579
10,395
51.508
52,389
5,260
20,484
9,806
4,657
9,817
82
492
1,942 1,942
50
5,722
10,395
8,097
4,904
944
2,954
1,838
237
2,133
Totals this week_ 24.8113 39.115 61.266 36,064 28,967 39.166 228.441
* Houston statistics are no longer compiled on an interior basis, but only
on a port basis. We are changing accordingly.
The following table shows the week's total receipts, the
total since Aug. 1 1926 and stocks to-night, compared with
last year:
1926-27.
Receipts to
Feb.11.
Galveston
Texas City
Houston•
Port Arthur. &c-New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &cNew York
Boston
Baltimore
Philadelphia
1925-26.
This Since Aug This Since Aug
Week. 1 1926. Week. 1 1925.
Stock.
1927.
61,579 2,716,519 43,359 2.621,823 683,367
18,084
52,616
10,395 130.930
51,508 3,272,699 20.105 1,339,349 944,293
_
52,369 1,840,809 50,529 1,850,233 646,730
2,545
433
41
8.986
1926.
623,145
17.970
488,034
51,191
20.238
610
95,616
571
77,846
9.806 418,798 13,091
191,072
15,470
15,253
726.864
400
242.430
73,469
54,614
1,111
6,765
100,663
392,579
15,904
120,309
35,962
134,457
230
100
1,059
37.001
17,452
29.832
9,506
185,814
1,775
1,798
5,101
67.837
2,186
1.219
6,882
5,260
20,484
314,580
12,528
617
851,940
95,220
4,657
9,817 335,398
279
25,393
82
17,855
492
49.177
1,942
3.910
50
Totals
228,441 10086650 148,354 7,608.016 2,878,593 1,530.761
•Houston statistics are no longer compiled on an interior basis, but only
on a port basis. We are changing accordingly.
FEB. 12 19271
THE CHRONICLE
945
In order that comparison may be made with other years, Interest. Some have bought contracts against sales for
we give below the totals at leading ports for six seasons:
several years ahead. In the nature of things these contracts will not come out for some time to come, or until an
Receipts at- 1926-27. 1925-26. 1924-25. 1923-24. 1922-23. 1921-22. opportunity offers to transfer them to advantage. There
43,359
69,302
Galveston.___
61,579
38,838
27,411
31,898 are reports that the Japanese textile trade is improving and
51,508
20,105
Houston, &c*
50,700
21,564
8,128
441 that Japanese mills still have a good deal of American cot50,529
38,528
New Orleans_
52,369
22,691
31,309
14,268
6,260
2,545
2.504
540
872
Mobile
2,174 ton to buy, as the supply of East Indian cotton has partly
20,484
Savannah _
8.986
12,832
6,739
6,690
7,569 failed them, owing to the shortness of the crop there this
Brunswick
50
9.806
13,091
13,185
Charleston_
2,851
1,765
723 year. The Chinese crop is also deficient, owing to the dis1.111
4.824
Wilmington..
4,657
1,778
231
1,565 orders in China. The Egyptian Government is endeavoring
9,817
6.765
9,275
4,467
4,221
Norfolk
3,481
to prevent any drastic decline in the price of Egyptian cotN'port N.,&c.
1,863
3,792
12,961
2.776
All others_ _ -2,452
20.131 ton. American mills have been buying on a scale down.
the market have acted as a kind of
Total this wk_ 228.441 148,354 204,982 101.244
83,079
82.273 These orders under
buffer. And the spot basis has been generally firm, espeRinra Alla 1
1
nARRR5(1 7.608.016 7.424 2R4 5.541.725 4.661.906 4 MR R47
cially on the lower grades, which are the most wanted.
* Houston statistics are no longer compiled on an interior basis, but only Middling and above sell less readily. New high levels have
on a port bas s. We are changing accordingly.
been reached on futures, so that the advance since Dec. 4
The exports for the week ending this evening reach a has approximated 225 points. The rise since
that time has
• total of 184,334 bales, of which 33,319 were to Great Britain,
accompanied by Russian, German, English, Japanese
17,982 to France, 62,443 to Germany, 7,869 to Italy, 49,719 been
and East Indian buying in this country on a scale large
to Japan and China and 13,006 to other destinations. In
obvious influence in directing the course
the corresponding week last year total exports were 82,060 enough to have an
bales. For the season to date aggregate exports have been of prices. Moreover the weather of late has been cold and
6,862,800 bales, against 5,490,345 bales in the same period wet in the South, especially in Oklahoma, where the bulk
of the previous season. Below are the exports for the week: of unpicked cotton remains. Naturally it is being damaged.
And such weather, of course, hinders farm work in preparation for the next crop. And if the project to reduce the
Exported to
Week Ended
acreage is perhaps seriously jeopardized by the advance of
Great
GerFeb. 111927.
•
Japan&
$11 a bale in two months not a few ask whether there is
Exports from
- Britain France. many. Italy. Russia. China. Other. Total.
any likelihood of a big crop being raised by the South for
11,520 15,383
Galveston
22,209 8,902 58,014
6.462 14,559
Houston
16,210 1,218 38,449 the third year in succession. The sale of fertilizer tags
20,322
15,540
New Orleans__
-ei
2.250 2,686 41,723 thus far reported call for approximately 629,500 tons or
Mobile
• 4,939
4,939
tons less than up to the same time last year.
Savannah
5,344
"Rio
6;666
11,544 about 132,000
3,508
Charleston
700
1 4,408 East of the Mississippi River there may be some effort to
.66
Wilmington
Citio
6.700
the acreage whatever may be done west of the river.
Norfolk
4:iE6 ____ 10,665
14,619 reduce
New York
44
848
892 Latterly shorts have been inclined to cover. Everybody
Francisco_ .._
San
1,81315
1,500 handles the short side rather gingerly. Wall Street has
Seattle
1,550
1.550
bought to some extent. The outside public has shown
Total
33,319 17,982 62,443 7.869
49,719 13,006 184,338 rather more interest in the speculation. Now and then
Total 1926
27,629 11,025 13,901 10,858
8.450 10,197 82,060 there has been an outburst of something like the old-time
Total 1925
47,464 14,085 57,687 9,733
14,142 5,985 149,096 activity even if it did not reach the height of former years.
Manchester trade reports have been more favorable. There
From
Exported to
Aug.1 1926 V/
has been a better demand for cloths and a fair business in
Feb. 111927. Great
GerJapan&
yarns. Seasonable goods have been more active on this
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
Total.
side. Yarns have been firmer. London dispatches have
Galveston
476,605 302,187 448,640 160,681 37,817 283,053 297,993 2,006,976 dilated on reports of a revival of Lancashire's cotton indusHouston_ _ __ 436,959 299,489 435,710 167453 77450 179043 132,273 1,728.377
---------------------39,482 try owing to the cheapness of American cotton. India has
Texas City
39,482
_
_
_
New Orleans 345,481 114,803 197,878 125,552 17,506286.380 90,663 1,178,263 bought a large variety of goods in Manchester, where moreMobile
56,638 3,515 75,674 1,000
_.- 15,699 1,803 154,329
Jacksonville_
341 over trade with South America has latterly been better. It
Pensacola....
3,936
____ 5,292
------------300
9,528 is hoped that the Chinese situation by firm yet tactful hanSavannah
194,381
100 381,494 4,600
____ 54,246 26.467 667,288
Charleston..
51,461
497 231,416
--------23,638 15,255 322,267 dling will soon clear up. Meantime the Northern or Peking
Wilmington..
10,000
_ --- 30,560 24,350
------------64,910 Government has checked the advance of the Cantonese army
Norfolk
70,153
___- 93,402 11,690
_ _ __ 8,050 4,098 187,393
Newp. News
179
100
279 towards Shanghai, something which has had an inspiring
New York_
31,588 23,874 43,820 19,275
____
1,003 126.145 245,706 effect. Finally liquidation here during the last few days
Boston
1,949
___
474
__ -------- 2,053
4,476
Baltimore
3,115
142
400
------------3,657 has in a measure corrected any undue expansion of the long
Philadelphia.
527
____
2
__
___-_-- 4,610
5,139 Interest. The technical position, in other words, is better.
Los Angeles_
33,100 9,905 30,268
881
_ __ 5,667
847
80,668
On the other hand, it has not been all plain sailing for the
San Diego__
2,476
------------------------2,476
San Fran
1.050
320 2,129 1,254
____ 75,716
16
80,485 bulls. The long interest became inflated and the sentiment
Seattle
79.961
200
80,161
reaction was due. No great setback
Portland ,Ore
600 was widespread that a
had taken place since the rise started from the "low"
Total
1,755,786 757,805 1977242 517.136 132,773 1019235 702,823 6,862,800
on Dec. 4. It was argued that it was time for something
Tota11925-26 1,660,637 660,714 1315352 420,594 103,773 743,795585,450 5,490,345 of that sort. And on Wednesday and Thursday there was
To1a11924-25 2,003,105 676,378 1280001 454,570 77,345 643,856 554,504 5,689,759
more or less liquidation. It was feared that President
-Exports to Canada -It has never been our practice to include in the
NOTE.
above tables reports of cotton shipments to Canada,the reason being that v rtually all Coolidge would veto the McNary-Haugen bill if it should
the cotton destined to the Dominion comes overland and it Is Impossible to get returns pass the Senate and the House, as it seemed very likely to
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always Very slow in coming to hand. In view, however, do. It was to come up for a vote in the Senate this after-and did, and passed by 47 to 39. The
of the numerous inquiries we are receiving regarding the matter, we will say that noon at 4 P.M.
for the month of December the exports to the Dominion the present season have House was evidently ready to pass it. But Secretary
of
been 38,717 bales. In the corresponding month of the preceding season the exports
were 35,973 bales. For the five months ended Dec. 31 1926 there were 123,078 the Treasury Mellon announced his opposition to the bill.
bales exported as against 116.275 bales for the corresponding five months of 1925.
It would delay the reduction of taxation to go no further.
In addition to above exports, our telegrams to-night also Others see no reason why the country at large should be
give us the following amounts of cotton on shipboard, not taxed for the benefit of particular industries like cotton,
cleared, at the ports named:
grain, etc. Besides, it is believed that the measure, even if
it should become a law, would be.a boomerang to the South.
On Shipboard, Not Cleared for
It would encourage the farmer to increase rather than deOther Coast.
GerGreat
crease his acreage. The crop would have a tendency to
Leaving
Feb.11 at
- Britain. France, many. Foreign wise.
Total.
Stock.
expand rather than to diminish. In the end it would be
Galveston
17,900 7,500 10,000 37.300 9.500 82.200 601,167 the old story. Stimulants would cease to stimulate. The
New Orleans.. 20.528 4,099 7,995 22,389 1,168 56.179 590.551
question would have to be faced at last on the basis of ecoSavannah
600
600
5,000
6,100
89,516
Charleston
460
460
73,009 nomic law-that is, the law of supply and demand. A re200 8,400
Mobile
5,500
750
1,950
42,791
200 120.109 duction of acreage, a reduction of the crop would be imNorfolk
200
Other ports *
3,000 2.000 4,000 14,000 1.000 24,000 1.183,911 perative. This fact might as well be faced first as last. It
Is remarked, too, that the Chicago Board of Trade at times
Total 1927.. 43,378 14,349 26,995 79,789 13,028 177,539 2.701.054
Total1926.. 33,348 21,573 26.868 54,805 10,327 146,921 1,383.840 paid little if any attention to the bill. And on the 9th inst.,
Total 1925
53,185 31,077 23.930 66.338 14,469 188,989 1.191.661 it is true, Chicago, like New York, was influenced in its
*Estimated.
several markets by reports that President Coolidge would
Speculation in cotton for future delivery has on the whole veto the bill if it should pass. Still, on the whole, the grain
been more active at some advance in prices owing to the agi- markets have been far less affected by it than cotton. On
tation in regard to the McNary-Haugen bill designed to re- Thursday there was a drop in cotton prices of 15 to 21
lieve cotton as well as grain farmers suffering from over- points, with the Liverpool cables lower awl the impression
production. The bill would provide, as interpreted, for stronger than ever that the McNary-Haugen bill would not
2,000,000 bales of cotton and would protect the co-operative be allowed to become law. Also there was more or less
associations from losses up to $40,000,000. Moreover the liquidation, as usual, on the eve of a holiday, Saturday bespot markets have been strong and rising. Spot sales in ing Lincoln's birthday. Profit-taking was the order of the
Liverpool have latterly been 10,000 to 12,000 bales a day. day. Yet significantly enough about half the decline was reSpinners have been calling cotton on both sides of the covered before the end, as the market encountered trade
water. At times it is said that Japanese interests have buying orders on the way down. They always seem to be
been keen buyers of March and May. Russians in the last there to intercept a decline. To-day prices were in the end a
two weeks have, it seems, bought 75,000 to 100,000 bales of shade lower owing to selling on the eve of the holiday, Linfutures here. There is believed to be a large hedge short coln's birthday. Liverpool was at first lower than due, but
946
THE CHRONICLE
[VOL. 124.
rallied later. New York at one time was also higher. Shorts (Friday), we add the item of exports from the United States,
covered and the trade bought to some extent. Still later including in it the exports of Friday only.
selling by spot people and others caused a final setback
Feb. 11-1925.
1924.
1927.
1926.
Stock at Liverpool
bales_1,321,000 878,000 901,000 750,000
which left prices 2 to 6 points lower for the day. There was, Stock at London
2,000
2,000
however, a rise for the week of 7 to 13 points. Middling on Stock at Manchester
178,000
79,000 108,000 126,000
the spot ended at 14.10c., a rise since last Friday of 10 points.
Total Great Britain
1.499.000 957,000 1,011,000 878,000
The following averages of the differences between grades, Stock at Hamburg
2,000
74,000
593,000 295,000 219,000
as figured from the Ieb. 10 quotations of the ten markets Stock at Bremen
Stock
288,000 223,000 226.000 151,000
designated by the Secretary of Agriculture, are the differ- Stock at Havre
at Rotterdam
13,000
11,000
13,000
6,000
Stock
88,000 111.000
105.000 107.000
ences from middling established for deliveries in the New Stock at Barcelona
at Genoa
51,000
73,000
33,000
76,000
York market on Feb. 18:
Stock at Ghent
2,000
2.000
Middling fair
1 39 on
Strict good middling
1.15 on
Good middling
91 on
Strict middling
.65 on
Middling
Basis
Strict low middling
1 03 off
Low middling
.2 25 off
*Strict good ordinary
3 50 off
*Good ordinary
465 off
Stri t good mid."yellow" tinged_ 08 off
Good middling "yellow" tinged.- .70 off
Strict middling "yellow" tinged.J.13 off
*Middling "yellow" tinged
2.25 off
*Strict low mid."yellow" tinged..3 55 off
*Low middling "yellow" tinged,_4.95 off
Good middling "y•llow" stalned.2.15 oft
*Strict mid.' yellow" stained_ __ 2.68 off
3.45 off
*Middling "yellow" stained
*Good middling "blue" stained-2.10 off
BMW middling "blue" stained_ _2.85 yff
3.73 off
'Middling "blue" stained
.23 on
Good middling spotted
.05 off
Strict middling spotted
98 off
Middling spotted
"Strict low middling spotted__ -2.20 off
3.53 off
"Low middling spotted
Good mid, light yellow stained-1.35 off
*Strict mid,light yellow stained 1.85 off
*Middling light yellow stained...2.93 off
.78 off
Good middling "gray"
1 18 off
"Strict middling "gray"
1.93 off
"Middling "gray"
• Not deliverable on future contracts
Stock at Antwerp
1927
14.10c.
1926
20.300.
1925
24.60c.
1924 -----23.40c.
1923
28.00c.
1922
17.60c.
1921
13.85c.
1920
37.75c.
1919
1918
1917
1916
1915
1914
1913
1912
25.35c.
31.50c.
15.550.
12.10c.
8.65c.
12.75c.
13.05c.
10.65c.
1911
1910
1909
1908
1907
1906
1905
1904
14.35c.
15.15c.
9.85c.
11.55c.
11.05c.
11.25c.
7.70c.
14.80c.
1903
1902
1901
1900
1899
1898
1897
1896
Futures
Market
Closed.
SALES.
7.000
624.000
411,000
American
-
•
East Indian. Brazil, &c.
-
9.50c. Liverpool stock
8.69c. London stock
9.62c. Manchester stock
8.56c. Continental stock
6.50c. Indian afloat for Europe
6.25c. Egypt, Brazil, &c., afloat
7.19c. Stock in Alexandria. Egypt
8.19c. Stock in Bombay, India
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
664,000
Liverpool stock
bales 999,000 614,000 734.000 508,000
Manchester stock
97,000
94.000
60,000
157.000
Continental stock
1,015.000. 91) 0
62 .7
5 ) ,Ngro 301,000
1?
American afloat for Europe
00 338,000
578,000 3
U. S. port stocks
2,878.593 1,530.761 1,380,650 858,831
U. S. interior stocks
1.350.179 1,912,897 1,199,953 884,918
U. S. exports to-day
8.018
7,650
9.023
Total American
7.005.422 5,141.781 4.518,603 2,995,767
Sat, Mon. Tues, Wed. Thurs. Fri.
14.15 14.10 14.15 14.25 14.15 14.10
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Feb. 11 for each of the past 32 years have been as follows:
1.075,000
Total European stocks
2,574,000 1,621,000 1,635.000 1,289.000
India cotton afloat for Europe.- 76.000 167,000 118,000 244,000
American cotton afloat for Europe 578,000 390,000 545,000 338,000
70,000
Egypt,Brazil,&c..afloat for Europe 84,000 113,000
96,000
Stock in Alexandria, Egypt
437,000 297.000 233.000 237,000
Stock in Bombay, India
643.000 724,000 508,000 674,000
Stock in U. S. port
Stock in U. S. Interior towns_
88 1
11
9
1.37 : 9 L910 76 1, 8 ,9
2 8 0 573 532 91 39 651 85 31
.9 7 1 0
58 1 9
U.S. exports to-day
9.023
7,650
Total visible suppy
8.668.422 6,764.781 5,715,603 4,603.767
Of the above, totals of American and other descriptions are as follows:
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 5 to Feb. 11Middling upland
5.000
Total Continental stock
Total East India, &c
Total American
322,000
264.000
21,000
40.000
76.000
84,000
437.000
683.000
19,000
39,000
167,000
113,000
297,000
724,000
167,000
2,000
14,000
59,000
118,000
96,000
233,000
508,000
242,000
2,000
29,000
110,000
244,000
70,000
237,000.
674,000
1,663.000 1,623,000 1,197,000 1.608,000
7.005.422 5.141,781 4,518,603 2,995,767
Total visible supply
8,668.422 6,764.781 5,715.603 4.603.767
Middling uplands, Liverpool...... 7.68d. 10.524. 13.72d. 17.74d.
Middling uplands, New York.-- 14.10c. 20.300. 24.75c. 31.35c.
Egypt,good Sakel, Liverpool...-. 15.35d. 19.85.1. 37.40d. 22.904.
Peruvian, rough good, Liverpool_ 11.50d. 23.00d. 20.754. 24.504.
Broach, fine, Liverpool
6.85d.
15.75d.
9.130. 12.004.
Tinnevelly, good, Liverpool
7.304.
9.55d. 12.75d. 16.90d.
Continental imports for past week have been 214,000 bales.
The above figures for 1927 show a decrease from last
Saturday__ _ Steady, 15 pts adv_ _ Firm
1,000 week of 73,477 bales, a gain of 1,903,641 over 1926, an
1,000
Monday ___ Steady, 5 pts. dee_ _ Steady
500 increase of 2,952,819 bales over 1925, and an increase of
500
Tuesday _
Steady,5 pts. adv_ _ Very steady _ -100
100
Wednesday_ Steady. 10 pts. adv.. Steady
200 4,064,655 bales over 1924.
200
Thursday _ _ Steady, 10 pts. dec. Steady
600
700
100
Friday
Steady,5 pta. dec. Barely steady_
AT THE INTERIOR TOWNS the movement
-that is,
Total for wk
600 2,500 the receipts for the week and since Aug. 1, the shipments for
1,900
Since Aug. 1
c
051,367 374.200 725,567 the week and the stock to-night, and the same items for the
FUTURES.
-The highest,' lowest and clos ng prices at corresponding periods of the previous year, is set out in detail
below:
New York for the past week have been as follows:
Spot Market
Closed.
Saturday,
Feb. 6.
Monday,
Feb. 7.
Spot.
Conteet Total.
MI
Tuesday, Wednesday. Thursday,
Feb. 8.
Feb. 9,
Feb. 10,
Friday,
Feb. 11.
Movement to Feb. 11 1927.
Movement to Feb. 12 1926.
Receipts.
Ship- Stocks
ments. Feb.
Week. Season. Week.
12.
13.73-13.73
13.6813.74.
13.7513.83Closing- 13.74 -- 13.68Ala.,Birming'm
74
83,045 1,498 14,232
973 83,716 2,016 9,130
March.
Eufalua
245 6.427
4
230 12,274
24 21.007
24,265
Range.. 13.73-13.86 13.68-13.81 13.73-13.86 13.87-14.00 13.75-13.90 13.7843.97 Montgomery
767 92,310 1,624 23,909
74
114,223 1,782 43,701
13.85-13.86 13.93-13.95 13.84-13.85 13.78-13.79
Closing_ 13.84-13.85 13.78
611 21,883
Selma
51
1,02 34,754
298 84.328
85,08
April
Ark., Helena
1,57
85.754 2.941 35,766 1,826 88.351 2,019 34,770
Range..
Little Rock_ 2,16
190.430 5,013 59.881 3,173 209,566 2,469 63,261
13.9013.9613.96 Closing.. 13.9514.0513.88Pine Bluff
1,99
169,261 7.122 61.049 2,298 161,763 4,131 67,185
Hay
3 2,364
7,865
7
119
,
64
8,716
Range__ 13.94-14.08 13.89-14.02 13.93-14.08 14.09-14.22 13.96-14.15 14.01-14.18 Ga., Albany
374 13,080
Athens
568 24,492
1,76
21.854
44,029
9
Closing_ 14.06-14.08 13.98-13.99 14.07-14.08 14.17-14.19 14.08-14.09 14.03-14.03
Atlanta
6,09 226,662 6,122 80,021 3,027 179.416 4.264 54,382
June
Augusta
8,55 303.396 8,102103,776 5,765 306,301 8.279101,832
Range..
Columbus.....
90
43,087 1,11 4,219 1,392 68,642 1,307 6,727
14.1214.18Closing_ 14.1614.0814.1814.27Macon
1,561
87,066 3,15 13,491 1,058 60.178 1.333 24,037
July
387 48.524 1,150 16,068
Rome
600 27,879
47.739
Range. 14.17-14.28 14.10-14.22 14.15-14.30 14.33-14.43 14.1844.34 14.23-14.40
155,401 1,668 61,196 2,446 167.408 4,449 27.050
98
Closing_ 14.26-14.27 14.19-14.21 14.29-14.30 14.38-14.39 14.28-14.29 14.22-14.24 La., Shreveport
8,616
42,615
9,614
Miss.,Columbus
88
480 40.402
Aug.
:
Clarksdale
161,178 7,552 73,649 6,316 194,422 3.818 68,919
3,9
Range__14.42-14.44
Greenwood
165,716 6,601 78,296 3.135 199,180 6,029 64,931
45
14.3314.40Closing_ 14.3614.51 14.4314,43723
3
6 5 59,930 1,144 15,102
Merldian
272 49,710 2,079 12.658
Sept.
54.889 1,230 14,203
993 11.073
Natchez
603 36,829
Range._14.30-14.30
467 17,737
350 49.983
51
6
32.263 1,591 17.488
62
Vicksburg.-14.42 -Closing. 14.48 ---- 14.40 ---- 14.46 ---- 14.54 ---- 14.44 ---376 17,333
51,515
42 733 2,200 273..564362
Yazoo City
1,05
19,470 533,323 20,007 15,404
Range__ 14.37-14.50 14.31-14.44 14.34-14.49 14.50-14.62 14.37-14.55 14.4144.58 Mo., St. Louis_ 22,076 422.594 21.938 20,846 2,154
47,632 1.455 15,567
721
N.C.,Greensb'
2,134 32.114
Closing_ 14.48-14.50 14.40-14.41 14.48-14.49 14.56-14.58 14.46-14.47 14.44-14.47
12 1
17.594 2,123 8,938 3.553 15,451 1.373 12,816
Raleigh
140
Nov.129.709 4,815 19,677
Okla., Altus
5,191 172,732 6,788
Range- 16 7
:60
Chickasha
3,670 151.538 4,711 14 544 2,776 166,217 3,278 17,854
14.53Closing_ 14.5614.5514.64 14.4814.56Oklahoma
3,648 143,817 5,676 22,886 2,632 157.667 3,229 30,423
Dec.
6,643 240,279 11,176 82,742 10,094 218,349 10,825 55,361
Range. 14.51-14.69 14A8-14.61 14.55-14.67 14.70-14.80 14.5744.70 14.60-14.76 S.C.,Greenvill
4,912
3,251
3,705
_
7,773
___
Greenwood _ _,
14.63-14.63
Closing_ 14.65-14.69 14.5714.6414.65-14.67 14.73384
856 82,4881,458,735 69.134292,563
Tenn..Memphis' 64,218 1,595.168 75.714281;
Jan.
3,265
72
777
5,665
Nashville___
Range.. 14.59-14.67 14.54-14.64 14.59-14.69 14.75-14.83 14.64-14.75 14.67-14.77
894
2,189
824 81.718
988
-2.,- 72,906
21
14.68- Tex., Abilene_
Closing_ 14.7214.7214.79 14.6014.675.450
156
194, 4,348
478 6.894
DallasB
Austinrenha m _ _.
227 25.006
.
87 11,708
1691
864
3 3,424
1
280 32,785
Range of future prices at New York for week ending
159,883 2,946 52.161 1,588 142,711 1.967 20,984
2,1
•
65,8854,275,403 72,897722,212
Feb. 11 1927 and since trading began on each option:
•
•
Pariston _ _ _ Hous
649, 4,747
481 110,283
584 2,175
597 54,945
435' 1,458
187 24.992
505 3.074
San Antonio_
416 58.529
Range Since Beginning of Option.
Option for
Range for Week.
109.5.56 1,925 16,640 2,388 84.604 3,183 14,319
Fort Worth__ 2,473
Feb. 1927__ 13.73 Feb. 10 13.73 Feb. 10 11.95 Dec. 3 1926 18.10 Dec. 11928
1350179 211,1579,728,590231,8021912997
Mar. 1927_ 13.68 Feb. 7 14.00 Feb. 9 11.80 Dec. 4 1926 18.50 Sept. 8 1926 Total, 40 tovms 150,128 5.499,877 200,430
12.60 Oct. 22 1926 16.10 July 6 1926
April 1927
statistics are no longer compiled on an interior bads, but only
Feb. 9 12.02 Dec. 4 1926 18.65 Sept. 8 1926 on"Houston
May 1927_ 13.89 Feb. 7 14.22
a port basis. We are changing accordingly.
12.92 Oct. 27 1926 16.00 Sept. 23 1926
June 1927_
The above total shows that the interior stocks have deJuly 1927._ 14.10 Feb. 7 14.43 Feb. 9 12.25 Dec. 4 1926 18.51 Sept. 2 1926
13.03 Jan. 4 1927 14.44 Feb. 7 1927
Aug. 1927__ 14.42 Feb. 7 14.44 Feb. 7
creased during the week 54,010 bales and are to-night
Sept. 1927._ 14.30 Feb. 7 14.30 Feb. 7 12.00 Dec. 4 1926 14.50 Oct. 16 1926
Oct. 1927__ 14.31 Feb. 7 14.62 Feb. 9 12.46 Dec. 4 1926 14.62 Feb. 9 1927 562,818 bales less than at the same time last year. The
12.75 Dec. 6 1926 14.09 Jan. 13 1927
Nov. 1927
receipts at all towns have been 61,029 bales less than the
Dec. 1927_ 14.48 Feb. 7 14.80 Feb. 9 13.36 Jan. 3 1927 14.80 Feb. 9 1927
Jan. 1928_ 14.54 Feb. 7.14.83 Feb. 9 14.13 Feb. 2 1927 14.83 Feb. 9 1927 same week last year.
.
Feb.Range__
Towns.
Receipts.
Ship- Stocks
ments. Feb.
Week. Season. Week. 11.
1:76:
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
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:
FEB. 12 1927.1
THE CHRONICLE
----1926-27---Since
Week. Aug. 1.
21.938 431,230
6,050 236,950
1,440
15,332
1.035
38,238
6,576 168,446
10,760 364.233
--1925-26-Since
Week. Aug. 1.
20.007 530.434
8.620 227.622
1,746
32,242
1.137 4 6,853
6,520 146,072
6.248 295,699
Total gross overland
47,799 1,254,429
Deduct Shipments
Overland to N. Y., Boston. &c-- 2,566
88.228
602
15,522
Between interior towns
28,447 558,517
Inland, &c., from South
44,278 1,278.922
Feb. 11ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Sicc
1,389
617
35,213
94,426
15,762
419.585
662,267
37,219
529,773
16,184 592.162
Leaving total net overland *
*Including movement by rail to Canada.
7.059
749,149
Total to be deducted
31.615
The foregoing shows the week's net overland movement
this year has been 16,184 bales, against 7,059 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 150,987 bales.
.
947
producing, marketing and converting the staple. The statistics have been compiled mainly from the reports of the
United States Department of Commerce, the United States
Department of Agriculture, the New York Cotton Exchange
and the New Orleans Cotton Exchange. These figures are
made all the more valuable because of the way in which they
are brought together and because of the comparisons made
-in one case the figures being shown
with previous years
yearly as far back as 1790. In this book will also be found
a discussion of the future contract of the New York Cotton
Exchange, a short outline of the history of cotton and a few
paragraphs on the effects of climatic conditions on the
American cotton crop.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing 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 througii
the outports.
-1926 27
1925 --26
Since
In Sight and Spinners'
Since
Week.
Takings.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Feb. 11
228,441 10,086,650 148,354 7.608,016
Stocks at Interior Towns. !Receiptsfrom Plantations
Receipts at Pons.
16,184
Net overland to Feb. 11
592,162
7,059
749,149 Week
Southern consumption to Feb. 11 115,000 2,831,000 100.000 2,440,000 Ended 1926. 1925. 1924. 1920.
1.24.
1926. 1925. 1924.
1925.
Total marketed
359,625 13,509,812 255,413 10,797,165 %Toy.
Interior stocks in excess
*54,010
818,844 *17,290 1,757,575
2._ 488.446 343,371 373.602 1.349,950 1,646,178 1,411,260573,946 421.546477.486
Excess of Southern mill takings
1,784.3451
19 _ 516,711 377,983432.208 1,415,095 1,677,4421,486.392 583,298 409.247487.588
over consumption to Jan. 1_
603,864
1.545,601 511.728 18.287429.233
657.119
46. 170.442311.384 370.024 1.456.381
Came into sight during week---305,615
238,123
Total in sight Feb. 11
14,932,520
13,229.859
Nor,spinners' takings to Feb. 11- 53,404 1,325,751
41.749 1.355,037
*Decrease.
Movement into sight in previous years:
Week-Feb. 14
1925
1924-Feb. 15
1923
-Feb. 16
Bales.
Since Aug. 1265,290 1924-25
196,377 1923-24
110,873 1922-23
Bales.
12,202.421
9,487,402
9.089,002
Dec.
82.959396,273370,75 1.490.161 1,836.525 1.583.955516.73 448.4551409,106
10._ 451,084 330,550333,821 1,528.555 1.902,018 1,665,764 489.478 96,043315.636
. _ 400.731 351.4851330.647 1.552.303 .924,002 1,558,379 424,47 373.469 323.262
23_ _1339,577 224,398232,346 1,561.4602,000.037 1,577.997345,938 299,671 931,964
30..323,796 213,200'306.967 1.552.861 2,034.905 1,514,450 325.197 247.971 246.118
1925.
1927. 1926. 1 1925.
1926.
1927.
Jan.
1927. 1926. 1 1925.
7._ 238,809 151,454,234,091 1,529,394 2,023.364 1,474,156 205,252 160.090 198.591
14_264,749 178,734'231,584 1.509,833 1,999.693 1.441,041 284.220 155.091 198 469
2L.
1296.254 203,163201,602 1,487,991 1,979,161 1,383,626 274,402 182,628 144,187
238,380 158.778123.537
, ,
28._ 258.932 171,153200,371 1,467,429 , .
1
1
Feb. 1
4._ 235,198 173,2271179,899 1,404.189 1,930.287 1,248,011 171,958 136,731 121,118
1L.228,441 48,354 204,982 1,350.179 1,912,997 1,199,953 174,431 131.064156.924
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
(1) That the total receipts
The
for middling cotton at Southern and other principal cotton from above statement shows: 1 1926 are 10,699,978 bales:
the plantations since Aug.
markets for each day of the week:
in 1925 were 9,291,371 bales, and in 1924 were 8,437,021
bales. (2) That althoaigh the receipts at the outports the
Closing Quotations for Middling Cotton on
past week were 228,441 bales, the actual movement from
Week Ended
Feb. 11.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
plantations was 174,431 bales, stocks at interior towns
having decreased 54,010 bales during the week. Last year
Galveston
13.80
13.80
13.90
13.80
13.70
13.75
New Orleans_ 13.83
13.90
13.76
receipts from the plantations for the week were 131,064
13.90
14.00
13.90
Mobile
13.15
13.25
13.15
13.25
13.35
13.15
bales and for 1925 they were 156,924 bales.
Savannah
13.63
13.59
13.70
13.78
13.69
13.64
•
Norfolk
13.69
13.75
13.81
13.75
13.63
13.75
WORLD SUPPLY AND TAKINGS OF COTTON.
Baltimore
13.75
14.00
13.85
13.85
13.75
14.00
Augusta
13.56
13.69
13.56
13.44
13.50
13.50
The following brief but comprehensive statement indicates
Memphis
13.00
13.00
13.25
13.25
13.00
13.25
at a glance the world's supply of cotton for the week and
Houston
13.75
13.65
13.70
13.65
13.70
13.80
Little Rock_ _ -. 13.35
13.35
13.35
13.35
13.35
13.35
since Aug. 1 for the last two seasons, from all sources from
Dallas
12.90
12.95
13.00
12.90
12.85
12.85
which statistics are obtainable, also the takings or amounts
Fort Worth_ _ _ _
12.95
12.85
12.85
12.90
13.00
gone out of sight for the like period.
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
1925-26.
Cotton Takings.
1926-27.
Week and Season.
market for the past week have been as follows:
Week.
Season.
Week.
Season.
Saturday,
Feb. 5,
Monday,
Feb. 7.
Tuesday, Wednesday, Thursday,
Feb. 8.
Feb. 9.
Feb. 10.
Friday,
Feb. 11.
6,753.511
8,741.899
Visible supply Feb. 4
3.646,413
2,342,887
Visible supply Aug. 1
American in sight to Feb. 11-- 305.615 14,932,520 238.123 13,229.859
Bombay receipts to Feb. 10-- 142,000 1,579.000 115.000 1.758.000
191,000
24.000
6,000
321.000
Other India shipments to Feb.10
44.000 1.208,000
37.000 1,177,400
Alexandria receipts to Feb. 9_-_
478,000
10,000
12.000
525.000
Other supply to Feb. 9_*_b----
February _
March_ _ 13.82-13.84 13.76-13.78 13.9014.01-14.02 13.91 13.85-13.86
April
May
14.00-14.02 13.93-13.95 14.04-14.05 14.15-14.16 14.05-14.07 14.01-14.02
June
July
14.17-14.18 14.09-14.10 14.21-14.22 14.30 -- 14.20-14.21 14.18-14.19
9,244.514 22,004,333 7,184.634 19.384,946
Total supply
August-Deduct
September
8.668,422 8,668,422 6,764,781 6,764.781
Visible supply Feb. 11
October
14.31-14.33 14.2414.3314.42-14.43 14.32-14.33 14.30-14.31
November
takings to Feb. 11_a
576.092 13,335,911 419,853 12.620,165
14.37 bid 14.46-14.49 14.55-14.56 14.45 bid 14.44- Totalwhich American
December. 14.45476,092 10,165.511 274,853 9.130,965
Of
January _ _ 14.50 bld 14.42 bid 14.51 bid 14.60 bid 14.50 bid 14.49 bid
100,000 3.170,400 145,000 3,489,200
Of which other
Tone
Steady
Steady
Steady
•Embraces receipts In Europe from Brazil, Smyrna. West Indies, &c.
Spot
Steady
Steady
Steady
Steady
Steady
a This total embraces since Aug. 1 the total estimated consumption by
Options ... Very at'dy Steady
Steady Barely yvy.
Southern mills. 2,831.000 bales in 1926-27 and 2.440,000 bales in 1925 -26
WEATHER REPORTS BY TELEGRAPH.
--Reports takings not being available-and the aggregate amounts taken by Northern
spinners-10.504.911
in 1926-27 and 10.180.165
to us by telegraph this evening denote that the weather in and foreign which 7.334,511 balesbales6,690.965 bales American. bales in
and
1925-26. of
these parts of the cotton belt where cotton remains in the
b Estimated.
field, has as a rule been generally favorable for picking.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Some cotton has been gathered in the northeastern and
northwestern sections of the cotton belt, but considerable The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
cotton is still out in the northwestern sections.
Aug. 1, as cabled, for three years, have been as follows:
Rain. Rainfall.
Thermometer
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Delrio
Palestine
San Antonio
Taylor
New Orleans
Shreveport
Mobile, Ala
Savannah. Ga
Charleston, S.0
Charlotte. N.0
2 days
4 days
2 days
4 days
3 days
2 days
2 days
3 days
2 days
1 day
3 days
1 day
2 days
7 days
7 days
0.76 in.
0.88 in.
0.38 in.
1.91 in.
1.08 in.
1.76 in.
0.29 in.
1.20 in.
0.98 in.
0.44 in.
0.32 in.
0.28 in.
0.18 in.
0.17 in.
0.32 in.
high 71
high 70
high 82
high 74
high 74
high -high 74
high 78
high -_
high __
high 76
high 76
high 83
high 82
high 79
low SO
low 24
low 42
low 40
low 28
low 34
low 34
low 36
low 30
low _low 41
low 59
low 54
low 52
low 44
mean 61
mean 47
mean 62
mean 57
mean 51
mean
mean 54
mean 57
mean -mean 66
mean 59
mean 68
mean 68
mean 67
moan 57
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:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Feb.111927.
Feet.
16.5
37.5
20.2
:42.2
46.7
Feb. 12 1926.
Feet.
10.6
21.7
12.8
13.4
32.9
COTTON BOOK OF W. R. CRAIG & CO.
-A very
valuable little book has just been issued by W. R. Craig
& Co. entitled "Cotton." In this book in statistical form
are found the facts about cotton which are considered the
most interesting and useful to those who are engaged in
1926-27.
February 10.
Receipts at
Week.
Bombay
Since
Aug. 1.
1925-26.
142,000 1,579,000 116,000 1,758,000 142.000 1.498.000
For the Week.
Exports
from
-
1924-25.
1Sines
Since
Week. Aug. 1. Week. Aug. 1.
Since At gust 1.
Great Conti- 1JapanA.
Great
Britain nent. China. Tota1.1 Britain.
Con1inent.
Jason &
China.
Total.
Bombay
1926-27.... 2,000 4,000 60.000 66.0001
1925-26.. 1,000 33.000109.000 143,000
1924-25.. 1,000 15,000 108,000 124,000
Other India
4,0001
1
1926-27 _ _ ------ 600
6,000
1925-26 _ _
0
2400
24,000
1924-25.. -5.666
9.000
4,0001 153,000 703.000 860,000
23,000 287.000 826,0001,136,000
27,000 215,000 835.000 1,077,000
1
191,000
17,000 174,0001
321,000
61,000 260,000;
156,000
24,000 132,0001
Total all
1926
-27..
1925-26_ _
1924-25..
21,000 327,000 703,0001,051,000
84,000 547.000 826.0001,457,000
51,000 347.000 835.0001,233,000
1
2,000 10,000 60,000 72.000
1,000 57.000 109,000 167,000
6.000 19,000 108.000 133.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
27,000 bales. Exports from all India ports record a decrease
of 95,000 bales during the week, and since Aug. 1 show a
decrease of 406,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
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.
Receipts (cantars)This week
Since Aug. 1
1926-27.
1925-26.
1924-25.
185.000
5,876.156
Alexandria, Egypt,
February 9.
220.000
6,030,795
85.000
6,379,589
Since
This Since
This Since This
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)
-
142,209
To Liverpool
136.872 8,750 132.682
To Manchester, &c- 16:666 114,411 10,250 130.034 9:666 169,939
To Continent and India_ 11.000 212,349 17,250 215,289 10.750 246,830
96,779
To America
73.642 13,500 105,094
Total exports
21,000 537,274 49,750 583.099 19.750 655,757
Note.
-A cantar is 99 lbs Egyptian ba es weigh about 750 lbs.
iThis statement shows that the receipts for the week ending Feb. 9 were
185,000 canters and the foreign shipments 21.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloth is firm. Demand for both yarn and
cloth is good. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1925-26.
1926-27.
32s Cop
Twist.
81( Lbs.Shirt- Cotton
Wigs. Common Midettg
Uprds
to Finest.
32.1 Cop
Twist.
8% Lbs.Shirt,- Cotton
ings. Common Mtddrg
UDE&
to Finest.
s. d
B. d.
14 2 014 6
14 2 ©14 6
14 2 ©14 6
Dec.
d.
d.
d.
6.95 1734 ©18fi
7.03 17X©18,1
6.92 17 ©183S
@um 12 0
11 6
mi@i3 11 7
©12 2
©12 0
©12 1
11%©18 11 7 012 1
114 ©121( 11 6 012 0
6.42
6.46
8.62
8.81
6.89
161.1©18X 14 2
16341518 14 1
16 @1734 14 0
16 @1734 14 1
1634151754 14 3
©14 6
0617 4
014 4
014 5
014 5
10.42
10.17
9.81
9.92
9.27
11 8 012 0
11 7 012 1
012 2
12
12 1 ©12 3
6.98
7.16
7.30
7.28
185(01751 14
16%01755 14
17%01854 14
16%0175i 14
©14 6
©14 6
014 6
©14 6
10.54
10.84
10.76
10.63
12
10....
Jan.
111.1©1211
11.34©113
1134@13
12 ©13
3
3
4
4
High StandDensity. ant.
Liverpool .40o. .550.
Mancheater.40c. .550.
Antwerp .45o. .600.
Ghent
.5234c. .6734o.
Havre
.50e.
.850.
Rotterdam .600. .75e.
Genoa
.500. .650
10.5s
10 60
10.74
Oslo
Stockholm
Trieste
Fiume
Lisbon
Oporto
Barcelona
Japan
High StandDensity. ant
.50o.
.60o.
.800.
.750.
.60e. .750.
.60o. .750.
.50c. .65c.
.65c. .80e.
.40c.
.550
.6730. .8250.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonlea
Venice
High SandDensIty. ant.
.700.
.850.
.750. .900.
50o. .85o.
.50e. .850.
.850. 1.000.
.850. 1.000.
.800.
.750.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Feb. 4. Feb. 11.
Jan. 21. Jan. 28.
62,000
46.000
55,000
70,000
41,000
28,000
32.000
44,000
3,000
3,000
1,000
2,000
72,000
73.000
82,000
72,000
1.254.000.1,272,000 1,310,000 1,321,000
897.000 919,000 987,000 999,000
99,000 107,000 102,000
83,000
70,000
81,000
80,000
60.000
306.000 273.000 258,000 215.000
241.000 202.000 193.000 153,000
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
SOf which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, 1
12:15
P. M. 3
Mid.Uprds
Sales
s. d
d. B. d.
d.
12@l4 12 0 ©12 2
12%©14 12 0 ©12 2
12Pi QS 131( 12 0 012 2
Nov.
[voL. 124.
THE CHRONICLE
948
Saturday.
Monday,
Tuesday. Wednesday. Thursday.
Quiet.
A fair
business
doing,
Good
demand,
7.56
7.57
7.54
4,000
7,000
10,000
Hardenlog,
Good
demand.
7.66
12,000
Friday.
Good
demand.
7.64
7.69
10,000
10,000
Futures. I Steady at Steady at Quiet at Steady at Quiet at St'dy. 1 pt.
Market
7 to 10 6 to 8 pia. 1 to 4 pis. 3 to 6 pts. 2 to 4 pts. decline to
decline. 1 pt. adv.
opened
pts. adv. advance, advance, advance.
Market,
4
P. M.
Firm,
Quiet but Barely sty Steady at Very st'dy, Steady at
steady, unchanged 8 to 9 pts. 10 to 12
7 pts. 3 to 4 pts.
advance.
7 to 9 pts. to 3 pts. advance. Dts. adv. decline,
advance.
decline.
Prices of futures at Liverpool for each day are given below:
Sat.
Feb. 5
to
Feb. 11.
Moe.
Tues.
Wed.
Thurs.
Fri.
1231 1214 1234 4:'' 1234 4:04 1234 4:00 1234 4:00 1234 4:00
p.m.p. m.p. m p.m.p.m.p. m p. m.p. m p. m.p. m.p. m.p. m.
d. d. d. d.
d. d. d.
d.
d. d.
d. d.
February
_-. 7.24 7.27 7.2 7.24 7.30 7.36 7.40 7.34 7.33 7.34 7.37
March
7.31 7.37 7.43 7.4 7.41 7.40 7.42 7.43
7.311 7.33 7
April
7.331 7.8 7.31 7.34 7.40 7.46 7.50 7.44 7.43 7.45 7.46
10.80
7.47 165401754 14 0 ©14 4
1134©133.1 12 1 ©12 3
May
'
7.3 7.41 7.47 7.54 7.68 7.52 7.51 7.58 7.54
7.411 7.
10.52
7.69 163401734 14 0 014 3
12 01334 12 2 ©12 4
7.44 7.50 7.58 7.62 7.58 7.5. 7.57 7.58
7,431 7.4: 7.
June
7.5gi 7.5 7.4 7.52 7.58 7.65 7.6 7.63 7.62 7.64 7.65
July
I
7.5 7. 7.5 7.55 7.81 7.68 7.72 7.66 7.6. 7.67 7.08
SHIPPING NEWS.
-As shown on a previous page, the August
7.71
7.61 7.5. 7.58
exports of cotton from the United States the past week have September ---------7.57 7.6 7.68 7.61 7.64 7.73 7.7 7.68 7.67 7.69 7.70
I
7.78 7.70 7.69 7.71 7.72
7.66
October
7.59
reached 184,338 bales. The shipments in detail, as made November ---------7.62 7.68 7.61 7.64 7.69 7.76 7.79 7.73 7.72 7.74 7.75
December
I__ __ 7.64 7.8 7.63 7.66 7.71 7.78 7.81 7.75 7.7 7.76 7.77
mail and telegraphic returns, are as follows:
up from
January (1928) -- -- 7.66 7.72 7.66 7.69 7.74 7.81 7.84 7.78 7.77 7.79 7.80
Bales.
4444 February(1928) __ __ 7.66 7.72 7.66 7.69 7.74 7.81 7.84 7.78 7.77 7.79 7.80
NEW YORK
-To Genoa-Feb.9
-Conte Biancamano,
* 748
To Bremen-Feb. 4-Seydlitz 748
100
-Feb.5-Lituania, 100
To Hamburg
-To Liverpool
-Bolivian, 11,537-Feb. 3
NEW ORLEANS
17,520
-West Wauna, 6.983
Feb. 4
•
-West
-Feb. 3
-Bolivian, 1,328---Feb. 4
To Manchester
2,802
Wauna, 1.474
Friday Night, Feb. 11 1927.
-Aquarius,9,602... _Feb.5-Alda,5,032- 14,634
To Bremen-Feb.2
908
Flour was quiet and steady late last week. There is no
-Aquarius,440_ _Feb.5-Alda,466_ _-To Hamburg
-Feb.2
1,025
To Barcelona-Feb. 4-0gontz, 1.026"
925 likelihood if we accept local opinion, of any immediate
To Genoa-Feb. 5-Quistconck, 925
125
-Feb.8
-Dania, 125
To Copenhagen
1,227 improvement in business if indeed it does not continue about
To Rotterdam-Feb. 3-Gaasterdijk, 1,227
64 as slow as it is now during the rest of the season. Buyers
To Antwerp-Gaffney,64 additional
2,250
To Japan-Feb. 2-Stee1 Engineer,2.250
233 are as averse as ever to buying ahead in any considerable
To Porto Colombia-Feb. 8-Abangarez, 233
12
-Garfield, 12
To Valparaiso-Feb.8
2,250 quantities and as a rule they will not buy at all for distant
-Steel Engineer, 2.250
To Japan-Feb. 2
233 delivery. They continue to pay the market on such quantiColombia-Feb.8-Aban rez, 233
To Porto
12
-Garfield, 1
To Valparaiso-Feb.8
-Skip-Missouri,5,061_ -Feb.10
-Feb.5
HOUSTON-To Havre
ties as will satisfy their immediate needs and are content to
6,462
ton Castle, 1,401
let the future take care of itself. Total stocks of wheat held
-Missouri, 150 -Feb. 10-Skipton Castle,
.
To Ghent
-Feb.5
1,218
1.068
on Jan. 18 by 868 milling companies owning or operating
-Western
To Bremen-Feb. 4-Neptunian, 7,142_.Feb. 5
14,459 1,026 mills and representing 87.5% of the United States
Oceam, 7.317
16.310
To Japan-Feb. 4-Erviken, 16,210; Neptunian, 100
-West Cameo, 1.300._ -Feb. 7
wheat flour output amounted to 116,412,650 bushels accordGALVESTON-To Havre
-Feb. 2
10,820
-Brush,6,026
-Missouri,3,494___Feb. 8
-Brush, 2,075 2.225 ing to the quarterly report of the Census Bureau. Of this
To Ghent
-Feb.2
-West Cameo, 150 -Feb.8
.
-MonteTo Barcelona-Feb. 2-Cardonia, 2,213--Feb. 4
elevators, in transit and in
4.760 82.4% was in private terminal
video. 2,547
649 mills and mill elevators attached to mills; 10.3% in public
To Gothenburg-Feb.3-Stureholm,649
918
To Copenhagen-Feb. 3-Stureholm, 918
terminal elevators and 7.3 in country elevators. Minne-Glasgow Maru,
To Japan-Feb. 4-Erviken, 6,450- __Feb. 5
22.209
15.759
700 apolis wired: "Improvement noted in flour trade."
To Dunkirk-Feb. 7
-Missouri, 700
To Bremen-Feb. 7
-Western Ocean, 6,763._ -Feb. 8-NePThe "Southwestern Miller" said: "Aggregate flour book13,247
tunian, 6.484
350 ings were of small proportion last week. Reports of signs
To Antwerp-Feb. 8
-Brush, 350
To Hamburg-Feb. 8-Neptunian. 2,136
2,136
NORFOLK
-To Manchester-Feb. 3
of enactment of the McNary-Haugen bill served to make
-Manchester Hero, 400---Cold Harbor, 2,100
2,500
Feb. 7
for a flurry in buying around week-end which resulted in
To Bremen-Feb. 7-Holger, 3,666---Feb. 10
-West Harcuvar, 6,403
10,069 some sales of fair sized lots. Mills of the Southwest reported
-Feb. 10
-Vittoria Emanuele III, 1,100_
To Liverpool
Feb. 11-Valemore, 950
2,050 sales of 45 to 50% with some interior plants booking 75 to
-To Genoa-Feb.5
-Liberty Bell, 200
SAVANNAH
200
100%. Southwestern mills sold about 30% of capacity.
-Hague Maru, 2,300--Feb. 5
-Feb. 4
-Lorenzo,
To Japan
5,300 Most Southwestern as well as spring wheat mills complain
3,000
To Bremen-August,700 additional_ _ _Feb.9-Greystoke Cas3,750 of a sluggish European demand. For the first time in some
tle, 3,050
To Hamburg-August, 528 additional_ _Fob. 9-Greystoke
1,594 months China and other Oriental countries took considerable
Castle, 1,065
-Hague Meru,700
701)
To China-Feb.4
CHARLESTON-To Bremen-Feb.9-Annavore,700
700 flour in the Pacific Northwest." Clearances from New
200 York on the 10th inst. were 39,786 sacks mostly to the
To Rotterdam-Feb. 9-Annavore. 200
-Feb. 10--ShickshinnY, 2.365
2,365
To Liverpool
1,143 Continent. The Northwestern Miller has unfavorable trade
To Manchester-Feb. 10-ShickshimiY, 1.143
TOWNSEND-To Japan-Jan. 3I-President Jefferson,
PORT
1.250---------------------J -------------------------- 1,250 reports and intimates that unless shipping directions improve
300
To China-Jan. 3I-President efferson. 300
curtailment of production is likely.
-President Lincoln, 1,050
-To Japan-Feb. 4
SAN FRANCISCO
-Argun Meru, 200
1.250
___Feb. 5
to 10. on the 7th inst., with world's
Wheat declined
-President Lincoln, 250
250
4
To China-Feb.
-Saco, 4,939
-Feb. 2
4,939 shipments last week no less than 21,000,000 bushels and
-To Liverpool
MOBILE
5,200
WILMINGTON-To Genoa-Feb. 11-Marina Odero, 5.200
1,500 Liverpool down 13i to 134d.. Futures in Liverpool were at
-Feb. 11-Marina Odero, 1,500
To Naples
Feb.
-
BREADSTUFFS
the lowest premiums for the season as compared with those
in Chicago. Liverpool evidently feared the big shipments
-Current rates for cotton from
COTTON FREIGHT.
New York, as furnished by Lambert & Burrows, Inc., are from south of the Equator. They are expected to make
their appearance there before very long. On this side
as follows, quotations being in cents per pound:
Total-----------------------------------------------184,338
FEB. 12 1927.]
THE CHRONICLE
export sales on the 7th were only 300,000 bushels and there
was some hedge selling as well as liquidation. The receipts
at the Southwest and elsewhere are not negligible by any
means. A decrease in the United States visible supply
last week of 1,133,000 bushels attracted little attention. It
will be, it is predicted, another and very different story
next week. The total now is 54,595,000 bushels, against
4
43,998,000 a year ago. On the 9th inst. prices dropped 13
/
to 158c. on liquidation. Stop loss orders were caught.
There was some selling on the report that President Coolidge
would veto the McNary-Haugen bill if passed. Buenos
to lc.
Aires was 1 to 1Mc.lower and Winnipeg was down
Orders to buy at $1 40 for May were uncovered and this
together with short covering checked the decline. Snow
was reported in the West and Southwest. Export sales were
estimated at 300,000 to 400,000 bushels. The first samples
of Australian new crop are said to be of excellent quality.
It is a question what premiums the millers in OA West and
Central Europe will be willing to pay. This will have much
to do with the price on future contracts.
On the 10th inst. prices advanced 1Mc. from the early
low, though the reported sales were small, i. e., 200,000
bushels. But offerings fell off. There is a lack of snow
covering in the Southwest where it was cold, and Winnipeg
was firm. The cash demand at the Southwest was good.
that offset the rather large receipts there. Lower cables
from Liverpool reflected large exports to Europe. Argentine
shipped 6,475,000 bushels this week and the Black Sea ports
975,000. Flour at the Northwest was dull. Some atention
was paid to the fact that a vote on the McNary-Haugen
bill was due in the Senate at 4 p. m.on the 11th inst., where
it passed at the appointed hour by a vote of 47 to 39. It is
likely, it is said, to be vetoed. Liverpool closed Md.lower.
There were advices of cheaper offerings for prompt shipment
from the Argentine. The Canadian export surplus is put
at 158,534,000 bushels, including 22,500,000 as a carry-over
on Aug. 1. Kansas City stocks increased 198,000 in three
days. To-day the principal markets closed M to Mc.lower,
with only moderate trading. Everybody was awaiting the
vote on the McNary-Haugen bill. Also there was a disinclination to trade heavily on the eve of a holiday—Lincoln's
Birthday. Export sales only 200,000 bushels. The world's
shipments this week looked like 17,500,000 bushels, of which
nearly 10;000,000 bushels from Argentina and Australia.
North American exports for the week, according to Bradstreets, are 6,961,000 bushels, against 6,515,000 last year.
It does not look as though there will be much change in the
visible supply on Monday. The weather in the winter
wheat belt is cold and there is very little snow. Final prices
show a decline for the week of 138c. on May, while July is
/
Mc. higher.
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frii
cts_14534 14434 14534 14334 1443' 14434
May delivery
July delivery
13934 13834 13934 138
1383k 1383/8
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 144% 1433 14334 14234 14334 143
May delivery
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Man. Tues. 117,d. Thurs. Fri.
cts-152% 15134 152 14934 15oq 150%
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_14234 14i3 14134 1401 141% 141
May delivery in elevator
135% 134
13534 1337 13434 13434
July delivery in elevator
%
132% 131 7 13334 131
13234 13234
September delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_139 13834 13834 13734 138% 13734
May delivery in elevator
July delivery in elevator
13734 13634 13734 13634 13634 13636
12734 127,4 12834 128
October delivery in elevator
12834 12834
Indian corn advanced on the 5th inst. partly on the expectation of farm relief and some covering and general buying.
It is of interest to notice that an appropriation of $10,000,000
to enable the Departmentiof Agriculture to carry on its fight
against the corn borer has become law. This fund is not
to be used to pay the cost or value of corn or other farm
crops, or property injured or destroyed but solely to combat
the pest. President Coolidge signed the bill early in the
week to combat the European pest which has been ravaging
crops tlirougout the United States. Toledo, Ohio, wired:
"Corn plantings in parts of Ohio, including Toledo are now
in the quarantine area. Corn from infested district,p can
be shipped to other infested areas without infection. Corn
shipped from infested districts to non-infested districts mast
be inspected by an agent of the Depaztment of Agriculture
for dirt, broken cobs and any other evidences of corn borer.
If clean, &c., a certificate is issued which permits unrestricted
shipments. If a certificate is refused the corn must be
recleaned or shipped to some point in infested area. We
are operating under quarantine regulations here."
The United States visible supply increased last week 2,877,000 bushels against 1,726,000 a year ago. The total is
949
41,369,000 bushels against 29,816,000 a year ago. On the
7th inst. prices ended M to Mc. lower on hedge selling and
scattered liquidation. Chicago has a stock of 22,500,000
bushel or more than half the total. Chicago wired: "A
great deal of talk of a possible placing of a quarantine on the
shipment of corn in parts of Illionois due to the corn borer."
On the 9th inst. prices declined M to lc. on general selling
and a lack of support. Export business has been light.
Later prices advanced Mc. net with a marked decrease in
receipts due to bad weather, smaller receipts at Chicago and
a better demand for cash corn from the industries. It was
said that at Memphis small quantities are wanted for export.
Chicago wired that outside buying of corn had improved and
that this grain was giving a better account of itself. Primary
movement has stopped the last few days and this was
attracting attention. To-day prices closed M to Mc. higher.
Receipts were light. There was no pressure from the
country. Cash markets at the West showed more snap. At
Chicago the demand was only fair. Some well known operators were said to be buying. Many evened up for the
holidays and the McNary-Haugen Bill vote in the:Senate.
Final prices show a rise for the week of Mc.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
.
cts
Mon.Tues Wed Thurs.
gui 9334
.
9434 9434
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
1
cts_ 815 8134 81g 80% 8034 8 %
May delivery in elevator
84% 84%
84% 84
84
85
July delivery in elevator
86% 86
8634 8634 8674
September delivery in elevator.-- 87
Oats showed a downward tendency with other grain,falling
in the middle of the week lc. at the West and 14c at New
York. Liquidation was the order of the day in oats, as well
as in all other grain. And there was no support or very
little. A somewhat better cash demand appeared, but it
was not active enough to tell. Country marketings showed
some decrease, but this did not count as against the other
factors. Despite a decrease in the United States' visible
supply last week of 314,000 bushels, prices on the 7th inst.
declined X to Mc. The total visible supply is now 45,108,000 bushels against 62,717,000 a year ago. On the 9th inst.
/
prices fell M to lc. at the West and 13 0. at New York.
Liquidation was general. Little support was noticeable.
Today prices closed unchanged to Mc. higher with trading
light. Corn's firmness and light interior receipts had a tendency however to steady the price. Latterly the crop
movement in the country has been smaller. This continued
to excite comment. Some think the statistical position is
bullish. If the demand starts up this will tell. The cold
weather at the West may increase interior consumption.
Yet.it is noticed that on upturns offerings are larger. Final
33
prices show a decline for the week of /to Mc.
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK.
' Sat. Man. Tues. Wed. Thurs. Fri.
cts_ 51,4 5034 5044 4934 4934 50
May delivery
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Ncts_ 56% 54% 54% 54
5434 5434
2white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 4734 4636 47
46
4634 46%
May delivery in elevator
47% 47% 47% 46% 47
47
July delivery in elevator
46
September delivery in elevator
4634 46
45% 4534 4534
OF OATS FUTURES IN WINNIPEG.
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 5834 57,4 .58% 57% 57ri
May delivery in elevator
56% 56
July delivery in elevator
5634 55% 56
56
5134 51
513i 51% 51
October delivery in elevator
5134
5754
Rye in the middle of the week was declining in sympathy
with a fall in other grain. Some of the selling was on stop
orders. The trouble was there was no big export demand.
It is true there was some buying credited to the Seaboard
but no large export sales came to light. On the 7th inst.
prices fell
to Mc. partly in sympathy with a decline in
wheat. The United States visible supply increased last week
259,000 bushels against a decrease in the same week last
year of 36,000 bushels. The total is now 13,186,000 bushels
against 13,528,000 a year ago. No sharp export demand
appeared. In Chicago there was fair buying of May by
commission houses. Export buying orders were for July and
Sept. with the Continent the best bidder for July. On the
7th inst. Rotterdam bought a few loads of rye. On the 9th
inst. prices declined M to lc. with other grain lower. Seaboard interests were reported to be buying a little but export
sales were very small. On the 10th inst. prices advanced
owing to a rise in wheat. Also there was a good inquiry for
export though the bids were too low. To-day prices closed
M to Mc. lower. The Continent was said to have taken a
few loads for May shipment. Norway is said to have
bought to some extent and wanted offerings over the holiday.
Cash prices were steady or even firm. Final prices show a
decline for the week, however, of M to 1 Mc., the latter on
May.
DAILY CLOSING PRICES OF RYE FUTURES IN CHIGAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
livery
8
_108
107% 1074 10674 107% 106
July delivery in elevator
9
99m 9
19
0
9 104% 10t 1S411 1St
4
September delivery in elevator- —.19°49
Closing quotations were as follows:
GRAIN.
York—
Oats. New YorkWheat, New York.
•
No.2 red t.o.b
white
No. 1 Northern
No.2 hard winter,f.o.b.__ 1 5 1 Rye, Newiw 0 k—
e
r
% NN43°
0
11 5°8
5.-'6® 16:
15453
No. 2 f.o.b
Corn. New York—
Yor
r
893493 k Barley New to c auty_.80i091
No.2 yellow
No.3 yellow
950
[VOL. 124.
THE CHRONICLE
PLOLIR.
Spring patents
Clears, first spring
Soft winter straights
Hard winter straights
Hard winter patents
Hard winter clears
Fancy Minn. patents
City mills
$6 500$6 75
$7 25($7 50 Rye flour patents
51i
7 10 Seminola No. 2, pound_
3 050 3 10
6 2.5
6 50 Oats goods
2 150 220
7 i5@ 750 Corn flour
7 500 7 90 Barley goods
3 75
6 00© 6 75 Coarse
8 90@ 9 75 Fancy pearl Nos. 2, 3
700
and 4
920® 990
movements of grain
Emil the statements below regarding the &c.-are prepared
supply,
-receipts, exports, visible
by us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years.
Receipts al-
Flour.
Wheat.
Corn.
I
Oats.
Barley.
Rye.
bbls.19615s.bush.60 lbs.bush.56 lbs.ibush. 32 lbs bush.481bs.bush.561k,.
153,000
153,000
Chicago
390,000 2,636,000 1,260,000
245,000
81,000
208,000
263,000
Minneapolis.,
1,350,000
663,0001
99.000
9,000
Duluth
1,000
566,00
78,000
179,000
311,000
748,0001
32,0
Milwaukee..
29,0''
5,000
107,000
134,0001
Toledo
305,000
8,000
16,000
47.0001
53,000
Detroit
170,000
548,0001
68,000
Indianapolis_
20,000
366,000
544,000,
St. Louis......
442,00
129,000
35,000
214,000
721,000
Peoria
21,000
80400
50,000
777,000
Kansas City_
1,678,000
120,000
655,000
512,000
Omaha
16,000
331,000
257,000
St. Joseph.
64,000
18,000
489,000
Wichita
Sioux City_
Total week '27
Same wk. '26
Same wk. '25
483,000
428,000
539,000
6,163,000
4.311,000
6,774,00
7,823,000
6,569,000
6,057,000
604,000
2,957,000
614.000
2,768.000
4,730,000 1,144,000
424,000
274,000
495,000
1
Since Aug.11926
12,828,000 235,280,000129,839,000 88,717,00010,640,000 20,827,000
12,533,000 243,720,000 134,449,000 151.634,00056,088.000 17,601,600
1925
13,077,000402,373,000151,218.000 190.306.00047,614.000 48,542.000
1924
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Feb. 5, 1927, follow:
Receipts at.- I
New York_
Philadelphia_ _
Baltimore_ ___
Norfolk
New Orleans•
Galveston_
Montreal _ _
St. John. N.B
Boston
Flour. I
Wheat, I
Corn.
I
Oats.
I Barley.
Rye.
Bushels. 1 Bushels. I Bushels. Bushels.
Bushels.
Barrels.
9.000
738,000
200,000
36,000
220,000 1,386,000
167,000
34,000
14,000,
960,000
48,000
38,000
83,000
4,0001
478,000
20,000
18.000i
69,000
1,000
23,000,
143.000
63,000
60,000
356,000
1
1
5,000
17.000
70,000,
12,000
11,000
112,000
137,000
103,000
1
81,000
989,000
24.000
12,000
31,00
195,000,
1,000
Total wk. '27 473,00D 4.608,000.
Since Jan.1'27 2,127,000 30.773,000
223.000
1.139,000
213.000
343.000 1,108,000
2.118,000 6,143,000 1,523.000
United States
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
Afloat
Toledo
Afloat
Detroit
Chicago
Afloat
Milwaukee
Afloat
Duluth
Afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
GRAIN STOCKS.
Rye.
Barley.
Wheat.
Oats.
Corn.
bush.
bush.
bush.
bush.
137,000
679,000
718,000
87,000
675,000
5,000
4,000
28.000
78,000
56,000
538,000
181,000
20,000
5,000
219,000
1,147,000
107,000
112,000
116.000
664.000
135,000
323,000
89,000
42,000
1,036,000
38,000
3,000
1,755,000
177,000 1,340,000
43,000
312,000
3,074,000 2,878,000 3,587,000
112,000
2,107,000
537,000 1.136.000
5,000
8,000
322,000
300,000
2,125,000
141,000
680,000
19,000
145,000
298,000
62,000
186,000
2,739,000 21,674,000 6,582,000 1,314,000
907.000
144,000
463.000
77,000 1,680,000 1,729,000
253,000
318.000
419,000
433,000
7,542,000
16,000 7,678,000 5,652,000
393,000
10,500,000 1,077,000 14,954,000 3,741,000 2,512,000
12,000
500,000
400,000
282,000
99,000
6,000
2,597,000 2,133,000
553.000
13,000
165,000
9,683,000 3,540,000
859.000
3,250,000
26.000
34,000
898,000
55,000
831,000
29,000
12,000
512,000
622,000
844.000
434,000
600,000
40,000
71,000
2,428,000 2,773,000 2,223,000
107,000
85,000
Total Feb. 5 1927_ _54,595,000 41,369.000 45.108,000 13,286.000 3,946,000
Total Jan. 29 1927____55.728,000 38,792,000 45,422.000 12,927,000 4.165,000
Total Feb. 6 1926____43,998,000 29,818,000 62,717,000 13,528,000 6,602.000
Note.
-Bonded grain not included above: Oats, New York, 5,000 bushels; Buffalo,
151,000; Duluth. 23,000; total. 179,000 bushels, against 1,457,000 bushels In 1926.
Barley, New York, 1,277.000 bushels; Baltimore. 263,000; Buffalo, 266,000; Duluth,
40,000; Fairport, afloat. 122.000; total, 1,968.000 bushels, against 2,645.000 bushels
In 1926. Wheat. New York, 2,150,000 bushels; Boston, 539,000; Philadelphia,
1,420,000; Baltimore, 862,000; Buffalo, 4,053,000; Buffalo. afloat. 1.667,000;
Duluth. 252,000; Toledo, afloat, 607,000; Erie, afloat. 314,000; Fairport, afloat,
314.000; total. 12.178,000 bushels, against 14,124.000 bushels in 1926.
Barley
Rye.
Wheat.
Oats.
Corn.
bush,
Canadianbush.
bush,
bush,
bush.
Montreal
1,778,000
381,000 1,283,000
2,490,000
Ft. William & Pt. Arthur_37,224.000
3,014,000 2,016,000 4,062,000
Afloat
7,481,000
121,000
102.000
Other Canadian
7,715,000
2.727,000
702,000
406,000
Total Feb. 5 1927___ _54,198,000
8,231,000 2.924,000 6,149,000
Total Jan, 29 1927.._ _54,093,000
8.4.92,000 2,869,000 5,943,000
Total Feb. 6 1020........57.97i.000
140,000 10,090.000 1,953,000 8,568,000
Summary
American
54,595,000 41,369,000 45,108,000 13,286,000 3,946,000
Canadian
54,198,000
8,231.000 2,924,000 6.149,000
Total Feb. 5 1927-108,793.000 41,369,000 53,339,000 16.210,000 10
000
Total Jan. 29 1927___109,821,000 38,792,000 53,874,000 15,796,000 10 095.
108
' 000
Total Feb. 6 1926_101,969,000 29,958.000 73.707,000 15.481.000 15.170,000
' 1
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
FEB. 8.
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Feb. 8, follows:
The weather during the week was characterized by widespread uniformly
mild conditions for the season in nearly all sections of the country. At the
beginning of the period it was relatively cold in Central and Northern
States east of the Mississippi River. but there was a quick reaction to
milder and thereafter temperatures much above normal were the rule,
except that rather frequent changes and some cold weather were experienced from the Lake region eastward. At the close of the week, however,
The exports from the several seaboard ports for the week much colder weather had overspread the northern Great Plains, attending
ending Saturday, Feb. 5 1927, are shown in the annexed a sharp rise in pressure in that section. and northern Pacific Coast States.
Precipitation was frequent in central
statement:
and a number of"lows" passed eastward over northern districts of the central
and eastern portions of the country. attended by rain or snow, but in most
of the South and Southwest the weather remained generally fair throughout
Barley.
Rye.
Oats.
Flour.
Corn.
Exports fromWheat.
the week.
The table on page 3 shows that temperature conditions for the week,
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
general, were very unusual because of widespread and marked warmth.
326,334 530,496 In
55,709
59,496
New York
1,433,012
A very limited number of stations in the extreme northeastern portion of
26,000 177.000
Boston
72,000
country and two along the southern California coast had slightly sub40,000 336,000 the
1,256,000
Philadelphia
but all others show plus departures from normal,
40,000 normal temperatures, from the Rockies to the Appalachian Mountains
26,000
12,000
Baltimore
886,000
with the entire area
1,000
Norfolk
69,000
having weekly means from 12 degrees to as much as 22 degrees above
26,000
12,000
12,000
New Orleans
379,000 144,000
normal. It is very unusual for a week to show such marked warmth in the
12,000
96,000
Galveston
of winter.
137,000 103.000 middle
81,000
St. John, N.13
989,000
Freezing did not extend farther south during the week than south1,000
Halifax
central Virginia, the Ohio Valley, and southeastern Kansas. while temperatures as low as zero were confined to the more northern districts of
12,000 581,334 1,186,496 the county. In the Gulf area and South Atlantic States the lowest temTotal week 1927_ 5,111,012 272,496 174.709
Same week 1926_ _ _ 2.138.328 702.000 113.983 291,710 384,875 278,850 peratures, as a rule, were above 50 degrees, while in southern Florida and
.
extreme southern Texas they were above 60 degrees.
,
The table also indicates the totals of weekly precipitation. Some fairlS
The destination of these exports for the week and since
heavy rains occurred in Tennessee, and moderate precipitation was reJuly 1 1.926 is as below:
ported from the upper Mississippi Valley eastward and in west Gulf sections,
but elsewhere east of the Rocky Mountains the amounts wore generally
light, with little or no rainfall again reported from the more southeastern
Corn.
Wheat.
Flour.
districts. In the Pacific Coast States the rains were heavier, ranging mostly
Exports for Week
from 1 to 3 inches, except in the extreme South where very little occurred.
Since
Week
and Since
Since
Week
Week
Since
In the far Southwest the week was again rainless.
July 1
Feb. 5
Feb. 5
July 1
Feb. 5
July 1 toJuly 1
The mild, open, and mostly fair weather made conditions favorable for
1926.
1927.
1927.
1926.
1926.
1927.
outside seasonal farm operations, except in parts of the interior where
the soil continued to wet. The abnormal warmth greatly reduced the
Bushels.
Barrels. Barrels.
Bushels. Bushels.
Bushels.
655,178 snow cover in Northern States and removed that present at the beginning
United Kingdom_ 104,769
37,440 1,301,958 72,962,892 162,498
202,000 of the week over the northern wheat area, with a cover remaining at the
86,000
Continent
62.940
128,737 3,808,054 125,118,064
were still some flooded
1,000 1,207.000 close only in the more northern districts. There in other
So.& Cent. Amor_
4,000
3,860,467
5,000
sections where
916,000 bottom lands in parts of the interior valleys, but
23,000
West Indies
3,000
1.000
9,000
19,000
saturation had been reported the higher land has drained and settled
Brit.No.Am.Cols_
the soil continued too soft for plowconsiderably. In general, however,
Other countries_ - _
____
879,350
15,855
ing or other field work in much of the interior.
In the South, conditions were favorable in some respects and unfavorable
174,709
196,032 5,111,012 202.839,773 272,496 2,980.178
Total 1927
113,983 7,111.910 2,138,328 157,995,399 702,000 8,647,211 In others. Field work was mostly unimpeded, and some outstanding
Total 1926
cotton was gathered in both northeastern and northwestern portions of
considerable is still out in the latter area. Truck crops made
The world's shipments of wheat and corn, as furnished by the belt, butin Gulf districts and the planting of potatoes and early gardens
good growth
much of the
it continued too
to the New York Produce Exchange, for the week advanced favorably. At the same timeparts of the west dry inarea. It was
Broomhall
Gulf
plowing in
Southeast, and too wet
ending Friday, Feb. 4, 1927, and since July 1 1926 and also unfavorably warm for deciduous fruit trees, with the early varieties
for
blooming in the far South and buds perceptibly swelling in the South1925, are shown in the following:
Central States.
-There was practically no snow cover In the principal
SMALL GRAINS.
Wheat.
Corn.
wheat-producing sections of the country, but temperatures were favorable
shape, except
under such conditions and wheat continued in satisfactorythe
deficient.
removal of
1925-26.
1926-27.
-1926-27.
1925-26.
In limited areas where moisture has beensections the With
plants appear to be
the field ice in some Mississippi Valley
Since
Great Plains proSince
Week
Since
Since
Week
uninjured, while the high temperatures in the southern too
July 1.
Feb. 4.
July 1.
Jtdy 1.
July 1.
Feb. 4.
motwi considerable greening of the crop. It continued as dry, however.
as well
in Mb western portions of Kansas and Nebraska,complaint in east-central
Bushels.
Bushels.
of damage by
Bushels.
Bushels.
Bushels.
Bushels.
Stocky Mountain States, and there was further
i97,000 2,440,000 7,032,000 drifting soil in these sections. In the far Northwest conditions continued
321,913,000248.129,000
North Amer_ 8,921.000
1,160,000 34.436,000 16,984,000 1.802,0001 19,373,000 17,224,000 favorable, except that much wheat land in the extreme northwestern Great
Black Sea_
40,085.000
were
Argentina- 6,331,000 29,858,000 36,663,000 6,740,000152,812,000 100,904,000 Plains, particularly in Montana, was uncovered, and temperatures
railing rapidly at the close of the week. .g
Australia- 4,040,000 32,336,000 5,768,000
4,416.000
India
127.00
The weather Bureau also furnishes the following resume
1,801.000 33.842,000
55,785,000
60,000
382,000
791,000
800,000
3,521,000 3,282,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Week ION__
456,000 1,861,000
Since Jan.1'26 2.666,000 19,365.000
0th. COuntelll
Total
324,0001
4,394,000
9(31).0001
21.412,000438,744,000 347,629,000 8,866,000 176,426.000 159,002,000
comprising
The visible supply of grain, accumulationthe stocks in
at
granary at principal points of were as follows: lake and
seaboard ports Saturday, Feb. 5,
of the conditions in the different States:
Abnormally
warm week; highest February
-Raleigh:
North Carolina.
temperature of record in south on 6th; very little rain and least precipitation
portions. Considerable plowing done, and
of record since Jan. 1 in some
picking cotton in remaining scattered areas. Planting early truck. Cabbage and lettuce growing rather too fast. Fruit buds swelling in east and
south.
FEB. 121927.]
THE CHRONICLE
South Carolina.—Columbia: Abnormally warm weather unfavorable for
tree fruits, which have budded rapidly, but not yet to danger state generally. Potatoes being planted rapidly along coast and about one week earlier
than usual. Peas fairly good stand. Spinach practically all shipped.
Winter cereals and hardy truck In interior made good growth. Tobacco
bedding progressing. Beneficial rains in interior at week-end.
Georgia.—Atlanta: Continuously high temperatures forcing rapid development of vegetation; forest trees leafing as far north as Atlanta and large
numbers of peach trees in full bloom. Dry weather prevented much plow,
lug, but beneficial rains fell over western half at close of week with more
rain generally needed, especially in south. Cereals, truck, and tobacco
beds still in good condition. Pastures continue poor.
Florida.—Jacksonville: Unusually warm, dry, and sunshiny. Some
uplands too dry to plow, and tobacco, melons, and truck slow growth.
Some early corn fair progress in central and south. Setting tomatoes and
other truck continued in central and south; cucumbers under cover doing
well. Beans and other truck shipped from Everglades district where
trucking advanced. Strawberries improved. Citrus shipments active in
some districts; much new growth and some bloom.
Alabama.—Montgomery: Unseasonably mild weather; showers mostly
light and scattered. Growing crops need rain. Considerably spring plowing accomplished in south and central portions. Oats mostly doing well.
Truck growing fairly well in south; little growing elsewhere. Pastures
improving somewhat in south. Pear, plum, and peach trees leafing and
blooming in south. Satsuma orange trees dormant. Strawberry vines in
splendid condition.
Mississippi.—Vicksburg: Week unseasonably warm throughout; Saturday to Monday had moderate precipitation in north, but only light elsewhere. Bloom appearing on peach and plum trees in south and central.
Farming operations, truck, and pastures mostly good progress.
Louisiana.—New Orleans: Warm weather without rain, except light to
moderate showers at end of week; very favorable for outdoor work and
vegetation. Much plowing in progress and considerable planting of potatoes and gardens. Cane fields in excellent condition. Strawberries developing rapidly; few earliest berries marketed. Some fruit trees blooming.
Texas.—Houston: Unusual warmth and light to moderate precipitation
abnormally advanced vegetation. Fruit buds swelling in north and opening in south. Progress and condition of pastures, truck, wheat, and oats
good to very good. Truck shipments continued unusually large and strawincreasing. Some plowing done fore part of week, but
berry
this work still backward; soil now too wet to work in many sections.
Oltlahoma.—Oklahoma City: Unseasonably warm and precipitation very
light, but very little farm work done in central and east where soil too wet
for plowing, and seeding oats rtearded in east and south. Winter grains
made satisfactory growth and generally in good to excellent condition, but
ground too soft for pasturing. Considerable cotton snapped, but much
still in fields.
Arkansas.—Little Rock: High temperatures continue: rains favorable for
growth, but very unfavorable for farm work and fruit. Some cotton picked
and some plowing on hillsides of western portion. Large overflowed areas
in east and soil too wet in eastern and central portions. Wheat, oats, and
meadows good. Starting gardens in south.
Tennessee—Nashville: Warm rains resulted in considerable improvement and growth of wheat during the week;late wheat somewhat backward.
Oats, rye, and barley growing well and clover getting through winter in
good shape. Pastures fair and livestock in good condition.
Kentucky.—Loulsville: Temperatures high, averaging 15 deg. to
above normal; precipitation light. Upland soils have drained and 20 deg.
Winter grains, grass, and clover generally in good condition and settled.
making
moderate growth. Some buds swelling.
951
opened the previous week, has been rather disappointing. It
was felt that orders have not kept pace with the values
offered, but this was considered a temporary condition
which should correct itself shortly. While some independents displayed their lines, they were, as a rule, not very
anxious to open the season until there were more definite
Indications of buying power. As to silks, orders for Spring
merchadise, especially from retailers, were more numerous.
Although the volume of sales was claimed not to have
equaled the total for the corresponding period of last year,
factors are looking for a fair season despite the late start
and the keen price competition that still prevails. Already
some production schedules have shown expansion. The
most popular fabrics include flat crepes, georgettes, chiffons, satins and prints, especially in the small English designs. During the week, statistics pertaining to raw silk
for the month of January were published by the Silk Association of America. The figures revealed that deliveries
of raw silk to American mills rose sharply to the surprising
total of 48,307 bales, the largest in the history of the industry, and comparing with 39,771 bales in December. Imports
during the month amounted to 48,456 bales, which was also
a gain over the December total of 45,119 bales. Stocks on
hand Feb. 1 only showed a small increase, being 52,627
bales. At the end of January there were 17,700 bales in
transit between Japan and New York. As a result of this
report, the raw silk market developed a firmer undertone.
DOMESTIC COTTON GOODS.—The arrival of a large
number of retail buyers in the markets for domestic cotton
goods resulted in an active demand at firm prices during the
week. The large sales of last month are being duplicated
and there was a steady demand for such items as tissues,
voiles, sheer rayon fancies, the new ginghams and other
such cloths needed for the Spring trade. Prints were also
in good demand and in such quantities as to necessitate
some printers working overtime in an effort to make deliveries required. A good demand was also noted for certain
varieties of wash goods and dress fabrics, due to retailers'
needs. In the percale section, while all white grounds have
been popular, a steady repeat business has come forward
for colored goods, especially the small ones in floral and
LEAF TOBACCO HELD BY MANUFACTURERS AND geometrical effects. Apparently, it is becoming more diffiDEALERS JAN. 1 1927 AND 1926, AND OCT. 1 AND cult to supply the demand for prompt deliveries. A large
business has been transacted in both finished and unfinJULY 1 1926.
ished goods, as was demonstrated by the report issued by
The following statistics prepared by the Bureau of the the Association of Cotton Textile Merchants of New York.
Census in the Department of Commerce show the quantity According to these figures, sales of standard cotton textiles
of leaf tobacco reported as held (1) by manufacturers who reached a record volume; unfilled orders increased 40%
manufactured during the preceding calendar year more than and stocks were reduced more than 10%. In fact, sales
50,000 pounds of tobacco, 250,000 cigars, or 1,000,000 which amounted to 386,315,000 yards were so large that
cigarettes; (2) by all registered dealers in leaf tobacco, and they exceeded the total production of the month or 227,436,(3) all imported leaf tobacco in United States bonded ware- 000 yards by 69.8 per cent. Shipments during January,
houses and bonded manufacturing warehouses.
which amounted to 250,482,000 yards, also exceeded production by 10.1%. It was further stated that compared with
Pounds of Leaf Tobacco on Hand
the average monthly sales during the last half of 1926,
Types.
business during January increased 55%. Thus the AssoJan. IOct. 1 1926. July 1 1926. ciation's report showed that January was a month of un1927.
1926.
precedented activity in the cotton goods industry and that
Aggregate •
1,841,645,426 1,818,564,398 1.768,399,398 1,868,295,582 a large volume of goods moved into consumptive channels.
Chewing, smoking, snuff,
Print cloths 28-inch 64 x 64's construction are quoted at
& export types:Total 1,416.412,271 1,384.626.646 1.312.141,619
4c., and 27-inch 64 x 60's at 5c. Gray goods in the 39-inch
1.372.437,778 51
Burley
469,811,451 462,805,282 466,036,695 524,214,808 68 x 72's construction are quoted at 7%c., and 39-inch
Dark District of Ky.
80 x 80's at 9%c.
& Tenn.—Total_._ 239,246.175 244,906,809 278,245,799
319,757,997
Dark fired of ClarksWOOLEN GOODS.—Buying activities on the new lines of
aibiner
ville, Hopkinsville,
& Paducah Dias
132,339,517 141,311,353 169,250,092 194,053,530 men's wear Fall fabrics in the markets for woolens and
Henderson
6,144,636
7,639,341
7,361,337
10,659,671 worsteds lacked animation and failed to equal expectations.
Green River
54.161,175 52.680,913
51,710,606
57,908.440 Orders have been rather spasmodic and small, owing to the
One Sucker
46,600.847 43,275,202 49,923.764
57.136,356 difficulty buyers seem to be having in
Virginia Sun Cured
5,482,118
determining what
4,770,846
4,243,081
5,318,843
Virginia Dark
53,064.773 52,242.101
49,924.321
57,707,211 kind of goods will be the most popular. Operators have been
Bright Yellow Dist. of
very cautious and discriminating in their purchases, cenVa., N. C., S. C. &
Oa
628,573,540 603.089,699 492,984,388 455,370,853 tering their attention in the more staple patterns.
HowMaryland
18,698,959
14,982.701
19,349.081
8,203,305 ever, this was believed to be a temporary
Eastern Ohio Export_
condition and that
1,375,471
1,553.297
1,164,860
1.608,957
All other domestic, inci
opening prices will prove satisfactory and encourage the
Perique-Louisiana_ 275,911
159,784
193,394
255,804
Cigar types: Total
353,973,185 356,119.269 389,178,215 424,460,210 placing of a good volume of business shortly. In the meantime, the American Woolen Co. has decided to postpone its
New England,Including
Conn.—Total
92,461,437 103,230,461
98,660.589 108.992,233 openings of men's wear fancy Fall goods until later in the
Broad leaf
40,278,384
41,757,700 43,774,391
49,197,466 month. One of the encouraging features of the week was
Havana seed
43,624,247 49,739,092 48.470,513 52,954,781
the indications of an improving volume of orders coming
Shade grown
8,658,806
11,733,669
6,415,685
6,839,986
New York
3,782,611
3,990,906
4,576,692
4,973,640 forward for Spring goods.
Pennsylvania
89,708,025
97,584.757 105,261,468 118,904,669
Ohio
FOREIGN DRY GOODS.—Linen markets maintained a
62,490.195 51,650.098
71,694,190
75,002,662
Wisconsin
82.780.924 83,895,014 93,202,709 105,421.350 steady undertone and continued fairly
active during the
Georgia and Florida...4,087,908
4,364,341
4.956.937
3,431,069
Porto Rico
18,576.590
11,278.924
10,718,581
7,650,682 past week. A good demand was still noted for handkerAU other domestic
85,495
124,768
107.049
83,905 chiefs, dress linens and various household linens such as
Imported types
71,259,970
77.818,483 67,079.564
71,397,594 sheets, pillow cases and
luncheon sets. While sales were
•Leaf tobacco on band Jas. 1 1927 includes 1,483,270,194 pounds, for which
"marked weight" was reported (i.e., weight at time It WM packed or baled), the still more or less confined to small lots, the aggregate toand
358,375,232 pounds for which the "actual weight" was reported. The
corresponding taled quite satisfactorily. It was noticed that buyers in the
amounts included for 1926 were 1,487,172,069 and 331,392,329 pounds,
respectively: markets were not interested in one particular item or group
for Oct. 1 1926. 1,436,073,184 and 332,326,214 pounds, respectively: and
1926, 1.512,709.607 and 355,585,975 pounds. respectively. Allowance for July 1 of fabrics but distributed
their orders over a wide variety
made for shrinkage on the amounts for which "marked weight" was should be
reported, In of merchandise, suggesting that public consumption of linens
order to ascertain the actual weight. The total for Jan. 1 1027
691 pounds of unstemmed and 153,634,735 pounds of stemmed includes 1,688,010.- has been steadily increasing. It was also evident that the
leaf tobacco.
recent January "white sales" succeeded in depleting retailers' stocks, necessitating some quick replenishing to satisfy
THE DRY GOODS TRADE
current demands. Sentiment has continued cheerful and
Friday Night, Feb. 11, 1927.
prospects for a maintenance of good business were considDevelopments in textile markets were somewhat
ered encouraging. Burlaps were easier owing to restricted
lar during the past week. While cotton, silk and irregu- buying
operations. However, it was expected that condirayon
goods showed some improvement, business placed in
the tions will improve shortly. Light weights are quoted at
woolen section for the new lines of men's wear Fall
goods, 6.30-6.35c. and heavies at 8.75c.
952
THE CHRONICLE
#tate awl Tity pepartuunt
NEWS ITEMS
Arkansas(State of).
-Highway Bill Signed by Governor.of
We quote the following from the Memphis
Feb. 5:
Governor Martineau signed the Crawford-Purldns highway bill at 4:40
p. m. to-day (Feb. 4) and announced he would endeavor to put its provisions immediately into operation.
All road taxes of improvement districts will be relieved this year to the
extent of about $6,500,000. Nearly a million dollars in administrative
expenses of the districts will also be saved annually, it is estimated by
Governor Martineau. Appropriations for road maintenance and repair and
departmental overhead will be available March 1, thus relieving a serious
situation in the highway department.
Governor Martineau said he had been unable to devote much consideration to filling of the two vacancies on the State highway commission but
that he woutd try to make the appointments within the next few days.
The men selected will be of the highest caliber, he said.
It is his opinion that sale of the State highway notes, pledged against
future automobile, gasoline and motor oil tax revenues, will consume little
time. Advertisements for bids will be inserted and the machinery of the
note issuing board started in the near future, he announced. A maximum
of _$13,000,000 in notes may be sold this year under the bill.
While funds are being obtained in this manner for new construction the
State highway commission will be assembled to work out plans for administration. Since bonded counties are to be relieved of indebtedness, construction work is to start in the unbonded counties where there are comparatively few roads.
"The chief purposes of the bill are two." Governor Martineau said later.
"They are to pay the bonds of the road improvement districts of the State
and to construct a complete system of improved roads.
"The people who have been paying road improvement district taxes
naturally want to know whether they are relieved from them this year.
The bill provides that they are.
"Another great saving will be in the contingent, or administrative
expenses of the districts. The bill does not prohibit it, but as a practical
thing there will probably be no more road improvement districts formed.
"Extension of taxes on the county books, expenses of collection, of attorney's fees, of salaries, of delinquent suits and so on, vrid be eliminated.
I have been unable to determine just what this saving will be. In Pulaski
County, the districts spend about $3,000 a year. One district In southeast
Arkansas spends $16,000 a year. There are more than 300 road improvement districts in the State and I feel sure that these will save nearly a million
dollars annually.
"It is of course a good thing that the Highway Department is allowed
to draw on the appropriations beginning March 1. Enough funds from
current taxes will be collected by then to permit continuance of maintenance
work."
New York (State of .-Senate Passes Governor Four-Year
-The Senate on Feb. 8 by a party vote of 26 to
Term Bill.
24 adopted the Thayer resolution for a four-year term for
Governor with elections in Presidential years, beginning in
1928. The resolution besides providing for four-year terms
for all elected State officers, extends the terms of State
Senators from two to four Years and of Assemblymen from
one to two years. If the Assembly concurs it will go to
the people for adoption as a constitutional amendment next
November.
-House Defeats Liquor ReferenNorth Dakota (State of).
-By a vote of 92 to 18 the North Dakota House dedum.
feated a bill to submit to a vote of the people a proposal to
eliminate the prohibition clause from the State Constitution. Following the session, the House Temperance Committee voted to kill a concurrent resolution which would
memorialize Congress to repeal the Volstead Act.
-Seven Bond Issues Totaling
Rhode Island (State of).
-The seven bond issues aggre$7,685,000 Passed by House.
gating $7,685,000, approved by the electors of the State of
Rhode Island on Nov. 2 (V. 123, p. 2427) were passed by
the House of Representatives on Feb. 3. They will now
go to the Senate for concurrent action. A new Washington
bridge, State office building, new bridges, additions to the
College of Education, penal and charitable institutions and
State College, and additional funds for the Providence and
Newport County Court houses are provided in the bill.
-$1,000,000 External Notes
Santiago (City of), Chile.
Floated.-Hallgarten & Co. and Kissel, Kinnicutt & Co.,
both of New York, offered and sold on Feb.9$1,000,0006%
one-year external gold notes of the City of Santiago,Republic
of Chile. Date Jan. 1 1927. Notes in bearer form in denomination of $1,000. Due Jan. 1 1928. Principal and
interest payable at maturity in United States gold coin at
the office in New York City of either of the paying agents,
Kissel, Kinnicutt & Co., and Hallgarten & Co., free of all
present or future taxes of the Republic of Chile, or any
political subdivision thereof.
Further information regarding this loan may be found in
our "Department of Current Events and Discussions" on a
preceding page.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-MATURITY.
-The six issues of5%
ABILENE,Taylor County,Tex.
bonds, aggregating 81,085,030, awarded to a syndicate headed by Taylor,
of Chicago, at 100.41-V. 124,p. 672-a basis of about
Ewart & Co.
4.98%. mature Feb. 15 as follows: 610,000. 192s; 311,000, 1929; $10,000,
1930: 612,000 1931 and 1932; 613,000. 1933; 312,000, 1934; $13,000,
1935 and 1936 $15,000, 1937; 614,000. 1938: $16,000. 1939: 615.000. 1940:
7,000, 1941 $16.000, 1942; $19,000. 1943 and 1944: $21,000, 1945;
0.000. 1946 622,000, 1947 and 1948: $25,000, 1949: $26,000, 1950:
p29,000. 1951 and 1952; 533.000. 1953 and 1954: P5,000, 1955; 836,000.
$46.000,
1956; 638.000, 1957; $40,000. 1958; 543.000. 1959; 644.000. 1960;1965 and
1961; 648,000, 1962: 849.000. 1963; 650.000. 1964, and $53.000,
Date Feb. 15 1927.
1967:
-BOND SALE.
-The $6,500 6% South
ADA, Hardin County, 0.
on Dec. 23-V.
Gilbert St. special assessment bonds offered of Columbus at 123, p. 3208
a
Citizens' Corp.
were awarded to the First basis of about 5.08%. Date Sept. 1premium of
1926. Due
104.30, a
$279 50, equal to
incl.
$325 March and Sept. 1 1927 to 1936.
Santa
AGRICOLA SCHOOL DISTRICT (P. 0. Santa Barbara), of Los
-Elmer J. Kennedy
-BOND SALE.
Barbara County, Calif.
premium
Angeles,purchased on Jan. 17 an issue of$24,000 school bonds at a
of 6362 87, equal to 101.51.
[VOL. 124.
-The State of
AINSWORTH, Brown County, Neb.-BOND SALE.
Nebraska purchased during December the following two issues of bonds
%
5"f
l Ating ?•O5Mling bonds, optional maturity Aug. 1 1938.
igar
26,000 44% refunding bonds, options? maturity Aug. 1 1927.
Date Aug. 1 1926. Due Aug. 1 1046.
-The 856.5005%
-BOND SALE.
ALLEN COUNTY (P. 0, Lima),0.
I. C. H. 133, section 33, bonds offered on Feb. 3-V. 124, p. 400
-were
'awarded to the Bank of Detroit at a premium of $902 87, equal to 101.59,
a basis of about 4.57%. Date Sept. 1 1926. Due Sept. 1 as follows:
$7.000, 1927 to 1934, incl. and $500. 1935.
-A. B.
-BOND OFFERING.
ALLEN COUNTY (P. 0. Lima), Ohio.
Adgate, Clerk Board of County Commissioners, will receive sealed bids
until 12 m. Mar. 3 for $1,490 19 6% ditch bonds. Dated Mar. 1 1927.
Denom. $150, except one for $140. Due as follows: $150. Sept. 1 1927:
$150. Mar. and Sept. 1 1928 to 1931 Incl., and $140 19, Mar. 1 1932.
Prin. and int. (M. & S.) payable at the County Treasurer's office. A
certified check for 10% of the amount of bonds bid for, payable to the
County Treasurer, is required.
-The State of Nebraska
ALMA, Harlan County, Neb.-BOND SALE.
purchased during December the following two issues of bonds aggregating
$23,889 46:
612,551 53 54% paving bonds. Date March 11926. Due March 11931.
11,337 93 5% paving bonds. Date Jan. 1 1926. Due serially July 1
1929 to 1935, inclusive.
AMBER TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 6
-W. G.
-BOND OFFERING.
(P. 0. Scottville), Mason County, Mich.
Alivay, Secretary of Board of Education, will receive sealed bids until 7:30
p. m. Feb. 23 for $40,000 5% school coupon bonds. Date March 11927.
Denom. $1,000. Due $2,000, March 1 1929 to 1948, incl. Prin. and int.
M.& 8., payable at place designated by purchaser. A certified check for
$500 is required.
ATASCOSA COUNTY ROAD DISTRICT NO.4(P.O. Jourdanton),
Tex.
-The $200,000 54% road bonds offered on Feb. 7
-BOND SALE.
V. 124, p. 400) were awarded to Prudden & Co. of Toledo and the Browner Co. of Wichita, jointly, at par. Dated Sept. 1 1926. Due
Sept. 1 as follows: $3,000, 1927 to 1931 incl.; $4.000. 1932 to 1935 incl.;
55.000. 1936 to 1938 incl.' 56,000. 1939 to 1941 incl.: 17,000, 1942 to
1944 incl.; $8,000, 1945 and 1946: $9,000. 1947 to 1949 incl.: $10,000.
1950 and 1951: 611.000. 1952 and 1953; 612,000, 1954 and 1955,and
56,000, 1956.
-The following
ATLANTA, Fulton County, Ga.-BOND SALE.
thirteen issues of coupon or registered bonds, aggregating 3755.000 offered
-were awarded as follows:
on Feb. 4-V. 124. p. 673
To Roosevelt & Son of New York City:
$678,000 5% water works bonds at a premium of 351.148 32, equal to
107 56, a basis of about 4.14%. Date Jan. 11927. Due Jan. 1
as follows: $29,000, 1928 to 1950, incl., and 611,000. 1951.
To Eldredge & Co.of New York City:
16.000 4% Norwood Ave. impt. bonds. Date Feb. 1 1927. Due
62.000, Feb. 1 1929 to 1936, incl. Int. payable F. & A.
11,000 44% Montgomery Ferry Dr. inlet. bonds. Date Feb. 1 1927
Due Feb. 1 as follows: $1.000, 1929: 32.000. 1930 to 1932, incl..
and 61,000. 1933 to 1936. incl. Int. payable F. & A.
10.000 44% Amsterdam Ave. impt. bonds. Date Feb. 1 1927. Due
Feb. 1 as follows: $1.000. 1929; 82.000, 1930 and 1931. and
$1.000, 1932 to 1936, incl. Int. payable F. & A.
8,000 44% Helena St. inapt. bonds. Date Feb. 1 1927. Due 81.000,
Feb. 1 1929 to 1936, incl. Int. payable F. & A.
7,000 44% Stephens St. !flint. bonds. Date Feb. 1 1927. Due
81,000. Feb. 1 1930 to 1936, incl. Int. payable F. & A.
6,000 4% Melview Ave. impt. bonds. Date Feb. 1 1927. Due
$1.000, Feb. 1 1931 to 1936, incl. Int. payable F. & A.
5,000 44% Armstrong St. impt. bonds. Date Feb. 1 1927. Due
$1,000. Feb. 1 1931 to 1934,incl., and 1936. Int. payable F.&A,
5,000 4% Erin St. impt. bonds. Date Feb. 1 1927. Due $1,000,
Feb. 1 1931 to 1934. incl.. and 1936. Int. payable F. & A.
3,000 44% Lyons Ave. Impt. bonds. Date Feb. 11927. Due $1,000.
Feb. 11932. 1934 and 1936. Int. payable F. & A.
2,500 43% Hooper St. impt. bonds. Date Feb. 11927. Due $500,
Feb. 11929. 1930, 1932, 1934 and 1936. Int. payable F. & A.
2,000 44% Hillside St. Impt. bonds. Date Feb. 1 1927. Due $500.
Feb. 1 1931, 1932, 1934 and 1936 Int. payable F. & A.
1,500 44% Beryl St. impt. bonds. Date Feb. 1 1927. Due $500,
Feb. 1 1930. 1933 and 1936. Int. payable F. & A.
The price paid was a premium of $1,27S 20, equal to 101.65, a basis of
about 4.17%.
Financial Statement.
8527.665,247
Actual valuation (official estimate)
369,365,673
Assessed valuation
$11.986,000
Total bonded debt (including this issue)
4.971,563
Less: Water bonds and sinking funds
7,014,437
Net bonded debt (less than 2% of assessed valuation)
Population,(official estimate). 250,000.
-BOND OFFERING.
ATLANTIC CITY, Atlantic County, N. J.
B. M. Townsend, City Comptroller, will receive sealed bids until 12 m.,
Feb. 24, for the following two issues of not exceeding 5% coupon or registered bonds aggregating $1,466,000:
$1,324,000 general impt. bonds. Due Mar. 1 as follows: 640.000 1928 to
1934. incl., $50,000 1935 to 1941, incl., 854,000 1942 to 1953,
incl., and 646,000 1954.
142,000 sewer bonds. Due Mar. 1 as follows: $5,000 1928 to 1941,incl..
and $6,000 1942 to 1953. incl.
Dated Mar. 1 1927. Denom. $1,000. The entire issue is due Mar. 1
as follows: $45,000 1928 to 1934, incl., $55,000 1935 to 1941. incl.. $60,000
1942 to 1953, incl.. and $56,000 1954. No more bonds to be awarded than
will produce a premium of $1,000 over each of the above issues. Rate of
Interest to be in multiples of j or 1-10 of 1%. Prin. and int. (M. & S.)
payable in gold at the Hanover National Bank, N. Y. City. The bonds
will be prepared under the supervision of the United States Mortgage &
Trust Co., N. Y. City, which will certify as to the genuineness ef the signatures of the officials and the seal impressed thereon. Lega.ity will be approved by Clay. Dillon & Vandewater, N. Y. City. A certified check for
2% of the amount of bonds bid for, payable to the City, is required.
-BOND OFFERATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-E. L. Johnson, County Treasurer, will receive sealed bids until
ING.
12 m. Mar. 1 for an issue of 434% bridge coupon or registered bonds not
exceeding 9582,000. no more bonds to be awarded than will produce a
premium of $1,000 over $582.000. Dated Mar. 1 1927. Denom. $1.000.
Due Mar. 1 as follows: 620,000. 1929 to 1956 incl., and $22,000. 1957.
Prin. and int.(M.& S.) payable at the County Treasurer's office. Legality
will be approved by Clay, Dillon & Vandewater, N. Y. City. A certified
check for 2% of the amount of bonds bid for, payable to the County Treasurer, is required.
BACON SCHOOL DISTRICT (P. 0. Alma), Bacon County, Ga.- •
BOND SALE.
-The 66,000 5% school bonds offered on Nov. 1 V. 123,
P. 2162) (on which date all bids were rejected) have been disposed of
recently.
--BOND SALE.
-A. L.
BALDWIN CITY, Douglas County, Kan.
Cook of Ottawa, has purchased an issue of $68,463 38 44% paving bonds
at par.
-BOND AND NOTE SALE.
BARBERTON, Summit County, 0.
The two issues of bonds and notes, aggregating $202,993 62 offered on Jan.
31-V. 124, p. 401-were awarded as follows:
922,993 62 5% net deficiency notes to N. S. Hill & Co. of Toledo, at a
premium of $85, equal to 100.37, a basis of about 4.85%. Date
Dec. 31 1926. Due $2,993 62 Dec. 31 1927: $2.500 June 30
1928 and 62,500 Dec.31 1928, and $2,500 June 30 and Dec. 31
1929 to 1931, incl.
00 5% water works system bonds to the Herrick Co., Cleveland,
180.000
at a premium of 64.807, equal to 102.67, a basis of about 4.51%.
Date April 11927. Due $18,000 Oct. 1 1928 to 1937, incl.
-An issue of $8,250
-BOND SALE.
BAZINE, Ness County, Kan.
electric light bonds has been disposed of recently.
•
-BOND SALE.
-The following two
BARTOW, Polk County, Fla.
issues of6% bonds, aggregating 954,000, offered on Feb.8(V. 124,tp, 539)
were awarded to Morris Mather & Co. of Chicago at 101.70:
966,066 street improvement bonds.
18.000 street improvement bonds.
Dated Jan. 1 1927. Due serially Jan. 1 1928 to 1937 incl.
FEB. 12 1927.]
-B. E. Wood.
BELOIT, Rock County, Wis.-BOND OFFERING.
01ty Clerk, will receive sealed bids until 8 p. m. Feb. 18 for $250,000 4)1%
coupon hospital bonds. Date March 1 1927. Denom. $1,000. Due as
follows: $10,000 1928 to 1937, incl., and $15.000 1938 to 1947. incl. Prin.
and int. (M. & S.) payable at the City Treasurer's office. Successful
bidders to furnish printed bonds. A certified check for $500 required.
Financial Statement.
Actual value real and personal property (estimated 1927)--$40.000,000
34.099,908
Assessed valuation (1926)
983,500
Bonded debt (including this issue)
26.000
Population (estimated)
-The
-BOND SALE.
BIRMINGHAM, Oakland County, Mich.
-were awarded
$175,000 library bonds offered on Feb. -7-V. 124. p. 673
to Stranahan, Harris & Oatis, Inc.. of Chicago, and the Highland Park
State Bank, Jointly, as 4(s at 100.04, a basis of about 4.24%. Date
March 1 1927. Denom. 51,000. Due Aug. 1 as follows: 53.000. 1928 to
1932, incl.; 55.000, 1933 to 1937, incl.: 87.000, 1938 to 1940, incl.; $8,000.
1941 to 1943, incl., and $9,000. 1944 to 1953, incl.
BRADLEY SCHOOL DISTRICT (P.0.Salinas), Monterey County,
-The 57,500 5% school bonds offered on Feb. 7-BOND SALE.
Calif.
V.124, p.821-were awarded to the William R.Staats Co.of Los Angeles.
1926. Due $500 Aug. 18 1928 to 1942, incl.
Date Aug. 18
-BOND OFFERING.
BRONXVILLE, Westchester County, N. Y.
Jerry 0. Leary, Village Clerk, will receive sealed bids until 7:30 p. m.
$75,000 4H% street impt. bonds. Dated Mar. 1 1927. DeMar. 1 for
nom. $1.000. • Due $5,000, Mar. 1 1928 to 1942 incl. Legality will be approved by Thomson, Wood & Hoffman. N. Y. City. A certified check
for 2% of the par value of the bonds bid for, payable to the Village Treasurer, is required.
BRENHAM INDEPENDENT SCHOOL DISTRICT, Washington
-Sealed bids will be received by the
-BOND OFFERING.
County, Tex.
Secretary Board of Education, until 2 p. m. Feb. 15 for $180.000 54%
Feb.
Due $.60
pon school bonds. 3r Feb.
n to
Ias
couas follows: $2,000 1928
1948 to 1957, incl., and 58.000 1958 to 1967, incl.
-BOND OFFERBROWARD COUNTY (P.O. Fort Lauderdale), Fla.
-Sealed bids will be received by the Clerk Board of County CommisING.
sioners, until March 15 for $300,000 court house bonds.
-PRICE PAID-INTEREST
BUCKLEY, Pierce County, Wash.
-The price paid for the two issues of bonds, aggregating 860.000.
RATE.
-was as follows:
purchased by the State Bank of Buckley-V.124. p.673
$50,000 revenue bonds as 5)is at a premium of $25, equal to 100.05.
10,000 general bonds as 5s at 97.
Due serially in 2 to 20 years. Principal and Interest payable at the
Town Treasurer's office or at the fiscal agency in New York City.
-BOND SALE.
-The 535.000 5%
BURTON, Geauga County, 0.
sewer bonds offered on Jan. 21-V. 124, p. 401-were awarded to Seasona
1i2g50
ur
aba ut 104. I
M oyer4 5 oncin ti ia t r
r t a t inuOm gf e)1g2,1elistuglfc? 10
rigs
ws
of
1
,000,
1928 and 1929; 82.000. la0; $1.000, 1931 and 1932 * 2.000, 1933 $1.
1934 and 1935; $3,000, 1936; $1,000. 1937 and 1938 2.000, 1939 $1,000,
1940 and 1941: 82.000. 1942; $1,000, 1943 and 1944 53.000, 1945 51.000,
1946 and 19 7; $2,000. 19 8; 51.000. 1949 to 1951. incl., and $2,000, 1952.
BUTLER TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Green-The $85.000 5%.
-BOND SALE.
ville R. R. 1), Mirka County, Ohio.
school bonds offered on Feb. 8 (V. 124. p. 540) were awarded to W. L.
Slayton & Co. of Toledo at a premium of 52,210, equal to 102.60, a basis
of about 4.67%. Date Jan. 1 1927. Due Mar. and Sept. 1 as follows:
52.000, 1927 to 1942 incl., and 31,500, 1943 to 1949 incl.
CAMERON PARISH ROAD DISTRICT NO.6(P.O. Cameron), La.
-Benson Vincent, President of Police Jury., will
-BOND OFFERING.
receive"sealed bids until 3 p. m. March 7 for $162,000 not exceeding 6%
road bonds. Date March 1 1927. Denom. $1,000. Due as follows:
,0O0,1928 to 1930. incl.; 52.000, 1931 and 1932: $3,000. 1933 and 1934;
.000. 1935 to 1937, incl.; 55.000, 1938 to 1942, incl.; $6,000, 1943 to
947, incl.; $7,000. 1948 to 1950, incl.: 58,000. 1951 to 1953, incl.: $9,000.
1954 to 1956 incl., and 510,000. 1957. A certified check, payable to the
above-mentioned official, for $4,000 required.
-The
-BOND SALE.
CARROLL COUNTY (P. 0. Carrollton), 0.
-were
$1.801 77 5% road impt. bonds offered on Feb. 4-V. 124, p. 540
awarded to W. K. Terry & Co. of Toledo at a premium of 51.801 77, equal
to 102.20. a basis of about 4.54%. Date Oct. 1 1926. Due Oct. 1 as follows:
$8.000. 1927 to 1934. incl., $9,000, 1935 and $8,802 86, 1936.
-An issue of
CASEY COUNTY (P. 0. Liberty) Ky.-BOND SALE.
$60.000 road and bridge bonds was daposed of on Dec. 28. These bonds
are part of an authorized issue of 5200.000.
-BOND SALE.
-Bryson St Son
CEDAR KEYS, Levy County, Fla.
of Jacksonville. were awarded on Feb. 11 an issue of $150,000 53 % city
bonds at a discount of 33.000. equal to 98. Due serially July 1 1927 to
1955, incl. These are the bonds scheduled to be sold on Feb. 18-V. 124.
p.821.
.
CHARLEROI SCHOOL DISTRICT, Washington County, pa-Thomas M. Faddb3, Secretary School Board, will
BOND OFFERING.
receive sealed bids until Sp. m. Feb. 25 for $115,000 4I% school coupon
bonds. Date March 1 1927. Denom. $1,000. Due March 1 as follows:
55.000. 1945 and $10,000, 1946 to 1956. incl. Legality will be approved by
Burgwin, Scully & Burgwin, Pittsburgh. A certified check for 2% of the
amount of bonds bid for Is required.
CHEEKTOWAGA SCHOOL DISTRICT NO. 9 (P. 0. Sloan), Erie
-BOND SALE.-Pulleyn & Co. of New York purchased
County, N. Y.
at public auction Feb.3 an issue of $360,000 school bonds as 4.30s at 100.28,
a basis of about 4.27%. Date Jan. 1 1927. Due 514.400 Jan. 1 1932 to
1956, incl.
-LOAN OFFERING.
-Lo
CHICOPEE, Hampden County, Mass.
M.Dufault will receive sealed bids until 12 m. Feb. 16 for the purchase on
a discount basis of a 5200.000 temporary loan. Date Feb. 16 1927.
Denom. $25,000, $10.000 and $5,000. Due Nov. 21 1927. The notes
will be prepared under the supervision of the Old Colony Trust Co., Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge, Boston.
CLACKAMAS COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
-Carl Joehnke, District Clerk,
-BOND OFFERING.
(P. 0. Canby), Ore.
will receive sealed bids until 2 p. m. Fob. 21 for 582.500 not exceeding 6%
school bonds. Date Feb. 1 1927. Due Feb. 1 as follows: 53,000 1932.
$3.500 1933. $4,000 1934 to 1937, incl.; 5.5,000 1938 to 1940, incl.; $6,000
1941 to 1944, incl., and $7,000 1945 to 1947, incl. Principal and interest
(F. & A.) payable at the County Treasurer's office. A certified check for
$1,000 required. Legality approved by Teal, Winfree,McCulloch & Schuler
of Portland.
CLAY COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Hawley),
-Theodore Berseid, District Clerk, will
-BOND OFFERING.
Minn.
receive sealed bids until 3 p. m. Feb. 17 for $3,500 4% school bonds.
Date Feb. 1 1927.
-BOND OFFERING.
COLOMBIA, Richland County, So. Caro.
G. F. Cooper, City Treasurer, will receive sealed bids until Feb. 15 for the
following two issues of 5% bonds aggregating $500,000: $300,000 sewer
bonds, 5200,000 street bonds. Denom. $1,000.
COLUMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT (P. O.
-The $121,000 6% school bonds offered
Lake City), Fla.
-BOND SALE.
-were awarded to John Nuveen & Co. of Chicago
on Feb.5-V. 124, p. 540
at 105.336.
-NOTE DESCRIPTION.
COLUMBUS, Franklin County, Ohio.
coupon notes awarded to Stranahan, Harris & Oat's,
The $100,000 43
Inc.; of Toledo,
-V.124,D.673-are described as follows: Date Jan. 1 1927.
Denom.55.000. Due July 1 1928.
-BOND SALE.
COLUMBUS COUNTY (P. 0. Whiteville), No. Caro.
-Taylor, Ewart & Co. of Chicago, have purchased an issue of $5500,000
'
5% road bonds. Date Jan. 1 1927. Denom. $1,000. Due Jan. 1 as
follows: $10,000 1930 to 1939, incl.; 525.000 1951 and 1952; $40,000 1953 to
1955. Wel.; $50.000 1956 and $60,000 1957 to 1959. incl. Princpial and
interest(J. & J.) payable at the Hanover National Bank, New York City.
-The following
-BOND SALE.
P'CORAL GABLES, Dade County, Fla.
eight issues of 6% coupon bonds, aggregating $4,532.000 offered on Feb. 0
-V. 124, P. 673-were awarded to a syndicate composed of H. L. Allen
& Co., Eldredge St Co., the Guardian Detroit Co., and B. J. Van Ingen
953
THE CHRONICLE
& Co. all of N. Y. City, and the Century Trust Co. of Baltimore. taking
53.732%000 bonds at par, and $8800,000 bonds at 93.25:
51.782.000 street railway and bus system bonds. Due Jan. 1 as follows:
550.000. 1930 to 1933 incl.:$75,000. 1934 to 1937 incl.:$100.000.
1938 to 1940 incl.; 8125.000. 1541 to 1944 incl.; 5150,000.
1945 and 1946, and $182,000. 1947.
golf course bonds. Due Jan. 1 as follows: 525,000, 1930 to
1.750,000
1932 incl.; 530.000. 1933 to 1935 incl.: 840.000. 1936 to 1938
incl.•, $50.000. 1939 to 1942 incl.* $60,000, 1943 to 1945 incl.;
'
575.000. 1946 to 1948 incl.; 890.000, 1949 to 1952 incl., and
$100,000. 1953 to 1957 incl.
municipal auditorium bonds. Due Jan. 1 as follows: $55,000.
300,000
1930 to 1936 incl.; $10,000, 1937 to 1946 incl.. and $15.000.
1947 to 1957 incl.
250,000 city hall bonds. Due Jan. 1 as follows: 35.000, 1930 to
1942 incl.; $10,000. 1943 to 1950 incl.. and 515.000, 1951 to
1957 incl.
200,000 swimming pool bonds. Due Jan. 1 as follows: 55,000, 1930
to 1933 incl.; $10.000. 1934 to 1939 incl., and $15,000. 1940
to 1947 incl
100,000 public parks and playground bonds. Due Jan. 1 as follows:
$3,000, 1930 to 1937 incl.; $6,000, 1938 to 1943 incl., and
810,000, 1944 to 1947 incl.
100,000 fire station bonds. Due Jan. 1 as follows: $2,000, 1930 to
1935 inc.; 53,000, 1936 to 1943 incl.: $4,000. 1944 to 1949
incl., and $5,000. 1950 to 1957 incl.
50,000 emergency hospital bonds. Due Jan. 1 as follows: $1,000.
1930 to 1941 incl.; 52,000. 1942 to 1951 incl.. and $3,000,
1952 to 1957 incl.
Date Jan. 1 1927. The entire issue matures Jan. 1 as follows: $96.000.
1930 to 1932 incl.; 5101.000, 1933: 8131.000. 1934 and 1935: 5142.000. 1936:
$147,000, 1937; 5175.000. 1938: 5185.000, 1939: 8190.000, 1940; 5215.000,
1941; 8216.000. 1942; 5231.000, 1943: 5236.000. 1944: $261.000, 1945:
$276,000, 1946; 8310,000. 1947: $106,000. 1948; $121,000, 1949: $122.000.
1950: $127,000, 1951; $128.000, 1952, and 8138.000, 1953 to 1957 incl.
-The State o
CROFTON, Knolc County, Neb.-BOND SALE.
Nebraska purchased during December the following two issues of 5%
bonds aggregating $18,000:
$14.000 refunding bonds. Date July 1 1926. Due July 1 1946; optional
July 1 1928.
4.000 water bonds. Date Sept. 1 1919. Due Sept. 1 1939; optional
Sept. 1 1929.
-The fol-WARRANT SALE.
CROOKSTON, Polk County, Minn.
lowing three issues of warrants, aggregating 52,564 22, offered on Feb.8-were awarded to the Oakdale Cemetery Association as
V. 124, p. 674
6s at par:
$1.211 75 Pine St. warrants.
695 50 Grant Ave. warrants.
656 97 McLean St. warrants.
-The Branch-BOND SALE.
DALLAS COUNTY (P.O. Dallas), Tex.
Middlekauff Co. of Wichita has purchased an issue of $65,000 5H% hall of
bonds at par.
records
-Stern
DALLAS COUNTY (P. 0. Buffalo), Mo.-BOND SALE.
Bros.& Co.of Kansas City have purchased an issue of $24,0005% refunding
bonds. Due serially, 1932 to 1938 incl.
-The
-BOND DESCRIPTION.
DALTON, La Salle County, Ill.
$45,000 5% water works system coupon bonds awarded to T. A. Warley &
Co. of Chicago at a premium of $75 equal to 100.16, a basis of about 4.97%
-V. 124, p. 821-are described as follows: Dated Nov. 1 1926. Denom.
$1.000. Due serially Nov. 1 1927 to 1936 incl. Int. payable M.& N.
-R. E.
-BOND OFFERING.
DAYTON, Montgomery County, 0.
Hagerman, Director of Finance, will receive sealed bids until 12 m. Mar.8
for 550,000 street opening, widening and extension coupon bonds. Dated
Mar. 1 1927. Denom. $1,000. Due $2,000 Sept. 1 1928 to 1952 ine.l.
Prin. and int.(M. & S.) payable at the fiscal agent's office in N. Y. City.
Legality will be approved by Squire, Sanders & Dempsey, Cleveland. A
certified check for 5% of the par value of the bonds bid for, payable to the
City Accountant, is required.
-The $6,0005%
-BOND SALE.
DE GRAFF,Logan County, Ohio.
fire truck and equipment coupon bonds offered on Jan. 31-V. 124,
-were awarded to A. E. Aub & Co. of Cincinnati at a premium of
p. 402
$183, equal to 103.05, a basis of about 4.86%. Date Sept. 1 1926. Due
$600 Sept. 1 1928 to 1937. inclusive.
-The State
-BONDS REGISTERED.
DE KALB, Bowie County, Tex.
Comptroller of Texas registered on Feb. 4 an issue of $50,000 6% waterworks bonds. Due serially.
-The State
-BONDS REGISTERED.
DEVINE, Medina County, Tex.
Comptroller of Texas registered on Jan. 31 an issue of $50,000 6% water
works bonds. Due serially.
DUMAS INDEPENDENT SCHOOL DISTRICT, Moore County,
-The State Comptroller of Texas registered
-BONDS REGISTERED.
Tex.
on Feb. 4 an issue of 510.000 5% school bonds. Due serially.
DUVAL COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
-BOND OFFERING.-G. Elmer Wilbur,
(P. 0. Jacksonville), Fla.
bids
m.
Denom. 500.
2 ntii2
*
?:V
icti
et 3 d 8f u
t3145(Or%ghlIbd l Date
Z 4r Ii
Due Nov. 1 as follows: 51.500, 1929 to 1933 incl.; 52.000. 1934 to 1938
incl.; 52,500, 1939 to 1943 incl.: $3.300, 1944 to 1848 inel ,.• 53.500, 1949
to 1951 incl., and $4.500. 1952. Prin. and int. (M. & N.) payable at
the Barnett National Bank, Jacksonville. A certified checic for 2%
of the bid required. These are the bonds mentioned in V. 124. p. 540.
DUVAL COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8
-G. Elmer Wilbur,
(P. 0. Jacksonville), Fla.
-BOND OFFERING.
until 2:30
Instruction, will-411
e 113ffel
Publi;
Supt.
are Ja lleld921ds
s. Le ive ra
$44,000
*
Due 52.000 Jan. 1 1930 to 1951 incl. Prin. and int. (J. & J.) payable
3
at the Barnett National Bank, Jacksonville. A certified check for 2%
of the bid required. These are the bonds mentioned in V. 124, p. 540.
-J.
-BOND OFFERING.
EAST CHICAGO, Lucas County, Ind.
Kalman Reppa, City Controller, will receive sealed bids until 2 p. m.
Feb. 24 for $65.000 4)1% park bonds. Date Jan. 3 1927. Denom. UAW
Due Jan. 2 1937. Int. payable Jan. 2 & July 1. Legality will be approved
by Matson, Carter, Ross & McCord,of Indianapolis. A certified check for
2% of the amount bid is required.
EAST STANWOOD, Snohomish County, Wash.
-BOND DESCRIPTION.
-The $6 500 5% coupon water system bonds purchased by
the State Bank of East Stanwood at 100.21-V. 124 p. 674-are described as follows: Date Oct. 10 1926. Denom.$500. Due serially 1928 to
1937 incl. Interest payable A. & 0.
EDGAR TOWNSHIP (P. 0. Edgar) Edgar County, III.
-PURCHASER.-Tne Hanchett Bond Co. of Chicago was the purchaser of the
540,000 road bonds reported sold in V. 124. p 674. The bonds were sold
at par.
EDGECOMBE COUNTY (P. 0. Tarboro), No. Caro.
-BOND SALE:
-The 5330.000 series C road bonds offered on Feb. 7-V. 124, p. 674
were awarded to a syndicate composed of A. B. Leach & Co. of Chicago,
the Minnesota Loan & Trust Co. of Minneapolis, and the Northwestern
Trust Co. of St. Paul, as 41s, at a premium of 578, equal to 100.02. a
basis of about 4.49%. Date July 1 1926. Due $10.000, July 1 1928 to
1960, incl. Other bidders were:
Premium.
Hanchett Bond Co.. Chicago
53.501 00
C. W. MacNear & Co., Chicago
6.33669
Braun. Bosworth & Co., Toledo
4.81800
Howe, Snow & Bertles, Inc., Grand Rapids
7.03700
A. T. Bell & Co.. Toledo
6.864 00
W. L. Slayton & Co., Tokio
3,59700
5,289 00
Continental & Commercial Trust Co., Chicago
6,062 10
Wachovia Bank & Trust Co., Winston-Salem
6,270 00
Stranahan. Oates & Harris, Inc., Toledo
N. S. Hill & Co., Cincinnati
3,666 67
660 00
American Trust Co., Jonesboro
5,431 80
Federal Commerce Trust Co., St. Louis
3,68600
W. K. Terry & Co., Toledo
7,392 00
Otis & Co.. Cleveland
All the above bids were for 4X% bonds.
1.74900
Otis & Co.. Cleveland, $170.000 as 4)1s and $160,000 as 4Hs
66 00
Guaranty Co.of N.Y. C.,5140,000 as 431s and $190.000 as 434s-
lb
sealed
Nov.
egvZs:ale
954
THE CHRONICLE
ENID SCHOOL DISTRICT, Garfield County, Okla.
-BOND SALE.
-The First National Bank of Enid, has purchased an issue of $50,000
school bonds at a premium of $2,356, equal to 104.71.
ENTERPRISE SCHOOL DISTRICT (P. 0. Los Angeles), Los
Angeles County, Calif.
-BOND SALE.
-The $65,000 5% school bonds
offered on Nov. 15-V. 123, p. 2424
-were awarded to Dean, Witter &
0o.of San Francisco. Date Nov.1 1926. Due Nov.1 as follows: $2,000.
1932 to 1941. incl., and $3,000, 1942 to 1956, incl.
EPHRATA SCHOOL DISTRICT, Lancaster County, Pa.
-BOND
OFFERING.
-Arthur M. Yeager, Secretary Board of Directors, will receive sealed bids until 8 p m. March 21 for $115,000 4,1% coupon or
registered school bonds. Date April 1 1927. Denom. $1,000. Due
April 1 1957. A crtified check for 2% of the par value of the bonds bid
for payable to the School District is required.
FAIRVIEW, Bergen County, N. J.
-BOND SALE.
-The two issues
of 5% coupon or registered bonds, aggregating $236,000 offered on Feb. 3
-V. 124, p. 674
-were awarded as follows:
$223,000 (1225,000 offered) assessment bonds to Batchelder, Wack & Co.
of New York, at 101.03. a basis of about 4.79%. Due Jan. 1 as
follows: $25,000, 1928; $20,000. 1929 to 1937, incl. and $18,000,
1938.
13.000 street and sewer bonds to R. M. Grant & Co. of New York. at
101.19. a basis of about 4.83%. Due $1,000 Jan. 1 1929 to 1941.
Date Jan. 1 1927.
FLORENCE SCHOOL DISTRICT NO. 1, Florence County, So.
Caro.
-PURCHASER
-DESCRIPTION.
-The purchase of the $275,000
53i% school bonds sold in V. 124, p. 136 was the Detroit Co. of New
York City. Date Jan. 1 1927. Denom. $1,000. Due Jan. 1 as follows:
16.000. 1930 to 1934, incl.* $8,000, 1935 to 1939. incl.; $10,000. 1940
to 1947, incl.; $12,000, 1948 * 1952, incl. and $13,000, 1953 to 1957, incl.
to
Prin. and int. (J. & J.) payable at the Chase National Bank, New York
City. Legality approved by Caldwell & Raymond. New York City.
FORT WAYNE, Allen County, Ind.
-BOND OFFERING.
-Ely E.
Perry Secretary of the School Board of Trustees will receive sealed bids
until 7:15 p. m. Feb. 22 for $100000 4% school improvement bonds.
Date March 1 1927. Denom. 11 000. Due $5 000 March 1 1928 to 1947
incl. Prin. and int. (M. & S.) payable at the First National Bank of
Fort Wayne. A certified check for $5,000 payable to the School City of
Fort Wayne is required.
FRANKFORT, Herkimer County, N. Y.
-BOND SALE.
-The Ilion
National Bank of Ilion has been awarded an issue of $9,000 fire truck and
equipment bonds as 65.
FULLERTON, Nance County, Neb.-BOND SALE.
-The State of
Nebraska purchased during December, an issue of $25,000 4) % paving
,
5
bonds. Date July 1 1921. Due July 1 1931.
GARDNER, Worcester County, Mass.
-TEMPORARY LOAN.
-The
Gardner Trust Co of Gardner was awarded on Feb. 8 a $65,000 temporary
loan on a 3.66% basis plus a premium of $1 25. Due Nov 3, 1927.
GEORGETOWN, Scott County, Ky.-BOND SALE.
-The $50.000
4 % sewerage bonds offered on Feb.1-V.124, p.403, were awarded to the
Security Trust Co.of Lexington at a premium of $10 equal to 100.02.
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.
-The
Gloucester National Bank was awarded on Feb. 9 a $200,000 temporary
loan on a 3.64% discount basis.
GOODLAND, Sherman County, Kan.
--BOND SALE.
-The Fidelity
National Bank & Trust Co. of Kansas City has purchased an issue of
$122,051 25 5% paving bonds.
GRAND FORKS COUNTY SCHOOL DISTRICT NO. 75 (P. 0.
Grand Forks), No. Dak.-BOND OFFERING.
-L, B. Herklie, District
Clerk, will receive sealed bids until 2 p. m. Feb. 16 for $42,000 not exceeding 7% school bonds. Denom. $1,000. Due serially in not less
than 10 nor more than 20 years from date of bonds. A certified check,
payable to Thomas T. Brusegard, District Treasurer, for 2% of the bid,
required. Successful bidders to satisfy themselves as to the legality
of the bonds.
GRANTS PASS, Josephine County, Ore.
-BOND OFFERING.0. R. Duel', City Auditor, will receive sealed bids until 8 p. m. March 3
for $17,854 96 not exceeding 6% street improvement bonds. Date Jan. 1
1927. Denom. $500, except one for $354 96. Legality approved by
Teal, Winfree, McCulloch & Schuler of Portland.
GREENFIELD EXEMPTED VILLAGE SCHOOL DISTRICT (P. 0.
Greenfield), Highland County, Ohio.
-BOND SALE.
-The 232,174 99
5% bonds offered on Feb. 5-V. 124, p. 674
-were awarded to the First
Citizens' Corp. of Columbus at a premium of $176 96 equal to 100.54, a
basis of about 4.70%. Date Dec. 15 1926. Due March 1 and Sept. 1 as
follows: 23,174 99 and $3,000, 1927; 13,000. 1928 to 1930 incl., and $3,000
and $5,000, 1931. Other bidders were:
Bidder
Premium
Otis & Co., Cleveland
$16240
Stranahan, Harris & Oat's, Inc., Toledo
49 30
A. E. Aub & Co., Cincinnati
46 00
Assel, Goetz & Moerlein, Inc., Cincinnati
26 00
W. L. Slayton & Co., Toledo
23 00
Ryan, Sutherland & Co., Toledo
21 00
Well, Roth & Irving, Cincinnati
13 00
GULFORT, Harrison County, Miss.
-BOND SALE.
-The Hibernia
Securities Co. of New Orleans, has purchased an issue of $40.000
%
paving bonds at a premium of $240, equal to 100.60.
HAMILTON COUNTY (P. 0. Wells), N. Y.
-BOND OFFERING.
Elizabeth H. Fry, County Treasurer, will receive sealed bids until 12 m.
Feb. 17 for $70,000 5% highway bonds. Date Jan. 1 1927. Denom.
21,000. Due 15.000 Jan. 1 1937 to 1950 incl. Legality will be approved
by Clay. Dillon & Vandewater, N. Y. City. A certified check for $5,000,
payable to the County Treasurer, is required.
HANCOCK COUNTY (P. 0. Findlay), 0.
-CORRECTION.
-We
reported in V. 124, p. 675. the sale of an issue of $50,000 6% I. C. H. No.
512, section 0, bonds, at 102.02 to the Continental & Commercial Trust
.
& Savings Bank of Chicago, but we are informed by said bank that this
report was erroneous.
HARDEMAN COUNTY(P.O. Quanah),Tex.
-BONDS REGISTERED
-The State Comptroller of Texas registered on Feb. 2 an issue of $1,800
6% school house bonds. Due in 20 years.
HIGHLAND, Monmouth County, N. J.
-BOND SALE.
-The following two issues of 5% coupon or registered bonds aggregating $37,000 offered
on Jan.24-V.124,p. 137
-were awarded to the Estmor Corp. of Chicago:
(120.000 offered) bathing beach bonds at a premium of $1,145 28,
$19.000
equal to 106.02, a basis of about 4.24%. Due $1,000 Jan. 15
1928 to 1946. inclusive.
18.000 ($19,000 offered) water extension bonds at a premium of $1,045 82,
equal to 105.81, a basis of about 4.24%. Due b1,000 Jan. 15
1928 to 1945, inclusive.
' Date Jan. 15 1927.
HIGHLAND COUNTY(P.O. Hillsboro), Ohio.
-BOND OFFERING.
-N. E. Calvert, County Auditor, will receive sealed bids until 12 m.
Feb.21 for 113.292 605%% road impt. bonds. Date July 1 1926. Denom
$800 except one for $1,292 60. Due $1,292 60 March 1 and $800 Sept. 1
1927 and $800 March 1 and Sept. 1 1928 to 1934. Prin. and int.(M.& S.)
payable at the County Treasurer's office. A certified check for $200
is required.
HILDRETH, Franklin County, Neb.-BOND SALE.
-The State of
Nebraska, purchased during December, the following two issues of 5%
bonds aggregating $10,762 78:
86.854 42 paving bonds. Due July 1 1928.
3,908 36 paving bonds. Due July 1 1936. optional July 11928.
Date July 1 1926.
-BOND SALE.
HILLSBORO, Washington County, Ore.
-An issue
of $13,500 5% coupon refunding park bonds was sold on Feb. 1 at 100.67.
Date Feb. 10 1927. These are the bonds originally scheduled for sale on
Feb. 10-V. 124. p. 822.
HILLSBOROUGH SCHOOL DISTRICT (P. 0. Redwood City),
-BOND SALE.
-The 140.000 5% school
SanMateo County Calif.
-were awarded to the William
'
.
bons offered on Feb 7-V. 124, D. 822
Stoats Co. of Los Angeles. at a premium of $2,507. equal to 106.26, a
R.
[VOL. 124.
basis of about 4.31%. Date Jan. 1 1927. Due as follows: $2,000. 193/
to 1938, incl.; and $4,000, 1939 to 1944. incl.
HOLYOKE, Hampden County, Mass.
-TEMPORARY LOAN.
-The
First National Bank of Boston was awarded on Feb. 10 a $500.000 temporary loan on a 3.59% discount basis plus a premium of $7. Dated
Feb. 10 1927. Due Nov. 9 1927.
HOOPESTOWN SCHOOL DISTRICT, Vermilion County, Ill.BOND SALE.
-The Illinois Merchants Trust Co. of Chicago has purchased
an issue of $115,000 school building bonds, at a premium of $9,822, equal
to $108.54.
HOUSTON INDEPENDENT SCHOOL DISTRICT, Harris County,
Tex.
-BIDS.
-The following is a complete list of the bids submitted for
the two proposals of 5% school bonds offered on Feb. 1, the award being
made to a syndicate headed by the Bankers Trust Co. of New York City,
taking $1.995,000 bonds at 106.96, a basis of about 4.50% (V. 124. p. 822):
1st Proposal 2d Proposal
11.995,000 00 11.064.000 00
BiddersPremium.
Premium.
Bankers Trust Co., N. Y. City; Estabrook &
Co., N. Y. City; Old Colony Corp., Boston;
Hannahs, Bailin & Lee, N. Y. City; Second
National Bank. Houston
$66.914 96
4138.842 03
William R. Compton Co., St. Louis; Taylor.
Ewalt & Co., Chicago; Northern Trust Co.,
Duluth; Howe,Snow & Bertles, Inc., Grand
Rapids; Braun, Bosworth & Co., Toledo;
Kaufman, Smith & Co., St. Louis; Stix &
Co., St. Louis; Dunn & Carr, Houston
61,818 40
129,076 50
The National City Co., New York: The First
Trust & Savings Bank, Chicago; Continental
& Commercial Trust & Savings Bank.
Chicago; Guardian Trust Co., Houston-- 60,199 00
Houston..
126,046 10
H. C. Burt & Co., Austin;
-&
Mayer, Cincinnati; B. J. Van Ingen & Co.,
N. Y. City; H. L. Allen & Co., N. Y. City;
Otis & Co. Cleveland; Geo. H. Burr & Co.,
N. Y. City
58,945 60
125,845 50
Guaranty Co. of New York; Eldredge & Co..
, N. Y. City; G. H. Walker & Co., St. Louis;
Mercantile Trust Co. St. Louis; Fidelity
Trust Co. Detroit; *Bosworth, Chanute,
Loughbride Co., Denver; Geo. L. Simpson
& Co., Dallas
59,256 29.
123,275 04
Lehman Brothers, N. Y. City; E. H. Rollins &
Sons, Boston: Kean, Taylor & Co.. N. Y.
City; Phelps. Penn & Co., N. Y. City
Mississippi Valley Trust
t. Louis
Mercantile Trust & Savings
Co.,Vank, Dallas
Union National Bank, Houston
52,774 40
111,919 50
Halsey Stuart & Co., Chicago; A. B. Leach
& Co., Chicago; Second Ward Securities Co..
Chicago; A. G.Becker & Co., Chicago
52,774 40
106,932 00
The National Bank of Commerce,Houston-- 89,585 50
46.000 00
* Successful bid.
HOUSTON INDEPENDENT SCHOOL DISTRICT, Harris County.
Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas registered,
on Feb. 1 an issue of 21,995,000 5% school bonds. Due serially.
HUMBOLDT, Allen County, Kan.
-BOND SALE.
-An issue of
$14,293. 4 % water works bonds has been disposed of locally. Due
serially in 1 to 10 years.
-The Farmers
HUNNEWALL,Sumner County, Kan.
-BOND SALE.
State Bank of Hunnewall, has purchased an issue of $5,000 5% electric
light bonds.
JACKSON PARISH SCHOOL DISTRICT NO. 23(P.O. Jonesiboro).
La.
-BOND SALE.-Prudden & Co. of Toledo, and the JonesboroState
Bank of Jonesboro, jointly, purchased an issue of $60,000 6% school bond,
at a premium of $200, equal to 100.33, a basis of about 5.96%. Date
Aug. 1 1926. Due in 1956. Legality approved by Charles & Rutherford
of St. Louis.
-BOND OFFERING.
JERSEY CITY, Hudson County, N. J.
Edward J. Holland, City Clerk, will receive sealed bids until 11 a. m.
Feb. 18 for an issue of $5,100,000 not exceeding 6% tax revenue coupon
or registered bonds. Dated Feb. 1 1927. Denom. $1,000. Due Aug. 1
1930. Prin. and int. (F. & A.) payable at the City Treasurer's office.
The bonds will be prepared under the supervision of the Trust CO. of
New Jersey, which will certify as to the genuineness of the signatures
of the officials and the seal impressed thereon. Legality will be approved
by Hawkins, Delafield & Longfellow, New York City. A certified check
for 2% of the amount of bonds bid for, payable to the city, is required.
-BASIS.
JIM WELLS COUNTY (P.O. Alice), Tex.
-PRICE PAID
The price paid for the $312,000 5Ya % road bonds purchased by Fred Ernest
-V.
& Co. of St. Louis. and Morris, Mather & Co. of Chicago, jointly,
-was a premium of 30.563 50 if allowed to run full term of years.
124,p.822
equal to 103.065,a basis of about 5.15% to optional date, and a basis
of about 5.18% if allowed to run full term of years. Date Aug. 15 1923.
Due $13,000, 1930 to 1953, incl., optional 1945.
KALAMAZOO TOWNSHIP FRACTIONAL SCHCIPL DISTRICT
NO. 5, Kalamazoo County, Mich.
-BOND SALE.-Oleasted & Mulhalt
of Kalamazoo have purchased an issue of 550,000 4,%% school bonds,.
Due serially in 1 to 30 years.
KIRKLAND UNION FREE SCHOOL DISTRICT NO. 4 (P. 0
-John M.
Clinton) Oneida County, N. Y.
-BOND OFFERING.
O'Rourke,District Clerk, will receive sealed bids until 8 p. m. Feb. 10 for
19.0005% school bonds. Date Oct. 11926. Dcnom. $1,000. Due 81,000
Oct. 1 1927 to 1935, incl. A certified check for 5180 is required.
LA GRANGE COUNTY (P.O. La Grange), Ind.: BOND OFFERING.
-M.R.Preston, County Treasurer, will receive sealed bids until 1.30 p. m.
Feb. 18 for $12,400 4).% township line road bonds. Date Feb. 15 1927.
Denom. $620. Due $620 May and Nov. 15 1928 to 1937, incl.
-The-BOND SALE.
LAKE COUNTY (P. 0. Crown Point), Ind.
following two issues of coupon bonds aggregating $560,000 offered on
Feb. 8-V. 124, p. 541-were awarded to the Commercial Bank of Crown
Point:
$60,000 5% detention home bonds at a premium of $2,367 77, equal to
103.94, a basis of about 4.19%. -Date Oct. 11926. Due .3,000.
July 1 1927 and Jan. 1 and July 1 1928 to Jan. 11937. incl.
500,000 4) % Superior Court building bonds. Date Jan. 1 1927. Due
,
i
112.500 July 1 1927 and Jan. 1 and July 1 1928 to Jan. 1 1947. inel•
-BOND.
LAKE-OF-THE-WOODS COUNTY (P. 0. Baudette), Minn.
SALE.
-The $115,000 coupon drainage funding bonds offered on Feb. 1
(Y• 123, p. 3354) were awarded to John Nuveen & Co. of Chicago as Se
at par. Dated Feb. 1 1927. Due Feb. 1 as follows: 210,000, 1932 to
1937 incl., and 611,000 1938 to 1942 incl.
LAWRENCE COUNTY VILLAGE CREEK DRAINAGE DISTRICT
-M. W. Elkins & Co. of
-BOND SALE.
(P. 0. Walnut Ridge), Ark.
Little Rock have purchased an issue of 1260.000 6% drainage bonds at
104.03. Due serially in 5 to 30 years.
-BOND OFFERING.
-R. R.
LAWTEY, Bradford County, Fla.
Thede, Chalrman•Board of Trustees, will receive sealed bids until 1 p. m.
March 29 for $6,000 6% coupon electric light bonds. Date Dec. 15 1925.
Denom.11,000. Due $1,000 Dec. 15 1928 to 1933,incl. A certified check
payable to W.E. Torode, Secretary Board of Trustees, for $300 required.
-LOAN OFFERING.
LEOMINSTER, Worcester County, Mass.
The City Treasurer will receive sealed bids until 11 a. m. Feb. 14 for the
purchase on a discount basis of a 1100,000 temporary loan. Due Nov. 15.
1927.
LEWISTON INDEPENDENT SCHOOL DISTRICT NO. 1, Nez
-BOND DESCRIPTION.
-The $275 000 4%
Perce County, Idaho.
-are
-V. 124 p. 542
coupon school bonds purchased by the State at par
described as follows: Date Jan. 1 1927. Denom. 81,000. Due 1947
optional 1937. Interest payable J. & J.
-BOND OFFERING.
-C. H. Churchill.
LIMA, Allen County, Ohio.
City Auditor, will receive sealed bids until 2 p. m. Mar. 4 for $200.000
5% sewer district Soiree K bonds. Dated Mar. 1 1927. Denom. $1.000.
Due $8.000 Mar. 1 1929 to 1953 incl. Prin. and int. (M. & S.) payable.
at the Sinking Fund Trustee's office. Legality will be approvedby Peck,
FEB. 12 19271
THE CHRONICLE
Shaffer & Williams, •Cincinnati. A certified check for 2% of the bonds
bid for, payable to the City Treasurer, is required.
LONG BEACH, Los Angeles County, Calif.
-BOND OFFERING.
H. C. Waughop, City Clerk, will receive sealed bids until 9 a. M. Feb. 15
for $500,000, not exceeding 5% harbor (rapt. bonds. Date Aug. 1 1924.
Denom. $1,000. Due Aug. 1 as follows: $75,000. 1951: $125,000. 1952
to 1954, incl.: and $56.000. 1955. Prin. and int. (F. & A.) payable at the
City Treasurer's office, or at the Hanover National Bank, New York City.
A certified check payable to the City Auditor, for 3% of the bid, required.
Legality approved by Bordwell, Mathews &
of Los Angeles,
and Thomson. Wood & Hoffman, New York City.
LUCAS COUNTY (P. 0. Toledo), 0.
-BOND SALE.
-The eight
issues of 5% bonds, aggregating $217,454 offered on Feb. 8-V. 124, p.
-were awarded as follows:
823 and 675
To W. L. Slayton & Co.Toledo.
$8,252 local sanitary sewer No. 108 bonds. at'a premium of $140, equal to
101.69, a basis of about 4.40%. Date Feb. 25 1927. Due Oct. 25
as follows: $2,525,1928;$2,000, 1929 and $1,000, 1930 to 1933, incl.
8,046 road impt. bonds at a premium of $137, equal to 101.70, a basis
of about 4.39%. Date Feb. 25 1927. Due Oct. 25 as follows:
$2,046, 1928: $2.000, 1929 and $1,000. 1930 to 1933, incl.
13,960 highway iron. No.340 bonds,at a premium of$298.equal to 102.13,
a ba,sis of about 4.39%. Due $2,960. 1928; $2,000, 1929 to 1932,
incl., and $1,000. 1933 to 1935, incl.
9.738 highway impt. No. 341 bonds, at a premium of $161, equal to
101.65. a basis of about 4.40%. Date Feb. 25 1927. Due $2,738,
1928; $2,000. 1929 and 1930 and $1,000. 1931 to 1933, Incl.
5.567 bonds at a premium of $85, equal to 101.52.
To A. T. Bell & Co., Toledo.
69,165 local sanitary sewer No. 151 bonds, at a premium of $2,704 59,
equal to 103.91.
59,569 road impt. bonds at a premium of $2,306 87, equal to 103.87, a
basis of about 4.14%. Date Feb. 25 1927. Due Oct. 25 as follows:
$6,569, 1928; $6,000, 1929 to 1936, kid., and $5,000, 1937.
To W. K. Terry ct Co., Toledo.
43,157 water supply line No. 148, main sewer district No. 9 bonds, at a
premium of $1,107, equal to 102.56, a basis of about 4.30%. Date
Feb. 25 1927. Due as follows: $6,157, 1928; $6,000, 1929 and 1930
and $5,000, 1931 to 1935, hid.
LULING,Caldwell County, Tex.
-BONDS REGISTERED.
-The State
Comptroller of Texas registered on Jan. 31 an issue of $50.000 54% street
bonds. Due serially.
McCOOK, Redwillow County, Neb.-BOND SALE.
-The State of
Nebraska, purchased during December, the following three issues of bonds
aggregating $5,500:
$6,009 5% paving bonds. Dated Oct. 15 1926. Due Oct. 15 1936.
2,000 5% paving bonds. Dated Sept. 11926. Due Sept. 1 1935.
500
% paving bonds. Dated Aug. 11926. Due Aug. 11936.
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Mamaroneck), Westchester. County, N. Y.
-BOND OFFERING.
K. G. Van Sciver, Clerk Board of Education, will receive sealed bids until
8.30 p. m. Feb. 24 for $41,000 4)1% coupon or registered school bonds.
Date March 1 1927. Denom. $1,000. Due March 1 as follows: $4,000
1928 to 1936, incl., and $5.000 1937. Prindpal and interest (M. & S.)
payable in gold at the First National Bank, New York. Legality approved
ny Clay, Dillon & Vandewater, New York. A certified check for $1,500.
payable to A. C. Robinson, Jr., District Treasurer, is required.
MANATEE, Manatee County, Fla.
-BOND OFFERING.
-Charles J.
Majory, City Clerk, will receive sealed bids until March 5 for $116,000
improvement bonds.
MANCHESTER,Hillsborough County, N. H.
-TEMPORARY LOAN.
-Salomon Bros. & Hutzler of Boston were awarded on Feb. 9 a $400,000
temporary loan on a 3.74% discount basis plus a premium of $3. Date
Feb. 10 1927. Due July 15 1927.
MANSFIELD SCHOOL DISTRICT, Richland County, Ohio.
BOND SALE.
-The $50,000 5% high school bonds offered on Feb. 9V. 124, p. 675
-were awarded to the Citizens' National Bank & Trust Co.
of Mansfield at a premium of $2,578, equal to 105.15, a basis of about
4.44%. Due $1,000, April 1 and Oct. 1 1928 to 1952. incl.
MARSHALL, Madison County, No. Caro.
-BOND SALE.
-The
$65,000 coupon street bonds offered on Feb. 8-V. 124. p. 404
-were
awarded to David Robinson Sc Co. of Toledo at 53is at a premium of
$449, equal to 100.67. Date Feb. 1 1927. Denom. $1,000. Duo serially
in 1 to 20 years. Interest payable F. & A.
MART, McLennan County, Tex.
-BONDS REGISTERED -The State
Comptroller of Texas registered on Feb. 2 an issue of $15.000
% waterworks bonds. Due serially.
MARTIN COUNTY (P. 0. Williamston), No. Caro.
-BOND OFFERING.
-J. S. Getsinger, Clerk Board of County Commissioners, will receive
sealed bids until until 230 p. in. Feb. 25 for the following two issues of
5% coupon bonds, aggregating $125,000:
$75,000 court house and jail bonds. Due March 1 as follows: $2.000.
1928 to 1942 incl., and $3,000. 1943 to 1957 incl.
50,000 county home bonds. Due March 1 as follows: $1,000. 1930 to
1933 incl.: $2.000. 1934 to 1938 incl., and 0,000. 1939 to 1950incl.
Date March 1 1927. Denom.$1,000. Prin. and int.(M. & S.) payable
at the Hanover National Bank, N. Y. City. Tenders must be submitted
for each issue separately. A certified check, payable to the Board of
County Commissioners, for 2% of the bid, required. Legality approved
by Storey, Thorndike, Palmer & Dodge of Boston.
MEDINA COUNTY (P. 0. Medina), Ohio.
-BOND SALE.
-The
following two issues of 535% cou n Sewer District No. 1 special assessment
,
offered on Jan. 31-V. 124, p• 404
Inuit. bonds, aggregating $42,11
wore awarded to W. L. Slayton & Co. of Toledo at a premium of $2,882.
equal to 106.86. a basis of about 4.61.%
$24,000 water supply bonds. Due Oct. 1 as follows: $1,000. 1928 to
1930 incl.•, $2,000, 1931: $1,000. 1932 to 1934 incl.; $2,000,
$1.000, 1936 to 1938 incl.: $2,000, 1939: $1.000. 1940 to 1942 1935;
incl.;
$2,000, 1943: $1,000, 1944 and 1945. and $2,000, 1946.
18,000 sewerage bonds. Due Oct. 1 as follows: $500, 1928 and 1929,
and $1,000. 1930 to 1946 incl.
Date March 1 1927.
MERCHANTVILLE, Camden County, N. J.
-BOND OFFERING.Chas. A. Ball, Borough Clerk, will receive sealed bids until Feb. 16 for
an issue of 4;1% street impt. bonds not exceeding $70,000, no more bonds
to be awarded than will produce a premium of $1,000 over $70,000. Date
March 1 1927. Denom. $1,000. Due March 1 as follows: $12,000, 1929,•
UAW 1930: $6,000, 1931; $4,000, 1932 to 1935 incl.,• $3.000.
$25,000, 1937. A certified check for 2% of the bonds bid for is 1936 and
These are the bonds scheduled for sale on Feb. 9-V. 124. p. 676 required.
-on which
date the bids received were rejected and returned unopened.
MIDLAND, Midland County, Tex.
-BONDS OFFERED.
-J M. Oilmen, City Secretary, received sealed bids until Feb. 10 for $30,000
53 %
,
6
paving and lighting bonds. Date Feb. 1 1927. Due in 1957.
MILL SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles
-BOND SALE.
County, Calif.
-The $10,000
% school bonds
-were awarded to Dean, Witter &,offered
on Nov. 15-V. 123, p. 2552
Co. of
San Francisco. Date Nov. 1 1926. Due $1.000, Nov. 1 1927 to 1936 incl.
MINNEWAUKAN,' Benson County, No. Dak.-BOND SALE.
John W. Maher, Devils Lake, has purchased an issue of $13,000
5.14%
auditorium bonds at a premium of $100, equal to 100.76. Purchaser
agreed to furnish printed bonds and legal opinion.
MONROE, Union County, No. Caro.
-BOND SALE.
-The $200,000
5% coupon water and electric light bonds offered on Jan. 12(V. 124. p.
263)
were awarded to the Federal Commerce Trust Co. of St. Louis. Date
Jan. 11927. Due Jan. 1 as follows: $4.000. 1930 to 1944,inclusive;$6,000,
1945 to 1954, inclusive; and $8,000, 1955 to 1964, inclusive.
Financial Statement.
Estimated actual value of all taxable property
$9.000,000 00
Assessed value of all taxable property (1926)
5.577,51800
Total bonded debt (including this issue)
900,000 00
-Water and light bonds
Less
5610.000 00
Special assessments
106,576 04
Sinking fund
24.652 81
741,228 85
Net bonded debt (less than 3% of assessed valuation)_--- $158.771 15
Population (officially estimated). 10.000.
955
MONTEREY SCHOOL DISTRICT (P. 0. Salinas) Monterey
*
-BOND SALE.
County, Calif.
-The $90,000 5% school bonds offered on
Feb. 7 (V. 124, p. 823) were awarded to the William R. Staats Co. of Lee
Dated Feb.7 1927. Due 53.000 Feb.7 1928 to 1957 incl.
Angeles.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFERING.
-F. A. Kilmer, Clerk Board of County Commissioners, will receive
sealed bids until 10 a. in. Feb. 21 for the following 5% bonds. aggregating
,000:
$77,000 Overlook Ave. impt. bonds. Due March 1 as follows: $7,000,
1928; $8,000. 1929 to 1931 incl.; $7,000, 1932; 88.000. 1933 to
1936 incl., and $7,000. 1937. A certified cheek for $3,850, payable
to the County Treasurer, is required.
16,000 Cleveland Ave., Kneisley Plot impt. bonds. Due March 1 as
follows: $2,000, 1928 and 1929: $1,000. 1930; $2,000, 1931:
$1,000, 1932: $2,000, 1933; $1,000. 1934; 0.000. 1935; 51,000
1936. and $2,000, 1937. A certified check for POO, payable to
the County Treasurer, is required.
Date March 1 1927. Denom. $1,000. Prin. and int.(M.& S.) payable
at the County Treasurer's office. Legality approved by D. W. & A. S.
Iddings of Dayton and Peck, Shafer & Williams of Cincinnati.
MONTVERDE, Lake County, Fla.
-BOND OFFERING.
-W. D.
Walker, Mayor, will receive sealed bids until 2 p. in. Feb. 28 for $40,000
6% town bonds. Date Jan. 1 1927. Denom. $1,000. Due Jan. 1 1957.
Prin. and int. (J. & J.) payable at the National Bank of Commerce, New
York City. A certified check, payable to the Town Council. for 5.% of
the bid required. Legality approved by Caldwell & Raymond of N.Y.City.
-BOND SALE.
MOUNT EPHRAIM, Camden County, N. J.
-M,M.
Freeman & Co. of Philadelphia have purchased an issue of $58,000 534%
street impt. bonds. Date Dec. 1 1926. Denom. $1,000. DUO Dec. 1
as follows: $40,000. 1932 and $18,000, 1936. Prin. and Lit. (J. & D.)
payable at the Mount Ephraim National Bank. Legality approved by
Caldwell & Raymond, New York.
MOUNT ORAB VILLAGE SCHOOL DISTRICT, Brown County,
-BOND OFFERING.
-John T. rrerner, Clerk Board of EducaOhio.
tion will receive sealed bids until 12 in. (Eastern standard time) Feb. 28
for $39.000 5% school building bonds. Dated Jan. 1 1927. Denom.
$500. Due $1,000 March and Sept. 1 1928 to 1933. incl., and $500 March 1
and $1.000 Sept. 1 1934 to 1951. incl. Principal and interest (M. & S.)
Payable at the office ofthe Clerk, Board of Education. A certified check for
$500. payable to the Board of Education, is required.
MOUNT PLEASANT(P.O.North Tarrytown),Westchester County,
-The $9.350 highway coupon or registered bonds
-BOND SALE.
N. Y.
-were awarded to Graham. Parsons &
offered on Feb. 4-V. 124, p. 676
Co. of New York as 4)4s at 100.29, a basis of about 4.43%. Date Feb. 1
1927. Due Feb. 1 as follows: $350. 1928, and $1.000, 1929 to 1937. bid.
MUSCATINE, Muscatine County., lowa.-BOND SALE.
-An issue
of $5,110 63 District No. 46. series A, paving improvement bonds has
recently been sold.
NEPTUNE CITY (P. 0. Avon-by-the-Sea), Monmouth County,
-Edward McClelland. Borough Clerk, will
-BOND OFFERING.
N. J.
receive sealed bids until 8 p. m. Feb. 16 for an issue of 6% local sewerage
improvement bonds not exceeding $190,000, no more bonds to be awarded
than will produce a premium of $1,000 over $190,000. Date Jan. 1 1927.
Denom.$1,000. Due $19.000 Jan. 1 1928 to 1937. incl. A certified check
for 27 of the amount of bonds bid for is required. These are the bonds
offered unsuccessfully on Feb. 2 as 5s.
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND SALE.
-The
$5.000 6% drainage coupon bonds offered on Feb. 8-V. 124. p. 542
were awarded to W. N. Bradshaw of Delphi at a premium of $150 10. equal
to 103, a basis of about 5.36%. Date Jan. 5 1927. Due $500 Jan. 5 1928
to 1937, inclusive.
NEW BEDFORD, Bristol County, Mass.
-BOND OFFERING.
John Morris, City Treasurer, will receive sealed bids until 12 en. Feb. 16
for the following four issues of 4% coupon bonds, aggregating $699,000:
$249.000 school bonds. Due Feb. 1 as follows: $13,000. 1928 to 1936
incl., and $12,000. 1937 to 1947 incl.
240,000 school bonds. Due $12,000 Feb. 1 1928 te 1947 incl.
150,000 sewer bonds. Due Feb. 1 as follows: $8.000. 1928 to 1937
incl., and $7.000. 1938 to 1947 incl.
60,000 water supply bonds. Due $2,000 Feb. 1 1928 to 1957 kid.
Date Feb. 11927. Prin. and int.(F. & A.) payable at the First National
Bank of Boston, Boston. The bonds are engraved under the supervision
,
of and certified as to genuineness by the First National Bank of Boston.
Legality to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
A certified check for 2% of the amount of bonds bid for is required.
Financial Statement Feb. 11927.
Net valuation for year 1926
$221.804.232 00
Debt limit 2ti% of average valuation three preceding years5.398.377 05
Total gross debt
13.294.000 00
-Water bonds
Exempted debt
$1,360.000 00
Other bonds (sewer, school, bridge, park
and building, &c.)
6,825.000 00
8,185.000 00
Bonded debt within debt limit
Municipal sinking funds
0.109,000 00
293.000 00
Net debt
Borrowing capacity
Water sinking funds
Municipal sinking funds
All other sinking funds
$4.816.000 00
$582,377 05
48.000 00
293,000 00
575,364 90
Total sinking funds
$916,364 90
-BOND OFFERING.
NILES, Trumbull County, 0.
-Homer Thomas,
City Auditor, will receive sealed bids until 2 ri. in. Feb. 25 for $5,275 534%
street impt.. city's portion, bonds. Date Oct. 1 1926. Denom. $1,000,
except one for $1.275. Due Oct 1: 31,000. 1928 to 1931,incl., and $1,275.
1932. Int. payable semi-ann. Legality will be approved by Peck, Shaffer
& Williams of Cincinnati. A certified check for 2% of the amount of bonds
bid for, payable to the City Treasurer, is required.
-Homer Thomas, City Auditor, will receive sealed
BOND OFFERING.
bids until 2 p. m.Feb. 28 for $13,000 534‘% street improvement,assessment
bonds. Date Feb. 1 1927. Denom. $1,000. Due Oct. 1 as follows:
$1.000, 1928 to 1934. lad., and $2.000, 1935 to 1937, Lid.
NOBLE COUNTY (P. 0. Albion), Ind.
-BONDS OFFERED.
-Edwin
Smith, County Auditor, received sealed bids until 10 a. m. Feb. 11 for
55,378 10 6% drainage bonds. Date Nov. 1 1926. Denom. $537 81.
Due $537 81 Nov. I 1927 to 1936 incl. Int. payable M. & N. at the
County Treasurer's office. The above corrects the report given in V. 124.
p. 821, under the incorrect caption "Albion, Ind."
OKEECHOBEE COUNTY(P.O. Okeechobee),Fla.
-BOND SALE.
The 5525.0008% road bonds offered on Feb.7(V.124. p.676) were awaraect
to the People's Bank of Oiceechobee, at 95.07, a basis of about 6.64%
Date Feb. 1 1927. Due $26,250 Feb. 1 1929 to 1948, inclusive.
OGDENSBURG, St. Lawrence County, N. Y.
-The
-BOND SALE.
$209,400 4 % City Hall coupon bonds offered on Feb.4-V. 124. p.676
-were awarded to Geo. B. Gibbons Co., Inc. of New York City,at 104.46.
a basis of about 4.18%. Due Sept. 1 as follows: $4,000. 1927 to 1975 hid.
.
and$13,400. 1976.
OMAHA, Douglas County, Neb.-BOND SALE.
-The Peters Trust
Co. of Omaha, has purchased an issue of $28,000 431% paying bonds at a
premium of $171, equal to 100.61.
ORCHARD PARK, Erie County, N. Y.
-The Manu-BOND SALE.
facturers' & Trances' rrust Co. of Buffalo was awarcten on Feb. 7 an issue
of 1231.000 43i% water bones at 103.02. a basis of about 4.27%. Date
Feb. 1 1927. Denom. $1,000. Due $7,000 Feb. 1 1932 to 1964. inclusive.
Prinetpal and semi-annual interest payable at the Bank of Orchard Park.
Legality approved by Thomson, Wood & Hoffman. New York City.
OTTAWA HILLS, Lucas County, 0.
-BOND OFFERING.
-Charles
G. Smith, Village Clerk, will receive sealed bids until 12 m. Feb. 21 for
$6,500 5% bonds. Date Sept. 1 1926. Denom. $500. Due $500 Sept. 1
1928 to 1940,incl. Prin and int.(M.& S.) payable at the office of the some
Bank & Trust Co.,Toledo. A certified check for 2% of the amount of bonds
bid for, payable to the Village Treasurer Is required.
-BOND OFFERING.
PERTH AMBOY, Middlesex County, N. J.
Sealed bids will be received until 2 p. in. Feb. 23 by Joseph E. Hornsby,
956
THE CHRONICLE
City Treasurer, for an issue of 43 % coupon or registered water series"W"
bonds, not to exceed $1.200.000, no more bonds to be awarded than will
produce a premium of $1,000 over $1,200.000. Denom. $1,000. Dated
April 15 1926. Prin. and semi-ann. int. (A. & 0.) payable at the City
Treasurer's office. Due on April 15 as follows: $30,000, 1528 to 1946 incl.,
and $45.000. 1947 to 1960 incl. Certified check for 2% of the bonds bid
for required. Bonds will be prepared under the supervision of the U. S.
Mtge. & Trust Co.. New York, which will certify as to the genuineness of
the signatures of the officials and the seal impressed thereon,and the validity
of the bonds will be approved by Caldwell & Raymond of New York.
These are the bonds scheduled for sale on Sept. 20-V. 123, p. 1409.
Financial Statement Feb. 1 1927.
General bonded debt
$3,076.500 00
1,464.000 00
Water bonded debt (net including this issue)
Total bonded debt
$4,540.500 00
Floating debt:
Tax revenue bonds
$830.000 00
Temporary improvement bonds (trust)
1,174.000 00
Grade crossing(temp.imp. bds.).$671.000 00
Less credit Ch.281,Laws 1926_ 503,636 76
167,363 24
Water temporary improvement bonds
1.200,00000
3,371,36324
$7.911,863 24
This issue is for the funding of the $1,200,000 temporary improvement
water bonds included in this statement.
Total Bonded & Floating Debt
$5,247,863 24
General debt
Water debt
2.664,000 00
$7,911,863 24
Sinking Funds
General
Water
$458,141 77
299,548 02
$757,68979
Net Taxable Valuation 1926Real
Personal
$34.939,737 00
9.950.319 00
$44,890,056 00
Population. estimated, 48,000. City incorporated March 17 1870.
Nob.
-BOND SALE.
-The State of Nebraska
PERU, Nemaha County,
purchased during December the following two issues of 4%% bonds aggregating $30,000:
*20.000 refunding bonds.
10,000 refunding bonds.
Date Nov. 1 1926. Due Nov. 11946, optional Nov. 1 1937.
-An issue of
-BOND SALE.
PITTSBURG, Crawford County, Kan.
$43,189 87 43 % paving bonds has been sold to local investors.
PLANT CITY, Hillsborough County, Fla.-110ND OFFERING.
W.H. Durrance, City Clerk, will recein sealea bk.s until 11 a. m. Feb. 24
for the following two issues of 6% bonds, aggregating $318.000:
$260,000 paving and sewer bonds. Date Jan. 1 1927. Due $26.000 Jan.]
1929 to 11138, inclusive. A certified check, payable to the abovementioned official, for $4,000 required. Interest payable J. & J.
58,000 sidewalk bonds. Date March 1 1927. Due March 1 as follows:
$19,000, 1929 and 1930, and $20,000. 1931. A certified check,
payable to the above-mentioned official, for $1,000, required.
Interest payable M. & S. •
Denom. $1,000. Prindpal and interest payable at the National City
Bank, New York City. Legality approved by Caldwell & Raymond,
New York City.
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 11
(P. 0. Bartow), Fla.
-BOND SALE.
-The Brown-Crummer Co. of
Wichita, has purchased an issue of $75.000 514% road •bonds at 95.05, a
basis of about 6.12%. Date April 1 1926. Due $5,000 April 1 1931 to
1945. incl. These are the bonds offered unsuccessfully on Oct. 5-V. 123.
p. 1789.
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 14
(P. 0. Bartow), Fla.
-BOND SALE.
-The $350.000 534% road bonds
offered on Feb. 8-V. 124. p. 405
-were awarded to the Brown-Crummer
Co. of Wichita at 90, a basis of about 6.56%. Date Oct. 1 1925. Due
$14,000 Oct. 1 1930 to 1954. inclusive.
-The American
PONCA CITY, Kay County, Okla.
-BOND SALE.
National Bank of Oklahoma City purchasea on Jan. 25. at public auction,
the following two issues of bonds, aggregating $225,000:
$175,000 4 % water and light plant extension bonds. Due as follows:
$2..000, 1931, ana $50.000. 1932 to 1934, inclusive.
50,000 4%% panc bonds. Due $2.500, 1928 to 1947, inclusive.
Date Feb. 1 1927. Denoms. $1,000 and $500. Yrincipal and interest
(F. & A.) payable at the State's fiscal agency.
PORTLAND SCHOOL DISTRICT NO. 1, Multnomah County,
-E. T. Stretcher. School Clerk, will receive
-BOND OFFERING.
Ore.
sealed bids until 12 in. Feb. 25 for the following two issues of not exceeding 6% coupon school bonds, aggregating $1,000,000:
$500,000 school bonds. Due March 10 as follows: $28,000, 1930 to 1943
incl., and $27,000, 1944 to 1947 incl. Legality approved by
Teal. Winfree, Johnson & McCulloch of Portland.
500,000 school bonds. Due March 10 as follows: $28,000. 1930 to
1943 incl., and $27,000, 1944 to 1947 incl. Legality approved
by Storey, Thorndllee, Palmer & Dodge of Boston.
Dated March 10 1927. Denom. $1.000. Prin. and int. (M. & S.)
payable at the State fiscal agency, New York City, or at the County Treasurer's office. A certified check payable to the above-mentioned official
for 5% of the bid required.
-TEMPORARY LOAN.
PORTSMOUTH,Rockingham County, N. H.
-The First National Bank of Boston has purchased a $100.000 temporary
loan on a 3.71% basis. Due Sept. 1 1927.
-BOND OFFERING.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
Edward D. Stannard, County Treasurer, will receive sealed bids until
12 in. Feb. 24 for $125.000
% highway, series No. 14, coupon or registered bonds. Dated Mar. 1 1927. Denom. $1,000. Due $5,000. Mar. 1
1928 to 1952 incl. Prin. and int.(M. & S.) payable in gold at the First
National Bank, Brewster, in New York exchange. Legality will be approved by Clay, Dillon & Vandewater, N. Y. City. A certified check for
$2,500. payable to the County Treasurer, is required.
REDLANDS, San Bernardino County, Calif.
-BONDS VOTED.
At the election held on Jan. 28-V. 124. p. 264
-the voters authorized
% building bonds by a count of 1.736 for to
the issuance of $375.000
855 against. Due serially 1928 to 1951. The bonds will be offered for
sale about Feb. 28.
ROCHESTER,Monroe County, N. Y.
-NOTE SALE.
-The following
six issues of City of Rochester notes, aggregating $1,030,000 offered on
-were awarded to Blair & Co. of New York, at
Feb. 7-V. 124. p. 824
3.65,interest plus a premium of $15.
$250,000 local improvement notes as per ordinance of the Common Counci
Dec. 20 1926. Date Feb. 10 1927. Due Oct. 10 1927.
600,000 general revenue notes as per ordinance of the Common Council
Dec. 28 1926. Date Feb. 10 1927. Due June. 10 1927.
50,000 school construction notes as per ordinance of the Common Council
May 12 1925. Date Feb. 10 1927. Due Oct. 10 1927.
50.000 transit subway notes as per ordinance of the Common Council
Aug. 24 1926. Date Feb. 10 1927. Due Oct. 10 1927.
15.000 water works improvement notes as per ordinance of the Common
Council Nov. 9 1926. Date Feb. 10 1927. Due Oct. 10 1927.
bonds as
ordinance
65,000 Winston Road subway Date Feb. per1927. Dueof the Common
10
Oct. 101927.
Council Jan.25 1927.
TOWNSHIP UNION SCHOOL DISTRICT (P. 0. Rovrs
ROGERS
-BOND SALE.
-The $200.000 4 %
City), Presque Isle County, Mich.
-were awarded to
school building bonds offered on Feb. 7-V. 124, p. 677 equal to
premium of $4,025,
102.01.
the Detroit Trust Co. of Detroit. at a 1927. Due $10,000 Feb. 1 1929 to
about 4.53%• Date Feb. 1
a basis of
1948, incl.
-BONDS REGISTERED.
-The State
RULE, Haskell County, Tex.
issue of $20,000 5% schoolComptroller of Texas registered on Jan. 29 an
house bonds. Due serially.
[VOL. 124.
-BOND
RUNNEMEDE (P. 0. Camden) Camden County, N. J.
SALE.
-R. M. Grant & Co. of New York have been awarded $159.000
5%% improvement bonds at par. Date Sept. 1 1926. Denom. $1,000.
Due Sept. 1 as follows: $109,000. 1932 and $50.000, 1936. Prin, and int.
(M. & S. payable at the Mount Ephraim National Bank. Legality
approved by Caldwell & Raymond, New York.
ST. CLAIR COUNTY COMMUNITY HIGH SCHOOL DISTRICT
NO. 77 (P. 0. Freeburg), III.
-BOND OFFERING.
-Loren Wilderman,
Secretary Board of Education, will receive sealed bids until 7.30 p. m.
Feb. 16 for $79,500 school bonds. Denom. $500 or $1,000 as designated
by purchaser. Printing of the bonds to be paid by purchaser. Legality
approved by a recognized bonding attorney and furnished to the purchaser.
Bids to be submitted on 4%% and 5% bonds, payable semi-annually or
annually. Principal and interest, payable at place to be designated by
purchaser. A certified check for 51,500 is required.
SALAMANCA, Cattaraugus County, N. Y.
-The
-BOND SALE.
following two issues of paving improvement registered bonds, aggregating
$26.555 17, offered on Feb. 7-V. 124, p. 677
-were awarded to James P.
Quigley of Olean, as 4.40s at 100.63:
$13.480 42 property owner's share bonds.
13,074 75 city's share bonds.
Date Feb. 1 1927. Due serially Feb. 1 1928 to 1947, incl.
SAN JACINTO COUNTY (P. 0. Coldspring), Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas registered on Feb. 3 an issue
of $27,000 5%% special road bonds. Due June 11 1957.
SANTA BARBARA SCHOOL DISTRICT (P. 0. Santa Barbara),
Santa Barbara County, Calif.
-Sealed bids will
-BOND OFFERING.
be received by the County Clerk until Feb.21 for $150,0005% school bonds.
SARANAC LAKE, Franklin County, N. Y.
-The
-BOND SALE.
following two Issues of coupon bonds, aggregating $18,000 offered on Feb.
7-V. 124, p. 677
-were awarded to Sherwood & Merrifield, New York
City, as 43s at 100.15, a basis of about 4.73%:
$8,000 St. Bernard St. paving bonds. Date June 1 1926. Due $1,000
June 1 1927 to 1934, incl.
10,000 Winona Ave. paving bonds. Date Aug. 1 1926. Due $2,000 Aug. 1
1927 to 1931, incl.
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Scarsdale), Westchester County, N. Y.
-BOND OFFERINO.-0. H.
Cheney. President of Board of Education, will receive sealed bids until
12 in. Feb. 21 at 100 East 42d St., New York City, for $32,500 4%%
coupon or registered,series G,school bonds. Date March 1 1927. Denom.
$1.000. one for $500. Due March 1 as follows: $500 1928 and $2,000 1929
to 1944, incl. Principal and semi-annual interest, payable at the Scarsdale
National Bank & Trust Co., Scarsdale. Legality approved by Hawkins.
Delafield & Longfellow, New York City. A certified check for 2% of the
amount of bonds bid for, payable to the Board of Education, is required.
SCAPPOOSE,_ Columbia County, Ore.
-BONDS OFFERED-C. F.
Cathcart, City Recorder, received sealed bids on Feb. 11 for $18,000
535% Water bonds. Due $6,000 1941 to 1943 incl.
SEATTLE, King County, Wash.
-BOND SALE.
-During the month
of October the city of Seattle sold the following issues of6% special improvement bonds aggregating $360,308 90:
Dist.
No. Amount.
Purpose.
Date.
Due
4118 $12,929 23 Paving
Oct. 1 1926 Oct. 1 1938
4154- 2,19738 Paving
Oct. 1 1926 Oct. 1 1938
4259
2.80299 Sewers
Oct. 1 1926 Oct. 1 1938
1.24922 Paving
4271
Oct. 1 1926 Oct. 1 1938
Oct. 1 1926 Oct. 2 1938
4176 42,155 99 Paving
Oct. 2 1926 Oct. 2 1938
4238 45,934 04 Paving
2,877 77 Grading
Oct. 4 1926 Oct. 4 1938
4257
6.08578 Walks
Oct. 2 1926 Oct. 5 1938
4261
Oct. 7 1926 Oct. 7 1938
4117 21,887 34 Paving
Oct. 8 1926 Oct. 8 1938
1,525 40 Lighting system
4214
Oct. 8 1926 Oct. 8 1938
4245 15.018 54 Sewers
Oct. 11 1926 Oct. 11 1938
3,847 08 Sewers
4141
Oct. 11 1926 Oct. 11 1938
4193 80.061 67 Paving
1,485 61 Paving
Oct. 11 1926 Oct. 11 1938
4242
Oct. 11 1926 Oct. 11 1938
1.62558 Paving
4243
Oct. 111928 Oct. 11 1938
1,843 28 Paving
4270
2,16027 Sewers
Oct. 131928 Oct. 13 1938
4170
Oct. 18 1926 Oct. 18 1938
6,671 25 Grading
4150
Oct. 18 1926 Oct. 18 1938
8:2176 0 Lezers system
2 0 99 S htieg
3 8
41%6
426
Oct. 19 1926 Oct. 19 1938
3,276 22 Water mains
Oct. 19 1926 Oct. 19 1938
4246
Oct. 22 1926 Oct. 22 1938
8,859 10 Water mains
4285
25 1926 Oct. 25 1938
4,422 77 Water mains
Oct.4120
Oct. 25 1926 Oct. 25 1938
5,557 65 Grading
4220
Oct. 25 1926 Oct. 25 1938
4232 10,024 62 Paving
Oct. 25 1926 Oct. 25 1938
7,710 04 Water mains
4233
Oct. 25 1926 Oct. 25 1938
4262 24,440 73 Paving
Oct. 26 1926 Oct. 28 1938
8,391 95 Sewers
4231
Oct. 26 1926 Oct. 26 1938
4267 20.953 05 Paving
Oct. 26 1926 Oct. 26 1938
4274
1,851 03 Water mains
2,683 25 Paving
4286
Oct. 26 1926 Oct. 26 1938
Subject to call yearly.
BOND SALES.
-During the month of November the same city also sold
the following issues of 6% special improvement bonds aggregating
$379.057 03:
Dist.
No. Amount.
Due.
Date.
Purpose.
4244 $60,371 72 Paving
Nov. 1 1926 Nov. 1 1938
4280
2.89203 Water mains
Nov. 1 1926 Nov. 1 1938
6,94440 Paving
4099
Nov. 3 1926 Nov. 3 1938
4251
12,698 18 Grading
Nov. 1926 Nov. 8 1938
Nov. 8 1926 Nov. 8 1938
1,26049 Grading
4296
Nov. 8 1926 Nov. 8 1938
4301
798 96 Paving
Nov. 8 1926 Nov. 8 1938
2,315 38 Paving
4303
Nov. 10 1926 Nov. 10 1938
4292
2.798 14 Walks
Nov. 15 1926 Nov. 15 1938
4157 53.517 79 Paving
Nov. 15 1926 Nov.15 1938
4272
2,159 90 Water mains
Nov. 15 1926 Nov. 15 1938
2.820 00 Grading
4275
Nov. 15 1926 Nov. 15 1938
4282 14,095 04 Grading
Nov. 16 1926 Nov. 16 1938
14.463 71 Paving
4291
Nov.16 1926 Nov. 16 1938
4299
4,973 51 Water mains
Nov. 16 1926 Nov. 16 1938
Paving
4306
6.457 57
18 1926 Nov. 18 1938
6,029 86 Water mains
Nov.4283
Nov.20 1926 Nov.20 1938
4235 78,193 03 Paving
Nov.22 1926 Nov.22 1938
4212
2,485 78 Water mains
Nov.22 1926 Nov.22 1938
4268
7,353 32 Walks
Nov.23 1926 Nov.23 1938
4197
7,646 13 Water mains
Nov.23 1926 Nov.23 1938
4277
4,254 43 Paving
Nov.26 1926 Nov.28 1938
4162 20.535 35 Street lighting
Nov.26 1926 Nov.26 1938
4265
5,466 78 Grading
Nov.26 1926 Nov.26 1938
4269
2.240 39 Grading
Nov.29 1926 Nov.29 1938
4255 42.077 15 Paving
Nov. 29 1926 Nov.29 1938
4295
3.81049 Grading
Nov.29 1926 Nov.29 1938
4318
2.361 41 Paving
Nov.30 1926 Nov.30 1938
4290
8.03609 Grading
Subject to call yearly.
December the same city also sold
BOND SALES.
-During the month of
the following issues of 6% special improvement bonds aggregating
$300,491 32:
Dist.
Date.
Due.
Purpose.
No. Amount.
Dec. 10 1926 Dec. 10 1938
4305 $11,120 98 Paving
Dec. 11 1926 Dec. 11 1938
4221
6,923 99 Water mains
Dec. 11 1926 Dec. 11 1938
4311
3,991 56 Walks
Dec. 13 1926 Dec. 13 1938
4266 40,362 89 Sewers
Dec. 14 1926 Dec. 14 1938
4287
1.899 63 Grading
Dec. 14 1926 Dec. 14 1938
Grading
44320502
Dec. 16 1926 Dec. 16 1938
12;483 25 Paving
Dec. 18 1926 Dec. 16 1938
22 Paving
1,658
4315
1,697 85 Condemnation for street ..Dee. 17 1926 Dec. 17 1938
4377
Dec. 21 1926 Dec. 21 1938
4095 95.229 19 Grading and paving
Dec. 23 1926 Dec. 23 1938
4237 30,586 40 Grading
Dec. 23 1926 Dec. 23 1938
1,823 78 Paving
4263
Dec. 27 1926 Dec. 27 1938
4258 41,091 08 Paving
Dec. 30 1926 Dec. 30 1938
4279 35,790 63 Paving
Dec. 30 1926 Dec. 30 1938
4307
5,937 53 Paving
Dec. 31 1926 Dec. 31 1938
4316
4,364 38 Sidewalks
Subject to call yearly.
FEB. 32 19271
THE CHRONICLE
957
SEDGWICK COUNTY SCHOOL DISTRICT NO.14(P.O. Wichita), Elliott & Munson and Gibbon & Whitaker of Philadelphia. A certified
-The State of Kansas has purchased an issue of check for $7.500. payable to the Township Commissioners, is required.
Kan.
-BOND SALE.
$11.000 5% school bonds at par.
-BOND OFFERING.VALLEY STREAM, Nassau County, N. Y.
SEDGWICK COUNTY SCHOOL DISTRICT NO. 15(P.O. Wichita), Ferdinand Hoefner, Vlliage Clerk, will receive sealed bids until 8 p. m.
has been Feb. 23 for $110,000 not exceeding 5% incinerator coupon or registered
-An issue of $19,000
% school bonds
Kan.
-BOND SALE.
bonds. Dated March 1 1927. Denom.$1,000. Due March 1 as follows:
sold to local investors.
1928 to 1945 id., and $2,000, 1946. Interest rate to be in a
-BOND SALE.
-The $6,000. of 3i or 1-10 of 1%. Prin. and int.(M.& S.) payable in gold at
SHARONVILLE, Hamilton County, Ohio.
multiple
51.310 06 65' coupon street impt. assessment bonds offered on Feb. 2- the Bank of Valley Stream, Valley Stream, in New York exchange. Le-were awarded to the Sharonville Bank of Sharonville at gality will be approved by Clay, Dillon & Vandewater, N. Y. City. A
V. 124. p. 265
par. Date Jan. 29 1927. Due Sept. 29 as follows: $155 06, 1928 and certified check for $2,200, payable to the Village, is required.
$165, 1929 to 1935 incl.
-BOND SALE.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
- -The 5226.000 5% road bonds offered on Jan. 26-V. 124, p. 543
SHAWNEETOWN SCHOOL DISTRICT, Gallatin County, Ill.
-were
-An issue of $40,000 school bonds has been disposed of.
BOND SALE.
awarded to the Fletcher Savings & Trust Co. of Indianapolis.
-BOND
SHEFFIELD LAKE (P. 0. Lorain), Lorain County, Ohio.
-BOND
VINCENNES SCHOOL DISTRICT, Knox County. Ind.
-Frank F. Field, Village Clerk, will receive sealed bids until SALE.
OFFERING.
-V. 124, p.
-The $220,000 431% school bonds offered on Feb. I
12 m. March 4 for $11,250 5% special assessment coupon improvement 678
-were awarded to the Fletcher American Co. of Indianapolis at a
bonds. Date April 1 1926. Denom. $1,000 and one for $1,250. Due premium of $3,755. equal to 101.70, a basis of about 4.10%. Date Feb. 1
Oct. 1 as follows: $1,000 1928 to 1935, incl.; $2,000 1936 and 51,250 1937. 1927. Due as follows: $4,000. Feb. 1 and Aug. 1 1928 to 1939 incl.:
A certified check for 2% of the amount of bonds bid for, payable to the 55.000. Aug. 1 1940; 55,000, Feb. 1 and Aug. 1 1941 to 1956 incl., and
Village Treasurer, is required.
$5.000 and $4,000, Feb. 1 and Aug. 1 1957.
SHELBYVILLE, Shelby County, III.
-MATURITY.
-The $7,600
-MATURITY.
-The
WALKER COUNTY (P. 0. Huntsville), Tex.
6% street paving bonds awarded to the Shelby Loan & Trust Co.of Shelby- $250,000 5% series J coupon special road bonds purchased by J. G. Moss
-mature as follows: $600. 1927 and 51.000, 1928 to & Co. of Dallas at par-V.124, p. 678
ville
-V. 124, p. 825
-mature Jan. 1 as follows: 2,000,
1934. incl.
1928 to 1936, incl., $3,00, 1937 to 1940. incl., 510.000, 1941 to 1950,
SPRINGWELLS TOWNSHIP UNIT SCHOOL DISTRICT (P. 0. incl., and $20,000, 1951 to 1956, incl. Date Jan. 1 1927.
SALE.
-BOND
-The $720.000 school
Fordson), Wayne County, Mich.
-BOND OFFERINO.-Della B.
WARREN, Trumbull County, 0.
-were awarded to the Detroit King, City Auditor, will receive sealed bids until 1 p. m. Feb. 28 for $11.000
bonds offered on Feb. 9-V. 124, p. 825
Trust Co. of Detroit as 43s at a premium of $7,300. equal to 101.013, a 5% water works, city's share bonds. Date Sept. 1 1926. Denom. $1.000.
basis of about 4.41%. Date Feb. 15 1927. Due serially, 1928 to 1957 incl. Due $1.000 Sept. 1 1928 to 1938, incl. A certified cheek for $500. payable
STAMFORD, Fairfield County, Conn.
-TEMPORARY LOAN.
-The to the City Treasurer is required.
First Stamford National Bank has been awarded a $100,000 temporary
-WARRANT SALE.WARREN COUNTY (P.O. Vicksburg), Miss.
loan on a 3.66% discount basis plus a premium of $7.
Clerk, that the $30,000
by J. G.
-Harold S. Nichols, Town Treasurer, will receive We are now informedscheduledSherrard, Chancery
LOAN OFFERING.
-will
for sale on Feb. 15-V. 124. p. 825
bids until 12 m. Feb. 15 for the purchase on a discount basis of a 6% county warrants
sealed
be taken up by the sinking fund at par.
$150,000 temporary loan. Denom.$25,000,$10,000 and $5,000. Due Nov.
WATERTOWN, Middlesex County, Mass.-TBMPORARY LOAN.
15 1927. The notes will be prepared under the supervision of the Old
-was
Colony Trust Co., Boston. Legality approved by Ropes, Gray, Boyden & The $3300.000 temporary loan offered on Feb. 4-V. 124. P. 825
Perkins.
awarded to the First National Bank of Boston on a 3.16% discount basis.
STAMFORD, Harlan County, Neb.-BOND SALE.
-The State of Due Nov. 18 1927.
-BOND OFFERINO.-A. L.
Nebraska purchased during December an issue of $18.750
WATERVILLE, Lucas County, 0.
% water
bonds. Date Dec. 1 1926. Due Dec. 15 1946. optional Dec. 15 1931.
Mills, Village Clerk, will receive sealed bids until 12 m. Feb. 21 for the
following four issues of bonds, aggregating 520.689 98:
STEELTON 'SCHOOL'DISTRICT, Dauphin County, Pa.
-BOND
water works extension (village's portion) bonds. Date
-W.H. Nell, Secretary Board of Directors, will receive sealed 55.000 00 5% 15 1927. Denom.$500. Due $500 Oct. 11928 to 1937,had.
OFFERING.
Jan.
bids until 8 p. m. March 2 for $250,000 4 % school coupon bonds. Dated
3,539 98 5% Sundry St. impt. (village's portion) bonds. Date Dec. 1
March 1 1927. Denom. $1,000. Due Dec. 1 as follows: $8,000. 1927
19'26. Denom. $350, except one for $3389 98. Due Oct. 1 as
and 1928; $9,000, 1929: $8,000, 1930 and 1931: 59,000. 1932: $8,000 .1938
follows: $389 98, 1928 and $350, 1929 to 1937, incl.
and 1934; 39,000, 1935; $8,000, 9136 and 1937: $9,000, 1938: $8,000, 1939
5.500 00 535% John-Ohio Sts. impt.. special assessment bonds. Date
and 1940: $9,000, 1941; $8,000, 1942 and 1943; $9,000. 1944: 58.000,1945
Jan. 11927. Denom. $500.
and 1946; $9,000, 1947; $8,000. 1948 and 1949: $9.000. 1950: $8,000, 1951
% Third Ave. paving, special assessment bonds. Date Jan.1
6,65000
and 1952;$9,000, 1953: $8,000. 1954 and 1955. and $9,000, 1956. Legality
1927. Denom.$665. Due $665 Oct. 1 1928 to 1937. incl.
will be approved by Townsend. Elliott & Munson, Philadelphia. A cerInt. payable A. & 0. A certified check for 5% of the amount of bonds
tified check for 2% of the bonds bid for, payable to the Treasurer of the bid for, payable to the Village Treasurer, is required.
School District, is required.
-The ComWATHENA, Doniphan County, Kan.
-BOND SALE.
STRATFORD INDEPENDENT SCHOOL DISTRICT, Hamilton merce Trust Co. of Kansas City, has purchased an issue of $41.000 4,i%
County, Iowa.
-BOND SALE.
-The $50,000 school bonds offered on water works bonds.
Feb. 9-V. 124, p. 825
-were awarded to George M. Bechtel & Co. of
-The State of Nebraska.
WAUSA, Knox County, Neb.-BOND SALE.
Davenport at a premium of $711, equal to 101.422. (Rate not given.)
purchased during December an issue of $10,000 5% refunding bonds.
SWIFT COUNTY(P.O.Benson),Minn.-BOND SALE.-The 536.000 Date July 1 1926. Due July 1 1932.
-were awarded to the
refundmg bonds offered on Feb. 8-V. 124. p. 825
-The
-BONDS REGISTERED.
WEBB COUNTY (P. 0. Laredo), Tex.
Northwestern Trust Co. of St. Paul as 4s at a premumi of $580, equal
State Comptroller of Texas registered on Jan. 31 an issue of $300,000 535%
to 101.61. Dated March 1 1927.
special road bonds. Due serially.
-The State 'of
TECUMSEH, Johnson County, Neb.-BOND SALE.
-The State
WEEPING WATER, Cass County, Neb.-BOND SALE.
Nebraska purchased, during December, the following four issues of 4X%
of Nebraska purchased during December the following two issues of bonds,
bonds, aggregating $23,897 15:
aggregating $10,000:
$12,194 32 paving bonds.
$44.000 paving bonds.
58.000 5 Y4% paving bonds. Date May 1 1926. Due May 1 1931.
4,702 83 paving bonds.
3,000 paving bonds.
2,000 431% paving bonds. Date Jan. 15 1926. Due Jan. 15 1933.
Date Dec. 15 1926. Due Dec. 15 1936; optional Dec. 15 1927.
-Sealed
-LOAN OFFERING.
WELLESLEY Norfolk County, Mass.
TELFAIR COUNTY (P. 0. McRae), Ga.-PURCHASERS.-The
for the
purchasers of the $185,000 434% bridge bonds sold in V. 124, p. 825 were bids will be received by the Town Treasurer until 12 Cl. Feb. 14Nov. 14
Co., both of Atlanta, Jointly. purchase on a discount basis of a $100,000 temporary loan. Due
the Robinson-Humphrey Co. and the Trust
The price paid was a discount of $5.145. equal to 97.31, a basis et about 1927.
4.73%. Date July 11926. Due July 1 as follows: $3,000. 1928 to 1929:
WEST ALLIS, Milwaukee County, Wis.-BOND OFFERING.
$4,000. 1930; $3,000, 1931; $4,000. 1932 to 1934 incl.; 55.000. 1935; $44.000. Delbert Miller. Mayor, will receive sealed bids until 2 p. m.Feb.26 for the
1936; $5,000, 1937 to 1939 incl.: $6,000, 1940; 55,000, 1941; $6,000, 1942; following six issues of 434% bonds, aggregating $265,000:
$7.000, 1943; 56.000, 1944; $7,000, 1945 to 1947 incl.; $8.000, 1948 and $80,000 school bonds. Due $5,000. 1932 to 1947, incl. Principal and int.
1949; 59.000, 1950 to 1953 incl.: $11,000, 1954; 510.000, 1955, and $12,000.
payable at the First National Bank of West Allis.
1956.
50.000 street improvement bonds. Due as follows: $4,000, 1928 and 1929.
and $3,000, 1930 to 1943, incl. Principal and interest payable at
-BOND OFFERING.
-C.E. Bunting,
TOLEDO,Lucas County, Ohio.
the West Allis State Bank.
Director of Finance, will r&eive sealed bids until 12 m. March 8 for the
50,000 storm sewer bonds. Due as follows: $4,000. 1928 and 1929 and
following 4% coupon bonds, aggregating $3,211,000.
$8,000. 1930 to 1943, had. Principal and interest payable at the
intercepting sewers and pumping stations bonds. Due $440,000
$1.000,000
West Allis State Bank.
.March 1 1929 to 1953, incl.
50.000 industrial school bonds. Due as follows: $4,000, 1928 and 1929.
25,000 boulevards bonds. Due $1,000, March 1 1929 to 1953, incl.
and $3_,000. 1930 to 1943. incl. Principal and interest payable
bonds. Due $3,000, March 1 1929
30,000 fire apparatus purchase
at the West Allis State Bank.
to 1938, incl.
25,000 water bonds. Due as follows: 51.000, 1928 and 1942, incl.. and
200.000 street and highway widening and extension bonds. Due $8,000,
$2,000,_ 1943 to 1947, incl. Principal and interest payable at the
March 1 1929 to 1953, incl.
First National Bank of West Allis.
1,000,000 sewage disposal works bonds. Due $40.000. March 1 1929 to
10,000 sewer bonds. Due $1,000, 1931 to 1940. incl. Principal and int.
1953, incl.
payable at the First National Bank of West Allis.
280,000 garbage disposal plant bonds. Due March 1 as follows: $19,000,
Bidders to furnish blank bonds. A certified check for 5% of the bid,
1929 to 1938, incl. and $18,000, 1939 to 1943, incl.
50.000 public bridge repel!' bonds. Due 510,000, March 1 1929 to required.
1933, incl.
-BOND OFFERING.WESTFIELD, Chautauqua County, N. Y.
200.000 fire department building bonds. Due March 1 as follows: John A. Riley, Village Clerk, will receive sealed bids until 3 p. m. March I
14,000. 1928 to 1932, incl., and $13.000, 1934 to 1943, incl.
for $24,000 5% fire hall and Jail bonds. Denom. $1.000. Due March 1
170,000 public bridge construction bonds. Due $6,800, March 1 1929 as follows: $5,000 1928 to 1931, incl., and $4,000 1932. Interest payable
to 1953, incl.
semi-annually.
30,000 fire department signal apparatus bonds. Due $2,000, March 1
-BOND SALE.
WEST MONROE,Ouachita Parish, La.
-The $50,00()
1928 to 1942, incl.
% street bonds offered on Jan. 31-V. 124, p. 543
-were awarded to
46,000 stone crusher plant bonds. Due April 1 as follows: $11,000,
1929 to 1932, incl., and $2,000, 1933.
Seasongood & Mayer of Cincinnati.
180,000 park building bonds. Due 512,000, March 1 1929 to 1943, incl.
WEST YORK SCHOOL DISTRICT (P. 0. York), York County,
Date March 1 1927, except the $446,000 stone crusher plant bonds which
-BOND SALE.
-The $50,000 434% school coupon bonds offered.
are dated April 1 1927. Principet and interest (A. & 0.) payable at the N. Y.
on Feb. 9-V. 124, p. 544
-were awarded to E. H. Rollins & Son, Boston
United States Mortgage & Trust Co., New York.
at a premium of 92.410 06, equal to 104.82, a basis of about 4.23%. Due
TROY, Rensselaer County, N. Y.
-BOND SALE.
-The $190,000 $25,000 Aug. 1 1946 and 1956.
434% water works coupon or registered bonds offered on Feb. 4-V. 124.
WHARTON,Morris County, N. J.
-BOND SALE.
-The issue of water
p. 825
-were awarded to Geo. B. Gibbons & Co., Inc., and Roosevelt
or registered bonds offered on Feb. 7-V.124, p.678
-was awarded
& Son, both of New York, Jointly, at 103.60, a basis of about 4.06%• coupon Dover
to the
Trust Co. of Dover, taking 5155,000 (5156.000 offered) as
Date March 1 1927. Due $5,000 March 1 1928 to 1947 incl.
451s at 100.90, a basis of about 4.68%. Date March 1 1927. Due March 1
Financial Statement Jan. 25 1927.
1General debt
$4,426,863 39 as follows: $4.000, 1929 to 1932, had., and 55,000. 1933 te 1960. the.
WOODSFIELD, Monroe County, 0.
-The 516.000
-BOND SALE.
Water debt
1,663,52533
Sinkingfund
44 Were
812 77 6% fire apparatus coupon bonds offered on Feb. 5-V. 124, P. 5 awarded to the Well, Roth & Irving Co. of Cincinnati, a premium of $1.Certificate of indebtedness for harbor and dock and public
Improvements (temporary loan)
870.000 00 292 80. equal to 108.08, a basis of about 4.84%. Date Jan. 1 1927. Due
Real estate assessed valuation for 1927
64,537,396 00 $500 March and Sept. 1 1928 to 1943, incl.
YAVAPAI COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Prescott),
Franchise assessed valuation for 1927
3,092,810 00
Total assessed valuation for 1927
-BOND SALE.
67,667,206 00 Ariz.
-An issue of $15,000 school bonds has been disposed
of recently.
Population (1920 census), 72,013.
-BOND SALE.
TUSCALOOSA, Tuscaloosa County, Ala.
YAVAPAI COUNTY SCHOOL DISTRICT NO. 55 (P. 0. Prescott),
-Ward.
Sterne & Co. of Birmingham have purchased an issue of $13,000 5 % Ariz.
-BOND SALE.
-An issue of $25,000 school bonds has been disposed
city hall bonds at 101.45. Due in 10 years.
of recently.
UNION SCHOOL TOWNSHIP (P. 0. Liberty), Union County, Ind.
-Claude
VINCENNES, Knox County, Ind.
-BOND OFFERING.
-BOND SALE.
-The $12,000 43. % school coupon bonds offered on Hill, County Treasurer, will receive sealed bids until 2 p. m. Feb. 15
Feb. 4-V. 124.1p. 825-were awarded to the Farmers' State Bank at a for the following two issues of 4)1% road impt. bonds,aggregatIng$50,000:
premium of $28180, equal to 102.34, a basis of about 4.16%. Date $20,000 road bonds. Date Jan. 4 1927. Denom. $500. Due $500
Jan. 3 1927. Due as follows: $400. July 1 1928: $409, Jan. and July 1
May 15 and Nov. 15 1928 to 1947 incl.
1929 to 1941 incl., and $1,200, Jan. 1 1942.
30,000 road bonds. Date Oct. 5 1926. Denom. $1.000 and $500. Due
$1,500 May 15 and Nov. 15 1928 to 1937 Inch
UPPER DARBY TOWNSHIP(P.O. Lansdowne), Delaware County,
Interest payable May 15 and Nov. 15.
Pa.
-BOND OFFERING.
-William J. Curley, Township Secretary, will
receive sealed bids until 8 13. m. March 1 for $250.000 4X% township
-BOND DESCRIPTION.
WINTERHAVEN, Polk County, Fla.
coupon bonds. Date April 1 1927. Denom. $1,000. Due $25.000 The 545,000 6% coupon city bonds purchased by Ryan, Sutherland & Co.
April 1 1930, 1933, 1036, 1939, 1942, 1945. 1948. 1951, 1954 and 1957 of Toledo at 95.30-V. 124, p. us-are described as follows: Date
The bonds are registerable as to principal only and are free of State tax. Jan. 11927. Denom. $1,000. Due serially. 1928 to 1937 incl. Interest
Prin. and semi-ann. int. payable in gold. Legality approved by Townsend, payable J. & J.
958
THE CHRONICLE
[VOL. 124.
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.
-BOND
OFFERING.
-Anthony J. Kraus, County Auditor, will receive sealed
bids until 11:30 a. m.(Eastern time) Feb. 19 for $3,794 22 5% road impt.
No. 139 bonds. Date Feb. 1 1927. Denom. $375 except one for $419 22.
Due Sept. 1 as follows: $419 22, 1928 and $375. 1929 to 1937 incl. Prin.
and int. (M. & S.) payable at County Treasurer's office. A certified
check for 5% of the face value of the bonds bid upon, payable to the
County Auditor, is required.
YOUNGSTOWN, Mahoning County, 0.
-BOND OFFERING.
A. H. Williams, Director of Finance, will receive sealed bids until 12 m.
March 7 for the following ten issues of 5% coupon or registered bonds,
$341,000:
aggregating
$100,000 Andrews Ave. opening bonds. Date Feb. 1 1927. Due $5,000
Oct. 1 1928 to 1947, incl.
61,000 street opening and widening bonds. Date Feb. 1 1927. Due
Oct. 1 as follows: $7.000. 1928, and $6,000. 1929 to 1937. incl.
50.000 improvement, city's portion, bonds. Date Feb. 1 1927. Due
$5,000. Oct. 1 1928 to 1937. incl.
50,000 parks and playgrounds bonds. Date Feb. 11927. Due $5,000,
Oct. 1 1928 to 1937, incl.
30.000 West Ave. bridge bonds. Date Feb. 1 1927. Due $3.000, Oct. 1
1928 to 1937, incl.
15,000 comfort station bonds. Date Feb. 1 1927. Due $3,000 Oct. 1
1928 to 1937. incl.
10,000 storm emergency bonds. Date Feb. 1 1927. Due $2,000, Oct. 1
1928 to 1932, incl.
10.000 West Side library bonds. Date Feb. 1 1927. Due $1.000,
Oct. 1 1928 to 1937, incl.
10,000 Brownlee Wood library bonds. Date Feb. 11927. Due $1,000,
Oct. 1 1928 to 1937, incl.
5,000 East Side library site bonds. Date Dec. 15 1926. Due $1,000,
Oct. 1 1928 to 1932. incl.
Principal and semi-annual bit, payable at the Sinking Fund Trustee's
office. A certified check for 2% of the amount of each issue bid for is
required.
$86,000 5% impt. bonds. Due in 20 years.
270,608 6% impt. bonds. Due in 15 years.
74,400 6% !rapt. bonds. Due in 10 years.
HAMILTON Ont.-BIDS.-Following is a list of other bidders for the
two issues of 41% bonds, aggregating $1,196,000, awarded on Feb. 1 to
Wood, Gundy
Co. of Toronto at 97.20, a basis of about 4.84% (V.
124, . 826):
d
Rate Bid.
A. E. Ames & Co., Ltd
E.
97.13
Dominion Securities Corporation
97.07
Canadian Bank of Commerce; Fry, Mills, Spence & Co
Dominion Bank; C. H. Burgess & Co.; McLaren. Fletcher & Co 9 6 3
96
.
0
8
Bank of Montreal; the National City Co
96.4(%
Dyment, Anderson & Co.; Bell, Gouinlock & Co
9960.11
.20
McLeod, Young, Weir & Co.; Matthews & Co
LLOYDMINSTER, Sask.-BOND DESCRIPTION.
-The $12,000
sewer bonds awarded to the W.Ross Alger Corp. of Edmonton at a premium
of $200 equal to 101.66, a basis of about 5.78% V. 124, p. 679, bear interest
at the rate of 6% and are described as follows: Due in 20 equal instalments
of principal and interest.
MIDLAND, Ont.-BONDS OFFERED.
-R.R. Wilson, Town Clerk and
Treasurer. received sealed bids until Feb. 11 for the following two issues of
5% bonds, aggregating $141,600;
$117,600 pavement bonds. Due In 20 equal annual installments.
24,000 sewer bonds. Due in 30 equal annual installments.
Date Dec. 1 1926. •
NEW BRUNSWICK (Province of).-BOND SALE.
-The $640,000
4Y, provincial bonds offered on Feb. 8-V. 124. p. 826-were awarded
to the Dominion Bank of Canada of Toronto at 99.68, a basis of about
4.77%. Date Feb. 15 1927. Due Feb. 15 1937.
STAYNER, Ont.-BOND OFFERING.
-Sealed bids will be received
until 2 p. m. Feb. 12 (to-day) by A. J. Sullivan, Mayor, for $23,400 535%
,
local impt. bonds. Due in 15 equal annual installments.
TRURO, N. S.
-BOND SALE.
-J. C. Mackentosh & Co. of Vancouver,
purchased the following 3 issues of 5% bonds, aggregating $29.500, at
100.56. a basis of about 4.97%:
$20.000 hospital bonds.
BURNABY DISTRICT (P. 0. Edmonds), B. C.
-BOND DESCRIP7,000 surface drain construction bonds.
TION.
-The $67,000 5% 30
-year coupon local improvement bonds awarded
2.500 permanent sidewalk construction bonds.
on Jan. 31 to the Royal Securities Corp. of Montreal at 98.57, a basis of
about 5.09%-V. 124, p. 826
-are described as follows: Date Dec. 31 1926. p.Due June 1 1956. The above supersedes the report given in V. 124.
544.
Denom. 51.000. Duo Dec. 311956. Int. payable J. 30 & D.31.
VERNON, B. C.
-PURCHASER.
-The $12,500 53% impt. bonds
BURNABY DISTRICT (P.O. Edmonds), B. C.
-BOND SALE.
-The reported sold in V. 124. p. 679. were awarded tq the Royal Finance Corp.
following three issues of bonds, aggregating $431,008, have been sold:.Nd of Vancouver at 101.76, a basis of about 5.11%. Due in 20 years.
CANADA, its Provinces and
Municipalities.
FINANCIAL
FINANCIAL
Experienced Municipal Bond Man
At the present time employed in the capacity of Manager of Municipal
Bond Department of New York Stock Exchange Firm, desires to make
a change. The applicant, a young, energetic, industrious married man
of thirty years of age, has been actively engaged in the bond business
since 1914, has a wide acquaintance with banks and institutions in
New York City and an active business contact with Municipal Houses
and Banks throughout the country. Thoroughly competent to organize or manage an existing bond department of New York Stock Exchange Firm or well established Investment Bond House. Would
consider representing or opening and managing a New York Office for
out-of-town firm. Best of references furnished. For appointment,
communicate with Box XX,care The Commercial &Financial Chronicle.
ill
4cnct
$500,000
Exempt
From Federal Income Taxes
51
/
2
%
Municipal Trust
Ownership Certificates
Secured by
Tax Liens on Improved Property
We Specialize in
City of Philadelphia
38
3 s
/
1
2
48
41 4s
/
/
41 28
5s
5145
/5
51 2
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wi,re to New York
Call Canal 8437
HENDERSON
HELM & CO., Inc.
Members
Rubber Ezchangs
Neu York.
Crude Rubber
Rubber Futures
44 Beaver Street
New York
rh... BOWLING GREEN 004
Incorporated
CHICAGO
NEW YORK
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Correspondent of
DETROIT TRUST COMPANY
DETROIT, MICH.
INCORPORATED
Sixty Wall Street
New York
Tel. Hanover 0267
Rubber Exchan‘•
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BONDS
THE DETROIT COMPANY
HERBERT C.HELLER &CO,
of
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upon request
MUNICIPAL
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FRED R.ESTY,PRE`310CNIT
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