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The
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Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 124.
Bank and Quotation Section
Bankers' Convention Section
SATURDAY, FEBRUARY 19 1927.
Thronicie
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The Financial Situation.
For some weeks now the railroad stocks have held
the centre of the stage in the security markets. This
does not mean that railroad shares have taken their
old place as the dominant investment values in the
country. For many years prior to the war they had
such a position, but the growth of industrial enterprises has been so great and the fortune of the railroads under political influences so low that railroad
securities were all but counted out of the investment
picture. This is now being changed, and in view
of the sound progress that has been made in railroad
affairs during the past five years under workable
legal conditions and progressive managements, railroad securities have come again to occupy an important investment position, and during the past
year they have gained marketwise quite noticeably
as compared with industrial shares.
A year ago at the high prices of Feb. 11 1926,
the Dow-Jones industrial average stood at 162.31
and the railroad average at 111.46. In the sharp
break that culminated on March 30 these averages
were carried down to 135.20 and 102.41, respectively.
The industrial average reached its subsequent high
at 166.60 on Aug. 14, at which time the railroad
average stood at 118.85. The industrial average
is still under 160, and the railroad average stood on
Thursday at 128.47. In other words, since last
August the railroads have gained about as many
points as the industrials have lost. The comparison
is not absolutely exact as far as the industrial shares
are concerned, as in the meantime there have been
some adjustments, particularly the Woolworth stock
dividend, which lowered the industrial average 3.01
points. The point to be observed is that relatively
the railroads have gained ground, indicating that
they are getting back into a more nearly normal
investment position. Incidentally it .is of interest
NO. 3217.
to observe that the railroad average is higher than
at any time since 1910.
In connection with recent market action, it should
be noticed that for some time prior to Feb. 1 trading
averaged around 1,500,000 shares daily. During
the past two weeks it has been running above 2,000,000 daily, and during the past few days around
2,500,000 shares. This increased trading has been
accompanied by rather sharply rising railroad prices.
The cause for this does not altogether lie in recent
consolidation moves such as the acquirement of
large blocks of Wheeling & Lake Erie by the New
York Central, Baltimore & Ohio and Nickel Plate,
and of Western Maryland by Baltimore & Ohio, nor
in the record earnings established in by the railroads
in 1926, but rather in the general recognition that
the roads are in the hands of competent managements
who have brought them from a condition of chaos
in 1920 to the present point of efficiency and are
carrying out policies which promise very much more
in future economies and improvements in service.
The railroads are now intensively and scientifically
studying what can be accomplished through electrification, and what through the Diesel engine;
also what great reductions in maintenance expense
lie in the use of new steel alloys, the adoption of
roller bearings, modern automatic equipment in
regulating train movements, and other matters of
this kind. The laboratory methods that have long
been in use by some of the great industrial corporations such as General Electric, American Telephone,
Du Pont, Eastman Xodak and Corn Products, are
now well under way with the railroads, and are already producing results. It is this growing knowledge that net income can be carved out of expense
account and will be made to grow under the policies
of present managements without rate increases,
that is giving real foundation to the reviving security
market and railroad stocks. Consolidation moves,
of course, have something to do with the more
excited individual stock movements, as they are
more apt to attract a speculative following. These
are unavoidable and really logical developments of
what is going on, but the buying by investors who
have faith in the real progress now being made by
the railroads is responsible for the steady creeping
upward of the railroad average.
At the same time the skyrocket performances now
being indulged in, furnish occasion for real concern.
There is in this a repetition of what occurred last year
and the year before during the excited speculation in
the industrial shares. The subsequent collapse in
these shares showed that high values were enduring
only so far as they were based on intrinsic worth. In
the great army of industrial stocks many fell by the
wayside when the general forward movement ceased
960
THE CHRONICLE
and demoralization resulted. So it will be with
some of the railroad shares. There is reason to fear
that in the present frenzied rise many high priced as
well as many low priced properties are being carried
beyond justifiable levels. Even stocks of bankrupt
roads, with assessments impending, are being rapidly whirled upward. There will be a sad awakening
when the inevitable reaction occurs. Never was
there greater need than now for discrimination and
caution in buying the railroad shares. The fact that
there has been competitive buying for shares of roads
holding key positions on the railroad map furnishes
no reason for thinking that roads which have never in
the past been able to do more than earn their fixed
charges are suddenly to be raised to the ranks of
assured dividend payers, even though general railroad conditions have vastly improved. The pace of
the stock market is getting too fast. A slowing up
is in order.
Brokers' loans as reported by the Federal Reserve
System on Monday showed a further decline of
$9,423,000, standing on Feb. 9 at $2,720,578,000,
which compares with the recent high of $2,818,561,000 on Jan. 5, a decline of nearly $100,000,000. The
total must still, however, be considered as unduly
high and indicative of a vast mass of stocks speculatively held. Call money, which has ruled at 4%
without change for several weeks, moved up to 43/2%
on Tuesday, the 15th, but on Thursday declined to
3% and yesterday was quoted at the same figure.
Car loadings continue well ahead of those of a year
ago. The total for week ended Feb.5 is reported as
970,892, or 56,401 ahead of the corresponding week
last year and 19,923 ahead of the previous week,
but this does not signify much as it follows mainly
from the larger movement of coal induced by fear of
a strike in the bituminous regions on April 1, when the
old three-year contract with the miners expires.
The General Motors Corporation after having increased its regular dividend last week from $7 to $8
has been conspicuous again this week on account of
its preliminary report of the results of 1926, showing
total net income, after fixed charges and Federal
taxes, of $186,231,182, or $21 80 per share of common stock now outstanding, after providing for preferred dividends. Total net sales amounted to
$1,058,153,338 and number of cars sold to 1,234,850,
a gain of nearly 400,000 over the output of 1925,
which in turn had been a record-breaking year.
Following this remarkable report in which the
figures were not only large, bui showed that after all
dividend disbursements there had been added to
surplus for further development of the business a
total of $64,508,864, the company on Feb. 16 brought
out, through J. P. Morgan & Co., an issue of $25,000,000 7% preferred stock at 120, yielding 5.83%.
That a company with such a year immediately behind
it and known to be in an exceedingly strong cash position, should be in the market for additional capital
appeared at first surprising, but the offering circular
explained that the proceeds of the new stock are to
reimburse the company in part for capital expenditures in 1926 amounting to $108,550,000. It is
pointed out that this replenishment of cash is in line
with the corporation's policy of maintaining a strong
cash position in view of the magnitude of its operations, and it might also be added that it is in line
with the corporation's policy of combining with
sound finance the paying to stockholders a consider-
[VOL. 124.
able proportion of the results of the company's
prosperity.
The foreign trade of the United States for January
compares quite favorably with returns for the opening month of recent preceding years. Merchandise
exports in January the present year were valued
at $419,000,000 and imports at $359,000,000, the
balance of trade on the export side thus being
$60,000,000. For December, merchandise exports
were valued at $465,052,670 and imports at $359,348,754, the excess of exports being $105,703,916,
the latter being about the same amount as in November and September 1926.
With the exception of the three months last
mentioned, the trade balance on the export side
has not been so heavy in virtually a year, and
for four of these months the balance was on the
import side. For January 1926 exports were $396,836,319 and imports $416,752,290. The balance
for that month was on the import side to the amount
of $19,915,971, this being the first of the four months
just mentioned. Contrasted with the corresponding
month of earlier years, back to 1921, January exports this year are considerably higher in value
than in January of each of the earlier years, excepting
only the month in 1925. A year ago there was
quite an increase in the value of merchandise imports, owing very largely to heavy imports of crude
rubber due to the very high prices for that product
prevailing in the markets at that time. With the
exception of January 1926, merchandise imports
last month were in excess of any preceding January
back to 1920, and as to most of these earlier
years,January imports were at a very much reduced
amount as compared with January of this year.
Cotton exports last month again affected adversely the monthly statement of our foreign commerce. Exports of cotton in January were very
heavy, amounting to 1,115,792 bales, against no
more than 749,967 in January of last year, but the
value was only $77,746,964, as against $82,511,054
in January a year ago. This decline in value reflects
the very large drop in cotton prices. As to exports
of commodities other than cotton the movement
abroad last month was relatively greater than the
complete statement of merchandise exports indicates. For the seven months of the current fiscal
year merchandise exports are valued at $3,020,589,000, and the imports at $2,487,800,000, an
excess of exports of $532,789,000. For the corresponding period of the preceding fiscal year, the
value of the merchandise exports was $2,943,364,000
and of the imports $2,579,587,000, the excess of
exports being $363,779,000. There was a small
gain in exports for the seven months of the current
fiscal year, and a small decline in imports.
Gold imports last month of $61,962,000 were in
excess of any preceding month back to September
1921. The amount was very mud' larger than in
any month last year, contrasting with only $17,004,000 in December and $19,351,202 in January
1926. Exports of gold also were somewhat higher
than in the recent monthly total, namely $14,890,000
for January of this year, against $7,196,278 for
the preceding month and $3,086,870 in January
1926. For the seven months of the current fiscal
year gold imports of $152,346,000 compare with
gold exports of $88,862,000, the excess of imports
being $63,484,000. For the corresponding peTga
FEB. 19 1927.]
THE CHRONICLE
of the preceding fiscal. year, both imports and
exports of gold were on a somewhat smaller scale,
and the excess of imports was only $32,168,000.
Exports of silver last month were $7,388,000 and
imports $5,401,000, both exports and imports being
somewhat less than a year ago.
The military aspect. has again this week been
uppermost in the news regarding the Chinese situation. The defeat of the Cantonese, or Nationalists,
the previous week in the so-called battle for Shanghai,
regarding the outcome of which the outside world is
particularly solicitous because of the great international settlement there, was followed the present
week by the fall of Hangchow under the assaults of
the Cantonese. This came after a series of upsets
for the forces of Marshal Sun Chuan-fang, in command of the Northern forces, after Sun's initial
successes in turning back the invaders and meant,
according to the Shanghai correspondent of the
Associated Press, cabling on Feb. 17, that "Shanghai
again is menaced" by the uprising against the Peking
Government. The Cantonese victories culminating
in the capture of the capital of Chekiang Province,
which is only 113 miles southwest of Shanghai, was
said by the Shanghai correspondent of the New York
"Herald Tribune" on the same day to "have caused
consternation in the international settlement here
(Shanghai), where foreigners fear that the defeated
Northerners, retreating toward Shanghai, may cause
a panic, with consequent looting of the city. Another
apprehension is that the victorious Cantonese armies
may impose boycotts and institute riots as at Hankow last month, when virtually all foreigners were
forced to evacuate that city. . . . The railroad
and telegraph between Shanghai and Hangchow have
been cut and it is reported that Sun Chuan-fang,
commander of the Northerners, is retreating to
Shanghai, leaving the Cantonese in possession of
nearly all the province of Chekiang." It was added
in this dispatch: "Agreeing with Secretary of State
Kellogg that Shanghai should be neutralized to prevent rioting if the Cantonese should capture the
city, the British Minister and Owen St. Clair O'Malley, Legation counsellor, have informed China that
Great Britain will surrender all her concessions in
the interior on condition that British interests on
the lower Yangtse centering in Shanghai are respected. In other words, Great Britain is willing
to recognize the success of the Nationalist movement
throughout the interior, provided Shanghai is retained as the stronghold of Western influence in
Asia. The.friendly attitude of the United States,
as enunciated by Secretary Kellogg in his declaration
in favor of the development of Chinese nationalism,
seems justified."
ing another stand about thirty miles south of Shanghai, it is not believed further serious resistance is
possible, owing to the failing morale of his troops,
large sections of which are revolting and joining the
Nationalist forces." Associated Press advices from
Shanghai up to last night were that twenty-one warships of five foreign countries lay in the Whangpoo
River there, "their fighting men ready to go into
action if needed to protect foreign lives and property
should they be menaced by the threatened invasion
of Cantonese forces." Four thousand British soldiers ashore within the international settlements
await developments; and other British troops on the
sea will bring their number up to 16,000, unless they
are diverted to other ports of China. Five American
war vessels have on board 1,100 marines ready for
shore duty, and 1,200 other "devil dogs" are expected
from San Diego Feb. 24.
With the military developments "likely to have a
powerful influence over diplomatic issues," referring
especially to the negotiations between the British
Charge d'Affaires and the Cantonese Foreign Minister at Hankow, the representative of the Associated
Press at London cabled on Feb. 17 that a new complexion was put upon the delays that have occurred
in those negotiations which early in the week were
reported on the point of successful conclusion. However, he added, "the British Government adopts the
position that the negotiations are in only a state of
suspense and that even signature of the agreement
could not be considered an impossible development.
But the general view among officials is that it is
more likely the Ministers may be required before
long to take a fateful decision whether or not to break
off the parleys in the face of the constant delays."
Meanwhile the differences between China and Great
Britain were taken to the League of Nations at
Geneva, a dispatch on Feb. 16 from that centre to
the Associated Press saying that the Chinese delegation announced on that day that it had sent a
note to Sir Eric Drummond, Secretary-General of
the League, on instructions from the Peking Foreign
Office demanding withdrawal of the British order
to send troops to China.
All the correspondents at the seat of the Chinese
war agreed in their dispatches yesterday (Friday) that
Marshal Sun had suffered his demoralizing reverses
because of the duplicity of the military governor of
Shantung, who, despite monthly payments of
$600,000 for troops in case of need, failed Sun in his
hour of greatest necessity. Another contributing
cause is said to have been mutiny in his ranks. The
atmosphere in Shanghai yesterday (Friday), says the
"Chicago Tribune" correspondent, "is electrical today,following this morning's confirmation of Marshal
Sun's defeat and withdrawal from Chekiang. Although Marshal Sun announced his intention of mak-
961
Premier Poincare of France, has advised Winston
Churchill, Chancellor of the Exchequer, according to
a London despatch to the Associated Press on Feb.
17, that France, in view of the delay in obtaining
formal ratification of the Anglo-French debt agreement by the French Parliament, would undertake to
pay the 0,000,000 due during the coming financial
year "without prejudice to the question of ratification." The publication of the letter in Paris, said
the correspondent at that center of the New York
"Herald-Tribune," created "much conjecture over
whether Premier Poincare also intended to pay the
early installments to the United States on the MellonBerenger debt agreement before the Chamber of
Deputies passes upon this accord. . . . Under
the Mellon-Berenger agreement last year France
agreed to pay the United States two annuities of
$30,000,000 each, and greater sums during the
following years. M. Poincare's present gesture
toward the British is probably due to two reasons:
First, it is the result of an urgent argument by Mr.
Churchill that the French payments were necessary
for the British budgetary requirements, and, second,
the admission by M. Poincare that little hope exists
of the ratification of either the British or American
962
THE CHRONICLE
debt pacts for some time. Some weeks ago, M.Poincare admitted that the United States fit no time had
requested payments on account under the MellonBerenger agreement. Whether he now plans to make
a voluntary move toward filing off. the 1927-'28
annuity, as will be done in the case of the British
debt, could not be learned in Paris to-night."
[VOL. 124.
year, although anticipations that decreased taxation
would mean increased receipts had been disappointed."
Plans for the modernization of the French fortifications on the German and Italian frontiers are said in
a Paris despatch to the New York "Times" on Feb.
12 to be giving deep concern in diplomatic circles
The German Finance Minister, Heinrich Koehler, there. The program, according to War Minister
"in a maiden speech fairly,steeped in gloom," said in Painleve in an announcement before the Army
the Reichstag on Feb. 16 that there was no possible Committee of the Senate, says the correspondent,
way visible at, present for Germany to meet her "will take three years and cost 7,000,000,000 francs,
Dawes obligations after this year and, moreover, the and the determination of the Government to enter
chances of her being able to balance her 1927 budget upon such an expensive undertaking at a time when
were by no means good. He is further reported in a M. Briand is singing the praises of 'peaceful settlewireless despatch from Berlin on the same day to the ments' is accepted as a decisive proof that France is •
New York "Times" as describing the reparational unwilling to trust herself completely to military
obligations as "gigantic and malevolently influencing guarantees and Locarno agreements." For the
the whole budgetary structure, and later saying in Government it is declared that "the recent Francomore detail: "The aggregation of reparations pay- Italian disturbances at Nice and revelation of the
ments will total about 2,000,000,000 marks. Add to extent to which Italy was developing her military
that sum 1,300,000,000. marks for the war and there equipment on the French frontier forced it to realize
is a total of 3,300,000,000 marks which the German that measures had to be taken to meet that situation
people must pay for the *war and reparation costs in and that two other conditions determined the creation
the coming year.. The year after, according to the of M. Painleve's project: eventual evacuation of the
Dawes plan, the charge on the budget and the service Rhine and transformation of the frontier resulting
of the railway and industrial bonds will be increased therefrom and the reorganization of the army." It
by 432,000,000 marks and in 1929 by a further 290,- was added: "The Government is frankly inclined to
000,000 marks. I recognize at the present moment doubt the practical efficacy of the demilitarized zone
that there is no possibility, of our producing these on the left and right banks of the Rhine. However
payments, despite our good-will." The House was acceptable may be the Locarno accords in their
said to be "gravely" silent as Herr Koehler,"evidently political aspect, the stipulations concerning the
weighing his words with the greatest care," spoke British and Italian guarantees are not regarded as
and German public opinion was deeply stirred, sufficiently precise from the military viewpoint.'
having long favored an. official German demand for
a downward revision of the Dawes plan, and Herr
The commercial treaty negotiations long in proKoehler's remarks were taken as an intimation of gress between Germany and Poland ended in a comsuch a step being taken.
plete rupture early this week. "The German Government," said the German note in the matter, "is of
The German people, the Finance Minister esti- the opinion that the trade treaty negotiations now
mated in his Reichstag speech oniWednesday, would going on will be unable to continue with any prospect
pay in taxes, customs and other Government charges of success until an agreement on the German settlethe huge total of 11,000,000,000 marks, 7,800,000,000 ment question is reached." The head of the Polish
marks of which to the. Reich and the remainder to delegation in Berlin on Feb. 15, said an Associated
the provincial and municipal governments, accord- Press dispatch of the same day,"handed the head of
ing to the summary of the speech cabled to the New the German delegation a note defending the expulsion
York "Herald Tribune." Up to now, the Minister of the four Germans which was the cause of Germany's
said, the revival begun last year had been main- action in interrupting the trade treaty negotiations,
tained, but the present year was not without worry saying that" Polish regulations for the protection of
for German industry. He referred to the termina- domestic labor empowered the Government to refuse
tion of the British coal strike as the removal of one the prolongation of residence permits as the counsource of Germany's economic recuperation last try's economic interests warranted." It added that
year, and also pointed to the Government unemploy- "the German demand that a resumption 'of further
ment figures of 1,750,000 as a sign that the nation's trade negotiations be made dependent upon a definite
economic position still was "not sound." Drastic agreement in the question of entry and settlement for
economy was the only solution, the correspondent both countries is held unacceptable by the Polish
said Dr. Koehler recommended, and he promised to Government." An earlier dispatch (Feb. 12) from
continue the policy of Peter Reinhold, his predeces- the Berlin correspondent of the New York "Times"
sor, in not burdening the industry of the country said it had been "hinted" in official quarters in
with heavy taxation. He announced, however, that Berlin "that Poland's desires relative to the export
the policy of granting subventions to various private of cattle, beef and coal into Germany cannot be grantconcerns carried on by previous Finance Ministers ed until an agreement has been reached insuring
would be discontinued, saying, "The State cannot Germans against being expelled summarily from that
play the role of banker to industry." It was country. There is even a possibility that an embargo
added: "The budget, as presented by Dr. Koehler against these imports may be declared and the disto-day (Feb. 16) was worked out by Heir Reinhold, cussion of the trade treaty called off altogether, if
and balances at about 8,500,000,000 marks, almost the Polish Government maintains its present attithe same figure as the 1926 budget. Dr. Koehler tude." The German proposal is said by the Berlin
admitted that Herr Reinhold's budget of last year correspondent of the New York "Herald-Tribune,"
had shown a slight surplus at the end of the fiscal cabling on Feb. 15, to have been considered,by Poland
•
•I
Fits. 19 19271
THE CHRONICLE
as meaning Poland should abandon its best bargaining
weapon with which to obtain a reduction of the
heavy German duties which effectually bar Polish
agrarian products from coming into Germany. He
added: "In opposition circles here (Berlin) it is
charged that the deportation of the four railway men
is only a pretext for suspending the negotiations and
that the real reason is that the German agrarians—
who, through the Nationalists, now dominate the
new German Cabinet—do not want a trade agreement with Poland because such a pact would bring
Polish farm products into competition with their
own. Furthermore, it is asserted that some of the
German negotiators believe that, now that the
British coal strike is ended, the cause of Polish prosperity has been removed and that economic pressure
will speedily compel the Poles to come to terms with
the Germans, who before the war were their best
customers."
Marshal Pilsudski, the Polish Dictator, by his
there appearance in the Polish Parliament last
Monday turned what seemed almost certain defeat
for the Budget bill, and likewise for the Government, into "one of the most brilliant victories,
political or military, which the Polish Dictator has
ever achieved." The Warsaw correspondent of the
New York "Times," cabling the same day, further
said the Marshal went to the Sejm in his "stained
and time-worn uniform" and "with a keen sense
of the dramatic, showed himself at the exact psychological moment to create chaos in the ranks of
the enemy. Since he took over the leadership of
the Government Marshal Pilsudski had not attended
a Sejm session, even during the debates on the
budget up to to-day, when the Ministerial estiMates were slashed, cut or rejected entirely, which
was regarded as tantamount to the defeat of the
Government."
All he did, according to the same account, was to
"glance with haughty composure" from the Prime
Minister's seat as the vote was being taken on the
budget bill and when the vote was counted it was
found the bill had passed the House in its entirety.
On Saturday at its second reading the bill was so
furiously attacked that the Pilsudski Government
was believed to be doo med. Many of its estimates
were reduced or rejected, and political circles declared the action was directed against the Dictator
personally. The "Times" dispatch of Feb. 14,
reciting the Dictator's victory over the Deputies
on that day, said: "Political circles see in to-day's
happenings merely a postponement of the crisis,
which will come to a head as soon as the Opposition
is able to reorganize its forces and discipline its
Deputies against the persuasive power which Marshal Pilsudski so far has been able to use at the
proper time. However, the budget is passed and
the enemies of the Marshal must find other means
of ousting the Government, since they are unwilling
to risk defeat on a lack of confidence vote, fearing
that another Pilsudski victory would disorganize
their forces completely."
All accounts agree that of all the many revolutions
through which Portugal has passed since the proclamation of the republic, the last one, though shortlived, was the severest. However, it was so quickly
put down, and apparently so decisively, that hopes
were engendered it may have served as a clarifying
963
agent and the country at last settle down to work
out its destiny peacefully. A Lisbon dispatch on
Feb. 14 to the Associated Press said that General
Carmona, the dictator, is convinced that better
days now await Portugal, and expects "all the more
conservative elements to unite and rally around the
Government to aid in the difficult work of the reformation of the country." Pacification of Portugal,
he explained to the correspondent of the Associated
Press, would be an extremely trying task,"owing to
the social and administrative disorders caused by sixteen years of misgovernment by political parties,
who, he declared, unfortunately thought more of their
own interest than of the good of the country." He
continued: "Constant struggles and revolts between
these parties have also created favorable ground for
social indiscipline and strenuous propaganda by
Communistic elements and the Moscow Internationale, especially the working classes and syndicalists."
The correspondent added:"The dictatorship, General
Carmona averred, wishes to exercise benevolence,
avoiding drastic measures, which circumstances
forced the Government to take. But this action
was only temporary and the reins of power will be
transferred, when all is ready, to competent statesmen, who will complete the work begun by the dictatorship."
Hora,cio Allaro, Secretary for Foreign Affairs of
Panama, indicated in a statement on Feb. 14 to
the Panama representative of the New York "Herald
Tribune" that the changes desired by his Government in the Panama-American Treaty which failed
of ratification by the Panaman National Assembly
are not "fundamental." His brother, Ricardo
Alfaro, Minister to this country, is now on his way
here with special instructions to endeavor to reopen
negotiations in the matter with the State Department. The changes to be proposed are wanted by
Panama, the Foreign Minister said, to overcome
peculiar objections among the people. "One of the
articles considered objectionable relates to Panama's
participating in a war involving the United States,"
he said. "We urge that this article be clarified
and changed to show clearly that Panama is not
obliged to supply troops to the United States, as
is the popular belief. Opponents of the treaty so
strongly criticized this article that natives in the
interior left their farms and retreated to the mountains, believing they were to be conscripted." The
correspondent added that the Minister denied a
report in Washington that Panama wanted a lump
sum from the United States in payment for the
Isthmian road. "We object to the specifications
of the road," he explained, "as they mean an outlay
of $3,000,000. That's too much money for Panama
to pay and we desire to make our own specifications
calling for a cheaper road."
At several times during the week the course of
events in the Nicaraguan situation indicated the
probability of an important battle in the Central
Ameriean republic. A dispatch from Managua, the
capital of Nicaragua, to the Associated Press on
Feb. 13 said that the American Legation at Managua
was advised that night from Matagalpa that the
Liberals had recaptured Muy Muy,and were on their
way to Matagalpa, fifteen miles away, in great
numbers and with many machine guns to attack the
city with the Conservativps reported evacuating
964
THE CHRONICLE
[VOL. 124.
Matagalpa. The correspondent- reported on the were £144,670,556 and in 1925 £128,579,000 (before
following day that the • main body of the Liberal the transfer to the Bank of England of the £27,000,forces .had reached Matagalpa, a city of strategic 000 gold formerly held by the redemption account
importance and ranked second in importance only of the currency note issue). Reserve of gold and
to the Nicaraguan capital. General Moncada, who notes in banking department expanded £769,000 as
defeated the Conservatives at Las Perlas, ascended a result of a decrease of £782,000 in notes in circulathe Grande and Escondido River valleys toward tion, while the proportion of reserve to liability
Matagalpa, with Managua, however, as his final advanced from 27.39% to 28.16%. Public deposits
objective, and General, Parajon, after his retreat gained £2,787,000 but "other" deposits fell off
from Chinandega, was believed to have joined forces £3,343,000. Loans on Government securities decreased £60,000 and on "other" securities £1,239,000.
with Moncada.
week have intimated, Note circulation now stands at £136,187,000 as
Washington advices all the
as the correspondent of the New York "Herald- against £140,448,135 in 1926 and £124,232,000 the
Tribune" said on Feb 12, that "strong efforts" were year previous. The Bank's official discount rate of
being made there to end the fighting and controversy 5% remains unchanged. Below we give a detailed
in. Nicaragua. Reports are current, he added, that comparative statement back to 1925:
this Government was preparing shortly to intervene
BANIC OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1924.
1925.
1927.
1926.
actively to bring about peace. "While such reports
Feb. 21.
Feb. 20.
Feb. 16.
Feb. 17.
Feb. 18.
are not officially verified," he said,. "it is learned the
Circulation
b136,187,000 140,448,135 124,232,200 124.764,470 122.041,710
State Department and the Administration are much Public deposits
17,507,000 23.582.893 13.705,282 15,525.064 22,036.037
deposits
concerned over the recent hostilities. . . . Crit- Other securities 102,282,000 106,917.556 111.243.895 107,889,459 106.791,655
Govt.
29,813.000 43,782.247 43,941,830 45,034,182 47,317,299
ics of the Administration policy in Nicaragua have Other securities 74,428,000 80,884.205 75,044,583 73,419.849 74,434,913
notes & coin 33,738,000 23.972,421 24,097,030 23.083,130 25,207,476
Reserve
urged repeatedly a hew election, with the United Coin and bullion..a150,176,000 144,670,558 128,579,230 128,097.600 127,499.186
of feeling at the Proportion of reserve
States seeing to it that an orderly test
1834%
19X%
18.75%
to liabilities
28.16%
19%
3%
4%
5%
5%
4%
polls should be assured. -in; Senate circles it would Bank rate
eventuated that the Govern- a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
cause no surprise• if it
previously held as security for currency note issues and which was transferred to the
ment is moving in that direction." The Washington Bank of England on the British Government's decision to return to gold standard.
statement for April 29 1925. includes £27,000,000 of
correspondent of the New York "Journal of Com- of b Beginning with the in return for the same amount of gold coin and bullionBank
held
England notes issued
merce" four days later interpreted the movement of up to that time In redemption account of currency note issue.
eight hundred additional bluejackets and the ordering
The Bank of France in its weekly statement as of
of six De Haviland aeroplanes- with ten officers and
ninety men to Corinto, as meaning that "imposition Feb. 16 reported a reduction in note circulation of no
of peace by•force in Nicaragua was indicated." "It less than 489,367,000 francs, bringing the total of
is the general ,belief here," said- his dispatch on that item down to 52,153,135,710 francs. For the
Feb. 16, "although no indication of policy was forth- same time last year total notes outstanding stood at
coming at the State Department, that both Sacasa 50,961,538,385 francs and for the year previous at
and Diaz are to be asked to disarm their forces and to 40,771,318,360 francs. The State still further rewithdraw. If they refuse, Nicaragua will be neutral- duced its obligations to the Bank, having repaid
ized by the armed forces of the- United States and 500,000,000 francs during the week. Advances to
perhaps permanently neutralized.• . . . To per- the State now amount to 30,500,000,000 francs,
petuate the neutrality of Nicaragua, it is believed against 34,600,000,000 francs in 1926 and 21,900,here that active steps are contemplated by the 000,000 francs at the same time in 1925 Gold
Government, which include the establishment of showed a slight increase this week, namely 600 francs.
the Fonseca naval base and the occupation of the Total gold holdings are 5,547,828.350 francs, as
Corn Islands in the Caribbean. The rights to the against 5,548,218,046 francs and 5,545,721,610 francs
islands and the base are pledged the United States in 1926 and 1925, respectively. Other changes in the
by Article 2 of the Convention signed at Washington Bank's report were: Silver increased 125,657 francs, .
on Aug. 5 1914, the Convention through which the Treasury deposits 16,056,529 francs and general derights to the Nicaraguan Canal were sold to the posits 440,032,022 francs. Advances to trade diminished 43,027,054 francs and bills discounted decreased
United States.:'
162,367,577 francs. Comparison of the various items
Official discount rates at leading European centres in this week's return with the statement of last week
continue to be quoted at 7% in-Italy;6% in Belgium and with corresponding dates in 1926 and 1925 are
and Austria, 5% in Paris, and 'Denmark, 5% in as follows:
London, Berlin and Madrid, 452% in Sweden and
BANS OF FRANCE'S COMPARATIVE STATEMENT.
Scam as of
Changes
in Holland and Switzerland.
Norway, and 332%
Feb. 16 1927. Feb. 17 1926. Feb. 18 1925.
Week.
Francs.
Francs.
London open market discounts were steady and Gold Holdings-- for
Francs.
In
Francs.
600 3.683.507,443 3,683,897,138 3.681,400,703
Inc.
finished a trifle higher, at 434.@4 5-16%, for short In France
1,864.320,907 1,864,320,007 1,864,320,907
Unchanged
Abroad
bills, against 4 3-16@4%%, with three months' bills
600 5,547,828,350 5,548,218,046 5,545,721,610
Inc.
Total
327,076,283
305,367,161
341,812,405
at 4 3-16@43%, as against. OA% a week ago. Silver
125.657
Inc.
3,051,675,056 3,137,457.412 5,000,352,570
Money on call in London-ruled very firm, but reacted Bills discowited__ _Dec. 162,367,577 1,995,972,420 2,497.735,226 3,004,932,720
Dec. 43.027.054
Trade advances
and closed weak at 33'%, in comparison with 3%% Note circulation_ _Dec.489,367,000 52,153,135,710 50,961,538,385 40,771,318,360
8.834,516
35,581,285
13,452,415
deposits_Inc. 16,056,529
last week. At Paris and- Switzerland open market TreasurydepositsInc. 440,032.022 5,254,878,129 2,868,877,002 1,929,196,397
General
500,000,000 30,500,000,000 34,600,000,000 21,900.000,000
discount rates have been lowered to 43/2% and 29%, Advances to State_Dec.
respectively.
The Federal Reserve Bank statements, issued on
the Bank of England further Thursday afternoon, indicated a small increase in the
Gold holdings of
discounted, both locally and for the
declined during the week ended Feb. 16, but:only volume of bills
also in open market dealings.
slightly, namely, £12,864 to £150,176,411. At the entire system and
of the System, rediscounting
corresponding date last . year holdings of' bullion According to the report
FEB. 19 1927.]
THE CHRONICLE
of bills secured by Government obligations increased
$28,900,000. In "Other" bills there was a decline
of $11,500,000, so that total bills discounted for the
week expanded $17,400,000. Holdings of bills bought
in the open market were augmented $12,400,000.
Total bills and securities (earning assets) increased
$36,500,000, while deposits showed a gain of no less
than $75,300,000. Member bank reserve accountg
likewise registered a substantial addition, namely,
$67,400,000. Gold reserves for the banks as a group
expanded $9,700,000. At New York, there was a
loss in gold of $10,500,000. Changes in discounting
operations, however, at New York, followed along
closely similar lines with those for the combined
system. Rediscounts of Government secured paper
increased $7,800,000, while rediscounting of "Other"
bills fell $3,100,000, with the net result of the week's
dealings a gain in total bills discounted of $4,700,0000.
Open maTket purchases expanded $18,800,000. Increases were ,recorded in all of the following items
:
.Total bills and securities, $31,100,000; deposits,
$31,700,000 and member bank reserve accounts,
$28,100,000. Federal Reserve notes in actual circulation increased $2,500,000 locally, but for the
System there was a drop of $8,700,000. As to the
reserve ratios, the additions to deposits • were sufficient to offset gold movements and bring about declines. The ratio for the group banks was reduced
1.1%, to 78.4%. That of the New York institution
declined to 82.5%, a loss of 3.0%.
Last Saturday's return of the.New York Clearing
House banks and trust companies, which was issued
at the close of business on Friday of last week, because
of the Saturday holiday, and commented on briefly
in our last issue, shows in detail that the loan item
was reduced $7,996,000. Net demand deposits fell
$1,181,000, to $4,361,691,000, which total is exclusive
of $24,963,000 in Government deposits, a lowering
in the latter item for-the week of $4,206,000. Cash
in own vaults of members of the Federal Reserve
Bank expanded $7,472,000, to $51,315,000. This,
however, does not count as reserve. State bank and
trust company reserves in own vaults increased
$527,000, but the reserves of these same institutions
kept in other depositories fell off $319,000. Member
banks reported an addition to their reserves in the
Federal institution of $19,528,000, which, as indicated
last week, was largely responsible (in combination
with lessened deposits) for the increase in surplus
reserves amounting to $19,938,020. This gain brought
excess reserves up to $23,327,990, as contrasted with
only $3,389,970 a week earlier. These'figures regarding surplus reserves are on the basis of legal reserve
requirements of 13%, against demand deposits for
member banks of the Federal Reserve, but not
including $51,315,000 of cash in vault held by these
members on Saturday last.
965
close yesterday: At the same time bank acceptances
were firmer at an advance of .1 of 1% and time
A
money quiet but firm at 4/@43/2%. The official
announcement of no change in the Federal Reserve
rediscount rate of.4% was received as a matter of
course. Another decrease 49,400,000, was reported
in the total of brokers' loans as of Feb. 9. The
amount of gold taken in London for American
account was increased by further purchases announced this week. The week has been a rather
light one for offerings of new securities compared
with other reCent weeks.
As to money rates in detail, call loans, as already
indicated,' covered a range during the week of
3%@4M%, which compares with a flat figure of
4% that prevailed for the three preceding weeks.
On Monday only one rate was still quoted-4%—
all loans on call being negotiated at that figure.
Tuesday a temporary stiffening sent the rate up to
4%;the low, however, was 4% and renewals were
again made at that figure. The call market settled
back to the 4% basis on Wednesday, this being
again the only quotation recorded during the day.
Easier conditions prevalied on Thursday, when the
low was reduced to 33 %; although 4% was still
4
the level at which renewals were made,also theligh.
Friday's range was again 3%@4%, and 4% the
renewal basis.
In time money a slightly hardening tendency
developed, with the result that toward the close
of the week all maturities from sixty days to six
months were quoted at 43
/@4%,in comparison
4.@4/% for sixty days, 4%%`for ninety
with 41
%
days and 4/@432 for four, five, and six months
last week. Trading was quiet. Fixed date funds
were in light demand and the market was a dull,
,
lifeless affair.
Mercantile paper, was only moderately active.
Both local and out-of-town people were in the
market as buyers, ,but offerings were restricted.
Four to six months' names of choice character
continue to be quoted at 334@4%, with names not
so'well known at 04%. New England mill paper
and the shorter choice names continued to be dealt
in at 33 %.
4
Banks' and bankers' acceptances were marked
up fractionally in keeping with other branches of
the money market and open market rates advanced
% of 1%. Trading was not particularly active, and
1
prime acceptances figured for only a comparatively
small turnover. There was nothing in the way of
news developments to report. For call loans against
bankers' acceptances, the posted rate of the American Acceptance Council remains at 4%%. The
Acceptance Council makes the discount rate on
prime bankers' acceptances eligible for purchase by
the Federal Reserve banks 3%% bid and 3M%
asked for bills running 30 days, 33 % bid and
4
asked for 60 days and 90 days, and 3%%
bid and 33.% asked for 120 days, 150 days, and
180 days. Open market quotations follow:
Call money this week underwent both a rise and
a decline from the 4% rate prevailing uninterruptedly on the Stock Exchange during the previous
SPOT DELIVERY.
three weeks. Mid-month requirements, resulting
30 Days
50 Days.
90 Days.
C+ 3%
3,ii§3%
333j
in calling of about $45,000,000 in loans on the first Prime eligible bilis
FOR
WITHIN THIRTY DAYS.
two days of the week, were reflected in an advance Eligible member banksDELIVERY
34 bid
Eligible non-member banks
33t bid
on Tuesday. There was a return to 4%
to 4
on the next day, and this was•succeeded by a furThere have been no changes this week in Federal
0
ther decline to 3%7 on Thursday, on which latter Reserve Bank rates. The following is the schedule
day outside loans were reported negotiated even of rates now in effect for the various classes of paper
belowithis figure. ..The]33
%% rate prevailed to the at the different Reserve banks:
966
THE CHRONICLE
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
FEB. 18 1927.
Paper Maturing—
After 90 After 6
Daps,Ind but
Within 6 Within 9
Months. Months.
Within 90 Daps.
FEDERAL RESERVE
BANK.
Dom'rcia
Apia
Livestock
Paper.
n.e
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. 1.01115
Minneapolis
Kansas City
Dallas
San Francisco
Secured
d.• Agricari
by U. S. Bankers' Trade Agrici
Accra
and
and
Govern't AccepObliga- lances. tames. Livestock Livestock
Paper. Paper.I
lions
.
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
*Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, Arc.
,The sterling exchange marketilhas experienced
another dull and uneventful week, with the volume
of business transacted light and rate fluctuations
confined to a small fraction. Very little trace of
the recent spurt of selling activity was discernible
and the market appears to have relapsed into its
former state of lethargy. After the first shock of
surprise and alarm at the prospects of serious disturbance and possible military intervention in
China, traders have apparently settled down to
await the outcome of the Chinese crisis. Speculative trading is absolutely nil and only bare routine
requirements are being attended to. The important
fact is that values are being well maintained. Demand bills ruled the greater part of the week at
4 84%, or 3-16 higher than the rate prevailing a
week ago, with the close slightly below this level.
However, it still remains true that the underlying
factor at present governing sterling exchange price
levels is the condition of the money market both
here and in Great Britain. Monetary rates continue firm in London with the result that American capital is still showing a tendency to drift
toward the British centre; thus creating a quiet
but steady inquiry for sterling bills. Whether or
not the New York Federal Reserve Bank is contemplating a reduction in its discount rate is a
question that is still agitating the minds of financial
authorities here and abroad. Action of this sort,
it is claimed, would undoubtedly be followed by a
corresponding change in the Bank of England rate.
Inauguration of what seemed to be a movement of
gold from London to New York aroused considerable
attention. Something like $4,500,000 is said to be
enroute for New York. This is regarded as the
more remarkable when it is recalled that sterling
appears to be still ruling above the actual gold
point. The movement is due, in the main, to
the temporarily low price prevailing for the metal,
in conjunction with reduced shipping costs and the
availability of fast transportation; all of which have
combined to make transactions of this nature profitable. Opinion seems to be that the inflow is not
likely to attain important proportions at this time.
As to the more detailed quotations, sterling exchange on Saturday last was steady and unchanged,
with demand still ruling at 4 84 9-16@4 84 21-32
and cable transfers at 4 95 1-16@4 85 5-32; trading
was dull and lifeless. Monday's market was inactive and a shade easier, and the rate for demand
did not get above 4 84% (the only price named),
while cable transfers ruled at 4 85%. There was
no change in quotations on Tuesday) from 4 85%
[VOL. 124.
(one rate) for demand aRd 4 851 for cable transfers.
A
On Wednesday a further fractional recession occurred,
which carried demand sterling down to 4 84 17,32
@4 84 19-32 and cable transfers to 4 85 1-32@
4 85 3-32; the volume of business passing was small.
Dulness characterized trading on Thursday and the
undertone was again slightly easier; demand slipped
off another 1-32 of a cent, to 4 84 17-32@4 84 9-16,
and cable transfers 4 85 1-32@4 85 1-16. Friday
inactivity prevailed and the day's price was 4 84 17-32
(one rate) for demand and 4 85 1-32 for cable transfers. Closing quotations were 4 84 17-32 for demand
and 4 85 1-32 for cable transfers. Commercial sight
bills finished at 4 84 13-32, sixty days at 4 80 13-32,
ninety days at 4 78 29-32, documents for payment
(sixty days) at 4 80 21-32, and seven-day grain bills
at 4 84 5-32. Cotton and grain for payment closed
at 4 84 13-32. Gold is beginning to move this way and
the week's engagements included $750,Q00 by the
Aquitania consigned to the Seaboard National Bank,
also $750,000 for the International Acceptance Bank.
The Mauretania brought in 86 boxes of English gold
consigned to local banks and estimated to have a
value of about $3,000,000. It is understood that the
Bank of England is still exporting gold in small
quantities, chiefly to Spain. Japan has shipped
another $2,000,000 to the United States via the
SS. Korea.
The Continental exchanges have been extremely
quiet. Trading has been of a desultory character
and small irregular.price changes have occurred from
time to time with no definite trend in one direction
or the other. Even Spanish pesetas—still the most
active feature of the entire Continental list—have
moved within comparatively narrow limits. French
francs slipped down another point or so, declining to a
new low on the current down swing of 3.90%. Nevertheless, the bulk of the bills offering appeared to come
from sources very close to the Government; all of
which lent color to the belief that the value of the
Paris unit is being kept down purposely. In some
quarters a. rumor is being circulated to the effect
that Premier Poincare is planning the introduction
of a new unit to be known as the "Thunard,"equal to
about five of the current francs, and that the stabilization value of the present franc is to be at 0.385%.
Continued diminution of the spread between spot
quotations and futures reveals the subsidence of
speculative operations. Thirty-day bills are being
quoted at a discount of only 1% below spot, which
compares with a previous spread of as much as 10
points. Narrowing of the discount is interpreted as
meaning that speculators do not expect any wide
movements toward lower levels in the near future.
It is claimed that business in the major European
currencies is becoming largely commercialized; that is
to say, confined for the most part to transactions to
cover export and import movements of commodities.
Announcement that Belgium had removed all restrictions on exports of gold and silver had no effect on
belga quotations which continue to rule at or near
13.90. It is claimed that the announcement is a
good deal like the one made some time ago regarding
the removal of restrictions on exchange dealings.
While certain regulations were done away with, Belgian officials maintained their hold on the belga and
warded off speculative attack. Complete supervision
will undoubtedly be exercised over bullion movements. The prevailing exchange rate is said to be
FEB. 19 1927.]
THE CHRONICLE
967
upheld by the movement of the Belgian Bank's Copenhagen checks finished at 26.64 and cable
foreign balances; and so long as this remains true, no transfers at 26.65, against 26.65 and 26.66. Checks
exports of gold arising from transactions in foreign on Sweden closed at 26.68 and cable transfers at
26.69, against 26.673/2 and 26.683/, while checks
2
exchange will be permitted.
Italian lire were steady and ruled at a point or so on Norway finished at 25.72 and cable transfers
above last week's price levels, namely 4.29%@4.32, at 25.73, against 25,75 and 25.763' a week earlier.
on very quiet trading. Up till Friday (yesterday) Spanish pesetas closed at 16.84 for checks and at
when there was an increase in purchases of spot 16.85 for cable transfers, in comparison with 16.78
against sales of futures, which led to an advance to and 16.79 the preceding week.
CERTIFIED BY FEDERAL RESERVE
.
4.3332 Here also the spread between spot and FOREIGN EXCHANGE RATES UNDER TARIFF ACT OF 1922.
BANKS TO TREASURY
future quotations has diminished to the vanishing
FEB. 12 1927 TO FEB. 18 1927, INCLUSIVE.
point and speculative tendencies are drastically
Noon Buying Ratefor Cable Transfers in New York.
Value in United States Money.
curbed. Reichsmarks remain in a rut, having ruled Country and M
Unit.
Feb.12. Feb.14. Feb.15. Feb.16. Feb. 17. Feb. 18.
all week, the same as last week. Greek
at 23.69
$
2
$
EUROPE2
$
exchange was weaker and the drachmae hovered Austria, schilling ____ $ .14072 .14086 .14072 .14084 .14079
.1390
.1390
.1391
.1390
.1391
alternately above and below 1.28. It is understood Belgium, belga
Bulgaria. lev
.007228 .007223 .007220 .007250 .007255
.029616 .029618 .029615 .029617 .029616
that the committee recently appointed to study the Czechoslovakia, kron
.2665
.2665
.2665
Denmark, krone
.2665
.2665
reasons for that country's financial fiascos, and to England. pound
4.8501
4.8502
4.8504
Bug
4.8511
4.8507
Finland. markka
.025199 .025213 .025206 .025208 .026206
find means for improving the situation, has made its France,franc
.0392
.0392
.0392
.0393
.0393
.2370
.2370
.2370
Germany. relchemark
.2370
.2370
report and recommended the introduction of a new Greece, drachma
.012971 .012942 .012958 .012949 .012918
.4001
.4001
.4001
.4001
Holland,
.4002
currency to replace the drachmae. This would Hungary,guilder ..--.1753
.1753
.1753
.1754
.1753
pengo
.0433
.0432
.0432
.0431
Italy, lira
.0431
result in the permanent devaluation of the drachmae Norway. krone
.2571
.2571
.2569
.2567
.2572
.1132
.1130
.1136
..1138
Poland. zloty
.1134
.0512
.0511
to about current levels. The report of the committee Portugal, escudo
.0512
.0513
.0512
Rumania,Mu,
.005873 .005748 .00764 .005773 .005898
.1684
.1674
also included tax reduction, a balanced budget, re- Spain, peseta
.1679
.1682
.1688
.2669
.2669
.2669
.2668
Sweden,krona
Holiday .2669
.1923
.1923
.1923
.1924
sort to foreign borrowing and the like. Of the minor Switzerland, franc
.1924
Yugoslavia, dinar _ .017605 .017602 .017608 .017595 .017604
ASIACentral European group, Rumania continues to China.6700
.6617
.6571
.6525
Chefoo. tag!
.6496
attract attention; lei scored a further gain to as high Hankow,tad
.6596
.6500
.6475
.6442
.6400
.6413
.6341
.6266
.6243
.6202
tael
as 0.5932, but with no specific reason assigned for Shanghai,tadl
.6642
.6725
.6592
.6550
Tientsin.
.6538
.5043
.5007
.4950
.4982
Hong Kong, dollar_
.4925
the advance.
.4678
.4575
Mexican dollar__
.4625
.4563
.4563
The London check rate on Paris closed at 123.81%, Tientsin or Pelyani
.4475
.4450
.4538
.4458
dollar
.4450
.4425
.4513
.4433
Yuan dollar
.4425
.4450
which compares with 123.49 a week ago. In New India. rupee
.3631
.3635
.3637
.3836
.3637
.4886
.4885
.4885
.4885
Japan, yen
.4882
York sight bills on the French centrefinished at3.90%, Singspore(S13.),00
.5583
.5604
.6600
.5600
.5600
NORTH AMER.
against 3.92; cable transfers at 3.91%, against 3.93, Canada dollar
.998373 .998460 .998369 .998405 .998387
1.000750 1.000583 1.000750 1.000813 1.000813
Cuba, peso
and commercial sight bills at 3.89%, against 3.91 the Mexico, peso
.470417 .470400 .470567 .470667 .470833
.996188 .996250 .996250 .996250 .996260
Newfoundland. do
previous week. Closing rates on Antwerp belgas SOUTH AMER..9469
.9517
.9501
.9499
.9503
Argentina. peso (gold/
.1185
.1183
.1188
.1186
.1186
were 13.893/2 for checks and 13.903/ for cable trans- Brazil. milrebi
.1200
.1200
.1203
.1200
.1200
Chile, peso
1.0143
1.0156
1.0165
1.0157
1.0157
fers, which compares with 13.90 and 13.91 a week Einurimv nn
earlier. Reichsmarks finished at 23.69 for checks
As regards South American exchange, while trading
and 23.70 for cable transfers, unchanged. Austrian was dull, it was featured by a sharp advance in
schillings have not been changed from 141 8 Italian Argentine pesos which soared to new heights, os/
.
lire closed at4.3334for bankers'sight bills and at4.343/i tensibly on improvement in foreign trade developfor cable transfers. This compares with 4.29 and ments, also prospects that the Government will
4.30 the previous week. Exchange on Czechoslo- shortly place the peso on a gold basis. The immedivakia finished at 2.963 (unchanged); on Bucharest ate cause of the sudden strength, however, was said
A
at 0.593/2, against 0.56 8; on Poland at 11.50 (un- to be the opening of the heavy seasonal movement of
changed), and on Finland at 2.523/i (unchanged). grain for export. It is interesting to observe that
Greek exchange closed at 1.28 for checks and at 1.29 parity for the Argentine paper peso is $.4245, while
for cable transfers, against 1.293/ and 1.30A the the gold peso is $.9648. In 1899 the paper peso was
2
previous week.
stabilized at 44% of a gold peso; therefore, the exchange rates on these units is always in this proporIn the Continental currencies usually designated tion. According to current reports, the Argentine
as the neutral exchanges, movements have been Government is considering a plan for a new currency,
inconsequential with trading still quiet. Dutch but nothing of a constructive nature has as yet been
guilders have been moderately active, at or near done in this direction. The Argentine paper pesos
40.00. Swiss francs remained virtually unchanged, finished yesterday at 41.77 for checks and 41.82
within a point or so of 19.22. Of the Scandinavian for cable transfers, against 41.71 and
41.76 a week
group the only activity shown was in Norwegian ago. Brazilian milreis were quiet and ruled all week
krone, which, after opening strong at 25.80, grad- at close to the levels of recent weeks, viz., 11.90.
ually sold off to 25.69, then rallied and closed at 25.72. The close was 11.87 for checks.and 11.92 for cable
Spanish pesetas were dealt in quite actively, largely transfers. Chilean exchange was firm but finished
for speculative account, and quotations were gen- at 11.92, (unchanged) and Peru closed down at
erally firm, advancing from 16.77 to 16.923/, then 3 64, against 3 66.
2
receding to 16.75, and closing at 16.84. As usual
Developments in the Far East were reflected to a
most of the trading was done abroad.
certain extent in the movement of the so-called silver
Bankers' sight bills on Amsterdam finished at currencies, although trading was only intermittently
40.01, against 40.003; cable transfers at 40.02 active. Exchange on Hong Kong and Shanghai was
against 40.013/, and commercial sight bills at strong and weak by turns, following the ups and
2
40.00, against 39.9934. Final quotations on Swiss downs of the silver market. Japanese yen remain
francs were 19.223/ for bankers' sight bills and steady, although it is claimed that Japan is feeling
19.233 for cable remittances, the same as last Week. the effects of the Chinese crisis as keenly as England.
968
THE CHRONICLE
The Indian currencies were firm and unchanged.
Hong Kong finished at 50 13-16@51, against
49 7-16@50; Shanghai at 65@653/2, against 62%@
633.; Yokohama at 48.90@49.00, against 48.85@
49.00; Manila, 49.50@49.60 (unchanged); Singapore,
563/8©563/2 (unchanged); Bombay, 363/2@36
against 36%@363/, and Calcutta, 363/@36%,
2
2
against 36%@363/
.
2
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,692,431 net in cash as a result of the
currency movements for the week ended Feb. 17.
Their receipts from the interior have aggregated
$6,544,431, while the shipments have reached
$852,000 as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Week Ended February 17.
Banks' Interior movement
Gain Of LOU
to Banks.
Out of
Banks h
Banks.
56,544,431
$852,000 Gain
5,692,431
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is no longer possible
to show the effect of Government operations on the
Clearing House institutions. The Federal Reserve
Bank of New York was creditor at the Clearing
House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Saturday, Monday,
Feb. 12. Feb. 14.
Tuesday, Wednesd'y, Thursday, Friday.
Feb. 15, Feb. 16. Feb. 17. Feb. 18.
AggreOate
for Week.
$
Holiday 132,000 600 108,000000 108,000000 114,000000 109,000000 Cr.561,000.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve ,Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balanees,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
February 18 1926.
February 17 1927.
Banks of
Gold.
Silver.
Total.
Gold,
150.176,411144,670,556
England -- 150,176,411
France ___ 147,340,268 13,640,
160,980,268147,355,886
Germany _ 86,656,450 c994,600 87,651,050 49,731,700
Spain ____ 102,793,000 27,386,000 130,185,000 101,475,000
Italy
45,748,000 4,209,00 49,957,000 35,673,000
Netherrds 34,525.000 2,353,000 36,878,000 36,267,000
Nat. Belg_ 17,795,000 1,108,000 18,903,000 10,954,000
Switzerl'd_ 17,505,000 3,046,000 20,551,000 17,079,000
Sweden_
12,410,000
12,410,000 12,774,000
Denmark _ 11,204,000
843,000 12,047,000 11,624,000
Norway __ 8.180,000
8,180,000 8,180.000,
Silver.
Total.
144,670,556
13,080,000160.435,886
994,600 50,726,300
26,323,000 127,798,000
3,405,000 39,078,000
2,154,000 38,421,000
3,650,000 14,604,000
3,715,000 20,794,000
I 12,774,000
825,000 12,449,000
8.180,000
Total week 634,339,129 53,579,600687,918,729575,784,142 54,146,600629,930,742
Prey. week633,410,569 53,688,600687,099,169575,167,768 54,130.600629.298,368
a Gold holdings of the Bank of France this year are exclusive of £74,572,866
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of £5,073,600 held abroad. c As of Oct. 7 1924.
The New Status of Naval Disarmament.
The rejection by France of President Coolidge's
proposal of a further limitation of naval armaments
came as no surprise, since it had been intimated
for several days that the reply would be unfavorable.
Whether the reply might not have been different, if
diplomatic inquiry had more patiently paved the way
for the memorandum to the Powers which Mr.
Coolidge communicated to Congress with his message
of Feb. 10, is a question more interesting, perhaps,
than important. No Government, of course, likes
to be put in the position of receiving even a courteous
rebuff, and it is possible that Mr. Coolidge's preliminary inquiries, if any were made, as to how his
proposals would be received, were somewhat hurried
by the pending cruiser controversy in Congress and
the approaching end of the session. A careful read-
[VOL. 124.
ing of the American memorandum and the French
reply, however, leaves little ground for thinking that
the two Governments would have found themselves
in agreement regarding the course which Mr. Coolidge
suggested. The note of M. Briand, the French
Foreign Minister, is, after all, only a courteous restatement of a position which France has all along
maintained, and there is little likelihood that the
position would have been at once abandoned, or even
materially modified, even though Great Britain,
Italy and Japan, the other Powers to which the
American memorandum was addressed, had been inclined to give a different answer.
The gist of the American memorandum is the proposal that the principle of theWashington Treaty for
the limitation of naval armaments should be extended
90 as to apply to the various classes of naval vessels
which, under the treaty, were excluded from its
operation. The Washington Treaty, to which the
United States, Great Britain, France, Italy and Japan
were parties, imposed a tonnage restriction upon
capital ships and aircraft carriers of the signatory
Powers, and further restrictions upon the size and
maximum calibre of the guns of other classes of war
vessels. No limitation was imposed upon the number
of cruisers, destroyers or submarines which either of
the Powers might build, the only limitation in those
classes.being that which restricted the size and armament of cruisers. A 5-5-3 ratio of naval strength
was also established between the United States,
Great Britain and Japan, but the ratio did not apply
to France or Italy, which for various reasons, the
chief of which was a sharp difference of opinion regarding the use of submarines, found themselves
unable to join in this part of the agreement.
While Mr. Coolidge, in his message to Congress on
Feb. 10, was able to state that, in his opinion, competitive building of the various classes of vessels not
covered by the treaty had not actually been begun,
he nevertheless called attention to the fact that
"fai -reaching building programs have been laid down
r
by certain Powers,and there has appeared in our own
country, as well as abroad, a sentiment urging naval
construction on the ground that such construction is
taking place elsewhere." It was to prevent the
further growth of this "germ of renewed naval competition" that. the American Government proposed
an extension of the principle of the Washington
Treaty to cover all classes of fighting craft, and at
the same time expressed its willingness to accept an
extension of the 5-5-3 ratio to the classes of vessels
not dealt with by the treaty, `!and to leave to discussion at Geneva the ratios of France and Italy,
taking into full account their special conditions and
requirements in regard to the types of vessels in
question."
M. Briand, in his reply, dwells on the fact that the
League of Nations, acting in accordance with Article
VIII of the Covenant, has progressed so far with the
task of bringing about a general limitation of armaments as to create a Preparatory Commission,
charged with the duty of drawing up a plan for an
international conference, at which the whole question
of armaments may be considered and some general
agreement reached. The United States, although
not a member of the League, is represented on the
Commission, and its representatives have taken a
prominent part in its deliberations. "To decide
to-day," M. Briand declares, "without consultation
with the League, a change in method, and to seek
FEB. 19 1927.]
THE CHRONICLE
969
partial solution of the problem while pre-occupied ness to recognize the principle upon which it rested
more with the maintenance of the existing situation would almost certainly draw those two countries
than with the determination of conditions essential together in a new community of political interest,
to the security of each individual State, and, further, and inject a new element into the controversy over
to limit this effort to a few Powers, would be at the the control of Tangier and the Mediterranean.
same time to enfeeble the authority of the League of There would seem to be less reason than before
Nations, which is so essential to the peace of the for continuing American participation in the work
world, and to encroach on the principle of equality of the Preparatory Commission, although Mr.
of States which is at the very base of the Geneva Coolidge took pains to make it clear that the United
compact, and to which, for its part, the French States is still interested and ready to co-operate.
On the other hand, while M. Briand's note unGovernment rests firmly attached."
the claim of the League to con- questionably strengthens the influence of France
Beyond asserting
sideration, M. Briand goes on to point out that "the in the League, and makes it the champion of the
categories of ships to which the proposed new limita- small nations whose claims to consideration, in
tion would apply are in fact those wIlich, for a the matter of defense, the United States is adroitly
majority of the Powers, are of the greatest impor- made to appear willing to ignore, the very fact
tance." An accord between the few Powers that alone of an added French influence in the League can
possess capital ships "might be possible," but any hardly be overlooked by Great Britain, whose reply
agreement regarding the limitation of naval arma- to Mr. Coolidge's memorandum has not yet been
ments as a whole would concern every Power, large made. A London dispatch on Thursday indicated
or small, that has a navy of any character or degree that the British reply, when it was made, would
of strength. Moreover, the French Government, carefully respect the interest of the League while
while it "does not occupy itself with the question expressing a favorable attitude in general toward
of limitation of armaments except from the point of the American proposal, in which case the British
view of defense," has "defended and emphasized" at and French positions may turn out to be in subGeneva, as of "dominant importance," "two general stance not far apart.
principles: on the one hand, that limitation of armaDisappointing as the immediate outcome of Mr.
ments cannot be undertaken without consideration Coolidge's effort may be, the French reply does
of the solutions contemplated for the questions relat- not wholly close the door upon disarmament. Mr.
ing to land and air armaments; on the other hand, Coolidge has made a commendable attempt to solve
that limitation of armaments, particularly from the a knotty problem, and M. Briand, although denaval point of view, cannot be accomplished except clining to accept the solution in the form in which
by allowing each Power a round tonnage which she it has been presented, gives a cordial recognition
may be free to distribute in accordance with her to the spirit and intentions of the American Government, and leaves the way open for further disnecessities."
is cussion. It must in frankness be said that if the
The difference between the two points of view
clear, and their reconciliation is not easy. It is League is to be the only forum of such discussion,
obvious that national defense has &are to involve as M. Briand evidently desires, not much that is
the co-operation of land, naval and air forces, and practical is to be hoped for, and the preparedness
that any restriction imposed upon one branch of the agitation in Congress and the country which Mr.
service will at once affect the size and composition of Coolidge appears anxious to check, and to which,
the others. It is equally obvious that if the limita- as far as the building of more cruisers goes, Speaker
tion of armaments must wait until all the members Longworth is reported to have given his support,
of the League of Nations, whose Preparatory Com- may be expected to continue. Since, however, seven
mission has already encountered almost insoluble of the European Powers have found no obstacle
difficulties in trying even to frame the topics to be to the conclusion, wholly outside the League, of
discussed at a conference, shall have agreed about the the Locarno pacts for mutual defense and guaranty,
multitude of questions which national defense as a it is not impossible that two or three of the greater
whole involves, there will be no important limitation naval Powers may find a way, with all due respect
of armaments for many years to come, and the Pre- to the League, to limit still further their naval
paratory Commission might as well be dissolved. It armaments in the direction which Mr. Coolidge
is this practical difficulty, strongly indicative of an proposes. If they should, a strong inducement
indisposition to pass from debate to acts, and in- would have been offered to France and Italy to
creased by the stout insistence of France upon the take a similar course.
acceptance of its own point of view, that Mr. Coolidge
has sought to remove by a five-Power agreement The Fixed Relation of Labor and Capital.
In a book review in the New York "Times Book
restricted to naval forces. His position is that the
five Powers, comprising the only important naval Review," covering three recent publications, Evans
Powers in the world at the present time, may properly Clark sets out the conditions of labor and capital in
agree to limit their naval armaments without thereby the following way: "The labor leader has become a
prejudicing any decisions of a general or comprehen- capitalist, and the capitalist a labor leader. Labor
sive nature that may be reached by the League mem- unions vie with each other in establishing banks,
insurance companies and apartment houses, while
bers later.
The practical effect of the French refusal, in the nation's largest corporations engage in a stirring
which it is reported that Italy will probably concur, competition to organize their own employees into
may be far-reaching. The way has apparently been unions. Labor officials now gravely discuss investopened for an agreement between the United States, ments with their own financial advisers, while emGreat Britain and Japan to extend the scope of the ployers hire experts to devise for the workers every
Washington ratio, but the exclusion of France and ,conceivable advantage—savings for their old age,
Italy from that agreement because of their unwilling- cheaper but better houses, pleasant surroundings at
970
THE CHRONICLE
[VOL. 124.
the shop, lunch rooms, recreation centres, play- property it must buy its way into the ranks of capital
grounds, parks and clubs." . . . "Sometimes —it cannot steal its way in through profit-sharing,
the class struggle which the Socialists used to speak share in management, or coercive wage scales. If
of in the pure and simple days seems to have become capital recognizes the right of labor to healthful
a struggle between the two classes to ape each other. living and working conditions, it also improves the
Except for a little band of Communists, who now plant, by these houses, playgrounds, clubs and workkeep up a ragged show of militant opposition on the rooms, that it may perpetuate itself, or it must give
Left, the battle lines have been obscured, if not lost to each man as a dole or benefaction a part of its
altogether, in this general breaking of ranks, this own substance to be his own in his own right and for
amazing spectacle of fraternizing—at least on the no value received, a method that disintegrates and
field of ideas—between the forces that yesterday destroys.
were combatants. The chasm has largely disapBurbank finds in the coming together of two
peared; the diverse language approaches a common strains, the merging of long ancestral lines, which,
idiom."
by natural selection and environment, produce a
Admitting a certain element of truth in this picture new life, with characteristics of each. But one does
—is it not a generalization hardly warranted by the not change into the other. No more can current
broad view? Compare the capital in labor banks labor change into, supplant, or destroy saved-up,
with that in all other banks. Test the recent growth crystallized labor, which is capital; or capital take on
in labor insurance by the prodigious advance in the attributes of the human mind and hand. Capital
policy writing by the old line companies. There can is a natural evolution of labor, and having taken on
be no "competition" between employers in the for- the form of private ownership in things can by no
mation of shop unions save in:rpoint of time which is rational and right process change back into current or
not material to the principles involved. The "ad- fluid labor. To attempt this transformation by any
vantages" employers seek to give to their employees, Socialistic or Communistic formula is to destroy
which may be summed up as better working and capital, deprive ever present labor of its natural ally,
• living conditions, is no new thing, hae
zbeen going and turn riches into poverty for the whole people
on for a quarter of a century; and if it now seems to and world. And in the conditions and relations of
be a fixed and fast policy, itlisrainatural growth on to-day there is basically no change. If there is perthe part of the employer, whilelthe employee has be- manently a better understanding, well and good.
come educated to its motive so that he no longer But labor leaders, as such, are no more fit to guide
sees in it a sinister design. Therpeople:at large should capital, than leaders and operators of capital are fit
welcome a better understanding between labor and to assume the attitude and aim of labor leaders. If
capital, but it is not to be believed that present con- these leaders reach an agreement, it is the end; labor
ditions indicate that these two integers in production remains, capital remains.
are by some hidden magic changing places, or changWe are not quite sure that English economists,
ing each into the other.
with their own crucial problem pressing, appreciate
Nor, as we have had occasion to suggest heretofore, the situation in the United States. They see it
is there any immediate danger of the current savings through the misty glamor of our prosperity. High
of labor buying a controlling interest in the shares wages in certain trades here, for example, are not a
of capital in present day corporations. Hailing this natural evolution but a product of war. The apparmethod as one of deliverance to labor, lies not in the ent satisfaction of union labor in present conditions
supplanting of capital and capitalists as such, but in here, may be only a quiescence that is content to
the helping of labor to help itself by saving, thrift hold an advantage artificially gained. A general deand wise investment. For every share of pure capi- pression may put an entirely different aspect upon
tal, if we may use the term, displaced by labor this much lauded and heralded coalition. In a
ownership there is but another share of capital generation, one closely held and closed corporation,
seeking a new investment. How much of the in- paying wages above the average, considered "high,"
vested capital of the country can the savings,of labor has accumulated, according to recent testimony, a
buy in a year? While it is true, as the old phrase billion dollars; it is said some experts place the amount
puts it, that there is a mutual interest between at two billions. How can future labor secure a share
capital and labor, they are still independent entities. in this sum? At least, it must secure a share in a
Their basis of tone co-operation lies in their sep- going concern, and save for the reinvested residue
arateness. They cannot merge in the sense indicated. placed in other concerns, unless it keep going it will
Labor is capital owned by each and every man for dissipate and disappear. Citing it as a single fact
himself in his own right, but it cannot be trans- in the huge question, it suggests the wide separation
formed into fixed capital, save by exercise (work), of the two independent integers and the impossibility
saving of wages (payment) and investment (buying of their sudden transposition.
shares).
As a politico-economic problem nothing is gained
An ideal relation obtains between labor and capital, for either capifal or labor by this leaping to the conso called, when every man is a laborer and a capital- clusion that they are changing their spots. The only
ist in and at the same time. The part of this relation mutual benefit is by a coalition in purpose by mutual
in the world is twofold: laborers for generations are agreement. The continuance of each in its natural
thriftless and non-accumulative, so that capitalists state is imperative. To make a laborer a capitalist
are created by the natural descent and congestion does not do away with the necessity of labor, or take
of the savings of those who do work and save; capital, one job from the need for capital. That millenium
in its own right, by the direction of these savers, when man will work no more is not in sight. To
accumulates through its own earnings and increase, picture to the workingman such an impending era is
not always perhaps in a just ratio to those who must to paint a mirage. The truth of one of the appearand do work. If it be true that labor in its heart ances in the case is that certain labor leaders drawn
now recognizes the right of private ownership in from the ranks by the appeal of wealth and power
FEB. 19 1927.]
VIE CHRONICLE
have forsaken their theories and principles for the
allurements of salaries and profits. They are capitalizing the inchoate savings of their followers in
profit-making enterprises, which is a good thing for
their followers, and incidentally themselves. But
they hav not settled anything.
There is a fixed relation between labor and capital
that exists in the nature of things. It has long been
culminating. It will always exist while the two factors endure. Property is here, a fact—it must be
directed by millions of private owners, and these
millions must work with it, for it, or because of it.
Labor is here, a fact—and it is the only means by
which we live, and if a man have no property to work
with, he must work with his hands and strength and
971
mind. Machinery multiplies the power of property
and labor. Socialism would destroy one of the factors, property, by dividing it "equally," so said,
under collective ownership—an inchoate mass directed by the State. In another way Communism would
do the same. Now this fixed relation is large, enduring, mutually sustaining, beneficial to man,
prospering him socially and economically. The advent of a few labor banks, the wider spread of stock
holdings, the growth in better working and living
conditions, does not abolish this relation, this fundamental condition. And the State that does not protect the property of its citizens, as now privately
held, will sooner or later find itself in the toils of a
theoretical rule and become the +lye of it own power.
The Trust Companies in New York and Elsewhere
Continuing the practice begun by us a long time ago,
we print on subsequent pages our annual comparative returns
of the trust companies in this city (Manhattan and Brooklyn
boroughs) and also those in Boston, Philadelphia, Baltimore
and St. Louis, bringing down the figures to the close of 1926.
For this city the figures, as far as the liabilities and assets
of the different companies are concerned, are those furnished
to the Superintendent of Banking at Albany, under his
latest call, namely, Nov. 15 1926. As has been many
times pointed out by us, it was the practice of the Banking
Department for a quarter of a century or more to require
reports for the closing day of the year, but this was changed
in December 1911 by the then executive head of the Department, and from that time to 1914 various dates in December
were fixed as the time of the return, while in December 1915
the last day was again chosen, but for 1916 the date was
dropped back to Nov. 29, for 1917 to Nov. 14, and for 1918
to Nov. 1; for 1919 the date was fixed at Nov. 12; for 1920,
for 1921,for 1922, for 1923 and for 1924 at Nov. 15;for 1925
at Nov. 14, and for 1926 at Nov. 15. The Superintendent
who inaugurated the departure evidently contemplated that
there should always be a return for some date in December,
though the date was not to be known beforehand. Succeeding incumbents of the office have not felt bound by any
such rule, and accordingly have named a day in November.
Trust company operations in New York City keep expanding, though during more recent years the additions to
the grand aggregate of the deposits has been relatively slight.
While the totals are of huge proportions, running in excess
of $3,000,000,000 for the deposits and rising to $4,000,000,000
when aggregate resources are considered, the amounts can
hardly be accepted as representing exclusively trust business.
The same may be said as to the changes in the amounts from
year to year, or even as regards the changes between one
return and the next succeeding one or the one immediately
preceding. Mergers and consolidations are the order of the
day and these involve not alone the taking over of one trust
company by another. More frequently they mean the
absorption by a trust company of a national or State bank,
and in these instances, which of late years have become
quite common, the mercantile business of the absorbed bank
is of course continued by the consolidated institution, even
though now it be carried on in the name of a trust company.
As a matter of fact, in the case of some consolidated institutions, of which the Irving Trust is a notable illustration, so
many mercantile banks have been taken over in the process
of bank absorptions, that the operations of the enlarged
institution may be said to consist to a predominant extent
of that of an ordinary bank of loan and discount rather
than of the class of business which of yore was associated
with the name of a trust company. On occasions it happens
that a bank, national or State, will take over a trust company
and the trust company then disappears from the list, though
cases of that kind are not very frequent and usually involve
small trust companies of minor consequence. There have
been instances even of the shifting of trust companies—and
not minor ones at that—from the trust company designation
to the national bank category, and then back again to the
trust company division, at least as far as charter organization
is concerned, though obviously the selection of the form
of organization does not alter the character of the business.
The Irving Trust Co. again comes up as a case in point.
All of this makes it difficult to interpret the changes from
year to year, or when there is steady expansion to accept
such expansion as a measure of the growth of the pure trust
company, operating within distinctly trust company limits.
For the reason just given,the increase just as likely may have
occurred in the ordinary mercantile banking business and
follow from the taking over of business of that kind through
merger and absorption. In comparing our present figures,
therefore, with those of preceding years, the first step is to
see what changes of the nature indicated occurred during
the twelve months. In doing this we quickly learn that
notwithstanding previous changes of the kind mentioned
the year 1926 was no less noteworthy in that respect. One
of the very earliest of the bank and trust company mergers
during 1926 was the consolidation of the Coal & Iron National
Bank of this city with the Fidelity-International Trust Co.
under the title of ,the Fidelity Trust Co. This occurred on
Feb. 27 1926 and resulted of course in the transfer of the
business of the bank to that of the trust company, swelling
the trust company figures to that extent. In its statement
for March 25 1926, the Fidelity Trust Co. showed aggregate
deposits of $46,138,651, whereas the previous Nov. 14 the
Fidelity-International Trust alone had shown deposits of
only $21,970,661.
The most noteworthy instance of the year of the transfer
of the business of a bank to that of a trust company does
not play any part in our present figures, since these are of
date Nov. 15, whereas the merger alluded to did not go into
effect until some weeks subsequent to that date. We refer
to the consolidation of the American Exchange-Pacific
National Bank with the Irving Bank & Trust Co., the
latter operating under a trust company charter. The
consolidated institution took the name of the American
Exchange Irving Trust Co. But this latest merger did not
become effective until the close of business on Dec. 11 1926,
while the last trust company call of 1926, the figures of
which weare now reviewing,is,as just stated, of date Nov. 15
1926. As to the magnitude of the banking business thus
transferred to the trust company division and which will•
to that extent swell the 1927 totals it is only now necessary
to say that under the national bank call for June 30 1926 the
American Exchange-Pacific National reported total deposits
of $223,216,200.
On the other hand, one other merger of a trust company
and a national bank, and which was completed within the
period of our review,involves the transfer of the business of a
trust company to that of a bank, to that extent reducing the
trust company totals. We have reference to the fact that
the People's Trust Co. of Brooklyn was absorbed by the
National City Bank of New York. On Jan. 15 1926 the
capital of the People's Trust was increased from $1,600,000
to $2,000,000 and on June 26 the Trust company was
merged with the National City Bank. The reduction in
the trust company totals resulting from this disappearance
from the list of the People's Trust may be judged from
the fact that the company in its return under date of March
972
TH II CHRONICLE
[VoL. 124.
25 1926 to the State Superintendent of Banking reported $127,600,000 Nov. 15 1922, $159,000,000 Nov. 15 1923,
total deposits of $65,749,753 and, besides its capital of $163,000,000 Nov. 15. 1924, $169,500,000 Nov. 14 1925,
$2,000,000, showed surplus and undivided profits of $5,397,- with a further big jump now to $193,050,000 on Nov.15 1926.
910. The National City Bank paid $845 per share for the And 1927 will see a further increase, as the American Exstock. As against the loss, however, to the trust company change Irving Trust now has $32,000,000 of capital stock,
total on that account the National Butchers & Drovers, while the Irving Bank & Trust in the Nov. 15 1926 return
which, June 30 1926, had deposits of $13,758,900, was on showed only $22,000,000 of stock.
A better measure of the growth of the trust companies is
Sept. 20 1926 merged in the Irving Bank & Trust, while
the Federation Bank of New York was on April 15 1926 con- furnished by the totals of the deposits. The amount of this
verted into the Federation Bank & Trust Co., which in the item for the Greater New York, which on Nov. 14 1925 was
latest return—that of Nov. 15 1926—shows $16,250,065 $2,968,206,137, rose to $3,131,882,264 March 25 1926,
of deposits with $750,000 of capital and $972,047 of surplus rose still further to $33,377,753,572 June 30 and was $3,328,and undivided profits. Also on Feb. 24 1926 the Bank of 643,765 Sept. 30 1926, but then fell to $3,090,619,710
Europe entered the trust company list under the title of Nov. 15 1926. In the previous year also there was a conthe Bank of Europe Trust Co.
siderable decline in the total the latter part of the year and,
In addition, new trust companies are all the time being as a matter of fact, the experience is not an uncommon one
organized, the trust company field being thereby enlarged, in the autumn, when money is in more active demand and
besides which maw of the older companies keep increasing the movement to market of the new season's crops has to be
their capital. Among the newcomers during the year under financed. In 1926,even more so than in 1925, money became
review are the Bank of Athens Trust Co., with $500,000 dearer as the year progressed and naturally deposits are
capital, which began busine413 April 11926;the County Trust drawn down as interest rates rise, the explanation being that
Co. of New York with $1,000,000 capital, which began the depositors find more remunerative employment for their
Feb. 23 1926; the International Acceptance Securities & funds than the rate of interest allowed them on their deposits.
Trust Co. with $500,000 capital organized March 9 1926; Notwithstanding, however, the falling off in the deposits in
the Murray Hill Trust Co. with $1,000,000 capital, which the period between June 30 and Nov. 15, the amount on the
opened Sept. 7; the Times Square Trust Co., with $2,000,000 latter date was nevertheless considerably higher than the
capital, which opened Oct. 5, and the Interstate Trust Co. total on Nov. 14 of the previous year, the figure at the
with $3,000,000 capital, which began Oct. 14 1926. The later date being $3,090,619,710, as against $2,968,206,137
Brotherhood of Locomotive Engineers Co-Operative Trust on Nov. 14 1925. This gives an increase of $122,413,573.
Co. on Sept. 1 1926 changed its name to the Terminal Trust In the preceding twelve months, on the other hand, the
Co. Among the trust companies which increased their deposits showed an actual falling off in amount of $63,capital, the Equitable Trust Co. stands foremost. This 170,251, though the elimination of the Metropolitan Trust
company on March 31 1926 raised the outstanding amount Co.from the list at that time was responsible for $48,803,080
of its stock from $23,000,000 to $30,000,000, the new stock of that loss. In the ease of the trust companies for the whole
going to the shareholders at its par value, though 1,000 State, including the Greater New York, the November 1925
shares sold at public auction on March 29 brought prices aggregate, as it happened, was not less than the corresponding
ranging from $264 per share to $270. The Irving Bank & total for Nov. 1924, but rather somewhat larger, and here
Trust Co., prior to its consolidation with the American accordingly the increase has been continuous, with the total
Exchange-Pacific National, took over, as mentioned above, for November 1926 $4,030,384,615, against $3,767,251,862
the National Butchers & Drovers Bank and on Oct. 11 Nov. 14 1925 and $3,743,655,185 on Nov. 15 1924.
As pointed out in previous reviews, in 1920 and 1921 the
1926 raised the amount of its capital stock from $18,500,000
to $22,000,000. The Bronx County Trust Co. on Oct. 1 trust companies,like the mercantile banks, had their deposits
1926 increased its capital from $825,000 to $1,000,000, the drawn down under the influence of business depression,
new stock going to the shareholders at $200 per share of credit restriction and price deflation. On the other hand,
$100 par value. The Brooklyn Trust Co. on May 1 1926 in 1922, 1923 and 1924 the trust companies no less than the
raised its capital from $1,500,000 to $2,000,000, the share- banks enjoyed renewed growth in their deposits with the
holders getting the new stock at $200 per share (par $100). return to normal conditions. And, as a matter of fact,
The Midwood Trust Co. (also of Kings County) on July 2 the fluctuations in the items referred to in the case of the
1926 increased its capital from $700,000 to $1,000,000, the trust companies always correspond quite closely with the
new stock being sold to the shareholders at $150 a share.
fluctuations in the same items in the case of the banks. The
Outside of the Greater NewYork the changes in New York business of the two classes of institutions is becoming more
State have been much less important, as is always the case. or less similar, at least in this city. As noted above, there
Still there have been a few, and, as here in New York City, have been in recent years several important amalgamations
the changes cut both ways, the most of them adding to the of trust companies with banks, and in such instances the
trust company totals, but an occasional one serving to consolidated institution of course continues both the former
diminish them. 'Towards the close of 1925, but too late mercantile business and the trust company work. In some
to count in the 1925 figures, the Manufacturers & Traders of these amalgamations the result has been to transfer a
National Bank of Buffalo was consolidated with the Fidelity bank to the trust company list, the charter of the bank being
Trust Co. of the same city, the combined institutions taking surrendered and the charter of the trust company retained,
the name of the Manufacturers & Traders Trust Co. An- while in other cases, as we have seen, the effect has been to
other change towards the close of 1925, which came too late transfer a trust company to the bank group, the charter of
for the 1925 results, was the merger of the Buffalo Trust Co. the trust company being given up. The truth is, as a consewith the Marine Trust Co. of Buffalo under the title of. the quence of such combinations there has been so much shifting
latter. New companies also keep entering the field up from the trust company list to the bank group, and vice
State, though during the year under review these consisted versa, that comparisons between one period and another
entirely of small companies, namely, ;the First Trust & period over a series of years is considerably disturbed
Deposit Co.of Oriskany Falls in Oneida County with $100,000 thereby.
capital; the Massena Banking & Trust Co. in St. Lawrence
For the Greater New York aggregate deposits between
County with $150,000 capital and the Long Island State Nov. 12 1919 and Nov. 15 1921 fell from $2,443,087,071 to
Bank & Trust Co. at Riverhead, in Suffolk County, with $2,001,080,342. By Nov. 15 1922 the amount was back to
$200,000 capital. The Ossining Trust Co. in Westchester, $2,208,982,617;for Nov.15 1923 it was up to $2,486,238,620,
which represents a conversion of the Ossining National Bank or larger than before; by Nov. 15 1924 it had risen, as
into a trust company, increased its capital from $100,000 already stated, to $3,031,376,388, but by Nov. 14 1925 had
fallen somewhat lower again at $2,968,206,137; now for
to $200,000.
There is one item in these trust company returns which Nov.15 1926 it is higher than before at $3,090,619,710. It is
has kept steadily rising in all recent years, notwithstanding well enough to add, as we have on previous occasions, that
the elimination of so many trust companies from the list. had it not been for certain mergers which took several
We allude to the total of capital stock. For the Greater trust companies out of the trust company list, the recovery
New York the total stood at $104,700,000 on Nov. 12 1919, and further progress in 1922, 1923 and 1924 would have
$116,983,300 Nov. 15 1920, $125,500,000 Nov. 15 1921, reached still larger proportions. Not only that, but the
FEB. 19 1927.]
THE CHRONICLE
973
disappearance of certain trust companies from the list served Nov. 15 1921, on Nov. 15 1922 got back to $2,770,799,561,
greatly to increase the loss resulting from business depression for Nov. 15 1923 were up to $3,090,947,512, for Nov. 15
in the two years from 1919 to 1921. Thus the Irving Trust 1924 jumped to $3,743,655,185; for Nov. 14 1925 stood at
Co., which on Nov. 12 1919 had reported aggregate deposits $3,767,251,862,and now for Nov.15 1926 are $4,030,384,615.
of $76,278,940, was on April 19 1920 merged in the Irving As indicating the magnitude to which trust company operaNational Bank, while on May 1 1920 the Franklin Trust tions in this State have risen (the vast preponderating
Co., which the previous Nov. 12 had reported deposits of portion of the whole being, of course, contributed by the
$25,278,176, was merged in the Bank of America and also trust c,ompanies of this city), it should not escape notice
disappeared from the trust company returns. The elimi- that when capital, surplus and the various other items that
nation of these two institutions from the trust company list go to make up the balance sheet, are added, the aggregate
accounted for over $101,000,000 of the $288,000,000 loss in of the resources for Nov. 15 1926 is found to have been no
deposits shown in 1920. Then in 1921 there occurred the less than $4,944,037,373 and on Sept. 30 1926 (before the
absorption of the Hamilton Trust Co. of Brooklyn by the contraction in deposits which subsequently occurred) were
Metropolitan Bank, while in 1922 there were several other as high as $5,138,723,863.
The item of surplus and profits which in 1921 showed
mergers which operated to take trust companies out of their
class. For instance, in April 1922 the Mercantile Trust Co. some shrinkage (owing, no doubt, to diminished profits as
of this city was taken over by the Seaboard National Bank well as the charging off Of heavier losses than usual), has
and in July 1922 the Lincoln Trust Co. was merged in the made new high record totals each year since then. It should
be understood, however, that the increase does not in its
Mechanics & Metals National Bank.
On the other hand, in the consolidation in September 1922 entirety reflect accumulation of surplus earnings. In part it
of the Bank of New York with the New York Life Insurance has followed from the selling of new stock at a premium in
& Trust Co. and the continuance of the operations of the the way noted above. Surplusandprofits for the trust corncombined institutions under the title of Bank of New York panics in the Greater New York stood at $281,150,160
& Trust Co., with retention of the trust company charter, Nov. 15 1926, against $237,865,765 Nov. 14 1925; $219,the trust company list got the benefit of the additional 006,842 Nov. 15 1924; $202,022,101 Nov. 15 1923; $197,deposits of the Bank of New York, which the previous De- 338,717 Nov. 15 1922; $175,565,266 Nov. 15 1921; $187,cember were reported at $52,946,000. Furthermore, in 349,468 Nov. 15 1920, and $179,326,098 Nov. 12 1919.
1923, through another consolidation, the Irving National For the whole State, including the Greater New York, the
Bank once more resumed its place among the trust companies. surplus account (with all undivided profits)'Nov. 15 1926
In other words, on Feb. 7 1923 the Columbia Trust Co. was was $346,840,350, against $288,624,503 Nov. 14 1925;
consolidated with the Irving National Bank and the com- $263,732,250 Nov. 15 1924; $242,049,428 Nov. 15 1923;
bined institution became the Irving Bank-Columbia Trust $235,322,994 Nov. 15 1922; $209,223,775 Nov. 15 1921;
Co. This last mentioned change disturbed greatly the com- $219,945,439 Nov. 15 1920, and $211,441,830 Nov. 12 1919.
The trust companies are again engaged in borrowing on
parison between November 1923 and November 1922, tending to make the improvement in the trust company totals an increasing scale, this following no doubt from the absorpfor that period of twelve months very much larger than it tion by consolidation of so many mercantile accounts. Three
really was, for while in 1922 the Columbia, standing by or four years ago they had only relatively small amounts of
itself, reported deposits of $89,613,080, the Irving Bank- bills payable and rediscounts outstanding. In 1925 policy
Columbia Trust Co., in its report for Nov. 15 1923 showed once more changed and in 1926 the change became still
total deposits of no less than $307,569,734. At the same more pronounced. During the war period, when the trust
time, however, the re-entry of the Irving into the trust com- companies, like the banks, were financing heavy purchases
pany list evened up the comparisons with earlier years—the of U. S. Government obligations for themselves and their
years prior to 1920. Nevertheless, this still leaves the Mer- customers, these institutions had recourse to the loaning
cantile Trust Co. and the Lincoln Trust Co., both of this facilities of the Federal Reserve Bank of New York on quite
city, as also the Franklin Trust Co. of Brooklyn and the an extensive scale. For all the trust companies in Greater
Hamilton Trust Co. of the same borough,formerly appearing New York the total of the bills payable outstanding.Nov. 15
among the trust companies, outside the fold. Furthermore, 1926 was $27,608,314, with $400,000 of rediscounts. This
in 1924 the Commercial Trust, which on March 20 1924 had compares with $18,993,654 of bills payable with no redisdeposits of $12,409,310, two months later was absorbed by counts on Nov. 14 1925, with only $2,758,406 the total of
the East River National Bank and disappeared from the the bills payable and rediscounts Nov. 15 1924 and with
trust company field. In January 1925 the Metropolitan $16,981,613 Nov. 15 192; $9,281,621 Nov. 15 1922, $35,Trust Co. was taken over by the Chatham & Phenix National 631,000 Nov. 15 1921, $242,934,456 Nov. 15 1920 and
Bank and also disappeared from the trust company list, $230,815,610 Nov. 12 1919. For the whole State the total
while in 1926 the absorption of the People's Trust Co. of of the two items, Nov. 15 1926, was $43,309,209, against
Brooklyn by the National City Bank of New York, took $42,876,978 Nov. 14 1925 and $10,488,998 Nov. 15 1924.
still another company out of the trust company group, as The acceptances outstanding, too, are steadily increasing
and amounted to (for the whole State) $198,617,094 in 1926,
already stated.
On the other hand, the business and operations of two against$184,041,566 in 1925,5163,450,398in 1924,$147,329,banks of considerable size were during 1923 absorbed. by 908 in 1923 and $111,081,592 in 1922.
Turning now to the assets, the collateral loans still constitrust companies, serving thereby to swell the trust company
totals. On June 29 1923 the Equitable Trust took over the tute the largest single item among the investments of the
Importers & Traders National Bank, with deposits of ap- trust companies though the total is a little smaller than
proximately $30,000,000, and on Aug. 14 the Manufacturers a year ago. Such loans have always been a favorite form of
Trust Co., which in previous years had absorbed several investment with these institutions. For the Greater New
other banks, took over the Columbia Bank with deposits York the aggregate of these loans fell from $1,115,503,148
of about $31,000,000. In 1925 the Manufacturers Trust Nov. 12 1919 to 96,288,916 Nov. 15 1920, and further
absorbed several other banks. A smaller transaction of the declined to $744,386,339 Nov. 15 1921, but recovered to
same nature was the absorption in April 1923 of the Terminal $846,437,293 Nov. 15 1922, to $859,511,995 Nov. 15 1923,
Exchange Bank with deposits of about $3,000,000 by the to $1,202,283,870 Nov. 15 1924 to $1,267,717,424 Nov. 14
Hudson Trust Co., this latter being on July 9 1924 merged 1925 and now for Nov. 15 1926 stands at $1,239,113,920.
in the Empire Trust Co. And during 1927 the trust com- For the whole State the amount is no less than $1,491,410,945,
pany totals will be further enlarged, as already stated, by, which compares with $1,470,452,312 in 1925 and $1,354,the merger on Dec. 11 1926 of the American Exchange- 727,295 in 1924. It is the bill holdings, however, that
Pacific Bank with the Irving Bank & Trust Co. under the have increased most and the inclusion of the Irving Bankname of the American Exchange Irving Trust Co. The Columbia Trust, with its large banking business of a strictly
American Exchange-Pacific Nat. on June 30 had deposits of commercial nature, is mainly responsible for this. The
$223,216,200.
designation of the item in the statement given out by the
For the whole State the deposits of the trust companies, State Banking Department is "Loans, Discounts and Bills
after having fallen from $2,885,355,813 Nov. 12 1919 to Purchased Not Secured by Collateral" and the aggregate
$2,672,289,441 Nov. 15 1920 and then to $2,497,547,429 amount for the trust companies in Greater New York is
974
THE CHRONICLE
[VoL. 124.
reported as $726,280,962 Nov. 15 1926, against $668,845,396
Borough of
Nov. 12
Nov. 15
Nov. 15
Nos. 14
Noe. 15
Manhattan.
1919.
1921.
1924.
1925.
1926.
Nov. 14 1925, $626,867,758 Nov. 15 1924, $620,301,146
Nov. 15 1923, $448,204,530 Nov. 15 1922, $486,467,500 Bk of Athens
Trust Co_
1,249,553
Nov. 15 1921, $646,822,007 Nov. 15 1920, and $479,327,753 Banca Corn
Ital'a Tr.
8,615,727
4,509,863
8,999,51
Sid
Nov. 12 1919. For the whole State the amount stands at Banco diCo_4
Trust
5,735,478
1.681.798
close to a billion dollars—in exact figures, $998,111,748 in Bankers
317.536,146 280,452,276 376,886,759 392,803,04 380,050,522
..tok of N.Y.
1926, against $880,261,088 in 1925 and $810,321,168 in
& Trust Cow
102,424,745
81,883,620 71,844,7
13k of Enron
1924.
Trust Cog
12,679,401
Central. k...
The stock and bond investments constitute the third
Union Tr._ } 211,438,902 193,635,185 254,238,875 272,681,05 250,186,789
Commercial .
(c)
(c)
(c)
largest item, but the change during the year has not been County Tr C. 8,717,627 7,284,656
of N Y..1_
important. The aggregate for the companies in the Greater
9.195,447
Empire
50,412,043 47.160,104 63,834,250 70,312,94
64,736,972
New York on Nov. 15 1926 was $653,013,089, against Equitable. 234,016,518 206,458,795 375.143,005 343,059,47 384,054,794
FarmersLos.
$639,092,695 Nov. 14 1925; $761,457,826 Nov. 15 1924, & Trust
166.688.021 134.064.853 154.636,540 148,434.347 146.058,966
20,783,513
$578,844,733 Nov. 15 1923, $607,744,730 Nov. 15 1922, Fidelity Tr_l 12,944,106 21,127,153 12,171.861 21,970,661 44,797,012
nth on
9,312.365
8,814,322
14,575,579 14,893,635
$480,806,007 Nov. 15 1921, $460,767,809 Nov. 15 1920 Federation
Bk & Tr_j_
16,250,065
Guaranty
725,510,455 430,834,259 567,472,304 506.262,86 518,815,530
and $570,213,964 Nov. 12 1919. For the whole State the
Hudson
8,268,864
7,007,493
(d)
(d)
(d)
total Nov. 15 1926 is $932,691,071, against $921,557,895 Irving Bank 76,278,950
(b)
1, 349,921,465 333,972,78 355,782,903
& Trust.b. 95,643,900 83,256,2381
Nov. 14 1925 and $1,037,185,829 Nov. 15 1924. The real Italian Mel
& Trust__
8,215.912
estate held does not vary greatly from year to year and for Internet Ac 17,372,888 12,044,482 9,514,889 8,062,91
See dr Tr_
3,766,049
the companies in Greater New York was $42,440,287 Nov. 15 InterstateTrx
4,089,213
1
1926, against $40,530,591 Nov. 14 1925,$46,500,246 Nov.15 Lawyers' I }
Trust _
19,542,725 17,167,726
19,821,048
18,986.072 20,121,161
1924, $51,050,870 Nov. 15 1923, $48,900,549 Nov. 15 1922, Home
Lincoln
26,622,804
(u)
(u)
(u)
$45,975,995 in November 1921, $45,052,851 in November Merc'le Tr.__ 16,249,446 25,773,985
18,437,450
(v)
(v)
(v)
(0)
(n)
1920 and $44,703,110 in November 1919. The amount of Metropolitan 39,022,670 27,779,992 48,803,080
Murray Hill
Trust Co_y.
2,949,671
bonds and mortgages owned has heretofore changed com23,483,727 24,962,284
(w)
(w)
(w)
New York
I
paratively little from year to year, but during the last four Terminal Tr, 67,956,267 160,965,302 212,556,252 183,947,137 208,304.894
Coq
1
years has substantially increased, the total for November Times
5,218,301
5,434,933
6,062,628
Square,'
1926 for the trust companies of the Greater New York
Trust Co..z.
2,524,837
Title Gu.&T_ I 33,070,973 34,305,535 41,804,575 47,357,76
44,516,288
being $117,296,925, against $89,053,572 in November 1925, Trust Co of
NA., NY_
1,205,241
1,844,928
3.193,816
$76,177,295 in November 1924, $73,340,713 in November U.S.MtgAtT. 61,722,175 52,019,127 60,291,099 60,075,74
66.207,879
1923,$55,660,301 in November 1922,$60,374,001 in Novem- United States 49,639,976 52,119,108 56.530.670 55.445,161 46,776,350
ber 1921, $58,694,686 in November 1920 and $60,599,653 Total_a 2,280,534,271 1,860,219,0012.765.133.810 621.988.7662,785,095.458
Borough of
in 1919.
Brooklyn.
The reserve held by the trust companies with the Federal Brooklyn__
37,744,025 34,058,891
50,643,124
48,379,684 64,303,443
Franklin_
25,278,176
(r)
(c)
(r)
(r)
Reserve Bank has increased during the last two years, as Hamilton
8,500,654
(t)
,
(t)
(t)
(t)
Kings County 24,941,377 23,269,374' 33,301,397
32,304,639 32,759,401
would be expected from the inclusion of the Irving Bank- Manufact'rsCitizens_e_
31,784,319 41,809,2901 117,422,419 194.614,861 208,844,432
Columbia Trust Co., with its largo volume of deposits. The
Midwood.s.
1,308,694'
5,560,646
8,299,816
9,616,976
34,304,249 40,415,092 59,314,992
amount due from the Federal Reserve Bank of New York, People's
62,618.371
(h)
less offsets, combined with the amount due from approved 'Total
162,552,800 140,861,341 266.242,578 346,217,371 305,524,252
reserve depositories, less offsets, aggregated for the trust Total Greater
New York_ 2,443.087,0712,001,080,3423.031,376.3RA 2,968.206.117 3010.610.710
companies of the Greater New York $321,466,741, against
Corporat on Trust included in total for all the years; had deposits of $12,730
$321,196,215 Nov. 14 1925, $338,428,608 Nov. 15 1924, onaNov. 15 1926.
b
Brooklyn was consolidated with Broadway of New York
$260,735,096 Nov. 15 1923, $243,672,704 Nov. 15 1922, CityFlatbush6Trust ofThe Broadway changed
March 1912.
title to Irving Trust Nov. 30 1917
$234,304,212 in November 1921, $196,965,929 in November and Market & Fulton National consolidated with Irving in March 1918. On
April 19 1920 the Irving Trust was merged in the Irving National Bank and dis1920 and $238,737,114 in November 1919.
appeared from the trust company list. On Feb. 7 1923 the Columbia Trust Co.
was consolidated with the Irving Bank, the new institution
The trust companies never hold large sums of cash in their Bank-Columbia Trust Co., and accordingly reappeared In thebecoming the Irving
trust company list.
A merger of the Irving Bank-Columbia Trust Co. and the National Butchers &
own vaults and the holdings of "specie" in November 1926 Drovers Bank, under the name Irving Bank & Trust Co. became effective Sept. 20
1926. American Exchange-Pacific Bank
were only $4,026,528, against $3,637,699 in November 1925; Irving Bank & Trust Co. under the name was merged on Dec. 11 1926 with the
of American Exchange Irving Trust Co'
c
$3,493,095 in November 1924, $3,460,696 in November firstCommercial Trust Co. merged in May with the East River National Bank after
having been converted to a national bank. See "Chronicle," page 2536.
d Hudson Trust Co. merged on July 9 with the Empire Trust Co. under name of
1923,$4,000,736 in November 1922,$5,233,340 in November
Empire Trust Co.
e Citizens Trust Co. took over Manufacturers' National Bank Aug. 12 1914,
1921, $8,877,761 in 1920, and $11,138,921 in 1919. In
West
addition, the companies of the Greater New York reported becoming Manufacturers' Trust Co., which absorbed theSept. 1 Side Bank, New
York City, June 15 1918, the Ridgewood National Bank
1921, the North
the Industrial Bank of New York City Deo.18
$20,031,065 of "other currency authorized by the laws of Side Bank of Brooklyn April 28 1922,14 1923.
1922, and the Columbia Bank Aug.
f Bank of Athens Trust Co. began business April 1 1920.
the United States" in 1926, against $23,823,016 in 1925, g Bank of
Europe on Feb. 24 1926 entered the trust company list under the
$18,279,919 in 1924, $23,795,804 in 1923, $17,851,658 in title of the Bank of Europe Trust Co.
is Merger of the Peoples Trust Co. with the National City Bank became effective
1922, $17,704,536 in 1921, $19,419,590 in 1920, and $23,- at close of business June 26 1926.
County Trust Co. of New York began business Feb. 23 1926.
315,808 in 1919. The remaining cash items, viz.:"exchanges
1 Formerly the Federation Bank of New York and began business in May 1923.
Name changed to the Federation Bank & Trust Co. and began business as a trust
and checks for next day's clearings and other cash items," company on April 15 1928.
k Central and Union consolidated June 18 1918.
aggregated no less than $294,989,498 Nov. 15 1926, against
I Lawyers Trust Co. began business Feb. 28 1925 to take over trust business
$103,511,447 Nov. 14 1925, $141,416,538 Nov. 15 1924, heretofore done by the Lawyers Title & Trust Co.
as American Trust organized Jan.27 1919,absorbed Queens Co.Trust Sept. 1919.
$260,573,825 Nov. 15 1923, $164,352,748 Nov. 15 1922,
n Metropolitan Trust Co. on March 1 1925 merged with Chatham & Phenix
National Bank, under the title of the Chatham-Phenix National Bank & Trust Co.
$146,059,871 in 1921,$167,713,628 in 1920,and $105,552,258
o International Acceptance Securities & Trust Co. organized March 9 1926
and owned by the International Acceptance Bank, Inc.
In 1919.
p Italian Discount & Trust began business Nov. 11 1918.
q Brotherhood of
In the foregoing we have been dealing with the trust com- changed to TerminalLoco. Eng. Co-Op. Trust Co. began business In 1923. Name
Trust Co. as of Sept. 11926.
r Merged in Bank of America May 1 19 .
panies as a whole. As far as the separate companies are
20
s Began business Sept. 1920.
concerned, the elaborate statements on subsequent pages
t Hamilton Trust merged in Metropolitan Bank Jan. 29 1921.
u Lincoln Trust merged In Mechanics & Metals National Bank July 1922.
will enable the reader to ascertain what the experience of
vMA crintie1922 t, which began business May 11917, merged In Seaboard Nacional
erv a i l Trus
.
each company has been as between 1924 and 1926. To fur- Bank
w New York Life Insurance & Trust merged with Bank of New York, forming
nish a sort of general survey we introduce here the following Bank of New York & Trust Co. Sept. 1922. 14 1920.
x Interstate Trust Co. began business Oct.
y Murray Hill Trust Co. opened for business on Se,it. 7 1926.
table comprising all the companies in the Boroughs of Manz Times Square Trust Co. began business on Oct. 5 1926.
hattan and Brooklyn, and showing the deposits on Nov. 12 (1) Coal & Iron National Bank merged into the Fidelity-International Trust
Co.; name of latter changed to Fidelity Trust Co. as of Feb. 27 1926.
1919, Nov. 15 1921, Nov. 15 1924, Nov. 14 1925, and
(2) Began businesas Dec. 3 1923.
(3) Began business
Nov. 15 1926. The comparisons with the year preceding, (4) Began business June 16 1924.
April 20 1925.
It will be seen, vary considerably, some companies showing
TRUST COMPANIES AT OTHER POINTS.
Increases, others decreases.
In the case of the trust companies at Boston, PhiladelDEPOSITS OF NEW YORK CITY TRUST COMPANIES.
phia, Baltimore and St. Louis, the figures as presented on
subsequent pages for the different institutions are all our
Noy. 15
Nov. 14
Borough of
Nor. 15
Noe. 15
Noe. 12
1924.
1925.
1921.
Manhauen.
1926.
1919.
own, we having in each instance made direct application for
Am erican.m_
9,082,733 15,448,676 35,379.562 43,204,60
44,673.139 them to the companies, though in a few instances, where our
Anglo-Sou.
11.353.874
9.264,075
Amer. Tr 2
9.083.165 requests met with no response, we have had to have recourse
to official statements made in pursuance of calls of the
public authorities. In the nature of things, as we are entirely dependent upon the companies themselves for the
figures, and no general data of an official kind are available,
comprehensive totals and elaborate details, such as are
possible for the institutions of New York, are out of the
question. Our summaries for these other centres are such
as we have been able to prepare ourselves and necessarily
• are limited to a few leading items. Nor are the returns in
those instances cast on uniform lines, nearly every company
having its own distinct method of classification, making
general footings out of the question, except as regards those
few common things treated alike by all, and which have
definite, established meanings, such as capital, surplus and
deposits.
The number of Boston institutions remains the same as
last year, though three of the companies have increased
their capital, raising this item from $21,750,000 on Dec. 31
1925 to $24,400,000 on Dec. 31 1926. The following are
the capital stock increases: The Bank of Commerce &
Trust Co. from $600,000 to $750,000; the Beacon Trust Co.
from $1,000,000 to $1,500,000, and the Old Colony Trust
Co. from $10,000,000 to $12,000,000 (a further increase
to $15,000,000 being proposed).
Deposits have risen from $396,114,507 Dec. 31 1925 to
$412,255,145 Dec. 311926, and surplus and profits from
$32,086,404 Dec. 31 1925 to $33,711,924, while aggregate
resources are reported up from 8469,871,208 Dec. 31 1925 to
$476,561,530 Dec. 31 1926. Below is a comparison for the
various items for the last 27 years:
Capital.
Surplus and
Profits.
Deposits.
$
8,450,000
9.000.000
11,100,000
12,100.000
12.500.000
12.500,000
11,100.000
11,750,000
11,750,000
12,150.000
12.250,000
14,850,000
16,250.000
17,250,000
17.450,000
18,480,200
19,150,000
21,479,800
21,650.000
26.077.000
26.329.300
23.450.000
23,850,000
18,650,000
18.750.000
.21,750 000
24.400.000
i
10.285.659
12.294,798
15,779.627
18,629,264
19,702,108
20,841,502
22,551.499
23,699,740
24.610,326
25,002,793
27,349,902
26,234,350
28.108,699
29,358,660
26,143,017
24,261,485
26,174,836
27 419.977
29.107,018
33.978,583
34,573.485
34.983.448
32.900,905
30,089,158
29.719.764
32.084,404
33.711.924
$
89,461.044
107,991,782
116.264,790
112,281,257
139,851,208
148,033497
158.213,825
125,254,672
173.765.331
186.937.983
189,153,760
216,926,992
207,263.762
213,973,959
225,532,137
293.833.516
337,625.256
363.551,440
415,355,824
503,450.587
429,925,262
392,924.224
448.844.659
323,701.085
372,741,230
396.114,507
412.255.145
resources from $960,052,041 Dec. 31 1925 to $1,026,146.591
Dec. 31 1926. Following is a comparison for a series of
years:
Aggregate
Resources.
$
108.196,703
129,286,580
143.144.417
143,010,521
172.053,316
181,397.833
191.885.062
180.704.413
210,125,657
224,090.823
228.753,882
258.248,402
251,822,061
260.582.820
289,125.155
338,704,220
383,460,073
414,809,945
466,298.772
560,096,234
495,145.452
458.840,0713
507.282,285
413,589,466
438.755.964
4419,871.20E
476.581.534
BOSTON.
Dem 31 1900 (16 cos.)
Dec. 31 1901 (16 cos.)
Dec. 31 1902 (18 cos.)
Dec. 31 1903 (19 cos.)
Dec. 31 1901 (19 cos')
Dee. 31 1905 (19 cos.)
Dec. 31 1906 (16 cos.)
Dec. 31 1907 (19 cos.)
Dee. 31 1908 (19 cos.)
Dec. 31 1909 (19 cos.)
Dec. 31 1910 (19 cos.)
Dec. 31 1911 (19 cos.)
Dec. 31 1912 (21 cos.)
Dec. 31 1913(23 cos.)
Dec. 31 1914 (24 cos.)
Dec. 31 1915 (26 cos.)
Dec. 311916 (29 cos.)
Dec. 31 1917 (29 cos.)
Dec. 311018 (30 cos.)
Dec. 31 1919 (31 cos.)
Dec. 31 1920 (28 cos.)
Dec. 31 1921 (23 cos.)
Dec. 31 1922 (21 cos.)
Dec. 31 1923 (17 cos.)
Dec. 31 1924 (17 Cos.)
Dec. 81 1925 (16 c00.)
Dec. 31 1926 (16 eon.)
975
THE CHRONICLE
FEB. 19 1927.]
The more general use of the trust company in Philadelphia
makes for greater changes than elsewhere. The number of
companies has been reduced from 89 to 86, three new companies having been added and six old institutions eliminated.
The increases in capital with the new organizations account
for the enlargement of that item in the aggregate from
$61,440,874 to $64,612,332. The following tables show in
detail all the changes that have taken place:
NEW COMPANIES.
Bankers (took over the Bank & Trust Co. of West Philadelphia)
Fern Rock Trust Co
Mitten Men & Management Bank & Trust Co
Capital.
91.000.000
185.180
800,000
PHILADELPHIA.
Dec. 31 1900 (40 cos.)
Dec. 31 1901 (41 cos.)
Dec. 31 1902 (41 cos.)
Dec. 31 1903 (43 cos.)
Dec. 31 1904 (43 cos.)
Dec. 301905 (44 cos.)
Dec. 31 1906 (52 cos.)
Dec. 31 1907 (58 cos.)
Dec. 31 1908 (58 cos.)
Dec. 31 1909 (69 cos.)
Dec. 31 1910 (59 cos.)
Dec. 31 1911 (58 cos.)
Dec. 31 1912 (56 cos.)
Dec. 31 1913 (56 cos.)
Dee. 31 1914 (56 COs.)
Dec. 31 1915 (56 cos.)
Dec. 31 1916 (56 cos.)
Dec. 31 1917 (54 cos.)
Dec. 31 1918 (56 con.)
Dec. 31 1919 (57 con.)
Dec. 31 1920 (64 cos.)
Dec. 31 1921 (66 cos.)
Dec. 31 1922 (89 cos.)
Dec. 31 1923 (76 cos.)
Dec. 31 1924 (81 cos.)
Dec. 31 1925 (59 cos.)
Ten
11 109ft 15R nr. 1
Capital.
Surplus and
Profits.
$
28,399.965
31,927,006
33,142,233
34,320,337
34,800.980
35,312,363
36,931,963
38,727,909
39,068,955
39,897,218
39,931,416
38,511.733
36,797.836
39,162.538
39.069.243
38,870,193
38.879,993
40.579,993
41.307.808
44.142,068
45,338,668
46.098,921
47,554,243
53.525.235
57.839,244
R1.440 874
R4812 322
27.826,941
33.885.857
37.514,329
39,654,877
42.344.733
45,594,298
49,590.018
50,840,244
52.000.976
55,374,618
59.187,488
62.262.427
64,847,539
65.535.659
65.932.688
69.298,540
73.775,140
77.779,452
78.408,601
81.801.490
87.915.257
91,183,753
88,125,428
110,457,610
129,778,397
146.171.713
145 436 275
s
Deposits.
Aggregate
Resources.
$
$
136.496,312 196.498,618
149,137.386 218.660.249
153.151.355 227.480.117
161.231,152 238,817.568
202.859,986 283,503.299
209,213.067 293.177,935
193,283,134 286.232.600
169.669.224 265.150.778
200.98.3,530 296.761,341
217.196,883 316,892.720
208,837.834 311,640,645
224.225.832 328,196.392
231.712.367 337,179.556
232.941.234 341,764.741
238.254.333 347,588.292
297,235.195 407.024.328
331,108.286 444,775.175
327.597,906 452,498.288
335,093.397 505.489.017
405.373.275 576,019.954
417.307,021 591,315.173
407.600.404 561.639,998
489.308.036 635,130.394
599.915.842 771.778.286
658.621.057 859.818.395
6
750.772.771 9 0.052.041
795 590 720 1028 148 001
Baltimore companies have been increased by the addition
of the American Trust. Co., opened for business early in
1926 with capital of $500,000, making 14 institutions
Dec. 31 1926, against 13 Dec. 31 1925. This, with the
doubling of the capital of the Century Trust Co. from
$500,000 to $1,000,000, accounts for the increase in aggregate capital from $13,950,000 Dee. 31 1925 to $14,950,000
Dec. 31 1926. Deposits are slightly less, being $198,565,429
Dec. 31 1926, against $200,4.38,939 Dec. 31 1925, and
aggregate resources $243,740,127 Dec. 31 1926, against
$244,201,203 Dec. 31 1925. Following is a yearly record
of the various items back to 1913:
BALTIMORE.
Dec. 31 1913 10 cos.)
(
Dec. 31 1914 (10 cos.)
Dec. 31 1915(11 cos.)
Dec. 31 1916 (11 con.)
Dec. 31 1917 (11 cos.)
Dec. 31 1918 (11 cos.)
Dec. 31 1919 (12 eon.)
Dec. 31 1920 (12 cos.)
Dec. 31 1921 (13 cos.)
Dec. 31 1922 (13 cos.)
Dec. 31 1923 (14 cos.)
Dec. 31 1924 (14 con.)
Dec. 31 1925 (13 COS.)
Dan_ 31 1928 (14 cos.)
Capital.
Surplus and
Profits.
Deposits.
$
8,950,000
8,950.000
8,650.000
8,650,000
8,650,000
8,650.000
9.150.000
10,250.000
10.800.000
11,500.000
13,000.000
13,200,000
13.950 000
14.950.000
$
12,177.127
11,407.783
11.851.317
12.539.306
12,765,927
13.309.150
14.099,513
14.967,987
15,988.624
17,361.792
19,596,373
20.909,399
21.695.365
24.440.4135
$
45,131,061
52,212,492
72.128.718
82,523.300
89,537.806
85.714.838
116,199.900
108,508,855
110.811.291
137,308.934
137.383.255
164.890.476
200.435.939
198.565.429
Aggregate
Resources.
$
86.058.188
73,170.115
93.230,098
103.712,606
110,988,411
107.773.988
140,749,413
138.393,143
140.781.858
169,330.708
190 093,117
203.393.123
244.201.202
243.740.127
Our compilation of the St. Louis trust companies has been
increased by the addition of the Security National Bank
Savings & Trust Co. The company began business in 1922,
but has only just been added to our list. It has $250,000
capital. This with the increase in the Laclede Trust Co.'s
capital from $200,000 to $300,000 is responsible for the advance in the aggregate capital from $13,600,000 Dec.31 1925
to $13,950,000 on Dec. 31 1926. The other items also all
show increases, viz.: Surplus and profits, $16,262,276 Dec. 31
1925 to $17,542,268 Dec. 31 1926; deposits, $190,966,610
Dec. 31 1925 to $205,474,676 Dec. 31 1926; aggregate resources, $235,055,643 Dec. 31 1925 to $237,884,193 Dec.31
1926. Below is the comparison of the various items for a
series of years:
Surplus and
Profits.
Aggregate
Resource:.
81,985,180
INCREASES IN CAPITAL.
from $218,263 to 8337,002
Allegheny Title & Trust Co
from 187,500 to 230,000
Belmont Trust Co
from 300.000 to 400.000
Chilton Ttust Co
from 4(5,.000 to 500.000
Columbia Ave. Trust Co
from 239,170 to 210.800
Empire Title dr Trust Co
from 5.200.000 to 6.700.000
Fidelity-PhIladelphia Trust Co
from 2,500.000 to 3.000.000
Girard Trust Co
from 500.000 to 700.000
Liberty Title & Trust Co
from 154,245 to 251 100
Manufacturers Title & Trust Co
from 500.000 to 1,000 000
Market St. Title & Trust Co
from 250.000 to 500.000
Oak Lane Trust Co
from 125.000 to 250.000
Parkway Trust Co
from 500.000 to 750.000
Republic Trust Co
from 143.200 to 145.400
Richmond Trust Co
from 125,546 to 125,600
Security Title & Trust Co
from 153,200 to 157.700
Wharton Title & Trust Co
REDUCTIONS IN CAPITAL.
from 83,000,000 to 92,500.000
Finance Co. of Pennsylvania
from 1,000.000 to
800,000
Pennsylvania Warehouse & Safe Deposit Co
FROM THE LIST.
COMPANIES DISAPPEARING
8250.000
Bank & Trust Co. of West Phila. (taken over by Bankers Trust)
125.000
East Falls Bank 41c Trust Co. (purchased by Manayunk Nat. Bank)
12.2,000
Lawndala Bank & Trust Co. (absorbed by Oak Lane Trust Co.)
1 000 000
Philadelphia Trust Co. (consolidated with Fidelity Trust Co.)
300.000
Phoenix Trust Co. (merged with Northern Central Trust Co.)
Sons of Italy State Dank & Trust Co.(taken over by Metropolitan Trust) 125.000
(
Dec.31 1901 6 cos.)
(
Dee. 31 1902 9 cos.)
(
Dee. 31 1903 8 cos.)
Dee. 31 1904( 5 cos.)
(
Dec. 31 1905 6 cos.)
Dec. 31 1906( 9 cos.)
Dec. 31 1907( 8 cos.)
(
Dee. 31 1908 9 cos.)
Dec.311909(13 cos.)
Dec. 31 1910 13 cos.)
(
Dec. 31 1911 (18 cos.)
Dec. 311902(15 cos.)
Dec. 31 1913 (16 cos.)
Dec. 31 1914 (16 cos.)
Dec. 31 1915 (14 cos.)
Dec. 31 1916 (15 cos.)
Dec. 31 1917 (15 cos.)
Dee. 31 1918 (15 cos.)
Dec. 31 1919 (15 cos.)
Dec. 31 1920 (17 cos.)
Dee. 31 1921 (18 cos.)
Dee. 31 1922 (17 cos.)
Dec. 31 1923(17 cos.)
Dec. 31 1924 (20 cos.)
Dec. 31 1925 (21 cos.)
Dec. 311926 (22 con.)
All the other items in our compilation show increases,
surplus and profits rising from $146,171,713 Dec. 31 1925
to $148,436,275 Dec. 31 1926; deposits from $759,772,771
Dec. 31 1925 to $795,599,739 Dec. 31 1926, and aggregate
• Reduction in totals due to the elimination of the St. Louis Union Trust Co..
whose banking business was taken over by the newly organised At. Louts Union
Bank. The trust company reported no depoalts on Dee.31 1915. against 925.710.275
on Dec 31 1914 and $11,244,321 aggregate resources Dec. 31 1915. against 936.935.227 on Dee. 31 1914.
zAil Items heavily increased through the eetablIshment of the Llberty-Centr
Trust Co. by the merger of the Central National Bank and the Liberty Bank.
ST. LOUIS.
Capital.
3
13.425,660
20,485,300
19,000,000
16,000.000
18,100.000
16,350.000
13,350,000
13,452,400
14,752,400
14.752.000
15,002,400
14,900.000
14,950.000
13,050,000
.8,050.000
8,250,000
8,350,000
8,350,000
8,450,000
9,350,000
x12.450.000
12,850,000
12,950.000
13,400,000
13.000.000
13.950.000
Deposits.
$
$
9
14,471,934
41,339,273
69,829,307
24.922,243
62.910.106 109.167,449
24,915,483
62.563.117 107,454.100
22.507,930
78,706,702 117.214.832
23,365.809
71.681,442 111,268.041
23,584.914
74,512,832 115.189,586
22.537,837
66,329,782 107,028,169
97,856,192
22,782,021
81,619.831
19,428,356
73.959.732 108.139.489
19,505,474
73,015.086 107,272,961
19,591,743
78,169.009 112,783.152
84,229.211 118,747,036
19.617,825
83,329.512 117,880,234
19,600.492
81,741,093 111.765.316
19,024,203
.12,738,269 .62,0f2,906 .94.088.996
91.509,254
70.380.425
12,879.829
79,518,642
98,906.145
12,795.317
12,909,504 102,137.683 123.397.168
13,519,789 121.424,904 153,394.692
14,146.690 125.581.165 145,780.855
x15,300.040 1154,556,540 1186.171,366
15.662.452 171.019.489 204,152,108
16.147.139 170.608.193 207,629.421
15.620.518 193.958.238 225.731.883
14.202.278 190.9414.610 225.055.643
17.542.288 205,474,676 237,884.193
976
THE CHRONICLE
[VOL. 124.
A Costly Session The McFadden Branch Bank- his veto will be the signal for a partisan attempt to stir up
p
rejudice based on the supposedly unfair treatment accorded
ing Bill and the McNary-Haugen Farm
to the farmer.
Relief Measure.
These factors make it worth while for us to appraise very
(From the New York "Journal of Commerce" of Feb. 18 1927.1
carefully the underlying conditions or elements which have
With the banking bill passed and the farm relief bill in a produced so unfortunate a miscarriage of legislative activity
fair way to be adopted the community ought to estimate as is involved in these bills. Originally the restkonsibility
with unusual care the expense of getting these two measures rests with President Coolidge. On neither measure was he
to the statute books. It is undoubtedly true, as has been willing at its inception to take a definite stand. Both he
asserted by responsible legislators, that there was no bargain and his advisers wished to lurk in the background rather
on the part of either group of advocates to support the than to accept the responsibility for either. After the
measure of the other group. In fact the record of votes McFadden bill had been before Congress for two or three
itself shows that. We may be well assured, however, that years, the President did in his message of December last
if only one of these measures had been pending it would indorse it, but just what "McFadden bill" he indorsed it
not have succeeded in coming to a vote at this session. would be impossible to say, as there were half a dozen
The fact that both were struggling for the floor made possible variants of the measure, and the whole controversy centered
a tacit gentlemen's agreement whereby both were voted upon. around the provisions that were thus altered from draft to
Of the two bills, one will be signed by the President and draft. In regard to the farm relief measure, he constantly
the other doubtless vetoed. Each will have passed Congress asserted his allegiance to farm relief but would never urge any
by a large majority, and each will be the product of a small provision of specific farm relief measures except the promofaction—a tribute to the influence of a small group in the tion of co-operation—whatever that may mean. Thus these
community. Most reasonable farmers and farm advocates important questions were allowed to drift along, without
say that they do not like the farm relief bill and that they leadership, as the product of purely factional dispute.
In Congress itself both farm relief and banking have
think it is carelessly drafted in a way that is practically
impossible of application even if "constitutional," which is suffered from entire refusal on the part of the legislators to
open to the gravest of doubts. Those who have fought consider either matter scientifically and carefully or to give
hardest for the bank bill say that there are a good many heed to the obvious exigencies of administration. They have
provisions in it that they could have wished to see omitted, been fully advised of technical defects in both and have
and to which they have been persistently opposed. Their constantly refused to amend either, thus turning out bills
yielding on these points has been due to a desire to get certain that are absolutely impossible as working proposals. Finally
provisions enacted into law. Whether the game has been attention must be given to the practice of having "short
worth the candle from their standpoint they can best judge. sessions" of Congress. Even with the difficulties that have
What is certain is that in both measures, as is freely admitted been put in the way df sound action through administrative
on all sides both by partisans and opponents, a great deal of and legislative shirking and negligence it might have been
bad legislation has been sent to the statute books.
possible to amend both measures on the floor had time
Now this makes the present session of Congress a very permitted. That was not the case, and in the Senate the
costly one. If the farm relief bill should go into effect it will cloture rule had to be applied to force these defective bills
call for an outlay of $250,000,000 at once, and no one knows through under whip and spur.
how much later on. It.will disorganize the produce markets
It has been a costly session of Congress. Not the smallest
of the country. If the President vetoes it as he is fully element of cost is found in the fact that Congress must next
expected to do he will have brought the whole issue into a I session resume consideration of both bills in order to eliminate
heated political position. Threats are already heard that danger or satisfy demands of conatituents.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Feb. 18 1927.
There has been some falling off in wholesale trade. This
may be attributed partly to stormy weather in the Central
West and Southwest. Snows and rains, floods and cyclones
have prevailed, extending as far west as California, where
storms did serious damage with great rains and landslides.
While industry has in some measure been restricted by bad
weather, still there has been a larger output of iron and steel,
and lower prices are quoted for these commodities, with no
great increase in trade even at the decline. There is some
increase in the production of automobiles. Among the industries the textiles lead. The demand has been better
for yarns at Fall River. Buyers of goods want prompt deliveries; it is a hint of small stocks. It is true that February
business in cotton goods as a whole has not been up to the
level of January. But the sales in that month were unusually large. This could not continue indefinitely. Retail
trade in some parts of the country has latterly increased,
notably in spring goods. The weather here in some respects
has been remarkable; that is to say, exceptionally mild with
temperatures here nearly up to 50 degrees, so that vegetation
is unusually advanced. The same is true in the West and
the South. Of course, however, the winter is not over and
such abnormal weather may mean a severe reaction in the
near future. •
Meanwhile car loadings are larger than those of a year ago,
but mainly because of heavy coal shipments in fear of a
strike in the bituminous coal regions on April 1, when the
contract with the miners expires. The business of chain
and department stores in January was larger than in the same
month last year. Bad roads for the moment may impede
trade at the West and Southwest. But naturally this is a
temporary hindrance only. Cotton has advanced slightly
with an excellent demand for the actual staple at home and
abroad. As an instance, the daily spot sales in Liverpool
have been 10,000 to 12,000 bales. This has continued with
little interruption for a month. It was believed, too, that
the McNary-Haugen bill would be vetoed by the President
when it reached him. To-day there are some contrary
rumors on the subject, but in the nature of the case they are
simply rumors. Some of the Washington dispatches take
the ground that President Coolidge is certain to veto the
measure. The exports of cotton make a gratifying exhibit.
Russia has been buying here. Europe has been taking the
lower grades of the better sort at the South with avidity at
relatively high prices. This is in the main a low grade
crop: For two seasons the better grades have been
relatively scarce. This season this fact has in a measure
neutralized the effect of an enormous crop, although it is
said now that the yield is more likely to be 17,750,000 to
18,000,000 bales than to reach the Government estimate last
December of 18,618,000 bales. Furthermore, foreign crops
have been smaller than those of last year as a further offset
to the increased yield in this country. Manchester.'s business has been distinctly better. It is admitted that the
British textile industry is in far better shape than it was a
year ago. Some of the German mills are running at 100%
and in France textile conditions are better than they were in
spite of the advance in the franc. Wheat has declined
slightly in uneventful trading. Canada is said to have made
some large sales of wheat to Portugal and Europe is inquiring
for some American red and hard wheat, but the actual export
business in this country has been small. Corn prices are a
couple of cents lower with large receipts and no great demand. It is worthy of note, however, that thee) is a steady
European demand for American rye, and prices at one time
advanced 2 cents. European crops of rye are deficient, and
American rye is some 12M cents a bushel higher than a year
ago, in contrast with a decline in No. 2 red wheat as compared with this date last year of some 45 cents per bushel.
Coffee has declined sharply with Brazilian price; moving
downward, under a pressure to sell. There is apparently no
progress being made in efforts to stabilize the Brazilian cur-
FEB. 19 1927.]
THE CHRONICLE
rency. Though sugar has declined somewhat for future
delivery and the refiners have been cutting prices in sharp
competition for trade, raw sugar on the spot has not
changed particularly. But the demand is small for the
moment. The figures seem to make it plain enough that
there is a decrease of some 600,000 tons in the world's
production this year and a gain of 570,000 tons in the world's
consumption. So that later on some are inclined to believe
that sugar will advance. Rubber of late has advanced,
with a better demand here and in London and some falling
off in Malaya exports. Tin has been active and higher, but
other non-ferrous metals have been quiet and tending lower.
Wool and worsted goods have met with only a moderate sale
and silks with nothing more than a fair demand. Most
reports about the flour industry are rather unfavorable,
though in the Southwest some increase in business was
reported.
The stock market has latterly been on the whole tending
upward, and to-day some 60 new high records were made
in active trading, the total being 2,326,400 shares. Money
4
was down to 33 %. There has been feverish trading in
the small railroad stocks, with pyrotechnical fluctuations
perhaps more interesting than edifying. Of more consequence is the fact that bonds have been active at rising prices.
London has been under the shadow of the news from China,
the gravity of which is not minimized on either side Of the At
land°. To-day the London stock market declined with money
rates firm. New York is much interested in the fate of the
MoNary-Haugen bill. It is a curious thing in human history that these quack nostrums come up from time to time
even though their fallacy has been repeatedly exposed in the
past. This measure, it is hoped,.will be promptly vetoed
by the President. It is mischievous from every point of
view. It really attempts to dodge the issue. And there is
no dodging it. It is simply a question of the law of supply
and demand; there can be no evading that law. The trouble
is overproduction of farm products of grain, cotton and so
forth. The only way to cure overproduction is to stop overproduction.
At Fall River,Mass.,night work is gaining slightly, despite
the opposition of some of the mills. Yarns have sold the
best and loom operation in the last few weeks has increased
very noticeably. Fall River manufacturers declare that the
principles involved in the MeNary-Haugen bill are unsound
and would hurt the textile industry. At North Adams,Mass.,
night work was started in the finishing department of the
Hoosac Worsted Mills. There is improvement in the
worsted situation there. The company has been running at
100% for several weeks. Manchester, N. H., wired that at
a hearing on the 48 hour bill before the House Committee,
Edward K. Woodworth, representing the Amoskeag Manufacturing Co., Nashua Manufacturing Co., and other large
industrial concerns, said that the cost of production per
spindle was higher in New Hampshire than in any State in
the Union, despite the fact that there is now a 54 hour law
in the State. Mr. Woodworth claimed that New Hampshire
textile concerns have made no profit since 1921 and pointed
out that the additional burden of a shorter week would be a
great handicap. He cited a cut of 800 in the working force
of the Great Falls Manufacturing Co. The 48 hour law in
Massachusetts took effect in 1919 when the country was
experiencing its most prosperous times. The reason why the
Nashua Manufacturing Co. went to Massachusetts, a 48
hour State, to purchase mills was, it is said, Nashua paid
about $2 25 a spindle for the Tremont & Suffolk Mills at
Lowell while the Amoskeag Co. was being assessed at $25 a
spindle. Later the Board of Alderman and Mayor of Manchester declared themselves unanimously in favor of a resolution
calling upon the assessors and the legislature to recognize
the dangers of high valuations upon industrial plants and
the necessity of placing the cost of government where it can
be borne with the least damage to the community. They
have evidently seen a light.
Norwich, Conn., wired that a survey just completed by
the New England Council shows a substantial improveMentin
activity in Connecticut textile mills. The mills at Grosvenordale are now working several hours overtime daily. Day and
night shifts are being employed at the Paco Mills,at Killingly.
The Taftville, Baltim, Plainfield and Moosup mills are all
working on active schedules. At Stow, Mass., the citizens
voted unanimously that the taxes of the Gleasondale Woolen
Mills be reduced 33 1-3%. Killing by big taxes the goose
that lays the golden egg seems to be becoming less popular
with municipalities.
977
It rained, hailed, sleeted and snowed here early in the week
and again there were casualties from falls on slippery pavements and the skidding of auto cars. But on Tuesday it
cleared and Wednesday was mild, though threatening.
Here on the 15th inst. it was 48; in Chicago the maximum
was 44, in Cincinnati 54, in Cleveland 38, in Milwaukee 34,
in Memphis 72, in Minneapolis 30, in Winnipeg it was 2 degrees below zero. On the 17th inst. here it was as high as
49 degrees; in Chicago 42, in Cleveland 44, in Cincinnati 64,
in Milwaukee 40, in Minneapolis 22, in Savannah 82. Today it was still warm here, but the forecast was for much
colder weather to-night and Saturday.
In South Carolina abnormal heat advanced vegetation
rather too rapidly and many peach, pear, and cherry blooms
were observed. In Georgia blooming of peach, plum and
pear trees was unchecked and trees mostly in full bloom
everywhere. Plowing under way, although work delayed
by rains at close. Kansas City wired that the cold wave
which came from the far Northwest struck the Middle West
and Southwest on the 17th inst., bringing sleet and snow.
Temperatures fell rapidly throughout the Southwest, where
springlike weather had brought flowers into bloom and
swelled the buds of shrubs and trees. Indications were that
the cold wave would extend well into Texas, which had
enjoyed the warmest weather. California reported torrential rains and winds of cyclonic force sweeping over
southern California causing landslides and death, injury and
property damage. London had a fog for six days which cost
land traffic and shipping interests it is said some $20,000,000.
Federal Reserve Board Finds Level of Production In
1926 Higher Than for Any Previous Year—
Slowing Down In Last Quarter of Year.
While stating that "during the last three months of 1926
there was a slowing down of industrial activity, and in December the output of industry was smaller than a year earlier"
the Federal Reserve Board in its February Bulletin adds that
"for the year 1926 as a whole, however, the level of production was higher than for any earlier year." In its further
review of the month the Board says:
Industrial produetion, which includes both factories and mines,wasabout
4% larger in 1926 than in 1925, owing partly to an increase of about 7% for
mineral output, particularly that of anthracite and bituminous coal,copper,
and zinc. Greater activity was shown also for leading lines of manufacture.
notably iron and steel, paper and printing, and petroleum products. The
production of food products, textiles, and leather products, on the other
hand, showed in 1926 little change from the year before.
The course of production throughout most of the year remained close to
the high level of the late months of 1925, as shown by the board's new
monthly Index of industrial production, given on the chart for the last four
years. This index, which is described in a special article in this number ofthe "Bulletin," represents for each month average production per working
day,is adjusted for seasonal variations.eovers both manufactures and minerals, and represents directly or indirectly about 80% of the total output of
factories and mines In the United States. The chart indicates that the
large aggregate of industrial output for the year 1926 as a whole resulted
chiefly from the fact that there was not, as in other recent years, a recession
in industry in the spring and summer months. The advance in the early
autumn brought industrial production to a new high level,about6% above
the previous maximum reached In the spring of 1923. Production was at a
relatively constant level from November 1925 to July 1926 and the rise in
August and September to new high levels represented primarily increased
production of iron and steel and automobiles, accompanied by a marked
increase in the output of textiles, rubber tires, petroleum products, nonferrous metals,and coal. The Increase in the early autumn in iron and steel
was supported by demand from the automobile and building industries and
to some extent by Increased buying by railroads. The decline after September represented chiefly the decrease in automobile output, which in turn
tended to reduce the demand for iron and steel. During the last two
months of the year, however, there was a recession in almost all lines of
manufacture.
Building.
The large volume of activity in manufacturing and mining in 1926 was
accompanied and sustained by an exceptional volume of construction work.
The total volume of building of all kinds for the country as a whole,as indicated by reported figures for contracts awarded covering about 91% of the
business, approximated 86,800,000,000 in value, and was about 4% larger
than in 1925 and much larger than in any other year. The increase was
primarily in the construction of public utilities and public works, which
was 12% larger, and in the construction of industrial buildings, which was
40% larger, while residential building declined nearly 3% and the building
of schools more than 10%. During the last quarter of the year, when industrial production was declining, building was in about the same volume
as in the corresponding period of 1925 and larger than in thesame months of
any other year. Thus building construction continued in 1926, as in other
recent years, to be an important factor in sustaining industrial and trade
activity; the cost of building, however,showed no appreciable advance and
prices of building materials declined during the year.
Employment.
Employment in factories in 1926 was approximately in the same volume
as the year before and wage payments were somewhat larger; in mining
and in the building industry employment was at least as large as in 1925,In
keeping with the increased activity in these lines. Both factory employment and factory payrolls, as shown by the chart, were in as large volume
on the average as in any previous year, except 1923, but in the later months
of 1926, when industrial activity was receding, pay rolls were smaller than
in the corresponding months of 1925. The income of farmers toward the
end of the year was also below the level at the same season of 1925,largely
in consequence of a lower price for cotton and smaller yields ofspring wheat
and other crops raised in the Northwestern States.
THE CHRONICLE
78
Trade.
Distribution to consumers, both at wholesale and at retail, which for the
entire year 1926 was larger in quantity than for any previous year, showed
some reduction in value in the late months of the year as compared with
1925, partly because goods were moving at a generally lower level of prices.
The autumn growth in sales at retail stores was less than usual and the
autumn decline in wholesale trade was larger than usual, especially in agricultural sections where economic conditions were unfavorable.
Inrentories.
Orderly marketing of the year's large output of industry and agriculture
was an important characteristic of business activity in 1926. Distribution
of commodities by the railroads was prompt and efficient, sales to retailers
and to the public were maintained at a high level, and there was little evidence of the accumulation of inventories or of stocks of raw materials.
Information on stocks of commodities is not so complete or so reliable as
that on production and trade, but available information Indicates that in
most lines stocks on hand are no larger than a year ago, and that even in
those lines where stocks in physical units exceed those of last year the value
of the stocks is lower, because of the lower level of prices. From the point
of view of the amount of credit required to finance inventories, their volume
at the close of 1926 was smaller by several hundreds of millions of dollars
than at the close of the preceding year.
Wholesale and Retail Stocks.
The inventories of wholesale merchants in some lines of trade, notably
shoes, hardware, and drugs, were higher in December. 1926, than a year
earlier, notwithstanding the lower level of wholesale prices, while on other
lines, notably dry goods and groceries, for which the price decline has been
substantial, inventories were considerably smaller than a year ago. These
facts are brought out by the table, which gives index numbers of wholesalers' stocks at the end of December for a series of recent years.
VALUE OF STOCKS CARRIED BY WHOLESALE FIRMS IN DECEMBER
[Index numbers, 1919 equal 100
1923
Groceries
Meats
Dry goods
Shoes
Hardware
Drugs
1924
1925
1926
104
93
86
98
100
go
111
119
73
77
93
91
120
91
74
58
90
99
102
93
58
62
97
103
[VOL. 124.
Bank Credit and Currency.
The larger volume of trade, at a lower level of prices, that characterised
the year 1926 was accompanied by a larger average volume of currency in
circulation during the year and a larger volume of bank credit in use. The
increase in bank credit during the year, however, was less than for any other
recent year, and currency in circulation in December, as measured by the
average of amounts at the beginning and at the end of the month, was
814,658,000 less than at the same time a year ago. Net demand deposits
of member banks, which represent that class of deposits of which the circulation is most active, were also lower at the end of the year than at the
beginning. Time deposits, on the other hand, continued to increase at
about the same rate as in other recent years.
Loans and investments of member banks, as indicated by figures for member banks in leading cities, were at the end of the year at a higher level than
at any previous time. Investments and loans on securities were in about
thesame volume as at the end of 1925.and the increase was entirely in other
loans, which had reached in November the highest level in six years and had
declined after than time. This decline continued in January, during the
period of the seasonal return flow of currency from circulation and the consequent decline in the demand for reserve bank credit.
Liquidation of indebtedness at the reserve banks by the use of currency
released from circulation after the turn of the year, together with a considerable volume of gold imports, resulted in much easier conditions in the
money market. Thus money rates, which throughout 1926 had been higher
than the year before, were in January at about the same level as at the
opening of the preceding year.
Continued Decline in Wholesale Prices.
A slight decline in the general level of wholesale prices in
January as compared with the preceding month is shown by
information collected in representative markets by the Bureau
of Labor Statistics of the U. S. Department of Labor. The
bureau's weighted index number, which includes 404 commodities or price series, registered 146.9 for January compared with 147.2 for December, a decline of two-tenths of
one per cent. Compared with January 1926, with an index
number of 156.0, there was a decrease of more than 53 %.
4
The Bureau's advices, dated Feb. 18, add:
In all groups of commodities included in the comparison, except farm
Inventories of department stores at the end of the year were also affected products and miscellaneous commodities, there were decreases in the price
by the decline in prices. They were slightly smaller than at the end of 1925, level from December to January,ranging from three-fourths of one per cent
when all departments are included, increases in some departments, notably In the case of clothing materials to 4ti% in the case of chemicals and drugs.
musical instruments and radios, furniture, and furs, being offset by large Farm products, owing chiefly to small increases in cattle, hogs, sheep, and
reductions in inventories of clothing and most lines of dry goods.
poultry, also cotton, hides, and potatoes, showed a general increase of approximately 1%% over prices in December 1926. Practically no change in
Industrial Stocks.
was shown for the group designated as miscellaneous.
Stocks of industrial commodities in a number of cases were somewhat the general price level
Of the 40-1 commodities or price series for which comparable information
larger in quantity at the end of 1926 than at the same time in 1925 or 1924'
was collected, increases were shown in 97 inThis is notably true of metals, building materials, and rubber in various for December and January
In 154 instances no change in price
forms, while stocks of paper, petroleum, and especially leather, were smaller stances and decreases in 153 instances.
at the end of December than at the same time in other recent years. A was reported.
table showing stocks of about 40 industrial commodities in 1924, 1925, and Index Numbers of Wholesale Prices by Groups and Subgroups of Commodities.
1926 is shown at the end of this review.
(1913=100.0)
Estimates of the value of the stocks of these commodities, based on prices
1927
1926
1926
the end of 1925 and 1926, indicate that the value of reported
prevailing at
January December January
Groups and Subgroups
stocks was smaller in December than a year ago for all of the principal Farm products
134.9
137.2
151.8
groups except building materials. The larger value of stocks of building
140.8
Grains
142.2
169.7
materials is due primarily to their larger quantity, while the smaller value of
135.7
128.8
129.5
Livestock and poultry
stocks in the textile and rubber industries reflects lower prices for larger
135.3
163.4
Other farm products
136.0
stocks.
156.2
Foods.
149.6
151.0
Agricultural Stocks.
Meats
150.7
146.9
147.0
Butter,cheese,and milk
152.8
158.7
Commercial stocks of agricultural commodities were also of considerably
156.6
Other foods
149.5
160.9
151.5
smaller estimated value at the end of 1926 than at the end of either of the
two preceding years. For about 15 commodities for which comparable Clothing materials
167.3
185.5
168.6
figures are available, the decrease in value of reported stocks, as compared
Boots and shoes
184.3
186.1
184.3
with 1925. approximates 8200,000,000 and, as compared with 1924,
Cotton goods
145.4
172.5
146.6
Woolen and worsted goods
188.8
189.3
8300.000.000. The difference is due principally to the lower price ofcotton.
206.7
The reported stocks of these agricultural commodities at the end of each
Silk, etc
141.9
147.8
177.9
of the last three years, as measured in physical units, are given in the table, Fuels
179.8
182.9
176.5
larger for cotton, wheat, corn, beef,frozen
227.2
which indicates that stocks were
Anthracite coal
226.6
213.9
poultry, and apples, and smaller for oats, cottonseed, and eggs.
Bituminous coal
222.1
203.2
147.9
Other fuels
148.7
148.1
REPORTED STOCKS OF AGRICULTURAL COMMODITIES IN
124.4
Metals and metal products
125.7
128.9
.
DECEMBER.
134.4
135.3
Iron and steel
136.7
102.2
104.5
111.7
Nonferrous metals
1926
1925
1924
Commodity.
169.7
172.7
Building materials
177.9
181.4
184.6
191.6
Lumber
207.5
20.3.9
205.5
Brick
8,245.000
7,326.000
Cotton (bales)
5,937.000
132.4
132.4
129.1
Structural steel
1,292,000
1,418.000
Cottonseed (tons)
1,231,000
157.7
161.3
166.0
Other building materials
68.125,000
55,024,000
Wheat (bushels)
96,114,000
36,412,000
Corn (bushels)
19,095,000
128.2
10.693,000
122.1
133.2
Chemicals and drugs
48,341,000
Oats (bushels)
66.762,000
76,343,000
115.4
115.6
121.6
Chemicals
54,495,000
58.457.000
Cheese (pounds)
49,187.000
105.4
105.0
111.9
Fertilizer materials
9.282,000
Apples (barrels)
5,232,000
7,051,000
182.4
154.4
183.0
(pounds)
34,355,000
Drugs and pharmaceuticals
Butter
65,694,000
52,785,000
144,230,000
Frozen poultry (pounds)
133,990,000
111,501,000
159.4
157.4
164.9
Housefurnishing goods
101,016,000
Beet (pounds)
142,862,000
84.996,000
139.9
137.6
144.7
Furniture
475,576,000
642,981.000
472,219,000
Pork (pousds)
223.1
222.4
230.6
Furnishings
60,243,000
42,478,000
49,498,000
Lard (pounds)
117.8
1,050.000
117.9
135.3
1,683,000
1.111,000
Eggs (cases)
Miscellaneous
1 Ono non non
1 510 nnn nnn
1 714 nnnnnn
rnhannnennImdm)
123.3
130.1
129.9
Cattle feed
136.3
136.6
140.1
Leather
Prices.
154.8
157.6
181.5
Paper and pulp
The general level of wholesale commodity prices in the United States, as
99.4
99.5
121.2
Other miscellaneous
well as in many other countries, declined during 1926. In this country the All commodities
147.2
146.9
156.0
was about 6% lower than a year earlier and at the
price index in December
x Insufficient data.
lowest level since the middle of 1922, excepting a few months in the middle
1924. The decline affected almost all classes of commodities, both agriof
cultural and nonagricultural, but was greatest in agricultural commodities, Somewhat Higher Trend in Building Awards in Febfor which wholesale prices were in November and December at the lowest
ruary Says Engineering News-Record.
level in more than two years Prices received by farmers, as computed by
the Department of Agriculture, were in December at the lowest level in four
Based on the value of contracts let the trend in largo conyears. Non-agricultural prices declined about 3% during the year and were
country has been slightly
in December close to the lowest level in four years. The lower level of struction operations for the entire
agricultural prices reflects primarily the lower prices for grain and for cot.. higher in recent weeks. The value of awards on engineering
ton, while prices of livestock, after marked fluctuations during the year, construction in the past week totaled $50,097,000, as against
of 1925. Among the non-agriwere at about the same level as at the end
and $38,793,000 two weeks
cultural commodities chiefly responsible for the lower level at the end of $48,952,000 in the week previous
raw materials, yellow-pine flooring, ago, "Engineering News-Record" reports. Minimum costs
1926 are rubber and silk, among the
coke, and zinc. Certain highly fabricated articles not included in the price observed in these totals are $150,000 on commercial, residenindex, such as automobiles and tires, are also lower in price than they were
tial, educational and other buildings, $40,000 on industrial
a year ago
PEB. 19 1927.]
THE CHRONICLE
plants, and $15,000 on public projects, including road building, etc..
Contracts let in the United States since the first of the year
were valued at $319,582,000, which compares with $333,285,000 in the corresponding period last year. The decline
in activity is confined, it is stated, to public operations only.
The value of private jobs in the total from Jan. 1 to date is
placed at $222,435,000, as against $221,179,000 in the same
period last year. The "News-Record" also says that the
downward movement in prices of construction materials in
the principal cities, while it continues unchecked, has begun
to show signs of reaching a standstill in the not distant future.
Spring building demand will at least inject an element of
firmness into the situation. Of the 4,524,748 carloads of
revenue freight hauled by the railroads of the country during
the first month of the current year, at least 1,100,000 contained building materials, it is averred. Even a rough
estimate reveals a heavier volume of materials going into
construction than during the corresponding periods in 1926
and 1925.
•
Railroad Revenue Freight Loading Still Ahead of
Previous Years Because of Heavy Coal Shipments.
Revenue freight loaded the week ended on Feb. 5 totaled
970,892 cars, according to reports filed by the carriers with
the Car Service Division of the American Railway Association. Compared with the corresponding week last year, this
was an increase of 56,401 cars while it also was an increase
of 41,762 cars over the corresponding week in 1925. These
increases follow chiefly as the result of the heavy coal shipments arising out of a fear that there will be a strike in the
bituminous regions on April 1 when the three year contract
with the miners runs out. Coal loading for the week of
Feb. 5 totaled 219,113 cars, an increase of 43,149 cars over
the same week last year and 25,882 cars above the corresponding week in 1925. Further details regarding the week's
freight loadings are as follows:
Grain and grain products loading totaled 48,174 cars, an increase of
3.489 cars ever the corresponding week last year and 172 cars above the
same week in 1925. In the western districts, grain and grain products
loading totaled 29.860 cars, an increase of 1,937 cars above the same week
last year.
Miscellaneous freight loading totaled 326,926 cars, an increase of 11,367
cars above the same week last year and 18,815 cars above the corresponding
week two years ago.
Live stock loading amounted to 27,809 cars, a decrease of 1,651, cars
below the same week last year and 5,000 cars below the corresponding week
in 1925. In the western districts alone, live stock loading totaled 21,063
cars, a decrease of 1,538 cars below the same week last year.
Loading of merchandise and less than carload lot freight for the week
totaled 257,081 cars, an increase of 8,754 cars over the corresponding week
last year and 12,206 cars above the same week two years ago.
Forest products loading totaled 67,770 cars, 3,935 cars below the same
week last year and 9,661 cars under the same week in 1925.
Ore loading amounted to 11,630 cars, 1,691 cars above the corresponding
week in 1926 and 139 cars above the same week two years ago.
Coke loading totaled 12,389 cars, a decrease of 6,463 cars under the same
week last year and 791 cars below the same week two years ago.
All districts except the Northwestern showed increases in the total
loading of all commodities compared with the corresponding week in
1926
while all except the Northwestern and Centralwestern showed increases
over the same week in 1925.
Loading of revenue freight this year compared with the two
previous
years follows:
1927.
1926.
1925.
Five weeks in January
4,524,749
4,428,256
4,456,949
Week ended Feb. 5
970,892
914,491
929.130
Total
5,495,641
5,342,747
5,386,079
Construction in Illinois During January
as Compared with Preceding Month.
In its summary of building construction in Illinois during
January the Bureau of Industrial Accident and Labor
Research of the Illinois Department of Labor under
date
of Feb. 18 says:
Building
Decrease
979
outside the metropolitan area. Rockford with $157,735 leads all other
cities in total value of buildings authorized during the month. Freeport
follows with 6155,700: Joliet is third with $152,900; Decatur is fourth
with $133,950.
In home-building in the metropolitan area. Chicago plans new housekeeping dwellings for 2,515 families. Evanston is next, with provision for
128 families. Berwyn is third with plans for 51 families: Oak Park fourth,
planning for 35 families; Cicero is fifth with provision for 21 families, and
Waukegan sixth with 15 families.
Outside the metropolitan area, cities rank in home-building as follows:
Rockford, 34 families; Decatur, 19 families; Peoria, 14 families; East St.
Louis. 10 families.
Glen Ellyn, Joliet and Rock Island are the only communities in which
new non-residential building surpassed in value new residential building
during January. In the latter calssification, Joliet leads all cities in the
State outside Chicago,with new non-residential building valued at 6110,009.
Rock Island is second with $57,200; Waukegan third, with $35,000: Decatur
fourth, with $32,800. Cicero, with $28,570, and Aurora, with $27,965,
are fifth and sixth, respectively.
The tables prepared by the Bureau follow:
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
IN ILLINOIS CITIES IN JANUARY 1927, BY CITIES.
Total.
,
Jansen 1927.
Cities.
No.
Bldgs.
Whole State
Chicago
Outside Chicago
Aurora
Berwyn
Bloomington
Blue Island
Canton
Cicero
Danville
Decatur
East St. Louts
Elgin
Evanston
Freeport
Glen Ellyn
Highland Park
Joliet.
Maywood
Moline
Murphystforo
Oak Park
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
Wilmette
lut
....oka
•
Estimated
Cost.
December 1926.
Jan. 1926.
No.
Estimated
Blelgs.
Cost.
Estimated
Cost.
1,666 226,038.945 2,281 232,336,442 522,121,831
1,034 22,829,285 1,346 25,940,705 18,102.600
632
3.209,660
935
6,395,737
3.619.231
24
84,095
45
1,077,190
63.798
28
224,400
73
359,100
610,600
4
13,000
12
140.900
86.500
14
35,140
27
66.470
12,300
None
None None
None
1.775
19
162,470
22
164.850
195.855
5
18,000
7
27.600
227,000
54
133,950
71
144,975
184,000
38
56,036
94
215,253
115.291
28
45,100
29
178,600
211,010
43
832,750
63
1.026.750
356,700
4
155,700
5
27,000
24,150
3
11,800
6
63,000
119,200
151.800
14
20
248,150
42,000
16
• In
152,900
25
38.300
111,E0 . 37
26
151.935
451.900
24
21,501
23
97.007
17,571
1
3,500 None
None
2.000
19
186,785
28
289.259
224.641
48
89,825
55
153,800
92,55(
11
22,268
21
42.275
40,600
98
157,735
81
217.350
116.17(
32
114,690
52
55,777
88.994
30
101,490
69 • 216,046
157,521
28
150,375
35
606,850
25,100
10
49,100
12
79.100
112,491
11
125 fmn
25
705 •
-win
•No figures available before April 1926.
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
IN ILLINOIS CITIES IN JANUARY 1927, BY CITIES, ACCORDING
TO KIND OF BUILDING.
Residential Buildings.
January 1927.
Additions, Altera'
Buildings.
Hon& Repairs, cte
January 1927. I January 1927.
NenResidential
Families
Provided for
No. Estimated (Housek'y'g No. Estimated No. Estimated
Bides
Cost.
Dwellings). Bides
Cost.
Bldg
Cost,
Whole State
772219,030,750
2,909 389 25,885,533
21,211,062
550 16,762.100
Chicago
2,515 202 5,289,575 276
777.610
Outside Chicago_ 215 2.268.650
394 187
395.958 203
433.452
Aurora.
9
53,100
9
7
27,965
3.030
Berwyn
19
220,500
51
7
3,200
700
Bloomingum
1
3,000
1 None
Non
10.000
4
Blue leland
24,700
4
6
5.865!
4.575
Canto*
one
None
NoneNone
None Non
None
Cicero
11
129.000
21
7
28.570i
1
4,900
Danville
2
10,000
2None
Non*
8,000
Decatur
19
93.500
194 26
32.800 1
7,650
East St. Louis_
7
22.500
I
13
19.880 18
14,156
Elgin
7
33.400
71 10
5.250 11
6,450
Evanston
27'
794.500
1281
8
4,500, 8
33.750
Freeport
De
None
Non
3
5,700
1
150,000
Glen Ellyn
1
5.000
Ii
1
1
300
Highland Park_
6
120,700
4
a:aoo 4
24,600
Joliet
4
32,500
1
110,000 11
10.400
•
Maywood•__ - _ •
•
•
•
Moline
4
13.500
S
1,410 1
6,591
urphysboro_ _
1
3.500
None
None Non.
None
Park
Oak
11
177,500
35
4
3,185
6.100
Peoria
14
63,450
14
5
3.1
2
23.275
Quincy
4
20,000
4
5
8281
1,400
Rockford
28
115,000
34 45
19,390 2
23,345
Roth leland
5
46,300
6 11
57.200 1
11,190
Springfield
7
30000
12
14,675', 11
56.815
Waukegan
14
102,000
11
4
35,000, 10
13,375
Wilmettea
46.000
a
1,400,
2
1.700
Winnetka
5109,000
2
3,500
4
11 150
•Detailed figure*.for Maywood not available
As is usual at this time of the year, building authorized in January
1927
in 28 Illinois fifties shows a marked decrease as compared with the preceding
month. This decrease amounts to $6,297,497, or 19.5%. Only 3 cities
Decrease in Employment and Wages in Pennsylvani
report an increase over December. Freeport gained 6128,700
a
in this
period, Joliet $114,600, and Rock Island $58,913. Chicago is
in January-In Delaware Employment Gains
responsible
for $3,111.420 of the decrease for the State. Compared with January a
but Wages Drop.
year ago, however, the State shows a gain of $3,917, 114 or 17.7%. The
situation this January,in spite of a drop of 19.5% from December's building
The volume of employment and wage payments in Pennsylvaluations, is more encouraging than it was in the corresponding
months sylvania decreased considerably
in January, as evidenced
a year ago, when the decrease from December to January was more than
by reports received by the Federal Reserve Bank of
21%.
Phila.,
During January of this year the value of new residential building
amounted delphia. Much of the decrease, however, is probably
to more than three times the value of new non-residential building. 772
attributable to the inclusion in this payroll period of New
new houses and apartment buildings were planned at an estimated cost
of Year's
Dayin many cases and also to the regular inventory
$19,030,750, which are to accommodate 2,909 families.
New cities reporting this month for thefirst time are Glen Ellyn,Maywood taking season,
overhauling machinery and making repairs.
and Waukegan.
The bank's survey, issued Feb. 17, adds:
Evanston leads all cities in the metropolitan area, outside Chicago, in
Every group of industries shared in the decline, and for the
value of January building, with a total of $832,750, of which $794,500 is in
first time
since last July the textile
home-building. Berwyn is second, with a total of $224,400: Oak Park
group showed a falling off in employment and
is wage payments. The
largest decrease in this group was reported by the
third, with $186,875; Cicero fourth, with $162,470; Highland Park,
silk goods industry, a strike in
with $151,800, and Waukegan, with $150,375, closely follow.
one of the mills, however, being partly
responsible for the large decline. In the metal
manufactures group the
980
THE CHRONICLE
greatest decreases were reported by the electrical machinery, heating
appliances and shipbuilding industries. Building materials and construction industries all showed marked declines over December, as did
the furniture industry.
Delaware industries showed slight increases in the number of men
employed, but a considerable decrease in wage payments. However, in
spite of this change for all industries, the food, chemicals, drugs and
Paints and leather products industries all advanced considerably in both
employment and wage payments.
The city areas followed the general trend this month of falling behind
December, the only exception being Harrisburg and Williamsport, which
Showed slight increases in both employment and wage payments. Both
Lancaster and New Castle showed a gain in employment but a recession
In wage payments. Philadelphia's percentage change from December
was a decrease of 3.9% for employment and 7.3% for wage payments.
The tabulations follow:
[VoL. 124.
Jan. 22 totaled 4% less than during the same period in the
preceding year." The Bank adds:
The reasons for this decline in total business are to some extent revealed
by the detailed classification of the carloadings figures, there being a decline
of 16% in the movement of grain and grain products, 15% in coke, 9%
in livestock and 7% in forest products. Flour shipments and linseed
products shipments both registered substantial declines in January as
compared with last year. According to the preliminary reports, retail
trade was slightly less than in January of last year. The fact of a small
increase of 3% in the loadings of less
-than-carload lots of merchandise,
while carload lots decreased 4%, indicates more hand-to-mouth buying
than last year and reflects the cautious sentiment prevailing in general
trade.
Grain receipts at terminals in this district during January were one-third
less than receipts of a year ago and about one-seventh less than in the
preceding month of December. The only grain showing increased terminal
receipts, both as compared with last month and a year ago ,was corn.
The median prices for the grains during January as compared with a year
ago exhibited mixed trends, the aggregate gains in price per bushel shown
for durum, oats and barley being much more than offset by the aggregate
declines in price per bushel shown for wheat, corn, flax and rye. As compared with the preceding month,the median prices of all varieties computed
In this office declined, except for barley and rye. Total terminal stocks
of the grains were less at the end of January than a year ago. This was
due entirely to declines shown in holdings of oats and barley, as the holdings
of all other grains increased.
Livestock receipts at terminals in this district during January exhibited
gains for sheep, calves and cattle, and a decline for hogs. As compared
with a year ago, the median prices for the varieties computed in this office
exhibited a general downward trend, although one or two varieties were
slightly higher. As compared with a month ago, the median prices for
practically all varieties were higher. Feeder shipments as compared
with a year ago were much greater for calves, hogs and sheep and somewhat
less for cattle.
Prospective business activity based upon building operations, as refleeted in the total valuation of building permits granted at Hirepresentative
cities in this district, was 12% smaller in January than a year ago. Reports
from the grain-growing sections of the district indicate that wheat of
the last crop which was exposed to moisture and frost before threshing
shows, under test, very poor germinating quality. Country elevators
are strongly recommending testing of all such seed before it is planted
and that special care be exercised in the selection of all wheat that is planted
this spring, at least to the extent of testing representative samples for
germination. They point out that unless care is exercised, there will
be thin stands where the quality of the seed is not determined before
planting.
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvania.
---Increase or Decrease
Jan. 1927 over Dec. 1926.
No,of
Aver.
Total
Plants EmployWages.
Group and IndustryWages.
Reporting. men:.
All Industries(46)
-2.2% -5.5% -3.4%
872
-3.5
Metal manufactures:
-5.0
-1.5
290
--0.1
--8.7
Automobiles, bodies and parts
19
-0.5
-0.7
Car construction and repair
+2.2
20
+2.9
-9.0
-18.9
Electrical machinery and apparatus
-10.8
19
-2.4
-3.5
Engines, machines and machine tools
-1.1
38
--4.0
--5.8
Foundries and machine shops
--1.8
57
--6.9
-13.7
Heating appliances and apparatus
15
-7.4
-1.1
Iron and steel blast furnaces
12
+2.0
+1.4
+4.2
Iron and steel forgings
12
+2.7
-4.3
-3.3
+1.1
Steel works and rolling mills
36
-3.1
-8.4
Structural iron works
17
--7.2
--6.0
--1.2
25
Miscellaneous iron and steel producta
--5.7
-14.1
-8.9
Shipbuilding
3
-3.1
-5.3
-2.3
8
Hardware
+1.0
-7.6
-6.8
Non-ferrous metals
9
--3.1
--5.4
Textile products:
--2.4
166
--3.7
Carpets and rugs
8
-0.5
-1.1
+1.5
Clothing
32
+2.6
-7.5
Hata, felt and other
4
+3.6
-7.1
-6.5
Cotton goods
15
+0.7
--6.4
--11.7
Silk goods
---5.6
43
--2.2
--1.2
Woolens and worsteds
14
+0.4
-2.9
-3.3
Knit goods and hosiery
40
+1.9
+1.5
Dyeing and finishing textiles
-0.4
10
-2.9
-5.8
Foods and tobacco:
-3.0
114
--0.5
--3.7
Bakeries
--3.2
37
-1.1
-3.2
Confectionery and ice cream
-2.1
24
-4.4
Slaughtering and meat packing
-1.2
14
-6.2
-9.6
Cigars and tobacco
-3.6
39
Building materials:
--8.3
-L5.3
67
--4.2
--11.6
Brick, tile and terra cotta products
--7.7
27
New Models and Prices of Automobiles.
-0.1
-1.6
Cement
-1.5
13
--6.3
Class
--13.8
--8.0
23
In connection with the celebration of its 75th year, the
Pottery
-6.9
-1.8
4
--3.0
Construction and contracting:
--15.5
--12.8
39
Studebaker Corporation on Feb. 16 announced price reduc-0.5
Buildings
-18.6
-18.1
23
Street and highway
+35.4
-55.5
-67.1
3
tions ranging from $10 to $200 each on certain of its models.
--5.7
General
--10.9
--5.5
13
-7.2
Chemicals and allied products:
-5.4
The Erskine Six line, recently introduced, remains unchanged
+1.9
38
Chemicals and drugs
-1.3
-1.6
-0.3
21
in price. New and old prices of the seven models reduced
-9.4
-5.2
Explosives
+4.6
3
Paints and varnishes
-4.7
-1.9
-6.5
9
are listed below:
Petroleum refining
-5.9
11
.1
+2.7
5
ModelNew Price.
Old Price.
Reduction.
Miscellaneous Industries:
158
--0.8
--4.1
Lumber and planing mill products
--3.4
28
Big Six brougham
$1,585
$1,785
$200
-5.6
Furniture
-18.2
21
-13.3
Big Six sport roadster__
1,495
185
1,680
+0.5
-1.6
Leather tanning
+2.1
17
Big Six phaeton
1,445
1,610
165
-:
7
3
-8.4
Leather products
-6.8
8
Big Six custom Victoria
-3.2
1,645
Boots and shoes
-0.4
1,735
90
22
-1.0
-61
Paper and pulp products
19
-5.1
Custom sedan
1,335
1,385
50
--2.8
-1.9
Printing and publishing
37
Sport roadster
1,195
1,250
55
-2.0
-2.2
-0.1
Rubber tires and goods
3
Custom Victoria_
1,325
1,335
10
-6.7
-5.3
Novelties and Jewelry
3
+1.5
Prices f.o.b. factory. Four-wheel brakes, disc wheels, front and rear
EMPLOYMENT AND WAGES IN THE CITY AREAS
bumpers included.
(Compiled by Department of Statistics and Research Federal Reserve Bank of
The reductions, it is said, were made possible by the
Philadelphia.)
- ecbnomies of one-profit manufacture, together with the
Number -increase or Decrease
Jan. 1927 over Dec. 1928.
of
Average success of the recently introduced custom cars.
Total
Plants Employ- Wages
Waves.
Reporting. men:.
ATMSThe most complete line of cars offered by a single manufac-2.2%
-5.1%
Allentown-Bethlehem-Easton
-2.9%
77
-2.0
-7.8
Altoona
14
turer in the field between one and two thousand dollars is
-2.4-4.1
Erie
15
-1.8
0.0
38
that offered by the Buick division of General Motors with
Harrisburg
+0.7
+0.7
+0.2
-1.1
Hazleton-Pottavllle
24
the introduction of its town brougham. The 1927 Buick
+0.1
-4,5
Johnstown
13
-4.5
+1.0
-3.5
Lancaster
33
line now consists of 18 body styles with three chassis lengths
-43.4
New Castle, Pa
10
+6.2
259
-3.9
Philadelphia
of 1143', 120 and 128 inches wheelbase. There are four
--4.6•
-6.0
Pittsburgh
103
-1.5
-1.8
-2.5
open cars, 13 closed cars and one of the closed-open conReading-Lebanon
-0.8
70
--12.6 ,
-15.9
Scranton
-- 3.7
,
38
vertible type.
-3.4
-6.7
Sunbury
27
1.7
1.7
Wilkes-Barre
23
+0.0
The Pierce Arrow Motor Car Co. has introduced a new
-1.4
+0.0
24
+1.4
Williamsport
-4.8
Wilmington
-5.4
32
-0.8
model, known as the series 80, 5-passenger club sedan,
-2.7
-5.0
York
-2.3 .
48
mounted on the standard 130-inch series 80 chassis. This
EMPLOYMENT AND WAGES IN DELAWARE COMPILED BY FEDERAL
addition makes a total of 13 body styles now obtainable in
RESERVE BANK OF PHILADELPHIA.
Number -Increase or Decrease
the Pierce-Arrow series 80 line.
Jan. 1927 over Dec, 1926.
of
Average
Total
Plants EmployA new sedan, called the special all-purpose sedan, has
Industry-Wages.
Wages.
Reporting. ment.
-4.0% been added to the line of Dodge Brothers, Inc. The new
-3.9%
All industries
30
+0.1%
Foundries and machinery products
-5.0
-4.8
+0.2
4
car is unique in that, while it is to all appearances a standard
-4.0
Other metal manufactures
-5.9
5
-2.0
+2.8
+7.7
Food Industries
3
+4.7
production sedan, it can be quickly made over into a comChemicals, drugs and paints
+3.2
+1.5
+4.8
3
-1.2
5
+4.8
Leather tanned and Products
+3.5
mercial vehicle suitable for carrying light merchandise, sales-1.6
3
Printing and publishing
0.0
-1%
-7.2
man's samples, or tourists' luggage by opening a snug-fitting
Miscellaneous Industries
7
-1.6
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District-Smaller Volume of
Business in January as Compared
with Same Month Last Year.
In its preliminary summary of agricultural and financial
conditions, issued Feb. 14, the Federal Reserve Bank of
Minneapolis states that "January business in this district
was in smaller volume than during the same month of last
year. The total money value, as reflected by individual
debits during January at representative banks in 17 cities
totaled 8% less than last year; and the total physicalvolume,
as reflected in carloadings during the three weeks ending
door in the rear to permit removal of the cushions. A
hinged, steel-braced floor can then be dropped forward,
affording perfect protection for the carpet on the sedan floor
and giving a level load space 44 inches wide and 48 inches
long. The false floor and aluminum skirted upholstery
eliminate the possibility of marring the interior. A heavy,
nickel-plated bar, mounted on the spare tire carrier brackets,
protects the gasoline tank and facilitates loading and unloading heavy commodities.
Further rumors concerning the Ford mention a "mediumpriced automobile, the price of which would range between
that of the Ford and Lincoln oars." It is believed to be a
six-cylinder car.
FEB. 19 1927.]
THE CHRONICLE
West Coast Lumbermen's Association Weekly/Report.
Seventy-four mills reporting to the West Coast Lumbermen's Association for the week ended Feb. 5, manufactured
67,267,771 feet, sold 75,754,896 feet and shipped 67,078,654
feet. New business was 8,487,125 feet more than production, and shipments 189,117 feet less than production.
981
the British_ - Embassy at Washington, on-Peb. 15 denied that
his government encouraged or fostered a monopoly in rubber, according to the "Journal of Commerce," which goes on
to say:
Mr. Broderick spoke before leaders of the American rubber industry
gathered at the Hotel Roosevelt to celebrate the first anniversary of the
Rubber Exchange of New York.
"The object of the British Government in enacting the Rubber RestricCOMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS, tion Act to regulate exports was sincere," be said, "and was designed to
•SHIPMENTS AND UNFILLED ORDERS.
protect its chief industry and not to create a monopoly. You are faced
Feb. 5.
Jan. 29.
Jan. 22.
Jan. 15.
Week Ended74
69
101
103 wth a similar situation yourselves at this time in cotton and wheat. Who
Number of mills reporting__
67,267,771 57,625,831 89,195.478 87,877,536 would find fault with an attempt to save these industries from too harsh a
Production (feet)
75,754,896 58,156,283 96,008.612 109,920,061
New business (feet)
the law of supply and demand?
67,078,654 57,189,012 91,101,817 84,267,947 working of
Shipments(feet)
"Nor was it the sole purpose to inflate the price of crude rubber to high
Unshipped balances:
122,207.753 113,814,275 130,772,136 130,258,404 levels, for that would have been suicidal and foolish. The supply and deRail (feet)
89,237,368 70,602,590 114,133,976 113,637.490 mand law would be interfered with. The word monopoly has been forgotDomestic cargo (feet)
52,482,956 48,472.986 99,585,016 101,228,580
Export (feet)
ten in British business anyway and has been replaced by the new school of
263,928,082 232,889,851 344,491,128 345,124,474 economic belief which urges free and unhampered exchange."
Total (feet)
1927.
First Five Weeks1926.
1925.
1924.
A direct invitation to American capital and enterprise to invest in British
90
102
Average number of mills
118
130
372,953,497 430,225,728 502,651,097 510.955,514 plantations was made by the speaker. "The United States should not only
Production (feet)
take a consuming point of view but also the perspective of the producer,"
412,602,441 495,232,160 456,868,400 515,942,040
New business (feet)
363,678,172 447,791,511 486,781,366 498.469,393 he said, "and, inversely, the British should be more of a consumer.
Shipments(feet)
"Restriction may not bring about stabilization of the rubber market, but
that is really its purpose. The restriction law was passed because British
Here Hit by Indian Currency Change
Burlap Market
- plantations clamored for relief, because they feared competition. It should
be borne in mind that the growers were not organized. They appealed to
Talk of Pegging Rupee One Factor Which Has
the only tribunal that could afford protection."
Reacted Badly on Trade-Government ConEfforts on the part of the Department of Commerce and others to alletrol Is Also Feared.
viate the distress of American consumers when rubber was selling at record
Broderick said.
The following is from the New York "Journal of Com- high levels two years ago received the utmost respect, Mr. same spirit, he
Further suggestions and criticisms will be received in the
merce" of yesterday (Feb. 18):
added. He directly suggsted consultation between the British interests
An unusual situation is developing in Calcutta, due to political and eco- and the American consumer as a means of solving problems of the industry.
nomic changes in currency standards and other governmental attempts to
President Francis R. Henderson of the Exchange pointed out that in the
control business, directly or indirectly, have changed the attitude of busi- first year of its existence, the Rubber Exchange dealt in 62,704 contracts
interests toward commerce and its opportunities, and are being re- of two and one-half tons each, equaling 156,760 tons of rubber, valued at
ness
flected in burlap markets here. "There are problems in this industry that approximately $170,000,000. The deliveries on the Exchange, he said,
are not being given the proper amount of attention," according to the amounted to 14% of the actual transactions.
comment of an important factor in the local trade.
Discusses Calcutta.
The speaker recalled conditions in Calcutta during 1912 and 1913 when
mill owners operated their plants unprofitably and asked the advice of
American factors regarding the best means of remedying the adverse situation. At the time, the advice was preferred that middlemen or speculators would have to be eliminated and trading established between producers
and buyers.
The war came to the assistance of mills and the previous bad trading
methods "have been continued ever since. The situation is again reverting
to what it was when corrective methods were being considered before the
war. The present trading methods were described as uneconomic and subject to revision. To permit speculators to control the market is called
demoralizing.
At this time there is said to be much agitation going on in reference to
the pegging of the rupee value at Is 6d, thus advancing the value of the
country's currency and throwing out of alignment merchandising standards
which have been laboriously arrived at through years of fluctuating exchanges.
Favors Monopoly.
"Nothing would be more disastrous to the Indian jute and burlap monopoly than to see the plans of certain natives go through in reference to restricting the size of the next crop," this factor said. "With high burlap
costs and another bumper cotton crop and effective propaganda favoring
larger consumption of cotton cloths a serious blow would be struck at jute
products."
Those thinking in terms of a smaller jute yield and high cloth prices
are reminded that India once had a monopoly of the indigo supply and the
lower cost of synthetic dyes reduced the industry, at one time representing
millions of pounds sterling value, to negligible proportions.
Recent plans to foster the production of a big jute yield are looked upon
as representing the views of the progressive elements in the primary trade.
By getting more jute out of the soil and lower consequent cloth prices, it
is assumed, will permit mills to operate their looms on a better than four
day a week schedule, as is the case at this time.
Destruction of the Futka speculative market in Calcutta removes one of
the more irritating institutions where, in the past, every small buyer, from
coolies to business men in other industries, found the incentive to operate
in the smallest units of yardage.
In this connection it is interesting to note some recent figures of burlap
consumption throughout the world, as prepared by a large Calcutta house
and republished by the Chase Bag Co. this week in their house journal.
The estimates of world consumption are as follows: North America, 80,000,000; South America, 22,500,000; all other -ports, 12,500,000. Consumed in manufacture of wheat: Bags and other hessian bags in Calcutta,
12,500,000; internal India consumption, 3,750,000. Total, 131,250,000
yards per month.
Touches on Output.
"As the total average monthly production is only 130,000,000 yards it
would seem from this that they expect stocks on the other side to diminish
rather than to increase this year.
"Their estimate of consumption is quite conservative. They figure an
an average monthly of only 80,000,000 yards to North America, whereas
shipments during 1926 exceeded 84,000,000 yards monthly. They estimate
an average monthly shipment of 22,500,000 to South America, whereas
during the first eleven months of 1926 shipments to that point averaged
over 27,000,000 yards. Their figures for the other ports are also lower
than the 1926 figures.
"Stocks of burlap throughout the United States are known to be extremely low and this fact is also known to the Calcutta fraternity. Should there
be a resumption of buying on the part of the United States operators we
might see rather a sharp addvance in Calcutta. Burlaps at present levels
seem to be a fairly safe investment and it does not look as if they can
recede further, but if they do decline, in our opinion, it will be only fractionally."
Cut in Tire Prices.
An Akron (Ohio) dispatch appearing in the "Wall Street
Journal" of Feb. 16 said:
Leading tire companies here have cut prices to manufacturers on original
equipment tires on an average of 7%%, effective at once. No cuts to
dealers are contemplated.
From the "Evening Post" of Feb. 16 we take the following:
Reduction in prices amounting to 7M % on original equipment orders has
been effected by the Goodyear Tire & Rubber Co., according to reports
to-day. The cut in prices does not affect sales to dealers.
ranFollowing the cut by Goodyear, the Firestone Tire & Rubber Co.
nounced a similar reduction on original equipment business. Prices'are
below a year ago.
now 35%
Comparison in January This Year and Last of Sales,
Shipments, &c., in the Cotton Textile Industry.
Supplementing the figures of sales of standard cotton textiles in January, given in these columns last week (page
860), comparative data have been compiled by the Association of Cotton Textile Merchants of New York showing that
In January of this year the cotton textile industry registered
marked advances over the same period a year ago. The
Association in reporting this under date of Feb. 13 added:
With production at a slightly higher level both sales and unfilled orders
were more than one-third greater this year than last year. Stocks at the
end of January 1927 were almost one-fifth less than they were at the end
of January 1926. This is the first time comparative figures of this kind
have become available.
Sales of standard cotton textiles last month were 386,315,000 yards, an
increase of 39.5% over sales in the corresponding month of last year.
This increase was effected notwithstanding an increase in production of
6.8%. Sales exceeded production by 69.8% in January this year as against
29.9% in January 1926.
Shipments during January 1927 amounted to 50,482,000 yards, an increase of 13.7% over shipments during January 1926. Shipments exceeded
production by 10.1% in January this year as against 3.4% in January 1926.
Stocks on hand at the end of January this year were 221,306,000 yards,
a decrease of 18.5% from the stocks on hand Jan. 31 1926. During January this year stocks were reduced 10.4% as against a reduction of 2.3%
In stocks during January 1926.
Unfilled orders on Jan. 31 this year amounted to 449,604,000 yards, an
increase of 41.4% over unfilled orders on Jan. 31 1926. January this
year showed an increase in unfilled orders of 43.2% for the month as
against an increase of 21.6% for January 1926.
This analysis is based on yardage statistics of the manufacture and sale
of a large part of the cotton textiles produced in the United States. The
figures represent upwards of 200 classifications of standard cotton cloths.
Census Report on Cotton Consumed in January.
Under date of Feb. 14 1927 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles and imports and exports of cotton for the
month of January 1927 and 1926. Cotton consumed
amounted to 604,584 bales of lint and 55,149 bales of linters,
compared with 582,315 bales of lint and 62,236 bales of
----linters in January 1926 and 605,217 bales of lint and 54,016
British Monopoly in Rubber Denied by J. J. Broderick, bales of
linters in December 1926. It will be seen that there
Counselor to British Embassy.
is an increase over January 1926 in the total lint and linters
Speaking in an official capacity as the representative of combined of 15,182 bales, or 2.3%. The following is the
Great Britain, J. Joyce Broderick, commercial counselor to statement complete:
982
THE CHRONICLE
(The statistics of cotton in this report are given in running bales, counting
round as half bales, except foreign cotton, which is in equivalent 500
pound bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included).
Cotton (bales)
Consumed During
Cotton
Cotton on Hand Jan.31.
Spindles
Active
In Consum- /n Public
Year
6 Months ing Estab- Storage & at During
January. Ending
lishments Compresses January
Jan. 31.
(Bales). (Number).
(Bales).
Locality.
7
United States_{
*
.0[..V.
NNNNNC4
NN
WOCIOOM
OW
......
Cotton-growing '
States
New England f
States
Ail other States_
437,788
411,652
140,881
141,397
26,115
29,256
2,478,298
2,195,898
799,490
815,330
156,252
169,406
1,272,021 .6,742,740 17.482,426
1,123,418 4,949,597 17,189,066
488,073
138,877 13,664,328
140.371 13,978,732
800,860
92,893
188,403 1,486,798
91.020 1,642,510
91,156
•604,584 *3.434,040 *1,852,987 *6.070.020 32,633,550
582.315 3.180,434 1.815,232 5.180,988 32,810.308
•Includes 17,365 Egyptian, 6,971 other foreign and 1 509 American-Egyptian
consumed, 48,402 Egyptian, 15,695 other foreign and 5,689 American-Egyptian in
consuming estimate; and 16,427 Egyptian, 9,974 other foreign and 5,025 AmericanEgyptian in public storage. Six months consumption, 111.682 Egyptian, 36,664
other foreign and 11,411 American-Egyptian.
Linters not included above were 55,149 bales consumed during January
in 1927 and 62,236 bales in 1926: 161.724 bales on hand in consuming establishments on Jan. 31 1927, and 160.266 bales in 1926; and 57,876 bales in
public storage and at compresses in 1927,and 69.548 bales in 1926. Linters
consumed during six months ended Jan. 31 amounted to 394,815 bales in
1927 and 409,045 bales in 1926.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton
(500
-pound bales).
1 Exports of Dotestic Cotton and Linters
Running Bales (see note for linters).
6 Mos.End6 Months Ending
Country
January. Mg Jan.31. Country
January.
Jan. 31.
of Proto Which
duaion. 1927. 1926. 1927.]l926. Exported. 1927. 1928, 1927.
1928.
Egypt_ ... ,348,904 95,094 119689 U.Kingd_ 282,097219.9951.682,5501,588.672
1
Peru ____ 2,276 1.474 10,866110,985 France_ 88,72. 98,499 722,771 644,553
_
China___ 6,4251 6,84 10,767111,397 Italy ____ 87.6'' 89,559 496,827409,847
Mexico __ 14,6041 3,87 68.9051 9,475 Germany_ 292.552110.847 1,822,752 1,238,079
BritishOth.
Eur. 118,818 87,724 718,914 628,097
.
India__
3431 767 6,9481 7,457 span ___ 161.750122,153 891,3961 728,120
All other.. 342 401 1,204 1,248 All other_ 88.158 41,1. I 353.8023 197,077
Total__ 56,93 62,0611923 160231 Total_ 1115792 749,9676,689,0125,430.445
.
Note -Figures include 41,433 bales of linters exported during January in 1927 and
15,368 bales in 1926 and 102,700 bales for the 6 months ending Jan. 31 in 1927 and
48,710 bales in 1926. The distribution for January 1926 follows: United Kingdom
12,757; Netherlands, 834; France, 590: Germany,22.713; Belgium, 1,573; Italy, 700*
Spain, 300; Canada, 1.965; Mexico, 1.
World Statistics.
The estimated world's production of commercial cotton exclusive of
linters, grown in 1925, as compiled from information secured through the
domestic and foreign staff of the Department of Commerce is 26,618.000
bales of 478 pounds lint, while the consumption of cotton (exclusive of
linters in the United States) for the year ended July 31 1926 was approxi
mately 23,940,000 bales of 478 pounds lint. The total number of spinning
cotton spindles, both active and idle, is about 164.000,000.
[VOL. 124.
COTTONSEED RECEIVED, CRUSHED, AND ON HAND (TONS).
State.
Received at Mills*
Crushed
Aug. 1 to Jan. 31. Aug. 1 to Jan. 31
1927.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Okl Lhoma
South Carollna
Tennessee
Texas
All other
1926.
1927.
On Hand at Mills
Jan. 31.
1926.
298,078 312,589 257,378 256,369
46,589
49,197
39,111
43,837
395,937 394,426 341,880 320,519
74,792
70,423
52,859
51,641
527,657 482,229 443,193 350,862
208,331 218,781 168,511 179,727
576,291 605,648 462,918 447,128
355,856 325,855 267.172 244,704
489,923 491,407 358,522 344.887
232,407 233,610 208,434 194,834
306,959 318,874 265,948 271.873
1,650.498 1,271,135 1,307,271 1.013,727
103,443 132,663 89,547
98,392
1927.
1926.
40,903
56,507
7,503
8,530
54,827
73.988
22,133
19,158
,, 85,888 111,351
39,949
37,086
119,550 159,670
89,205
81,416
131,781 149,814
28,585
40,140
42,832 . 47,648
354,580 278,501
13.912
36,557
United States
5,266,741 .884.817 4.260.344 3.816.300 1.029.646 1.098.364
* Includes seed destroyed at mills but not 23,249 tons and 32,276 tons on hand
Aug. 1 nor 61,472 tons and 105,180 tons reshipped for 1927 and 1926, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
Jan. 81.
Shipped Out
Aug. 1 to
Jan. 31.
On Hand
Jan. 81.
Crude oil
1926-27 *8,280,561 1,267,693,8491154,517,442 *172.358,034
1925-26
(Pounds)
4,847,333 1,098.774.815 1029,083.388 129,742,780
Refined oil
1926-27 x145,670,884 z978,934,323
x397,432,200
(Pounds)
1925-26 173,549,345 839,854,720
204,397,010
Cake and meal_..__ 1928-27
142,844
1,904,721
1,900,315
147,250
(Tons)
1925-26
18,978
1,473,480
1,771,846
317,342
Hulls
1926-27
92,333
1,234,649
1,091,182
235,800
(Tons)
1925-26
39,503
1,049,669
185,708
903,486
Linters(Running
1926-27
65,753
540,203
695,650
221,200
bales)
1925-26
18,547
712.845
187,655
543,537
Hull fiber
1926-27
17,335
53,485
18,920
51,900
(500-lb. bales)_ 1925-28
4.008
59,336
18,711
44,633
Grabbots.moteso&o. 1926-27
6.783
23,960
13,969
16,754
(500-lb. bales)... 1925-26
1,758
25,436
11,391
15,803
•Includes 3,532,157 and 19.410,799 pounds held by refining and manufacturing
establishments and 2.972,229 and 37,994,653 pounds in transit to refiners and
consumers Aug. 11928 and Jan. 311927, respectively.
Includes 2,378.183 and 7,069,465 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments, and
2,702,114 and 11,558,034 pounds in transit ot manufacturers of lard substitutes,
oleomargarine, soap, &c., Aug. 1 1926 and Jan. 311927, respectively.
z Produced from 1,070.620,867 pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR SIX MONTHS ENDED
JANUARY 31.
Item.
011, crude
Refined
Cake and meal
Linters
1927.
pounds
pounds
tons
running bales
1926.
11,993.777
10,181.287
344,001
102.700
22,8(18.271
16,838,884
266,599
48,710
Reported in Crude Oil Output.
A gain of 59,850 barrels per day was reported when the
American Petroleum Institute on Feb. 16 estimated that the
daily average gross crude oil production in tho United States
for the week ended Feb. 12 was 2,462,250 barrels, as compared with 2,402,400 barrels for the preceding week. The
Torrington Co. to Close Manchester, N. H., Plant
-- daily average production east of California was 1,820,750
Torrington (Conn.) Facilities to Be Enlarged.
barrels, as compared with 1,755,900 barrels, an increase of
Special advices to the "Journal of Commerce" from Man- 64,850 barrels. The following are estimates of daily average
gross production by districts for the weeks ended as indicated:
chester, N. H., Feb. 17 state:
The Torrington Company, largest manufacturers of knitting needles in the
world, to-day announced that all operations in its local factory would be
suspended Saturday.
W. L. Morgan, general manager of the local plant, stated that all machinery and factory equipment will be moved to Torrington, Conn., where
the capacity of the company's plants will be increased and help added.
Current business was not of sufficient volume to warrant the operations
of the local plant, the management states.
The Torrington Company located in this city in August 1926, after taking
over the Chauncey A. Williams Company, the Currier Needle Company,
the William S. Corey Company and the Page Needle Company of Chicopee
Falls, Mass.
Crude Oil Prices Show No Changes
-Gasoline Steady.
Although an occasional rumor of a reduction in the price
of Mid-Continent crude oil has occurred, no such change
took place up to Friday evening. In fact, crude oil prices
remained unchanged throughout the country.
Gasoline prices, however, domed a few minor changes.
the most significant of these being a reduction announced
Feb. 15 and effective at once by the Standard Oil Co. of
'Kentucky, making the tank wagon price of gasoline 16c. per
gallon throughout Georgia and 14, . in Florida, a drop of 2i!.
3
per gallon. Service station prices fell a corresponding 2c.
per gallon.
In the wholesale markets on Feb. 17 prices were reported
as follows: United States motor grade gasoline, 8%@8%c.;
i
kerosene, 41-43 wafer white, 6%@fiV c.; 24-26 fuel oil,
$1.27%@$1.30.
El
Cottonseed Oil Production During January.
On Feb. 17 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exports during the month of January 1927 and 1926:
Substantial Gain
DAILY AVERAGE PRODUCTION.
In Barrels.Feb. 12 '27.
Feb. 5 '27. Jan. 29 '27. Feb. 13 '26.
Oklahoma
692,000
637,300
607,250
449.000
Kansas
116,550
115,500
101,250
115,750
Panhandle Texas
133,100
129,300
127.450
3,100
North Texas
96.300
73.750
98,500
99.700
West Central Texas _ 162,950
69,900
158,650
147,000
East Central Texas_ _ _ _
46,600
59,850
50,000
47.650
Southwest Texas
38,500
37,000
38,800
39.150
North Louisiana
43,400
52,600
53.250
53,350
Arkansan
129.650
128,950
170,150
127,900
Coastal Texas
147.650
81,250
149,700
146.800
Coastal Louisiana
9,700
12.500
11,600
12,250
Eastern
107.500
90,000
107,000
107 000
Wyo•ning
62.700
75,350
59.500
58,300
Montana
12.550
12.550
12.150
12.600
Colorado
7.750
7.000
7.650
7.400
New Mexico
3.700
4.750
4.150
4,450
California
646.500
647,400
606.500
641.500
-- -2,370.350
Total •
2.402.400
2462,250
1.902.500
The estimated daily average gross production of the Mid-Continent field,
including Oklahoma, Kansas, Panhandle. North, West Central. East
Central and Southwest Texas. North Louisiana and Arkansas, frr the
week ended Feb. 12 was 1,468.250 bareels, as compared with 1,406.850
barrels for the preceding weak, an increase of 61,400 barrels. The MidContinent production, excluding Smackover. Arkansas heavy oil. was
1.365.700 barrels, as compared with 1.305.900 barrels, an Increase of
59.800 barrels.
In Oklahoma, production of North Braman is reported at 8.900 barrels,
against 8.550 barrels; South Braman 4,600 barrels, against 4,200 barrels;
Tonkawa 26.050 batrels, against 25,500 barrels; Garber 18,700 barrels,
against 18,800 barrels: Burbank 49,200 barrels, against 47,550 barrels:
Bristow-Slick 27.300 barrels, Evollnst 27.350 barrels; Cromwell 13,700 barrels, against 13,250 barrels: Papoose 8.050 barrels. against 7,650 barrels;
Wewoka 20.150 barrels. against 20.000 barrels; Seminole 268,400 barrels,
against 226.000 barrels; Earlsboro 17,000 barrels, against 9.050 barrels.
In Planhandle Texas, Hutchinson County is reported at 116,600 barrels,
.
against 113,400 barrels, and Balance Panhandle 16.500 barrels, against
15,900 barrels. In Eves, Central Texas. Corsicana Powell 21,300 barrels,
against 21,850 barrels; Nigger Creek 6,450 barrels. against 6,750 barrels;
Reagan County, West Central Texas, 27,600 barrels, against 28,100 barrels; Brown County 30,400 barrels, against 27,600 barrels; Crane and Upton
Counties 39,300 barrels, against 36,200 barrels, and in the Southwest Texas
fend. Luling 18,400 barrels. against 17,850 barrels; Laredo District 15,100
barrels, against 15,350 barrels: Lytton Springs 2.500 barrels, against 2,850
barrels. In North Louisiana. Haynesville is reported at 8.209 barrels,
against 8,400 barrels; Urania 12,700 barrels, against 12,950 barrels; and in
Arkansas, Smackover light 12,200 barrels, against 11,950 barrels; heavy
FEB. 19 1927.]
THE CHRONICLE
983
1922. Finished steel, also at the lowest point since
and Lisbon 5,200 barrels, no time since the spring of
102,550 barrels, against 100,950 barrels,
remains at the 2.374c. per lb. reached last week, as indicated in the
Bull is reported at 16.900 barrels, against 1922,
change. In the Gulf Coast field,
tables below:
against 10,750 barrels; composite price
Pig Iron.
17,850 barrels; West Columbia 10,400 barrels,
Finished Steel.
5.200
Feb. 15 1927, $19 13 Per Gross Tots.
74.400 barrels, against 69,300 barrels; Orange County
1927, 2.374c. Per Lb.
Feb. 15
Spindletop
$19 13
barrels, no change.
2.374c. One week ago
One week ago
barrels, against 5,450 barrels,and South Liberty 4,450
19 39
2.439c. One month ago
barrels, against 42,000 One month ago
21 79
In Wyoming, Salt Creek is reported at 43,250
2 4240. One year ago
One year ago
no change.
15 72
1.6890. 10-year pre-war average
barrels, and Sunburst, Montana 10,000 barrels,
10-year pre-war average
Based on average of basic Iron at Val
at 45,500 barrels, no change;
Based on steel bars, beams, tank plates,
In California, Santa Fe Springs is reported
Beach plain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago,
barrels; Huntington
Long Beach 92,000 barrels,.against 93,000
Buffalo, Valley and Bir25,000 barrels, no change; and black sheets, constituting 87% of Philadelphia,
mingham.
84,500 barrels, against 89,000 barrels; Torrance
barrels; Rosecrans 12,000 bar- the United States output. Low.
Low.
High.
High.
Dominguez 18,000 barrels, against 19,000
barrels; Inglewood 38,000 barrels, no change; Midway 1927_2.453c., Jan. 4; 2.3740., Feb. 8 1927_319 71, Jan. 4; $18 96, Feb. 15
rels, against 12,500
against 1926_2.453c., Jan. 5; 2.403c., May 18 1926._ 21 54, Jan. 5; 19 46, July 13
Avenue 50,000 barrels,
7
Sunset 90,500 barrels, no change; Ventura
13:
50.
1925_2.560c., Jan. 6; 2.396c., Aug. 18 1925._ 22 88, Jan. 26; 18 96, July 3
barrels, against 11,900 barrels.
19 21, Nov.
50,100 barrels, and Seal Beach 14,000
1924..2.789c., Jan. 15; 2.4600., Oct. 14 1924.. 22 86, Feb. 20; 20 77, Nov.20
30
Mar.
1923_2.824e., Apr. 24; 2.4460., Jan. 2 1923--
Bethlehem Steel Corporation Forces Scrap Reduction.
Stating that Bethlehem Steel Corporation has purchased a
at
sizable tonnage of No. 1 railroad steel scrap, for delivery
plants, at reduction of 50 cents a ton from recently
two of its
prevailing prices, and is bidding firmly only at lower level,
the "Wall Street Journal" of Feb. 16 added:
in scrap prices in local
Encouraging factors are in the ascendant in the iron and
steel markets in point of both new business and production,
declares the "Iron Trade Review" of Cleveland in its market
summary of Feb. 17. Orders for heavy finished steel in the
key districts are in excess of the January rate and compare
favorably with last February. Quiet selling of pig iron for
second quarter delivery has piled up a surprising tonnage.
Consumers of coke, especially in the East, are purchasing
more liberally in anticipation of a coal strike, and a firmer
Connellsville market is one consequence, observes the
"Review" in summarizing conditions affecting the trade.
From this journal we take the following:
As a result, there have been several reductions
a ton, New York,
district. No. 1 railroad steel is quoted at $11 to $11.85
New York, both showing reducand No. 1 yard steel at $8 to $8.50 a ton,
been made in stove plate here,
tions of 50 cents. A cut of $1 a ton has
which is $8.50 to $9 a ton, New York.
sections of
Bethlehem Steel Corporation has extended its list of special
-inch "I" beams to its present
structural steel, and has added 14-inch and 16
In
a
-inch at 33, 37X
14
Chicago mills must go back almost a year to ferret out as good week
list. New beams will be available in three weights,
-Inch at 40.45 and 50 pounds. Company is soliciting steel bar specifications. Deliveries of tubular goods have become suffiand 42 pounds and 16
carefully to their requirements.
ciently deferred to cause buyers to look more
business in new sizes for early rolling.
backlog. Warehouses
Some sheetmakers have acquired a semblance of a
Tin plate consumers
in all centres are meeting with increasing demand.
all districts are
are pressing for shipments. Operations in practically
Operations Continue Slow Gain-Pig Iron expanding, with the trend most marked at Chicago, where the Steel CorSteel
Recession.
blast furnace in as many weeks. Two
Market Dull with Price
poration subsidiary lighted its third
been added at Cleveland. The Steel Corporation subsidiaries
Buying of steel has now shown five weeks of a slow, steady stacks have at 87% of ingot capacity.
the are operating be appraised as stable, but the movements are less erratic
gain, observes the "Iron Age" on Feb. 17 when it issued
Prices cannot
products are more difficult to uncover. Now in a.
on
usual weekly review of the market. "Apparently it required and concessionsout some schedules 10 days to two weeks in advance, sheettheir
before, to position to lay precipitate with low (potations and the sheet market has
price concessions, as was not to clearly believed
makers are less
start the reaction from the preceding weeks of sharp curtail- a better undertone. Strip, hoops, bands and cold-finished bars have
bookings, and opera- yielded Si to $2 a ton under pressure.a bottom of $3 35, an advance of 10
ment. Shipments continue to exceed
Connellsville furnace coke now has
tions, which indicate a further expansion, are in excess of cents, while the minimum spread an the foundry grade is up 25 cents to $4.
There has been a sharp recovery by the British industry, as recorded in
shipments. Possible coal strike complications do not seem
Trade Review's" weekly radio report from London. Pig iron
to be an influence in pushing output, but rather the economy the "Iron in January was 434,600 tons, compared with 98,000 tons in
production
of high-scale production, though it builds up stocks of skelp, December. Active blast furnace stacks on Feb. 1 numbered 152. against
was 730.700 tons, compared with
sheet bars and other forms of semi-inished steel," declares 78 on Jan. 1. inSteel output in January
December. January iron and steel imports into Great
319,300 tons
"Age" in its summary, from which we quote:
the
Britain amounted to 555.353 tons, a gain of 38.000 tons over December.
in
The Steel Corporation, which is above an 85% rate of operations, put into Exports in January were 219,369 tons, compared with 158,664 tons
at
December.
service a South Chicago stack, and the Corrigan-McKinney Steel Co.
but
Cleveland has blown in two blast furnaces. Steel ingot production has
It is not believed Germany will withdraw from the European entente,
increased among several independent companies. The increased demand heavy reductions in its steel quotas for the second quarter are expected.
tanks, buildings, railroad
for steel has lately been for railroad car builders,
structures and automobiles, in about the order named. Chicago reports
specifications as 30% ahead of the first half of January and the week the
Index of Employment in Ohio Construction Industry,
largest, with one exception, since March.
Blast Furnace Industry, &c.
Prices still are seeking equilibrium, but they are no lower than a week ago.
With the continued practice of the sharply shortened purchasing, stability
The status of employment in January in the Ohio conIs hold to be dependent on either further expansion in buying or better evisteel works, dro., with
dence than now afforded of the measure of consumption over the next few struction industry, Ohio fk undries,
months.
comparisons for previous months, is made available by the
The threat of the coal strike has resulted in heavier stocking of coal, but Bureau of Business Research of the Ohio State University.
has not prevented further price recessions. Greater strength, however, The Bureau reports as follows on employment in the Ohio
has been shown by Connellsville coke and this has been reflected in the firm
construction industry:
stand taken•by Valley producers of pig iron. A purchase of 5.000 tons of
INDEX OF EMPLOYMENT BY MONTHS.
basic iron for an Ohio plant failed to bring out concessions from $18 fur1926
nace, by Valley makers. At Cleveland the market is steadier, and sales for
Feb. March. April. May. June. July.
the week totaled 37,000 tons. In some other districts prices have shown Average daily wage payments
82.0 70.2 84.8 102.2 126.9 141.9
fresh weakness. Chicago foundry and malleable iron have declined $0c.
74.1 63.6 70.6 81.7 100.0 107.7
Number wage earners, actual
110.1 85.0 77.1 82.3 89.9 90.6
a ton to $20. base furnace, and southern Ohio foundry iron has receded Corrected for seasonal variation
1927.
1926
,
$1 t
on. In New England and New York competition has grown even more
Aug. Sept. Oct. Nos. Dec. Jan.
tense, and on foundry iron $17 base Buffalo has become a commoner quo- Average daily wage payments
144.0 155.2 143.1 131.5 114.2 85.0
108.0 112.1 101.4 93.6 85.2 62.1
tation. On sales of about 25,000 tons of basic iron in eastern Pennsylvania Number wage earners, actual
89.4 92.2 85.5 84.4 90.0 88.4
Corrected for seasonal variation
the market gave way 25c. a ton.
merchant furnace in Alabama has been blown in.
A
INDICES OF EMPLOYMENT IN THE OHIO CONSTRUCTION INDUSTRY.
In each series average month 1923 equals 100.
Structural bookings took about 37,500 tons within the week and included
8,850 tons for buildings for New York gas companies and 6.500 tons for a
Number of Wage Earners.
Number of Aty.Daily
New York State office building at Albany. A good deal of work will soon
Reporting WagePaybe out for bids, including a New York building requiring about 30,000 tons.
January January Per Cent
MOUS
Firms
City.
A New York church calls for 7,200 tons.
1926. increase.*
Jan.1927 Jan.1927. 1927.
The Chesapeake & Ohio is asking for prices on 7,500 tons of steel, mostly
--44.4
17
59.2
95.6
106.4
oar plates and shapes, for 500 gondola cars. An Eastern railroad has or- Akron
--35.9
8
19.6
22.8
so.s
dered 2.500 tons of tie plates. Miscellaneous rail business amounting to Canton
---10.3
66.2
22
59.4
75.3
Cleveland
tons is reported from Chicago.
7,000
--5.6
97.2
100.0
10
91.8
Columbus
213.5
Order books for largo diameter pipe aer well filled for the next two or three Dayton
52.6
184.9
176.9
7
--40.9
78.0
44.9
56.8
months. Last week's business included over 100 miles of 6 to 16-in, line Toledo
--37.5
115.6
72.2
39.1
5
Youngstown
pipe. An oil company is now inquiring for more than 400 miles of 20 and All State
--18.3
76.0
115
62.1
85.0
-in. pipe, requiring about 125,001) tons of steel.
22
*Minus (-) indicates per cent decrease.
Sheet mills are among those at a higher operating basis. Those which
For the State of Ohio. employment in the building trades for January
have bookings sufficient for two or three weeks or longer have taken a firmer
price stand. From others there are such irregularities as 2.65c. Pittsburgh 1927 was 18.3% lower than in January 1926. It was lower in all the large
2.80c., the more common cities of the State except Dayton. If the curve, which is corrected for
for black sheets for Detroit delivery, against
quotation: 2.05c. for blue. annealed sheets, against 2.20c., and 3.65c. for seasonality, be observed, it will be fouhd that the decline for January is
not large. Since February 1926 building employment has been on a somegalvanized, against 3.75c.
Heavier demand for both hot and cold-tolled strip steel has resulted in what lower scale and variations since that date have been small. If
sales which compare with those of November. Delivered prices are com- seasonal fluctuations be considered, building is now on a higher scale than
monly ruling. They figure back to 2c. Pittsburgh for the wide hot-rolled it was in October and November of 1926.
product, 2.20c. for the narrow, and 2.90c. for the cold-rolled.
Its further reports follow:
Wire business in particular was increased by price cuts, and weakness
OHIO BLAST FURNACE INDUSTRY.
persists. Large lots of nails have again sold at 2.50c.. though 2.55c. is reIndex of Employment by Months.
garded as the market.
1926
Offerings especially attractive from the rolling standpoint can be closed
Feb. March. Apr-U. May. June. July.
100.2 100.7 102.7 103.5 110.8 110.1
at $1 a ton below I.90c., Pittsburgh,In bars and shapes, and 1.85c. in plates. Number of wage eArners
100.4 103.7 102.6 104.1 108.7 109.9
Specifications for semi-finished steel have been heavy and producers Average daily wage payments
1926
1927.
have fair backlogs of orders. No new price deviations are reported.
Aug. Sept. Oct. Noy. Dec. Jan.
The "Iron Age" pig iron composite price has fallen to $18 96,from $19 13 Number of wage earners
101.6 98.7 100.3 99.1 91.9 94.2
107.7 97.0 99.1 102.1 90.6 99.8
last week. This equals the low figure of 1925 and is lower than at any other Average daily wage payments
984
THE CHRONICLE
[vol.. 124.
January employment in the blast furnaces of Ohio, as indicated by re- Jacksonville
agreement. Prices and costs and other conditions do not
ports from seven co-operating furnaces, recovered some of the ground admit
of it. On the other hand, the miners are not in a humor to admit
lost in December. The increase in number employed in January from
readily anything like a concession that will mean a considerable lowering
December amounted to 2.6%. The reports during 1927 will be changed of their income.
slightly from those of last year. The wage payments' curve for the months
The result, apparently, is going to be a compromise. To the public,
of 1927 will represent average daily wage payments, whereas last year the
especially to the labor element of the public, it will appear to be an even
curve represented total wage payments. It is believed that this will insure concession
on both sides, but in reality it may be far from this. Actual
greater accuracy, since the reports show the number of days worked in facts are
going to prevail in determining the result, but the direct connection
each month. The average daily wage payments in January show an between
facts and conclusion may not be obvious.
Increase of 10.1% over December.
Three months ago we looked forward to the Miami meeting with many
doubts. To-day we watch it with calm and assurance. We have a surplus
OHIO STEEL WORKS AND ROLLING MILLS.
on hand, and over half of the regular output assured. What is the correct
Index of Employment by Months.
agreement for union operators and miners to reach? Let them decide.
1926
Feb. March. April. May. June. July. There is little to fear. We have every reason to believe that wisdom will
Number of wage earners
106.3 104.8 102.8 98.0 99.7 100.4 prevail. The public is not likely to suffer and therefore has only a moral
Average daily wage payments
105.3 108.0 102.6 91.9 97.3 94.0 Interest in the result.
1927.
1926
The assurance of safety in the situation rests in the fact that the meeting
Aug. Sept. Oct. Nov. Dec. Jan.
Number of wage earners
106.6 109.9 110.6 112.9 101.3 101.1 so fearsomely looked for finds neither anger nor whimpering on either side.
Average daily wage payments
95.2 101.2 109.3 102.4 91.0 92.9
The building of reserve stocks has had some attention. Indeed, there
The January reports from 13 Ohio steel works and rolling mills show have been some unpleasant
developments in the manner in which this has
practically no change in number of wage earners employed as compared been accomplished; and if one
organization of purchasers has tried to turn
with December. However, the January 1927 index number shows a de- a trick upon others who
must also purchase coal, it is to be deprecated.
crease of 4.4% from the index number for January 1926. A slight increase There is plenty of coal available
to make up those piles that as yet are not
from December is shown in the Wage payments curve. A change has high.
been made in the computation of the wage payments curve. During the
Anxiety is a long way off.
past year this has represented total wage payments. For January 1927
Apparently we shall have to watch the State Legislatures for the possiand thereafter this curve will represent average daily wage payments. bility of objectionable law
enactments that may take the place of that
Each report shows the number of days work during the reporting period attempted regulation of the coal
industry happily left undone in Washingand this enables the computation of the average daily wage payments. ton. There are 44 of these
Legislatures in session, so the looking will have
It is believed that this will give a more accurate record of changes in wage to be keen. The disposition
to begin this process which has occurred in
payments.
Connecticut should be taken with the greatest seriousness.
The employment situation in foundries and machine shops for January
There was a little pick-up in anthracite during the
week, but it did not
1927 shows little change with respect to the preceding month, but is dis- last long in the face of the weather that has
prevailed recently throughout
tinctly better than it was in January 1926.
the country. The winter, however, is not yet over.
OHIO FOUNDRIES AND MACHINE SHOPS.
Index of Employment.
Output of Bituminous Coal Again Increases as
1926
1927.
April. May. June. July. Aug. Sept. Oct. Nov. Dec. Jan.
Anthracite and Coke Fall.
No. wage eamers____93.7 91.5 91.1 89.8 89.7 96.2 94.9 93.5 94.7 94.6
Average daily wage
Production of bituminous coal during the week of Feb. 5
payments
99.6 95.6 93.6 94.1 94.6 98.6 100.9 97.4 96.3 97.4
District.
Cleveland
Northeast
Northwest
Southern
All State
Number of
Reporting
Firms
Jan. 1927.
16
18
9
17
60
Numler of Wage Earners.
Jan. 1927.
106.5
87.0
95.4
96.3
94.6
Jan. 1926.
Per Cf. Inc.
93.2
76.4
93.5
91.5
90.7
14.3
13.9
2.0
5.2
4.3
Demand for Bituminous Coal Is Below Expectations
Anthracite Market Quiet.
Consumers throughout the country show no great concern
over the immediate future of the market for bituminous
coal, declares the "Coal Age" on Feb. 16. In view of the
fact that the United Mine Workers are publicly committed
to a stand against lower wages, and with April 1 only six
weeks off, activity fell far short of expectations, the "Age"
reports in its weekly market review. The undertone of the
market continues rather easy. Railroads and public utilities
have been building up reserves, but industrial interests have
not been so active in buying against untoward eventualities.
Closing of a few Lake contracts is reported, but in general
this type of business is backward, adds the "Age," from
which we quote further as follows:
The "Coal Age" index of spot bituminous prices on Feb. 14 was 174 and
the corresponding weighted average price was $2 11, a decline of 5 points
and 5 cents for the week. Further recessions in central Pennsylvania
prices on New England shipments, dips in domestic sizes from central Illinois and Indiana and a backward tendency in West Virginia low-volatile
lump were responsible for the losses.
Conditions in the anthracite market continue to be contrary to precedent
-No. 1 buckwheat still is in the vanguard in demand,with rice and barley
also in good position. On the domestic side pea and egg are moderately
active, but stove and chestnut are lagging in favor. Mild weather conditions restricted buying interest in the domestic sizes.
No one is going to be disappointed if the end of the present
week proves it to be a negative one in the history of the coal
industry. We have approached Miami with something like
awe and we may find it a myth, said the "Coal & Coal Trade
Journal" in its Feb. 17 market review, adding:
It is a conceded fact that a new agreement between the mine operators
and the union miners will not be effected upon the terms expressed in
the
rose from 13,536,000 net tons to 13,600,000 net tons or
0.5%, according to the weekly statistics prepared by the
U. S. Bureau of Mines. Anthracite, on the other hand,
fell off by 16%, or 270,000 net tons. The production of
coke also declined, according to the Bureau's record, from
which we quote the following:
The production of bituminous coal continues at a high rate. The total
output during the week ended Feb. 5, including lignite and coal coked at
the mines is estimated at 13,600,000 net tons, a gain of approximately
64,000 tons, or 0.5% over the preceding week.
Estimated United Stales Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
1926-1927
1925-1926
Coat Year
Coal Year
Week.
to Date.
Week.
to Date.a
Jan. 22
13,474,000
472.849,000
12,431,000
431,966,000
Daily average
2,246,000
1,894,000
2,072,000
1,732,000
Jan. 29_11
13,536,000
486,385,000
12,563,000
444.529.000
Daily average
2,256,000
1,902,000
2,094,000
1,741,000
Feb. 5_c
13,600,000
499,984,000
12,167,000
456,696,000
Daily average
2,267,000
1,911,000
2,028,000
1,747,000
a Minus one day's production first week in April to equalize number of days in
the two years. b Revised since last report. c Subject to revision.
ANTHRACITE.
The total production of anthracite during the week ended Feb. 5 is
estimated at 1,401,000 net tons, a decrease of approximately 270,000 tons,
or 16% from the output in the preceding week.
Estimated United States Production of Anthracite (Net Tons).
---1026-1927
1925-1926
Coal Year
Coal Year
Week EndedWeek.
to Date.
Week.
to Date.a
Jan. 22
1,488,000
78,666,000
47,000
40,539,000
Jan. 29
1,670,000
80,336,000
34,000
40,573,000
Feb. 5_6
1,401,000
81,737,000
27,000
40,600,000
a Minus one day's production first week in April to equalize number of days in
the two years. b Subject to revision.
BEEHIVE COKE.
A falling off of 3,000 net tons 'occurred in the output of beehive coke,
according to the Bureau of Mines, from which we take the following
tabulation:
Estimated Production of Beehive Coke (Net Toni).
1927
1926
Week Endedto
to
Feb. 5 Jan. 29 Feb. 6
1926.
Date.
Dates'
1927.11 1927.c
Pennsylvania & Ohio
149,000 154,000 303,000 748,000 1,404,000
West Virginia
17,000 16,000 21,000 82,000
82,000
Ala., Ky.,Tenn.& Ga
6,000 21,000 33,000
6,000
110,000
Virginia
7,000 12,000 36,000
7,000
53,000
Colorado & New Mexico
5,000 24,000
3.000
4,000
28,000
Washington & Utah
4,000 20,000
21,000
4.000
4,000
United States total
187,000 190,000 366,000 943,000 1,698,000
Daily average
32,000 32,000 61,000 30,000
55,000
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
open market by $12,500,000, and Government securities
The consolidated statement of condition of the Federal by $7,100,000. After noting these facts, the Federal Refollows:
Reserve banks on Feb. 16, made public by the Federal serve Board proceeds as$4,900,000 at the
Discount holdings declined
Federal Reserve Bank of
Reserve Board,and which deals with the results for the twelve Cleveland, and increased at most of the other Reserve banks, the principal
combined, shows an increase of $36,500,000 increases for the week being: Chicago, $9.8e0,000; New York, $4,700,000:
Reserve banks
St. Louis, $3,900,000, and Richmond, $3.500,000. Open-market acin bill and security holdings, of $67,500,000 in member bank ceptance holdings increased $18,900,000 at the New York bank and declined
and $9,800,000 in cash reserves, and a $3,200,000 at Chicago. The system'e holdings of Treasury notes and cerreserve deposits,
tificates were $5,900,000 and of United States bonds $1,200,000 above
decline of $8,700,000 in Federal Reserve note circulation. the
preceding week's totals.
AU classes of bill and security holdings increased during the
The principal changes in Federal Reserve note
acceptances purchased in creases of $3,200,000 and $2,700,000, respectively,circulation comprise deweek-discounts by $17,400,000,
reported by the Fedora
FEB. 191927.]
THE CHRONICLE
985
•
Reserve banks of San Francisco and Chicago, and an increase of $2.500,000
reported by New York.
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 1039 and 1010.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Feb. 16 1927 is as follows:
Increase (+) or Decrease (—)
During
Week.
Year.
—$80,000.000 +5142.000,000
—2,000,000 —19,000,000
—84,000.000 —76.000.000
+6,000,000 +237.000.000
+10,000.000
+80,000,000
7.000.000 —198.000,000
+3.000.000 +278.000.000
—16.000.000 —27,000.000
+13,000.000 —27.000.000
—115.000,000 —216.000.000
+16,000,000 +487.000.000
—18.000.000 —103.000.000
+1.000.000 —134,000.000
Loans and discounts, total
Secured by U. S. Gov't obligations
Secured by stocks and bonds
All other
Investments, total
U. S. securities
Other bonds, stocks and securities
Reserve balances with F. R. banks
Increases(±) or Decreases(—)
Cash in vault
During
Net demand deposits
Week.
Year.
deposits
Total reserves
+$9.800,000 +$217,900.000 Time
Government deposits
Gold reserves
+9.700.000 +200.800.000
Total borrowings from F. R. banks
Total bills and securities
+36,500,000 —159,300,000
Bills discounted. total
+17.400.000 —141,900,000
Secured by U. S. Govt. obligations
+28,900,000
—85,000.000 Summary of Conditions in World's Market According
Other bills discounted
—11.500,000
—56,900,000
to Cablegrams and Other Reports of the
Bills bought in open market
+12.500,000
+13.300.000
U. S. Government securities, total
Department of Commerce.
+7,100.000
—22,600.000
Bonds
+1.200.000
—2,600,000
The Department of Commerce at Washington releases for
Treasury notes
+1.400.000
—75,000.000
Certificates of indebtedness
+4,500.000
+55,000.000 publication to-day (Feb. 19) the following summary of
Federal reserve notes in circulation
—8,700,000
+24,300.000 conditions abroad, based on advices by cable and other
Total deposits
+75,300,000
+15.800.000 means of communication:
Members' reserve deposits
+67.500.000
+26,300,000
Government deposits
+5.200.000
—11,400.000
CANADA.
Although general trade in January was somewhat below expectations,
basic conditions are considered satisfactory and the prospects for spring
and summer business are encouraging. Keen popular interest In the
The Member Banks of the Federal Reserve System— recent automobile shows in Montreal and Ottawa has stimulated the
Purchase of passenger automobiles, trucks, and accessories. Dealers are
Reports for Preceding Week—Brokers' Loans
optimistic and predict an increased demand for higher-priced cars. Among
in New York City.
the industries showing activity are steel and metal products, agricultural
It is not possible for the Federal Reserve Board to issue
Implements and textiles. Important orders for steam railway and street
the weekly returns of the member banks as promptly as the
railway equipment, the latter including both street cars and motor buses,
returns of the Federal Reserve banks themselves. Both
have been placed. Canadian bond sales since Jan. 1 show an increase
cover the week ending with Wednesday's business, and the
of about 43% in comparison with the corresponding period of 1926.
returns of the Federal Reserve banks are always given out
It is reported that the Canadian Government Merchant Marine will
after the close of business the next day (Thursday). The
soon invite tenders for the construction of five vessels to be placed in
service between Canada and the West Indies, in order to carry out the
statement of the member banks, however, including as it
provisions of the trade agreement between the Dominion and the Brtilsh
does nearly 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the week
West Indies colonies.
ending May 19 1926 it was the practice to have them
The Advisory Board on Tariff and Taxation has announced public
ready
hearings on March 8 and 9 for consideration of the application of the
on Thursday of the following week, and to give them out conCanadian woolen industry for an upward revision of the customs tariff.
currently with the report of the Reserve banks for the next
At the same time second bearings will be held upon the proposed tariff
week. The Reserve authorities have now succeeded in
changes on leather footwear, vegetable parchment paper and embroidered
expediting the time of the appearance of the figures, and
cuffs for gloves.
they are made public the following week on Monday
instead
GREAT BRITAIN.
of on Thursday. Under this arrangement the report for the
week ending Feb. 7 was given out after the close of business
Parliament opened on Feb. 8. An indication of the progress that)
on Monday of the present week.
British industry has made toward recovery and in filling accumulated
seen in the Board of Trade figures offoreign commerce for January.
The Federal Reserve Board's Condition Statement of 679 orders isof British goods amounted to £55,422,000 as against the December
Exports
reporting member banks in leading cities, as of Feb. 9 1927, valuation of £49,707,000. While the value of last month's exports of
shows a decrease of $80,000,000 in loans and discounts and of British goods was below the January 1926 valuation by nearly 15.000,000,
It was greater than for any other month of 1926 excepting February
$115,000,000 in net demand deposits, an increase of $10,- (£62,814,000), March (£66.400,003) and July (g57,264,000). Imports
000,000 in investments, and $16,000,000 in time deposits. during January. at E113,600,000, were £288,000 in excess of the December
total, and £4,088,000 less than
Member banks in New York City reported a decrease of Exports of imported merchandise the January 1926 import valuation.
amounted to £9,860,000 in January,
$93,000,000 in loans and discounts, $5,000,000 in invest- as compared with £11,501.000 for December. /11,742,000 for January 1926,
ments, and $102,000,000 in net demand deposits, and an
FRANCE.
increase of $26,000,000 in borrowings from the Federal
The contrast between the easy conditions In public finance and the
unfavorthle industrialsituation was again evident during January. Popular
Reserve Bank.
has been maintained by the stability of the franc
Loans on stocks and bonds, including United States confidence in the current condition of the Treasury, but on theand the improvement
other hand,
Government obligations, were $86,000,000 below the total the high level of the franc has imposed a heavy strain on industry. Domestic buying has shown no improvement and the so-called buyers' strike
reported a week ago, the larger decline of $92,000,000
unbroken. Winter
reported for member banks in the New York District being in the retail trade has remained usual duration of sales of merchandise
such sales. Orders
are being prolonged beyond the
offset by smaller increases in some of the other' districts. for export have been small. There has been a further reduction in the
of the principal industries, particularly the leather, textile and
All other loans and discounts increased $6,000,000, the output
automobile industries, although industrial stocks generally are not
principal increases being in the Dallas and Richmond Wage adjustments to meet present adverse conditions are rendered high.
diffidistricts. Total loans to brokers and dealers secured by cult by the maintenance of high prices. Unemployment on Jan. 29 was
a month before. The production of coal and coke
than
stocks and bonds made by reporting member banks in New much greater maintained the high level of previous
months, while the
in December
York City were $10,000,000 below the previous week's output of both products for the year 1926 set a high record. A record
figure, loans for their own account having declined $78,000,- was also made in the production of pig iron and of steel ingots and castings
Conditions in the textile plants in general are still stag000, while loans for out-of-town banks and for others in- in December. of finished goods are increasing despite
nant. Stocks
the reduction in
creased $31,000,000, and $37,000,000, respectively. Hold- working hours and price concessions. The markets for automobiles
ings of United States Government securities increased $7,- and tires are slack and machinery sales have dropped to almost nothing
The depression in the shoe and leather industries shows little or no change.
000,000, and of other bonds and
stocks $3,000,000. As
already noted, the figures for these member banks are always
a week behind those for the Reserve banks themselves.
The statement goes on to say:
GERMANY
The revival in German business conditions which was manifest at the end
last year, continued throughout January, although somewhat more
of
slowly. The rise in the stock exchange was well maintained in the expectaNet demand deposits declined $111,000,000 at member banks in the New tion of increased dividends on the part of important companies, and in the
York district and $115,000,000 at all reporting banks. An increase of provision of favorable export trade developments. A slight increase in
$10,000,000 was reported by member banks in the San Francisco district unemployment above the December figure was attributed only to seasonal
and of $8,000.000 by banks in the Dallas district, as compared with factors. The new government loan of 528,000,000 marks Is now being
decreases of $10,000,000 and $8.000.000, respectively, in the Boston and floated and subscriptions are not yet closed. The foreign loan market in
Chicago districts. Time deposits increased $16,000,000, the principal January was quiet. The steel industry is complaining of the largo payments
increases being reported for banks in the New York, Richmond and Dallas they are having to make under the clause of the European Raw Steel Agreedistricts, while Government deposits declined $18,000,000, smaller figures ment. It is advocating an increase in the German quota as a solution of
the difficulty. Other industries, notably the textile, chemical and elecbeing reported by member banks in all districts.
Borrowings from the Federal Reserve Banks remained practically trical, are well occupied but the machinery trade is depressed in spots.
unchanged from the total of $223,000,000 reported a week ago,an increase Automobile sales are increasing. The Ruhr coal mines are beginning to feel
of $23,000,000 reported from member banks in the New York district being the revival of British competition.
offset by smaller borrowings reported by member banks in other districts.
ITALY.
particularly in the Chicago district.
The Council of Ministry has reaffirmed the financial policy announced
last August which was based on gradual revalorization of the lira, progressOn a subsequent page—that is,on page 1040—we give the
ive reduction of circulation, defense of the budget surplus and stimulation of
figures in full contained in this latest weekly return of the productive activity. Artifical stabilization of the currency is definitely
System. In the following is rejected on the ground that because Italy is essentially an importing counmember banks of the Reserve
furnished a summary of the charges in the principal items as try, such action would not guarantee effective stability of the lira. This
must depend on the balance of international payments which is now estiaompared with a week ago and with last year.
mated to be favorable.
986
THE CHRONICLE
[VOL. 124.
The Italian budget estimates for the fiscal year 1927-1928 which have somewhat. Arrivals at Manila, however, are steady and sufficient to keep
just been presented, place revenues at 18,974,000,000 lire and expenditures all oil mills operating. The provincial equivalent of rosecado (dried copra)
at 18.641.000.000 lire. The estimate for Government revenues during delivered Manila has risen from last week's quotation and is now from 12 50
1927-1928 represents an increase of 431.000.000 lire over the estimates for to 12 75 pesos per picul of 139 pounds. (1 peso equals $0 50.) Albaca
the present fiscal year and that for expenditures is 288,000,000 llre in excess trade continues weak for United States grades, with a downward price
tendency. The market for United Kingdom grades, however, is steady but
of the 1926-1927 estimate.
there is very little trading. Current quotations are 38 pesos per picul for
SPAIN.
grade F; I, 33; JUS, 23; JIJK, 22; and L, 21.
Marked improvement was noticeable in Spanish business in January.
Bourse turnovers and bank operations were very large as a result principally
NETHERLANDS EAST INDIES.
of the consolidation of the internal debt and the huge peseta speculation
Collections, which have been retarded in the country districts, owing to
Which has been going on. Industries showed greater activity and exports
the unsettled condition among the natives, are now rapidly improving and
of iron ore have improved. Security prices were firm with a tendency
business in general is showing signs of revival. Dutch East Indian rubber
towards higher levels. especially Government issues. Government finances
exports for December, figures for which have just been released, totaled
showed an improvement, in that collections were higher during January.
24,857 metric tons, of which 55.106 tons were shipped from Java and
Weather conditions have been favorable to cereal crops, but cold has
Madura, 7,220 from the Sumatra East Coast, and 12,531 from all other
retarded horticulture. The Spanish mining industry showed marked imsections. The figures are high, compared with previous months.
provement during January. Barcelona textile industries report improved
conditions owing to cheaper cotton and increased home demand. A subINDIA.
stantial demand has been reported for chemicals for the fertilizer industry.
The Indian piecegoods market continues active with both imported and
The tanning industry is experiencing a temporary lull.
domestic goods moving better. Jute and hessians prices, however, show
downward tendencies as the volume entering the market increases, and
ESTONIA—LATVIA.
local mills are buying sparingly fearing further deelines. All other business
Negotiations continued over a considerable time have resulted in an
agreement between the delegations from Estonia and Latvia for a complete is generally quiet.
AUSTRALIA.
customs union between those countries. A mixed commission to be •
The Australian Industrial Commission sailed from Sydney on Feb. 10 and
appointed by the respective governments will be in charge of preparing all
necessary economic measures to unify the customs tariffs within a period Is expected to arrive in Vancouver about March 4. The party will proceed
of one year. Within three years the economic laws of both countries Immediately to Seattle,from which point their itinerary takes them to most
(concerning customs excise, State monopolies, direct taxes, passenger and of the larger industrial centers of the United States. The official party
transportation traffic, protection of labor, emission of currency, banking which will be in this country about 3H months is composed of four repreand commercial treaties) are to be co-ordinated. As soon as the above- sentatives of industry, four of labor, and a secretary appointed by the
mentioned laws are brought into accord the customs frontier between Latvia Australian Government. Owing to coal operators rejecting a demand in
and Estonia will be abolished, and no customs duties will be charged in the northern coal fields of New South Wales for better pay and improved
trade between the two countries. This customs union is to be concluded working conditions, 15,000 miners have gone out on strike, and the state
ministry is seeking federal intervention. Coal stocks at Sydney are said to
for a term of ten years.
NORWAY.
be sufficient for only eight weeks. Wool sales at Sydney continue strong
The labor market is in a very disturbed state. Wage negotiations failed with American buyers active.
ARGENTINA.
In the textile, footwear, mining, and iron and steel industries, and 12,000
Argentine import markets continue to reflect the customary summer
Workers are striking. Favorable agreements have been reached only in a
few of the minor industries. The exchange rate has undergone small daily dullness but there is an unusually large movement in export commodities.
fluctuations recently and uncertainty is the keynote in this as well as the The value of exports during January of this year was 25% greater and the
money market. Banking difficulties continue, the last manifestation being cereal and linseed movement double that of Jan. 1926. According to the
the closing of two provincial institutions—The Sannidal og Skaavej first official estimate the total area sown to corn this season is 4,310,000
Sparbank and the Aktie Kreditbanken I Sandefjord. Foreign trade during hectares (10,650.000 acres), an increase of 13,000 hectaree (32,100 acres)
1926 resulted in an import surplus of 281,800,000 crowns, as against over the previous year. The Argentine cotton crop will be from 30 to 60
331,400,000 crowns for 1925. The decrease was largely due to the rise in days late as a result of drought in the northern region at the time of planting.
This year's acreage is estimated locally at 60% of the 1925-26 crop. Stocks
the value of the crown.
DENMARK.
of eggs from the United States stored in Buenos Aires have reached approxiThere has been no change in the financial situation, scarcity of capital mately 120,000 cases (4,320,000 dozen) and profitable retail sales are
and rather high rates still being the outstanding factors. The exchange reported at 36 cents per dozen with c.i.f. quotations at $11 00 per case
situation is satisfactory. An increasing number of wage agreements are (slightly more than 30 cents per dczen.)
being settled on the status quo basis and the outlook in several other
BRAZIL.
branches is quite favorable. Mild winter weather has alleviated unemployBrazilian business in most lines is slowly improving. Exchange is rement. There is no change in the industrial field, activity is low and maining steady at approximately the stabilization of level of 30.119,and the
operation difficult.
coffee markets are quiet. Santos fours have been steady throughout the
POLAND.
week at 26.50 millets ($3.15) per 10 kilos, but dropped to 26.20 milreis on
Preliminary figures of State revenues and expenditures for December, Feb. 11. Futures have weakened considerably. A joint conference be11126, indicate a surplus of more than 12,000,000 zlotys for the month tween officials of the coffee institute and of representatives of the states of
(revenues. 235,370,000 zlotys against 223,078,000 zlotys of expenditures) Minas Geraes and Rio de Janeiro is being planned for the purpose of deterand of 53,500,000 zlotys for the entire year of 1926. exclusive of upward of mining the policy to be adopted for restricting entries of the next crop into
27,000,000 zlotys expended in 1926 for foreign debt payments which were the port of Rio de Janeiro. Falling sugar prices have resulted in another
due on Jan. 2 1927. The favorable foreign trade balance for 1926, according attempt to relieve the Pernambuco market by the exportation of 120,000
to preliminary data, amounts to 410,000,000 gold zlotys (equivalent to bags, a former similar plan having resulted in practically no exportation
$79.130,000), which compares with the adverse balances of 269,450.000 because of the reluctance of most firms to take the loss of shipping to foreign
zlotys in 1925 and of 212.516,000 zlotys in 1924. The Bank of Poland markets when domestic prices have been considerably higher. Now, howdeclared a cash dividend of 10 zlotys per share of its stock of 100 zlotys par ever, that local prices are weakening, exports may be forced, it is said in
value (selling now around 95). At the same time, the Bank again reduced Brazil. On Feb. 10, the president signed a decree abolishing the state of
the discount rate for commercial paper maturing over three months from siege declared throughout the country.
141 to 9%,and the interest rate on loans against securitiesfrom 11 to 10H%•
PARAGUAY.
This makes it the third reduction of the official discount rate since last
Business in Paraguay is at a low level. Money is scarce and there is
August. Twelve banks in different Polish cities outside of Warsaw, who
felled to comply with the law requiring a minimum of 1.000,000 zlotys of reported to be some difficulty in effecting collections. River boats are
capital stock by Dec.311926. have been ordered by the Minister of Finance unable to enter the port of Asuncion because of low water in the Upper
Paraguay River occasioned by drought. This interruption to the main
to be immediately liquidated.
artery of low-cost transportation between Buenos Aires and Paraguayan
AUSTRIA.
ports will work a hardship on importers and exporters by either delaying
The actual revenues of the Austrian Government for 1926 surpass the
shipments or diverting them to the railway at considerably higher freight
estimated revenues of 928,719,000 schillings by 210,000,000 schillings,
rates.
representing a 7% increase over 1925, and 17% over 1924, while the customs
MEXICO.
receipts were 7% and 30% greater than In 1925 and 1924 respectively.
The new 5% sales tax, replacing the consular fees for the visa of consular
EGYPT.
Invoices on all imports, is causing some concern in Mexican business circles.
There is no marked change in the Egyptian market and economic situa- Visa fees have been 5%,so that the increased revenue, if any, derived from
tion. Business conditions still are not satisfactory, because of the dull the new tax will be by reason of a different basis of valuation, and this it
world cotton situation, and the Parliament Is stlll considering various is stated will have the effect of increasing the cost of practically all imported
measures for the reduction of land rents, although considerable opposition merchandise. It is stated that business depression in Mexico has increased,
Is developing to such reduction. There has been a notable reduction in and this is attributed, in part, to the new sales tax following the "health
British cotton textile sales on the Egyptian market because of the increased stamp" tax imposed on pharmaceutical products.
competition from Japanese sheetings. The volume of shipping leaving the
PORTO RICO.
port of Alexandria showed a marked increase at the close of 1926, because
Economic conditions in Porto Rico showed little change during the
the cotton export shipments made in late November and December.
of
second week of February. Business was slightly better than during the
same period of 1926 but retail merchants report that trade in staple lines
JAPAN.
Some improvement is noted in Japan's cotton piece goods market, is dull and payment of bills are slow because of the expenditures for costumes
although the silk market continues weak. Business has been curtailed as made during the carnival. Banks report that wholesale collections are
in excess of normal for this
there have been a number of National holidays on account of the funeral slightly better. The rainfall has been slightly
anxiety in the tobacco districts. It Is
of the late Emperor. Banks have reduced interest rates on deposits from period of the year and is causing some
also delaying the sugar campaign in certain districts because of the difficulty
6% to 5%.
of field operations in wet weather. In the south coast areas where irrigation
CHINA.
Is practiced the delay is slight, and business in these and in the coffee sections
' A slight improvement in the Shanghai business outlook is evident and
been better than in other rural districts. San Juan bank clearings from
apparently because of war threat by the Northern forces, silver has risen has
Fob. 1 to Feb. 11 amounted to 29,120,000 as compared with $8,670,000 for
about 5%. However, the continued uncertainty of the political situation
the corresponding period of 1926.
is reflected in the silver exchange and delays in placing orders. War risk
insurance rates at Shanghai continue at 1% for three months on private
VIRGIN ISLANDS.
dwellings to 2% per month on industrial plants. Conditions at Hankow
Business is reported to be only fair in the Virgin Islands with the maritime
have improved, but reluctance is still shown by buyers in placing orders. movement declining.
No unusual developments have marked the resumption of business in North
China following the Chinese New Year holidays and the outlook is reported
to be encouraging for a fair volume of business in most lines this spring. Gold and Silver Imported into andiExported from'the
There has been a severe slump in all domestic and foreign bonds which were
United States by Countries in January.
secured upon customs revenue.
PHILIPPINE ISLANDS.
Moderate activity continues to characterize business generally. The
copra market firmed in the early part of the week, but has now slackened
The Bureau of Foreign and DomestielCommerce of the
Department of Commerce at Washington has made public
Its monthly report, showing the importsjand exports of gold
FEB. 191927.]
THE CHRONICLE
and silver into and from the United States during the month
of January 1927. The gold exports were $14,889,865. The
imports were $61,961,989, the greater part of which, namely
$37,974,811, came from Canada, with $14,695,257 from
France, $3,243,232 from China, $2,629,352 from Chile and
$2,000,000 from Japan. Of the exports of the metal,
$12,589,644 went to Germany and $995,834 to Colombia.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THB
UNITED STATES, BY COUNTRIES.
GOLD.
Total.
Exports.
Imports.
SILVER.
Refined Bunion.
Ezpons.
Imports.
14.889.88561.961.088 12 055 OVA
A qq, AAA
Will the New Currency Be "Bound"?
The question whether this new currency will be sound will, of course, be
raised from the very outset. As to this, it should be enough to note that
the Commission's proposals call for issues of legal tender notes only against
an equal amount of British Government securities, long and short term,
in suitable proportions, one to another.
Such securities will be held, pound for pound, behind the legal tender
notes by a currency commission which is to be appointed in such a way as
to represent the banks and the public jointly. This commission, therefore.
surrounded by every possible safeguard, will be the continuing custodiax
of the ultimate fund which protects the note currency of the country. It
will keep the fund in British Government securities and it will accept the
obligations laid upon it by the proposed law, if enacted, to convert Irish
notes into British currency when, as and if demanded by their holders.
Total (Includes Coin).
Exports.
Imports.
Ounces.
s
CountriesOunces.
3
s
$
Bulgaria
642
14,895,257
France
8,155
12,589.844
Germany
272,448
150,514
109
1,577
Italy
4,353
2,250
Netherlands_
Norway
320
2,592
2,420
Spain
3,981
Sweden
.4,028
345 550,808
United Kingd_
312,682
928
47,052 37.974,811
Canada
83,054
2,400 138,242 807,351
32,828
Costa Rica-3i
1,274
730
Guatemala_
14,584
478
264
12,914
Honduras
217,853
116,827
31,247
Nicaragua _
34
2,653
Panama
18,800
1,792
3,000
Salvador
823,123 591,885
Mexico
4,114,144
81,099 8.288,788
Trinidad and
Tobago
520
Other British
•
West Indies.
500
220
Cuba
630
5,000
DutchW.Indles
12,760
Haiti
8,419
107,000
Argentina
22,328
9,759
5,518
6,909
Bolivia
82.634
Brazil
15,000
Chile
2,829,352
244,845
Colombia
995,834
161,031
9,073
1,358
5.216
828
Ecuador
104,164
3,577
Dutch Guiana_
1,278
Peru
179,070
1,009,930
Venezuela__
50,140
British India..
8,191,177
3,406,610
British Malaya
235,352
China
3,243,232 5,922,838
3,287,674
8,279
Hongkong
273,860
Japan
2,000,000
Philippine Id_
/49,374
1,629
Australia
1,520
858
New Zealand_
18,293
20
•
Brit. So. Africa
895,000
798
Mozambique _
8,230
9,874
Total
987
7 1Q1210s
Kann Kw,
Proposed Plan of Currency Reform in Ireland-Central
Agricultural Bank.
H. Parker Willis, Chairman of the Irish Free State Banking Commission, and editor of the New York "Journal of
Commerce," furnishes in the Feb. 11 issue of his paper an
outline of the currency reform plan proposed in the reports
of the Banking Commission (in Ireland). In his article
(which is copyrighted) Mr. Willis points out that the reports are of interest not merely in the Free State, but also
in England and in the United States. In part the article
says:
Britsh Currency Is Basic.
The existence et a rate of exchange between Ireland and Great Britain
or between Southern and Northern Ireland will thus be out of the question. . . .
I What of the Irish Banks?
The Irish banks have maintained themselves without shock or disturbance for many years past, and have done good service to the community.
They will continue to do the same service, in the same way, under the
new plan. If there are some of them which regret the loss of a part of
a monopoly note issue privilege which they have so long enjoyed, the answer
may very properly be made to them that they have DO vested right in any
such privilege, and that it is for the best interests. of the community that
an equitable division lie effected.
The Irish banks under the new plan will be required to show the possesskin of liquid assets or of sound securities before they receive their notes,
but in all other respects the issue to them will be unrestricted, save in
the fact that a maximum limit has been set to the amount that each can
have. Whether the setting of such a limit is wise or not is a large question.
It has been answered in one way in various European countries, and in
another in the United States. The plan of the Banking Commission at
least preserves the methods and practices that have long been in vogue in
Ireland.
The status of the Irish banks will in principle be nowise altered, and
need not be altered in fact or technique if the new Currency Commission
successfully adapts itself to the convenience of the banks and endeavors to
provide them with notes in such a way as to fulfill all their several necessities, as may be most expedient for them.
Why No Central Bank.
Perhaps it will be thought a central barking institution might well have
been introduced and have been given charge of the new note issue. Such
action would have been expensive and unnecessary. There is no discount
market in Dublin, nor is there likely to oe necessity at a very early date
to develop one there.
The creation of a full-fledged central bank would have been at this time
the establishment of an institution of dubious future, involving an expense
which would almost certainly have eaten up more than the profits to be
anticipated from the change in system. A central bank may later he
desirable for Ireland, and if so the experience of the new Currency Commission will have laid a foundation for it. It is not so necessary at thie
time.
Exactly what the Currency Commission must and shall do and how it
shall sperate are matters to be carefully studied and gradually worked out
through experience.
Great Britain's Iniertst in the Matter.
Great Britan has an important interest in seeing this plan carried
through to success. It would have been an easy matter to devise some
scheme that would have called for the presentation of British Government
notes for cashing in gold, such gold to be taken to Dublin to be there used
as the basis of banking and of nste issue. A central banking scheme would
shiest eertainly have involved some reliance upon such a method of transfer of specie, whether greater or less in extent.
Nothing of the kind is involved in the new plan; no shock to British
ability to go on with gold conservation and the restoration and mainThe Commission's Recommendations.
tenance of parity in the currency. There is nothing in the new plan that
The Commission's recommendations can be briefly stated, if
freed from need bring any dislocation of prices or any mal-adjustment between British
all technical details. The Irish Free State has since its separate organza- and Irish markets. It throws no burden upon Great Britain or the Bank
tion been working more or less informally upon a currency base furnished of England, either in the way of furnishing god or of protecting the new
by Great Britain during the pre-war days.
system after it has been started.
Irish banks have retained the privilege of note issue since the period beIndependent of London.
fore the Bank Act of 1844 and while some of the institutions which have
The system may, and should, be wholly independent of the London finansprung into existence during later years do not enjoy a participation in
this privilege, note issue is, nevertheless, recognized as being an individual cial authorities, and should constitute no draft whatever upon their assistance. . . .
banking function, just as has been the ease in Scotland.
The ether Reports.
Great Britain's legal tender notes circulate freely in the Irish Free State
•
and British coin, both silver and copper, constitutes the subsidiary circuThe Banking Commission has filed four reports and what has been said
lation. The Bank of England note is as welcome there as it is everywhere thus far relates only to the first of them. Of the remaining three, the only
else.
one that is of interest outside of Ireland is the second, which has to do
The New Irish Currency.
with agricultural credit, and even this is not of much more than local
What is now proposed is to issue Irish Free State :evil tender notes to concern.
It provides for the establishment of a central agricultural bank, authortake the place of the British legal tender notes and to enlarge the paper
circulation somewhat in order to supply any deficiencies left by the with- ized to make loans to farmers and co-operative associations, and to receive
drawal of the various forms of British notes. The Irish banks would con- deposits, but not to carry checking accounts. Its duty is that of reorganiztinue, as heretofore, to issue their own notes, but these notes would now ing the agricultural credit system of the country and of enlarging the
be redeemable in Irish legal tender notes instead of in British legal tendi.rs. channels through which agricultural borrowers get access to the financial
Moreover, the total issue of Irish bank notes would be divided roughly, markets.
It is intended to be a government institution in the sense that the governaccording to volume of operations, between all of the Irish banks instead
of being confined to those which were note issuers in 1844. The Irish ment guarantees its obligations in order to make them salable, but it is to
be a private institutiion in the sense that its personnel and officers are to
Free State has already approved a coinage plan which, when carried into
operation, will provide Saorstat Eireann with its own subsidiary eoinage. be non-governmental. It is to compete in no way with existing banks, but
This may or may not be made effective before the date when the new is to supplement them. In fact, one of its purposes will be to assist existcurrency system proposed by the Banking Commission is provided for, but ing banks by taking over from them long term or non-liquid, or "frozen,"
in any case, action taken with regard to it will not affect the Commission's obligations whch these other banks may have assumed in the course of their'
proposals one way or the other. The latter may as well be introduced with lending operations and which they have been obliged to "carry" because
their makers could not liquidate them.
British silver and copper in circulation as they may with Irish coin.
Thus the effect of the recommendations of the Banking Commission, so
far as they concern currency and banking in the narrow sense of those
words, would be merely to substitute Irish for British legal tender notes Falling Off in Industrial Profits and SavingsPeposits
and to divide the bank note privilege among all of the banks instead of
in Great Britain Since War.
confining it to some of them. There would be nothing to prevent British
Declines in industrial profits and savings deposits in Great
notes from being paid out and circulating just as heretofore if the public
desires to use them and it is reasonable to expect that many of them may Britain sinc6 the war were revealed in a report issued on
be brought into Ireland, disbursed there, and retained in circulation.
Feb. 16 by the Sir Arthur Balfour Committee on Industr
Perhaps it should be mentioned that the new or proposed plan, like that
and Trade, which was appointed by the Labor Governme
which is now in effect, will be based upon pounds, shillings and pence and
will make no change whatever in the accounting system of the country. in 1924. A London cablegram to the New Yo k "Times"
The Irish pound will be the same as the English pound.
(copyright) from which this is learned, a :
988
THE CHRONICLE
The report shows a decrease in distributed trading profits of £100,000,000
a year and a drop in national savings of £150,000,000 a year. There has
been no decline in workers savings, but there has been less saving by the
middle class, owing to heavy taxation. The report denies that the nation
is extravagant. It says:
"The entire expenditure of the population on amusements subject to the
entertainment tax is not much over 150,000,000 a year, while the consumption of alcoholic liquors declined 40% between 1913 and 1924."
It is pointed out that direct taxation increased from 184,600,000 in 1913
to /427,000,000 in 1925-26, and that local rates jumped from 179,000,000
to 1166,000,000 in the same period.
On the subject of trade combinations the report says that the consolidation
of businesses in this country has not proved so attractive as in the United
States. The powerful and established position in Great Britain of independent merchant houses probably accounts for the fact that combinations
are of slower growth here than in the United States and Germany, the
report suggests.
(VOL. 124.
cal pressure they may be carried entirely too far and constitute a real menace against proper payment of loans privately made. There are no definite
Indications at this time that the eventuality is in sight and it is to be hoped
that this movement may be brought within proper control. If so, the
general trend would indicate that the balancing forces that make for economy in all likelihood would be strong enough to maintain a sound inter:
national credit.
German Press Criticises Declarations of Henry M.
Robinson on Germany's Ability to Meet
Reparation Payments.
The statement by Henry M. Robinson, President of the
First National Bank of Los Angeles, that Germany is fully
capable of paying her reparation annuities under the Dawes
Plan was indignantly commented on in the German press on
Portugal to Levy Tax on Revolters—Instigators of Feb. 15. A copyright cablegram to the "Herald-Tribune"
in stating this added:
Uprising to Be Sought dut.
"We have in
yet Mr. RobinAssociated Press advices from Lisbon, Feb. 14 appeared son claims thatGermany about 2,000,000 unemployed, and represent a loss
the 100.000 men serving in the Reichswehr
as follows in the New York "Evening Post."
to the productive forces of our industry," says "Taegliche Rundschau."
The government intends to hold a strict investigation for the purpose of "This reference suffices to reveal that Mr. Robinson is a schoolboy at
ascertaining who supplied the funds for the late revolution, for Which, it is figuring."
"As a member of the Dawes Commission, Mr. Robinson is trying to talk
declared, preparations were going on for many months with immense
the world into the belief that revision of his own handiwork is unnecessary,"
expenditures.
The revolutionists, it is asserted in official oircies, secured quantities of the newspaper continues "Taegliche Rundschau" also attacks Mr.
arms in Spain, which were brought to Lisbon and Oporto, and most of these Robinson for saying that the nations will have to borrow from America to
pay for German exports.
arms were abandoned in the streets and hiding places.
"So America will have an excellent market for her surplus capital, will
A commission is to be appointed to estimate the amount of the material
damage done by the revolution, and a heavy tax, it is understood, is to be earn much money and will become the financial master of the whole world.
levied on the personal fortunes and salaries of those persons directly or No wonder it is the heartfelt desire of Mr. Robinson to stabilize the Dawes
Plan, if possible, for all eternity," it continues.
indirectly participating in the revolt.
"Lokal Anzeiger" says that since the Treaty of Versailles forced Germany
to abandon conscription for a paid army, her small army to-day is costing
her more than her monster fighting machine in the pre-war days. How can
H. M. Robinson of Los Angeles, Dawes Commission
Germany pay her Dawes annuities with her exports when the foreign naMember, Says Germany Can Meet Reparations
tions are closing their markets with tariffs, it asks. It cites in this connection the ban on German pig Iron that Washington has just imposed.
Payments and Prosper—Investigation Sub"Boersen Courier," a financial paper, asserts that it is not the to tal,of the
mitted to National Foreign Trade Council.
Dawesannuities which Is the main issue. but the transfer question,especially
In an investigation submitted to the National Foreign deliveries by Germany without exchange by other nations.
Trade Council on "Can Germany Keep Up Her Payments?"
Henry M.Robinson, co-framer of the Dawes Plan and President of the First National Bank of Los Angeles, declares that
the German people are now in a position to pay their full
reparations annuities and still prosper under them, since
careful study of Germany's present condition shows that
"the reparations burden is probably less—certainly no
greater—than Germany sustained in maintaining her own
war establishment before 1914." Mr. Robinson says:
J. E. Sterrett Proposes That Nations of World Confer
to Determine Germany's Final Indemnity.
Referring to the progress of Germany as "beyond belief,"
J. E. Sterrett, who retired in January as American member
of the Transfer Committee under the Dawes Reparations
Plan, declares that payments by Germany cannot continue
"for all eternity" and he proposes that the nations of the
world meet to "determine Germany's final indemnity." Mr.
Sterrett is quoted to this effect in a dispatch from Washington Feb. 7 to the New York "Times," his comments occurring after he had discussed with President Coolidge the economic situation in Germany and other European counties.
From this dispatch we take the following:
Comparing the full burden of the reparations collection which will come
due in 1928-9—$625,000,000 per year—we find that the actual accountedfor outlay for the maintenance of the military department of the German
government for the year ending March 31 1914 was over $407,000,000, that
is, over two-thirds of the annual standard reparations payment. To this
should be added the free services from the usual governmental agencies,
such as free transportation of men and materials on all railroads, a certain
"Two years ago the finances of Germany were in a state of utter desolaproportion of the ship subventions, and the loss of the productive power of
the men so withdrawn from industry, and we find a considerably greater tion," Mr. Sterrett said upon leaving the White House. "She went on a
burden in thesupport of the military than is required for reparations. Thus. gold basis, started saving, and this year she will be able to pay her inalthough the standard annual collection for reparatiors may seem to consti- demnity of $375,000,000 while raising an internal loan of $125,000,000.
tute a heavy burden, yet when all factors are considered it is not more Her progress has been beyond belief.
burdensome and is probably less so, than her own pre-war military costs.
"The Dawes Plan contemplates that Germany shall pay a war debt of
It may be that financiers in certain European countries allow the wish to $625,000,000 a year for all eternity, as long as man is on the face of the
father the thOught so far as German economic instability is concerned. But earth. That, of course, can't be done.
it is rather surprising that bankers and economists in the United States
"Accordingly, the nations of the world, in a spirit of peace and conshould be expressing opinions to the effect that there must be a revision of ciliation, should sit down soon and determine Germany's final indemnity.
the Dawes Plan. The present attitude of Germany's business leaders does The state of mind has prevented that in the past. All these matters are
not afford any ground for doubt concerning the country's ability to pay.
75% state of mind and 25% economics. And that state of mind has proAll that will continue to be required of Germany,according gressively improved. The Dawes agreement was a manifestation of it. The
a wonderful solvent.
to Mr. Robinson, is that 95% of her present income must Locarno compact was another forward step. It ishelpful. Germany knows
"Passage of the Alien Property bill would be
support the full 100% of producers while the remaining 5% that these problems are not settled overnight, but failure of tho bill to pass
is applied to reparations. The annual income of Germany, was the cause of some disappointment there."
Mr. Robinson points out, is about $14,000,000,000 or more
Mr. Sterrett's return from abroad was noted in our issue
than twenty times the reparations payment, while reduced of Feb. 5, page 715.
to worker's hours, a little over two hours per week out of the
forty-eight per worker will produce the workers' contribution
German Government Loan Big Success.
to the credit in the Reichbank. Germany is not "staggering
A Berlin cablegram to the New York News Bureau from
under the Dawes Plan," Mr. Robinson maintains, but will the Central News Feb. 14 says:
be a great surplus exporter of goods and materials as a result
The 500,000,300 reichsmark German State 5% loan which was offered
of the liquidation of reparations credit. She passed France at the close on Saturday at 92 was heavily oversubscribed. The successful
of the fact that the
last year as the world's third exporting nation, sending outcome has created widespread surprise on account taken to demonstrate
interest is lower than on any previous loan. This is
abroad 65% of the volume she moved before the war, or that Germany's financial po.sition is becoming sufficiently strong to justify
$2,350,000,000 worth of goods, $200,000,000 of which came a break from the practice which has been in force since mark stabilization and cease borrowing from foreign countries.
to the United States. He adds:
The United States will be facing the forced exportation of German products to the value of something more than half the standard annual payment, possibly $350.000,000 a year. Apart from the development in new
countries in "colonial enterprises" and "assisted schemes," the way by
which other countries can continue to take German goods, and to absorb
their share of these large German exportations, will be for America to
continue making loans to and investments in these countries. Thus
American bankers will have a continuing and probanly increasing incentive
to handle foreign loans and investments. The present outlook, all things
considered, is that we shall continue these loanIngs in substantial amounts
for some years."
Mr. Ifobinson adds a word of caution on the danger that
still exists in extending so-called municipal loans to Germany.
On this point he says:
The borrowings of the political subdivisions of dermany, state and municipal,should be watched as herein lies a danger that because of the politi-
Reduction of Dole Proposed in Britain—Committee
Recommends That State, Employers and Employees
Contribute a Third Each.
The "dole" is to be continued in Britain but on a greatly
reduced scale, says a copyright cablegram, Feb. 10, to the
New York "Times"from London, from which we also quote
the following:
Radical changes were recommended by Lord Blanesgurgh's Unemployment Insurance Committee, whose report was issued today, in benefits,
contributions and administration.
The State's contribution to the scheme is to drop to one-third, the other
two-thirds being contributed in equal amounts by employers and employees.
The benefits for young people between the ages of 18 and 21 will be substantially reduced—from 15 to 10 shillings a week in the case of young men
VER. 19 1927.]
THE CHRONICLE
and from 15 to 8 shillings a week for young women. The contributions by
both employers and workers will be reduced so that, taking the case of a
man, the total contributions will be a shilling 3 pence, compared with the
old contribution of a shilling 11 pence.
There will be no reduction of the adult woman's benefit, but the adult
man's benefit will be reduced from 18 to 17 shillings weekly.
The committee, whose unanimous report was signed by its two Labor
members, Frank Hodges and Miss Margaret Bondfield, considers that the
unemployment insurance scheme should be a permanent feature of the
British social code, but the hope is expressed that its recommendation will
leave less temptation for the idler.
Berlin Reserve of Foreign Bills Down—Decrease of
Borrowing Abroad Causes Draft on Reichsbank's
Exchange Holdings—Dr. Schacht Shows That
"Exchange Reserve" Fell from 1,340,000,000
Marks to 106,000,000.
989
This move would cost Poland between $5,000,000 and $6,000,000, but it
is considered a good investment as a means of swinging public opinion.
Parliament is buss preparing the way for the Loan Commission sent to
America. The Finance Minister told the Sejm that negotiations were progressing favorably, for the government was aided by the encouraging reports
from the Bank of Poland and the nation's success in balancing its budget.
The government is discouraging private loans and is refusing to guarantee a $5,000,000 loan to industrialists, fearing that it might endanger the
success of the goverment's efforts.
The break in the Polish-German trade negotiations is being severely criticized in industral and financial quarters, since it was hoped that on account
of the fluidity of money Germany's financiers would consent to act as
mediators in the American loan negotiations.
Poles Coming Here for $100,000,000 Loan—Commission
Will Report That Warsaw Is to Adopt
Financial Plan of Kemmerer.
Reviewing conditions on the Berlin market during the
It was reported in a wireless message from Warsaw under
week ending Feb. 11, the Berlin correspondent of the New date of Feb. 7 to the New York "Times" that in connection
York "Times," in a cablegram (copyright), under date of with the departure of the Polish Government delegation to
Feb. 13, said:
America for the purpose of negotiating a $100,000,000 loan,
Money continued plentiful last week on the Berlin market. On Friday it became known that every effort will be made to change
the day-to-day rate varied between 3M and 5 %, which is very low,
although above the lowest level reached in recent months. The reason why the parliamentary policies of the Administration to conform
no further decline occurred was withdrawal of large MIME in foreign balances with the suggestions of Professor Kemmerer, American
as a result of the Reichsbank's latest reduction of its discount rate.
financial expert, for putting the Treasury on a solid footing
But another influence on the market has been the drying up of loans to
Germany placed a aroad, part of the yield of such loans. As Reichsbank and the economic future of Poland on a basis warranting
President Schacht emphasizes in his new book on "Stabilization of the capitalists advancing funds for carrying out industrial imMark," par'.; of the profits ofsuch loans is always exchanged for reichsmarks,
thereby temporarily increasing the supply of cash on the home market. provements which have been planned. The message added:
The government now announces that the budget will be balanced and the
New foreign loans during January aggregated only 12,000,000 marks,
whereas they reached 116,000,000 in December. Dr. Schacht's book also Polish National Bank instructed to restrict future note issues, in conformthrows light on the amount of the Reichsbank's total holdings of foreign ity with Professor Kemmerer's advice, to an amount which will cause no
exchange. The hank's weekly return shows only that part of its exchange further depreciation of the zloty.
holdings which is tied up with the actual gold reserve for the securing of
The number of banks throughout the country will be greatly reduced, and
note circulation.
the government intends closing those with doubtful backing or insufficient
The book shows, however, that the total of other "non-earmarked" capital. Regarding the stabilization of the zloty, Poland wishes first to
exchange varied in 1926 between the limits of 817,000,000 and 610,000.000 confer with an international group of financiers to determine ways and
marks. It reached its recorded maximum with the 1,340,000,000 on means and the exchange rate. The Vice-President of the Bank of Poland
February 1925 and its minimum of 106,000,000 in September 1925. In the heads the commission.
last months of 1926 the amounts slightly increased and in November had
reached 730,000,000.
Wales Loan—
The Reichsbank's return of last week, covering the position of Feb. 7, Better Terms in New York on New South
Premier Says London Price Was Too High.
shows further and large decline for the week of 128,000,000 marks in the
payments of holdings of legal cover exchange, which has now shrunk to
From Sydney Feb. 15 the New York "Times" reports the
293,000,000.
Great interest is taken in the report on Germany's savings banks deposits following cablegram (copyright):
for 1926. They increased during the year from 1,628,000.000 marks to
Premier Lang of New South Wales, replying to criticisms in Parliament
3,090,000,000.
for obtaining a loan in New York, declared that he warmly resented any
suggestion of disloyalty and asserted that New South Wales under his Labor
Indirect Taxation in Germany Increasing—Provided Administration had given Britain a greater measure of preference than any
previous government
34 5-8% of Public Revenue in 1926, as Against
"I used every endeavor," he said, "to get money in London and failed.
12 1-3% in 1924.
London offered a loan at 91, which I refused. When I did so I was inLondon's last word. I replied that better terms were
The following from Berlin, Feb. 13, was contained in formed that it was did I go to America. If I had not done so I would
essential. Only then
copyright advices to the New York "Times":
have been robbing the people of New South Wales."
The ordinary budget account of the Federal Government for the first
The bill authorizing the loan was seconded.
of the current fiscal year shows a revenue of 5,619,000 marks,
three quarters
an expenditure of 5,548.000,000. The surplus, including the nine months'
share of surpluses carried over from 1924 and 1925, is 371,000,000. The Canada to Call in Coins—Dominion Seeks to Gather
extraordinary account shows revenue of 1,600.000, an expenditure of
Smaller of Two Five-Cent Pieces.
477,000,000.
Official analysis of taxation results since the currency stabilization at the
A special dispatch from Montreal, Feb. 12, to the New
beginning of 1924 shows notable increase in the incidence of indirect taxes.
York "Evening Post" said:
In the first quarter of 1924 taxes on property and business produced 87.69%
The request of the Retail Merchants Association of Canada for the withof the total yield, and customs and excise 12.31%. In the last quarter of
drawal of one or other of the Canadian five-cent coins from circulation will,
1926, however, the percentages were, respectively, 65.37 and 34.63%.
interpretation being put on "worn
The main reason for this large reduction in the proportion provided by it is said, result in a much more liberal
order that the small five-cent pieces may soon all
direct taxes is the cut in the rate of the sales tax and the quadrupling of the and defaced coinage" in
be withdrawn from circulation and melted down for other coin. The
customs yield, while the excise collections on tobacco increased five times.
Government is likely to retain the large nickel coin.
The large nickel coin was authorized for issue in 1921, but the issue has
the large number of the
not been rapid
Redemption of Bonds of Hungarian Reconstruction circulation sinceowing toand the consequent lack ofsmall five-cent pieces in
demand for new coinage.
the war
Loan of 1924.
Efforts will be made to call in the smaller coinage.
Speyer & Co. as fiscal agents for the Hungarian 7%%
Reconstruction Loan of 1924 have purchased for account of Surcharge on Mexican Imports—Decree, Effective
the Hungarian Government during the financial year 1926March 4, Abolishes Visa Fee on Shipments.
1927, $251,900 bonds of this loan for cancellation through
The following is from the "United States Daily" of Feb. 11
the sinking fund.
A new Mexican surcharge on imports,to be based on the value of the goods
Receipts from Revenue Pledged for Hungarian
Reconstruction Loan,
The Royal Hungarian Minister of Finance in his latest
report states that the receipts from the revenues pledged for
the 7%% Reconstruction Loan for the month of December
were $5,055,000. The receipts for the calendar year 1926
were $53,760,000, or about eight times the annual interest
and sinking fund requirements of the loan.
Poles Plan to Repay American Depositors—Minister
Would Reimburse All Who Lost Savings as Move
to Easy Way for Loan in United States.
in Mexico, will replace the present visa fee on consular imports, which is
based on the value of the goods at the point of shipment,the Department of
Commerce stated on Feb. 10. The full text of the statement follows:
In accordance with two decrees effective March 4, the Mexican requirement for the presentation of a consular invoice and the payment of a visa
fee of 5% of the value of the goods at point of shipment from the exporting
country are abolished, and a duty surcharge of 6% on the value of imported
merchandise is substituted for the fee, according to cables received from
Acting Commercial Attache George Wythe at Mexico City.
The new surcharge is to be paid in gold pesos to the Bank of Mexico or its
correspondents, after custom house formalities are completed but before the
clearance of the goods. The prices shown on the commercial invoice will
be taken as the value on which the surcharge will be levied, provided that
this value is no less than the minimum valuation established in the second
decree for each item ofthe tariff.
Mexican Treasury officials advise that further changes and explanations
win be published before March 4. The status of the commercial invoice
has not yet been affected but some change will probably be made before the
decree becomes effective.
The following copyright message from Warsaw Feb. 16
Dr. Winkler, of Moody's Investors' Service, on Source
was reported by the New York 'Times":
Americans of Polish descent who deposited money in Polish savings banks
and thereby incurred heavy losses through depreciation of the fc.rmer nm.
tional currency would receive full compensation under proposals of the
Finance Ministry, which is anxious to make a good impression in America
now that Warsaw is negotiating for a loan of $100,000,000.
of French Gold Shipments to United States.
"If one takes into account the fact, that French loans
obrained within the past five months in foreign countries,
especially Switzerland, Holland, Sweden and, as seems most
990
THE CHRONICLE
[vol.. 124.
probable, the United States, aggregate about $105,000,000,
the 'mystery' said to be surrounding recent shipments of gold
by France to this country can be easily explained," says
Dr. Max Winkler, Vice-President of Moody's Investors
Service. The statement of Moody's, made public Feb. 11,
goes on to say:
These bonds will be the only external obligation of the City of Cordoba,
which pledges its full faith and credit for the punctual payment of principal,
interest and sinking fund. In addition, these bonds are specifically secured
by a first charge on certain revenues, which for the last three years have
averaged $529,417 per annum,and for the calendar year 1926 were $599.819.
The annual service on these bonds for interest and sinking fund amounts
to $373.560.
Beginning in February of each year total pledged revenues are to be
Towards the end of August 1926 the French State Railways controlled deposited daily
account in the
a loan in Switzerland to the amount of Fcs. 60,000,000, or about $12.000,- deposits equal ain a special service on theseBank of Cordoba until such
full year's
bonds. These deposits are
000. This issue was followed by a similar amount placed in Holland and applicable solely to such service,
and one-twelfth of the annual service is
Switzerland. In all, ten French loans were placed, including five in behalf to be remitted monthly
directly to the fiscal agents.
of the State Railways, one for the Moroccan Railways, one for the Midi
The total receipts of the city show a steady growth. They have inRailway, one for the Alsace-Lorraine Railways, one on behalf of the City creased from
2,217,405 pesos in 1921 to 5,074,339 pesos in 1925. Receipts
of Paris, and one for a chemical company. A careful investigation made for the past three
years have been in excess of the disbursements for the
by Dr. Winkler would seem to disclose that approximately 26% of the total same
period.
was supplied by America, or about $27,500,000. Salient features of the
The Constitution of the Province of Cordoba limits the total amount of
above loans are presented hereunder:
loans which any municipality may contract to an amount the service on
Issue—
Amount. Prim of Issue. Principal Places of Issue
which shall require not more than 20% of certain of the municipal revenues.
State Railway Ts
.60,000,000
94
Switzerland
For the past 20 years there has been no record of default in payment of
State Railway 78
830.000,000
94
Holland, Switzerland
either principal or interest on any debt of the City.
Moroccan Railway 7s
x20,000,000
Holland. Switzerland
944
Alsace-Lorraine Ry, 7s•75.000,000
95
Holland, Switzerland
Application will be made to list the bonds on the New
State Railway Ts
x5,000,000
95
Switzerland
State Railway 78
York Stock Exchange. Conversion from Argentine nax20,000,000
Holland
954
State Railway Ts
•150,000,000
Switzerland. Holland, Sweden tional
9734
currency into United States dollars has been made at
City of Paris 78
128,000,000
HoUand, Switzerland
9534
Kuhlmann Co
•15,000,000
Switzerland
par of exchange, 42.45 cents to the peso. Current rate of
Midi Railway es
x100,000,000
Switzerland
•Swiss francs. x Guilders. z French francs.
French Treasury Loan Oversubscribed.
Paris Associated Press cablegrams Feb. 15 said:
The 4.000,000,000-franc Treasury issue of 7% 15
-year bonds to replace
the 6% issue maturing in 1926 was oversubscribed to-day before the books
were opened.
Bohemian Glass Works Bonds Offered.
F. J. Lisman & Co. and First Federal Foreign Investment
Trust formally offered on Thursday at 973 and interest,
to yield over 7.20%,$1,500,000 First Bohemian Glass Works,
Ltd., 7% closed mortgage secured 30
-year sinking fund gold
bonds. The issue was oversubscribed the day of offering.
Each $1,000 bond carries a stock purchase warrant entitling
the holder to purchase ten shares of the common stock of
the company at $20 per share during 1927; $21 during 1928
and $22 during 1929.
In addition to security by a closed first mortgage,the bonds
are secured by a first lien on all prooeeds from the sales of the
company's products abroad, to be collected by the Bohemian
Union Bank in Prague and set aside as a special trust account.
The total value of the security other than this lien is $4,836,000, equal to $3,224 for each $1,000 bond. The proceeds
from the sales of the company's products abroad in 1926,
as reported by Messrs. Price, Waterhouse & Co., accountants, amounted to $1,584,464.
The company's earnings for 1926 were equal to more than
43 times annual interest and sinking fund charges on this
loan. Capitalization on completion of this loan will consist
of 75,000 shares of common stock, ef which 50,000 will be
outstanding, in addition to the present bond issue.
he
purpose of the issue is to liquidate bank loans and provide
additional working capital. Further data in connection with
the offering will be found in our "Investment News" Department, on page 1073.
Offering of $4,669,500 7% Gold Bonds of City of Cordoba
(Argentine Republic)—Issue Oversubscribed.
An offering of $4,669,500 7% external sinking fund gold
bonds of the City of Cordoba, Argentine Republic, was made
by White, Weld & Co. and Blyth, Witter & Co. on Feb. 16
at 98% and accrued interest, to yield over 7.10%. It was
announced the same day that the bonds had been oversubscribed. The issue will be dated Feb. 1 1927 and will
mature Aug. 1 1957. As to the purpose of the issue it is
announced:
The law authorizing this loan provides that the proceeds shall be applied
to the redemption of existing debt of the City to the amount of $1,939,307
and to street widening and the construction of public) works.
A sinking fund will be provided calculated to retire entire
issue by maturity through purchase up to 100 and interest
or redemption by lot at that price. The sinking fund may
be increased at the option of the City. The bonds, coupon
in denominations of $100 and $500, will be registerable as to
principal. Principal and interest (Feb. 1 and Aug. 1) will
be payable at the office of White, Weld & Co., New York,
FiscallAgents, in United States gold coin of the present
standard of weight and fineness, without deduction for any
Argentine national or local taxes, present or future. Advices
from Emilio F. Olmos, Mayor of the City, and other sources,
state in part:
The City of Cordoba, population 199,200, is the capital and commercial
and financial centre of the Province of the same name. It was founded in
1573. and is the seat of the National University of Cordoba.
exchange is about 41.65 cents to the peso. It is expected
that delivery will be made in the form of interim receipts or
temporary bonds about March 1.
Offering of $3,000,000 7% Bonds of Agricultural Mortgage Bank of Republic of Colombia—Issue Sold.
A syndicate consisting of Hallgarten & Co., Kissel, Kinnimitt & Co., Halsey, Stuart & Co., Inc., Lehman Brothers,
Cassatt & Co., and William R. Compton Co. offered on
Feb. 15 a new issue of $3,000,000 Agricultural Mortgage
Bank (Banco Agricola Hipotecario) Republic of Colombia,
guaranteed 20
-year 7% sinking fund gold bonds, priced at
971 and interest, to yield over 7.20%. It was announced
4
on the 15th that the bonds had all been sold.
The bonds will be dated Jan. 15 1927 and will become due
Jan. 15. 1947. Interest and sinking fund are unconditionally guaranteed by the Republic of Colombia by endorsement on each bond. The bank agrees to provide a semiannual cumulative sinking fund, calculated to be sufficient
to retire the whole issue by maturity, and operating through
call of bonds by lot at par and accrued biterest. Regarding
the redemption of the bonds it is announeed:
Redeemable on any interest date on 30 days' notice either (a) for account
of the sinking fund, at par and accrued interest, or (b) as a whole, at 105
and accrued interest, if redeemed on or before Jan. 15 1937, thereafter at
par and accrued interest.
The bonds will be in coupon form in denominations of
$1,000 and $500, registerable as to principal. Principal and
interest (Jan. 15 and July 15) will be payable in United
States gold coin at the office of Hallgarten & Co. and Kissel,
Kinnicutt & Co., fiscal agents of the loan, in New York,free
of all Colombian taxes, present or future. Hallgarten & Co.
and Kissel, Kinnieutt & Co. are Fiscal Agents of the Loan.
The National Bank of Commerce in New York is Registrar.
Information furnished by Dr. Lucas Caballero, Managing
Director of the bank, says in part:
These bonds are the direct obligation of the Agricultural Mortgage Bank
(Banco Agricola Hipotecario), formed in 1925 under the laws of Colombia
for the sole purpose of making loans secured by first mortgages on real
estate in that country. Under the law creating the bank, it may lend only
up to 50% of the appraised value of the mortgaged property.
The bank was founded with an authorized capital of 2,000,000 Pesos
($1,946,600) of which the Republic paid in 1,100.000 pesos, and the departments and municipalities paid in 439,650 pesos. By Law 75 of 1926 authority was given to increase the capital by 3,000,000 pesos, I. e., to a total of
5,000,000 pesos ($4,866,500). Pursuant to this Law, to the extent that the
departments and municipalities do not subscribe such increase by April 2
1927. the national government is authorized to take and pay for the additional shares representing said 3,000,000 pesos. The Board of Directors consists of five menbers, two of whom are appointed by the National Government.
The law creating the Agricultural Mortgage Bank requires that 20% of
the net profits shall be set aside annually as a reserve fund, until the reserve
shall equal 50% of the capital; the annual reserve thereafter being 10% of
the net profits. By the same law, the dividends accruing to shares owned
by the Republic are permanently set aside as a special guaranty reserve
fund for bonds issued by the bank; while the bonds themselves are by law
also guaranteed by the Republic.
The bonds of this issue, together with the outstanding bonds of the
$3,000,000 7% Issue of 1926, constitute the total funded debt of the bank.
Additional bonds may be issued from time to time in accordance with the
law, to provide funds for making additional mortgages, the total amount
being limited by existing laws to 25,000,000 pesos ($24,332,500)•
The total national debt, both external and internal, which in 1922 stood
at the equivalent of $46,948,000. had been reduced at June 30 1926 to
$23,407,000, a decrease of over 50%. In the current year the national
government has contracted an external loan of $10,000,000 to be devoted
to development of public works.
The banking system of Colombia follows the lines of the Federal Reserve
System of the United States, the Bank of the Republic having been established in 1923. This bank now has a fully paid in capital of 10,000,000
pesos, a circulation of 40,000,000 pesos and a metallic reserve exceeding
42,000.000 pesos. The currency of the country is on a gold basis, the peso,
which has a gold parity of $.9733, being now quoted at a slight premium.
Temporary bonds or interim receipts of the National Bank
of Commerce in New York will be deliverable in the first
instance.
INR. 19 1927.]
THE CHRONICLE
Offering of $1,000,000 5% Bonds of Atlantic Joint
Stock Land Bank.
Wilbard H. Compton Co., Halsey, Stuart & Co., Inc., and
Harris, Forbes & Co. offered on Feb. 14 $1,000,000 Atlantic
Joint Stock Land Bank (Raleigh, N. C.) 5% bonds, dated
March 1 1927 and due March 1 '1957. They are priced at
103k and interest, to yield approximately 4.56% to the
redeemable date and 5% thereafter to maturity. The bonds
are redeemable at par and accrued interest on any interest
date on and after ten years from the date of the issue. The
bonds will be in coupon form in denominations of $1,000 and
registered bonds in denominations of $1,000, $5,000 and
$10,000. Principal and interest (March 1 and Sept. 1) will
be payable at the Atlantic Joint Stock Land Bank, Raleigh,
N. C. Arrangements have been made whereby the coupons
may be presented for payment at the office of the New York
Trust Company in New York City. The bonds are issued
under the Federal Farm Loan Act and are exempt from
Federal, State, municipal, and local taxation; acceptable
as security for postal savings funds at their par value. The
bank operates in the States of North Carolina and South
Carolina, and its loans are made only in selected agricultural
counties in these States. Of the total amount loaned
approximately 90% is in North Carolina and 10% in South
Carolina. The average amount loaned per acre to date is
$21 72, which is but 34.13% of the appraised valuation of
the property. The following figures of capitalization and
earnings are made available:
As of Jan. 31 1927: Capital stock $750,000, subject to 100% assessment; and surplus, reserves, and undivided profits $241,643. Since the
date of these figures paid in capital stock has been increased to $825,000 and
paid in surplus has been increased by $15,000 making a total surplus, reserves and undivided profits of $256,643. Present net earnings are at the
rate of 14% per annum. Dividends on the capital stock are being paid at
the rate of 8% per annum. Total bonds outstanding, including this issue,
$13,600,00E1.
The following statement of the Atlantic Joint Stock Land
Bank, Jan. 31 1927 (as officially reported) is also furnished:
Acres of real estate security_
Appraised value of real estate security
Total amount loaned
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value
635,831
$40,464,000
$13,811,000
$63 63
$21 72
34.13%
The Bank is under private ownership and management.
A. W. McLean, President. He was for over twenty-five
years Pres. of the National Bank of Lumberton, North Carolina, and for four years director of the War Finance Corporation at Washington.
Offering of 5% Bonds of North Carolina Joint Stock
Land Bank of Durham.
At 103 and accrued interest, to net about 4.60% to the
optional date and 5% thereafter to redemption or maturity,
Dillon, Read & Co. and the Old Colony Corp. offered on
Feb. 15 an issue of 5% farm loan bonds of the North Carolina
Joint Stock Land Bank of Durham. The bonds are part of
an issue of $1,000,000 dated Sept. 1 1926 and previously
offered. They will become due Sept. 1 1956. The issue is
redeemable as a whole, or in part by lot, on Sept. 11936,
or any interest date thereafter, at 100 and interest. The
bonds, coupon and fully registered and interchangeable, are
in denominations of $1,000 and $10,000. Principal and
interest (March 1 and Sept. 1) will be payable at the Central
Union Trust Co. of New York and at the North Carolina
Joint Stock Land Bank of Durham, Durham, N. C. In
advices under date of Sept. 1 1926 to the banking houses
offering the bonds, Southgate Jones, President of the Bank,
says in part:
991
Hare & Chase, Inc., Affairs Watched by Bankers
Here—$4,000,000 Frozen Assets in Auto Finance
Paper Cause of Firm's Difficulties.
Both editorially and in its news columns the New York
"Journal of Commerce" comments on the difficulties of
Hare & Chase, Inc., dealers in automobile commercial paper,
for which a protective committee of preferred stock holders
was formed Feb. 4. Mention of this action is made in our
items this week under the head "General Investment News."
With reference to the attention which has been directed by
bankers to the affairs of the concern, the "Journal of Commerce" on Feb. 16 said:
Financial experts showed considerable interest yesterday in the announcement of the arrangements that had been made for taking over the
frozen assets of Hare & Chase, Inc., of Philadelphia, amounting to about
$4,000,000 of automobile finance paper, and thereby continuing the operation of the corporation.
The announcement was made by the attorneys for the Royal Indemnity
Co. in a letter to the preferred stockholders of Hare & Chase, Inc., and the
significance of the announcement was found in the general bearing that
the episode has upon the finance paper situation at large.
Several Well Known Ban's Overburdened.
This significance grows out of the fact that several well known banks,
both here and in neighboring cities, are overburdened with finance paper
of the type referred to and are obliged to recognize it as practically frozen.
One Boston bank alone has about $13,000,000 of guaranteed paper and it
was reported yesterday that what is feared is the early calling of demami
or, in ether cases, past due paper of this type by banks which are in need
of fonds as the result of hardening in money rates or of the elimination
of a margin of loanable power due to general inflation and expansion.
The situation is undoubtedly a very widespread one, and it was this which
induced the American Bankers' Association last autumn to have an investigation of the whole matter made by a committee of their own, which
rendered a report approving only partially and in a rather hesitant way
the idea of installment selling, while it gave no approval whatever to installment paper as an element in bank portfolios. The paper has been
attractive to a good many banks because not only of the high rate it carried but also the fact that the large service fee was usually exacted and
collected.
Policy of Banks Varies.
Some of the New York City banks a few months ago passed resolutions
forbidding the discounting of finance company paper, while others have
been disposed to restrict their lines and in other cases the tendency has
been on the part of both national and State examiners to reprimand small
banks which were disposed to allow themselves to beoome overloaded with
paper of this description. An exception has been made by some in favor
of finance paper that was guaranteed by a surety company, it being the
belief that in such cases the surety company would look into the credit
risk sufficiently to protect itself. The truth of the matter is that in a
good many instances surety companies have failed to distribute their risks
sufficiently, due to the fact that the type of business was new to them and
experience had been lacking to permit of adequate diversification. In
comother cases banks have been disposed to advance money to finance
actual
panies on the basis of collateral security, which usually consisted of
coltitles to or mortgages on the goods themselves. The goodness of this
never
lateral depends entirely on the ability to sell used articles, which has
to some the time is near when a
been tested on a large scale. According
a good
test of that kind is likely to be made, and in such circumstances
insufficiently protected.
deal of such paper is believed likely to prove
Amount of Finance Paper.
There is no absolute knowledge as to the amount of finance paper which
estimated that from
is afloat, but an authority in the motor trade recently
$6,000,000,000 to $8,000,000,000 of it was probably outstanding in this
is believed to
country at the present time. Of this, fully $4,000,000,000
it is very widely disbe in the banks in one way or another, and while
to get
tributed the country over, finance companies having taken pains
felt to-day is
large lines at as many banks as they can, the danger that is
that have kept
that some of them will prove too heavy even for institutions
bank failures finance
their lines fairly small. In some of the Western
paper has figured as a difficult factor.
organization of finance comIn order to assist the liquidation a central
or rediscountpanies was organized a short time ago with a view to testing
announcement of the situation
ing such paper, but there has been no public
it will
which was found to exist in the industry or of the extent to which
be able to bring about liquidation. Taken all in all, the existence of so
term paper based on consumable purchases, no
large an element of long
matter whether or not guaranteed, is regarded by a large number of authorities as unquestionably a difficult factor in the present banking situation.
Exactly what surety companies will do when they find it necessary to act
with regard to paper which they had guaranteed and which has been called
has been in doubt for some time and this has made the action in connection
Below are given essential statistics of outstanding loans as of Aug.311928: with Hare & Chase, Inc., particularly interesting. In a letter to the preTotal amount loaned
$12,553,800 CO
ferred stock holders of that company, the attorneys of the Royal Indemnity
529.874 acres Co. write as follows:
Acreage covered by loans
$31,951,677 00
Appraised value of land
to
"In these arrangements it is understood that it has been necessary
Appraised value of improvements
10.28.470 00
additional
42,250,147 00
Appraised value of land and improvements
turn over the control of the company to the parties providing the
com23.69
Average loan per acre
funds, and these parties will hereafter direct the operations of the
60.30
Average appraised value per acre of land only
pany. Under the circumstances, the interest of the preferred stockholders
Average appraised value per acre of land and improve79.73
can best be served by concerted action through a committee."
ments
well-knovrn
39.29%
Percentage of loans to appraised value of land only_ _
As stated in the "Journal of Commerce" last week, the
involved in the
Percentage of loans to appraised value of land and
Philadelphia agency firm of Hare & Chase is in no wise
29.71%
improvements
affairs of Hare & Chase, Inc.
History and Management.
The editorial which appeared in the "Journal of ComThe North Carolina Joint Stock Land Bank received its charter from the
Federal Government in July 1922. The original capital stock was sub- merce" of Feb. 17 is reproduced herewith:
aexibed for at par or at a premium by offleers and directors of the First
A Banking Danger.
National Bank of Durham, N. C. and by many of the leading bankers and
company in
The difficulty which has overtaken a well known finance
business men of the countries in which the bank began its operations. An
concern in question
initial dividend at the rate of 4% per annum was paid on the capital stock Philadelphia might properly have been expected. The
affairs in important
of the bank on July 1 1924, on Jan. 1 1926 the rate was increased to 6% per has practically had to transfer the management of its
its paper, the reason
annum and on July 1 1926, to 8% per annum.
particulars to a surety company which had guaranteed
guarantees want to get
The bank is chartered to operate in the States of North Carolina and being that banks which are the beneficiaries of the
There is no
Virginia. The territory which it now serves consists of 63 counties in North their money and could not get it from the finance company.
worse condition
Carolina and 24 counties in Virginia. These counties are among the reason to believe that this particular company is in any
leading agricultural counties of the two states and are particularly well than any other company of the same general description. The harm in the
BMW for raising tobacco, cotton, corn, hay and vegetables.
whole situation lies simply in the fact that it is general.
992
THE CHRONICLE
[Vol.. 124.
For a long time past banks have been complaisantly lending money of
The Board had no part in the preparation or issuance of the circular
their depositors to concerns who have "blown it in" in financing installand
ment sales. No doubt a good deal of the installment selling has had a real did not know of it until after it had been distributed. This statement is
made because the circular contained some statements or intimations
in
economic value. A consumer who buys a house within his means and pays
regard to the distribution of the proceeds of the sale of the real estate. The
for it at so much a year is saving, not spending, his money. Within cerBoard, on the other hand, in their letter calling the referendum, stated
and
tain limits the same thing may be true of less durable possessions such as
now repeat that no distribution among members is now contemplated
or
automobiles and various kinds of household equipment. But it is undoubtproposed by the Board.
edly true that a vast volume of installment selling has been simply a means
The question of the disposal of the real estate holdings of the Exchange
of anticipating consumers' incomes. They have been able to spend money is a most
difficult and important one. First of all, it affects the home of
extravagantly before they got it. "Paper" made to represent such sales the
Exchange, and therefore, to some extent, the life of the Exchange.
was bad or doubtful not because the sales were made on the "installment It
is a question not only of price and terms but also of the needs of the
plan" but because they never ought to have been made at all. The installExchange. The Board desires to say to all the members, and say it earment plan helped the making of the sales, but the underlying basis was nestly,
that the most patient and deliverate study and effort are required
unsound.
to deal with the problem successfully. The Board of Managers will conNo one can doubt that if we should have a condition of widespread un- tinue to
give that service to the problem, confident that this course will in
employment even though it were not very severe, a great many consumers the end merit
and receive the commendation of all members of the Exchange
who are overburdened with installment payment contracts would be unable Who have its
best interests at heart.
to meet them. The result would be that banks which have discounted the
The proposed sale of the property of the exchange was
paper representing these sales would simply have the choice of extending
the accommodation until the consumer was able to pay or else of following referred to in these columns Dec. 25
last, page 3274. In our
him up and compelling the sale of the "used article," or, in other words,
issues of Dec. 18 (page 3128) and Jan.1 (page 40), we noted
the second-hand goods of which he had become possessed. Should it take
any such measure as the latter the country would be flooded with old the plans to inaugurate trading in oatsfutures on the exchange
articles of this description, with the result that the prices they would on Jan. 3.
bring would be greatly depressed, while the prices that new articles of the
Half a million bushels of oats changed hands on Monday
same kind could command as well as their general market would liksewise
become disorganized or perhaps sink to dangerously low levels. Of course Jan. 3, when initial trading in this commodity began on the
great pressure would be brought to bear upon the banks not to do any such Grain Futures
Market of the Exchange. The market was
thing, and if they did not their assets would in corresponding degree be
"frozen." As for the companies which have guaranteed loans of this kind, active throughout the day and officials of the Produce Exthey have their own problem. But, of course, a good many of them would change were gratified at the first day's business. Axel Hanhabe to fall back upon their own banks, and the question what these banks sen, Chairman of
the Grain Futures Committee, who was
would do would be interesting.
Of course a condition of this kind was bound to supervene sooner or later one of the active traders, said that the interest shown indiIn view of the profligate way in which the installment sales process has cated that there was a demand for an oats futures market in
been carried on. It may well be that no "breakdown" will occur even on New York with
delivery at Buffalo. Benj, F. Schwartz, of
the part of those banks that are most seriously overburdened. Certainly
it is to be hoped that they will be able to protect themselves. Some of B. F. Schwartz & Co., who was one of the heaviest traders,
them may have enough liquid paper to be able to get assistance from Re- expressed confidence that the market for oats futures
would
serve banks, while others probably will not. The installment paper is very fill a long-felt
need in the grain trade. "The market was
widely diffused throughout the country. It has already played its part in
contributing to Western bank failures and may easily have a similar or active throughout the session and it was possible at all
greater influence on Eastern banks. Plenty of warnings have been afforded times to trade in 50,000 to 100,000 bushels," he said.
"The
with reference to this danger, and bank examiners have been urgent during results of the
first day's trading were most satisfactory and
the past year or two in cautioning against it. As usual, all those who talked
In this way were regarded as "croakers" or undesirable citizens. Only ex- as soon as the Western markets broaden out, it should be
perience will show how far they were right, but the general principles of reflected in the New York market in greatly
increased
banking cannot be violated without someone's paying the bill, though it business."
may be the stockholders rather than the depositors of the banks that do so.
Trading was confined to the May position, which is the
It is about time that we look carefully into this question of installment
sales in their relation to banking. Every effort has been made to confuse most active now, and the opening sale was at 53 cent', which
the issue and to make it beem that the "morality" of the installment ques- remained
the high of the day. A low of 52% cents was
tion was at stake. Nothing of the kind has been at issue. Whether the
consumer ought to buy a given artice on installments or not is for him to reached, with a close of 52%. The extreme fluctuation of
decide. Whether the banker ought to furnish the money to enable him to do
cents compared favorably with Chicago. Prices in the
it, is another matter—one which the community itself ought to decide if New
York market were around 334 cents over Chicago. A
the banker does not. Public interest says No in emphatic terms to any
feature of the day's trading was substantial buying by cash
such proposal.
interests with the intention of taking delivery through to
Nebraska Labor Bill, Affecting Employment of Women, consumption.
Killed.
The "Wall Street Journal" of Feb. 16 announced the fol- Creditors of McCown & Co. Unanimously Accept
Fidelity-Philadelphia Trust Co. as Trustee.
lowing from Lincoln, Neb.:
Creditors of the brokerage house of McCown & Co. of
A bill reducing from nine to eight hours the lawful period for daily employment of women in industry, commerce, hotels and restaurants has been Philadelphia, whose
failure on Jan. 25, brought about by a
finally killed in the Nebraska house, after one of the bitterest and hardest
struggles of the legislative session. The bill provided also that employment sharp decline in Estey-Welte Corporation class A stock, was
should not consist of more than two shifts a day, and amended the existing reported in the "Chronicle" of Jan. 29, page 592, on
Monday
law so that no restriction would be placed upon woman employment by
of this week unanimously voted to have the Fidelity-Philapublic service corporations. The bill was supported by labor unions and
many of the city members, but was killed by the farmers who held the eight delphia Trust Co. (the institution to which McCown & Co.
hour day is luring boys and girls from the farm.
made an.assignment on Jan. 25 for the benefit and protection
of creditors) represent them in adjusting the affairs of the
Bid of $11,000,000 for Realty Holdings of New York failed firm. The selection of the trustee had already been
Produce Exchange Rejected—Trading in Oats.
approved by the Court of Common Pleas, and the meeting
The $11,000,000 bid for the realty holdings of the New on Feb. 14 was for the purpose of allowing the creditors to
York Produce Exchange has been rejected by the Special choose a co-trustee, if they so desired, to work with the trust
Realty Committee, but another offer is being considered, it company. One creditor's effort to have an additional aswas announced on Feb. 15 in a statement made to the signee selected met with defeat. In its report of the meeting,
members of the exchange by President B. H. Wunder in the Philadelphia "Ledger" of Feb. 15 said in part:
Robert S. Bright, counsel for Thomas A. Biddle & Co., a creditor, was
behalf of the Board of Managers. The statement said:
The Committee has reported upon one proposition after having conferred
with the proposer and the broker. The proposition is the one which has
been described in the press as the eleven million dollar bid. It developed
that the proposal fell short of meeting a substantial part of the requirements
laid down in the referendum and the Special Realty Committee were unanimous in recommending that it was not acceptable. Another proposition is
now receiving the consideration of the Special Realty Committee.
It was also announced in the statement that the board, by
a unanimous vote of the members voting, had declined to
accede to the petition signed by a number of members for the
appointment of R. L. Sweet, a member of the exchange, as
realty broker to negotiate the sale of the property. The
resolution adopted by the board turning down the petition
read in part:
The petitioning members be informed that the Board of Managers is
opposed to the appointing of any individual,firm or corporation sole broker
for the sale of the real estate owned by the Exchange, believing such an appointment would be contrary to the best interests of the Exchange.
chosen chairman of the meeting, and Louis Busche, assistant secretary of
the Fidelity-Philadlphia Trust Company, was elected secretary. Robert
T. McCracken, of Roberts & Montgomery, counsel for the assignee, and T.
Ellwood Frame, vice-president of the trust company, also took an active
part in the meeting, which was attended by about 356 creditors,
of whom
about twenty-five Were Women.
Answering questions of.creditors, Mr. McCrackan said that, according to
the assignor's preliminary statement of assets and liabilities, made to the
court, the loss from the failure would be at least one-fifth, but that this
depended almost entirely on preference claims. Investigations so far conducted by the assignee have disclosed a number of preference claims, which
at present appear good. Preference claims are mainly those of customers of
the firm whose credits exceeded their debits with McCown & Co.
The statement of assets and liabilities showed an excess of liabilities over
assets of $919,903, the liabilities being $5,898,525.
No additional figures were presented at yesterday's meeting. Mr.
McCracken stated that the Protective Committee,organized several weeks
ago by banking institution and brokerage creditors, hoped to have
45,000
shares of Estey-Welte Corporation A stock placed with trustees under a plan
recently adopted. It was a sharp drop in the price of Estey-Welte stock,
in
which McCown & Co. had a large interest, that led to the assignment.
The statement makes reference to a circular which accomCall Money Market.
panied the petition in which it was stated that the sale of the
The following are the daily statements issued during the
exchange property would make possible a substantial distribution of assets. The board makes it clear that no such past two weeks by the New York Stock Exchange regarding
the call money market:
distribution is contemplated, saying:
FEB. 19 1927.]
993
THE CHRONICLE
CALL LOANS ON THE NEW YORK STOCK EXCHANGE WEEK
OF FEBRUARY 7.
:
0
Feb. 7—Renewal. 4%; high, 47 low, 4%; last, 4%. Moderate turnover. Money in supply at close.
Feb. 8—Renewal, 4%; high, 4%: low, 4%;last, 4%. A moderate turnover with free supply of funds.
Moderate turnFeb. 9—Renewal. 4%; high. 4%; low, 4%; last, 4%.
over. Money in supply.
4%. Volume small;
Feb. 10—Renewal. 4%: high. 4%; low, 4%; last,
abundance of funds all day.
Feb. 11—Renewal, 4%; high. 4%; low, 4%; last, 4%. Demand light;
supply large.
CALL LOANS ON THE NEW YORK STOCK EXCHANGE WEEK
OF FEBRUARY 14.
Feb. 14—Renewal. 4%; high. 4%; low. 4%; last, 4%. Moderate calling
for out-of-town accounts caused increased activity, but
of loans
with ample funds available throughout the day.
, %. A fair
6
Feb. 15—Renewal,4%; high. 4%;low, 4%; last, 43 an advance volume
in rate
of business, but further withdrawals caused
to 4%% at which figure funds were in free supply.
16—Renewal,4%; high, 4%;low,4%;last, 4%. Moderate turnover
Feb.
at 4%. Money in supply at close.
A small turnFeb. 17—Renewal,4%; high, 4%;low. 331%; last. 34%. a reduction in
over and an abundance of funds, necessitating
rate from the renewal of 4%.
33
turnover
Feb. 18—Renewal,4%;high. 4%;low, 331%;last,to .4 %. Lightremained
34% and
owing to heavy offerings, rate reduced
at that rate until close.
Current net earnings (the excess of gross earnings over current operating expenses) amounted to $20,249,000. We
give as follows the full statement carried in the Bulletin:
Earnings and Expenses of Federal Reserve Banks.
$5,800,000
Gross earnings of the Federal Reserve banks in 1926 were
compared with
above the preceding year, aggregating $47,600,000, as
and about $50,000.000 in 1923
$41,800,000 in 1925, $38,300,000 in 1924
result of a higher
and 1922. The larger earnings during 1926 were the
and securities, as
average rate of return on and increased holdings of bills
shown by the accompanying table.
THEREFROM.
HOLDINGS OF BILLS AND SECURITIES AND EARNINGS
- Statements of previous weeks have appeared weekly in
our issues since July 10 1926; the last statement will be
found on page 724 of our issue of Feb. 5.
Governor Moody of Texas Signs Bill Repealing All
Forms of Bank Deposit Guaranty in State.
According to the Dallas "News," signed on Feb. 11 and
filed in the office of Secretary of State Senate Bill No. 115,
repealing all forms of bank guaranty. The "News" adds:
The bill became effective immediately after the Governor filed it for
record, it having passed both branches of the Legislature by a vote that
carried the emergency clause, which declared that "the importance of this
act and the fact that the many recent changes of the states governing state
banks heretofore are somewhat confusing and hard to be complied with,
create an emergency and an Imperative public necessity."
Under the provisions of the bdl, bonds executed and securities deposited
by state banks before the passage of the act as members of the bond security
system are not to be affected by the repeal until the lapse of one year from
the time of approval of the bonds or deposit of the securities with the Banking Commissioner under existing statutes. It is further provided that the
statutes repealed shall remain In full force and effect for the purpose of
liquidating all failed banks in the hands of the Banking Commissioner at
the time the new act takes effect, and that the passage of the act shall not
affect the liability of state banks for.assessments to the guaranty fund as
such liability existed at the time the act takes effect, nor shall any state
bank be permitted to withdraw Its interest in the guaranty fund until all
lawful demands existing at tht time the act takes effect have been fully
satisfied.
Only Twenty-five Banks Left.
When the repealing act became effective Friday there were only twentyfive state banks left in the bank guaranty fund, which at one time contained
more than 900 state banks. There are 746 state banks in existence now and
growing
721 were using the bond plan. The number ofstate banks has been
less for several years,once having reached almost 1,000.
There Is now no form of guaranteeing deposits in banks in operation in
at the
Texas. The law providing for guaranteeing deposits was enacted
1
second called session of the Legislature in 1909 and became effective Jan.
1910.
on
During that time the member banks in the guaranty fund were called
to put up approximately $20,000,000 to pay depositors in failed state banks.
These insolvent banks possessed assets of only about $4,000,000 and thus
cost the other state banks net about $16,000.000.
The burden became so heavy that state banks clamored for a change and
two years ago the Thirty-Ninth Legisuature enacted a law making it easy
of
for a state bank to change from the guaranty fund to the bond plan
guaranteeing deposits and there was a landslide to the latter plan. Before
plan.
the law was passed only about fifty state banks were using the bond
law
they having adopted it from their organization, and when the guaranty
less than that number remained in the guarpassed out of existence Friday
anty fund.
Fund Is Insolvent.
Banking Commissioner Charles 0. Austin said Friday that depositors in
state banks that closed since Sept. 29 will not be paid in full, but only to the
extent that the assets of the failed banks will providefunds. Thefew banks
in the fund can not be assessed to the extent of paying these late claims.
The bank guaranty fund is thus insolvent.
A clause In the repealing act provides that it shall not destroy any liabilities heretofore accruing, but shall preserve them until legally satisfied.
Bills
Discounted.
Bills Bought UnitedStates All Other
in Open Gorernment Bills and
Securities. Securities.
Market.
Total.
$
$
$
$
$
Daily avge. hold'ge
85.000 1,150.570,000
738,114,000 226,548,000 185,823.000
1923
401.385,000 1,690,000 950,317,600
374,834,000 172,428,000
1924
481.515,000 287,329,000 358,962,000 11,701,000 1,139,507010
1925
570,613,000 281,386,000 349,790,000 7,520,000 1,209,309,000
1926
Avg.rates of'wain ge4.33%
4.50%
4.01%
4.14%
4.46%
1223
3.83%
3.61%
3.67%
3.31%
4.25%
1924
3.51%
3.59%
3.58%
3.17%
3.67%
1925
3.76%
4.21%
3.60%
3.95%3.55%
1926
$
$
$
$
.
$
Earnings—
49,775,000
4,000
32,956,000 9,371,000 7,444,000
1923
36,426.000
61.000
15,843,000 5,710,000 14,712,000
1924
39,986,000
419,000
17,680,000 9,104,000 12,783,000
1925
318.000 45.460.000
22 M2 nnn 10002.010 12.589.000
109R
1926 as compared
Holdings of discounted bills averaged $571,000,000 in
bills being partly
with $482.000,000 in 1925, the higher level of discounted
of purchased bills. United
offset, however, by somewhat smaller holdings
bills and securities, the
States Government securities and miscellaneous
holdings the year before.
average of which was $20,000,000 below average
security holdings was 3.76%
The average rate of earnings on total bill and
in 1924 and 4.33 in 1923,
In 1926, as compared with 3.51% in 1925, 3.83
1926. as compared
while the rate of return on discounted bills was 3.95% in
average holdings of each
with 3.67 the year before. The table shows daily
banks combined, earnings
class of bills and securities of all Federal Reserve
the past four years.
therefrom, and annual rates of earnings during
banks, exclusive of
Current operating expenses of the Federal Reserve
agency expenses reimthe cost of Federal reserve currency and of Merl
$25,636,000 in 1926,
bursable by the United States Treasury, aggregated
payments to clerical emas compared with $25,725,000 in 1925. Salary
of current expense, declined
ployees, which constitute the largest single item
timelier reductions were
$394,000, and rent $81,000, but these and other
on currency and security
largely offset by increases in insurance premiums
banking houses, legal fees.
shipments, taxes and repairs and alterations on
The cost of Federal
postage and expressage, and miscellaneous expenses.
$89,000 less than in
reserve currency amounted to $1,714,000 in 1926, or
banks, including the
1925. Total current expenses of the Federal Reserve
1926, about $178,000
cost of Federal reserve currency, were $27,350,000 in
less than In 1925.
current operating
Current net earnings (the excess of gross earnings over
the Federal
expenses) amounted to $20,249,000, against which amount
$2,096,000 repReserve banks made net charges of $3,638,000, of which
$1,210,000 additions to
resented depreciation charges on bank premises,
furniture
reserves for probable losses on paper of failed banks, and $533,000
a balance of $16,612.
and equipment purchased during the year. This left
as dividends, $8.465.000, of which $7,329,000 was paid to member banks
to the United States
000 transferred to surplus account, and $818,000 paid
Government as franchise taxes.
E. W. Clark & Co. (Philadelphia) Ninety Years Old.
Feb. 15 was the ninetieth anniversary of the investment
banking firm of E. W. Clark & Co., 321 Chestnut St.,
Philadelphia, according to the Philadelphia "Ledger" of
that date. The business was established on South 3d St.,
then the centre of the city's financial district, Feb. 15, 1837,
by Enoch W. Clark and his brother-in-law, Edward S.
Dodge. The present partners are Edward W. Clark,
Clarence M. Clark, Herbert L. Clark, George L. Estabrook,
Edward W. Clark, 3d, and Sydney P. Clark. In addition
to its banking actitivies, the firm specializes in the management of traction properties.
Old Colony Corporation Absorbs Edmunds Bros.
According to the Boston "Herald" of Feb. 15, the partnership of Edmunds Bros.,investment bankers of that city, was
dissolved on Feb. 14, and has been succeeded by the Old
R. L. Thornton Elected President of Dallas Clearing Colony Corporation of Boston, a subsidiary institution of
House Association.
the Old Colony Trust Co. of that city. The executive
Thornton, President of the Mercantile National officers of the Old Colony Corporation, the "Herald" stated,
It. L.
Bank of Dallas, was elevated from the vice-presidency to would be as follows:
F. S. Battershall, E. I.
E. R. Marshall, President;
the presidency of the Dallas Clearing House Association at Cowell, William Edmunds andB. W. Guernsey, Vice-Presidents; J. A.
J. W. Edmunds,
the organization on Jan. 25. Mr. Howe, H. T. C. Wilson and T. R. Pierce, Assistant Vice-Presidents; W. W.
the annual banquet of
A. A.
Thornton succeeds J. B. Adoue as President of the Associa- Higgins, Treasurer; Harry N. Brown, Assistant Treasurer, and
Gerade, Assistant Treasurer and Comptroller.
"News," which also states:
tion, says the Dallas
Everett S. Owen, President of the North Texas National Bank, was
Reserve
elected Vice-President. J. B. Hadra, Assistant Cashier of the Republic Herbert S. Downs Appointed Assistant Federal
E.
National Bank, was elected Secretary to succeed 0. C. Bruce. Benton
Agent in New York.
Joyner, Vice-President of the North Texas National Bank, was re-elected
The Federal Reserve Bank of New York announced on
Treasurer and Manager.
Feb. 15 that Herbert S. Downs has been appointed an
in addition to his duties
Gross Earnings of Federal Reserve Banks in 1926 Assistant Federal Reserve Agent,
as Manager of the Bank Relations Department of the
Earnings $20,249,000.
$47,600,000—Net
Deputy Chairman of the board of
In its February Bulletin the Federal Reserve Board reports Bank. Owen D. Young,
1, when Gates W.
Reserve banks in 1926 the Bank, will act as Chairman until May
that gross earnings of the Federal
McGarrah will actively assume the duties of Chairman of
were $5,800,000 above the preceding year, aggregating
Agent. W. Randolph
$47,600,000, as compared with $41,800,000 in 1925, $38,- the Board and Federal Reserve
present
$50,000,000 in 1923 and 1922. Burgess, Assistant Federal Reserve Agent, is at
300,000 in 1924, and about
•
994
THE CHRONICLE
acting as Federal eserve Agent. Mr. MeGarrah's appointment as Chairman was reported in our issue of Saturday
last, rage 877.
Forthcoming Treasury Offering.
Notice of a forthcoming Treasury issue is made public,
by the Federal Resrvee Bank of New York in the following
circular addressed to banks in the district under date of
Feb. 15:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 766, Feb. 15 1927.1
Ashnrst,
Bayard,
Bratton,
Broussard,
Bruce,
Caraway,Copeland
Deneen,
Frazier,
Edwards,
Fletcher,
George,
Gerry,
Glass,
Harris,
Harrison,
For.. 124.
Democrats
-31.
Hawes,
Pittman,
Kendrick,
Ransdall,
McKellar,
Robinson
Mayfield,
(Ark.)
Neely,
Sheppard,
Overman.
Simmons,
Smith,
Stephens,
Swanson,
Tyson,
Underwood,
Walsh (Mass.).
AGAINST THE REPORT-17.
Republicans
-9.
La Follette, Norris,
Stewart.
McMaster,
Nye,
Democrats
-7.
Heflin,
Trammell,
Walsh(Mont.) Wheeler
,
.
Steck,
Gooding,
Howell,
Blease,
Dill,
New Treasury Issue.
Farmer-Labor
Preliminary Notice of Offering and Methods of Filing Subscriptions.
-1.
To all Member Banks, State Banks, Trust Companies and Savings Banks
Shipstead.
in the Second Federal Reserve District:
On motion of Senator Pepper the McFadden bill Was made
From advices received from the Treasury Department of the United
the unfinished business of the Senate on Feb. 12, the motion
Sates, we are enabled to transmit to you the following information:
having been agreed to by a vote of 58 to 9. This was fol1. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without lowed by a petition for
closure, signed by 58 Senators, which
advance notice, and therefore,
would limit debate and bring an early vote if adopted. The
3. That each subscribing bank, upon receipt of information as to the
terms of the Treasury offering (either in the press, through the mails or New York "Times" in referring to this action in its Washby telegram) should promptly file with the Federal Reserve Bank any ington advices Feb.
12 said:
subscriptions for itself and its customers. This is important, as no guarTo-day's action was another evidence of
the working ability of the
antee can be given as to the period the subscription books may remain powerful'coalition
formed by the advocates of the McNary-Haugen farm
open, and subscribing banks, even before receipt of officail subscription relief measure
passed by the Senate yesterday and of the Branch
Banking
blanks, may file their subscriptions by telegram or by mail with the Federal bill. It followed
Reserve Bank. Any subscriptions so filed by telegram or mail in advance weeks ago except precisely the program of log-rolling agreed upon several
that the closure petition was not presented on the farm
of receipt by subscribing bank of subscriptions blank furnished for the bill, although
it was held as a club in the background should there have
particular issue should be confirmed immediately by mail, and on the been prolonged
opposition.
blank provided, when such blank shall have been received.
The presentation of the petition to-day was a
surprise and was provoked
4. That if the terms of the offering when announced provide for both by an exceedingly
tense situation marked by a near fist
-fight between
cash subscriptions and subscriptions for which payment may be tendered Senators Glass
and Wheeler, and by a filibuster threat from Senator La
in other securities, the subscribing bank should prepare its subscriptions Follette,
Republican, of Wisconsin, which indicated that the Senate
may
In such manner as to indicate the method by which it proposes to make witness once
more some filibustering tactics such as only his
father."Fight
payment and the respective par amounts of securities, if any,to be tendered kw Bob," was
a master in engineering.
in payment.
The vote to take up the Branch Banking bill was
supported by 27 Demo• Also with regard to issues subscriptions to which the Treasury determines crats and 31
Republicans, and opposed by four Democrats, four
Republifor the purpose of allotment shall be considered as on a cash basis irre- cans, and
Senator Shipstead, the Farmer-Labor member.
spective of whether or not payment is to be made.in cash or in securities,
the following classification will be required of subscriptions made for
Detailed Vole on the Bill.
The detailed vote on the taking up of the bill was as
account of customers, stating the number of subscriptions in each class.
follows:
FOR TAKING UP THE BILL
Class A—Subscriptions for $1,000 or less for any one subscriber;
-58.
Class B—Subscriptions for over
$1.000, but not exceeding
Republicans
$10,000;
-31.
Class C—Subscriptions for over
Goff,
$10,000, but not exceeding
Johnson,
Means,
$50.000; Bingham,
Schall,
Cameron,
Gooding,
Jones(Wash.), Oddle,
Class D—Subscriptions for over
350,000, but not exceeding $100,000; Capper,
Stanfield.
Gould,
Keyes,
Pepper,
Class E—Subscriptions for over $100,000, but not exceeding $500,000: Couzens,
Stewart,
Greene.
McLean,
Phipps,
Warren,
Class F—Subscriptions for over 5500.000, but not exceeding $1,000,000; Curtis,
Harrel&
McMaster,
Pine,
Watson,
Dale,
Class 0—Subscriptions for over $1,000.000.
Howell,
McNary,
Reed (Pa.). Willis,
Gillett,
Subscription(s) for the bank's own account should not be included in
Democrats
the above classification of subscriptions for account of customers but
-27.
Ferris,
should be clearly indicated as for the bank's own account and in addition Ashttrst,
Kendrick,
Robinson
Stock.
Bayard,
Fletcher,
King,
Stephens,
(Ark.).
to such subscriptions.
Blease,
George,
McKellar,
Sheppard,
Trammell,
Where, however, under the terms of an offering or under instructions Bratton,
Glass,
Mayfield,
Simmons.
Tyson,
Harris,
accompaning an offering, the Treasury agrees to allot new securities in full Bruce,
Overman.
Smith,
Walsh (Mass.).
Hawes,
Ransdall,
for any of its securities maturing on the date of the new issue or on any Caraway.
later date, subscriptions to be paid for in such securities should not be
AGAINST TAKING UP THE BILL
-9.
classified. Where the maturing securities are not by the instructions
Republicans
-4.
accompanying the offering given a preference they shall be treated as
LaFollette,
Norris.
cash and subscriptions to be paid for in such securities should be included Frazier,
Nye,
Id the classification.
Democrats
-4.
When the terms of the offering, preliminary notice of which is given Dill,
Heflin
,Wheeler,
Neely,
above, are announced, notice thereof, together with subscription blanks
will be mailed to you promptly by this bank. Should notice and subFarmer-Labor-1.
scription blanks for any reason by delayed in reaching you, this bank will
Shipstead.
nevertheless receive your subscriptions either by letter or telegraph and
Of the 29 Senators not voting, it was believed all would
have been in
suggests that your subscriptions be promptly transmitted to this bank the affirmative.
in order that delayed receipt of them may not mitigate against your reLa Follette Sounds a Threat Which Leads to Closure.
ceiving due allotment.
Senator La Follette, objecting to some tactics that had
If you find it necessazy to telegraph your subscriptions please confirm
been followed
immediately either by letter or on. subscription blank, setting forth the preceding the voting, said when the roll-call was over:
"In order to save time, I desire to state to the Senate that I
classifications indicated above and method of payment, clearly identifying
shall object
the fact that it is a confirmation and not an original subscription that to all unanimous consent agreements that may be proposed during the remainder of this session of Congress and I shall also insist that all of
duplication may be avoided.
the
rules with regard to parliamentary procedure affecting the consideration
Very truly Yours,
of bills shall be carried out, including the first reading of each bill."
BENJ. STRONG, Governor.
This brought the Democratic leader, Senator Robinson, to his feet with
the suggestion that in a short time it would be a good idea to apply closure,
Senate Passes McFadden Branch Banking Bill as and without a moment's delay Senator Pepper, who had charge of the
banking bill, passed up to Vice-President Dawes the closure petition, rePreviously Agreed to by House.
marking that bethought it should be presented now in view of what Senator
By a vote of 71 to 17 the U. S. Senate on Feb. 16 accepted La Follet had said. It contained the names of thirty-two Republicans and
the McFadden Pepper Branch Banking bill as agreed to twenty-six Democrats.
The Vice
it to the Senate instead of having the reading
in the conference report in which the Hull amendments were clerk do it.-President read second time since Mr. Dawes
This was the
inveighed in his
eliminated. The action of the Senate completes Congres- inaugural speech against the lack of rules in the Senate to close debate that
closure has been proposed, the other being on the World Court.
sional action on the bill since the House had on
WIN
Jan: 24 (as
The closure motion on the McFadden bill was agreed to
noted in our issue of Jan. 29, page 596) given its approval
to the conference report. The proceedings on the bill in on Feb. 15 by a vote of 65 to 18. Regarding the Senate
the Senate on Feb. 16 were followed by charges of lobbying action that day we quote the following from the "Times"
activities in connection with the bill and a resolution was account:
For the third time in its
the Senate
presented calling for an investigation of the charges, the and thus restricted debatehistory conference applied the closure rule today
report on the branch banking
on the
statement being made at the same time that an investigation bill. The closure plan was approved by a vote of 65 to 18, or about double
the margin necessary.
of the American Bankers Association and its activities was
Half of those voting against closure included independents on both
proposed. The resolution is given in another article in this of the chamber—Senators Borah, Frazier, La Follette, McMaster, sides
Norris,
issue. The Senate vote on Feb. 16 agreeing to the conference Wheeler, Dill, Incase and Nye.
This created a pecvliar situation, for while a combination of farm and
report on the McFadden bill was as follows:
banking interests actually imposed the closure, the nine
Bingham,
Cameron,
Capper.
Couzens,
Curtis,
Dale,
Edge.
Ernst,
Fess.
IN FAVOR OF THE REPORT
-71,
Republicans
-40.
Gillett,
Keyes,
Pepper,
Lenroot,
Goff,
Phipps,
McLean,
Gould,
Pine,
McNary,
Greene,
Reed (Pa.),
Hale,
Means,
Robinson
Harreld,
Metcalf,
(Ind.),
Johnson,
Moses,
Sackett,
Jones(Wash.), Oddle.
Schall,
Shortridge,
Smoot,
Stanfield,
Wadsworth,
Warren,
Watson,
Weller,
Willis.
mentioned are
agrarians who have no use for the banking bill. Senator Nye said in debate
he would rather have the McNary-Haugen bill defeated than the banking
bill enacted into law.
Application ofclosure will bring a vote on the conference report tomorrow,
and it is confidently expected,for no Senator can speak more than one hour
and some time was exhausted this afternoon by the bill's opponents.
Following the vote, the afternoon was devoted to speeches,Senator Howell
leading off in continuation of his argument against the bill. Senator Lenroot, who opposed closure, spoke for the bill, but Senators Nye and Heflin
argued against it.
•
Fit. 1.8 1q27-]
,
TgE CHRONICLg
‘, At one drive, when the opposition seemed to have no speaker ready,
ilenator McLean pressed for a vote on the report, but Senator Wheeler
movedthat the Senate adjourn. This motion was defeated by 64 to 5,only
Senators Heflin, La Follette, Neely, Nye and Wheeler voting affirmatively.
"I resent the false information lately broadcast alleging that the friends
of honest farm legislation entered into a deal with the banking interests to
secure preferred places for the two bills," said Senator Nye. "I resent it
because I had no hand in such a deal. As one who believes it the intent of
the international banker to crush and pauperize the American farmer and
the farmers of the world, I could not have brought myself to help such
a deal."
"Frankly, I should prefer to see the McNary-Haugen bill defeated than
to see this banking bill made into law. Every advantage gained under the
McNary-Haugen bill will be offset many times by the McFadden Banking
bill, which extends the privileges of the Federal Reserve System and
condemns its damnable activities of 1920 and 1921.
"Where restrictions should now be written on the system we find, instead,
that Congress is extending an invitation to the system to engage in another
murderous program, at will, with the assurance that it will not be seriously
molested for sixty years."
. When the Senate approves the conference report the bill will go to the
President, as it already has passed the House. The measure whose purpose
Is to place national banks on a parity with State banks, and remove the
advantage State banks enjoy in some States, would permit national banks
to establish branches in States now allowing State banks to have branches.
No branch could be established in a city of less than 25,000 population.
An important section of the bill extends the charters of the twelve
Federal Reserve Banks for an indeterminate period. Beacuse the charters
of these banks do not expire for eight years there was severe criticism of
this provision by opponents of the Federal Reserve System, but its advocates evidently considered they had a better chance to pass it through the
present Congress than later, when Congress might be controlled by enemies
of the system.
995
some of the provisions the small bankers wanted and to insert others they
did not want. It Is especially inimical to the interests of the agricultural
sections, Senator Shipstead said.
el •
Upon the Federal Reserve Banking System, whose charter would be eir.
tended by the banking bill, the Senator laid the blame for the present
"deflated" condition among the farmers.
Senator Wheeler (Dem.), of Montana, opposed -provisions of the bill
which, he said, vrill permit state banks having branches under existing state
laws to convert themselves into national banks and retain all those branches
even though the State in which they operate may hereafter prohibit branch
banking. He proposed amendments designed to correct this feature, but
the amendments were ruled out of order under the Closure rule when
objection was made by Senator McLean (Rep.), of Connecticut, Chairman
of the Committee on Banking and Currency.
Senator Wheeler also criticized the provision giving national bank*
authority to deal in investment securities.
Senator Trammel(Dem.),of Florida, declared that he would vote against
the bill because a vote for it could not be construed as anything other than a
vote for the extension of branch banking in the United States. Other
features of the bill, he said, he would like to vote for but.the general purpose
was one with which he was not in sympathy.
It is pointed out in the "United States Daily" that the
Bank of Italy was made the subject of inquiries by Senators
Borah (Rep.) of Idaho and Norris (Rep.) ofirNebraksa,..in
the debate on the bill on Feb. 12 followinglthe/raotion for
closure. The "Daily" went on to say:
The question of its expansion privileges under the proposed law was
answered by Senator Pepper with a statement that the bank will have no
further opportunities to expand under the new law than it has at present:
Senator Lenroot pointed out that the House bill would have prevented
the Bank of Italy from becoming nationalized, and asked why a provision
circumventing expansion of that type of bank Was not included. Senator
Pepper replied there is some difference prevailing between the House and
Senate on the score of possible mergers and consolidations that, under
existing State laws might lead to nationalization.
On the preceding day (Monday, Feb. 14) declarations were
made by Senator Wheeler (Democrat of Montana) to the
effect that the bill was being rushed through by banking
In explaining, in the Senate on. Feb. 12, what the bill
interests; further reference to this appears in our item relative
does in the way of endorsing the principle of branch banking,
to the charges of lobbying. The following is from the
Senator Pepper said:
account of the Senate action Feb. 16 apeparing in the
Mr. President, this bill warforiginally passed in the House, was messaged
"Journal of Commerce":
to the Senate, and the Senate made 39 amendments. Conferees Were
" Before the final vote Was taken, Senator Wheeler made ineffectual appointed, and the conference resulted in disagreement, because the House
efforts to have the McFadden bill amended, to which Senator McLean has passed an over-riding resolution instructing the House conferees on
of Connecticut, Chairman of the Senate Commtitee on Banking and certain points upon which, the Senate had expressed Itself so clearly that
Currency, objected. Senator Wheeler entered into quite an extended the Senate conferees did, not feel that they could recede. The conference
having resulted in disagreement, the House,instead of asking for a further
"quiet" debate with Senator Glass.
Senator Wheeler took exception to the inclusion of sub-division (b) of conference or withdrawing specifically its over-riding instruction, passed
converted or" a resolution in which the House expressed its recession from the majority'
Section 5155 of the words "converted into or" and "such
becaae, he said, they would permit State banks to convert into national of the points of difference covered by the Senate amendments, concurred
banks and retain their branches in the event that any present branch with the Senate in those cases, adhered to a•few of the original provisions
of the House in spite of Senate amendments, and proposed amendment.
banking State should amend its statutes as so to forbid branch banking.
to a few of the Senate amendments,and,as amended,approved them.
Glass Accuses Wheeler,
That resolution having come to the Senate, the parliamentary situation
Senator McLean stated "undoubtedly amendments will be necessary was that in substance we had before us a conference report; the legislated
"has been amended at every was all but perfected; but in form it was not a conference report, because
at the next session." "This law," he added,
session of Congress." Senator Glass stated that he did not exactly agree the conferees had disagreed, and the thing before us was a resolution Of.
with him, believing that Senator McLean had reference to the McFadden the House of Representatives receding from certain of its original objection*
Act, whereas he was referring to the Federal Reserve Act. Senator Glass to Senate amendments, insisting upon certain of the points in disagree
added that sub-section (b) does not in any way alter existing law. Senator ment, and amending others. The motion, therefore, that was made was
Wheeler agreed with him that "under it, that thing may be done to-day," not a motion that had to do with a conference report, but it was a motion
suggesting, however, that it ought to be amended because it is claimed that the Senate concur in the amendments made by the House to thethat the McFadden bill is a measure to restrict branch banking.
Senate amendments, and that the Senate recede on the points upon which
The Hull amendments would forever preclude from engaging in branch the House stood firm.
banking, national banks in present non-branch banking States even though
Specifically, the matters involved were these:
the respective State Legislatures should later enact permissive branch
Thirty-nine amendments were made by the Senate. On 26 of these
banking legislation favorable to State institutions.
the House yielded to the Senate by the resolution I have just described:
Senator Glass further pointed out that Dr. Willis is opposed to the In the case of six points of difference the House insisted on its
position,
McNary-Haugen farm relief bill, holding that Senator Wheeler was forable and in the case of the remaining seven the House proposed
amendments
to that measure. Senator Wheeler declared that Senator Glass was also to the Senate amendments. The pending resolution, if it shall be
passed,
opposed to MeNary-Haugen bill and that he doubted its economic value, will have the effect of concurrence by the Senate in those seven
House
but was for the measure since the country was committed to a protective amendments to Senate amendments, and of yielding to the House on
the
tariff policy.
six points upon which the House stands firm.
Senators opposed to the bill and who to-day spoke on the subject stated
The subject matter which is brought before the Senate by this resolution
that they realized the futility of trying to defeat the motion. It is in- is, for the most part, unimportant. With the exception of,
say,'
five
dicated, however, that to-day's action will be reflected in the next Congress of the 13 points, all of them have to do with mere numerical
changes of
in active moves to revamp the Federal Reserve Act.
sections, section numbers, the arrangement of paragraphs, and matters
that sort which can not give rise
In referring to the bill as finally passed the Washington ofOf the remaining matters, only to debate.of capital
three are
correspondent of the New York "Journal of Commerce" while matters of substance, are of minor impotrance. importance. Two,
17 said:
The capital matters are these: The Senate, by amendment, added to
on Feb.
The McFadden bill as it was finally adopted by the Senate and House the bill as it passed the House a provision modifying those terms of the
had a number of ragged edges that could only be smoothed out by the Clayton Act which place a limitation upon interlocking directorates.
consent of the membership of the two houses. Since that was not sought, The Senate proposed and paSsed an amendment, which, if acquiesced in
unless some other means are found to insert commas and change words, by the House. would have liberalized the system ofinterlocking directorates
the bill will become a law on the signature of the President with technical as between State and national banks. The House refused to accept the
errors uncorrected. To seek to make these changes in Senate and House, Senate proposition, preferred the law as it stands upon the statute books
it was indicated here to-day, might subject the whole bill to other amend- to-day; and if the pending motion prevails, and this bill bceomes law,
ment and even jeopardize the legislation. That is something the pro- no change will be madein the existing law respectinginterlocking directorates.
pon.nts of the measure would not willingly undertake.
The second matter of capital importance was this: Under the terms
of the bill as It passed the House, as amended
From the "United States Daily" of Feb. 17 we take the ment of the Senate in that particular having by the Senate—the amendnow been concurred in by
the liouse9it is provided that national banks in cities having not less
following:
2], as its number indicates, was the second legislative than a certain number of inhabitants may have branches in the same
The bill [H. It.
measure presented to the House of Representatives during the Sixty-ninth city in which the parent bank is located.
In some cases, notably the case of the City of Cleveland,the metropolitan
Congress which convened inDecember 1925. It was passed by both the
area is larger than the political area of the city, and the Senate approved
Senate and the House at the first session of the present Congress.
In the original House draft of the bill were the so-called Hull amendments, of a proposal to allow branch banks to be established in the same metrowhich would have prohibited national banks establishing branches in States politan area as that in which the parent was situated and gave to the
which do not by their State laws, at the time of approval of the present act, Comptroller of the Currency, under certain restrictions that were speciaccord such privileges to State banks. The Senate struck out these amend- fied, the right to define that metropolitan area, which was a little larger
ments in favor of provisions allowing the same privileges with regard to In extent than the technical political area.
That provision of the Senate amendment was disagreed to by the House;
branches for national banks as may at any time be accorded State banks by
and if this measure shall pass and become a law, the right to establish
the legislation of their respective States.
The Senate also inserted an amendment which persists in the final draft branch banks will be limited strictly within the political limits of the
of the bill as approved by both Houses, which grants indeterminate charters municipality in which the parent is situated, without the contiguousterritory provision.
to Federal Reserve Banks.
There can not be any branch in a city with less than 25.000 population.
Senator Frazier (Rep.), of North Dakota, speaking against the bill,
declared its enactment would tend to make the Federal Reserve System a There may be two, I think it is, branches up to 50,000. and possibly three
central banking system such as those systems which the country has re- up to 100,000, and beyond that at the discretion of the Comptroller of
jected on earlier occasions. The Federal Reserve System, he said, has the Currency; but there is a carefully worked our scale of limitation.
When I said to the Senator from Nebraska a few moments ago that
become "practically a Federal Banking System."
Senator Shipstead (Farmer-Labor), of Minnesota, said the framers of the this bill will not authorize national banks to establish branches in States
bill enlisted the support of the small banks for the bill only to take out later which do not extend'such privileges to their own institutions, I did not
996
THE CHRONICLE
want ta be understood as meaning that the question as to the policy of
the State in that regard might be settled as of the date of the passage
of this Act. On the contrary, the principal point of contention between
the House and the Senate had to do with whether the situtation should
be frozen by the so-called Hull amendments, which, if adopted, would
have had the effect of making it impossible for a national bank hereafter
to establish a branch in a city of the law applicable to State banks was
passed in the State after the date of the approval and signature of the
pending bill.
Because both Houses are in concurrence on that subject, and it is removed from the realm of controversy here as it now stands, if a State
does not to-day or in the immediate future authorize its own institutions
to have branches, then no privileges are conferred by this bill upon national
banks. If a State at any given time adopts a provision applicable to
Its own banks, then the national banks may take advantage of the provisions of the State law, but only in so far as concerns branches within
the restricted muncipal areas I have described.
We also quote the following from the Record:
Mr. Borah. What would be the effect of a State which now gives
authority for branch banking, under its law,should withdraw that authority.
Mr. Pepper. Mr. President. that subject has been a good deal conto
sidered. My own judgment is that since this measure is designed
associations and
Promote equality of opportunity for national banking
that
State banking associations, if a State were to pass a low providing
to me
thereafter no branches should be established, it is perfectly clear
could thereafter be estabthat under this proposed law no branch bank
to close up
lished by national banks. If the State were to undertake
of vested
existing branches in the State. giving rise to all sorts of questions
Currency
rights and confiscation, it would be for the Comptroller of the
his power to close
to decide what was the fair thing to do in exercising
measure.
down branches, which is very widely given to him under this
another question—
Mr.Borah. The Senator will pardon me for asking
occur to
Mr. Pepper. I hope the Senator will asjk such questions as
him.
banking
Mr. Borah. I am more interested in this question of branch
the bill
than in any other matter contained in the bill. As I understand,
banks
Is designed to give national banks authority to establish branch
States permit
in cities where the parent bank is located in States where the
branch banking.
Mr.Pepper. Yes; either now or hereafter.
right to deterMr. Glass. And it leaves to the States, I may add, the
mine whether they will have branch banks.
for that suggestion.
Mr. Pepper. I thank the Senator from Virginia
and the Senate
It operates to call attention to the reason why the Senate
though they repreconferees were opposed to the Hull amendment. We
Government
sented an unwarranted attempt on the part of the Federal
banking policy
to determine for the individual States what their branchshould be.
[VOL. 124.
the General Counsel of the Association was trying to unduly
influence Representative Hull. In his telegram Mr. Paton
declared that "any inference of undue or improper influence
is entirely unfounded." The telegram follows:
New York, N. Y., Feb. 15 1927.
Hon Carter Glass,
United States Senate, Washington, D. C.
Learned through Associated Press last night that Senator Wheeler yesterday in Senate criticised a circular issued by committee on Federal legislation of the American Bankers' Association urging support of the banking
bill, which stated that certain Senators who were trying to filibuster against
the bill should be reached specifically, end also that the general counsel of
the association has written a letter to Representative Hull offering to give
him legel business, the plain inference from which was that the association
Was trying to unduly influence Mr. Hull when he Was fighting for the Hull
amendments. Permit me, first, to defend the circular and secondly to
deny not only the inference but that any personal letter was ever written to
Congressman Hull, the letter referred to being an identical hooverized form
letter forwarded to 20,000 attorneys throughout the United States. The
sending of the circular to members of our Federal Legislative Council in each
State informing them of the situation in Washington and asking them to
urge Senators to take immediate action was an open and legitimate method
of calling upon members of the association to do what they could legitimately
in support of the association's legislative policy, which method is similar to
that adopted by many other organizations and the request that three Senators should be reached specially, simply meant that members should endeavor by honest argument to induce such Senators to allow the bill to come
to a vote. Any inference of undue or improper influence is entirely unfounded. Concerning the alleged letter to Congressman Hull, our legal department as a valuable service to members who frequently write or wire asking
for recommendation of an attorney to prosecute a claim in a certain city.
has established a list of reliable bank attorneys whom it can recommend,
and in the compilation of this list 20,000 identical form letters were issued
to attorneys, one of which it now appears was addressed to M. D. Hull.
This fact I ascertained only this morning. It Is regrettable that an unjust
Imputation of undue influence should be based upon a mere form letter.
THOMAS B. PATON,
General Counsel, American Bankers' Association,
In presenting the resolution for an investigation of alleged
lobbying Senator Glass said:
Aside from the suggestion that Judge Paton, General Counsel of the
American Bankers' Association, was guilty of attempting unduly to influence members of the Senate, there have been persistent rumors about the
Capitol of lobbying activities of an illicit and culpable nature. They have
gone so far as to assert that a sum considerably in excess of 8100,000 has
been expended by a certain group of bankers in behalf of what were known
as the Hull amendments. They have gone so far as to suggest that a paid
Senator Howell in his comments on the measure in the lobbyist of this group, who, to my certain knowledge, has haunted the
corridors and the doors of this Senate chamber for months, had employed
Senate on Feb. 15 said in part:
members of the Congress identified with this legislation to go out and make
Mr.President. for years branch banking has been quietly, subtly advanc- speeches in behalf of certain provisions of the bill. In view of these perpeacefully penetrated 20 States, aloffering
ing in this country, already having
sistent reports, some of which I have good reason to believe, I am
though in a large majority thereof it has not as yet consolidated its positions. this resolution because I think that the Senate owes it to its own integrity
The pending bill is branch banking's latest offensive, and if enacted into
determined.
to have such matters investigated and
law will mark the beginning of disintegration in the ranks of opposing
of branch
The following is the resolution proposing the Investigabankers:and from thence on, in my opinion, the ultimate triumph
banking will be as certain as if decreed by Congress to-day.
even tion:
I realize that this declaration will be pooh-poohed as excessive,
that
Resolved, that the Committee on Banking and Currency, or any duly
by some independent bankers secure in their confidence and a feeling
wanting authorized sub-committee thereof, is authorized and directed to conduct
they have not really begun to fight yet. However, history is not
and beaten a thorough investigation of alleged lobbying activities in connection with the
In examples of superior armies being maneuvered our of position
banking bill (H. R. 2, 69th Congress). For the purposes of this resolution
without a battle.
mere proposal for such committee or sub-committee is authorized to hold such hearings, to sit
Again, this pending bill, heralded at the beginning as a
a purpose of at such times and places, to employ such clerical, stenographic and other
Justice to national banks, has been subtly seized upon to serve
incident assistance, to require the attendance of such witnesses and the production
such moment that justice to national banks become merely an
by of such books, papers, and documents, to administer such oaths and to take
In connection with the measure. By a mere rider, never contemplated
proposed to such testimony and to make such expenditures as it deems advisable. The
the House of Representative in which this bill originated, it is
by some eight years the cost of stenographic services to report such hearings shall not be in excess of
accomplish so tremendous a thing as to anticipate
afford them a 25 cents per hundred words. The expenses of such committee or sub-comexpiration of the charter of the Federal Reserve banks and
And, mind you, mittee which shall not exceed the sum of 82,500, shall be paid from the conPerpetual charter in the form of an indeterminate grant.
an after- tingent fund, of the Senate. Such committee or sub-committee shall report
this momentous proposal appears in this bill, apparently, as
to the Senate on or before Jan. 1 1928, with such recommendations as it
thought.
granted deems advisable.
Further, this measure, instead of limiting the tremendous powers
War,
the Federal Reserve banks and their members during the Great
We give herewith the discussion which followed the preamplifies and extends such powers on a manner which challenges prudence:
sources sentation of the resolution.
in fact, to such an extent that an alarm has been sounded from
to the
whose views and conclusions are regarded with the highest respect by
Mr. Wheeler, Mr. President, I want to say that, with reference
Thomas
letter which was introduced in the "Record" the other day from Mr.
economists and bankers throughout the country.
by the
It is with no little diffidence that I have undertaken to address the Senate B. Paton, first of all. I do not take it that in the resolution offered
the inIn connection with these matters involving as they do the technique of Senator from Virginia he intended to implicate me in any way in
proposed legislation vestigation.
banking. However, the more I have delved into this
have been offered—
and the comments thereon from authoritative sources, the more I have
Mr. Glass. Of course not. The resolution would
felt that the members of the Senate are inclined to accept this measure indeed it was prepared tentatively before I receivied the telegram.
I introduced in the
without proper consideration.
Mr. Wheeler. This is what I was going to say:
out by the American
"Record" the other day a telegram that was sent
country suggesting that they
Bankers' Association to people throughout the
they particularly should try to
Charges of Alleged Lobbying in Connection with should get in touch with Senators and that I commented upon the language
"reach Senators Howell. Dill and myself."
they meant when they used
McFadden Bill—Resolution Proposing Investigawhich was used at that time and I asked what
copy of a letter which
by T. B.
tion—Denial of Undue Influence
the word "reach." At the same time I received a
Mr. M. D. Hull,in which
was given to me by Mr. Hull's office, addressed to
Paton of A. B. A.—Statement by
It was said:
parts of the country
E. N. Baty.
We frequently have requests from banks in different
been given to us and we will
Congressional action on the McFadden Branch for names of reliable attorneys. Your name has to our attention.
Final
called
be glad to recommend to you any business
If it is a form letter, I certainly
Banking Bill this week was followed by the introduction in
This letter was written on Oct. 16, 1926.
Thomas IL Paton,Jr., assistant
the Senate on Feb. 16 by Senator Glass of a resolution calling could not detect that it is. It was signed by
carried a reply from Mr. Paton
General Counsel. The Associated Press
for an "investigation of alleged lobbying activities in connec- saying that he had never written any such letter and that his son had never
with the banking bill." The resolution was referred to written any such letter. I hold the letter in my hand, and it purports to
tion
Now,they say that it is a form letter.
the Committee to Audit and Control the Contingent Ex- be signed by Thomas B. Paton, Jr. letter, that it should have been sent to
It is a significant fact, if it is a form
penses of the Senate. In response to an inquiry by Senator Martin D. Hull, member of Congress, who has not practiced law for a numThey say to him that he has been
Wheeler, Senator Glass indicated that it was the purpose of ber of years, at least. I am informed. an attorney who will be glad to get
American Bankers Associa- recommended to them by some bank as
the resolution to investigate the
presenting the resolu- their business. Either it was sent to him through the grossest kind of ignorother purtion "from top to bottom." Before
ance, as I said the other day, or else it was sent to him for some
•
from Thomas B. Paton,
tion Senator Glass read a telegram
Counsel of the American Bankers Association, with
'General
regarding a cirreference to criticisms by Senator Wheeler
Federal Legislative Comcular issued by the Association's
mittee in behalf of the bill, and the Senator's intimations that
pose.
I am glad to have the explanation from the attorney for the American
other day,
Bankers' Association. I had the letter put in the "Record" the
and said we ought to have an explanation. lam glad to get the explanation.
which has been made by the Senator from
With reference to the statement
Virginia (Mr. Glass) concerning delegates having their way paid to the con-
FEB. 19 1927.]
THE CHRONICLE
997
all members your
from headquarters office to
this telegram will be mailed
so at all, because I committee.
E,
WOLF
not know whether that is
(Signed) EDMUND S. on Federal Legislation.
iation, but am
vention in Los Angeles, I do
Chairman Committee
the American Bankers' Assoc
men
have not any connection with
from the State of Montana, among
was sent out to State chair
rs who went
this telegram
the Bankers'
satisfied that those banke
me concerning the
A circular letter embodying
name of Mr. Stone, who wrote
B. Paton, general counsel for
them being a man by the
his way paid, and and others interested by Thomas
paid. Mr. Stone never had
matter, never had their way
actions at such Association.
anything or by anybody in his
Sees a Campaign Issue.
know Mr.
he was not influenced by
the bill at conto say that, while I personally
branch banking features of
. I stand here to-day
of the highest
convention
the
Senator Wheeler discussed the
supporter of mine;but he is one
re was objectionable on
a
,he has not always been
and I should siderable length. He declared that the measu
Stone
ana.
ing wedge
able men in the State of Mont
and constitutes an "open
class, most honorable, and
means
influenced in any way, ground that it permits branch banking
been seeking by every
that he had had his mind
his way to a bank- of a little group in this country who have
hate to hear anybody say
ry through the
would permit anybody to pay
upon the people of the count
shape, or form, or that he
known to extend their grasp
convention.
ntion held in the medium of branch banking."
ers'
g the bankers' association conve
N.
While we are investigatin would be well to go into the entire subject of
" in announcing that E.
think it
The "Journal of Commerce
city of Los Angeles I
investigation had
iation delegates. I would like
can Bankers' Assoc
the proposed
paying the way of Ameri
way of the delegates Baty of Chicago welcomes
into to find out who paid the
from Washington, Feb. 17:
to see the matter gone York, when they went to Georgia, when they went
following to say in advicesand Cook County Bankers' Associathe
When they went to New
because, if my ungo
Chica
have taken these other trips,
E. N.Baty, Secretary ofthe
the two organizations which
to Florida, and when they American Bankers' Association have been paying
Committee of One Hundred,
amendments proposed to the
ver they tion and of the
derstanding is correct, the
e in behalf of the Hull
throughout the country whene
Senator
little bankers
been most activ
accepted the challenge of
the way of a lot of
we are going to have have
National Bank bill, to-day
some kind of a resolution. If
back of the
wanted to put through
us investigate the McFadden of Virginia for a show-down on the alleged lobby
Let
go into the whole subject.
what I would Carter Glass
an investigation, let us
n from top to bottom. That is
amendments. . . .
American Bankers' Associatio
Bale's Statement.
those of the Congress
like to see done.
not mention the names of
purpose of the resolution.
The Virginia Senator did
Mr. Glass. That is the
be adopted and I
will
ently stated and it is quite
as this rumor bad appar
sincerely hope that the resolution
Mr. Wheeler. I
subject in the who were employed
be made to get to the
to-day, that efforts will
committee will go into the whole
possible, it was stated here
sincerely hope that the
rs' Association and their activities.
igation of the American Banke
m of that assumption.
through his disinvest
botto
found a ray of sunshine
activities by bankers with
In a statement to-day, Baty
to the measure should be
Senator Wheeler's criticisms of
charge that the opposition
the
were made before the Senate appointment inpowerful lobby." He added, however,that he felt indignant
respect to the McFadden bill
"Times" dignified as "a nce to these activities as of an "illicit and culpable nature."
the Washington correspondent of the
the refere
Senator Glass as
over
on Feb. 14,
" he said, "the charges of organizations I
to the following effect:
"I most emphatically deny,
two
on that date reporting him as an enemyofthe farmer but a friend of far as they may relate to any activities of myself or theor from Virginia is
Senat
President Coolidge was attacked
afternoon represent. The charges are untrue, and if the
proper
of Montana in a Senate speech this
igation authorized by the
the banker by Senator Wheeler
get the expense of the invest
bill.
rs of the small
unable to
t on the Branch Banking
be glad to get 250 office
on the conference repor
er exclaimed. "He'll veto a farm committee of the Senate I shall ibute $10 to the $2,500 fund specified
Wheel
"Talk about a strong man," Mr.
each contr
a
sent and myself.
banks of the country to
unfortunate man seventy miles from
We. the bankers I repre
bill for the benefit of the poor, little
Andrew Jackson by the resolution introduced.
have the courage to stand up like
so since the Senator from Virginia
railroad, but he will not
an investigation, especially
welcome such
the activities of both
the bankers."
of Senator Wheeler that
and veto a bill for the benefit of
e tomorrow for the first time this has agreed to the suggestion
sions of the bill be
of the branch bank provi
face of Senate intent to apply closur
In
er con- the proponents and opponents
the branch banking bill Mr. Wheel
t co-operation in any
session in order to end debate on
e Senator Glass our fulles
Such an investigaInvestigated. We pledg
measure.
ve investigation authorized by the Senate in this matter.
tinued a vigorous fight against the
concerning our
Chairman of the Federal Reser
thfulness of his charges
He characterized D. R. Crissinger,
George B. Hayes, the New tion will demonstrate the untru
red
the methods
d throw some light upon
"one of the Ohio gang," and decla
ion shoul
Board, as
er in Montana, was Crissinger's activities, and in addit
effort to extend the
York witness who appeared against Wheel
se employed by those who are succeeding in their
becau
ry. We have
cuted for "premeditated perjury"
system throughout the count
"buddy," and had not been prose
regret
monopolistic branch banking
lost the fightbut we do not
he "knew too much."
ncy, and the present been fighting for a principle. We have
oller of the Curre
gies necessary."
Henry M. Dawes, former Contr
had both "flopped" on the having made it, nor are any apolo
h S. McIntosh,
occupant of that office, Josep
rs' Associaon the McFadden bill is
"threat" of the American Banke
The Senate action this week
branch banking question under
from Thomas B.
red. He produced a letter
this issue.
tion, the Montana Senator decla
offering legal referred to in another item in
can Bankers' Association,
Paton, general counsel of the Ameri
of Illinois, author of the Hull
Representative Morton D. Hull
business to
eliminated
Bill Passes House in
banking, but which have been
amendments to restrict branch
McNary-Haugen Farm Relief
from the bill.
Passed by Senate.
Form
Reads Letter Sent to Hull.
Bill in the form in
ttee 111 The McNary-Haugen Farm Relief
ram from the Legislative Commi
teleg
Senator Wheeler read a recent
to Senaon Feb. 11 was passed by the
iation, advising bankers to write
which it passed the Senate
of the American Bankers' Assoc
Then he read
Feb. 17 by a vote of 214 to
ors Wheeler, Howell and Dill.
tors and try to "reach" Senat
House of Representatives on
d in
wing letter to Representative Hull:
the bill by the Senate was note
the follo
178. The adoption of
Oct. 16 1926.
872. The House on
iation,
12, page
rs' Assoc
General Counsel, American Banke
our issue of last week, Feb.
Office of Thomas B. Paton,Street, New York City.
permit any amend110 East Forty-second
different Feb. 17, in passing the bill, refused to
have requests from banks in
Dear Mr. Hull:—We frequently a reliable attorney.
says the "Journal of Comit, thus,
of
parts of the country for the name us, and we will be glad to recommend to ments to be made to
a piece of legisYour name has been given to
tion.
ing the finishing touches upon
you any business called to our atten you to send this letter back to us with merce," putt
to be disapproved by President
please
connection we should like
In this
and address for our files, and also
lation which is destined
any notation correcting your name
correspondent of that paper
sent.
state what bank you reprebeen properly recommended to us we are rending Coolidge. The Washington
who have
ons.
To attorneys
n new 1920 compilation of legal opini n.
g to say regarding the action of the
the American Bankers' Associatio shipment to attorneys in your sectio
also had the followin
&c. Next week we are makingwill be glad to send your complimentary
House on the 17th:
al
Incidentally, as a sutwcriber we
in.
n to recommit the bill to the Agricultur
notice of the legal service bullet
The final vote followed a motio
l
which
THOMAS B. PATON.
to substitute therefor the Aswel bill,
you will sign and return this letter to Committee with instructions
If
P. 8.—Do not bother to write. sed for your convenience it will come was lost, 214 to 175.
that
ope enclo
me in the stamped envel shall personally see that the work goes forward
a disorderly one, with every indication e the
I
The session of the House was
directly to my desk, and
steam roller process to secur
examination.
ltural bloc not only was using the
the agricu
for your
any movement to change them
know if the American Bankers' Association was passage of the bill but would not countenance
Mr. Wheeler wished to
the time "he was making the fight from their course.
"reach" Representative Hull at
trying to
Leaders Lose Control.
ments.
ol
of his life" for his amend
w the Administration had no contr
"how the letter could be read in any other sense,
House Republican leaders who follo
"I don't see," he asserted,
plea of their own
legal
ng and suggesting that they will give him
nor would the Democrats listen to the
over their colleagues,
ear
because they are writi
tt of Tennessee, who sought a two-y
leader, Representative Finis J. Garre
business."
cotton. This was defeated
declarations of Senator Wheeler on delay in the application of the equalization fee on
In its account of the
" stated:alp
by a teller vote of 114 to 139.
t to bring about an adjournment
Feb. 14, the "Journal of Commercerams from officials of the assoRepublican leader John Q. Tilson sough
n was defeated by
the record letters and teleg
to the passage of the bill. This motio
the House prior
Reading into
es to show the extent of the movement, of
king the measure, Mr.Tilson
banks and other sourc
vote of 198 to 170. In a speech attac
ciation,
a roll call
ion of sovietism, and is in
not 20% of the members of the Senate knew
mned it as a bill which "leads in the direct
Senator Wheeler charged that
who have read it in full and know the provisions conde
what was in the bill, not 20%
fact a considerable step in that direction."
g
ular class of our citizens, actin
It contains.
"This means," he declared, "that a partic
in the closing days of the session,
clothed with treseek passage of the bill
tives of their own choosing, are to be vitally the lives
"Gentlemen
through representa
the people of the country, by the members
, affecting
when it is not understood by
powers over the very means of life itself
some of the memoers of the banking com- mendous
of the Senate or understood by Wheeler. "It is so apparent that when and fortunes of the whole people."
limit the President in
or
on the provisions which would
mittee itself," declared Senat
ees of the farm
the Senate as to provisions it contains t Mr. Tilson spoke
made on the floor of
the proposed farm board to nomin , he claimed,
nting members of
statements are
ons, which
you find they are not in accordance with appoi
and co-operative marketing organizati
you read them for yourself
and
associations
United States and an even
What has been said."
represent only a fraction of the farmers of the
whole people.
smaller fraction of thedm.„
er Shows Telegram.
Wheel
ammo,.
Aswell Bill Voted Down,
was operated, Senator Wheeler indicated,
sion,
How the alleged propaganda
the equalization fee provi
text of which is as follows:
The Aswell bill, which does not contain
was shown in a telegram the
vote of 144 to 160. and the
men Federal Legislative Council. offered as a substitute, was defeated by a division Administration's choice,
chair
This night letter to all State
Monday with Hull amendments eliminated
imes considered to be the
McFadden bill passed House last Reserve banks in accordance with Los Curtis-Crisp bill, somet
and containing recharter Federal ion has however, developed in Senate was beaten by a teller vote of 157 to 177. quantities but were summarily
situat
sale
Angeles resolution. Serious tprivileged status and three attempts to have
Little
Amendments were offered in whole
defense of the bill.
as conference report has not
by objection to unanimous gconsent. dealt with. It was not possible to pierce the
ly
for imbill considered have been blocked
ors askin
to make an attack. Respectful
should go immediately to Senat
y was given the to opposition
of the
opportunit
Letters and telegrams
e Rogers, who represents one
mediate action.
and Senators Wheeler (Mon- the House listened to Mrs. Edith Nours tts, while she pleaded against the
filibuster,
chuse
Opponents are trying to build up
(Nebraska), who oppose bill, should be large cotton mill districts of Massa
ruin the mill industry of New
made
tana), Dill (Washington), Howell
e favor bill, but this cannot beevery- Passage of the bill, which, she said, would
reached specially. Majority of Senat
to do
d be urged
s bill is brought up. Senators shoul natory circular quoting England, but her pleadings were in vain.
effective unles
pass bill. Expla
hing in their power to help leaders
998
THE CHRONICLE
Representative Garrett favored the Aswell
bill, which, he said, would
offer immediate aid to the-farmers.
"Admittedly," said Mr. Garrett, "the Senate
bill does not offer any
Immediate relief. The pity ofthe situation
to me is that advantage has been
taken of the distress in the agricultural
industry of the country for theorists
to convince a sufficient number of farmers
should have as to cause them in turn to that this is what they desire or
bring pressure here upon sincere
and earnest representatives in Congress
that is causing them to subvert
their own judgment.
"Mr. Chairman, if this scheme of an
equalization fee goes into the law
and begins to work within the next decade
we will see a complete revolution
in the relation of agriculture to all other
industries. You will see agriculture
put upon the plane of a public service
corporation. The inevitable evolution will be that there will come governme
nt regulation ofthe farm as marked
as now exists with reference to your
public utilities affairs."
[vol.. 124.
convention- may adjourn. Two of the members of the
nominating committee
in each district shall be elected by a _majority vote
of the heads of the
agricultural departments of the several States
of each Federal Land Bank
district, at a meeting to be held in the same city
and at the same time of
the meeting of the convention of the bona fide
farm organizations and cooperative associations in each district. One of the members
of the nominating committee in each district shall be appointed
by the Secretary of
Agriculture.
(c) The Secretary of Agriculture shall, within thirty days
after the
approval of this Act and biennially thereafter, with the advice
of such
farm organizations and co-operative associations as he
considers to be
representative of agriculture in any district, (1) fix the date
on which a
convention in melt district shall be held, (2) designate the farm
organizations and co-operative associations in the district eligible to participat
e in
such convention, and (3) designate the number of representatives
• In commenting on the features of
the bill which the Presi- number of votes to which each such organization, association in theand the
or
district
dent disapproves the Washington dispatc
shall be
h Feb. 17 to the shall be entitled. The date fixed for the first convention in each district
not later than forty-five days after the approval of this Act, and
"Times" said:
the date fixed for subsequent conventions in the district shall be, as nearly
Has Features Coolidge Condemned.
as practicable, two years after the preceding convention. The Secretary
In all substantial respects the
bill contains provisions that have been of Agriculture shall mail, at least fifteen
days prior to the date on which
condemned by President Coolidge
and on two occasions assailed as un- a convention is to be held, to each organizat
ion and association eligible
workable and economically unsound
by Secretary Mellon of the Treasury. to participate in such convention, notice of the
It appropriates $250,000
date and place of such con,000 to
to dispose of surplus and to keep assist the Farm Board which it creates vention. The Secretary, of Agriculture shall prescribe uniform regulations
up the domestic price. The Farm Board for the procedure at The conventions and
for the proper certification of
Is to carry out its work through
co-operative agricultural associations. An election of the members of each nominatin
equalization fee, to be assessed
g committee.
on producers of corn, wheat, rice, hogs,
(d) The term of office of each member of a nominating committee first
cattle, cotton and tobacco,is prodosed
as a medium of reimbursement to the elected or appointed shall expire two
Treasury. Tobacco was added to
years from the date of his election
the bill
ern States. Attempts made by Eastern for the benefit of raisers in South- or appointment, and the term of office of a successor shall expire two years
members to add potatoes, apples, from the date of the expiration of
the term for which his predecessor was
boots and shoes, textiles and other
commodit
elected or appointed. Any member of
•
It had virtually been known since early ies were unavailing.
nominating committee in office
in the week that the House at the expiration of the term for which a
would fall in line with the Senate and pass
he was elected or appointed, may
nents of the legislation looked in vain to the McNary-Haugen bill. Oppo- continue in office until his successor takes office.
the White House for help in fighting
(e) The members of each nominating committee shall serve without
the measure. They were cheered to
some extent by Secretary Mellon's salary but may
be paid by the Federal Farm Board a per diem compensamemorandum, printed Tuesday morning, in
which he attempted to show tion not exceeding $20 for attending
that the bill would not operate as its
meetings of the committee. Each
authors contended, but beyond this member shall be
paid by the board his necessary traveling expenses to and
statement no other authorized word on the
subject came from high Admin- from the meetings of
istration quarters.
the nominating committee and his actual expenses
while engaged upon the business of the committee.
The memorandum presented this week
(f) Each nominating committee shall, as soon as practicable after
by Secretary
the
Mellon will be found elsewhere in this issue
approval of this Act, meet, organize, select a chairman, secretary, and such
-of our paper, other officers as it deems necessary, and
and we also give in another item the text
submit to the President a list of
of the bill as ac- three individuals from its district eligible for appointment to the board.
cepted by the Senate and House.
(g) Whenever a vacancy occurs in the board, or whenever in the opinion
With reference to action taken on Feb. 12
of the chairman of the board, a
by proponents member from any Federal Land vacancy will soon occur, in the office of a
Bank district, the chairman of the board
of the McNary-Haugen type of farm relief
shall notify the nominating committe
House to expedite enactment of the legislatlegislation in the committee shall, as soon as practicabl e in such district The nominating
e thereafter, meet and submit to the
ion, the "United
States Daily," said:
President a list of three individuals from such district, eligible for
appointment to the board.
Representative Haugen (Rep.) of
Northwood, Iowa, Chairman of the
Committee on Agriculture of the House,
Qualifications and Terms of Board Members.
announced orally, Feb. 12, that
he had asked the Committee on Rules
to report a special rule to substitut
Sec. 3. (a) The terms of office of the appointed members of the board
e
the McNary bill (Senate Bill No.
4808). passed by the Senate,for the first taking office after the approval of this Act shall expire,
Haugen bill (House No. 15,474),
as designated
now under consideration by the House.
by the President at the time of nomination, four at the end of the second
A favorable report on the special
year, four at the end of the fourth year, and four at the end of the sixth
report substituting the
year, after the date of the approval of this Act A successor to an al).
Senate bill for the one pending in the
•
out on Feb. 14 by the Committee on House was reported 'pointed member of the 'board shall be appointed in the same manner as
Rules and on Feb. 15 the original appointed members, and shall have a term of office expiring
the House agreed to the substitution,
six years
adopting the rule by cessor from the date of the expiration of the term for which his predea standing vote of 201 to 62. A
was appointed.
record vote on the question
(b) Any person appointed to fill a vacancy in the board occurring prior
of substitution was not taken.
to the expiration of the term for which his predecessor was appointed, shall
be ippointed for the remainder of such term.
(c) Any member of the board in office at the expiration of the term for
Text of McNary Farm Relief Bill As
which
It Passed Senate office. he was appointed, may continue in office until his successor takes
and House.
(d) Vacancies in the board shall not impair the powers of the remaining
We are giving below the text of the
members to execute the functions of the
• bill as it passed the Senate on Feb. McNary farm relief pointed members in office shall constituteboard, and a majority of the apa quorum for the transaction of
11 and the House on
the business of the board.
Feb. 17. The Senate action
on the measure was
(e) Each of the appointed members of the board shall be a citizen
noted in
our issub of a week ago,
of
page 872. In another item
in this the United States, shall not actively engage in any other business, voca• Issue we refer to the
tion, or employment than that of serving as a member of the board,
action of the House in
and
accepting on shall receive a salary of $10,000
Feb. 17 the bill as amende
a year, together with necessary traveling
d and passed by the Senate,
in expenses and expenses incurred for subsistence or per diem allowance in lieu
lieu of the House (Haugen) bill
which had followed the thereof, within the limitations prescribed by law, while away from the
lines of the McNary bill
principal office of the board on business required by this Act, or if assigned
before the Senate amendments
were to any other office established by the board, then while away from such
Incorporated. The followi
ng is the text of the bill
in the office on business required by this Act.
form in which it was
adopted by both branches of
Congress:
General Powers.
[S. 4808.]
Sec. 4. The board—
'AN AC'S to establish a Federal
(a) Shall annually designate an appointed member to act as chairman
Farm Control Board to aid in the
marketing and in the control
orderly of the board.
and disposition of the surplus of
tural commodities.
I grieul(b) Shall maintain its principal office in the District of Columbia and
Be it enacted by the Senate
such other offices in the United States as it deems necessary.
and House of Representatives of
the United
States of America in Con greet
(c) Shall have an official seal which shall be judically noticed.
assembled,
(d) Shall make an annual report to Congress.
Declaration of Policy.
(e) May make such regulations as are necessary to execute the functions
Section 1. It is hereby declared to
vested in it by this Act.
be the policy of Congress to
promote
the orderly marketing of basic agricultur
(f) May (1) appoint and fix the salaries of a secretary and such experts
al commodities in Inter-State
foreign commerce and to that end to
and and, in accordanc
e with the Classification Act of 1928 and subject to the
provide for the control and dispositio
of surpluses of such commodities, to
n provisions of the
enable producers of such
civil service laws, such other officers and employees, and
commodities (2) make
to stabilize their markets against undue and
such expenditures (including expenditures for rent and personal
excessive fluctuations, to preserve advantageous domestic markets for such
services at the seat of government and elsewhere, for law books, periodicals,
commodities, to minimize
speculation and waste in marketing such
commodities, and to encourage and books of reference, and for printing and binding) as may be necessary
the organization of producers of such commodities
into co-operative market- for the execution of the functions vested in the board.
ing associations.
Special Powers and Duties.
Federal Farm gourd.
Sec. 5. (a) The board shall meet at the call of the chairman, or of the
See. 9. (a) A Federal Farm Board is hereby created
which shall consist Secretary of Agriculture, or of a majority of its members.
of the Secretary of Agriculture, who shall be a member
(b) The board shall keep advised, from any available sources, of crop,
ex officio, and
twelve members, one from each of the twelve Federal Land
prices, prospects, supply and demand, at home and abroad, with especial
Bank
appointed by the President of the United States, by and with districts, attention to
the existence or the probability of the existence of a surplus of
the advice
and consent of the Senate, from lists of eligibles submitted by
the nom- any agricultural commodity or any of its food products.
inating committee for the district, as hereinafter in this section
(c) The board shall advise co-operative associations, farm organizations,
pi avided.
(b) There is hereby established a nominating committee in each
of the and producers in the adjustment of production and distribution, in order
twelve Federal Land Bank districts, to consist of seven members.
that they may secure the maximum benefits under this Act.
Pour of
the members of the nominating committee in each district shall be elected
Control and Disposition of Surplus.
by the bona fide farm organizations and co-operative associations in such
Sec. 6. (a) For the purposes of this Act, cotton, wheat, corn, rice,
district at a convention of such organizations and associations, to le held
tobacco, and swine shall be known and are referred to as
"basic agricultural
at the office of the Federal Land Bank in such district, or at such other
commodities," except that the board may, in its discretion, treat as
place, in the city where such Federal Land Bank is located, to Wish the
a separate basic agricultural commodity one or more of such classes
or types of
FEB. 19 1927.]
THE CHRONICLE
999
any unjust
hereinafter established for such commodity. in order to prevent
tobacco as are designated in the classification of the Department of Agri- discrimination against, any direct burden or undue restraint upon, and
culture.
any suppression of commerce with foreign nations in basic agricultural
such com(b) Whenever the board finds that the conditions of production and
commodities in favor of Inter-State or Intra-State commerce in
marketing of any other agricultural commodity are such that the provisions modities; and in order to stabilize and regulate the current of foreign and
to a basic agricultural commodity should be made
of this Act applicable
shall be apportioned
Inter-State commerce in such commodities—there
applicable to such other agricultural commodity, the board shall submit and paid as a regulation of such commerce an equalization fee as hereinits report thereon to Congress.
after provided.
(c) Whenever the board finds, first, that there is or may be during the
Amount Equalization Fee.
-ensuing year either (1) a surplus above the domestic requirements for
respect of any basic
Sec. 9. Prior to the commencement of operations in
tobacco, or swine, or (2) a surplus above the requirewheat, corn, rice,
and thereafter from time to time, the board shall
for the orderly marketing of cotton, or of wheat, corn, rice, tobacco, agricultural commodity,
ments
probable advances, losses, costs, and charges to be paid in
or swine; and, second, that both the advisory council hereinafter created estimate the
operations in such commodity. Having due regard to such
for the commodity and a substantial number of co-operative associations respect of the
board shall from time to time determine and publish the
or other organizations representing the producers of the commodity favor estimates, the
measure, or value designated by it, to be
of the board in the stabilization of the commodity, amount for each unit of weight,
the full co-operation
such unit of such basic agricultural commodity during the
the board shall publicly declare its findings and commence, upon a collected upon
then
such commodity. Such amount is hereinafter referred to as
date to be fixed by the board and published in such declaration, the opera- operations in
fee." At the time of determining and publishing an
tons in such commodity authorized by this Act: Provided, That in any the "equalization
the period during which it shall
many as 50 per centum of the producers of the com- equalization fee the board shall specify
State where not as
manner of its payment and collection.
members of such co-operative associations or other organiza- remain in effect, and the place and
modity are
Payment and Collection of Equalization Fee.
tions, an expression from the producers of the commodity shall be obtained
may prescribe there
through a State convention of such producers, to be called by the head of
Sec. 10. (a) Under such regulations as the board
the Department of Agriculture of such State, under rules and regulations shall be paid, during operations in a basic agricultural commodity and in
him. Such operations shall continue until terminated by the
equalization fee upon one of
prescribed by
respect of each unit of such commodity, an
board. Any decision by the board relating to the commencement or ter- the following: The transportation, processing, or sale of such unit. No
mination of such operations shall require the affirmative vote of a majority more than one equalization fee shall be collected in respect of any unit.
-of the appointed members in office, and the board shall not commence or The board shall determine in the case of any class of transactions in the
terminate operations in any basic agricultural commodity unless members commodity, whether the equalization fee shall be upon transportation,
of the board representing Federal Land Bank districts which in the aggre- processing, or sale.
any person engaged in the
gate produced during the preceding crop year, according to the estimates
(b) The board may by regulation require
of the Department of Agriculture, more than 50 per centum of such com- transaction, processing, or acquisition by sale of a basic agricultural commodity, vote in favor thereof and until the board shall become satisfied modity—
respect of his transthat a majority of the producers of such commodity favor such action.
(1) To file returns under oath and to report, in
(d) During the continuance of such operations in any basic agricultural
commodity, the amount of
portation, processing, or arquisition of such
-commodity, the board is authorized to enter into agreements, for the puras may be necessary
equalization fees payable thereon and such other facts
pose of carrying out the policy declared in section 1, with any co-operative
for their payment or collection.
association engaged in handling the basic agricultural commodity, or with
by the board, and to ac(2) To collect the 'equalization fee as directed
a corporation created by one or more of such co-operative associations, or
count therefor.
with processors of the basic agricultural commodity.
a serial receipt for
(3) In the case of cotton, to issue to the producer
(e) Such agreements may provide for (1) removing or disposing of any
the participating interest of the
the commodity which shall be evidence of
board may in
surplus of the basic agricultural commodity, (2) withholding such surplus,
in the equalization fund for the commodity. The
(3) insuring such commodity against undue and excessive fluctuations in producer prepare and issue such receipts and prescribe the terms and constorage, or sale or other such case
request of the
market conditions, and (4) financing the purchase,
thereof. The Secretary of the Treasury, upon the
disposition of the commodity. The moneys in the stabilization fund of the ditions shall have such receipts prepared at the Bureau of Engraving and
board,
•basic agricultural commodity shall be available for carrying out such agreePrinting.
ments. In the case of any agreement in respect of the removal or disposal
regulations prescribed by the
(c) Every person who, in violation of the
liable for
-of the surplus of a basic agricultural commodity, the agreement shall proto collect or account for any equalization fee shall be
charges, arising out of board, fails
Such amount
vide both for the payment from the stabilization
amount and to a nenalty equal to one-half its amount.
storage, or sale or other disposition of the commodity or out its penalty may be recovered together in a civil suit brought by the board
the purchase,
and
-of contracts therefor, and for the payment into the stabilization fund for
in the name of the United States.
the commodity of profits (after deducting all costs and charges provided
Stabilization Funds.
for in the agreement) arising out of such purchase, storage, or sale or
prescribed by the board,
-other disposition, or contracts therefor. In the case of agreements insurSec. 11. (a) In accordance with regulations
agricultural
ing such commodity aganst undue and excessive fluctuations in market there shall be established a stabilization fund for each basic
under
conditions, the board may insure any co-operative marketing association commodity. Such funds shall be administered by and exclusively
have the exclusive power of
-against decline in the market price for the commodity at the time of sale the control of the board, and the board shall
to the
by the association, from the markets price for such commodity at the time expending the moneys in any such fund. There shall be deposited
agricultural commodity, ad•of delivery to the association.
credit of the stabilization fund for a basic
premiums paid
(1) If the board is of the opinion that there is no such co-operative vances from the revolving fund hereinafter established,
and profits in conassociation or associations, or corporation created by one or more co- for insurance under section 12, and the equalizaticn fees
basic agricultural commodity
operative associations, capable of carrying out any such agreement, the nection with operations by the board in the
board may enter into such agreements with other agencies.
or its food products.
of the equalization fees
(g) If the board is of the opinion that there are two or more co-operative
(b) The board, in anticipation of the collection
and in order
.associations capable of carrying out any such agreement, the board in en- and the payment of premiums for insurance under section 12,
6
tering into such agreement shall not discriminate unreasonably against any promptly to make the payments required by any agreement under section
12 and to pay salaries and
such association in favor of any other such association.
or by the insurance contracts under section
(h) During any period in which the board is engaged under this Act expenses of experts, may in their discretion advance to the stabilization
In operations in any basic agricultural commodity other than cotton, or fund for any basic agricultural commodity, out of the revolving fund heretobacco, the provisions of sub-divisions (d), (e), and (f) of this section inafter established, such amounts as may be necessary.
stabilization fund shall be made
shall have the same application in respect of the food products of the
(c) The deposits to the credit of the
All general laws relating to
-commodity as they have in respect of the commodity.
in a public depositary of the United States.
improper handling, retention, use,
the embezzlement, conversion, or to the
Commodity Advisory Councils.
public moneys of the United States, shall apply to equalSec. 7. (a) The board is hereby authorized and directed to create for or disposal of
to the credit of
fees collected by any person and to profits payable
-each basic agricultural commodity an advisory council.of seven members isation
fund, whether or not such fees or profits have been credited
farly representative of the producers of such commodity. Members of a stabilization
as to moneys deposited to the
appropriate stabilization fund, as well
-each commodity advisory council shall be selected annually by the board to the
of any officer
of the fund or withdrawn therefrom but the custody
from lists submitted by the heads of the agricultural departments of the credit
United States.
within the Federal Land Bank district and from lists sub- or employee of the
several States
fund for any basic
(d) There shall be disbursed from the stabilization
tufted by co-operative marketing associations and farm organizations detercommodity only (1) the payments required to be made by
mined by the board to be representative of the producers of such com- agricultural
contract under section
agreement under section 6 or by an insurance
modity. Members of each commodity advisory council shall serve without any
determines
(2) the salaries and expenses of such experts as the board
.salary but may be paid by the board a per diem compensation not exceed- 12,
such fund, and (3) repayments to the revolving
meetings of the council and for time devoted to other should be payable from
from
ing $20 for attending
any amounts advanced in respect of the agricultural commodity
business of the council and authorized by the board. Each council member fund of
together
revolving fund to the stabilization fund and remaining unpaid,
shall be paid by the board his necessary traveling expenses to and from the
annum.
interest on such amounts at the rate of 4 per centum per
meetings of the council and his expenses incurred for subsistence, or per with
is, in the
(e) When the amount in the equalization fund for cotton
diem allowance in lieu thereof, within the limitations prescribed by law,
of the amount adequate to carry out the
business of the council. Each commodity advisory opinion of the board, in excess
while engaged upon the
of this Act in respect of such commodity, and the collection
-council shall be designated by the name of the commodity it represents, requirements
excess, the
of further equalization fees thereon is likely to maintain an
as, for example, "The Cotton Advisory Council."
outretire in their serial order as many as practicable of the
(b) Each commodity advisory council shall meet as soon as practicable board may
such fund. Such
place designated by the board and select standing receipts evidencing a participating interest in such receipts of
after its selection at a time and
shall be had by the payment to the holders of
a chairman. The board may designate a secretary of the council, subject retirement
board. The
their distributive share of such excess as determined by the
receipt
the approval of the council.
to
twice amount of the distributive share payable in respect of any such
(c) Each commodity advisory council shall meet thereafter at least
of such reby the board, or upon a call shall be an amount bearing the same ratio so the face value to the fund
In each year at a time and place designated
designated ceipt as the value of the assets of the board in or attributableevidencing a
duly signed by a majority of its members at a time and place
bear to the aggregate lace value of the outstanding receipts
therein.
board.
itself or participating interest in such fund, as determined by the
commodity advisory council shall have power, by
(d) Each
board, or to make oral
Loans and Insurance.
through its officers, (1) to confer directly with the
of
terms and conditions
or written representations concerning matters within the jurisdiction
Sec. 12. (a) The board is authorized, upon such
make repreprescribe, to make loans
the board. (2) to call for information from the board and to
and in accordance with such regulations as it may
by the
co-operative association engaged in the
sentations to the board in respect of the commodity represented
board, the out of the revolving fund to any disposition of any agricultural commod-council in regard to the time and manner of operations by the
all matters purchase, storage, or sale or other
amount and methods of collection of the equalization fee, and
agricultural commodity) for the purpose of
to ity (whether or not a basic
the surplus of such
pertaining to the interest of the producers of the commodity, and, (3)
co-operative association in controlling
producers and co-operative associa- assisting such
orderly marketing.
co-operate with the board in advising
commodity in excess of the requirements for
of co-operative services,
tions and farm organisations in the adjustment of production in order to
(b) For the purpose of developing continuity
and equipment, the board
secure the maximum benefits under this Act.
Including unified terminal marketing facilities
and n accordance with such
is authorized, upon such terms and conditions
Equalization Fee.
of the revolving fund
corn- regulations as it may prescribe, to make loans out
Sec. 8. In order that each marketed unit of a basic agricultural
in the purchase, storage, sale, or
share to the stabilization fund to any co-operative association engaged
imodity may contribute ratably its equitable
1000
THE CHRONICLE
[VOL 124.
other disposition, or processing of any agricultural
(3) The term "co-operative association" means
purpose of assisting any such association in the commodity, (1) for the
an association of peracquisition, by purchase, sons engaged in the
production of agricultural products, as farmers, plantconstruction, or otherwise, of facilities to be used in
the storage, process- ers, ranchers, dairymen,
ing, or sale of such agricultural commodity, or
or nut or fruit growers, organized to carry out any
(2) for the purpose of purpose specified
in section 1 of the Act entitled "An Act to authorize
furnishing funds to such associations for necessary expenditures
in federat- association of producers of
ing, consolidating, or merging co-operative associations,
agricultural products," approved Feb. 18 1922,
or (3) for the pur- if such association is
pose of furnishing, to any such association funds to be
qualified under such Act.
used by it as capital
(4) The term "tobacco" means leaf tobacco, stemmed
for any agricultural credit corporation eligible for
or unstemmed.
receiving rediscounts
from an intermediate credit bank. In making any such
Revolving Fund and Appropriation.
loan the board may
provide for the payment of such charge, to be determined
Sec. 16. (a) There is hereby authorized to be appropriated
by the board
, out of any
from time to time, upon each unit of the commodity
handled by the asso- money in the Treasury not otherwise appropriated, the sum of $250,000,ciation, as will within a period of not more than twenty
years repay the 000, which shall be administered by the board and used as a revolving
fund,
amount of such loan, together with interest thereon.
in accordance with the provisions of this Act.
The
The Secretary of the Treasamounts loaned under this sub-division and remaining unpaid aggregate ury
shall deposit in the revolving fund such amounts, within the approshall not
exceed at any one time the sum of $25,000,000.
priations therefor, as the board from time
to time deems necessary.
(c) Any loan under subdivision (a) or (b) shall bear
(b) For expenses in the administration of the functions
interest at the rate
vested in the
of 4 per centum per annum.
board by this Act, there is hereby authorized
to be appropriated, out of
• (d) The board may at any time enter into a contract with
any co-opera- any money in the Treasury not otherwise appropriated, the sum of $500,000,
tive marketing association engaged in marketing any
basic agricultural to be available to the board for such expenses (including salaries
and excommodity, insuring such association for periods of twelve
months against penses of the members, officers, and employees of the board and the
per
decline in the market price for such commodity at the
time of sale by the diem compensation and expenses of members of the commodity advisory
association from the market price for such commodity at
the time of de- councils and the nominating committees) incurred prior to July 1 1928.
livery to the association. For such insurance the association
shall pay such
premium, to be determined by the board, upon each unit of
Separability of Provisions.
the basic agricultural commodity reported by the association for coverage
Sec. 17. If any provision of this Act is declared unconstitutional or the
under the insurance contract, as will cover the risks of the insurance.
applicability thereof to any person, circumstance, commodity, or class of
transactions in respect of any commodity, is held invalid,
Examinations of Books and Accounts of Board.
the validity of
the remainder of the Act and the applicability
of such provision to other
Sec. 13. Expeditures by the board for loans and advances from
the re- persons, circumstances, commodities, and classes of transactions shall not
volving fund and expenditures by the board from the appropriatio
n under be affected thereby.
subdivision (b) of section 16 shall be allowed and paid upon the
presenta.
Short Title.
tion of itemized vouchers therefor, approved by the chairman of
the board.
Sec. 18. This Act may be cited as the "Surplus
Expenditures by the board, including loans and advances, from the stabilControl Act."
Passed the Senate Feb. 9 (calendar day, Feb. 11)
ization funds shall be made by the authorized officers or agents of
1927.
the
board upon receipt of itemized vouchers therefor, approved by such
officers as the board may desgnate. Vouchers so made for expenditures
from
the revolving fund or any stabilization fund shall be final and
conclusive Secretary Mellon Presents to Congress Statement on
upon all officers of the government; except that all financial transactions
Impracticability of Administering McNary-Haugen
of the board (including the payments required by any agreement
under
section 6 or by the insurance contracts under section 12) shall,
Bill—Difficulties in Way of Collection of
subject to
the above limitation, be examined by the General Accounting Office,
at
Equalization Fees—Attendant Cost.
such times and in such manner as the Comptroller General of
the United
The cost of administering the McNary-Haugen Farm bill
States may by regulation prescribe. Such examination in respect
of expenditures from the revolving fund or from any stabilization fund
shall be and the difficulties in the way of the collection of the equalifor the sole purpose of making a report to the Congress and to
the board zation fee are the subject of a
memorandum prepared by the
of expenditures and contracts in violation of law, together with
such recommendations as the Comptroller GGeneral deems advisable concerning Bureau of Internal Revenue at the instance of Secretary
of the
the receipt, disbursement, and application of the funds administered by
the Treasury Mellon. According to the memorandum, the estiboard.
mated cost of the maintenance of the administrative organiCo operation With Executive Departments.
zation would be $790,338 per year. It is pointed out that
Sec. 14. (a) It shall be the duty of any governmental establishmen
t in
the executive branch of the government, upon
request by the board, or "the bill provides that the equalization fee may be collected
upon Executive order, to co-operate with and render
assistance to the board under such regulations as the board may prescribe
during
In carrying out any of the provisions of this Act
and the regulations of operations in
a basic agricultural commodity, and that fee
the board. The board shall, in co-operation with any
such governmental
establishment, avail itself of the services and facilities
shall be paid upon any of the following: The transportation,
of
mental establishment in order to avoid preventable expense such governor duplication processing or sale of such unit. It also provides that
no
of effort:
more than one equalization fee shall be collected in respect
(b) The President may by Executive order direct any
such governmental
establishment to furnish the board with such information
and data pertain- to any unit. Regardless of which of the three mediums of
ing to the functions of the board as may be contained
in the records of collection is adopted, says the memorandum, a force
of insuch governmental establishment. The order of the President
may provide vestigating agents
such limitations as to the use of the information and data
must be organized for the purpose of
as he deems
desirable.
ascertaining whether the collection medium has filed correct
returns and paid the full amount of the fee. The memorandum also states that "in addition to the fact that the
Definitions.
equalization fee is a sum authorized by law which must be
Sec. 15. (a) As used in this section and in section 10 (relating
to the
equalization fees)—
collected for the rehabilitation of the revolving fund, it can
(1) In the case of wheat, rice, or corn, the term "processing
" means be seen that the collecting agency that does not make proper
milling of wheat, rice, or corn or the first processing in
any manner for report is in effect withholdi
ng Government funds." The
market (other than cleaning or drying) of wheat, rice,
or corn not so
milled, and the term "sale" means a sale or other disposition
in the impossibility of definitely ascertaining the various sources
United States of wheat, rice, or coin for milling or other processing
of acquisition by sale prompts the suggestion that the memarket, for resale, or for delivery by a common carrier—occurring for
after dium of collection at this source must
the beginning of operations by the board in respect of wheat,
be dismissed asimpracrice, or corn.
(2) In the case of cotton, the term "processing" means spinning,
ticable unless we are to depend entirely upon the honesty
milling, or any manufacturing of cotton other than ginning;
the term "sale" and integrity of the acquirer in the collection of the fee,"
means a sale or other disposition in the United States of
cotton for spin- says the memorandum.
ning, milling, or any manufacturing other than ginning,
It further states that if all the
or for delivery
outside the United States; and the term "transporta
tion" means the ac- "commodities were under operation of the Federal board at
ceptance of cotton by a common carrier for delivery
to any person for the same time, collection would be required from an aggrespinning, milling, or any manufacturing of cotton
other than ginning, or gate of 16,034,46
for delivery outside the United States; occurring
6,679 units. This, it is added, is true,
after the beginning of
operations by the board in respect of cotton.
regardless of which medium of collection is adopted." The
(3) In the case of swine, the term "processing
statement is also made that "it is reasonable to assume that
"
market by a purchaser of swine and the term "sale" means slaughter for
means a sale or other regardless of
the desire of the framers of the proposed legisdisposition in the United States of swine destined
for slaughter for market
without intervening holding for feeding (other than feeding
in transit) or lation it will not be possible to return to the revolving fund
fattening—occurring after the beginning of operations
by the board in the entire amount withdrawn therefiom for the reason that
respect of swine.
experience in collecting taxes has established the fact that
(4) In the case of tobacco, the term "sale" means a
sale or other disposition to any dealer in leaf tobacco or to any registered
manufacturer of taxes are never collected 100%." Last year when the
the products of tobacco.
McNary-Haugen bill was before Congress, Secretary Mellon
(5) The term "transportation" means the acceptance of
a commodity expressed it as his opinion that the principles
contained in it
by a common carrier for delivery.
(6) The term "sale" does not include a transfer to a co-operative
would prove neither workable nor beneficial to agriculture
association for the purpose of sale or other disposition
by such association on and that the bill Would defeat "the very purpose which it
account of the transferor; nor a transfer of title in pursuance
of a con- seeks to accomplish." The views advanced by
Mr. Mellon
tract entered into before, and at a specified price determined before,
the
commencement of operations in respect of the basic agricultural
commodity. at that time were given in our issue of June 19 1926, page
In case of the transfer of title in pursuance of a contract entered
into 3407. The present memorandum on the measure was furafter the commencement of operations in respect of the basic
agricultural
commodity, but entered into at a time when, and at a specified price deter- nished in response to a request made to Secretary Mellon
mined at a time during which, a particular equalization fee is in effect, by Representative Chindblom of Illinois, a Republican
then the equalization fee applicable in respect of such transfer of title shall member of the House Ways and Means
Committee. In his
be the equalization fee in effect at the time when such specified price was
letter to Mr. Chindblom, Secretary Mellon said:
determined.
(c) The board may co-operate with any State or Territory, or
department, agency, or political subdivision thereof, or with any
person.
(a) As used in this Act—
(1) The term "person" means individual, partnership, corporation, or
association.
(2) The term "United States," when used in a geographical sense, means
continental United States.
My dear Mr. Chindblow—I have your letter of Feb.9 requesting my views
on the administrative features of H. R. 15,474, more particularly with
reference to the cost of administration of the provisions of the bill. In
compliance with your request I have asked the Bureau of Internal Revenue
to prepare a memorandum as to the administrative costs of collecting the
equalization fee, which in many respects as to administration
is similar
FEB.
191927.]
THE CHRONICLE
1001
t. So much will
The collection of the equalization fee will be difficul
that it can
depend upon the honesty and alertness of the collection agency
ity as it passes through combe seen that many units of the proper commod
by law. An unscrupumerce will fail to pay the equalization fee provided
er or carrier willfind that ability to evade the return
Bureau lous processor or purchasto the board will result in his profit. It must be
of the equalization fee
The following is the text of the Internal Revenue
representatives must be
realized that the ingenuity of the Government
memorandum forwarded by Secretary Mellon:
as possible,the requirements
vigorously applied to adequately meet,in so far
TREASURY DEPARTMENT,
of the proposed legislation.
of investigators will of necesWashington, D. C., Feb. 11 1927.
It has been pointed out above that a corps
ndum on the cost
e. Memora
of the Government. It will only
Office of Commissioner of Internal Revenu
sity be employed to protect the interests
nce and study on the part of thees
of administration of H. R. 15474.
be by the most intensive training, experie
They should be
administrative features involved
important duty can be efficiently performed.
You have asked for comment as to the
a Federal men that this
R. 15474 "to establish
sts in their particular line of endeavor.
In complying with the provisions of H.
in the control and dispo- speciali
of the three mediums
ng and
any one
Farm Board to aid in the orderly marketi
The collection of the equalization fee from
ion." You also asked for an
it is not possible to say which
sition of the surplus of agricultural product
provided has so many disadvantages that
administration.
Of course, the board sould determine which
estimate of the cost of
be the least difficult.
the administration of the proposed would three mediums would be selected at any given time for any given
The two major factors involved in
of the
ion are:
legislat
commodity.
thereof.
the carrier, there are 1,614 steam and
A. Administrative organization and expense
In the case of collection from
es and 1,730 steamship lines doing
B. Collecbion of equalization fee.
electric railways, two express compani
. It would be difficult to estimate
Administrative Organization and Expense Thereof.
an inter-State and intra-State business
es or freight vehicles
the organization and the estimated or to ascertain the number of motor freight compani
The following statement indicates
g a commodity by unregisshort hauls. The possibility of shippin
thereof:
making
annual cost of maintenance
difficulty in collecting a fee is apparent.
tered vehicles and the resultant
FEDERAL FARM BOARD.
ning various sources of acquisition by
The possibility of definitely ascertai
source
Personnel.
that the medium of collection at this
$120,000 sale prompts the suggestion
each
to depend entirely upon
Board members, salaries $10,000
5,800 must be dismissed as impracticable, unless we are
)
salary
fee.
One secretary (average e salaryGrade CAF-12
4.400 the honesty and integrity of the acquirer in the collection of the
Grade CAF-11)
One chief clerk (averag
estimated that there are in the
for each basic comFrom the latest figures available, it is
Experts, five at average salary of $5,800 (one
in the basic
29,000
of processors who operate
modity)
25,200 United States the following number
, 1,252; millers. 3,629.
Twelve secretaries to members ($2,100 each)
5,800 commodities involved: Cotton ginners, 551; packers
s
One chief statistician
consideration the number of factorie
4,400
There is also to be taken into
t statistician
One assistan
canning corn.
18.000
average
States engaged in the business of
Five Grade 10 employees. $3,600 each
15.000 throughout the United
would be
$1,500
r, the above number
Ten stenographers, CAF-2, average salary
7,500 If collection is to be made by the processo
Five clerks, average $1.500 each, Grade 22
13,200 involved.
Grade 1
to
Ten typists. average$1,320 each, III
de of the task, attention is called
16.000
As a further evidence of the magnitu
Ten clerks, average $1,680, Grade
ed by
7,500
crop of the United States was estimat
Five clerks, average $1,500 each, Grade II
5.700 the fact that in 1925 the wheat
676,429.000 bushesl, the corn crop at
Five messengers at $1,140 each
to be assigned to
the Department of Agriculture at
cotton crop
100 field investigators, at $2,100 average salary,
210,000 2,916,961,000 bushels, the rice crop at 33,309,000 bushels, the
auditing and investigating accounts covering equalization fees
estimated that a total of 55,568,000
679 bales, and it was also
at 16,103.
Travel and Subsistence.
pounds, was produced in 1925.
$7,200 head of swine, weighing 12,391,664,000
Board members, $600 per member
under operation of the Federal Farm
5,000
In all these commodities were
Experts, five at $1,000 each
from an aggregate
7,200
time, collection would be required
Secretaries, twelve at $600 each
160.000 Board at the same units. This is true regardless of which medium of
Field investigators, average $1,800 each
of 16,034,466,679
Miscellaneous Expenses.
collection s adopted.
$40,000
the proper and most available place
Rent, 20,000 square feet at $2 per square foot
Provision must also be made for
3,600
and where there may be turned over to the
cal equipment
Mechani
11,800 where the returns may be filed
Furniture
3.000 Government the amount collected.
Stationery and periodicals
to fix this place of filing returns and
Unless It should be determined
$746.000
on agency of the Government already
Total
making payment at some collecti
fees must be created in each of the
established, collectors of equalization
Nominating Committee.
of operation. Adequate
$6.000 twelve Federal Land Banks during the periods
, sixty members at $20 a day for five days day for eleven
crediting the amount
Salaries
methods must be created to provide for
e subsistence $10 per
ing
Travel and subsistence (averag
12,600 account
to see that the payments made are
days); transportation average $100 per member
and proper means instituted
paid
the revolving fund.
$18,600 promptly deposited to the credit of
Total
regardless of the desires of the framers
It is reasonable to assume that,
ng
it will not be possible to return to the revolvi
Advisory Council.
of the proposed legislation,
for the reason that experience
year $14,000
entire amount withdrawn therefrom,
, thirty-five members,$20 per day for twenty days per days
Salaries
d
2,015 fund the
five
hed the fact that taxes are never collecte
Secretary to each offive councils,$16 11 a day for twenty- each of
In collecting taxes has establis
$7 per day for
Travel and subsistence (twenty-five days at. $100 a man for two
100%.
filing of the
ive members); transportation
the thirty-f
9,625
into consideration the actual
The estimate dodb not take
trips each year
memorandum cover
on of the fees. Nor does this
$25,636 returns or the collecti
ts to be made with' processors,
Total
features of the bill covering contrac
those
eeing them against
$790,338 co-operative associations or other persons, guarant
Grand total
losses.
stabilition Fee.
Provision for Collection of Equaliza
to protect the integrity of the
To carry out these provisions and
is the
have to employ a large force of
The first important factor to be considered in this connection
fund, the board will necessarily
zation
experience in the colmethod to insure the filing of correct returns and the collection from various accountants and technical experts. In addition, our
to maintain
ity
has indicated that it is necessary
designated agencies of the equalization fee for each unit of basic commod
lection ofinternal revenue taxes
questions that neceson which such fee is levied.
deal with the many complicated
a large legal staff to
the auditing of
The bill provides that the equalization fee may be collected under such sarily arise in the collection of large sums of money and in
a basic agriregulations as the board may prescribe during operations in
business enterprises.
e as to
g: vast
short to furnish even an estimat
cultural commodity, and that fee shall be paid upon any of the followin
The time available has been too
s
The transportation, processing or sale of such unit. It also provide that these administrative costs.
to any unit.
no more than one equalization fee shall be collected in respect
of transaction in the
Exchange Says
The board shall determine in the case of any class
, pro- PresidentWunder of New York Produce
commodity whether the equalization fee shall be upon transportation
n
gen Bill Is More Dangerous to Natio
or sale.
cessing
McNary-Hau
in the transportation, proThe board may require any person engaged
vistic Propaganda.
than Bolshe
ity.
cessing or acquisition by sale of a basic commod
tors in supin respect of his transportaCharacterizing the attitude of certain legisla grounds,"
1. To file returns under oath, and to report,
purely political
ing or acquisition of such commodity, the amount of equalization, process
bill "on
as may be necessary for their porting the Farm Relief
tion fees payable thereon and such other facts
nation than Bolsheas more dangerous to the welfare of the
payment or collection.
tion fee as directed by the board and to account
Wunder, President of the New
2. To collect the equaliza
vistic propaganda, B. H.
17 attacked the McNarytherefor.
r a serial receipt for the York Produce Exchange, on Feb.
In the case of cotton, to issue to the produce
3.
and
ating interest of the Haugen measure as unjust, probably unconstitutional
commodity, which shall be evidence of the particip
in
r declared
producer in the equalization fund for the commodity. The board may
defiance of natural economic laws. Mr. Wunde
e the terms and in
such case prepare and issue such receipts and prescrib
his opinion, place
y, upon the request of the that enactment of the measure would, in
conditions thereof. The Secretary of the Treasur
than he is to-day. Agriof Engraving and
board, shall have such receipts prepared at the Bureau
the farmer in a far worse condition
same
Printing.
e, he said, must bring itself to a "peace basis" the Mr.
general terms of the bill, it is understood that its purpose cultur
Discussing the
to solve its problem.
of the five basic as other business had, in order
Is to provide methods to dispose of the surplus of any one
ng of such surplus
agricultural commodities, and that the method of disposi
Wunder's statement follows:
at the best price possible, or by
existence of this country
will be either by sale to foreign markets
It is doubtful whether at any time during the
surplus pending more advantageous conditions. The loss that an effort has been made by Congress to enact such radical class legislawithholding such
oned and assessed upon
in the first place, if the
Incurred as a result of such action will be apporti
as the McNary-Haugen bill. It is doubtful.
unjust in principle;
the commodity moves in commerce. tion
each unit ofthe particular commodity as
tional; and In the second place, it is
the person engaged in the bill is constitu
either
all the laws of supply
As set forth above, the board may require
it Is purely class legislation; and fourth, it defies
ion by sale to file the third,
transportation thereof, the proceedings or acquisit
and demand.
through coddling by
return and pay the assessment.
The farmers' problem will never be worked out
following the deflation period
Force of Investigating Agents.
politicians. Even as business, in general,
itself to a peace basis,
on is adopted, a after the close of the World War, was forced to bring
Regardless of which of the three mediums of collecti
solve its problems, just so
ed for the purpose of ascer- and through co-operation and concerted effort
force of investigating agents must be organiz
out during the period of
and paid must those engaged in agriculture who spread
through cotaining whether the collection medium has filed correct returns
down to a peace basis, and
the fee. The investigating body might be compared Inflation bring themselves also
problem.
the full amount of
help to solve their own
ed under the supervision operation among themselves
of this farm relief bill
with the present force of revenue agents employ
Aside from the general objectionable features a far more dangerous
of collecting every cent
of the Internal Revenue Bureau. The impossibility
to me that
addition to the fact that the equaliza- from an economic standpoint, it seems
of the equalization fee is apparent. In
of our legislators at Washington
be collected for the rehabilita- feature is the fact that apparently many
disposed to vote for
tion fee is a sum authorized by law which must
the Senate and are evidently
revolving fund, it can be seen that the collecting agency that have voted for this bill in
economic features of the
tion of the
It in the House on purely political grounds. The
ding Government funds.
does not make proper report is, in effect, withhol
copy of the estimate prepared by
to our excise taxes. I inclose herewith a
the Bureau of Internal Revenue.
Sincerely yours,
A. W. MELLON, Secretary of the Treasury.
1002
THE CHRONICLE
bill they have apparently lost sight of
entirely in their efforts to build up
their own political fences, or worst of all.
to pass the
President Coolidge to make his individual decision bill and leave it up to
as to signing or vetoing
it, believing thereby that irrespective
of what attitude he may take on the
bill it will react against his political future.
If this be true, as it appears to be, it seems
to me that such an attitude
on the part of our legielators is far more
dangerous to the very life of our
country than the Bolshevistic propaganda
we have heard so much about
in late years.
The action of any legislator in voting
for any bill, not on its merits but
for political reasons, strikes at the very
heart of the nation, and is certainly
not in accord with the true principles of
democracy.
[Vol,. 124.
not covered by that treaty. I transmit
the Congress, a copy of this memorand herewith, for the information of
um.
I wish to inform the Congress of
the considerations which have moved.
me to take this aotion.
The support of all measures looking
to the preservation of the peace of
the world has been long established as
a
ernment. The American Government and fundamental policy of this Govpeople are convinced that competitive armaments constitute one of
the
causes of international suspicion and discord most dangerous contributing.
and are calculated eventually
to lead to war. A recognition of
this fact and a desire as far as possible
to remove this danger led the
American Government in 1921 to call the
Washington conference.
Mr. Wunder concluded with the hope
that President
At that time we were engaged
Coolidge would veto "this piece of class legislat
ion." A pre- its completion, would have given in a great building program which, upon
us first place on the sea. We
vious statement by Mr. Wunder in oppositi
on to the bill ap- however, and feel now, that the policy we then advocated—that felt then,
of delibpeared in our issue of Feb. 12, page 873.
erate self-denial and limitation of naval
armament by the great naval
powers—promised the attainment of at least
one
end worthy of mutual adjustment and concession guarantee of peace, an
.
At the Washington Conference we found
the other nations animated.
Message of President Coolidge to Congres
with the same desire as ourselves to remove
s and Memonaval competition from the
list of possible causes of international discord.
randum to Foreign Governments Urging
Unfortunately, however, it
Further
was not possible to reach agreements at Washingto
n covering all classes of
Limitation of Naval Armaments.
naval ships. The Washington Treaty provided
a specific tonnage limitation upon capital ships and aircraft carriers,
Elsewhere in our issue to-day
will be found the reply
with certain restrictions as
to size and maximum calibre of guns for other
made by France to the proposal
vessels. Every nation has.
by President Coolidge for,a been at complete liberty to build
any number of cruisers, destroyers and
conference anew having for its object the
further limitation submarines. Only size and armament of cruisers were limited. The signatories
of naval armament by the Allied Nations
Washington Treaty have fulfilled their obligations faith. In a message to fully andof the can
there
be no doubt that that treaty constitutes an outstandi
Congress on Feb. 10 the President made known
ng
the submis- success in its operation.
sion of a memorandum to the Governm
It has been the hope of the American Governmen
ents of Great Britain,
t, constantly expressed
France, Italy and Japan in which he suggest
by the
ed that they tunity Congress since the Washington Conference, that a favorable oppormight present itself to complete
empower their delegates at the forthcoming
meeting of the clusion of further agreements covering the work begun here by the concruisers, destroyers and submarines.
Preparatory Commission for the Disarmament
Conference The desirability of such an agreement has been apparent, since it was only
at Geneva "to negote and conclude at
to be
an early date an ships expected that the spirit of competition, stifled as regards capital
and aircraft carriers by the Washingto
agreement further limiting naval armament,
supplementing later, show itself with regard to the other n Treaty, 'would, sooner or
vessels not limited under the
the Washington treaty on that subject,
and covering the treaty. Actually, I do not believe that competitive building of these
classes of vessels not covered by that
classes of ships has begun. Nevertheless, far-reachi
ng building programs
treaty." The memo- have been
laid down by certain powers,
randum is given elsewhere in this
issue. In this memoran- country, as well as abroad, a sentimentand there has appeared in our own
urging naval construction on the'
dum the President says:
ground that such construction is taking place
elsewhere. In such sentiments lies the germ of renewed naval competition.
The conviction that the competitive
augmentation of national armaments has been one of the principal causes
I am sure that all governments and all peoples would
of international suspicion and
choose a system of
ill will, leading to war, is firmly held
by the American Government and naval Imitation in preference to consciously reverting to competitive buildpeople. Hence the American Government
has neglected no opportunity to ing. Therefore, in the hope of bringing about an opportunity for discuslend its sympathy and support to internatio
nal efforts to reduce and limit sion among the principal naval powers to ascertain whether further limitaarmaments. . . .
tion is practicable, I have suggested to them that negotiations on
this subAdmitting reluctantly that the existing
political situations in certain ject should begin as soon as possible.
parts of the world may render the problem
The moment seems particularly opportune to try to secure
of universal limitation incapafurther limble of immediate solution as a whole, the
American Government believes itation of armament in accordance with the expressed will of the Congress.
that it is entirely practicable for the nations
of the world to proceed at The earnest desire of the nations of the world to relieve themselves in as.
once to the isolation and separate solution
of such problems as may appeear great a measure as possible of the burden of armaments and to avoid the
susceptible of such treatment, meanwhile continuin
g to give sympathetic dangers of competition has been shown by the establishment of the Prepaconsideration an ddiseussion to comprehensive
proposals aimed at the simul- ratory Commission for the Disarmament Conference, which met in Geneva
taneous limitation of land, sea and air
armaments by a general agreement last May, and which is continuing its work with a view to preparing thewhen such an agreement may be warranted
by existing world condi- agenda for a final general conference. For more than six months, repretions. . .
sentatives of a score or more of nations have examined from all points
of
The American Government feels that the general
principles of the Wash- view the problem of the reduction and limitation of armaments. In these
ington treaty offer a suitable basis for further
discussion among its sig- discussions it was brought out very clearly that a number of nations felt
natories.
that land, sea and air armaments were interdependent and that it would
Although hesitating at this time to put forward rigid
proposals as re- be difficult, if not impossble, to agree upon the limitation of one type or
gards the ratios of naval strength to be maintained by
armament without simultaneously limting the other types.
the different powers,
the American Government, for its part, is disposed to
The consequence to be feared is that a deadlock will be reached,
accept, in regard to
should
those classes of vessels not covered by the Washington
treaty, an extension even partial progress in the reduction of armaments to conditioned upon
of the 5-5-3 ratio as regards the United States, Great
Britain and Japan, acceptance of some universal plan covering land, sea and air forces together.
and to leave to discussion at Geneva the ratios of France
and Italy, taking If the prospective deadlock can not be broken, it is probable that little
into full account their special conditions and requireme
nts in regard to the progress will be made for the time being. It appears to use to be the'
types of vessels in question. Ratios for capital ships and
aircraft carriers duty of this Government, which has always advocated limitation of armawere established by that treaty which would not be affected
in any way by ments, to endeavor to suggest some avenue by which concrete results may
an agreement covering other classes of ships.
be achieved even though such results may be short of an ultimate ideal
The President in his memorandum adds that "the Ameri- solution for the three-fold problem of land, sea and air armament.
Our delegates at Geneva have consistently expressed the view that under
can representatives at the forthcoming meeting
at Geneva conditions as they exist in the world today the problems of land and air
armaments are most susceptible of solution by regional agreements coverwill, of course, participate fully in the discussions
looking to ing regions within which
the land or air armaments of one country could
the preparation of an agenda for a final general
constitute a potential threat to another country. Geographical continents
conference
for the limitation of armament," and that "they
have been suggested as regions appropriate for land and air limitation'
will have
agreements.
full powers to negotiate definitely regarding measure
s for
The American land and air forces constitute a threat to no one. They are
further naval limitation." In his message advising
Congress at minimum strength; their reduction has been suggested by no one as a
of the transmission of this memorandum the
President necessary condition precedent to general arms limitation. This reduction
of our land forces has been rendered possible by our favored geographical
points out that "the Washington treaty provide
d a specific position. I realize that the problems of armaments on land and in the air
tonnage limitation upon capital ships and aircraft
carriers, in Europe are beset with difficulties which in all justice we must recognize
with certain restrictions as to size and maximum
and, although this Government will always be ready to lend its assistance'
caliber of in any
appropriate way to efforts on the part of European or other governguns for other vessels. Every nation has been at
complete ments to arrive at regional agreements limiting land and air forces, it would
liberty to build any numbers of cruisers, destroye
hesitate to make specific proposals on this subject to European nations.
rs and submarines. Only size and armament of cruisers
The problem
were limited. character or of the limitation of naval armament, while not regional in
susceptible of regional treatment, has been successfully treatThe signatories of the Washington treaty have
fulfilled ed, in part, by an agreement among the five leading naval powers, and, in
their obligations faithfully and there can be no
my opinion, can be definitely dealt with by further agreements among these
doubt that
powers.
that treaty constitutes an outstanding success in its
operaIt will be a contribution to the success of the preliminary work now
tion." He adds that "It has been the hope of the
American going on at Geneva should the great naval powers there agree upon a furGovernment, constantly expressed by the Congres
s since the ther definite limitation of naval armament.
It is my intention that the American representatives at Geneva should'
Washington conference, that a favorable opportunity
might continue to
present itself to complete the work begun here by the con- program for discuss with the representatives of the other nations there the
a general limitation of armaments conference. If such a conclusion of further agreements covering cruisers, destroyers ference should be possible in the future, on a basis generally acceptable,
this Government would, of course, be highly gratfied. Pending the formuand submarines." The message follows:
lation of the plan for a general conference, however, I believe that we'
To the Congress of the United States:
should make an immediate and sincere effort to solve the problem of naval
Pursuant to my instructions, the American Ambassadors at London, Paris, limitation, the solution of which would do much to make the efforts toward
Rome and Tokyo will today present to the Governments of Great Britain, more general limitation successful.
France, Italy and Japan a memorandum suggesting that they empower their
CALVIN COOLIDGE.
delegates at the forthcoming meeting of the Preparatory Commission for
The White House, Feb. 10 1927.
Disarmament Conference at Geneva to negotiate and conclude at an
the
In its reference to the President's action on Feb. 10 theearly date an agreement further limiting naval armament, supplementing
the Washington treaty on that subject, and covering the classes of vessels "Herald-Tribune" Washington correspondent said in part:
FEB. 19 1927.]
THE CHRONICLE
To-day's move was forecast by the President when he appealed to the
House at the outset of its consideration of the naval bill not to appropriate
money for the immediate construction of the three cruisers authorized last
year. He told members of the committee he was willing to authorize the
construction of ten cruisers, providing no definite date was set for construction to start and no money appropriated.
At that time the President said he hoped for an agreement with the
ratio to other types of naval vessels.
other naval powers to apply the
Leaders in Congress in the fight for immediate construction of three
cruisers were just as much in favor of the President's message as the Middle West pacifist group. The item in the appropriation bill passed the
Senate was beaten in the House and is now in conference. The cruiser
advocates took the ground, however, that immediate construction of three
would not interfere in the slightest degree with the resident's program for
further naval limitation. They pointed out that Brtain now has fifty-four
cruisers built or building Japan twenty-five, while this Government has
only ftteen
5-5-3
Text of Memorandum of President Coolidge to Foreign
Powers Proposing Conference on Naval
Disarmament.
In another item we are giving the text of a message sent to
Congress by President Coolidge on Feb. 10 regarding a
memorandum addressed to the Governments of Great
Britain,France,Italy and Japan,proposing a new conference
to conclude an agreement for the further limitation of naval
armament. We give herewith the memorandum to these
Governments:
MEMORANDUM.
The American Government has followed with close attention the proceedings of the preparatory commission for the disarmament conference, and
after the most careful deliberation has concluded that it can helpfully make
certain observations at this time which, it hopes, may contribute materially
to the success of that commission—a success earnestly desired by the Government and people of the United States.
The conviction that the competitive augmentation of national armaments
has been one of the principal causes of international suspicion and ill-will,
leading to war, is firmly held by the American Government and people.
Hence the American Government has neglected no opportunity to lend its
sympathy and support to international efforts to reduce and limit armaments.
demonstrated that
The success of the Washington conference of
other powers were animated with a similar desire to do away with this
dangerous source of international discord. The Washington conference
made a beginning, however, and it has been the continued hope of the
American Government since
that the task undertaken at Washington
by the group of naval powers could be resumed and completed.
For this reason, the American Government was happy to observe that the
efforts looking toward the holding of a general international conference for
the limitation of armament, which had been in progress for several years
under the auspices of the League of Nations, had reached,in December
a stage sufficiently advanced, in the opinion of the Council of the League
of Nations, to warrant the establishment of the preparatory commission,
to meet in
to prepare the ground for an internat-:onal conference at an
early date. The American Government, pursuant to its policy of co-operation with all efforts calculated to bring about an actual limitation of armament, accepted the invitation of the council to be represented on the preparatory commission. The American representatives on that commission
have endeavored to play a helpful part in its discussions, and they will continue to be guided by that policy.
The American Government believes that the discussions of the commission have been most valuable in making clear the views of the various
Governmetts as to the problems presented, and in demonstrating the complexity and diversity of the obstacles to be overcome in the preparation and
conclusion of a general agreement for the limitation of all armament.
At the same time, these very complexities and difficulties, as brought out
In the preparatory commission, have clearly pointed out that a final solution
for the problem of armament may not be immediately practicable. Indeed,
at the latest meeting of the Council of the League of Nations several distinguished statesmen, leaders in the movement for the limitation of armament, sounded a note of warning against too great optimism of immediate
1921-22
1922
1925,
1926,
BUCCOSS.
American Government Anxious for Concrete Results.
The American Government is most anxious that concrete results in the
limitation of armament may be achieved. The discussions of the preparas
tory commission have emphasized the fact that a number of government
consider that one of the chief present obstacles to the general reduction and
limitation of armaments lies in the interdependence of land, sea and air
armaments, and in the consequent impossibility of reducing or limiting one
of these categories without dealing simultaneously with the others.
On the other hand,the discussions have demonstrated even more emphatically that, should all effort to bring about the reduction or limitation of
armament be conditioned upon the acceptance by all the world of a comprehensive plan covering all classes and types of armament, there would be
little, if any, prospect of actual progress toward arms limitation in the near
future.
The above difficulties must be frankly recognized. The American Government believes that they can be overcome and that they must be overcome, since the consequences of a failure to overcome them, and to make
some definite, if only partial, agreement for the limitation of armament,
would constitute a setback to the cause of international peace too great to
deserve serious contemplation as a possibility.
Admitting reluctantly that the existing political situations in certain parts
of the world may render the problem of universal limitation incapable of
immediate solution as a whole, the American Government believes that it is
entirely practicable for the nations of the world to proceed at once to the
Isolation and separate solution of such problems as may appear susceptible
ofsuch treatment, meanwhile continuing to give sympathetic consideration
and discussion to comprehensive proposals aimed at the simultaneous limitation of land, sea awl air armaments by a general agreement when such an
agreement may be warranted by existing world conditions. The American
Government believes that the adoption of such a course is the duty of the
governments represented on the Preparatory Commission and that by so
doing they will insure the achievement by the commission and by the general conference of concrete, even though perhaps only partial results, thus
facilitating progress toward the final solution of the general problem.
1003
stitute essentially regional problems to be solved primarily by regional
agreements. The American army and air force are at minimum strength.
Agreement for land and air limitation in other regions of the world would
not be dependent upon the reduction or limitation of American land and air
forces. Therefore the American Government does not feel that it can appropriately offer definite suggestions to other powers in regard to the limitation of these categories of armament.
The problem of the limitation of naval armament, while not regional in
character, can be dealt with as a practical matter by measures affecting the
navies of a limited group of powers. This has been clearly established by
the success of the Washington Treaty limiting naval armament. The
United States, as the initiator of the Washington conference, and as one of
the principal naval powers, has a direct interest in this question, and, being
both ready and willing to enter into an agreement further limiting naval
armament, feels itself priviliged to indicate a course of procedure which
will, in his opinion,lead to such an agreement.
The discussions over a period of six months in Geneva have been most
useful in the opportunity afforded for an exchange of views as to the general
problem of naval limitation, and on the basis of these discussions it is felt
that there is a possibility of reconciling many of the divergent views which
have been expressed in such a manner as to meet the requirements of the
naval powers and enable them to decide upon acceptable measures of
limitation.
Further Limitation of Naval Armament.
• In order to advance definitely toward a limitation agreement, the Government of the United States takes this method of addressing an inquiry to
the Government signatories of the Washington Treaty limiting naval armament as to whether they are disposed to empower their representatives at
the forthcoming meeting of the Preparatory Commission to initiate negotiations looking toward an agreement providing for limitation in the classes
of naval vessels not covered by the Washington Treaty.
The American Government is not unmindful of the fact that the Preparatory Commission is not specifically charged with the duty of concluding
international agreements, and that its task is primarily that of preparing
the agenda for a conference to be called at a later date. Nevertheless,
being sincerely desirous of the success of the preparatory commission, the
American Government makes this suggestion in the firm belief that the
conclusion at Geneva, as soon as possible, among the powers signatories of
the Washington Treaty, of an agreement for further naval limitation, far
from interfering with or detractingfrom the success ofthe Preparatory Commission's aims, would constitute a valuable contribution to the sum of
achievement attributable to that commission and would facilitate the task
of the final conference in dealing with the particularly complex problems of
land or air armament, perhaps capable of solution for the present only by
regional limitation agreements.
It seems probable that under any circumstances the final conference will
not be able to meet during this calendar year. The coming into effect of
agreements reached by it might be delayed for a considerable period for a
multitude of causes. Therefore the American Government believes that
those powers which may be able to arrive at an agreement for further naval
limitation at an earlier date would not be justified in consciously postponing
that agreement and thereby opening the way for a recrudescence of a spirit
of competitive naval building—a development greatly to be deplored by all
governments and peoples.
The American Government feels that the general principles of the Washington Treaty offer a suitable basis for further discussions among its signatories.
Although hesitating at this tim to put forward rigid proposals as regards
the ratios ot naval strength to be maintained by the different powers, the
American Government,for its part,is disposed to accept, in regard to those
classes of vessels not covered by the Washington Treaty, an extension of
ratio as regards the United States, Great Britain and Japan, and
the
to leave to discussion at Geneva the ratios of France and Italy, taking into
full account their special conditions and requirements in regard to the
types of vessels in question. Ratios for capital ships and aircraft carriers
were established by that treaty which would not be affected in any way by
an agreement covering other classes of ships.
The American representatives at the forthcoming meeting at Geneva
will, of course, participate fully in the discussions looking to the preparation
of an agenda for a final general conference for the limitation of armament.
In addition, they will have full powers to negotiate definitely regarding
measures for further naval limitation, and, if they are able to reach agreement with the representatives of the other signatories of the Washington
Treaty, to conclude a convention embodying sueh agreement, in tentative
or final form, as may be found practicable.
The American Government earnestly hopes that the institution of such
negotiations at Geneva may be agreeable to the Governments of the British
Empire, France, Italy and Japan, and that comprehensive limitation of all
types of naval armament may be brought into effect among the principal
naval powers without delay.
5-5-3
The reply of the French Government is noted under a
separate head in this Issue of our paper.
French Government Not in Accord with Proposal of
President Coolidge for New Conference on Naval
Armament—Favors Action by League of
Nations.
France this week replied to the proposal of President
Coolidge for a new conference with a view to the further
limitation of naval armament. The French Government
contends that the proposal has "the practical effect of divesting the preparatory Commission [of the League of Nations)
of an essential question which figures on its program and
constitutes on the side a special conference in which only a
few Powers would participate and whose decisions .
.
must at least in their principles be recognized later as valid
by the Powers not admitted to discuss them." The note
also says:
To decide to-day without consulting the League of Nations and determine methods, and to seek a partial solution of the problem while preoccupied more with maintaining the actual existing situation, than in determining the conditions proper to ensure the security of each one:to limit, besides.
this effort to a few Powers would be both to weaken the authority of the
League of Nations so essential to the peace of the world and to injure the
Land and Air Problems.
.
principle of the equality of the States which is at the very basel.of the CoveThe American Government, as its representatives on the Preparatory nant of Geneva, and to which, on its part, the French Government remains
Commission have repeatedly stated, feels that land and air armaments con- firmly attached. . .
.
1004
THE CHRONICLE
The French Government, having envisaged the different aspects of the
American proposal, conscious of the duties imposed on it as a member of
the League of Nations, fearing any undermining of the authority of the
latter and convinced that no durable work of peace can be built without
the common consent of all the Powers called on the same grounds to defend their rights and interests, thinks that it is at Geneva and by the preparatory commission itself, in which we have been so happy to see the delegates of the United States participate, that the American proposal can be
effectually examined.
[VOL. 124.
An agreement limited to a few navies could be explained for battleships;
practically they are the only ones to possess any. It is otherwise when the
question of light vessels Is considered. All the navies of the world have an
interest in being associated with the delibera tions on this important problem.
Links All Armaments.
As for the French government which, in the question of limitation of
armaments, Is only interested from the defensive point of view as Mr.
Briand declared to Mr. Hughes on Dec. 18 1921 and which in this respect
The proposal of President Coolidge, which was made on must interest itself both in the protection ofits coasts and in the safety of its
maritimecommunications,its delegatesat Geneva have defended and caused
Feb. 10 to the Governments of Great Britain, France, Italy to prevail in the
technical commissions two general principles—on the one
and Japan, is referred to further in another item in this issue. hand that one cannot undertake to limit naval armaments without taking
The reply of the French Government, signed by Foreign into consideration the solutions proposed for land and air armaments; on
the other hand, especially from
Minister Briand, was delivered to the American Embassy of armaments can only result the naval point of view, that the limitation
from the attribution to any one power of a
at Paris on Feb. 15. Its chief points were summarized as global tonnage that it remains free to divide according to the sense of its
follows by the Washington correspondent of the "Herald necessities.
The American proposal sets aside immediately these two principles which
Tribune":
would have for consequence that the French government, which has taken
1. The League of Nations is already working on armament limitation.
its stand before all the nations represented at Gereve,could only adopt it by
2. For a group of Powers on the side to take up one phase of armament abandonment of its point
of view. It would this contradict itself while
limitation would be a reflection on the work of the Leauge and jeopardize publicly recanting.
Its success.
The method proposed would it be at least Of a kind to obtain the looked3. The suggestion of regional agreements which may be made on land and for result The precedent of the Rome
conference in 1924 does not permit
air forces, as suggested by President Coolidge,is impossible because no agree- of hoping so. This confernce in fact
did not succeed in having adopted by
ments can be made which do not take into consideration questions affecting the powers not represented at
Washington the principles which there had
all nations.
been established for battleships, still less in having them extended to the
4. To treat all naval armaments on the same basis that the Washington other categories of vessels.
These powers would not be less mindful of their
treaty handled battleships would be to assign preponderance of the seas to own interests if they were asked again
to accept principles resulting from
the strongest nation, which to the French is unthinkable.
decisions which would have been decided upon without them.
5. The smaller nations must be allowed to participate in any consideration of limitation of types of vessels other than big ships.
Hopes for General Disarming.
6. It is impossible to consider limitation of naval strength without referThis last objection has without doubt been considered by the American
ence to land and air strength.
government and if it has thought necessaxy to set it aside it is by reason of
7. France cannot recede from her position that resources must be meas- its opinion that if the problems
of disarmament are not dissociated there is
ured as military strength in computing what each nation shall be allowed no hope for a practical
result in the near future. The French government
under any ratio allotment.
thinks, on the contrary, that in the present state of the surveys with which
The same paper gives as follows the text of the French the preparatory commission is charged the latter can at its next sessior,and
,
on condition that the nations represented bring like itself a firm resolve to
note, as translated by the American Embassy in Paris:
succeed, make the decisions which would permit the meeting with serious
The American Government has been good enough to address to the signa- chances of success of the general conference on
disarmament.
tories of the Naval Convention of Washington of 1922, and as one of them
The French government, having envisaged the different aspects of the
to the French Government, a memorandum proposing ao negotiate at American proposal, conscious of the duties imposed on it
as a member of
Geneva between the five Powers, disinteresting themselves from the general the League of Nations, fearing any undermining of
the authority of the
work of the reduction of armaments carried on for the last ten months by latter and convinced that no durable work of
peace can be built without the
the Preparatory Commission of Dismarament, an agreement with a view common consent of all the powers called on thesame
grounds to defend their
to limiting from now on naval armament for the categories of vessels which rights and interests, thinks that it is at Geneva and by
the preparaotry
are not included in the Treaty of Washington.
commission itself, in which we have been so happy to see the delegates of
The French government wishes first of all to say how much it appreciates the United States participate, that the American
proposal can be effectually
the lofty aim of the American note. The generous idealism which inspires examined.
U is in accordance with its own views. No power could no more appreciafive
of the noble initiative of President CoRidge than France, which never ceases
Secretary of State Kellogg Thinks France Misunderto give proofs of her resolutely pacific will.
It desires equally to show how much it has appreciated the friendly attenstood Arms Conference Proposal.
tion of the Federal governmentin leaving its proposalsflexible in an endeavor
Secretary of State Kellogg, in a statement given out by
to take into account the special conditions and requirements of the Continental powers. The American government has thus shown that it is quite the State Department at Washington
on Feb. 16 has exaware of the very clear position taken by the French government in the
pressed the view that from the reply made by the French
question of naval disarmament. It will therefore not be astonished to see
French opinion preoccupied with its duties as a member of the League of Government to the Naval Armament Conference proposed
Nations and with its moral obligations toward all the powers which form by President Coolidge it would
appear that there was a mispart att.
understanding as to the purpose of the proposal. The
Sees Main Task Compromised.
On its part the government of the Republic would have been happy to be statement follows:
able to adhere to these proposals without reserve and the entire French
I have had no chance to study the French Government's reply carefully.
nation would have congratulated itself on seeing the two countries again There appears, however, to be several points in it which must be caused by
associated in an enterprise so consistent with their common traditions. But a misunderstanding of the full purpose of the proposal made by this Govan attentive study of the American proposals has convinced the government ernment.
of the Republic thatin their presentform they risk compromising thesuccess
The President clearly stated that the United States intends to continue
of the task already commenced at Geneva with the active help of the repre- its participation in the Preliminary Disarmament Commission, and will
sentatives of the American Government.
make every effort to contribute helpfully to the final success of that body.
Article 8 of the Covenant of the League of Nations has made the general Indeed, the President specifically expressed the belief that our proposal
limitation of armaments one of the essential duties of the league. Without would be a distinct contribution to such success. There can be no question
doubt in 1921 the powers to whom the United States are to-day appealing of our desire to see the efforts toward disarmament produce actual results.
Our proposal is made because we recognize that the disarmament problem
already united their efforts to realize by themselves a limitation of naval
armaments. At the time it took place the calling of the Washington con- is exceedingly difficult to solve; and if naval, land and air disarmament are
ference was fully justified, but circumstances to-day are different. The to be considered as one problem applying to all the nations of the world a
League of Nations has begun its task—the conclusion of an arms traffic solution will hardly be reached for years to come. It is true that Article 8
convention, the elaboration of a convention on the private manufacture of of the Covenant entrusted the problem of disarmament to the League
war materials, the convocation finally of a preparatory commission with a Nothing was done,however, except at the Washington Conference.
view to the meeting of a conference for the general limitation of armaments.
The limitation of naval armament is a concrete proposition applying to
a commission to which all the countries of the world have been invited and the five powers and can be disposed of at the Geneva conference without
in which the greater part of them participate, mark so many decisive stages interfermg at all with the work and without in any way binding other
towards the aim fixed by the covenants. Without doubt the American powers. It was the desire of the President to remove the incentive to comgovernment is not thinking of withdrawing from the task undertaking. The petitive naval building by such a limitation agreement and at the same time
efficient collaboration of which for nearly a year its delegates have contribu- to continue unabated the common effort toward the more general reduction
ted. It promises on the contrary to continue it. But its proposal has, and limitation of armaments.
nevertheless, the practical result of divesting the preparatory commission
It seems to me that the postponement to the indefinite future of all
of an essential question which figures on its program and constitutes on the efforts to grapple with the problem of competitive naval building would
side a special conference in which only a few powers would participate and strike a serious blow to the whole cause of disarmament.
I very much hope that before the Geneva conference is ended the French
whose decisions,under penalty of being vain, must at least in their principles
Government will lend its aid toward the consummation of such an agreebe recognized later as valid by the powers not admitted to discuss them.
ment.
Adheres to Geneva Covenant.
To decide to-day without consulting the League of Nations and determine
methods, and to seek a partial solution of the problem while preoccupied Rate of Return Earned by the Railroads During the
more with maintaining the actual existing situation, than in determining the
Calendar Year 1926.
conditions proper to ensure the security of each one; to limit, besides, this
Class I railroads in 1926 had a net railway operating ineffort to a few powers would be both to weaken the authority of the League
of Nations so essential to the peace of the world and to injure the principle come of $1,231,494,000 which was a return of 5.13% on their
of the equality of the states which is at the very base of the Covenant of
property investment,according to reports filed by the carriers
Geneva, and to which, on its part, the French Government remains firmly
with the Bureau of Railway Economics and made public
attached.
The principle of the equality of the powers, great or small, is one of the Feb. 11. Their net railway operating income in 1925 was
recognized rules of the League of Nations. Technical committees have
4.85% on their property investment.
met, all the maritime powers have participated in their labors, they have $1,138,696,000 or
Pointed out the necessities for their defense. How could one admit that at Property investment is the value of road and equipment as
the moment when the Preparatory Commission is called upon to fat mulate shown by the books of the railways, including materials,
the conclusion of its discussions the five most important maritime powers
The net railway operating income is
should take cognizance of the question and as far as it concerns them give supplies and cash.
It a definite solution of a nature to prejudice the final decisions for tb e entire what is left after the payment of operating expenses, taxes,
naval problems_
and equipment rentals, but before interest and other fixed
In fact, besides the categeries to which the new limitation should apply
are those which for the majority of powers present the greatest interest. eh: es are paid. This compilation as to earnings in 1926 is
FEB. 191927.]
THE CHRONICLE
based on reports from 186 Class I railroads representing a
total mileage of 237,471 miles.
Gross operating revenues of the Class I railroads in 1926
amounted to $6,451,148,000 compared with $6,189,268,000
in 1925 or an increase of 4.2%. Operating expenses in 1926
in
totaled $4,717,590,000 compared with $4,584,600,000
1925 or an increase of 2.9%. Total maintenance expenditures of the Class I railroads in 1926 amounted to $2,167,679,000, an increase of $73,385,000 or 3.5% above those for
1925. Of the total maintenance bill of the railroads during
the past year, $875,216,000 went for maintenance of way
expenses. This was an increase of $50,184,-000 or 6% above
similar expenditures in 1925. Expenditures for maintenance
of equipment in 1926 amounted to $1,292,463,000, an increase of $23,201,000 or nearly 2% above the preceding year.
Class I railroads in 1926 paid $394,370,000 in taxes, an
increase of $30,780,000 or 8.5% above the total tax bill of
the Class I railroads in 1925. Sixteen Class I railroads
operated at a loss in 1926, of which six were in the Eastern,
one in the Southern and nine in the Western District. Net
railway operating income by districts in 1926 with the
percentage of return based on property investment follows:
New England region
Great Lakes region
Central Eastern region
Pocahontas region
Total Eastern district
Total Southern district
Northwestern region
Central Western region
Southwestern region
Total Western district
United States
1005
Advisory Council of Institute of International Finance
Formed by Investment Bankers' Association
of America.
Dr. George Edwards, director of the Institute of International Finance, an organization formed by the Investment
Bankers Association of America and New York University
for the purpose of gathering and disseminating information
on America's foreign investments, announced on Feb. 14
the personnel of the Institute's advisory council. This council
will constitute for the first time an official body representing
the American investment market in its international aspect,
including in its membership men recognized as leaders in
the field of international finance. It will direct the policy
of the Institute in its effort to spread official information on
foreign securities and study the development of government
and private finanake abroad in the interests of American
security holders. The advisory council comprises the
following members:
Executive
Howard F. Beebe, of Harris, Forbes & Co., Chairman of the
Committee and of the Advisory Council.
John Foster Dulles. of Sullivan & Cromwell.
Jerome J. Hanauer of Kuhn, Loeb & Co.
Trust Co.
Rudolph S. Hecht, President of Hibernia Bank &
of America.
Pliny Jewell,President ofthe Investment Bankers Association
845,397,000 5.06%
U. S. DepartGrosvenor Jones, Chief of the Investment Division of the
222,785,000 5.49
ment of Commerce.
256,567,000 5.24
of the Equitable
Alvin W. Krech, Chairman of the Board of Trustees
90,453,000 9.21
Trust Co.
615,202,000 5.68
Ray Morris of Brown Brothers.
162.659,000 5.48
Trust Co.
George Murnane, Vice-President of the New York
131,002,000 3.84
Bank of Los Angeles.
Henry M.Robinson,President of the First National
221,547,000 4.86
of Guaranty Trust Co.
Charles H.Sabin, Chairman of the Board
101,084,000 4.54
Exchange.
E. H. H.qimmons,President of the New York Stock
453,633,000 4.45
Bank of Chicago.
Melvin A. Traylor, President of First Trust & Savings
al Acceptance
31,231,494,000 5.13%
Paul M.Warburg,Chairman of the Board ofthe Internation
Bank.
business and earnings fluctu-
Owing to the fact that railway
ate from year to year, only the showing of results over a
period of years, it is pointed out, can indicate the real
trend of railway returns. The rate of return property investment for the five years ending with 1926 has averaged 4.50%
per year.
For the month of December, the net railway operating
income of the Class I railroads amounted to $81,017,000 which
was at the annual rate of return of 4.03% on their property
investment. In Dec. 1925, their net railway operating
income was $94,686,000 or 4.82% on their property investment.
New York University will be represented on the Council
B.
by Chancellor Elmer Ellsworth Brown, Professor Major
and Dean A. W. Taylor.
Foster,
The purpose of the Institute of International Finance was
the subject of an address by Dr. Edwards at the annual
meeting in October last of the Investment Bankers' Association. The address was given in these columns Oct. 23,
page 2089. Dr. Edwards announces that the Institute is
now in full operation. It has a staff of fourteen members
engaged in analyzing the credit position of the leading
borrowing nations which have come to the American market.
is being undertaken in
the month of December amounted to In addition, extensive research
Gross operating revenues for
r
with 8524,394,000 in December 1925, or an increase connection with certain problems and policies of particula
$526.725,000, compared
of 4-10ths of 1%. Operating expenses in December totaled $407,413,000, importance at the present time. The Institute already has
or an
compared with $389,763,000 in the same month the year before,
issued two studies, one on the credit position of France and
increase of 4.5%.
Eastern District.
the other on the position of Colombia. A financial library
The net railway operating income for the Class I railroads in the Eastern having current information on foreign finance is maintained
District in 1926 totaled 8615,202,000, which was at the rate of a return of
York City, to which local members have full access.
5.68% on their property investment. In 1925 their net railway operating in New
are
income was $555,960,000, or 5.24% on their property investment. Gross Requests for information from out-of-town members
operating revenues of the Class I railroads in 1926 totaled $3.234,341,000. handled by correspondence and telegraph. Subscription to
an increase of 5.7% over 1925, while operating expenses totaled 82.384,the Institute is open not only to members of the Investment
522,000, an increase of 4% over 1925.
s
Class I railroads in the Eastern District for the month of December had Bankers Association, but also to banks and trust companie
a net railway operating income of $37,213.000 compared with $41,988,000
as business houses interested in foreign investment.
as well
in December 1925.
Southern District.
The study of Dwight W. Morrow of J. P. Morgan & Co. has
nts
District in 1926 had a net railway oper- shown the widespread distribution of foreign investme
Class I railroads in the Southern
ating income of 8162,659,000, which was at the rate of return of 5.48% among the smaller investors and interior banks. These often
on their property investment. In 1925 the net railway operating income have no statistical department of their own,and are expected
amounted to 8168,184.000, which was a return of 5.93%. Gross operating
of particular help in obtaining reliable
revenues of the Class I railroads in the Southern District in 1926 amounted to find the Institute
to $876,162,000, an increase of 2.9% over 1925, while operating expenses data on foreign investments. Because of the public nature
totaled $647,737,000, an increase of 4.5%.
have been placed at
I
in the Southern of the undertaking the subscription fees
The net railway operating income of the Class roads
month a nominal figure by the Investment Bankers Association of
District In December amounted to $12,779,000. while in the same
In 1925 it was $15,698,000.
America which has underwritten the cost of maintaining the
Western District.
Institute for a period of years. Its headquarters are in the
operClass I railroads in the Western District in 1926 had a net railway
of New York University at
prop- Wall Street Division Building
ating income of $453,633,000, which was a return of 4.45% on their
a net railway 90 Trinity Place.
erty investment. In 1925 the railroads in that district had
on their property
operating income of $414,552,000, or a return of 4.13%
I railroads in the
Investment. Gross operating revenues of the Class
an increase of 2.7%
Western District in 1926 amounted to $2,340,645,000,
,000. an
over the year before, while operating expenses totaled $1,685,331
1925.
increase of 9-10ths of 1% compared with
of the
For the month of December the net railway operating income
amounted to $31,025,000. The
Class I railroads in the Western District
roads in December 1925 totaled
net railway operating income of the same
$37,000,000.
-UNITED STATES.
CLASS I RAILROADS
1926.
1925.
Month of December3526,725,000 3524,394,000
Total operating revenues
407.
413,000
389,763.000
Total operating expenses
32,070,000
30,103,000
Taxes
94.686.000
81.017,000
Net railway operating Income
74.33
77.35
Operating ratio-per cent
4.82
4.03
-per cent...
Rate of return on property investment
12 Months Ended Dec. 31
$6,451,148,000 $6,189,268,000
Total operating revenues
4.717,590.000 4,584,600.000
Total operating expenses
363,590.000
394,370.000
Taxes
1,231,494.000 1,138,696,000
Net railway operating income
74.07
73.13
Operating ratio-per gent
4.85
5.13
-per cent_
Rate of return on property Investment
Annual Convention of Investment Bankers Association
of America to Be Held in Seattle.
The Convention Committee of the Investment Bankers
Association of America announced this week that the annual
convention of the Association will be held this year in Seattle.
The exact date has not yet been determined upon, but it is
r
planned to hold the convention the last week of Septembe
or the first week of October.
rEms ABOUT BANKS, TRUST COMPANIES, &C.
of New
Announcement that the Hanover National Bank
existence extending over a period of
York had after an
field was
seventy-five years entered the branch banking
This departure is brought about through
made on Feb. 16.
Greenwich
the acquisition of control by the Hanover of the
1006
THE CHRONICLE
[Vol,. 124.
Bank, which with its ten branches will be continu
ed under
The Chase National Bank, the second largest
financial
the name of the Hanover National Bank. With
regard to institution of its kind in the United States,
will expand its
the merger we quote the following from the "Times"
:
activities through the opening about May 1 of its
Unlike some consolidations effected in recent
nineteenth
years, the present trans- New York
City branch in the new Graybar Building.
action does not represent an exchange of
stock, but is a direct purchase.
The Hanover has acquired more than two-thirds
of the capital stock of the George D. Graves, Vice-President, will be in charge of the
Greenwich Bank and is making an offer for the minority
holdings. As it new Grand Central branch, which is the
Is a straight purchase, there will be no new
second to be estabissuance of stock by the Han- lished
by the Chase National Bank in this zone. All
over. The combined institution will be known
as the Hanover National
forms
Bank. the Greenwich's name being dropped.
For the present the personnel of banking service now available in the main office of
the
conducting the various offices of the Greenwich
Bank will remain as it bank will be offered in the new location
. The new branch
has been.
will occupy spacious quarters on the main floor
The price paid for the Greenwich Bank stock already
acquired was $525
of the
a share, and the same price will be offered to
the minority holders. This Graybar Building, which is the largest office structur
e in
offer will remain open until March 1. The offer
for the minority stock has the world above ground. In explaini
ng the bank's expanbeen transmitted to the directors of the Greenwich
Bank and will be recom- sion
program, Albert H. Wiggin, Chairman of the Board
mended to the holders for acceptance. It is expected
that the process of
of
effecting actual consolidation of the two banks will require
several months. the Chase, said:
The consolidation brings together two of the oldest banks
in New York
City. The Greenwich Bank was established in 1830 and
its various offices
serve widely diversified lines of industry. Control of the Greenwich
Bank
has rested with the Hanover for years, but it was only recently
that the
decision was reached to buy in additional stock and effect a formal
consolidation.
The Hanover National Bank, as of Dec. 31 1926, reported total
resources
of $196,018,107. Its capital is $5,000,000; surplus fund, $15,000,0
00, and
undivided profits, $11,605,077, giving it more than $31,000,000 of capital
funds. The latest statement of the Greenwich Bank lists capital
as
$1,000,000, surplus as $2,600,000, and total resources as $32,527,026. Its
deposits are $28,470,247.
The shareholders of the Discount National Bank and the
Bowery and East River National Bank at meetings held
Feb. 18 unanimously ratified the agreement consolidating
the former with the latter institution. Announcement was
made that the three offices of the Discount National located
at 399 Broadway, 363 East 149th St. and at 2254 First Ave.
will be operated under the name and charter of the Bowery
and East River National Bank, while the officers and personnel of the branches will remain the same. This consolidation gives the Bowery and East River fifteen offices in
Greater New York and increases its deposits to more than
$75,000,000, while resources amount to over $85,000,000.
The controlling interests will continue as before with the
Bancitaly Corporation. Reference to the proposed merger
was made in our issue of Feb. 12, page 880.
Dr. Nicholas Murray Butler, President of Columbia University, will be the guest of honor at a luncheon of the Bond
Club of New York, to be held at the Bankers Club on Tuesday, March 1, at 12:15, according to an announcement by
Medley G. B. Whelpley, President of the club.
"The business of New York City can no longer
be served adequately by
large banks in Wall Street and small unit
banks uptown. The City of
New York now has several important business
centers, and there is bustseas of great magnitude, particularly in the
Forty-second St. and Sixtieth
St. districts, which needs contact with the largest
banks and which yet
finds it inconvenient to do its banking in
Wall Street. Our uptown
branches are necessary to provide Chase Service
in convenient form."
The annual dinner-dance o-f the United States
Mortgage
& Trust Co. of New York was held at the
Park Lane Thursday evening, Feb. 10, and was attende
d by upwards of 360
members of the company's staff and guests.
President
John W. Platten made a short address and
Vice-President
H. L. Servoss awarded prizes to new
business contest winners. A feature of the entertainment was
the hobby exhibit,
entries in which were made under the heading
s of art, craft,
needlework and food.
At the board meetingof the Union Discount Co., Inc.,
Feb. 15, the following officers were elected:
John C. Watson, Chairman of the board; Henry C.
Wylie, President;
Stanley A. Sweet, Vice-President; Bernard
P. Moora,
Treasurer, and Theodore Crane, Secretary.
The Elmhurst National Ba- nk of New York
began business on Feb. 5 at Hampton St. and Corona Ave.,
Elmhurst,
Queens. The bank, which received its charter Jan.
28 1927,
has been organized with a capital of $200,000 and
surplus
of $100,000. Its officers are: Albert H. Hansen,
President; William F. Babor, Herman C. Drewes,
Theodore J.
Groh and Theodore E. Hergert, Vice-Presidents;
E. G. Watson, Cashier.
On Feb. 15 the stockholder-s of the Old Colony
Trust Co.
of Boston approved the proposed increase
in the bank's
capital from $12,000,000 to $15,000,000 (referre
d to in the
"Chronicle" of Feb. 5, page 744) through the
issuance of
$3,000,000 additional stock at $175 a share.
The plan calls
for the offering of the new stock in the
proportion of one
share of new for every four shares of old
stock to sharePresident Walter S. Bucklin and Vice-President Frank C. holders of record
Feb. 24, payment to be made on or before
Nichols of the National Shawmut Bank of Boston sail from March 17, when
rights expire.
New York (Feb. 19) on the "S.S. Orizaba" for a business
Announcement was made on Feb. 7 by Henry L. Wilcox,
trip to Cuba. They expect to be gone three or four weeks.
President of the National Bank of Commerce
of Providence,
Edgar S. Chappelear was t- his week elected a Vice Presi- that his institution, acting
upon authority granted by the
dent of the Bankers Trust Co. of New York. Mr.
Chappe- Federal Reserve Board at Washington and at the request of
lear was born in Zanesville, Ohio, prepared for college
at Its customers, had opened a trust department, according to
Exeter and was graduated from Dartmouth with
the class the Providence "Journal" of Feb. 8. William P. Chapin, Jr.,
of 1909. He spent the next two years at the Harvard
School a Vice-President and a director of the institution, and Edof Business Administration and from there came
to the ward B. Fessenden, an Assistant Cashier, were elected Trust
Bankers Trust Co. in 1911. Mr. Chappelear
after service Officer and Assistant Trust Officer, respectively, at a meetIn the Trust, Foreign Exchange and Audit
departments went ing of the directors on Jan. 31, it was stated. The "Post"
to Paris in 1920 to help organize the Paris office
of the further stated that the National Bank of Commerce was the
Bankers Trust Co. He was appointed Auditor
of the Bank- first National bank in Providence and the first in the State
ers Trust Co. in 1921 and Comptroller in 1923.
of Rhode Island to inaugurate a trust business.
John J. Raskob, Vice-President and a Director
of the
According to the Newark "- News" of Feb. 9, applicat
to
General Motors Corporation, member of its Executi
ion
ve Com- has been
made to the Comptroller of the Currency for a
mittee and Chairman of its Finance Committee,
has been charter for
the Hamilton National Bank of Newark, N. J.
elected a Director of the Bankers Trust Co.
The authorized capital is $300,000. The organizers of the
On Feb. 14, Victor A. Lers- ner was elected President of proposed bank are Otto Bernz, 183 South Seventh St., Newthe Bowery Savings Bank of this city, to succeed the late ark, President and Treasurer of the firm of that name;
William E. Knox, Mr. Lersner had been Executive Vice- Joseph Stern, 43 Girard Place, who is associated with the
President of the bank since 1922. He began his banking Fabian moving picture interests; Charles Brown, 36 Brencareer forty years ago as a clerk in the Williamsburg Sav- ner St.; Joseph J. Manger, 600 South Tenth St.; Harry
ings Bank; he became Assistant Cashier and finally Comp- Kenarik, 1011 Sanford Ave., Irvington, department store
troller of that bank, from which he resigned in 1923 to be- proprietor, and Edward M. McDonough, insurance, 184
come Executive Vice-President of the Bowery Savings Bank. Montague Place. It is planned, it is said, to establish the
bank at 1269 Springfield Ave., between Fairmount and LitAt a regular meeting of the directors of the County Trust tleton Ayes. The capital will be $300,000
, surplus $150,000
Co. of New York held this week John J. Raskob, Vice-Presi- and equipment and reserve fund
$50,000.
dent of the General Motors Corporation, was elected a
Deposits of the new East O- range Trust Co. of East Ordirector.
ange, N. J., on the opening day (Dec. 18) exceeded $400,000
.
At the regular meeting of the Executive Committee of the
National City Bank of New York on Feb. 15, Gordon J.
Campbell was appointed an Assistant Vice-President and
Charles E. Carter, Jr., was made an Assistant Manager of
the Kings Highway Branch in Brooklyn.
FEB. 19 1927.]
THE CHRONICLE
The officers of the institution are: President, William H.
Kelly; Vice-President, Robert J. Barnett; Secretary, Edward R. McGlynn; Treasurer, Harry C. Griffith; Assistant
Secretary and Assistant Treasurer, Clarendon Campbell.
The institution has a capital of $200,000, surplus of $50,000,
and undivided profits of $50,000. It is located at the north• west corner of Main St. and Arlington Ave. Its organization was noted in our issue of July 3, page 44.
1007
was founded in 1899, while the People's Bank & Trust Co.
had its beginning in 1915.
Special meetings of the respective stockholders of the new
Colonial Trust Co. and the Excelsior Trust Co. (a majority
of whose shares before the merger were owned by the People's Bank & Trust Co. and are now owned by the enlarged
Colonial Trust Co.) will be held on March 14 to vote on a
proposed consolidation of the Excelsior Trust Co. with the
Colonial Trust Co. The directors of both banks have already
given their consent to the plan. The exchange of stock will
be on a share for share basis. According to the Philadelphia "Ledger" of yesterday (Feb. 18) a new bank building
now in course of erection for the Excelsior Trust Co., at
Lehigh and Germantown Ayes., will be opened as the Excelsior office of the Colonial Trust Co.
The incorporators of the Central Trust Co. of Essex
County have taken action toward increasing the capital
stock from $100,000 to $250,000 and the surplus from $50,000
to $100,000. The stock is Issued at $100 par value, and will
be sold at $150 per share, $100 to be devoted to capital, $40
to surplus, and $10 to equipment reserve. The stock, we
learn, was greatly oversubscribed, and will be issued
That the William Penn Titl- e & Trust Co. of Philadelphia,
March 1. The Central Trust Co. is to be located at the corwith combined capital and surplus of $312,500, had assumed
ner of Harrison St. and Central Ave., East Orange.
control of the Pilgrim Title & Trust Co. at 2411 North Broad
Albert L. Earle, who continues as Treasurer of the Guar- St., that city, was reported in the Philadelphia "Leedger" of
dian Trust Co. of New Jersey at Newark, has in addition Feb. 14. Officers of the William Penn Title & Trust Co.
been elected Secretary to succeed William Harris and James are as follows: Aaron Berman, President; Joseph G.
N. Newbury, Assistant Treasurer, has become Assistant Esmonde, Vice-President; A. R. McCullough, acting SecreSecretary. Peter J. Grace was promoted to the post of tary and Treasurer, and William S. Atchison, Title and
Assistant Secretary and Assistant Treasurer. The resigna- Trust Officer.
tions of William Harris as Secretary and Samuel Leber as
John Amoroso has been el-ected a director of the Sixtya director of the Guardian Trust Co. of New Jersey were
of Philadelphia, according
accepted by the directors at a meeting on Jan. 20. Mr. Har- third Street Title & Trust Co.
to the Philadelphia "Ledger" of Feb. 14.
ris resigned as Secretary in order to devote his time to his
law practice.
•
Thomas J. Mellon was recen- tly appointed Title Officer of
the Manheim Trust Co. of Philadelphia (Germantown), acAn application to organize the City National Bank of
cording to the Philadelphia "Ledger" of Feb. 14, which also
Elizabeth, N. J., was received by the Comptroller of the Curreported the election of Anthony Hausser as a director of
rency on Feb. 5. The institution will have a capital of
the company.
$200,000 and surplus of $160,000.
The Provident Trust Co. of Philadelphia is about to erect
The Moorestown National Bank of Moorestown, N. J., a new building for its main office at the southeast corner
was placed in voluntary liquidation effective Feb. 1. The of Seventeenth and Chestnut Sts. at a cost of approximately
bank had a capital of $50,000. We are advised that the Bur- $3,000,000. Demolition of the old building will be started
lington County Trust Co., Moorestown, N. J., purchased all immediately, it is understood, and it is expected the new
of the stock-of Moorestown National Bank and assumed all building will be ready for occupancy by March 15 1928.
of the liabilities of the bank. A statement of the Burling- The following brief description of the proposed structure is
ton County Trust Co. as of Feb. 1 1927 (after the taking taken from the Philadelphia "News Bureau" of Feb. 14:
over of the Moorestown National Bank), shows capital stock
The new building, which will be eleven stories high, will have a frontage
of $300,000, surplus fund of $500,000, profit and loss ac- of sixty-two feet on Chestnut St. and a depth of one hundred and forty-five
feet to Ionic St. It will have a distinctive colonial character, similar to
count of $221,687, deposits of $3,380,316 and total resources the company's present mid-city office at 1508 Chestnut St., and will be
of $4,428.938. The institution also reports trust funds of built of red brick, with white marble trimmings. The design of much of
the detail follows closely that of some of the finest old colonial buildings
$4,248,127.
A charter was issued on Jan. 26 to the Town Trust Co. of
Montclair, N. J. The trust company will have a capital of
$100,000 and surplus of $25,000 and will locate at 95-97
Walnut St., Montclair. The stock is in shares of $100. The
Institution expects to open for business during the first
week in March.
On Feb. 1 the capital of the Broad Street National Bank
of Red Bank, N. J., was increased from $100,000 to $150,000
by placing $50,000 of new stock (par value $100 a share)
with the present stockholders at the price of $280 a share,
$50,000 of the amount thus obtained being added to capital
and $90,000 to surplus, making the latter account equal to
the capital, namely, $150,000. As of Dec. 31 1926 the total
deposits of the institution were $3,330,048 and its total resources $3,733,068. The officers of the bank are as follows:
Henry Campbell, President; Daniel S. Ely, Vice-President;
Edwin R. Conover, Cashier, and Kenneth H. McQueen and
Gilbert S. Reckless, Assistant Cashiers.
The proposed amalgamation of the People's Bank & Trust
Co. and the Colonial Trust Co., both Philadelphia institutions, under the name of the latter,to which reference was last
made in our issue of Feb. 12, page 880, became effective
Feb. 14. The new institution, which has a combined capital,
surplus and undivided profits of $4,000,000, deposits of
$36,000,000 and total resources in excess of $42,000,000, has
in addition to a complete banking department for the handling of commercial and savings business, trust, title insurance, safe deposit, investment, foreign exchange and travelers departments. The head office of the trust company is at
20 South Fifteenth St. and it maintains branch offices in
the following locations: Thirteenth and Market Sts., Seventeenth and Walnut Sts., Seventh St. and Girard Ave.,
Fifth and Bainbridge Sts., and Seventh and Wolf Sts. Wm.
Fulton Kurtz heads the institution. The Colonial Trust Co.
In Philadelphia, such as Christ Church and Independence Hall. The main
entrance door on Chestnut St. has been influenced by an old doorway in
Salem, Massachusetts. The Provident Trust Co. will occupy the first
three floors, having its main banking quarters on the first floor, the trust
department on the second floor, and its vaults and safe deposit department in the basement. The remaining floors will be rented.
The vaults will be furnished and built by the York Safe & Lock Co. of
York, Pennsylvania, which has built some of the most important vaults in
the world, including the vaults of the Federal Reserve banks in New York
mid Philadelphia.
The Paoli National Bank, Paoli, Pa., went into voluntary
liquidation on Jan. 31 and has been succeeded by the Paoli
Bank & Trust Co. According to the Philadelphia "Ledger"
of Feb. 1, the new bank has a combined capital and surplus
of $200,000 and its officers are as follows: President, E. T..
Conray ; Vice-Presidents, R. J. McDermott and A. G. Dickson (the latter in charge of trusts) ; Secretary and Treasurer, Frank W. Coffman; Assistant Treasurer, M. E. Summerell; Real Estate Officer, George A. Craig.
As a preliminary step in the proposed merger of the
County Savings Bank of Scranton with the First National
Bank of that city (noted in the "Chronicle" on Jan. 22, page
466) a charter has been granted the former by the Comptroller of the Currency under the title of the County National Bank of Scranton. It is expected the consolidation
will go into effect April 1. As stated in our previous item,
the respective affiliated institutions of the First National
Bank and the former County Savings Bank, namely, the
Lackawanna Trust Co. and the Scranton Trust Co., are also
to be consolidated to form a new trust company, which will
probably be known as the Lackawanna-Scranton Trust Co.
The enlarged First National Bank will be capitalized at
$2,250,000, with surplus and undivided profits of $3,880,000;
deposits of over $45,000,000 and total resources of upward
of $50,000,000. Charles S. Weston, President of the First
National Bank since 1913 and a director since September
1905, and also head of the Lackawanna Trust Co., will be
President of the enlarged First National Bank, while Colonel
1008
THE CHRONICLE
Louis A. Watres, President of the (now) County National
Bank and the Scranton Trust Co., which latter institution
he helped to organize in 1905, will head the enlarged trust
company.
G. A. Schriever, Manager a the Foreign Bureau of the
Mellon National Bank of Pittsburgh,and connected with that
Institution for nearly twenty-three years, tendered his resignation, effective Feb. 5, according to the Pittsburgh "Post"
of Feb. 6. Advices from Pittsburgh on Feb. 8 stated that B.
W. Lewis and H. S. Zimmerman, heretofore Cashier and
Assistant Cashier, respectively, of the Mellon National
Bank, had been promoted to Vice-Presidents. ,
As of Jan. 31, the Citizens' National Bank & Trust Co. of
Cincinnati went into voluntary liquidation. The institution
has been consolidated with the Fourth & Central Trust Co.,
of Cincinnati under the title of the Central Trust Co.,
as noted in our issue of Feb. 5, page 746.
[VOL. 124.
Administration, following which he was engaged for about
a year with the New York Citizens' Bureau. Upon the
entry of the United States into the World War, Mr. Edwards
joined the army and served overseas, returning with the
rank of First Lieutenant. Following his discharge he went
to Milwaukee and affiliated himself with the Citizens'
Bureau, where he was engaged in the work of salary revisions of city and county employees and the reorganization
of the business administration of the county institutions.
Subsequently (January 1921) he joined the First Wisconsin
Trust Co.
Effective Feb. 1 the capital of the Central State Bank of
Minneapolis was increased from $50,000 to $100,000, giving
the bank total capital resources in excess of $200,000. As
of Feb. 1 the institution had total deposits of $1,491,592 and
total assets of $1,691,851. According to the Minneapolis
"Journal" of Feb. 2 a new $100,000 bank building is now in
course of erection by the Central State Bank across• the
street from its present location at 2338 Central Ave. and
is expected to be ready for occupancy early in March. E. L.
Forsythe, Vice-President of the institution, has been in active charge of the bank since 1912. The institution was organized in 1907 with a capital of $25,000, and as of Aug. 15
1908 had deposits of $111,069.
Organization of a new financial institution in Indianapolis, to be known as the Inland Bank & Trust Co., together
with a subsidiary under the title of the Inland Investment
was announced in that city on Feb. 14, according to the
Indianapolis "News" of that date. A long lease on the
property at the northeast corner of Delaware and Market
Sts., formerly the home of the City Trust Co. of IndianapEffective Jan. 27 the City National Bank of Lincoln, Neb.
olis, had been procured, it is stated, for the new institutions,
which would begin business about March 15. Leonard G. (capitalized at $500,000), went into voluntary liquidation
Wild, who has just completed the organization of the com- aud has been succeeded by the City National Bank in Linpanies with a capitalization of $250,000, will be President coln, which institution also assumes liability for circulation
of both institutions. The Inland Bank & Trust Co., besides of the liquidating bank.
a general banking department, will include real estate, inThe National Bank of Commerce in St. Louis, which was
surance, trust service and safe deposit departments, while
the Inland Investment Co. will handle a complete and granted a charter on Feb. 14 1857, under the name of the
diversified line of investment offerings, specializing St. Louis Building and Saving Association, celebrated the
seventy years of its existence during the week of Feb. 14.
in high brade Indiana securities.
Mr. Wild, the
head of the new institutions, was formerly associated Full page advertisements were published in newspapers,
with the J. F. Wild & Co. State Bank of Indianapolis, but picturing the first home of the institutions and the customs
resigned from that institution on Aug. 1 1925 to give his of this period. The bank also had an unusual window disentire time to outside interests. He was born in Nobles- play showing in miniature the four homes in which the inville, Ind., and after being graduated from Wittenburg Col- stitution has been housed, with a silhouette pageant above
lege attended a banking and investment school in Pough- these that paraded in review figures and objects that charkeepsie, N. Y. Shortly after the formation of the J. E. Wild acterized the various styles and developments from 1857 to
Co. he became connected with that institution and served 1927. Inside the bank were exhibits of old coins and bank
as Cashier and active head of the Bond Department. The notes used in the early days of St. Louis banking, in addidirectors of the new bank, together with Mr. Wild, are as tion to other relics of that period. The charter of the St.
follows: Fred C. Gardner, Treasurer of E. C. Atkins & Louis Building and Savings Association provided it might
Co.; James P. Smith, President of the J. P. Smith Lumber engage in banking as well as the building and loan business.
companies; W. S. Johnson, of Johnson & Johnson, real estate But the banking appeal was the strongest, so the new instidealers; E. C. Shireman, President of the Grassy Forks tution decided from the very start to confine itself to bankFisheries; Robert S. Wild, formerly Manager of the busi- ing activities. It is interesting to note that in those early
ness extension department of J. F. Wild & Co.; Harry L. days loans were limited to $1,000 and that the salary of the
Craig, First Vice-President of the Citizens State Bank, of first President was only $750 a year. It is pointed out that
Noblesville; Fletcher Johnson, of Johnson & Johnson, and it was this cautious attitude of the founders that enabled
William Bartlett Jr., President of the Bartlett Tea & Cof- the institution to emerge safely through the panic of 1857,
the first year of its founding, and later through the trying
fee Co.
days of the Civil War. The name was changed to "The
The Secretary of State fo- r Illinois recently granted a Bank of Commerce" on Nov. 3 1868 and the word "National"
charter to the Capital Trust Co. of Chicago, an institution was added on Dec. 14 1889 when the institution voted to
affiliated with the Capital Mortgage Co. of that city, its take advantage of the National Bank Act and became a naofficers, directors and stockholders being identical. The tional banking organization. When the bank officially
combined capital, surplus and reserves of the new bank opened its doors for business on July 6 1857 its paid-up
approximate $700,000. Louis Kahn heads the institution, capital was only $8,500. Now it is $10,000,000, additions
,,with Morris Levinkind, Vice-President, and Patrick
J. Mur- ,having been made from time to time in the seventy years
phy, Treasurer.
to meet continued growth. John G. Lonsdale has been
President of the National Bank of Commerce since 1915.
The Chicago "Post" of - stated that the Midland
Feb. 7
Na- Under his guidance such departments as Savings,
Trust,
tional Bank, a newly organized institution capitalized
at Investment, Foreign, Advertising and Central File have
$200,000 with a surplus of $.10,000, had opened for
b.usiness been added until the institution is now one of the large
in temporary quarters at 4191 Archer Ave., that city,
and banks of the country, with service connections throughout
that "the new three-story flatiron-shaped home for the bank
the world.
will be directly across the street from the present quarters
and will occupy the site at Archer, Sacramento and FortyThe County National Bank of Lincolnton, N. C., with
second Sts." Officers of the new institution are:
David capital of $100,000, has been absorbed by the Commercial
E. Shanahan, Chairman of the Board; H. F. Wuehrmann, Bank & Trust Co. of Gastonia, N. C., the
former going into
President; Frank L. Webb, Vice-President; V. I. Vanicek, voluntary liquidation as of Feb. 8.
Cashier, and C. G. Kilkis, Assistant Cashier.
A special dispatch from Petersburg, Va., to the Richmond
Philip P. Edwards, heretofore Manager of the Purchas"Dispatch" under date of Feb. 9 reported a proposed coning Department of the First Wisconsin Trust Co. of Milsolidation of the Petersburg Savings & Trust Co. and the
waukee, was on Feb. 10 elected a Vice-President of that American
Bank & Trust Co. of that place to form a new
institution in charge of investments. Mr. Edwards entered organization
under the title of the Petersburg Savings &
the employ of the First Wisconsin Trust Co. In January
American Trust Co. The new bank, with resources in ex1921. He was born in Ohio and after being graduated from cess of
$6,000,000, will occupy the present quarters of the
Oberlin College attended the Columbia School of Business Petersburg
Savings & Trust Co. at the corner of Sycamore
AEI
FEB. 19 1927.]
THE CHRONICLE
and West Tabb Sts. Samuel W. Zimmer, for a number of
years President of the Petersburg Savings & Trust Co. and
a former Mayor of Petersburg, will head the new institution,
while P. M. Pollard, Vice-President of the Petersburg Sayings & Trust Co., will be Chairman of the board. Plans for
the consolidation of the banks were formally endorsed by
the stockholders of both institutions at a meeting held on
Feb. 7.
The Birmingham "Age-Herald" of Feb. 16 stated that a
proposed increase of $1,250,000 in the capital stock of the
American Trust & Savings Bank of that city was announced
on Feb. 15, following the regular monthly meeting of the
Board of Directors of the institution. The announcement
stated that the directors had unanimously approved the
action of the Chairman and Finance Committee in accepting
a proposal by Lindley C. Morton of Birmingham (President
of the Phoenix Portland Cement Co.), made in behalf of
himself and associates, for the underwriting of a $1,000,000
increase in the capital stock of the bank. This stock, the
announcement continued, will be sold to the underwriters at
$200 per share after declaration in favor of present stockholders, as of record of April 1 1927, of a stock divided of
25%. The approval of the stockholders will result in the
increase of the present capital stock from $1,000,000 par
value to $2,250,000 par value and an increase of $1,000,000
in surplus resulting from the premium paid the bank by the
underwriters of the proposed new issue. The quarter-million
dollar stock dividend to be declared will be charged to the
present undivided profits of more than $500,000, thus bringing the total of capital and surplus to a figure in excess
of
$4,000,000.
1009
A series of conferences yesterday and last night convinced H. O. Johnson, State Supervisor of Banking, that the best interests if depositors would
be served by closing the institution's doors until resources could be liquidated or the bank reorganized. No official statements have been made of
the percentage of return to depositors, but bankers have expressed opinion
that between 50 and 75 cents on the dollar will be paid.
The reorganization committee is composed of Fred Hulbert, C. A. Pitchford, Neil Cooney, F. G. Foster, A. L. Paine and William Donovan. The
committee will attempt to arrange a plan whereby other city banks will
honor Hayes & Hayes deposit certificates at a rate of 40 cents on the dollar.
This, it is believed, will greatly ease the money shortage. No definite plan
has been proposed as yet. However, the bank probably will be ready to
pay depositors within 90 days, it was said.
The Hayes & Hayes bank was organized in 1890 and became a State institution in 1893. It was capitalized at
$300,000 with a surplus of $250,000. The dispatch further
stated that $1,000,000 sent to Aberdeen by the Seattle Clearing House on the day of the failure was not needed, the
other banks of the place showing a large gain in deposits
during the day.
The Washington "Post" of Feb. 15 stated that announcement had been made the previous day by Victor B. Deyber,
President of the Second National Bank of Washington, that
the directors of the institution had recommended an increase
in the bank's capital of $250,000, raising it from $500,000 to
$750,000, and that the stockholders would be asked to ratify the same at a meeting to be held on March 15. Under
the plan, shareholders pf record will have the privilege of
subscribing for the additional stock at $175 per share in the
proportion of one share for each two shares held by them,
and any stock not subscribed for by the stockholders in the
proportion set forth will be disposed of by the directors at
or in excess of $175 per share. The "Post" went on to say
that the price at which the additional stock will be offered
to the stockholders is at approximately the book value of
the present stock, the market value as indicated by recent
sales on the Washington Stock Exchange being $275 per
share. The Second National Bank was organized in July
1872, with an authorized capital of $200,000. Since March 1
1906 the capital has stood at $500,000. The bank's personnel
Is as follows: Samuel J. Prescott, Chairman of the Board;
Victor B. Deyber, President; John C. Eckloff and Jacob
Scharf, Vice-Presidents; Walter H. Klopfer, Secretary;
ttlexander Wolf, Trust Officer; W. W. Marlow, Cashier.
and M. D. Esch and J. K. Seyboth, Assistant Cashiers.
Acquisition of control of the First Natioual Bank of
Ocean Park, Cal., by the California Bank of 'Los Angeles
was announced on Feb. 3 by A. N. Kemp, Chairman of the
executive committee of the latter, according to the Los
Angeles "Times" of Feb. 4. The acquisition of this
bank,
with resources of more than $1,000,000, rounds out the
activities of the California Bank, it is said, in the Santa
Monica Bay district, the bank having offices at present
in
Santa Monica, Pacific Palisades, and now, Ocean Park.
Five officers of the California Bank, including Mr. Kemp,
have been elected to the directorate of the First National
Bank of Ocean.Park, but the personnel of the institution
The semi-annual statement of the Standard Bank of South
, it
is understood, will remain the same as heretofore.
Africa, Limited (head office London), has just recently
come to hand. The statement covers the six months ended
A press dispatch from Ventura, Cal., on Jan.
31, printed Sept. 30 1926 and shows on that date total assets of £64,307,In the Los Angeles "Times" of Feb. 1, reported
that control- 366, of which the principal items are: Bills discounted, adling interest in the.Fillmore State Bank at
Fillmore, Ven- vances to customers and other accounts, £32,335,648; cash
tura Co., with a branch at Piru in the same
county, had in hand and at bankers, £9,579,856; customers' bills for colbeen acquired by the newly organized Liberty
Bank of lection, per contra, £7,962,185; bills of exchange purchased
America, formed by the union of the Liberty
Bank of San and current at this date (Sept. 30 1926), £6,245,145, and inFrancisco and the American Bank of .Los
Angeles. Assets vestments, £5,002,030.. On the liabilities side of the
stateof the Fillmore State Bank, the dispatch stated,
amounted ment: Deposit, current, and other accounts (including
to $1,136,000 and its officers were George W.
Tighe, Presi- profit and loss account and provision for contingencies) are
dent; C. C. Elkins, Vice-President, and Glen
Harmonson, given at £48,458,659. The bank has a paid-up capital of
Secretary and Cashier. L. M. McDonald, Vice
-President £2,229,165 and a reserve fund of £2,893,335. The directors,
and Chairman of the executive committee of the
Liberty the report tells us, have declared an interim dividend of 7s.
Bank of America, was quoted in the dispatch as
saying:
per share (being at the rate of 14% per annum), subject to
'In acquiring control of the Fillmore State Bank we are
completing a Income tax, out of the
program of acquiring those banks which have been instrumental
profits of the half year under review.
in developing the citrus industry. George W. Tighe, and his
co-workers, will con- And further states that the bank's investments stand in the
tinue to be in active charge of the bank's interests. The bank
is in excel- books at less than the market value as at
lent condition, due to their management. We hope to
Sept. 30 1926, and
bring to the coinall usual and necessary provisions have been made.
munity the assets of the Liberty Bank of America and
render valuable
The
service thereby.'
New York Agency of the institution is at 67
Wall Street.
The failure on Feb. 7 of the Hayes & Hayes
State Bank
The balance sheet of the Union Bank of
Switzerland
of Aberdeen, Wash., said to be the largest bank
in that (Union De Banques Suisses) as of Dec.
31 1926 has just
place and the second largest State bank in
Washington, been received. It shows net profits for
the year (including
was reported in a special dispatch from Aberdeen
on that balance to credit of profit and loss
brought forward from
date to the Portland "Oregonian." The institution, it
was the preceding year of 665,017 Swiss francs
and after the
stated, had been placed in he hands of State bank
authori- deduction of general expenses and
administration, taxes,
ties, who took charge when it was found that the
bank was employees' pension fund, premiums
for debts and reduction
insolvent, and a reorganization committee has been
ap- of premises account) of 6,890,717 francs, as compared
with
pointed to take immediate steps in devising a plan
net profits of 6,145,017 francs in 1925. Out
of acof the profits
tion. Old obligations and frozen assets that could
not be for 1926 the directors have proposed
that the following
converted into liquid resources, together with
the recent allocations be made: 4,900,000 francs
to pay a dividend of
depression in the lumber market, were given as
the causes 7%; 1,000,000 francs added
to reserve fund, and 100,000
of the bank's embarrassment. Continuing the
dispatch said: francs to cover bonus to board and local commissions,
A careful examination of the institution's resources
leavhas been under way ing a
for the last ten days and revealed
balance of 890,717 francs to be carried forward to the
yesterday that recent failures in lumber
and logging operations, including
the H. P. Brown interests, Markham current year's profit and loss account. The bank's capital
Shingle Co., the Independence Logging Co., the River
Logging Co. and the (fully paid) is
70,000,000 francs and its reserves (not inHumptulips Logging Co. had left the
bank with a shortage of approximately $1,300,000. Unsuccessful efforts
cluding the 1,000,000 francs before mentioned) 17,000,000
were made Sunday to raise the
necessary $1,500,000 in actual cash that
bank examiners deemed necessary francs. The head office is in Zurich and numerous branches
to carry the institution over the crisis.
and agencies are maintained throughout Switzerland.
THE CHRONICLE
1010
NEW YORK
BROOKLYN
CHICAGO
BOSTON
Trust Company Returns
[VOL. 124.
PHILADELPHIA
BALTIMORE
AND
ST. LOUIS
in
We furnish below complete comparative statements of the condition of all the trust companies Boston,
Philadelphia, New York, Brooklyn, Baltimore and St. Louis, and many of the companies in Chicago. This
ten
is in continuation of a practice begun twenty-five years ago, the compilation having been enlarged
by the inclusion of
years ago by the addition of Baltimore's institutions, and in 1921 being further enlarged
the Chicago companies. The statements occupy altogether twenty pages.
The dates selected for comparison are December 31 1926, December 30 1925 and December 31 1924.
es, we
In the case of the Boston, the Philadelphia, the Baltimore, the Chicago and the St. Louis compani
these dates
have sought to get figures for these dates and have largely succeeded. As, however, returns for
statisare not required in all the States, a few of the companies have not found it convenient to compile
figures available.
tics for December 31, but have furnished instead the latest complete
n nearest the
In the matter of the New York companies we take the returns under the call of conditio
require the trust
close of the year. Formerly it was the practice of the State Banking Department to
n, showing resources and liabilities for the last day o
companies to render a statement of their conditio
calendar year.
December, and also to furnish certain supplementary statistics for the twelve months of the
now
But in December 1911 this time-honored practice was abandoned, and the Superintendent instead
t of their condition for some date towards the end of the year (Nov. 15
calls on the companies for a statemen
items of informaon the present occasion), and waives entirely the requirement as to the supplementary
s, &c., constition. As these supplementary statistics, dealing with earnings, expenses, dividend
a quarter of a centuted a most valuable feature of the annual returns and the record extended back
be broken. Accordingly we have made direct
tury or more, we have not felt satisfied to let the record
been successful in
application to the companies in each instance and in not a few of the cases we have
has been
obtaining the supplementary statistics, though the number of companies supplying such data
and liabilities, we use
greatly reduced as compared with the original number. As regards the resources
Banking Department.
the November 15 figures just as shown in the returns of the
NEW YORK COMPANIES
American Trust Co. (New York).
Anglo-South American Trust Co.(New York).
Nov. 15 '26. Nov. 14 '25. Nov. 15 '24'
Resources
$207,807
8113.792
$481,350
Specie
Other currency authorized by laws of
82.379
32.983
29.870
United States
1,303
8.302
Cash items
Due from approved reserve deposi359,763
138,870
713.632
taries
Due from other banks and trust com2.283.871
2,760,501
1,307,816
panies
4.320,242
3.336,185
2,629,773
Stock and bond investments
Loans- and discounts, see by bond and
30.000
50,000
mortgage
Loans and discounts secured by other
2.558.756
3.345.620
4,474.071
collateral
Loans, discounts and bills purchased
4.499.013
1,231.197
1.024.076
not secured by collateral
539,733.347
553,041.126 549.210.557
271.919
384,140
Total
341.688
Own acceptances purchased
325
665
31
Overdrafts
Liabilities
1,844.155
2.313,523
53,000,000 52,500,000 Customers' liability on acceptances._ 2.239,323
$4,000,000
Capital stock
1.825.124
862.728
725.216
1,589.748 Other assets
2,248.813
3.415,409
Surplus fund and undivided profits
514.025.148 514,550.204 $18,254,657
Total
Preferred deposits
2,087.809
1,533,525
Due New York State savings banks 1.854,861
Liabilities
2.050,191
2,281.480
administrator, &c. 2,087.411
51.000.000 $1,000,000 51.000.000
Due as executor.
145.000 Capital
268.398
346,650
584,061
543.351
646.358
Deposits by State of New York_ _ _ _
51,465 Surplus fund and undivided profits
99.433
185,763
200,000
100,000
75,000
Deposits secured by pledge of assets
York.
593.300 Deposits by the State of New
365,800
227,600
Deposits otherwise preferred
29,789,375 Due to trust companies, banks and
1,400.639
38.272.760 37,643,345
1.306,772
Due deposits (not preferred)
bankers
662,240
1,012.623
480
1,698,090
10.293
Due trust cos., banks and bankers
42,788 Due as executor, administrator, &c- 8.997.872
446.741
498.152
7,8.56.822
9.753.235
Acceptances
221.251 Due depositors, not preferred
310.399
454.430
157,695
177.087
113,856
Other liabilities
Bills payable
1.900.971
539.733,347 Rediscounts
$53,041,126 549,210,557
2,343,173
2.735,540
2.435,528
Total
s
Acceptance
955,593
789,442
746,241
Amt. of dep. on which int. Is paid_ $34.673.350 338,660,738 $29,000.400 Other liabilities
514,025,148 514,550,204 $18,254.657
Total
of deposits on which interest
58,059,100 57.572,797 59,163.300
*Banca Commerciale Italians, Trust Co. (New York). Amount
is paid
Nov. 15'26. Nov. 14 '25. Nov. 15 '24.
Resources$539
Trust Co. (New York).
$1,254
$546
*Banco de Sicilia
Specie
57,537
98.379
67.184
Nov. 15 '28.*Nov. 14 '25.
Other currency auth. by laws of U. Ei_
Resources15.183
51.323
$1.058
Cash items
Specie
21,865
19,814
67.138
44.056
3,266
Due from approved res vo depositaries
authorized by laws of United States
3,661.500 Other currency
7,164,081
139,678
Due from other banks and trust cos__ 4,593.638
1,060,084 Cash items
1.625.744
183.600
Stock and bond investments & mtge_ 2,320.551
approved reserve depositaries
Due from
bond
535,805
879,951
292,488
and bankers
Loans & disc'ts sec. byother
953,733 Duo from other banks, trust cos.
1,165,637
collateral
.
816,906
1,403.352
Loans & disc'ts sec. by notsec. by coll. 1.578.309
185,038 Stock and bond investments mtg. or other coll-__
483.404
1,159.556
6.000
31.000
Loans,disc.& bills pur.
by bond &
Loans & disc. sec.
3.054
159
633,951
other collateral__ _ 2,886,318
Overdrafts
214.442 Loans and discounts secured by not sec. by coll__
466.492
753.921
188,818
907,539
Customers' liability on acceptances__
discounts and bills purch.
891,094 Loans,
6.926,502
10.449.506
2,250
6.712
Other assets
Overdrafts
16,785
$21.526.813 517.954,361 57,061,015 Own acceptances purchased
30.622
232,136
Total
on acceptances
16
.
Customers liability
86.008
90,043
s .,
- h ggirZlaia Other assets
T.
:-I -- -'"
+
Oro gr- - f -A
1- Liabilities
56,822.493 82,248.209
51.000,000 51.000,000 51,000,000
Total
Capital
500,000
584.332
766,934
profits
Liabilities
Surplus and undivided banks
8500,000
$600,000
100.460
Capital
15,133
Due N. Y. State savings
197,708
1.416
Surplus and undivided profits
executor. administrator, &c
1,652.852
Due as
5.310.333
4,443.375 Due deposits not preferred
8.222.950 8.725.653
preferred
28.945
Due depositors not
425,144
66.487 Due to trust companies, banks and bankers
290.899
273,861
bankers35.286
Due to trust cos., banks and
232.136
214,442
487,276
773,758
Acceptances
15.993
57,172
836.711 Acceptances
10.370,396 6,883.239
Other liabilities
Other liabilities
493 $2,248.209
521.526,813 $17.954.361 57,061,016
int. is being paid___ 1217Y:074 $1.563,239
which
u nt
Total
paid $8.277.329 88,429.003 54,426.366 Agootai of deposits on
Amt,ofdep.on which hat,is being
•Began business April 29 1925.
*Began business June 16 1924.
Nov. 15'26. Nov. 14 '25. Nov. 15'24.
Resources$4.776.217 56,948.601 54.575,609
Stock and bond investments
6,575.626
6.610.035
mortgages
Bonds and
1.109.096
1.383,280
ed'
own
Loans & disc'ts sec. by bond & mtgo- 1.675..547
Loans & disc'ts sec. by other collateral 16.451.522 21.081.044 19,375.807
4,063.500
7,485.368
pur.,not sec.by coil 9.248.688
Loans.disc.& bills
5.942
9,583
4.321
Overdrafts
1,168.256
1.668.898
7.099.018
Due from Fed. Res. Bank, N. Y
1,633,081
1,921,068
_
Due from app. res. depositaries
202.134
265.882
Due from other bks., tr. cos. & b'kers 1,007.615
31.818
41.355
35.956
Specie
754.403
1.011,427
696.875
curr.
Other.auth. by laws of U. S..__
35,992
107.256
96.472
Cash items
42.788
446.741
498,152
Customers' liability on acceptances__
159.295
230,019
175.393
.
Other assets
13t,R18
FEB. 19 1927.]
THE CHRONICLE
Bankers Trust Co. (New York).
ResourcesNov. 15 '26.Nov. 14'25. Nov. 15 '24.
Stock and bond investments
$91.702.7785101,487,1128125.988,091
Real estate
8,155,391
8,240.895 8,400,290
Bonds and mortgages owned
535.000
580,000
758.00
Loans on bond&mtg.or other r.e.coll314,587
101.500
181,372
Loans & disc. sec. by other collateral _180,727.879 180.369.834 163,862.118
Loans dIsc.&bills purc. not sec. by coil 58.112.163 62,397,516 54,770,911
Own acceptances purchased
33.586
320,251
1,740,560
Overdrafts
17.360
4,088
19,842
Due from trust cos., banks & bankers 20,739.069 30,526,410 11,474.155
Due from approved res. depositaries_
527,185
562,363
976.152
Specie
73,820
74.598
86,738
Other currency auth. by laws of U.S.
687,289
738.062
913,635
Cash items
50.286,413 23,335.833 21,532,947
Due from the Fed. Res. Bank of N.Y. 25,528,603 35,297.022 35,871,281
Customers' liability on acceptances- 12,173.567 15,514,039 101,067.458
Other assets
1,983.466
2,156,201
2,292.698
Total
$451,598,156 461.705,724 $439936246
Liabilities
Capital stock
820,000,000 520.000.000 $20,000,000
Surplus fund and undivided profits_ 35.540,753 30,391,589 26,514.016
Preferred deposits
Due N. Y.State savings banks---- 6,061,599 6,281,409 8.337.064
Due as executor. administrator.&c. 35.114.470 49.803.728 39,797,396
Den. by N.Y. State
1.125.000
1.250.000
956.000
Other dep. sec'd by pledge of assets 4,313,342 4,054,236 3.335,056
Other preferred deposits
16,430
16,430
16,450
Due depositors (not preferred)
281,840.643 288,465.608 272,173.268
Due trust cos., banks and bankers... 51.579.035 42.931.628 52,271,521
Acceptances
13,115,741 16.245.646 11.810.752
Other liabilities
2.891,143 2,265,450 4.724.723
Total
8,451.598,156 461,705.724 439,936.246
Amt.deposits on which int. Is paid -$325,376,413 348,825.000 317.529,405
*Bank of Athens Trust Co. (New York).
Resources*Nov.15'26.
Specie
$11.640
Other currency authorized by laws of United States
1,911
Cash items
12.827
Due from approved reserve depositaries
87.444
Due from other banks, trust companies and bankers
537.476
Stock and bond investments
647.916
Loans and discount secured by collateral
923,412
Loans, discounts and bills purchased not secured by collateral_
3.128
Own acceptances purchased
3,743
Other assets
29,416
Total
$2,258,913
Liabilities
Capital
$500,000
Surplus including undivided profits
506.772
Due depositors (not preferred)
993,028
Due trust companies banks and bankers
254.524
Other liabilities
4,589
Total
$2.258.913
*.Began business April 1 1926.
1011
*Bronx County Trust Co. (New York).
ResOUTCCS-
Nov. 15 '26. *Nov.14 '25
Specie
$38.086
829,805
Other currency authorized by laws of United States
536.025
337,139
Cash items
735.253
370.718
Due from approved reserve depositaries
551.584
1,007,448
Duefrom other banks,trust companiesand bankers_
16,246
Stock and bond investments
219,340
1,615,871
Loans and discount secured by bonds & mtges. or
other r. e. coil
1,051,927
248.120
Loans and discounts secured by other collateral
5.242.837
2,079,957
Loans, discount and bills purchased, not secured by
collateral
'
7.975,434 5.559.446
Overdrafts
1.759
605
Bonds and mortgages owned
1.442.092
1.285.550
Real estate
155.750
165,775
Customers' liability on acceptances
18.785
4.800
Other assets
128.278
114.980
Total
818,113,396 $12.820.219
Liabilities-Capital stock
$1,000,000
$825,000
Surplus fund and undivided profits
796.725
420.741
Preferred deposits
Due New York State savings banks
238,344
248,511
Due New York State savings and loan associations,
&c
23.119
44.352
Due as executor, administrator, guaridan, &c
39,105
5.259
Deposits by State of New York
255.464
270,202
Due depositors not preferred
15.589.425 10.903,470
Due to trust companies, banks and bankers
11.249
Acceptances
18.785
4,800
Other liabilities
141,180
97.884
Total
218.113,396 812.820.219
Amount of deposits on which interest is paid
85.900.000 $5.118.124
* Formerly Twenty-third Ward Bank; changed to a trust company
as
of Jan. 1 1925.
Central Union Trust Co. (New York).
ResourcesNov. 15'26. Nov. 14'25. Nov. 15'24.
Stock and bond investments
$59.614.967 864.838.268 116.331.873
Real estate
3,295,000 3,295.000 3,295.000
Bonds and mortgages owned
1.856.514 3.629.600
Loans on bona or mtg.or oth.r.e.coll_ 7,366.590
2.799.543
1.591.037
968.199
Loans & disc. sec. by other collateral-130.644.796 140.691.099
Loans,disc.& bills pur.not sec.by col_ 46,512.864 63,552.788 87.768.330
41,998.897
Own acceptances purchased
327.818
549.888
70.000
Overdrafts
20.081
16.568
8.350
Due from the Fed. Res.Bank of N.Y. 30,917.247 28,832.706
Due from approved res've depositaries 1.836.356 2,448.195 32.177.750
2,761.160
Due from other bks.,tr. cos.& b'kers_ 8,641.400 4,996.738
2,521.003
Specie
131.017
149,158
178,105
Other currency auth. by laws of U.S.
806,170
817,752
425.762
Customers' liability on acceptances
18.321.335 21,733,251 17.780.639
Other assets
1,776.392
1,721,802
1.627,922
Total
8313,011.576 337,030.7613311.542.590
Liabilities
Capital stock
$12,500.000
Surplus fund and undivided profits 28.254.151 812.500.0130 812.500.000
25.578.633 23.610,459
Preferred deposits
Due N. Y. State savings banks_
3,873,702 3.294.276 4.133.601
*Bank of Europe Trust Co.
Due as executor,administrator,&c. 10,440.737 8.436.075
7,656.971
Deposits by New York State
300.000
Resources400.000
836,565
Nov. 15 '26 Other dep. sec. by pledge of assets_ 1,057.877
545.515
Specie
1.977.703
216.542.348 246,801.698 215.747.175
$36,994 Due depositors not preferred
Other currency authorized by laws of United States
17,972.122 13.203.492 23.886,858
177,441 Due trust cos., banks and bankers
Cash items
19.300.046 23.901.628 18,686.811
1.482 Acceptances
Due from Federal Reserve Bank of New York
2,770.593
616.470 Other liabilities
2,429.447
Due from approved reserve depositaries
2.506,447
143.410
Stock and bond investments
Total
8313.011,5
Loans and discounts sec. by bond and mtge. or other r. e. col. 6,719.676 Amt.deposits on which int. paid _ _...$233.579.1 76 8337,090,7648311.542.590
54 $256.087.158$235,727,000
151.351
Loans and discounts secured by other collateral
Supplementary-For Calendar YearsLoans, discounts and bills purchased not secured by collateral 1.244.451
1926.
1925.
2.298.093 Total interest and commissio
Overdrafts
ns
33 Interest credited to depositors received during year$17.613.944 $14.454.893
Bonds and mortgages owned
during year
3,138.380 Expenses,
4,865.126 4.573.576
Real estate
308.700 Amount during year, including taxes
4,101.149 3.523.646
Other assets
of dividends declared on capital stock
191.898 Amount deposits
4.000.000 3.750.000
on which interest Is paid
259,587,000 249,362.000
Total
$15.028,379
Liabilities
Capital
Corporation Trust Co.(New York).
21.000,000
Surplus including undivided profits
685,831
ResourcesPreferred deposits
Nov. 1526. Nov. 14 '25. Nov. 15 '24.
Stock and bond investments
Due N. Y. State savings and loan associations, &c
8502.826
$502,751
931 Duefrom trust cos., banks & bankers- $502.883
Due depositors (not preferred)
90.501
136,360
12,641,832 Specie
162,276
Due to trust companies, banks and bankers
89
41
36,638 Other curr. authorized by laws of U.S
20
Re-discounts
1.242
637
755
400.000 Cash items
Other liabilities
2,618
2.271
263.147 Loans on bd.& mtge.or other r. e.coil
1.224
pay
2,350
Other assets
Total
293.287
133.594
$15,028,379
74,697
Amount of deposits on which interest is being paid
$11,250.000
Total
8890.620
8775.729
* Formerly Bank of Europe;changed to a trust company as of Feb.
$744,073
24'26.
Liabilities
Capital stock
$500.000
$500,000
8500.000
Surplus fund and undivided profits
110,381
159.255
Due as executor,administrator,&c
181,475
Bank of New York & Trust Co. (New York).
12.730
3.796
Other liabilities
5,158
267.509
112,678
57,439
ResourcesNov. 15 '26. Nov. 14 '25. Nov. 15'24.
Total
Specie
$890,620
818.144
820.682
8775,729
$744,072
$37,559
Other currency auth. by laws of U.S_
459.271
399,01422.693
Cash items
41.932.585 4.245.659 13,545,463
Due fr. Fed. Reserve Bank of N. Y. - 5,030.811
*County Trust Co. (New York).
Due fr.other banks, tr.cos.& bankers 4.329,049 6.974,345 7,398,524
6,226.822 3.906,153
Stock and bonds investments
Resources
24,701,783 24,396.663 25,099.553
Loans and discounts secured by bond
Nov. 15 '26.
Specie
& mtge. or other real estate collat819.723
586,767
$133,307
74,700 Other currency authorized by laws of United States
Loans & disc, secured by other collat. 20,290.489 29,967,515
144.000
29,056.439 Cash items
Loans, discts. & bills purchased not
Due from Federal Reserve Bank of New York
67
secured by collateral
18.673.828 17,736,998 17.275.795 Due from approved reserve depositaries
500.000
Own acceptances purchased
411.299
32,511 Stock and bond investments
Overdrafts
97.506
52.761
1.773.234
27.567 Loans and discounts sec. by
Bonds and mortgages owned
4.131.575
1,428.245 1.984,414 Loans and discounts securedbond and mtg. or other real est col_
9.500
by other collateral
Real estate
3,350.000 3,354.921 3
5,626.602
.619.249 Loans, discounts and bills purchased not secured by
Customers' liability on acceptances
collateral
5,929,075 6,778,495 5.863,703 Overdrafts
1,968.268
Other assets
474.044
458.388
833
420,110 Bonds and mortgages owned
100.000
Other assets
Total
$130.237.883$102.627.2753108.964,433
134,189
Total
Liabilities
$10.801,299
Liabilities
Capital
84.000,000 84,000.000 $4.000,000
Surplus and undivided profits
13.354,696 12,807.853 12.462,026 Capital
Preferred deposits
81.000.000
Surplus, including undivided profits
Due New York State savings banks 1.776,348
564.643
Preferred deposits
1,182,077
Due as executor,admin.,guard.,&e 4,447,833 3,424,147 1.294.844
Due as executor, administrator, guardian,
4.806,557
&c
Deposits by the State of N. Y
57.740
Deposit by State of New York
200.000
150.000
203.000
Other dep. see. by pledge of assets
250.000
Other deposits secured by pledge of assets
1.193.553
892,413 2,029,479
Due depositors, not preferred
152.340
Deposits otherwise preferred
85,445,337 56.536,157
Due trust cos., banks & bankers_ 9.361.670 9,659.994 55,763,856 Due depositors not preferred
69.061
17.785,882
8.600.823
Bills payable
Due to trust companies, banks and bankers
2.500.000
Acceptances
65.480
7,978.693 8,913.685 6,938.064 Other liabilities
Other liabilities
41,212
2.479.753 2,560,949 3.680.725
Total
Total
$10.801,299
$130,237.883 102.627.275 108.964,433 Amount of deposits on which interest is being paid
Amt. of dep. on which 1st. la paid-$54.638.500 58,374,80
86.619.100
0 62.139.900
•Began buseness Feb. 23 1928.
THE CHRONICLE
1012
Empire Trust Co. (New York).
Nov. 15 '26. Nov. 14'25.*Nov. 15'24.
Resources—
$21.922,645 818,814,831 816.977.204
Stock and bond Investments
159.189186.781
8,765
Real estate
2,941.385 2,391.925 2,585.775
Bonds and mortgages owned
167,799
86.485
269,598
on bond & mtg.or other r.e.coll.
Loans
Loans & disc. sec. by other collateral. 30,745,655 32,325,507 26,247.870
L'ns,disc.& bills pur. not sec. by coll.. 5,948,558 9,515.547 9,408.484
437,192
25,000
Own acceptances purchased
4,136
36,654
4,777
Overdrafts
Due from Federal Res. Bk. of N. Y. 2,140.455 3,279,623 3,095,568
. 5,945,767 8.140,622 7,781.693
Duefrom approved res. depositaries..
1,554,092 1,924,746 3,250.610
Duefrom other bks., tr. cos.& bkrs
471,158
667.658
608.497
Specie
877.235
606.030
696.456
Other currency auth. by laws of U. S..
32.467
41,100
36.103
Cash items
356,143
42,060
60.257
Customers' liability on acceptances
1,018.260
637,964
580.279
Other assets
873.461.289 878,694.941 $72.896,375
Total
LiabilUies—
$4.000,000 $4,000.000 84,000.000
Capital stock
Surplusfund and undivided profits... 4,135,272 3,806,928 3,228,864
Pref.depm.—By N.Y.State say. bk_ 2,843.143 2,937,457 3.145,097
843
Due N. Y.State say.& loan ass'n.s_
2,916.665 2,842,946 3,809,208
Due as executors. administr's, &c
1,261,366 2,930.619
Deposits by State of New York.-- 2,716,970
229.700
189,000
278,310
Depos.secured by pledge of assets..
49.338,519 56,344.742 46,588.998
Due depositors (not preferred)
Due trust co's, banks and bankers.-- 6,643,362 6,737.435 7,129.882
356,143
42.060
60,257
Acceptances
533.007 1,477,121
528.791
Other liabilities
$78.694,941 872,896.375
873.461.289
Total
Amt.deposits on which Mt.Is paid—S52.568,910 $53,502,007 $52.356,944
• Hudson Trust Company was merged Into the Empire Trust Co. as of
July 1 1924. The above statement is the combined statement of both
companies for all the years.
*Equitable Trust Co. (New York).
Nov. 15 '26. Nov. 14 '25. Nov. 15'24.
$66,836,759 $39,236,862 $47.306,945
Stock and bond Investments
863.500 4,197,130
849,179
Real estate
9.145.469 11.291.474 8,966,374
Bonds and mortgages owned
839.596
2.788.889
Loans on bond & mtg.or oth. r.e.coll. 9.543.846
Loans & disc. sec. by other collateral-130,429,013 109,080.122 123,599,337
pur. not sec, by m11.139,238,134 76.573,456 66,798,380
Loans,disc.&bills
970.327 23,188.767 16,843,285
Own acceptances purchased
49.729
432,799
189.984
Overdrafts
Due from Fed. Res. Bk. of N. Y___. 29,459,324 29,507,943 34,082,753
Due from trust co's, banks & bankers 26.314,651 17,649,130 18,664,911
71,668
100,071
54,532
Specie
1,279,492 1,214,765
Other currency auth. by laws of U.S- 2,034,366 12,300,712 22,500,827
32,099,584
Cash items
17.686,330 24,043,905
Customers' liability on acceptances— 43.608,709 70,575.015 71.993.708
8,390,794
Other assets
8498.964.671 412,664,562 441,173,315
Total
Liabilities—
$30,000,000 $23,600,000 $23.000,000
Capital stock
Surplus fund and undivided profits.- 22,907.926 12,852,767 11.262,073
Preferred deposits—
Due N.Y.State savings banks_ --- 2.228,778 2,099,089 3,057,023
157.260
38,880
286,737
Due N.Y. State say. & loan assoc.
Due as executor, administrator, &c 23,050,078 18,373,507 17,567,667
122.000
550,000
550.000
Deposits by State of N. Y
997,775
284.245
314.897
Deposits secured by pledge of assets
270,848.346 247,826.808 269,221,434
Due depositors (not preferred)
86,775.956 73.886,943 84,019.844
banks and bankers
Due trust co's.
'
8.687.600
Bills payable
45,739.070 26,539,042 26,949.408
Acceptances
4.818,829
7.575,283 7,103,281
Other liabilities
$498,9647871 412,554.562 441,173,313
Total
Amt.deposits on which int. paid__ _$243,000,000 245,000,000 271.000.000
Resources—
[VoL. 124.
*Fidelity Trust Co. (New York).
*Nov.15'26. Nov. 14'25. Nov. 15'24.
Resources—
, .
$14.404.347 $7,540,027
Stock and bond investments
1,081.750'
1,178.670
1,723,010
Bonds and mortgages owned
310,023
310,023
Real estate
18.500.
15.000
131,700
Loans on bond & mtg.or other r.e.coll
Loans & disc. sec, by other collateral_ 16.037,018 8,628.409 5,697,778
5.612.808 4,987,917
& bills pur. not sec. by coil 9,186,461
Loans disc.
Own acceptances purchased
982
115
'322
Overdrafts
6,472.687 3,467,740 3.154,592'
Due from Fed. Res. Bank of N.Y
364.319
331,362
Due from approved res've depositaries
76,660
156,468
658,817
Due from other bks., tr. cos.& bkrs.._
123,765
144,065
134.887
Specie
224,416
267.366
586,364
Other currency auth. by laws of U.S..
763.168
628,463
3,536,800
Cash items
284,011
442,984
829,385
Customers' liability on acceptances
389,514
128,543
333.175
Other assets
$54,036,527 $28,852,243 $25.761,013
Total
Liabilities—
$4.000,000 $2,000.000 $2.000,000
Capital stock
2,209,927 2,117.738
Surplus fund and undivided profits... 3.235,401
Preferred deposits—
242.385
348,767
322,981
Due N. Y. State savings banks....
141.192
196,011
Due as executor. administrator, &c. 1,237,283
90,000.
80.296
475,000
Deposited by New York State
1.171,615
1,019,716
Deposits seed by pledge of assets_ 2.186.701
19.829.719 18,763.027
37.375.967
Due depositors (not preferred)
375,292
496,149
Due trust co's, banks and bankers.... 3,199.079
1,900.000
700,000
Bills payable
284,011
437,471
964.051
Acceptances
575.753
334,187
340,064
Other liabilities
$54,036,527 $28,852.243 825.761,013
$32,620.200 815.892,400 917,059,900
* Coal & Iron merged in Fidelity-International Trust Co. and name
changed as above as of Feb. 27 1926.
Total
Amt.deposits on which int.Is paid
Fulton Trust Co. (New York).
Nov. 1526. Nov. 14 '25. Nov. 15 '24.
$3.073,279 $3,095,037 82,836.439
Stock and bond investments
461,000
501.000
787,850
Bonds and mortgages owned
11,171,895 11,343.402 8,357.956
Loans & disc, secured by collateral
53.000
61,500
Loans, disc. & bills pur. not sec, by col
.
•
1,757.996
1.749,576
Due from Fed. Res. Bank of N. Y___ 1,931,553
201.270
73.296
205,668
Due from approved res. depositaries...
35.541
35.111
41,719
Specie
40,000
66,000
80.000
Other currency auth. by laws of U.S..
6.284
1.822
20,413
Cash items
54.998.
68,126
84,464
Other assets
817.502,143 $16.989,164 $13,751,638
Total
Resources—
Liabilities—
81,000.000
Capital stock
1,428.984
Surplus fund & undivided profits
Preferred deposits—
674.467
Due as executor, administrator. &c.
70.000
Deposit, by N. Y.State
21,476
Deposits secured by pledge of assets
14.026,579
Due depositors (not preferred)
101,111
Due to trust cos., banks and bankers.
179,526
Other liabilities
817,502,143
Total
Amt. deposits on which int. Is paid $14,104,500
$1.000,000
1.238.387
$5(10,000
926,296
349.777
322,198
90,000
70.000
166,522
21.926
14,040,513 11,140,199
425,362
120.941
153.482
175.199
816.989,164 $13.751,638
$13.950.900 811.588.700'
Guaranty Trust Co. (New York).
Nov. 15'24.
896,061,996
8.105,078
Farmers' Loan & Trust Co. (New York).
1,744,510
Nov. 15 '28. Nov. 14 '25. Nov. 15'24.
Resources—
89.737
$35,438,009 $37.664.208
$47,025,733
Stock and bond investments
265,876,529
2.960.000
2,484,000
Real estate2,484000 4,365.290
1.232.000
5,789,310
owned
Bonds and mortgages
130.829,062
385,000
898.000
Loans on bond&mtg.or other r.e.coll_ 1,046,125 78,471.368 77.548,300
11,937.917
Loans & disc.sec, by other collateral_ 67,874,613 28.230,872 24,797,246
110.123
Loans.disc.& bills pur.not sec.by coil- 23,987.098
48,347,589
100.737
219.722
3,034
Overdrafts
450.000
Bank of N.Y...... 15,133,901 14.877.866 14.620.654
Due from Fed. Res.
41.8.51.477
15.611,895
Due from trust co's. banks & bankers 9,427,528 12.983.641
60.997
204,687
161.420
105,482
Specie
1.443.999
290.458
244.346
393,099
S..
Other currency auth. by laws of U.
27,848.631
4,817,850
7,078,841 3,852.157
Cash items
37.192.871
2,638.433
Customers'liability on acceptances_ 5,107,864 3.728.687
12.786.877
953,795
820.007
1.141.971
Other assets
3635,620.740 600,682.281 5684.737.293
Total
9186,598,597 186.775,385 183,823,163
Total
Liabiltiies—
$10,000,000 $10,000,000 $5,000,000 Capital stock
$25,000,000 825.000,000 825,000.000
Capital stock
17.370.298
19.180,908
Surplus fund and undivided profits._ 19,908.801 18,520.478
Surplus fund and undivided profits _ 25,202,569 21.538.678
Preferred deposits—
3,727.121
3,508,282 3,122.213 2,733,243 Preferred deposits—
Due N. Y. State savings banks
Due N. Y.State savings banks.— 3,051,127 2,525,905
1,886.691
81.934
140.000
77,125
Due as executor,administrator, &c. 1,956,782 2,380,288
Duo N. Y. State say. & loan ass'ns
264.000
1.622.487
164.000
125,000
2,325.050
Deposits by State of N. Y
Due as executor, admin'r. &c.....- 3.216,238
1.990,000
1,540,000
2.759.973
408.497
504.000
Other dep.sec. by pledge of assets_ 2,205.800 134.732.492 137,333,636
Deposits by New York State
5.947,300
130,886,607
Due depositors (not preferred)
Depos. seed by pledge of assets... 7,061.190 5,079,203
12,428,968
298,134
8.653
Due trust co's, banks and bankers...._ 7,376,494 6.495,352
Deposits otherwise preferred
1.000,000
1.750,000
429.738,346 428,986.404 445,339.312
preferred)
Bills payable
(not
Due
66.789,144 107.698,040
5.127.379 3,728,213 2,643,524 Due depositors banks & bankers
75,167.501
Acceptances
cos.,
3,753,452 6,092,349 2.172,803 Bills trust
13,000,000
Other liabilities
payable
44,381.777 39.822,932 42,298.226
8186,598.597 186.775,385 183.82:3 163 Acceptances
Total
9.220,867 8.057.815 30.785.858
deposits on which int. paid _$127,333.905 130.379,888 140.656.815 Other liabilities
Amt.
$835,620.740 600.682.281 8684,737.293
Total
Federation Bank & Trust Co. (New York).
Amt. depos. on which int. is paid__ $387,694,527 406.743.075 3430.094.531
*Nov. 15'26.
Resources—
$5,524
Acceptance Securities & Trust Co.
Specie
223,911 *International
Other currency authorized by laws of United States
386,372
(New York).
Cash items
1,405,264
*Nov 15 '26.
Due from Federal Reserve Bank of New York
Resources—
228,269
$89
Due from other banks, trust companies and bankers
3,613,827 Specie
1,150
and bond investments
laws of United States
Stock
3,156,304 Other currency authorized by
1,259,224
Loans & discounts see, by bond & mtge. or other r. e. coil
Cash items
68,546
Loans and discounts secured by other collateral by collateral_ _ 2,480,952 Due from Federal Reserve Bank of New York
3,444,181
5,547
and bankers
Loans, discounts and bills purchased not secured
1,571 Due from other banks, trust companies
2,261.195
Overdraft
bond investments
3,131,335 Stock and
555,510
collateral
and mortgages owned
Bonds
31.201 LOEUIS and discounts secured by
400.000
by collateral
Customers' liability on acceptances
422.201 Loans and bills purchased not secured
250,000
Other assets
Bonds and mortgages owned
------------------------------------------------33.285
$18,530.901 Other assets
Total
$4,834.546
Total
------------------------------ 3750.000
Capital
972,047
undivided cfsif profits
Liabilities—
Surplus
$500,000
Preferred deposits—savings and loan associations
5,249 Capital
535.000
Surplus including undivided profits
Due N. Y. State
426.870
State of New York
De its by
110.781 Preferred deposits— administrator, guardian, &c
98,648
pledge of assets
Due as executor,
Other deposits secured by
15,559,011
760,800
Other deposit secured by pledge of assets
Due depositors not preferred and bankers
148,153
2.896.271
preferred)
companies, banks
Due to trust
31,190 Due depositors (not
10,329
Acceptances_ _ _
527.600 Due to trust companies, banks and bankers
33,498
Other liabilities
Other liabilities
$4.834,546
Total$18,530,901
Total
515.000.000
interest is being paid
$2,707,659
Amount of deposits on which interest is being paid
Amount of deposits on which
•Began business March 9 1926.
Apr. 151926.
Began business as a trust co.
* Formerly Federation Bank.
Nov. 15'26. Nov. 14'25.
Resources—
$71,562,707 879.957.649
Stock and bond Investments
8,021,092 7.994.187
Real estate
1.690.725
Bonds and mortgages owned_ _. -- — 3.256,800
579,000
Loanson bd.& mtg.oroth.r.e.coll._ 3.605,003
coll.—.212,488,644 235,628.757
Loans & disc, sec. by other
Loans, discounts and bills purchased not secured by collateral.. 138,376,995 120,736,083
6,361,010 8.686.903
Own acceptances purchased
524.425
299,603
Overdrafts
N. Y.— 48,025,327 42.997.085
Due from red. Res. Bk. of
50.000
Due from appr. res. depositaries_
Due from 0th. tr.cos., bks.& bankers 33,085.632 20.847.293
41.280
66,978
Specie
993,026 6.376.804
Other eurr'cy auth. by laws of U.S._
46,886,784 18.516,764
Cash Items
Customers' Bab. on acceptances.... 41,105,484' 35.965.770
21,485,655 20.089,556
Other assets
FEB. 19 1927.1
THE CHRONICLE
1013
*Interstate Trust Co. (New York).
*Lawyers Trust Co.(New York) Concluded.
Resources
*Nov. 15 '26.
'Specie
$3,052
Other currency authorized by laws of United States
33,413
Due from Federal Reserve Bank of New York
324,068
Due from other banks, trust companies and bankers
777,306
Stock and bond investments
2.786.053
Loans and discounts secured by collateral
3,506,380
Loans, discounts and bills purch. not secured by collateral_ _ _ _
527,500
Other assets
95,088
Supplementary-For Cal. Yeart1925.
1926.
t1924.
Total int. & comm.rec'd during year_ $1,565.060 *1.132.503 $1,360,570
All other profits rec'd during year.....
69.092
67,347
3.560,189
Charged to profit and loss
On accountof depreciation
1 30.000
1
J
182,547
On account of losses
59,185
1133.544
424.367
Int. credited to depositors during year
346.833
318,968
467.040
Expenses during year,exclud. taxes
424,981
2,085.921
Amount of diva, declared on capital)
J
240,000
suack
135.000
600,000
120,000
Taxes ipaid during year
70.000
.325,113
21,407.000 17.900.000 16,815.000
Amt. deposits on which int. is paid
Total
Liabilities
Capital
Surplus including undivided profits
Preferred deposits
Deposit by State of New York
Other deposits secured by pledge of assets
Due depositors not preferred
'Due to trust companies, banks and bankers
Other liabilities
Total
Amount of deposits on which interest is being Paid
$8,052,860
$3.000,000
900.000
250,000
100,090
3.475,717
263,406
63.647
$8,052.860
$3,780,042
* Business of the Lawyers' Title & Trust Co. divided into two corporations as of Feb. 28 1925, the title and mortgage business to be conducted
by the Lawyers Title & Guaranty Co. and the banking and trust business
by the Lawyers Trust Co. The above statement for Nov. 14 1925 is for
the latter company; previous year for the two institutions. t 1925 represents 10 months' operations of trust company; previous year for both
trust and title and guaranty companies.
Manufacturers' Trust Co. (New York).
*Nov. 15 '26. *2\Tov.14 '25.
$55,462,403 $52,822,115
Stock and bond investments
6,543,776
3.828,416
Real estate
9,643,444
13,847.807
Bonds and mortgages owned
428,799
253,569
Loans on bond & mtg. or oth.r.e.coll.
Loans & disc. sec. by other collateral_ 37,404,922 29,197.998
Loans disc.& bills pur.not sec.by coil_ 81,492.175 90.107,092
337,305
514,149
Own acceptances purchased
61,103
12,106
Overdrafts
27,380.013 27,580,233
Due from Fed. Res. Bank of N. Y
1,516.937
Due from approved res. depositaries 1,986,200
841.307
1.032.413
Due from other tr.co's,bks.& bankers
313,076
370,291
Specie
2,879.668
Other currency auth. by laws of U.S_ 3.311.227
8,215,906
5.043.289
items
Cash
3.507,554
3.861,367
Customers'liability on acceptances
537,076
586.008
Other assets
Resources-
*Began business Oct. 14. 1926.
Irving Bank & Trust Co. (New York).
*Nov. 15 '26.Nov. 14 '25. Nov. 15'24
Resources$
$
$
Specie
8344.345
238.716
264.386
Other currency authorized by laws of
United States
2.301,166
2.266.114
2.730,506
Cash items
39,140,821 15.896.175 17.184.069
Due from Fed. Ros. Bank of N. Y
48,674,266 43,452,698 42.974,013
Due from other banks, trust cos. and
bankers
12.647.070 15,570.959 16,531,004
Stock and bond investments
67,247.128 58,000,959 74,633.767
Loans & discts. by bonds & mtge.deed
or other real estate collateral
5,780.320
2,347.863
888.210
Loans & discts. sec. by other collat-129.705,128 134,240,234 118,184,949
Loans discounted & bills purch. not
secured by collateral
88.907,639 90,655.150 100.623,513
Own acceptances purchased
202,050
1.733.677
3.908.944
Overdrafts
55,271
30.920
54.485
Bonds and mortgages owned
7,420,270
4,978.276
4.521,217
Real estate
242,979
583.839
762.292
Customers liability on acceptances
27.346,498 22,551,922 21.178,951
Other assets
2,882,123
2.364.520
2,175.418
Total
$432,897.074 394.912,022 406.615,724
Liabilities
Capital stock
$22.000,000 17,500,000 17,500.000
Surplus fund and undivided profits
19,949,436 13,732,146 12,417.381
Preferred deposits
Duo N.Y.State savings banks_ _ - 4,939,137
4,341,253
5.749,444
Due N. Y. State savings and loan
associations, &c
189.172
266.452
227,111
Due as executor,admin.,guard.,&c 2,524.020 9,711.605
8,905,718
Deposits by State of Now York_ __ _
503,600
236,386
68,571
Other deps. sec, by pledge of assets 1,643.547
561,413 2,921,770
Deposits otherwise preferred
60,031
184.130
19,467
Due depositors (not preferred)
275,853,437 249,054,256 257.440,839
Due to trust cos.. banks & bankers
70.069,956 69,617,283 74,591.540
Acceptances
29,333,665 25.670,206 23.254.827
Other liabilities
5.831,073
4,036.892 3.519.056
Total
$432,897,074 394.912,022 406.615.724
Amount of deposits on which interest
Is being paid
$215,293,677 231,659,644 242,911,752
*National Butchers & Drovers Bank merged into Irving Bank-Columbia
Trust Co. and name changed as above, effective Sept. 20. 1926.
Italian Discount & Trust Co.(New York).
Nov. 15'24.
*21,134,971
2,857.199
7,234,112
342,186
20,697.638
51,423,121
304,072
3.464
17,107.996
1.491.099
544,408
254,541
1,736.370
3.669.062
2,413,645
303,004
242.073,394 228,846,350 131.516.888
Total
Liabilities
$10,000.000 $10,000,000 *5.000,000
Capital stock
5.315.783
14.782,338 12.441.837
Surplus fund and undivided profits
1,797,285
2.006,164
-N. Y. State say. bks_ 2,537.785
Pref. deposits
281,180
DueN.Y.Statesav.&loanassns.,&c.
413,100
631:043
470.262
676.528
Due as executor, administrator, &c 5,066.520
731,468
700.000
1.506.366
New York
Deposits by State of
609.317
438.724
408.930
Depos.secured by pledge of assets_
303,556
420,683
147,306
Deposits otherwise preferred
196,165.135 187.593,386 111,175.377
Due depositors (not preferred)
1,845,092
2.575.153
Due to trust companies & banks.- 2.388,342
2,000,000
5.500,000
Bills payable
2,687.277
4,223,429
4.109,800
Acceptances
1,091,412
2,066,225
2.329.829
Other liabilities
$242.073,394 228,846,350 131,516.888
Total
1924.
1925.
1926.
Supviementary-For Cal. YearTotal int. & comm.rec'd during year.. $9.491.599 $7.693,703 $5,073.146
1,258,160
2.290,044
3,992.659
All other profits received during year
800,000
1,520,000
Amt. of divs. declared on capital stk_ 2,000,000
Amt. deposits on which int, is allowed147,000,000 125,000,000 80,000,000
Yorkville Bank since April 1 1925 and Fifth National Bank
* Includes
and Gotham National Bank since June 11925.
*Murray Hill Trust Co. (New York).
Resources
Specie
Other currency authorized by laws of United States
Cash items
Due from Federal Reserve Bank of New York
Due from other banks, trust companies and bankers
Stock and bond investments
Loans and disc. sec. by bond and mtge. or other r. e. col
Loans and discounts secured by other collateral
Loans, discounts and bills purch. not sec. by coil
Bonds and mortgages owned
Other assets
*Nov. 1526.
$3,981
40,296
207,895
419,676
292.876
1,171,427
35,000
1,115.140
1.204,574
342.700
203,469
ResourcesNov. 15 '26. Nov. 14'25. Nov. 15'24.
Stock and bond investments
$1,198,769 51.351.986 $1.450.404
Loans & disc. sec. by bond & mtge
314,250
132.768
51.507
Loans & disc, secured by collateral
2,358,026
2.787,256
3.588.810
Loans disc.& bills pur. not sec. by coll 3,586,930
3.706.793
2.797.951
Bonds and mortgages owned
30,000
30.000
85.037.034
Total
Overdrafts
3.492
607
153
Own acceptances purchased
53,887
Liabilities
133.404
321.935
Due from Fed. Res. Bank of N. Y
197,767
160.981
329.948 Capital
31.000.000
Due from approved res've depositaries
855.910
364.152
153.199 Surplus including undivided profits
1.022,597
Due from other trust cos., banks and
387
Prof. deposits-due as executor, administrator, guardian, &c.._
bankers
1.564,969
3.142,290
2.811,152
150,000
Deposits by State of New York
Specie
5,874
3.639
2.535 Due depositors (not preferred)
2,736.537
Dther curr. auth. by laws of U. S....-172.221
101.101
152.719 Due to trust companies, banks and bankers
62,746
Customers'liability on acceptances
597,512
687.136
875.173 Other liabilities
64,767
Other assets
8,646,028
7,719.444
109,513
$5.037.034
Total
Total
$19,585,635 $20,321.557 $12,644;999 Amount of deposit on which interest is being paid
$2,501,771
Liabilities
* Began business Sept. 7 1926.
Capital stock
$1,000,000 $1.000,000 81.000,000
Surplus fund and undivided profits
659,021
569.189
566.010
Preferred deposits
New York Trust Co. (New York).
Due as executor, admr.. guard.. &c.
5,559
Nov. 1526. Nov. 14'25. Nov. 15 '24.
Due depositors (not preferred)
Resources5.998,602
6.333.181
6.628.426
Stock and bond investments
*19,533,372 $36.918.992 $54,086.924
Due trust co.'s, banks and bankers
2.217,310
1.729.729
2.880,883
Bills payable
321,935
321,935
321,935
356.858
2.156.452
511,711 Real estate
600.420
Acceptances
223.680
1.073,104
619,714
769.116
882.6ii4 Bonds and mortgages owned
Other liabilities
4,938.588
8,734.130
2,780,000
7.763.890
169.746 Loans on bond & mtg,or oth. r.e. coll. 5.267.577
Loans & disc, sec, by other collateral_ 89,541,917 85.473.432 79,237.079
Total
819,585,635 820.321.557 812.644.999 Loans dis. & bills pur. not sec. by coll. 49,679.282 44,595.164 50,453.957
Amount deposits on which int. is paid. $6,572.729 *6.688.445 87.611.895 Own acceptances purchased
614,144
1,579,424
81,737
Overdrafts
75.110
62.116
69.573
Due from Fed. Res. Bank of N. Y_ _ 21,323,749 20,282,741 23,908.921
*Lawyers' Trust Co. (New York).
Due from trust co's, banks & bankers
417,095
3,467,010
7,292.562
Resources41,441
Nov. 15 '26. *Nov. 14 '25. *Nov. 15'24 Specie
30,914
35.431
Stock and bond investments
520.194
520,223
$5.570,266 86.550.954 $5,790.634 Other currency auth. by laws of N. Y.
467,404
Real estate__
50,642,798 13.729,188 22.551,133
3.582,401 Cash items
Bonds and mortgages owned
3,654.560
18,464,456 27,149,683 20,210.071
3,052,060
5.565.387 Customers' liability on acceptances
Loans on bond & mtg. or oth. r.e.coll. 1,201.500
1.963,022
763,300
8,664.063 10,828.761
159.045 Other assets
Loans & disc. sec. by other collateral_ 9.254.605
9.929.367
9.120,074
Total
Loans,dis.&bills pur.not sec. by coll- 2,593,147
8265.707,553 250.121.851 264,532.853
2.497.081
3.145.709
Overdrafts
67
632
1.525
LiabilUiesDue from Fed. Res. Bank of N. Y
842.032
838,576
793.479 Capital
$10,000,000 510.000.000 S10.000.000
Due from approved res. depositaries_ 1,344,106
1,171.725
1.802.711 Surplus stock and
fund
undivided profits_ 21.813.046 20,018,792 19.147,840
Due from oth. trust cos.. bks. & b'kers
15.000
1.186,888
355.913
938,842
Specie
17.516
13,216
19.747 Pref.depos.-Due N.Y.State say.bks.
Due as executor, administrator, &c. 10,705.882
1.723.185
18,467
Other currency auth. by laws of U. 8.,
807.593
848.775
799.526
Deposits by New York State
191.391
801.643
3.507.290
Cash items
675.135
984.477
615.263
Deposits secured by pledge of assets
1.767,982
478,855
683.579
Other assets
151,724
158,039
612,197 Due
depositors (not preferred)
150.711,060 146.972.422 168.427.915
Total
41,758.239 35.319.834 39,258.888
826,455,019 826,465.434 $32.022.698 Due trustee's, banks and bankers
Bills payable
4,000,000
Liabilities
Acceptances
20,334,057 27,911,580 20.931.361
Capital stock
$3.000.000 $3.000.000 36.000.000 Other liabilities
1.897.403
4,244,345
5.255.558
Surplus fund and undivided profits
3,204.540
3,429,519
6.311.716
Preferred deposits
Total
*265,707.553 250,121,851 264,532,853
Due N.Y. State sayings banks_ _ _ _
264.125
274,173
318.764
Due N. Y. State say. & loan ass'n_
1924.
43,620
1925.
Supplementartt-For cal. Year31,176
38.111
1926.
Due as executor, administrator. &c. 1,085.824
1,496.830
914.133 Total int. & comm.rec'd during year_$10,691.768 $10,169.570 $9.449.586
Deposits by State of N. Y
500.000
88.943 All other profits received during year.
568,919
824,679
1.
083334
650 139
'
3.155,349
Dep.secured by pledge of assets
124.673
3,317,862
113,211
138.083 int. credited to depositors during year 3,117.779
2,631.499
Deposits otherwise preferred477.891 Expenses during year, excluding taxes 3,077.818
2,841,938
2,000.000
Due depositors (not preferred)
2,000,000
17.6-1:):606 16.921.717 Amt. of dive. declared on capital stk. 2,000.000
0
17.646.703
696,100
Due trust cos., banks and bankers
806.500
91.304
103,033
88.426 Taxes reserved and pd. during the yr839.000
Other liabilities
139.736
204,461
724.914 A.mt deposits on which int, is paid_a158,000,000 b175,000.000c185,215,000
Total
$26.455.019 $26.465,434 $32,022.698
aAs of Nov. 151926. b A
f Dec. 31 1925; c Nem. 15 1924:
1014
THE CHRONICLE
[VoL. 124
*Terminal Trust Co. (New York).
*Trust Company of North America (New York).
ResourcesNov.15'26. Nov.14'25. Nov. 15'24.
Specie
$8,827
$195,634
• $12,435
Other currency auth. by laws of U. S.
248.764
131.538
Cash items
110
5
Duefrom approved res've depositaries
954,207
885,069 1,028,043
Due from other banks and trust cos
64.424
27,899
37,032
Stock and bond investments
724,574
405.074
931,996
Loans and discounts secured by bond
and mtge. or other r. e. coll
74,000
211.500
Loans & disc. sec. by other coil
977,116 1,414,559
768,807
LoansAlisc.& bilis pur.notsec.by coil. 2,633,360 3,223,425 2,447,464
Own acceptances purchased
23,313
Overdrafts
158
194
8,050
Bonds and mortgages owned
657,683
488.527
663,750
Real estate
4,180
255,181
Customers' liability on acceptances
508,132
363,643
Other assets
138,363
183,443
163.377
ResourcesNov. 15'26. Nov. 14'25. *Nov. 15'24
Specie
$875
51.730
$765
Other currency auth. by laws of U.S.
366.366
207,750
53.014
Cash items
1.732
5.967
5,537
Due from approved res. depositaries_
167,932
572,855
173,053
Due from other bks., trust cos.& bkrs
121,624
131,837
105,611
Stock and bond investments
619.243
422.801
737,056
Loans & discounts secured by collateral 620,127
576,202
367.307
Loans, disc'ts & bills purch. not sec.
by collateral
1,128,878
2,026,671
558,326
Own acceptances purchased
152,129
17,672
4.000
Overdrafts
894
114
1,739
Bonds & mortgages owned
115,250
115,250
Customers' liability on acceptances
93.295
348,519
29,817
577.497
Other assets
318,195
16,667
Total
$6,835,705 $7,315,348 $6,712,803
Liabilities
Capital
$700.000
$700,000 $700,000
Surplus and undivided profits
253,528
292.320
259.958
Deposits preferred
Due N.Y.State say.& l'n assns, &c.
2,339
18,062
Due as exec., admin., guardian,&c.
646
561
Deposits by the State of New York_
125.000
175,000
108.000
Due depositors not preferred
5,175,544 5,775,794 5,110.301
Due trust cos., banks and bankers
108,847
115.765
Acceptances
255,181
508,132
363.643
Other liabilities
37,583
32,842
44,810
Liabilities
Capital stock
3500,000
Surplus fund & undivided profits.,.,.,.
205,998
Pref. dep.-Due N. Y.State says. bks
29.242
Due as executor, admin., guard.,&c
17,007
Deposits by State of New York_ _ -200,000
Deposits otherwise preferred
Due depositors, not preferred
2,904.383
Due to trust cos., banks & bankers_ _ _
43,183
Bills payable
250,000
Acceptances
454,392
Other liabilities
314,650
Total
$6.835,705 $7,315,348 $6,712.803
Amt.of deposits on which int, is paid_ $2,871,800 $3,109,200 $2,259,500
$4,918,855 $3.792,550 $2,052,892
Total
$500,000
224,100
21.516
$500,000
215,793
35,330
130.000
202
1,536.011
157.198
560,115
96,795
566,613
197,215
1.350
757.424
213.921
88,029
36,330
7,500
Total
54.918.855 $33,792,550 $2,052,892
Amt.of dep.on which int.is being pd. $1,614,500 $1,066,445
5889.611
* Began business March 11 1924.
*Name changed from Brotherhood of Locomotive Engineers Co-operative
Trust Co. to Terminal Trust Co. as of Sept. 1 1926.
*Times Square Trust Co. (New York).
United States Mortgage & Trust Co.(New York).
ResourcesNov. 15 '26. Nov. 14 '25. Nov. 15 '24.
ResourcesNov.15'26.
$12.127,607 $10,666,858 517.203,610
Specie
$5.735 Stock and bond investments
Real estate
529,582
1,120,817
1,139,875
Other currency authorized by laws of United States
75,148
and mortgages owned
3,353,119 3,473,376
4.103.671
Cash items
184,155 Bondson bond &
69,775
mtg.or oth.
175,310
521,140
Due from Federal Reserve Bank of New York
290,515 Loans & disc. sec. by other r.e.coll_
Loans
collateralDuefrom banks, trust companies and bankers
103,511 Loans.disc.&billh pur. not sec.by coll. 36,387,950 35,599,258 32,278.114
5,301.633
5,984,591
5.200,381
Stock and bond investments
1,673,591 Overdrafts
5.956
3,147
8,485
Loans and discounts secured by collateral
1,372,388
Loans, discount & bills purchased not secured by collateral.... 1.105,492 Due from Fed. Res. Bank of N.Y..- _ 7,172,267 7,999,445 7,255,052
res've depositaries
722,024
376,958
501,690
Customers'liability on acceptances
16.366 Due from approvedcos., bks.& bkrs
Due from other tr.
737.020
933,252
540,731
Other assets
281,213 Specie
63.301
49,818
59,626
Other currency auth. by laws of U.S.
670,679
690.541
652,426
_Total
$5,108.114 Cash items
1.405,230
985,913
5,869,865
Liabilities
Customers' liability on acceptances.721,561
272,817
757.029
376,234
309,128
327.672
Capital
$2,000,000 Other assets
Surplus including undivided profits
542,290
Total
575.836.584 568.917.320 $69,960,630
Due depositors
2,514,837
Due to trust companies, banks and bankers
10,000
Liabilities
Acceptances
16,366 Capital stock
53,000,000 $3,000.000 $3,000,000
Other liabilities
24,621 Surplus fund and undivided profits
4,964,966 4.750.937 4.619,127
Total
$5,108,114 Preferred deposits savings banks_ _ _ _
650,217
625,229
536,349
Due N.Y. State
Amount of deposits on which interest is being paid
$1,200,000
1,356,507 1,388,078
Due as executor, administrator. &c. 1,182,344
150,000
100,000
150,000
Deposits by State of New York....
* Began business Oct. 16 1926.
532,502 1,326,604
Dep. secured by pledge of assets.,.
690.572
Deposits otherwise preferred
119,793
59,903,015 52,991,527 52,522,595
Title Guarantee & Trust Co. (New York).
Due depositors (not preferred)
Due trust cos., banks and bankers._. 3,625,803 4,478,982 4.253.514
ResourcesNov. 15'26. Nov. 15 '25. Nov. 15 '24 Acceptances
757,029
289,517
834,377
Stock and bond investments
515.398.599 $17,268,281 518.557.528 Other liabilities
801.119 1.283,376
829,365
Real estate
4,325.397 3,388.805 3,418.732
Bonds and mortgages owned
575,836.584 568,926.320 569.950,630
18.118.117 19,220,994 10.434.749
Total
Loans on bond & mtg.or oth.re.coll. 4,077,022 1,332,086
854.296 Amt. deposits on which int. Is paid...557,963,755 $54,496,954 554.703.343
Loans & disc. sec. by other collateral_ 9,780.564 15,335,024 18.319,616
Loans dis. & bills pay,not sec. by coll. 12,954.490 8,823.930 6.878.877
Overdrafts
1.883
3,991
7,391
Due from Fed. Res. Bank of N. Y
2,225.010 3.009,397 2.282.007
United States Trust Co. (New York).
Due from approved res. depositaries_ 2,955,013 3.871,195 4,238.607
Due from other tr. co's, bks.. bkrs.ofte
97.404
282.705
87,390
R4SOUTCesNov. 15 '26. Nov. 14 '25. Nov. 15'247
Specie
687,271
383.477
439,240
$14,034,607 515.153.747 $14,941.71
Other currency auth. by laws of U. S. 1.076.024
825,326
921,846 Stock and bond investments
1,000,000 1.000.009
Real estate.
1,000.000
Cash items
2,947,971
861,595 1,351.401 Bonds and
5,633,228 4,516,358 3.774.86
0
mortgages owned
Customers' liability on acceptances...
363,041
16.950 Loans on bond and mortgage
558,115
45.250
36,250
25.000
Other assets
1.534.466
1,124.057 Loans & disc, secured by other collat. 37.750,C00 44,689.400 45,368,56
1,774,520
0
0
3.322,03
Total
$76,542,272 176,799,889 $69.072.239 Loans,disc.&bills pur.not sec.by coll. 3,277,617 2.538,344
100,000
100.000
Other currency auth. by laws of U.8_
Liabilities
4,500,000
Duefrom Fed. Reserve Bank of N.Y. 3,700,000 4,500,000
Capital stock
$10,000,000 $10,000,000 $10,000,000 Due from approved res've depositaries 3,802,230 4,496,649 4396,233
414.039
Surplus fund and undivided profits
386,536
19.506.750 17,233,424 15,908.330 Other assets
'353.
32i
Pref.deposits due N.Y.State savs.bks.
970,047
1,312,349
1.209.193
Due savings and loan associations
Total
69.610,118 577,444,787 577,801.990
3.739
Due as executor. administrator. &c. 1,541.572
1,923,950
1,673.386
Liabilities
Deposits by New York State
61,000
61,000
81,000
Deposits secured by pledge of assets
$2,000,000 52.000,000 52.000,000
72.750
72.750
72,750 Capital stock
Due depositors (not preferred)
41.500,287 43.807.443 38,539.248 Surplus fund & undivided profits.... 19,819,293 18,789.497 18,167.282
Due trust co's. banks and bankers
Preferred deposits-370,628
225.257
180,265
1.874,105 2,005.275 2.850.826
Acceptances
Due N.Y. State savings banks
363,041
16.950
558.115
Other liabilities
Due as executor, administrator, &c. 18,201.679 22,690.757 27,247,744
2.156,197
1,650,593
1,342,386
1,836,196
2.087,163
1,684.484
pledge of assets
Dep. secured by
Total
24,778,191 28,733,327 24,195,727
576,542.272 576.799,889 569.072,239 Due depositors (not preferred)
179,604
149,208
237,889
Due trust cos.. banks and bankers....
SuPtdelnentarn-For Cal. Year1926.
1925.
1924.
1,015,477
1.210,131
1.104,040
Other liabilities
Total int. & comm.rec'd during year. $3,416,539 $3,172,533 $2.936,676
All other profits received during year. 11,243,395
$69,610,118 $77.444.78'7 $77,801,990
Total
9,952,766 7,757,224
Charged to profit and loss-1926.
1925.
1924.
On account of depreciation
Supplementary
-For Cal. Year153,600
203,600
On account of losses
305,092
157,100
124.786 Total int. & comm.rec'd during year.. $4,624,287 $4,393,887 $3.852.753
Int. credited to depositors during year
461,078
46.308
107.690
731.981
749.608
756,699 All other profits received during year_
Expenses during year. excluding taxes 6,706,480 5,913,106 4,938,228 Int. credited to depositors during year 1,196,358
1,251,770 1,169,102
Amt. of divs. declared on cap. stock
931,720
723.082
620,163
3,600,000
2.900.000 2.800.000 Expenses during year, excluding taxes
Transferred to surplus3,000.000
1,200,000 1,200,000
Amt.of diva. declared on capital stock 1,200,000
Taxes prat(' during the year
556,337
538,376
425,325
1,024,855
852,065
784.517 Taxes paid during the year
&mt. deposits on which int. is paid_ 38,546,404 45,132,651 37.631,050 Amt. deposits on which int. is paid- 51,483,406 54.221,114 55.952.802
BROOKLYN COMPANIES
Brooklyn Trust Co. (Brooklyn).
Nov. 15 '26. Nov. 14 '25. Nov. 15'24.
Resources$18,743.560 516.545,525 $23.368,696
Stork and bond investments
•
1,755,738
1,368,585
1,202,996
Real estate
' 6.280.656
880 3.815.414
Bonds and mortgages owned
211,868 5,415.
bonds & mtg.or oth. r.e.roll.
283.165
135.600
Loans on
Loans and disc. sec. by other collateral 22,434.755 20,342.774 11.083.459
disc.& bilis pur.not sec.bycoll. 3,123.263 3,845,338 6.061,926
Loans.
4,307
5,930
4,013
Overdrafts
9.450.743
Due from Fed. Res. Bank of N. Y.__ 5,382,670 5,768,601
707,272
approved res depositaries_
589.547
1.052.908
Due from
Due from ether banks & trust cos
346,269
2113:1752
292.566
Specie
21aisti
327,103
293.853
Other currency auth. by laws of U.S.
523,013
720,267
items
Cash
10.063
Customers'liability on acceptances582.708
502,143
396,264
Other assets
Total
$62,383,304 $55,991,984 156,681.451
Brooklyn Trust Co.(Brooklyn)(Concluded).
Nov. 15 '26. Nov. 15 '25. Nov. 15 '24.
Liabilities52,000,000 11.500.000 11.500.000
Capital stock
undivided profits.-- 5.315.664 4.415.912 3,876,130
Surplusfund and
Preferred deposits
2.464.067 3,729.663
Due N.Y. State savings banks_ __ - 3,771,253
40,052
21,694
15.906
Due N.Y.State say. & loan assn's_
Due as executor,administrator. &c. 4,304.559 3,898,739 4,074,724
628.342
2.288,819
771,001
Deposits by State of New York..,..
Deposits secured by pledge of assets 2,230.359 2.273.146 2.606,129
165,530
74,695
184,432
Deposits otberwise preferred
42,938,754 38,415,796 37.695.033
Due depositors (not preferred)
158,951
224,589
350,805
Due trust cos., banks and bankers
1.000,000
Bills payable
10,063
Acceptances
661,201
754,139
696,392
Other liabilities
562,383,304 555.991.984 556.681,251
Total
Amt. deposits on which Int. Is paid-548,688,200 $43,738,300 $46.022,000
FEB. 19 1927.]
THE CHRONICLE
sings County Trust Co.(Brooklyn).
ResourcesNov. 15 '26. Nov. 14'25. Nov. 15'24.
Stock and bond investments
$8.278,834 $9,142,704 $9,817,479
Real estate
210,000
210,000
210,000
Bonds and mortgages owned
1,579.165
1,438,075
1,137,755
Loans on bond & mtg. or oth.r.e.coll653.763
624.630
403.980
Loans & disc. sec. by other collateral_ 18,777,242
Loans disc.& bills pur.not sec.by coil- 2,437,504 16,853,651 18,295.543
1,914.945
1,797,015
Overdrafts
609
344
497
Due from approv'd res'vedepositaries 4,367.729 5.444,548 4,530,166
Due from other tr.cos ,bks &bankers
39.237
72,889
89.521
Specie
23.776
18.838
19.983
Other currency auth. by laws of U.8_ 2,005.304
1,748,104
1,949.066
Cash items
121,078
136.439
139,399
Other assets
131.007
163,499
178.790
1015
blidwood Trust Co. (Brooklyn).
ResourcesNov. 15 '26.Nov. 14 '25.
Stock and bond investments
31,345.876 $1,199.341
Real estate
424.280
233.248
Bonds and mortgages owned
1,341.344
1,195,244
Loans on bond & mtg. or oth. r.e.coll568,066
501,432
Loans and disc. sec. by other collateral 1.495,611
1.226,621
Loans, discounts and bills purchased
not secured by collateral
4,981.807 3,688,946
Overdrafts
1,369
16.549
Due from Fed. Res. Bank of N. Y
819,413
923,423
Due from other tr. cos., bks.& b'kers_
198,146
85,780
Specie
36.788
41.437
Other currency auth. by laws of U.S.
215,044
142.264
Cash items
498.341
332,103
Customers liability on acceptancos
3.913
1,013
50.382
Total
41.171
$38,625.248 $37,768,666 $88,569,194' Other assets
Total
*11,980.380 $9,628.572
Liabilities
Liabilities
Capital stock
Capital stock
$500.000
$1.000.000
3500,000
3700.000
$500.000 Surplusfund and
Surplus fund and undivided profits
undivided profits5,031,462 4,634.884 4,440.131
546,824
389,965
Pref.deposits: due N.Y.State savs.bks
Preferred deposits
406.975
133.840
Due by say. & loan ass'ns. &e_ _
Due N.Y.State savings banks
5.757.545 2.984,673 3.959,643
25.000
Deposits sec. by pledge of assets
Due savings and loan associations..
1.000
122.000
1.000
1.000
Due as exec.. admin., guard.. etc
Due as executor, administrator, &c 2,350,441
64,935
1,689,736 .
13.995
1.889.133
Deposits by State of New York
Deposits by State of New York
450,000
200.495
650,000
486,000 Due depositors
135,000
Deposits sec. by trust co. assets
560.905
8.785,523 7,989,480
570.456
492.163 Due trust cos., (not preferred)
banks and bankers
Due depositors (not preferred)
23,494,358 26,015,381 25.960.883
12,046
27.500
Due trust co's, banks and bankers
145,150
750,000
393,391
200.000
512.574 Bills payable
Other liabilities
334.387
329.145
1,013
327.667 Acceptances
Re-discounts
8,323
Other liabilities
58,259
37.779
Total
538,625.248 $337,768,666 $38,569.194
Total
$11,980.380 $9,628,672
Amt.of deposits on which int. is paid$31,298.800 $30,527,900 $31,683.800 Amount of dep's on which nt.
Ispaid *5,410.000 $6,915,000
Nov. 15'24.
$1,259,036
200.514
969,444
146,091
721.224
2,351.588
2,384
561,363
127,382
18,624
104,974
286.500
28.153
36.777.277
$700,000
382,556
120.700
2.160
24.000
5,413.785
100,000
34,076
$6.777,271
$2.729.000
BOSTON COMPANIES
American Trust Co.(Boston).
Charlestown Trust Co.(Boston).
ResourcesDec. 31'26. Dec. 31 '25. Dec. 31 '24.
ResourcesRailroad and other bonds
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
$3,144,447 $2,376,563 $2,738,253
Time loans
17.521.240 16,759,341 16,884,363 United States & Massachusetts bonds
$94,572
$94,572
$94,572
Other stocks and bonds
Our real estate
319,388
45.041 Loans
219.938
219,809
Bank acceptances sold with endorse t
275.956
245,357 Time on real estate
249.888
183,584
Customers llabils. under acceptances
loans
199,455
304,305
333.116
410,244
373.271
420.831
Demand loans
6.502.967 5.628,371
106,162
71.604
4,644,509 Demand loans
78,793
Cash on hand in banks
5.543,289 5,828,560 6,134,467 Banking house and vaults
53,836
53.836
53,641
Other assets
Due from banks
187,904
200.052
155.656
Cash on hand
69,488
74.251
53,047
Total
$32,911.398 $30,925,952 $31,102.175 Other resources
30
92
Liabilities
Total
Capital stock
31.411.611 31.337.442 $1,260,025
$1,500,000 $1,500.000 $1,500,000
Surplus fund
2,000,000 2,000,000 2,000,000
Liabilities
Undivided profits
808.332
768.682
742,044 Capital stock
Reserve for taxes, &c
3200.000
3200.000
302.303
3200,000
229,708
Surplus fund
Bills payable
23,000
20.000
1.150.000
17,000
Undivided profits
General deposits
2.721
5,101
26.951.308 26.094,446 26,200,680 Commercial deposits
3,775
Acceptances
1,182,640
1.109.165
199.455
1.036.088
333,116
414.093 Miscellaneous dividends unpaid
Endorsements on bank acceptances..
3,250
3,176
3.162
245,358
Total
$1,411,611 $1.337.442 $1.260,025
Total
$32,911,398 $330,925,952 331.102.175
Bank of Commerce & Trust Co. (Boston).
Columbia Trust Co. (Boston).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
United States bonds
$528,192
$477,154
$307,912
ROSOUITESDec. 31 '26. Dec. 31 '25. Dee. 31 '24.
Other stocks and bonds
127.410
112.450
65,155 United States bonds
Loans on real estate
385.3.50
936.050
$100.750
683,526
800,372 Other stocks and bonds
$100,750
Demand loans
294.224
1,437.679
264.408
1,193.685
1,236,909 Loans
262.437
Time loans
2,765.805 2,628,998 2.307.542
3.129.540 2,834,883
1,901,783 Cash in office
Furniture and fixtures
30.683
42.500
52.721
45.000
47,500 Cash in banks
69,743
Cash in reserve banks
110,786
655.311
167.789
683,101
616,934
149,369
Checks on other banks
108.853
299.954
108.655
Total
Cash in vaults
33,286,848 $3,214,666 $2,889,841
131,232
140.989
86.030
Customers' liability acct. acceptances
26.975
Liabilities
3,160
39,922
Capital
Total
$100,000
$100.000
$7.123,742 $6.473,902 $5,211,172 Surplus stock
$100,000
and Profits
239,481
203.571
Liabilities
174,320
Deposits
2.947.367
2.947.498 2.615,521
Capital stock
$750.000
$600,000
$600,000
Surplus fund and undivided profits258,650
185,421
Total
166.683
$3.286.848 $3,251,089 $2,889.841
Demand deposits
3.755.631
4.061,095 3,217.708
Time deposits
1,858,153
1,545.328
787.536
Due to banks
149.332
78.898
87,129
Bills payable
325.000
310,000
Exchange Trust Co. (Boston).
Acceptances
26.976
3.160
42,117
Resources
-Dec. '26.Dec. 31 '25.
31
Dec. 30 '24.
Total
$7,123,742 $6,473,902 35.211,172 Stocks and bonds
$33,601,948 $3,655.075 1 $4.490,947
Cash In offices and banks
2,239,938
1,604,806 i 1,806.185'
Beacon Trust Co. (Boston).
Safe deposit vaults,furn.& fixtures
40,000
40.000
40.000
Resources
1,815.498
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24. Demand loans
259.520
922.616
Time loans
4.368,714 4.497.039 4,323,950
315,914,656 314,645.436 $11,543,299 Time loans
Loans on real estate
Demand loans
7,904,884 8.734.239, 8,190,161
8,895.241
8,330.123 6.988.876 Real estate owned
Investments
328.000
504,065
328.000
925.086
328.000
826.883
Cash in office and banks
5.507.398 5.794,732 5.815,997
Total
320,598,982 $19.118.679 $20,101,759
Safe deposit vaults
292,910
305,000
320,000
Real estate by foreclosure
146.337
122.792
Liabilities
122,598
Customers' liability under letters of
Capital
31.000.000 31,000.000 $1.000000
credit and acceptances
1,252.927 1.799,576
1,650,603 Surplus
1.000,000
Other assets
1.000.000
40,805
1,000.000
39.912
74.588 Profit and loss
320,615
131.492
288.605
18.278,367 16.987.187 17,813.153
Total assets
$32,554,339 $31.962,657 $27,342,844 Deposits
Liabilities
Total
$20.598,982 319.118.679 320.101.759
Capital stock
$1.500,000 31.000.000 31,000.000
1926.
Surplus
1925.
2,000,000 • 1,800.000
1924.
1,800,000 Rate ofint. pd. on dep. of $500 & over
2%
Earnings undivided
2%
282,264
130.367
r ^^ 42%
141.054 Dividends paid in calendar year
$120.000
Letters of credit and acceptances
$120,000
1,252.927
1,799.576
$120.0W.
1.650.603
Reserve for taxes and interest
39.355
11,480
18,840
Notes and bills rediscounted
1,890.000
1.879.000
874.500
Deposits (
25,619,793 25,342,234 21.857.847
Jamaica Plain Trust Co. (Boston).
Total
$32,554,339 $31,962,657 $27.342.844
ResourcesDec. 31 '26. Dec. 31 '25. Dec 31 '24.
State of Massachusetts bonds
$237,416
$4.789
Boston Safe Deposit & Trust Co. (Boston).
Other stocks and bonds
1.221,001
1.520.844
1,529.587
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24. Loans on real estate
1,815,260
1,716.821
1.290.052
Demand loans with collaterals
Bonds and stocks
32,082.510 $2.494.395 $2.493,426
615,545
190.589
91,244
Loans
15,522.946 16,238,265 13,598,479 Other demand loans
6,490
15.210
16.635
Time loans with collateral
Cash in office
706,494
686.415
267,667
654,361
263.484
271.406
Cash In banks
2,433,024 2,064.813 2.572,912 Other time loans
435,056
468.832
458.427
Overdrafts
Exchanges for clearing house
820.045
560,164
495
1.010
• 78
Banking house
Overdrafts and accrued interest
35.812
26,842
5.3,125
16,021 Safe deposit vaults, turn, and
48.069
39,849
Cash items
2,196
fixtures
7.358
26,373
1.745 Due from reserve banks
12,475
12,475
Real estate
1,745.331
1,745,331
1.745,332 Cash, currency and specie
291,692
13.337
178,884
Stk. B.S.D.& T.Co. held for distrib'n
121,021
76,430
141.898
Other atr...ets
1,462
Total
$23,348,358 $23,823,583 $21,082,276
Total
Liabilities
$5.090.148 34,564,367 33,944,309
Capital stock
Liabilities
31.000.000 $1,000,000 31.000.000
Surplus
3.000.000 3,000,000 3,000,000 Capital stock
$200.000
Profit and loss
$200,000
$200,000
977,110
871,527
768,180 Surplus fund
Deposits
58,000
35,000
46,000
18,279,651 18.862.854 16.230.154 Undivided profits
I
Int. reserved for certifs. of deposit_
81.4751
4,066 Reserve accounts
100,202
Reserved for taxes
40.0001
83,094
91,597
89,202
79,876 Deposits subject to demand
4,700.223 4.187.623 3,547.928
Certificates of deposit
Total5,300
29.300
3,500
$23.348,358 323,823.583 $21,082.276 Certified checks
3,560
13.940
1.776
Trust department (additional)
.3118.044,538 105.035.192 392,596,194 Treasurer's checks
48
2,743
• 139
Open accts. not pay. within 30 days
9,543
23,790
1926.
1925.
1924.
Dividendsunpaid
Rate of interest paid on deposits__
91
25.247
118
2%
2%
2%
Dividends paid in calendar year
32%
32%
32%
Total liabilities
$5,090,148 $4,564,367 $3,944,309
$4:7A9
[VOL. 124.
THE CHRONICLE
1016
Liberty Trust Co.(Boston).
RoxburylTrust Co.(Boston).
.Dec. 31 '26. Dec. 31 '25. Dec. 31 '24. II1Resources-Dec.31 '26. Dec. 31 '25. June 30'24.
$336.910
8546.102
8342.967
81.448.868 $1,095.865 31,173,648 Stocks and bonds
434,270
702.114
690.494
3.827,216 4.138,313 4,230,235 Loans on real estate
912,150
399.084
733.007
612,279 Demand and time loans
482.095
993.872
48,095
53.444
54.772
5,962,983 Furniture, fixtures and vault
6,307,281
5.866,732
151.063
115.050
204.424
95;000 Due from banks
95,975
96,332
72,996
52.103
53,918
1.658.562 2.231,200 2,102,064 Cash
11.691
25,913
106.687
164,940 Other resources
169.881
130,473
72.371
88,371
68,775
32.186,269 $1.893,810 81.967.175
Total
$14.100.831 $14,608.981 $14.413,520
Total
Liabilities
ea
8200.000
8200.000
$200,000
Liabilities$750.000 Capital stock
$750.000
$750,000
1,275
9.311
12,185
Capital stock
Surplusfund
750,000
750.000
750.002
7,861
20,426
32,113
Surplus fund
Undivided profits
1,751,446
1.575,880
1.875.971
Undivided profits28,503 Deposits
12,182,973
11.720.951 12,292.343
88,193
Deposits
22,674 Uncompleted loans
22.500
22,629
66,000
Dividends unpaid
454.450 Bills and accounts payable
153.000
701.000
6,593
Bills payable
Other liabilities
125,000
525,595
Notes rediscounted
mas1
7,020
2,880
3,187
$2,186,269 81,893.810 81.967.175
Uncompleted loans
Total
3,380
Foreign currency certificates
47,000
60,000
74.000
Guaranty fund
42,520
State-Street Trust Co.(Boston).
31,553
48.826
Other liabilities
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24
Resources;
$14,100,831 814.608.981 314,413,520
Total
$1,516.015
Loans on real estate
30,179,704 828,834.168 324,378,060
Time loans
21,962.883 23,474.036 14,125.706
Demand loans
New England Trust Co.(Boston).
1,259.084
1.703,984
1,334,462
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24. Investments
Resources7,256,666 7.849,402 4,358,974
$3,133,031 Due from Federal Reserve Bank
$2,974,359 13,010,252
Stocks and bonds
6,769.852 4,529,018
5.777.210
1.825.000 Cash in office and banks
1.825.000
1,825,000
392,431
Real estate
864.667
906,999
17,208.248 19.363,963 20,185,342 Real estate and safe deposit vaults.-Demand and time loans
395,574
134,272
4.739,296 5,447.319 5,145,572 Bankers' acceptances. purch. or discCash in bank and office
185,530
171,068
76,640 Interest & rent accrued, not collected
79,586
78,398
Other assets
Customers' liability on account ac2.110,075 2.854,356
2,544.884
ceptances and letters of credit-$26.825,301 $29.726.120 830.365.585
1,089.691
Total
1.231,830
-ONO Acceptances of other banks end.& sold 1,292,812
241.200
Liabilities31.000,000 U.S. bonds and ctts. ofindebtedness
31,000.000 31,000.000
134.626
Capital stock
38.137
40,858
2,000.000 2.000,000 2.000.000 Other assets
Surplus
300.000
Guarantee account
373.117.833 873.257.245 853.363,146
585,163
Total
884,310
879,746
Undivided profits
225,112
136,965
Liabilities
Reserved for taxes
22.314,383 24,146.585 25.341,249 Capital stock
Deposits
33,000,000 33.000.000 52,000,000
750.0001
350.000
Bills payable
3,962,218 3.948.499 3.376.689
565,000 1.39.173 Surplus and undivided profits
100,748
43,874
Mortgage loans
Reserve for expenses & contingencies
155.114J
144,207
84,809
81.568
Other liabilities
Reserve for interest, &c
2,072,620 2,166.820
2,235,046
330.365.585 Acceptances
226,825,301 829,726.123
1,089.691
1.483,374
Total
Acceptances ofother banks end.& sold 1,792,695
800.000
Notes and bills re-discounted
Acceptances and letters of credit
Old Colony Trust Co.(Boston).
353,262
issued and guaranteed
Dec. 31 '24.
31
-Dec. '26. Dec. 31 '25. 818,583.447 Deposits
61,067.503 62,398.863 43,921.433
Resources
324,265.185 231,410,839
455,251
168,334
134.929
Investments
Other liabilities
136.665,536 125.074.874 112.472.931
Demand and time loans
6,563,219 6,081.120 5.475.263
873.117.833 373,257.245 853.363,146
Banking offices
Total
Customers' liability under letters of
7,083,070 4.883.800 6,999,720
credit and acceptances
United States Trust Co.(Boston).
•
29.291,306 28.498.673 27,289,588
Due from banks
1.439.020
1,829,909
1,826,183
Cash
Resources-Dec.31 '26. Jane 30'25. Dec. 31 '24
7.205.965 6.308.616
5.335,086
Exchanges for clearing house
$1,659,095 $8,181.948 52,204.043
U.S. and State of Mass. bonds
4.978,289
5,191,403
and bonds
Other
6,054,722
8211,029,585 204.986,180 178,568.585 Loans stocks estate
Total
6.267.864 10.049,737
on real
3.746,830
3,773.523
Demand and time loans
Liabilities
2,909,313
2.345.371
1.132.477
212,000,000 $10.000.000 27,000.000 Due from banks
228,437
Capital stock
141.229
1,634,623
9,000.000 9.000.000 Cash on band
10,000,000
79.898
Surplus
94,536
14.379
785,811 Other assets
3,296.887 3.609.893
Undivided profits
708.383 1.087.870
1,165.259
Reserved for taxes and interest
319,673,364 820.812,821 320.201,532
Total
508.429
508.428
508.428
Reserved for depreciation
7,181,283 5.022.659 7.319,156
Liabilities
Acceptances and letters of credit
169,855,011 170.636.817 150,467,319 Capital stock
Deposits
31.000.000 $1.000,000 31,000,000
1,000,000 1,000,000
7,022.717 5.500.000 2.400.000 Surplus
Rediscounts
1.000,000
345,659
443.760
533,052
Undivided
$211.029,585$204,986.180$178.568.585 Deposits profits
Total.
16,912,844 18.274.525 17,855.766
107
94,536
227,468
Other liabilities
Revere Trust Co. (Revere, Mass.).
819,673.364 320,812,821 320,201,532
Total
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
•
Resources$72.456
$23.456
$15,203
U.S. and State of Mass. bonds
Winthrop Trust Co. (Winthrop, Mass.)
91,107
110,448
79,476
Other stocks and bonds
32.722
58.034
78,128
Loans on real estate
Resources-Dec.31 '26. Dec. 31 '25. Dec. 31 '24
23.040
$133,630
30,870
$203.322
44,072
$269,552
of Mass. bonds
. S.
Demand loans with collateraJs
37.050 Otherand State bonds
938
340,939.
40.097
36,377
473,745
stocks and
Other demand loans
106.787 Demand loans with collateral
312,979
165.481
104.555
87.663
216,171
Time loans with collateral
106.665 Other demand loans
49,450
205.382
37.825
191.782
49,420
Other time loans
10,000 Loans on real estate
1.023,472
10,000
1,226.938
10.000
1,317,285
Safe dep. vaults, furniture & fixtures97.721 Time loans with collateral
57,230
58.784
42.233
60,742
57,492
Due from reserve banks
19.100 Other time loans
164,001
36,509
218.019
26,313
117.065
Cash and cash items
259 Banking house and vaults
27,000
138
23,000
18,000
Other assets
128,998
147.130
121,579
Due from Reserve
35,155
$598.907 Cash, currency andbanks
$678,273
45.236
$629,756
32,856
specie
Total
2
Other assets
Liabilities
$100,000
3100.000
$100,000
82.450,127 82.266.855
Capital stock
$2,673,165
Total
10,000
10.000
10.000
Surplusfund
Dec. 31 '28 Dec.3I '25. Dec.31 '24.
Liabilities1.121
10.402
17.171
$100.000
Undiv.prof-less exp..int.&taxespaid
$100.000
$100,000
Capital stock
50.000
65.000
Deposists (demand
75,000
415.613 Surplusfund
503.948
488,416
26.495
Subject to check
39.330
44.667
Undivided profits
32.600
United States Government
1,012.145 1.025.108
966,950
11.750 Deposits subject to check
3.000
754
Certificates of deposit
10.253
303
2,193 Certified checks
1.208
1.105
1.132
Certified checks
2.050
5.921
330 Treasurer's cheeks
12,115
4,064
Treasurer's checks
3,220
United States Government deposits
14.868
16.082
Deposits (time)16.385
5.000 Due to Reserve banks
5.000
5.000
Ctfs. dep. not pay. within 30 days1.184,210 1,031.297
1,438,089
50.900 Time deposits
17.202
War loan account
21,077
22,649
Reserved for taxes and interest
4,000
Notes and bills re-discounted
$2.673.164 82.450,127 32,266,855
Total
$596.907
3678.273
$629.756
Total
ResourcesOther investments
Loans on real estate
Demand loans
Time loans
Banking rooms
Cash on hand and in banks
U. S. bonds
Other resources
PHILADELPHIA COMPANIES
Aldine Trust Co. (Philadelphia).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources-$107,728
$274.733
$209,795
Real estate mortgages
973.717.
752,650
Stocks and bonds
2,483,966 2.398.410 3,126.246
Loans on collateral
1.308.820 1.571.698
2,344,808
Loans on commercial paper
961
31.955
21.195
Customers'liability letters of credit
50,000
50.000
156.023
Banking house & fixtures
132.645
73.312
130.171
Cash on hand
480,344
48,362
93.816
Cash on deposit
194,767
227,351
Due from Federal Reserve account_
211.119
127.742
Transit account
46
Suspense account
3,531
Interest earned & uncollected
$6,551.094 85.565.936 86,257.726
Total
Liabilities
$1.000.000 $1,000.000 $1,000,000
Capital stock paid in
1.000.000 1,000.000
1.000,000
Surplus fund
131,971
85,616
76,080
Undivided profits
4,038.244 3,443.216 4,093.575
Deposits
873
1.036
555
Dividends unpaid
384.768
Bills payable_
961
31,955
-.22.195
credit.
Letters of
30,183
19,398
14.130
Reserve for taxes and misc.'MIAMI
36.551,094 85.565.936 36,257,726
Total
37.665,800 82.182.046 84,276.267
Trust department (additional)
Allegheny Title & Trust Co. (Philadelphia).
Resources
Cash, specie and notes
Due from approved reserve agents
Bills discounted
Loans on Collateral
Loans on call
Loans secured by bonds and mortgages
Bonds
Bonds and mortgages owned
Judgments of record
Office building, furniture and fixtures
Other real estate
Overdrafts
New building
Accrued interest
Total
Liabilities
Capital stock paid In
Surplus fund
Reserves
Demand deposits
Time deposits
Bills payable
Total
• Began business March 2 1925.
Dec. 31 '26. *Dec. 31'25.
$36,187
$32.680
50,820
82,549
507,466
207.570
86.379
160,940
80,922
427.866
3.800
40.868
166,018
160,246
126.800
175.188
22.400
25,020
28,238
83,713
321
473
114,068
180
608
$1,704.122
$927.198
$337,002
55,942
11,184
679,444
500.550
120,000
$218,263
25,369
81.704,122
8927.198
441.850
241,716
FEB. 19 19271
THE CHRONICLE
American Bank and Trust Co. (Philadelphia),
1017
Banca d'Italia & Trust Co. (Philadelphia).
Resources
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
ResourcesDec. 31 '26. *Dec.31 '25.
Cash and notes
$167,831
$190.150
$145.100 Cash, specie and notes
Due from reserve agents
$20.532
$25,351
259,719
380,092
264.788 Due from approved reserve agents
Legal reserve security at par
32,538
21,625
150,000
150.000
100.000 Due from banks, excluding reserve
11,375
Nickels and cents
8.166
1,144
633
1.213 Nickels and cents
Check and cash items
426
388
4,061
4.466
639 Checks and cash items
14,073
Commercial paper on one name
2,648
422,144
409.734
409.159 Commercial paper purchased-Upon one name
16,513
Commercial paper on two names.7,960
402.670
544,133
480.940
Upon two or more names
Time loan with collateral
2,018
3.262
47.500
76.872
72.100 Time loans with collateral
Call loans with collateralj
806
700
787.775
644.368
579.487 Call loans with collateral
Loans secured with bonds and mtges12,026
11,664
270.700
260.000
210.400 Bonds, stocks, &c
113,682
Stocks and bonds
112,709
1.056.740 1,011.911
1.037.792 Mortgages and judgments of record
240,337
Mortgages and judgments
216.150
1,328,050 1,081,371
809.559 Office building and lot
Real estate and building
21,500
21.500
65,791
65,791
65.791 Other real estate
Furniture and fixtures
80.100
83.60e
22,000
22,000
7.000 Furniture and fixtures
Overdrafts
2,503
2.037
255
558
559 Miscellaneous
Other resources
1,763
1.221
9.566
Total_
$4.986,378 $4,842.079 $4.194.093
Total
$570.186
$518,981
Liabilities
Liabilities
Capital stock
$500,000
$500,000 ' $300.000 Capital stock
$125,000
$125,000
Surplus
600.000
500.000
300.000 Surplus fund
75,000
75,000
Undivided profits
44,991
94,434
58.115 Undivided profits, less expenses and taxes paid_ _ _
353
154
Deposits subject to check
2,247,991
2.435,845 2.164,480 Deposits subject to check
111,605
130,489
Demand certificates of deposit
5,924
6.898
7.613 Deposits U. S. Postal Savings
1.326
Deposit by Commonwealth of Pa_
50,000
Special time deposits
30.000
15,000
243,840
177,012
Certified checks
4,825
7.025
7.924 Due to banks,trust companies,&c.,excl.reserve
4,053
10.000
Treasurer's checks
5.556
11,421
7.650 Miscellaneous
10,335
Saving fund deposits
1,369,873 1,249.601
1,226.547
Dividends unpaid
718
355
Total
264
$570.186
$518,981
Bills payable on demand
150,000
* Began business in 1925.
100,000
Other liabilities
6,500
6,500
6.500
Total
$4,986,678 $4,842,079 $4,194.093
Broad Street Trust Co. (Philadelphia).
Trust department (additional)
$139,226
$42,023
$44,658
Resources-Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
*Bank of North America & Trust Co. (Philadelphia) Cash, specie and notes
$79,102
$94.734
$62.813
Due from approved reserve agents--246.783
264,426
168.422
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24. Notes purchased
661,634
727,149
513,387
Cash on hand
.
270,559
549.400
.
136.780
*814.076 Loans secured by bonds & mortgagesDue from approved reserve agents
Loans on collateral
3,948,792
734.079
466.363
339.354
Due from other banks, trust cos., &c_ 5,868,583 3.600,607 3.193.754 Building and loan paper
330,800
6.546.248 6.217.804
404.475
338.780
Checks and cash items
4,498,343 4,812.761
613,515
520,334
363,515
3.162.391 Bonds and stocks
Commercial paper purchased
11,918,848 10.962.894 13.948.852 Mortgages & judgments of record
159.300
196,800
125,800
Time loans
6,881,410 14.756.624 6.464,579 Furniture and fixtures
31.061
33.150
25,089
Call loans
19,512,911 13.549.427 9,925,169 Miscellaneous resources
150
359
Bonds and mortgages owned
462.500
552.500
Total
12.000
V.126.833 $3.256,981 $2,074.291
Bonds and stocks
7,479,969 8.909.742 21.991.617
Liabilities
Office building and lot
300,000
300,000
300.000 Capital stock
Other real estate
$500,000
90.900
5500.000
250,000
562.500
562.500 Surplus and undivided
Furniture, fixtures and vaults
profits
328.604
119,000
299,094
170,393
125.000
130.000 Deposits subject
Customers'liability on letters of credit
1,595,048
1,644,131
72,439
1,135.528
76.595
80.172 Certified checks to check
Other assets
34,496
2,231,112 2.191.740
27,328
30.210
389.686 Special time deposits
643.161
561,428
408.573
Total
200.000
*63,839,839 $67,472.131 $67,192,600 Bills payable
50.000
Liabilities
Reserve for depreciation. &c
25,000
25,000
29,236
Capital
524
$5.000.000 $5,000,000 $5,000.000 Other liabilities, dividends unpaid_
.351
Surplus fund
5,000,000 5.000,000 5.000.000
Total
$3,126,833 $3,056,981 $2,074,291
Undivided profits
1,603,510
1,246,718
919,623 Trust department (additional)
*17,031
*6.636
Reserve for interest and taxes
328,253
262.680
267.835
Demand deposits
40,054.707 40.364,854 33.386.796 *Brotherhood
'rime deposits
of Locomotive Engineers Title & Trust
2,385,245 3,255.391
5.174.958
Due to banks and trust companies.... 7,029,885
Co. (Philadelphia).
8.785.644 13.905.369
Dividends unpaid
182.123
187.925
183.974
ResourcesAcceptances
Dec. 31 '26.*Dec. 31 '25
72,439
13.'393
80.172 Cash, specie and notes
Letters of credit
$46,427
*28.662
63.201
Due from approved reserve agents
Bills payable
101,128
54,988
1.200.000 3.000.009 Legal reserve securities at par
Other liabilities
45.000
35.000
2,177,677 2.092.324
268.873 Nickels and cents
31
76
Due from banks, trust cos., &c., excluding reserve
Total
6,394
3.654
$63,833.839 $67.472,131 *67.192.609 Bills discounted-Upon one name
Trust department (additional)
276,183
135.475
$41.675,767 $41,657.526 $32.340.083
Upon two or more names
210.130
67,259
Time loans with collateral
101,436
56,375
Call loans with collateral
*Bankers Trust Co.
278.552
181.854
Loans on call upon one name
49,000
51.500
Resources
*Dec. 31 '26. Dec. 31 '25. Jan.31 '25. Loans secured by bonds and mortgages
595,701
436.200
Cash, specie and notes
$88,587
$83,065
$101,401 Bonds
295.792
448.812
Due from approved reserve agents_ _ _
333,812
148,694
164,966 Bonds and mortgages owned
32,400
7/28,000
Due from other banks, trust cos., &c.
10,000
Furniture and fixtures
12,051
Legal reserve securities, at par
12,553
76,000
71.000
76,000 Book value of legal reserve securities above par1.388
312
Nickels and cents
2,718
Other assets not included in above
949
2.060
Cash items
17,100
9.268
3,079
680
Bills discounted, upon one name
Total
436,785
$2.051,612 *1.566.820
463.983
274,841
Bills disc., upon two or more names_ _
Liabilities
196,835
185,645
274,463 Capital fund
Time loans with collateral
118.237
$500.000
132,487
$500,000
194,986 Surplus fund
Call loans with collateral
284,592
250.000
27.372
250,000
302,470 Undivided profits
Loans on call, upon one name
178,000
7.495
195,000
232,950 Reserves for interest and
Loans secured by bonds and mtges__ _
209,400
7.116
161,600
111,834 Deposits subject to check title insurance
Bonds
647,166
791.750
492.803
691.057
727,736 Deposits Commonwealth of Pennsylvani
Stocks
a
5.000
75,000
5.000
75.000
5,000 Certified checks
Bonds and mortgages owned
141.050
1,057
218,900
1,746
59.000 Treasurer's checks
Office building and lot
500,000
2.710
417.896
5,085
416,728 Time certificates of deposit
Furniture and fixtures
43,385
28,300
5,000
53,000
51,511 Special time deposits
Other real estate
1.124
24.462
446
Overdrafts
Savings fund deposits
14
339.172
217.146
368
791 Due to banks, trust companies, &c
Book value of legal res. sec. above par
585
7,888
347
18.684
409 Other liabilities, bills payable
Other assets not incl. in the above.._ _
707,145
40.000
28.470
910
20.173
.
'Total
Total
52.051.612 51,566.820
$3,988,579 $2,912.374 $3,017,999 Trust department (additional)
Liabilities
$33,145
•Began business April 18 1925.
Capital stock paid in
$1,000,000
$250.000
$250,000
ur
Splusfund
250,000
135,000
135,000
'Undivided profits
Central Trust & Savings Co.(Philadelphia).
6,990
34,899
83,744
Less current expenses and taxes paid..
58,697
ResourcesReservedfor int., taxes and expenses_
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
12,189
9,441
8,155 Stock investments
Deposits subject to check
1,397,809 1,357,388
$961.505
$787.593
1,316,398 Commercial & other paper purchased $901,829
Demand certificates of deposit
6,162,113 6,489,131
400
1,910
6,193,060
1.630 Amount loaned on collaterals
Deposits, Commonwealth of Penne
5,080,872 4,502,990 3,876.230
96,250
50.000
65,000 Real estate, furniture and fixtures
Certified checks
27,317
531.546
35,127
524,952
553,161
49,101 Cash on hand
Cashier's or treasurer's checks
93,021
578,257
6.135
667.665
558.917
19,640 Cash on deposit
Spedal time deposits
1,432,753
11.531
2.215,462 2,458,946
17,907
11,185 Miscellaneous
Time savings fund deposits
852.762
46,308
789,773
80.934
84,743
778,330
Dividends unpaid
7,509
77
Total
7.514
Other liabilities not incl. in above_ __ _
$14,733,678 $15.442,639 514.512.650
232,801
230.718
233,605
Liabilities
Capital stock
Total
$750.000
$3.988.579 $2,912,375
$750,000
$750.000
•The Bankers Trust Co., a newly organized institution, was $3.017,999 Surplus fund
1.350,000
1,250.000
1.100,000
consolidated Undivided profits
with the Bank &Trust Co. of West Philadelphia as of Dec.
84,573
79,954
120.576
311926. The Deposits
Bank & Trust Co. of West Philadelphia
12.266.063 13,090,951 12,280,376
succeeding the West Philadelphia Bank. began business April 17 1924, Other liabilities
283,042
271.734
261,698
Total
$14,733.678 $15442.639 814.758.471
Trust department (additional)
7.162,394 15,543,048 *5.211.715
Belmont Trust Co. (Philadelphia).
ResourcesChelten Trust Co.(Philadelphia).
Dec. 31 '28. Dec. 31 '25. Dec. 31 '24.
Cash on hand and due from banks... $475,302
$320,957
$330.112
ResourcesCommercial & other paper purchased.
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
267,573
227,209
165.191 Keel estate mortgages
Loans on collateral
1,056,578
$485,050
900.974
*694.653
$689,000
918.911 Loans on collateral. &c
Loans on bonds and mortgages
2.028,953 2.640.012 2.358.233
.
..
407.600 Notes and acceptances
Stocks. bonds. &c
discounted.._ _
524,443
693.021
412,227
807,752 Office building and lot
Mortgages
510.863
424,369
401,583
?MISS
358,005
302.025 Other real estate
Furniture and fixtures
25,000
34.93
7,540
30.427 Cash on hand
Ranking house and other real estate
87,200
455,377
96.191
823
I
179.
194,064
89,996 Cash on deposit
Loans to building & loan associations_
273.5
169.114
94
154,550
Bonds, stocks.
Miscellaneous assets
1,633,406
81,023
243.254
1.157.767
1: 0
1.01 8 8
6
1
30.842 Other assets &c
Total.
34,390
58
*4.032.646 $3,810.243 $3.082,656
Mob{lilies
Total
$5,416.654 $5,346.135 0.836,487
Capital stock
$187,500
Liabilities
$250,000
$157590
250.000
162,500
137,500 Capital stock
Undivided profits
*300.000
5300.000
rided
Ilunrcrillt
*400.000
50,994
54,462
54.843 Surplus fund
220,000
285,000
235.000
3,330,412 2,642,612 Undivided profits
60,554
47,637
Special reserve account
56.470
,teneral deposits
72.150
70,151
25.659
4,670.747 4,674,548 4.060,017
Other liabilities
015
Q4 ;40 Other liabilities
1.034
88,950
353
200,000
Total
*4,1142.114d 4.s.» io„c4.4
Total
Trust department (ndclitional)
*5.416,654 $5,346,135 $4.836,487
331.971
$31,892 f $76,348 Trust department
(additional)
$1.748,494 51.373,627 $1,054,982
THE CHRONICLE
1018
Chestnut Hill Title & Trust Co. (Philadelphia).
ResourcesCash,specie and notes
Due from approved reserve agents
Legal reserve securities at par
Commercial paper purchased
Loans upon collateral
Bonds and stocks
Mortgage and judgments ofrecord
Office building and lot
Other real estate
Furniture and fixtures
Other assets
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources$6,037,485 4,710.945 $4.081,035
Real estate mortgages
2,701,189 2,903.447 3.143,006
Bonds and stocks
7,003.056 6.187,964
4.404,830
Loans on collateral
1,598,685
1,617,356
1.667.082
Real estate
535.866
577,236
524.086
Cash on hand
459,464
482.012
572.306
Cash on deposits
175.977
156,566
209.350
Other assets
$18,118,319 317.470,029 316.162,585
Tota
Liabilities$1,500,000 $1,500,000 31,451,575
Capital stock paid In
4,350.000 3,750,000 3,201,575
Surplus and reserve fund
277.808
500,519
250,910
Undivided profits
81.193.758 81.009,692 Deposits
10.779,590 11.503,436 10.72E674
300,000
1.000.000
Bills payable
216.074
202.953
237,819
$125,000 Other liabilities
1125.000
12,500
$18,118,319 $17,470.029 316.162,58S
12.500
•
Total
331,116,814 S30.430.981
13.791 Trust department (additional)
29,986
333.056,825
1,661
1924.
1925.
1928.
388,745 Rate of Int. pd. on dep. of $200 & over
2%
526,567
2%
2%
354.656 Dividends paid in calendar year
16%
498,044
16%
16%
115.000
81.379,957
• Total
Trust department (additional)
31.379.957 31.193.758 31.009.692
1.111
$28,700
423,727
$125,000
25,000
23.428
3,980
577,704
624,845
Cobb's Creek Title & Trust Co. (Philadelphia).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources
$32.020
$33,644
$44,975
Cash, specie and notes
95.364
102,667
83.523
Due from approved reserve agents...35,000
45.000
55,000
Legal reserve securities at par
754
1.130
915
Nickels and cents
52,400
62,304
66,725
Conun'l paper purch. upon one name
57.070
84,931
79.619
two or more names
Upon
182.455
79,375
96.160
Demand loans with collateral
105,360
123.549
154.383
Time loans with collateral
18,363
70,459
198.302
Loans on bonds and mortgages
377,826
454.435
425,991
Bonds, stocks, &c
227,850
268,500
290,950
Mortgages and judgments of record..
74,967
74,967
75,863
Office building and lot
9,142
9,983
10,763
Furniture and fixtures
70
56
21
Overdrafts
1,394
1,608
1,570
Book value of legal res. sec. above par
15,660
17.106
21,482
Other assets
$1,606,242 $1,429,714 31.285.695
$125,000
25.000
26,245
12.064
3,430
756.363
4,898
510,760
850
6.573
135,000
59
$125,000
12,500
25,025
9,612
1,677
716.434
1,795
531,881
100
5,690
8125.000
12,500
26,044
5.791
626,931
17.824
456,962
5.000
7,248
2,395
81.606,242 81.429.714 11,285.695
Total
The Colonial Trust Co. (Philadelphia).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources$505,300
$1.107,525 31.038.800
Real estate mortgages
2,452,240 2,927.313
2.241,348
Stocks and bonds
3,232.635
4,927.531
7,599.561
Loans on collateral
39,445
100,037
104,957
Furniture and fixtures
1.011,964
1,955,685
2,012,764
Cash on hand and in banks
4,500,518 3,287,040
Comnaprclal and other. paper owned_ 3,205,101
241.810
273.673
245,541
OtheMmets
816.516,797 815,248,484 $11,245,507
Total
Liabilities
Capital stock paid in
Surplus and undivided profits
General deposits
Bills payable and rediscounts
Reserve for taxes, etc
Other liabilities
Total
Trust funds
Commonwealth Title Ins. & Trust Co. (Philadelphia).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
$53,546
$41.023
$54,749
88.474
49,954
20,000
25,551
30,000
85,445
252,531
141,420
235,079
263.206
436,406
,
326,215
263,289
264,790
133,344
134,600
276,122
56.310
56,310
56,310
45,619
45,619
45,619
21.017
23,022
23,198
226
133
1,389
Total
Liabilities
Capital stock
fund
Surplus
Undivided profits
Reserve for depreciation
DemancLdeposits
Time deposits
Bills payable to banks
Total
Liabilities
Capital stock
Surplusfund
Undivided profits
Reserve for depreciation
Reserve for interest, taxes, &c
Deposits subject to check
Cashier's and certified checks
Savings fund deposits
Time certificates of deposit
Special time deposits
Bills paable on demand
Other liabilities
[VoL. 124.
$1,000.000 81.000.000
1,245,354
1.275,289
13.463.625 12,214,476
600.000
575,000
71.415
164,077
117.239
38,806
$500,000
735.969
9,522.858
375,000
14,108
97,572
$16.516.797 $15,248.484 811.245.507
1990,497 34.310,889 $3.382,812
Columbia Avenue Trust Co. (Philadelphia).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources
$829,696
$713,589
Cash on hand and due from banks....- $933,393
556,588
813.950
793,456
Commercial and other paper owned_1,851.909
2,793,994 2,331.351
Loans on collateral
196.211
201,340
204,540
Loans on bonds and mortgages
2.564,285 2,828,940 2.968,137
Stocks, bonds, &c
229,662
401,403
532.778
Mortgages
216,912
303.007
291,004
Banking house, furniture. &c
51,000
51.000
55,000
Other real estate
16.969
19.428
23,368
Miscellaneous assets
$6,915,084
8181 $7,864,008
Total
38.191,
Liabilities
$400,000
8400,000
$500.000
Capital stock
753.406
870,408
1,001,588
Surplus and undivided profits
6,639,744 6,355,313 5,728,232
Deposits
24,000
24,000
30.402
Dividend unpaid
11.446
14.287
20,084
Miscellaneous liabilities
Continental-Equitable Title & Tr. Co. (Philadelphia).
Resources
Real estate mortgages
Stocks and bonds
Loans on collateral
Cash on hand and in banks
Other assets
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
General deposits
Dividends unpaid
Bills payable
Other liabilities
Total
Trust department (additional)
Rate of interest paid on deposits
Dividends paid in calendar year
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
33,986.200 33.916.300 32,800.750
4,707,654
5.726,762 5,550,867
11,108.987 8.426,989 7,183.510
1,177.585
1,734.827 1,688.511
245.319
243.671
83.330
$19,826,338 316.114.818
322.640,106
31,000,000 $1,000,000 $1.000,000
1.500,000
1,500.000
1.500.000
314,613
596,250
746,861
15,687,962 12.869.940
17.193,552
5.313
11,192
' 7,035
200,000
800.000
1,050,000
224.952
230.935
1.142.658
$22.640.106 319.826,338 $16.114,818
$12,234.997 $12,256.332 $11,214,716
1924.
1925.
1928.
-2% sight: 4% time
3160.000
3180.000
3180,000
Empire Title & Trust Co.(Philadelphia).
ResourcesCash on hand
Due from banks and bankers
Loans
Stocks, bonds, &c
Mortgages
Real estate,furniture and fixtures
Vault
Reconstruction
Miscellaneous
Total
Liabilities
Capital stock paid in
Surplus fund
Undivided profits
Deposits
Reserve for depreciation
Miscellaneous
Unpaid dividends
Bills payable
Mortgage 5946 Market St
Total
Trust department (additional)
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
3146.457
3178,179
$125,894
72.531
56.638
496,190
556,737
519.566
837,974
867,883
1,009.305
319.750
352,145
448.220
106,271
151,071
151.389
21,989
14,225
1.370
1,207
314
$2.347,540 $2,107,222 $1,980,542
3221.225
$239,170
$240,600
81.925
72.900
74.670
38,583
50,803
57,465
1.580,586
1.569,111
1.849,275
18,000
5,000
5,000
1
2
242
222
236
288
60,000
125.000
75,000
45.000
45,000
32.347.540 32.107,222 31.980.542
142.073
$56,593
$36,643
Excelsior Trust Co.(Philadelphia).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
$163,587
$38,572$55,353
Cash on hand
574,921
484,686
672,442
Due from banks, &c
1.858,298
1,141.235
853.528
Stocks and bonds
1.183,4131 2,702,048
1,633,326
Loans on collateral
1.952,6501
1,373.902
Loans (unsecured)
205.250
707,660
7.50,290
Mortgages
93,997
102,251
255.705
Real estate,furniture and fixturea...
25.283
19.623
40.091
Other assets
35,617,856 35.646,871 35.713.384
Total
Liabilities
$300,000
1300.000
3300.000
Capital stock
475,222
576,853
657.409
Undivided profits and reserve fund4,769,283 4.938.027
4.660,148
Deposits
135
736
299
Miscellaneous
$5,617,856 35.646.871 85.713,384
Total
$96.158
$111.124
365,000
Trust department (additional)
Resources-
Fairhill Trust Co. (Philadelphia).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources328.741
347.343
$29.081
Cash, specie and notes
87.093
66,290
47,651
Due from approved reserve agents......
33.643
33,202
32,093
Legalreserve securities at par
171,736
205.426
194,644
Commercial paper
13,935
10.870
33.131
Time loans
46.400 '
78.930
128,460
Mortgages and judgments of record
190,420
324.208
353,216
Call loans
294,049
335.192
328.984
Bonds
99,809
98.922
104,383
Office building, furniture and fixtures
32
32.159
2.004
Other assets
S965.858
$1,253,647 $1.232,542
Total
Liabilities
$125,000
$125,000
$125,000
Capital stock
13.800
30,000
42,500
Surplusfund
10.891
7.240
7,856
$8,191.818 $7,664.008 36.915,084 Undivided profits
Total
484,975
602,559
622,800
$3,319,717 $4,411,624 12,418,774 Demand deposits
263.768
Trust department (additional)
378.696
447,708
deposits
Savings
62.039
89.047
7,783
Other liabilities
$465,858
$1,253,647 $1,232,542
Columbus Title & Trust Co. (Philadelphia).
Totai
31.356
31.900
(additional)
Dec. 31 '26.1Dec. 31 '25. Dec. 31 '24. Trust department
Resources
382.026
$73,407
374.208
Cash, specie and notes
Federal Trust Co. (Philadelphia).
. 67,612
384.155
approved reserve agents......
162,947
Due from
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.'
60,065
10.916
98.970
Duefrom banks, trust companies,&c.
Resources
32.253.454 31,863,297 31.660.030
65.00053,791 Bonds
65.000
Legal reserve securities
566.850
608,450
950
644.650
12,189
60.378
Commercial paper purchased
907.914
1,102,360
1,219.123
192,974 Real estate mortgages
121,850
416.878
Loans on collateral
collateral
1,630,424 1.712,699
1.679,204
440.933 Loans on personal securities
360,323
285.309
and mortgages
Loans on bonds
Loans on
245,527
242,779
239,398
365.240
343.097
293.713
Bonds and stocks
115,788
144.963
455.953 Real estate
129.974
340.009
546.528
Judgments
645,631
605,745
33,538 Cash on hand
550.815
38.283
35.785
Furniture and fixtures
23.302
20.147
25,212
1,597 Cash on deposit
58,524
80.490
Other resources
Other assets
$6.741,830 36,218,165 35.877.741
Total
$2,100.735 81,807,221 31,754,679
Total
Liabilities
3200.000
3200,000
$200,000
Capital stock
Liabilities
322.989
367.296
413,177
3125,000 Surplus fund
$125,000
3125.000
5,492,316 5.122.305
Capital stock
5.898,691
50.000
Deposits
220.000
150.000
Surplus fund
220.000
56,633 Bills payable
60,995
75,390
12.447
8.554
Undivided profits
9.962
7.749 Other liabilities
8.612
14.751
for dep., int., taxes, &c
Reserve
723.102
657,485
642,182
$6.741,830 $6,218,165 $5.877,741
Total
Demand deposits
705.424
1924.
880.625
1,152.817
1925.
1926.
Savings fund deposits
100,000
2% check 2% check 2% check.
Bills payable
36.771 Rate of interest paid on deposits of1 4% save. 4% save. 4% save.
54,990
60,109
1
Other liabilities
$500 and over
'
12%
12%
12%
calendar year
$2,100,735 31,807,221 31.747.879 Dividends paid in
Total
FEB. 19 1927.]
THE CHRONICLE
*Fern Rock Trust Co. (Philadelphia).
Resources—
Cash,specie and notes
Due from approved reserve agents
Legal reserve securities at par
Bills discounted—Upon one name
Upon two or more names
Time loans with collateral
Call loans with collateral
Loans secured by bonds and mortgages
Bonds
Mortgages on judgments of record
Office building and lot
Furniture and fixtures
Book value of legal reserve securities above par
Other assets not included in above
Total
Liabilities—
Capital stock
Surplus fund
Deposits subject to check
Thne certificates of deposit
6pecial time deposits
Time savings fund deposits
Due to banks, trust companies. &c., excluding reserve
Other liabilities, not included in above
Total
*Began business about July 15 1926.
Dec. 31 '25.
$9,186
30,951
10,000
22,370
10.365
1,325
98,300
56.000
112,981
18,560
100,100
2.687
313
211
$473.349
(Combined results for all years.)
Resources-Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Mortgages
$3.007.910 $3,189,600 $3,383,166
Stocks, bonds, &c
45.925,020 46.259.086 49,986.844
Loans
Real estate, office building and lot_ _ _ 53.537.691 46,552.442 35,785,563
Customers.liab.on accep.& let.ofcred. 3,248.099 3,248,096 3,251,982
463,505
185,874
161,439
Cash on hand
445.199 3,000.013 3.362.623
Cash on deposit
12,150.613 9,761.710 9,845.863
Accrued interest
1,037.550
703,043
Miscellaneous
820,842
174,596
499.140
371.911
Total
$119,990.182$113,399,0078106,970,233
Liabilities
-Capital stock
$6,700,000 $6.200,000 $6,200.000
Surplus and profits
24.262,512 24,233,268 23,743,980
Deposits
82,242,479 79,293,700 74,993,032
Bills payable
4,000.000
Reserve fund
988,823
824,811
Accrued interest
400,000
649,567
422.511
Letters of credit issued
330,966
463,506
185,874
Ground rents
161,439
150,000
150,000
Mortgages
150,000
250.000
250,000
Other liabilities, accrued taxes
250.000
472,119 1,838.843
740,816
Total
$119,990.182$113,399,007$106,970.233
Trust department (additional)
$625,154,326$584,453,1885554.286.816
* Fidelity Trust Co. and Philadelphia
Trust Co. consolidated as of
July 10 1926 under name of Fidelity
-Thiladelphia Trust Co. Above are
combined results for all years.
Finance Co. of Pennsylvania
(Phila
delphia).
Resources—
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Cash on hand
$98,269
$71,597
Due from banks, &c
555.596
359,343
366,793
Commercial and other paper owned_
437,599
800
200.00050.000
Loans on collateral
342,499
199,758
Stocks, bonds, &c
328.180
3,984.233 4,501,063 4,671,846
Mortgages
985.441
1,050,442
Real estate
953,242
4.175.525 2,840.185 2,691,501
Other assets
58,509
64,523
57.350
Total
510.004.319 $9.294.361 $9,245,314
Liabilities—
Capital stock
$2,500,000 33.000,000 $3,000,000
Undivided profits
4.776.995 4,412.935 3,665.279
Reserve for depreciation
436,003
390.837
373.522
Deposits
1,220,984
1.378,256
1.117,811
Bills payable
1.000.000
100,000
1,075,000
Miscellaneous liabilities
70.337
12,333 .
13.702
Total
$10.004,319 89,294.361 $9.245.314
* Fox Chase Bank & Trust Co. (Philadelphi
a).
Pw Resources-Dec. 31
'26.*Dec. 31 '25.
Cash, specie and notes
$80,211
$80.091
Due from approved reserve agents
168,941
81.228
Legal reserve securities at par
72,750
75,400
Nickels and cents
•
830
Checks and cash items
468
221
2,718
Commercial paper purchased; Upon one name_ _ _ _
454.866
515.200
Upon two or more names
142.482
144.564
Time loans
75,465
66.910
Demand loans
322,485
Loans secured by bonds and mortgages
509.647
Bonds, stocks, &c
563,345
537,940
Mortgages and judgments of record
252,288
178,773
Office building and lot
121.736
119,088
Other real estate
50.813
43,441
Furniture and fixtures
35,077
1,967
Overdrafts
154
429
Other assets not included in above
140
977
Total
82.851,451 82,338,204
Liabilities—
Capital stock
$125.000
$125,000
Surplus fund
300,000
225,000
Undivided profits
81,826
107.662
Deposits subject to check
1,343.559
1.243.271
Time deposits
957.193
608,613
Bills payable on demand
25,000
Other liabilities
18.874
28,658
Total
$2,851,451 $2.338,204
Trust department (additional)
$8,595
•Formerly Fox Chase Bank; name changed as of May
5 1925.
411:23g
Frankford Trust Co. (Philadelphia).
Franklin Trust Co. (Philadelphia).
Resources—
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Bonds and mortgages and real estate- $310,52
3
$688,504
$746.018
Storks and bonds
16,224.355 13,156,164 10.539.002
Amt.loaned on coll. & personal sec
21,317,337 16,859,912 13.496.847
Cash on hand
1,164,879
1,253.224
1,081.310
Cash on deposit
2.540,063
1.889,100
1.224,445
Furniture and fixtures
231,915
229,118
196.818
Other assets
258,178
185,351
247,879
Total
$42,047,250 $34,261.373 $27,532.319
Liabilities—
Capital stock paid in
$1.500,000 $1.500,000 $1.500,000
Surplus and undivided profits
2,937.866 2.469,324 2,064,718
Dividends unpaid
370
198
Deposits
32,475,838 29,314.053 21.835.173
$473.349 Bills payable
069
3.750.000
500.000
1.600,000
Unearned interest
77,395
$185.180 Reserved for deprec'n & contingencies
16.849
300.402
400,402
33,727 Subscriptions to additional capital stk.
515,510
1,034.525
144.682 Other liabilities
48,249
10,000
2,223
Total
542.047.250 834.261.373 827.532,319
86,859 Trust department (additional)
$755.436
$728,590
10.241
437
*Fidelity-Philadelphia Trust Co. (Phil
adelphia).
Resources-Dec. 31 '26. Dec. 31 '25.
Real estate mortgages
$1,705.520 81.877.595
Stocks and bonds
3.715.578 3,799.045
Loans on collateral
1.945,768
1,490.965
Loans on personal securities
1,631.927
1,525,678
Real estate
380.000
386.486
Cash on hand and reserve bonds
519.590
485,835
Cash on deposit
536,020
474.736
Other assets(incl. vault,turn.& fist.)
58.260
56.232
Total
$10,492.663 510,096.572
Liabilities—
Capital stock
$250,000
$250.000
Surplus and reserve fund
905.000
905.000
Undivided profits
132.985
68.956
Gen. dep. payable on demand & time 9.146.333
8.833,013
Other liabilities
gi4,545
3r) Arwl
Total
810,492.663 810.090.572
Trust department (additional)
k$4.251,949 $4.044.704
1019
Dec. 31 '24.
81,612,672
3.490,391
1,025.663
1,417.311
469:054
378.676
13,118
88.778,874
5250,000
655.000
256.885
7,584.668
5 5
9 91
88,77/L8/4
$3.765,628
Germantown Trust Co. (Philadelphia).
Resources—
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Cash on hand, due from banks. &c__ $1,759.
505 $1.643,015 $1,691,132
Loans on collateral
8.065,776 8,112.877 6.963.780
Loans on bonds and mortgages
2,594.925 2,181.335
847,850
Stocks, bonds, &c
7,383.275 7,934.319
7.931.761
Commercial paper
209.994
253.004
375,646
Real estate,furniture and fixture....._
654,222
536.608
453.441
Other assets
980.105
130.032
122.844
Total...
$21.647,802 520,791,190 $18,386.454
Liabilities—
Capital stock
$1,000,000 $1,000,000 $1.000,000
Surplus and profits
2,159.886
1.851.867
1.698.111
Deposits '
18,487.916 17,939.322 15.688.343
Total
821.647.802 $20.791,190 $18,386.454
Trust department (additional)
832.363.435 $30.892.844 $30.203,056
1925.
1924.
RateofInt. paid on dep.of8200& ove 1926.
2%
2%
2%
Dividends paid In calendar year
19%
16%
16%
*Gimbel Bros. Bank & Trust Co. (Philadelphi
a).
Resources—Dec.
31 '26.*Dec. 31 '25
Cash, specie and notes
$57.091
$67,206
Due from approved reserve agents
222,996
318,179
Legal reserve securities at par
80.000
Nickels and cents
191
Cash items
140
577
357
Exchanges for Clearing House
4,886
Time loans with collateral
598
15,293
Call loans with collateral
9,706
600,000
175.000
Bonds
2.433.157 2,745,648
Bonds and mortgage owned
225.500
Furniture and fixtures
125.000
6,877
Overdrafts
6,332
164
Customers'liability on letters of credit & aocept ce
26
15,000
Oiler assets
46.198
35.792
Total
83.707.930 53.483,985
Liabilities—
Capital
8125.000
5125.000
Surplus fund
75,000
75,000
Undivided profits
48.934
23.454
Reserve for interest, taxes, expenses and deproc'
n_
9.041
6.259
Deposits subject to check
737,721
680,461
Certified checks
1.205
Treasurer's checks
5.095
6.370
1,515
Savings fund deposits
2.661,200 2.546,201
Special time deposits
28,351
Acceptances and letters of credit
20,930
15,000
Other liabilities
108
70
Total
83,707.930 83.483.985
•Began business Feb. 2 1925.
Girard Avenue Title & Trust Co. (Phila
delphia).
Resources-Real estate mortgages
Stocks and bonds
Loans on collateral
Commercial paper
Real estate
Cash on hand
Cash on deposit
Furniture, fixtures and vault
Miscellaneous
Dec. 31 '25. Dec. 3125. Dec. 31 '24.
81.087.081
$814.450
8624.651
996.460
877.699
859,684
1,881.549 2.240.584
2.259,080
494.554
318.371
182.237
46.000
77,918
75,399
133,262
161.968
150,001
243.845
204.578
241.600
15,053
12.950
12,097
5.099
3,732
2.334
$4,901.903 84,712,250 54.407.
083
Total
Liabilities—
Capital stock
8200.000
5200.000
Surplus fund
8200,000
400,000
300.000
Undivided profits
200.000
59.562
95.273
Deposits, saving fund
137.114
General deposits. payable on demand.. 2,451.414 2.304.410
2,115.216
1,638.926
1,810.588
Bills payable on demand
1,752.764
150.000
Other liabilities
2.001
1.979
1.989
Total
$4.901.903 84.712.250 84,407.
Trust department (additional)
083
$206,490
$72.659
$64.848
Girard Trust Co. (Philadelphia).
Resources—
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24
Cash and reserve
Due from banks & clear, house exchs- $5,319.221 55,807.8671 $9,480,162
3,715.710
5,024.365J
Loans
. ,
Securities
.
. .
41.663.319 38.080,197 38.899,468
Banking house
2.880,050 2.880.0501 3,368.433
Other real estate
Customers,liability on letters of
credit
288:753
270:492
310.486
Other resources
675.588
21.447
21.406
Total
882.633.643 875.802,847 568,871.484
Liabilities—
Capital stock
53.000,000 82,500.000 82.500.000
Surplus fund
9,000,000 7.500,000 7,500,000
Undivided profits
2,743,936 4,271.330 3,405,306
Reserve for taxes
279.317
225,230
Deposits
59,271,637 60,785,795 54,905.692
Dividend
300,000
250,000
250.000
Bills payable on time
7.750,000
Letters of credit issued
288.753
270,492
310.486
Total
882.633.643 875,802.847 868,871.484
Trust dept.. excl, of corp. trusts
460.225.684 415.320,368 373.585.306
[VOL. 124.
THE CHRONICLE
1020
hia).
Guarantee Trust & Safe Deposit Co. (Philadelp 31 '24.
Dec. 31 '26. Dec. 30 '25 Dec.
Resources$491,519
$2,508,917 $2,456,417
Cash on hand
1,032,281
banks and bankers
Due from
9,344,523 8,681.880 5,916,428
Loans on collateral
1.555,980
Loans on bonds and mortgages
2.882,173 2,359,563 2,546,517
Stocks, bonds. &c
300,000
300.000
0
300,00
Legal securities, reserve
640,691
591.292
495.336
Mortgages and mandamus
515,685
484,053
484,053
s_
Real estate, furniture and fixture
104,203
94.672
97,483
Interest accrued
44,505
39,535
y on letters of credit
Customers'liabilit
7,061
Overdrafts
27.349
60.277
62.967
Other assets
115.914.987 $15.072.659 $13,137.715
Total
Liabilities
$1,000.000 $1,000,000 41,000,000
stock
Capital
600,000
600.000
900.000
Surplusfund
243,535
336.812
377.052
Undivided profits
75,523
214,957
31.772
Reserve
13.416,548 12,714,987 11,077,824
Deposits
116.728
135,492
140,205
Interest payable to depositors
44.505
39,535
Letters of credit issued
24,105
25,906
9,875
Other liabilities
$15.914,987 515.072.659 813.137,715
Total
$25,242,836 $24.497.668 323.443,858
Trust department (additional)
Jefferson Title & Trust Co. (Philadelphia).
ResourcesCash specie and notes
Due from approved reserve agents_ _ _
Legal reserve securities
Commercial paper purchased
Loans on collateral
Loans on bonds and mortgages
Bonds and stocks
Mortgages and judgments of record
Office building, furniture and fixtures
Overdrafts
Other resources
adelphia).
Haddington Title & Trust Co. (Phil31 '25. Dec. 31 '24.
Dec.
Dec. 31 '26.
Resources$937,172 $1,001,779
$1,070,575
Bonds, stocks, &c
487.016
444.548
,
ges
Mortga
1,256,940 1,162,162
& mtges._ 1.245,954
Loans on collateral & bonds
298,952
368.183
9
310,50
Commercial paper
100,386
93,739
87,983
Cash on hand
194,138
225.943
228,667
Cash on deposit
132,091
181.710
195.596
Office building,furniture & fixtures
52,850
26,516
30.255
Other assets
-Total
$3.706,639 $3,534,751 $3.429,824
Liabilities
$125,000
8125.000
$125,000
Capital stock
186,080 , 164,560
203,121
Undivided profits
3,376.853 3,223,180 3.133.532
Deposits
6,732
491
1.665
Other liabilities
$3.706,639 $3,534.751 33.429,824
Total
9,
$18,86
$19,518
Trust department (additional)
1924.
1925.
1926.
2% check; 4% Saving
Rate of interest paid on deposits
$10,000
510.000
$10,000
calendar year
Dividends paid in
Hamilton Trust Co. (Philadelphia).
Resources
Cash on hand
Checks and due from banks, &c
Reserve bonds
Commercial and other paper owned
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Mortgages
Real estate, furniture and fixtures
Other assets
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for depreciation
Deposits
Dividends unpaid
Other liabilities
Total
Dec. 31 '26.Dec. 31 '25. Dec. 31 '24.
$237,812
$167,853
$162,678
327,712
347.169
394,102
361,400
168,300
112,800
638.631
800.229
871.989
864,557
1,253,047 1,362.241
295,859
310,572
522,327
954.242
1
847.93
711.514
393,760
523,180
570.700
266.974
267.027
266,163
37,634
36.782
42,706
$4,908,026 14.831,284 $4,378,581
8200.000
200.000
137,919
$200,000
200.000
121,294
$200,000
200,000
93,878
12.000
3.856,778
4.298.762
15.917
11.228
12,255
54.908,025 44.831.284 14,378.581
4,357.844
Holmesburg Trust Co. (Philadelphia).Dec. 31 '24.
Total
Liabilities
Capital stock
Surplusfund
Undivided profits
Reserve forderec., int., taxes, &c.._
Demand deposits
Time deposits
Bills payable
Other liabilities
Total
Trust department additional
Dec. 31 '25. Dec. 31 '24.
1926.
$36,156
$33.136
139,048
50,120
86,199
2
102.46
45,000
44,913
44,912
259,335
198,603
202,702
267.032
409,3521
392.777 )
I,
158,283
393,502
475,100
751.548
205,106
8
305,77
222.800
94.729
93,000
89,300
49
30
8,058
53.584
$1,899,163 41,654.138 $1,509,263
4200,000
60,000
16.155
6,000
663,274
918,734
35,000
$200.000
35,000
38,263
14.041
567,305
774,528
25.000
4200,000
30,088
8,543
599.765
659,367
11,500
11.899463 41,654,138 51.509.263
$5,427
$6.168
$14.717
Kensington Trust Co. (Philadelphia).
'24.
Dec. 31 '26. Dec. 31 '25. Dec. 31 .775
12.125.227 $2,120,362 $1,558 39
Real estate mortgages
9,271.845 7,797.3
8,752.731
Loans on collateral & personal secur_ 2,521,552 2,788.009 2,282,050
Stocks, bonds, &c
1.007,732 2,014.513
1.340,418
Cash on hand and on deposit
174,916
253,554
253,655
Banking house
' 5,420
16,749
30.839
Other assets
415,024.422 $15,458,251 513.833.013
Total
Resources-
Liabilities
Capital stock
Surplus and undivided profits
Contingent fund
Deposits
Dividends payable Dec. 31
Miscellaneous liabilities
Total
Trust Department (additional)
$500,000
$500,000
4500.000
1,071.978
1,405,533 1.201,590
75,000
55.000
55.000
12,993,515 13.373.914 12.153.854
30.000
40,000
50,000
2,181
287,747
20,374
,251 $13.833.013
45,024,422 115.458
$533,473
$579,278
4586,737
*Lancaster Avenue Title & Trust Co. (Philadelphia).
'24.
Dec. 31 '26. Dec. 31 '25. Dec. 31
Resources$56,792
$87,191
$78.445
Cash, specie and notes
24,971
73,271
131,043
agents__ _
Due from approved reserve
39,000
39,000
60,000
Legal reserve securities at par
78,770
87,510
159,657
paper purchased, one name
Comm'l
51,732
83,758
92,561
Upon two or more names
20,539
19.468
24,926
Time loans with collateral
107,050
167,150
173.656
& mortgages_
Loans secured by bonds
199,255
274,731
6
184,89
Call loans with collateral
187.958
Call loans on one name
11,000
On two names
235.034
224.640
249.061
Bonds, stocks, &c
170,600
228,350
368.600
Mortgages
107,854
107.867
107,867
Office building and lot
21,220
10,220
10,221
Other real estate
14,754
29,119
31,772
Furniture,fixtures and vault
68
27
68
Overdrafts
13,288
13.368
21,782
included in above_ _ _
Other assets not
$1,893,513 51,505,670 $1,140,928
Total
Liabilities
Capital stock paid in
Surplus fund
Undiv. profits, less exp. & taxes paidReserve for depreciation
Treasurer's checks outstanding
Deposits subject to check
Special deposits
Certified checks
Savings fund deposit
Special time deposits
Bills payable on demand
Other liabilities
$200,000
50.000
9,717
7,040
2,861
949,285
$200,000
40,000
1,457
3,391
201
730,413
79,457
1,709
358.514
8,906
75.000
6,622
1199.500
24,900
18
4,030
Dec. 31 '26. Dec. 31 '25.
537,326
$55,947
$63,376
$53.436
57,960
Cash on hand
134,868
188.755
185,794
1,567
Due from banks and bankers
5,983
102,150
119,586
179,755
217,406
Commercial and other paper owned_
534,693
279,338
302,458
191,286
5.416
Loans on collateral
9.878
760,423
768,942
7
806,19
90.000
Bonds and stocks
120,000
398,782
460,052
658,112
2,805
Mortgages
47,911
4,056
47.000
46,392
Real estate, furniture and fixtures13.319
61.665
126,778
aneous assets
$1,505,670 81.140,928
Miscell
$1.893.513
Total
• 43.920
$27.809
12.247,750 12.011,834 11,792,741 Trust department (additional)
$73,695
Total
Liabilities
$125,000
00
$125.0
1125,000
* Began business Jan. 2 1924.
100,000
Capital stock paid in
125,000
150,000
16,049
Surplus fund
36,253
23,228
hia).
11
ded profits
Undivi
1,522,4
1,947.120 1.725.371
The Land Title & Trust Co. (Philadelp Dec. 31 '24.
236
Deposits
164
1,945
29.045
Dividends unpaid
Dec. 31 '26. Dec. 31 '25.
46
457
Resources$997,311
$1,132,272 41.259,892
Miscellaneous liabilities
Cash on hand
4,241,662
4,325,334 3,834,140 18,658,090
12.247.750 12,011,834 51,792.741 Due from banks, &c
$147,245
Total
23.794.851
$206,350
66
1224.7
Loans on coll.. bonds and mortgages- 22,593,483
1.203.084 2.339.851
Trust department (additional)
1,229.051
3,829,859 3,619,628 5,070.640
Co. (Philadelphia.) Stocks. bonds,&c
Industrial Trust, Title & Savings Dec. 31 '25. Dec. 31 '24. Mortgages furniture and fixtures.- 5,550,000 5.550.000 5,550,000
880.906
Rea} estate,
Jan. 3 '27.
1.281.90.3
1,468,499
Resources$1,052,6874859.764 $1,676,965 Other assets
Cash and reserve
6,386,129 5.957,894 5,024,152
8,498 440.543,498 537,738,460
440,12
Loans on collateral
250,568
374,499
Total
355.383
Commercial paper purchased
1,692,940 2.076,875 2,176.580
Liabilities
Mortgages and ground rents
3.760.066
53.000,000 $3.000.000 $3,000,000
078 3,685.996
3,901,
Stocks, bonds. &c
130.866 Capital stock paid in
12,000,000 12.000,000 11,000,000
122,240
114.821
1,546,483
Surplus and reserve fund
g house
1.144.983
Bankin
1,660.133
1,000
Undivided profits
Customers'liability on letters of credit
22,854.426 23.720,190 21,701,746
62,751
53.184
490,231
Deposits
Other res.,int. earned. uncollected__ _
678.325
613,939
413,557,202 113.140,019 $13.019.197 Other liabilities
Total
8,460
$40.128.498 840,543,498 437,735,138
Liabilities
4500,000
Total
$500,000
$79,812.650 $73.412.834 $64,01
4500,000
Capital stock
1.450,000 Trust department (additional)
1.550,000
1,650.000
1924.
1925.
1926.
Surplus
350.525
354.464
361,048
Statistics for Calendar Year50.801 $19,663.833 $18,810,283
Undivided profits (net)
66,100
93,100
111,700
deposit receiving interest.$20,6 2
2%
Set aside for taxes accrued
65.000 Amount ofmaid onsdep.of $500& over
65.
33
30;;
30%
30,0
Dividends unpaid
73.975 Rate ofint in
19,213
14.458
Divs, paid csl.Year (Payable gear.)
Treasurer's checks outstanding
75.000
e Jan. 151927
Reg.& extra div. payabl
hia).
10,812,830 10.552,681 10.510.838
Deposits
3.759
5.562
Liberty Title & Trust Co. (Philadelp Dec. 31 '24.
32,133
Other liabilities
Dec. 31 '26. Dec. 31 '25.
Resources
$253,418$232,664
413.557.202 113,140.019 $13.019,197
$290,408
Total
1,751.195
1.422,018
$8.041.800 $9,989,069 17.912.467 Cash on hand
1.522,066
Trust funds (additional)
Due from banks, &c
5,475,585 4.031.714 3,326,925
1.218.623
Loans on collateral
adelphia).
1,230.771
58
1.185,5
Integrity Trust Co.(Phil
bonds, &c
975.965
1,180.597 1,473,083
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24. Stocks,ges
331.887
406,064
Resources4684.486 Mortga
390.334
$215.696 $1,308,776
13,598
ges
Commercial paper purchased
14,569
Real estate mortga
24,857
3.706.066 3,438,121
3.747.001
furniture and fixtures
290
Stocks and bonds
15,499,422 13,574,717 Real estate,
16.487.670
Other assets
Loans on coll. & com. paper purch714.041
713,264
712.052
Real estate, furniture and fixtures.-- 1.794.096
1.472,807
$10,069,404 48.831,637 47,851.150
1.569,330
Total
18.425
Cash on hand and on deposit
18.546
30.620
Other assets
$500.000
Liabilities
$500,000
4700,000
/22,987,135 422,815.404 $19.902,597 Capital stock
500.000
500.000
800,000
Total
179.382
257,328
$750,000 Surplus
317,437
Liabilities
$750.000
$750,000
Undivided profits
7.223.247 6,671.536
Capital stock
8,001,932
3,750.000 3,500.000 3,000,000 Deposits
350,000
Surplusfund
536,849
250,000
9
394.448
320,50
232
Bills payable
1,062
35
Undivided profits
17,466,626 18.132.516 15.095,217 Other liabilities
Deposits
520.532
38.440
700.000
110,069,404 18,831,637 $7,851,150
Other liabilities
Total
$9.444,584 $5,656,687 45,446.035
$22,987.135 822.815.404 119.902.597 Trust department (additional)
Total
19.974.247 17.75.1,006 16,138,528
Trust department (additional)
Resources-
Fan. 19 1927.]
Logan Bank & Trust Co. (Philadelphia).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
$36.063
Cash, specie and notes
$50,362
$27,547
94,061
137,092
156,147
Due from approved reserve agents--Commercial paper purchased
273,046
234,541
165,194
Loans on collateral
76.485
121.370
148,640
71,380
Loans on call on one or more names
7,250
11,600
Loans on bond and mortgages
9,950
307,570
234,426
305.230
Bonds and stocks
189,400
196,850
162.250
Mortgages and judgments of record
Office building, furniture and fixtures
117.727
119,529
117,622
317
287
18
Overdrafts
1,127
3.381
5.324
Other resources
$1.186,385 81.158.117 81,037,284
Total
Liabilities
$200,000
$200,000
1200,000
Capital stock
40.000
43.645
35.262
Undivided profits
12,610
Res've for interest,taxes and expenses
615,899
636,206
597.522
Demand deposits
314,021
274,694
201,834
Time deposits
3,855
3,572
Other liabilities
2.666
$1.186.385 81.158.117 81.037.284
Total
Manayunk Trust Co. (Philadelphia).
-Dec. '26. Dec. 31 '25. Dee. 31 '24.
31
Resources
$643.986
$633.133
8563,148
Real estate mortgages
1,427.553 1,463.253 1,350,034
Stocks and bonds
1,468,462 1.332,903
1.297.399
Loans
.
63
118,174
Real estate and fixtures
186,710
96,014
123,177
Cash on hand
268,378
400.731
270,510
Cash on deposit
6.135
5.807
15,433
Other assets
84,159.4151 84,065.704 53.737,875
Total
Liabilities
$250.000
8250.000
$250,000
Capital stock
500,000
400,000
250,000
Surplus fund
64,360
87,749
135,665
Undivided profits
36,214
33,840
37,009
Reserve for deprec n, int., taxes, &c.
1,293.351
General deposits, payable on demand 1,270,443 1,427.820
1,940,876
1,711,436
Time deposits
1,849,716
75.000
Bills payable
50.000
22,522
16.579
Other liabilities
10.413
84,159,415 $4,065,704 *3.737,875
Total
Trust department (additional)
82.152.477 $1,995,534 $1,960.111
Manheim Trust Co. (Philadelphia).
*Manufacturers Title & Trust Co. (Philadelphia.)
ResourcesDec. 31 '26.*Dee. 31 '25.
Cash, specie and notes
$18,299
$15,621
Due from approved reserve agents
60,092
42,037
Legal reserve securities at par
10,000
10,100
Commercial paper purchased
214,458
117,809
Loans on collateral
106,082
95.857
Loans on call on one name
38,800
Loans secured by bonds and mortgages
5,700
6.000
Bonds
70.056
29.575
Judgments of record
5,550
Office building and lot
161.619
56,578
Furniture and fixtures
12,867
5,258
Book value of legal reserve securities above par.
155
Total
Liabilities
Capital stock
Undivided profits, less expenses and taxes paid.. _ _
Demand deposits
Savings fund deposits
Special time deposits
Other liabilities
3697.973
8384.541
8251,100
4,404
267,878
92,478
2,113
80,000
8154,245
4,797
165,569
58.671
1,259
$697,973
$384,541
* Began business Jan. 24 1925.
Market Street Title & Trust Co. (Philadelphia).
Dec. 31 '26. Dec. 31 '25.
Resources8376,626
8374.960
Cash on hand
906,989 1.195.500
Due from banks and bankers
3,174,125 2,809,135
Loans on collateral
4,210.546 3.242,777
Loans on bonds and mortgages
6,570,427 5.709,518
Bonds. &c
2,169,920 2.189,650
Mortgages
4440,449
368,971
Real estate, furniture and fixtures
351.071
289.987
Miscellaneous assets
818.200,153 516.180,498
Total
Liabilities
$1.000,000
8500.000
Capital stock paid in
1.800.000
1.150,000
Surplus fund
379,041
211.273
Undivided profits
13,288,584 13,094,053
Deposits
767.060
615,866
Reserve for taxes, contingencies, &c-800,000
500.000
Bills payable
165,093
109,306
Unearned mortgage coll.fees
375
Other liabilities
$18,200,153 816,180.498
Total
82,287,851 $2,087.903
Trust department (additional)
Dec. 31' 24.
8408.968
943,445
2.565.943
2.860.168
5.198,489
2.371.400
411.126
140.542
614.909,082
8500,000
1,000,000
317,570
12,658,859
310,338
122.315
114.909,082
$1,139.470
Metropolitan Trust Co. of Philadelphia.
(Combined results for all years.)
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Cash on hand
8129.373
$111.576
8107.217
Due from approved reserve agents
banks and bankers
482,163
438,898
452.250
Commercial paper
1,158,332
1,094,109
919,209
Loans on call with one or more names_
127.934
Call loans with collateral
67.1201
loans with collateral
Time
1,566,658 2,186,272 1,591,133
Loans on bonds and mortgages
312.215
Mortgages
384,419
300,386
429,222
Bonds, stock, &c
744,964
970,285
806,981
Office bldg. & lot and other real estate
235,311
279,549
279,549
Furniture and fixtures
75.596
73,000
62,655
Other assets
32,589
831
4,621
Total
Metropolitan Trust Co.(Philadelphia) Concluded.
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
LiabilitiesCapital stock
Surplusfund
Undivided profits
Demand deposits
Time deposits (savings)
Bills payable
Mortgage on bank building
Reserve for depreciation
Dividends unpaid
Notes & bills rediscounted or guar
Other liabilities
Total
Trust department (additional)
$500.000
200,000
27.210
2,045,536
1,422.280
30,000
150,000
22,100
15,000
886,197
8625,000
262,500
24,695
2,181,496
1,317.065
12.000
150.000
17,000
12.560
869,439
2,502
$5.298,323 $5,474,253 $4,652,837
3625.000
227,500
31.482
1.920.675
1,098.703
217,000
150,000
13.000
12,500
352.360
4,610
$5,298,323 $5,474,253 $4,652,837
19,012
$8.920
$10,118
* Metropolitan Trust Co. took over the Sons of Italy Bank & Trust
Co. as of May 1926 (V. 122, p. 2603). Above is combined statement for
all years.
*Mitten Men & Management Bank & Trust Co.(Phila.).
*Dec. 31 '26.
Resources811,197
Cash specie and notes
2,325,541
Due from approved reserve agents
100,000
Commercial paper
352,451
Time loans on collateral
567,138
Call loans on collateral
5.060.000
Call loans on collateral (brokers')
2,483,287
Bonds and stocks
5,000
Bonds and mortgages owned
306.000
Office building and lot
5,362
Furniture and fixtures
38,575
Other assets
811.251.551
Total
Liabilities
Capital stock
Payments on account new stock subscriptions
Surplus fund
Undivided profits
Reserve for interest and taxes
Demand deposits
Time deposits
Other liabilities
$800,000
5,748
100,000
146,969
7.477
1.865.870
8,322,088
6,399
811.254.551
TotaL
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Cash on hand
$21,192
317.201
814.002
Duefrom banks,trust companies,&c.
28,895
33.980
Commercial paper purchased
103.5751
232,8671
27.975
Loans on collateral
135.5441
76.460
Loans on call on one name
48,125
Bonds and tock
s
127,6311
188.354(
82,885
Mortgages and judgments of record
117,9201
68,190
Office building, furniture and fixtures
108,644
108,173
107.963
Other resources
3.454
4,060
13,857
Total
*693.521
*579.145
8425,312
Liabilities
Capital stock
3150.000
$150,000
$150,000
Surplus fund
10,000
6.893
7.5001
Undivided profits
4,234
1,585
Demand deposits
306.0001
154,963
418.883
Time deposits
221,6481
113,137
Other liabilities
639
1.177
319
Total
8693,521
$425,312
$579.145
Total
1021
THE CHRONICLE
* Began business July 1 1926.
*Mortgage Security Trust Co. (Philadelphia).
Resources-Cash, specie and notes
Due from approved reserve agents
Legal reserve securities at par
Commercial paper
Time loans
Call loans
Loans on bonds and mortgages
Bonds
Mortgages
Office building
Furniture and fixtures
Other resources
Total
Liabilities
Capital stock
Surplusfund
Undivided profits
Demand deposits
Time deposits
Other liabilities
Dec. 31 '26. Dec. 31 '25.*Dec. 31 '24.
$17,000
87.503
$22,142
107,073
79.600
47,241
5.000
14,550
94,000
8,730
41.500
9,600
1 343,071
110,000
12,400
14.000
67,000
15,000
.. 97,332
60.400
22,587
48,500
76,500
15,000
124,231
124,600
115,872
9,330
8,800
6,477 •
9,425
4.800
10,276
$335,518
$603,200
$810,822
{
$125,000
12,300
$810,822
Total
$125.000
17.500
3,513
369,859
258,657
36,293
8603.200
305,500
127,200
33.200
8125,000
25,000
497
93,352
56.669
35,000 .
8335,518
•Began business Dec. 1 1924.
*Mutual Trust Co. (Philadelphia).
*Dec. 31 '26.Dee. 31 '25. Dec. 31 '24.
Rpsourr,s-8233,620
$214,112
Cash on hand
8325.172
091,437
Due from banks and bankers
803,024
472.709
Commercial and other paper owned
2.776.363 2.804.240 1,383,964
Loans on collateral
2.722.264 3,249,397
1,991,804
Loans on call on one name
903.850
Stocks, bonds, &c
2,694,145 1,875.697
1,119,286
1,134,422
943,172
625,387
Mortgages
Furniture and fixtures
85.318
135.473
113,520
Real estate
37,795
37.795
34,497
Office building and lot
647,228
578.000
Cust'rs liabnn accep.& letters of cred.
50,484
37,667
Other assets
59,663
50.343
Total
311.389.361 310.798,148 $6,644.339
Liabilities
Capital stock paid in
*1,000.000 $1,000,000
8451.200
Surplus
600.000
575,000
100,000
Undivided profits
179.370
111,556
166.882
Deposits
9.412,906 8,728,876 5,501,257
Bills payable
200,000
250,000
Mortgage
175.000
Acceptances executed for Customers
50,484
37,667
Interest received, not earned
23,597
Other liabilities
113,890
83,345
Reserved for taxes
32,710
38,107
Total
811,389.361 810.798.148 86.644.339
Trust dept.(additional)
81,396,395
$105,522
$478,611
* Middle City Bank consolidated with the Mutual Trust Co. as of
March 211926.-V. 120,9. 1702.
Ninth Bank & Trust Co. (Philadelphia).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans and InVestments
817,445,768 815.839,200 $14,196,342
Banking house. vault, &c
Interest accrued
133.754
176,886
143.208
Due from banks
903.940
1,138.004
727.155
Clearing Rouse exchanges
760
298.450,
300,687
Cash and reserve
1 ,455,618
1,720.029 1,820,070
Customers' liability acct. acceptances
142.630
68.816
237,144
Total
$20,676.491 819.618,783 817.731,601
Liabilities
Capital stock
*750.000
8750.000
8750.000
Capital stock subscription account.-250,000
Surplus and profits
1,926,638
1.819.708
2.057.265
Reserve for taxes, &c
53.752
74.081
84,137
Discount unearned
33.035
31.403
35,525
Deposits
16,516,542 16,712.728 14,983.471
Due Federal Reserve Bank
750.000
Acceptances & letters of credit issued
237.144
142.630
68.816
Total
$20,676,491 *19,618.783 817.731,601
Trust department (additional)
35,689.689 35.990.384 83.109.051
1022
THE CHRONICLE
[Vo.L. 124.
Northeast-Tacony Bank & Trust Co. (Phila).
*Oak Lane Trust Co. (Philadelphia).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
$34,615
Cash on hand
337.969
$44,694
78.080
Cash on deposit
108.331
141,066
Exchange for Clearing House
17.355
28,480
Commercial loaner
204,755
343,646
308.789
Loans on collateral
139,933
154,311
165.879
Loans on bonds and mortgages
386.469
414,850
280,550
Loans on call upon one or more names
111.127
113,997
132,576
Bonds and mortgages owned
118.000
128.300
Bonds, stocks, &c
466.447
485.161
577,593
Office building and lot
36,682
36.000
36,000
Other real estate
19,484
19,485
26.500
Furniture and fixtures
17,000
15,500
17.500
Other resources
274
10.785
2,596
Total
31,890,524 81.858.035 $1,512,221
Liabilities
Capital stock
$250.000
$250.000
$250.000
Surplus
100.000
100.000
125,000
Undivided profits
13.303
30.485
23,754
Reserve for depreciation
500
1.500
2.500
Demand deposits
451.293
569,020
607,154
Time deoosits
639.589
794.835
876,284
Bills payable
50.000
70.000
Dividends unpaid
7,536
7,195
5,832
Notes and bills rediscountecror guar
35,000
Total
$1,858,035 31.512,221
$1.890,524
Trust dept. (additional)
$989
(Combined results for all years.)
Resources00
Dec. 31 '26. Dec. 31 '25. Dec. 31 04:
4:
02
Cash, specie and not
$86,051
$103.543
$00: 00
199 744
4
Due from approved reserve agents..
ed eserve
.
,
Legal reserve securities
82,175
.847
85
Commercial paper purchased
492,998
766.240
402,797
Loans on collateral
300.963
286,472
175.279
Loans on bonds and mortgage
565.627
506,475
345,230
Bonds and stocks
357,848
313,778
221:922
0 434
5
Mortgages and judgments of record._
623.313
444,972
781.674
Office building and lot
,
332,572
.
Furniture and fixtures
32,775
35, 06
821
4
Overdrafts
1,663
822
Other resources
19.588
686
_ 25,233
Total
$37082,054 32713 :50
2 363
0 0
5
$3,535,940 LiabilitiesCapital stock
$375,000
32470 73450090
552.
1,..
:0
8500,000
Surplusfund
150.000
300.000
Undivided profits
41,827
76,510
Reserves
11.588
42.289
Demand deposits
1,514.093 1.093.949
1,378,949
Time deposits
805,457
56. 51
6 . 64
24
3
888,262
Bills payable
85,000
Other liabilities
79.889
349,930
Total
$3.5357946 $3,082,054 82.125.363
*Acquired by purchase the business of the Lawndale Bank & Trust Co.
in Aug. 1926. V. 123, p. 946. Above are combined results of both companles for all years.
Northeastern Title & Trust Co. (Phila.).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Olney Bank & Trust Co. (Philadelphia).
$120,042
Cash on hand
$141,765
$168,686
Resources190,978
Due from approved reserve a
127,181
ts__ ..
Dec. 31 '26. Dec. 31 '25. Dec. 31 24.
123,861
577,073 Cash on hand
Commercial paper purchased
$ 41:358
3 4161
22
336,314
$108:010 8
370 98
368,783
9
3165:52
41002 0
287.094 Due from approved reserve agents.__
Loans on collateral
526,955
210.163
Legal reserve securities
213,500
Loans on call on one or more names._
255.300
319,125
237,000
780,379 Commercial paper purchased
355.235
Bonds, stocks. &c
281.395
1,161,124 1.074.287
22 .72
71. 47
57 3
99,997 Loans on collateral
Office building, furniture and fixtures
1,787.648
101.124
101.124
2,061,065 2,610,144
73,000 Loans on call on one or more names_
Other real estate
73,000
82.216
1.0
Other assets
5,337
686.15§
1,175,260 1.164,990
12.509•
B nn
LIga
n
6
0 8 483
90
4 :40 1,240:304
1,385 834 1, 50 9
70 : 3
05 0
706 3
Total
$2,540,419 $2,393,135 $2,176,914 dson bonds andmortgages
Mortgages and Judgments of record.Liabilities
Office building
204,018
203,347
2 8,0 1
33 3535
4 : 647
66
Capital stock.....
$200,000
$200,000
$200.000 Other real estate
32,024
32,024
Surplusfund
68.876f
70.0001
50.000 Furniture and fixtures
51.723
58,866
Undivided profits
12.479J
13,257 Other assets
I
68.597
96,384
108.819
Deposits
2.178,524 2,024,249
1.720,678
Total
.
Bills payable
100,000
75.000
37.967,232 87.432,130 36.081,659
150,000
Liabilities
Other liabilities
10
4,416
42.981
Capital stock
$250.000
$250.000
$250,000
Total
$2,540,419 $2,393,135 $2.176,e14 Surplusfund_ _ _ _
250,000
275,000
325.000
Trust dept. (additional)
$22.136
321.618
$15,986 Undivided profits
122,542
68.199
115.711
Reserve for deprec., int., taxes, &c....
252,583
222.913
153,831
*Northern Central Trust Co. (Philadelphia).
Demand deposits
2,916,672 2,780.039
2.476.461
ResourcesDec. 31 '26. Dec. 31'25. Dec. 31 '24. Time deposits
4,098,994 3,561,365 2,866,007
Cash on hand
$127,847
8121,417
$125,856 Bills payable
225,000
Cash on deposit
245,194
162.477
103,227 Other liabilities
1,441
17.161
2.102
Commercial loaner purchased
515358,550,371
590,917
Total
$7,967,232 $7,432,130 36.081.659
Loans on collateral
1,224.446 1,700,338
1.391,293 Trust department (additional)
$119,217
$35.184
$5,604
Loans on call on one name
14,920
Bonds, stocks, &c
1,041,856
654,272
611.618
Mortgages
Oxford Bank & Trust Co. (Philadelphia).
715,100
451.761
254,760
Office building and lot
407.700
395.700
395,085
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Furniture and fixtures
47,949
41.396
38,373 Cash, specie and notes
$156.045
3157,899
3138.028
Other resources
•
34.522
32.419
22,179 Due from approved reserve agents..
457.825
693.695
383.330
Total
$44,374,905 $44,150.697 $33,300,941 Legal reserve securities
24,000
24,000
37,000
Liabilities
Due from banks,trust companies, &c..
41,224
28.464
14.058
Capital stock
$400,000
$400.000
3400.000 Commercial paper purchasedJ1,735,451
Surplusfund
150.000
150.000
2,853.574 } 3,208,668 1 757.034
100.000 Loans on collateral
Undivided profits
33,317
725,174
11,260
600,759
48.936 Loans secured by bonds & mortgages.
590.950
Demand deposits
1.932,725
1,951.541
1,567.778
1.029,596
1,481,304 Bonds and stocks
818,215
Saving fund deposits
1,834,980
1,614.061
1,252,520 Mortgages and judgments of record
883,020
658.810
582,611
Reserves
23,826
16,063
515,484
380.695
11,812 Office building and lot
102,436
Other liabilities
57
7.772
6,368 •U. S. certificates of indebtedness.
105,000
65.000
Other real estate
42,271
42,271
Total
$4474,905 14.150,697 33.300.941 Furniture
and fixtures
80,184
91.899
68.031
Trust dept. (additional)
$141.702
$146,824
3143.154 Custom, liability
8.462
29.622
* The Phoenix Trust Co.randlNorthern Cental Trust Co. have since Other resources under letters of cred
56.803
42.857
30,806
Dec. 31 1926 been consolidated under name of Northern Central Trust
Total
$7,369,033 87.094,233 35.365,222
Co. (actually effective Jan. 31 1927)._V. 124. p. 745.
Liabilities
Capital stock
Northern Trust Co. (Philadelphia).
$500.000
$500.000
$500,000
450.000
350,000
300,000
Jan. 3 '27. Dec. 31 '25. Dec. 31 '24. Surplusfund
Resources72,081
76.167
97.877
Real estate mortgages
182,127,000 $2.432,505 $2,492.850 Undivided profits
2,431,567 2,531,146
1,815,053
Bonds and Investment securities_...... 6,989.232 7.035,455 7.274,670 Demand deposits
Saving fund deposits
3,631,040 3,048.763
2,342,578
United States Liberty bonds
430.350
430,350
444,345 War Loan deposits
105,000
65,000
Loans on collateral
6,344,718 4.891,500 3,697,530 Bills payable
380,000
200,000
90,000
Commercial paper
125,514
167.243
75,800 Reserve for depreciation
44.707
50,125
26.555
Real estate
354,737
349.963
349.625 Other liabilities
141,176
23,410
18,160
Cash on hand and In bank
1.397,501
1,028,259
952,828 Commercial letters of credit
8 462
29.622
Accrued interest
46.658
23.606
44,002
Total
$7.369,033 37,094.233 35.365,222
Total
317,815,710 316.358,881 115.331.650 Trust department (additional)
$229.309
3239.896
377.080
Liabilities
Capital stock
$500,000
$500.000
3500,000
Parkway Trust Co. (Philadelphia).
Surplus fund
3,250.000 3,000,000 2,750.000
UndIvIded profits
157,748
238,564
196.729
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Deposits
13,907.962 12.620.317 11.884.921 Cash on hand
$68,481
$53,929
$79,160
Total
125,189
84,031
$17,815,710 316,358.881 815,331,6.50 Cash on deposit
142,780
Trust department (additional)
481.609
565,461
393,938
$28,663,307 326,613.735 S23.214.735 Commercial paper purchased
Time loans on collateral
52.103
109,265
75,612
North Philadelphia Trust Co. (Philadelphia).
Call loans on collateral
198,476
263.799
86.075
58.300
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24. Loans on call on one or more names_ 178,101
Loans on
138,800
130.957
Stocks and bonds
$2,420,589 $2,323.868 $2,608,252 Bonds, bond and mortgage
696,232
936.464
stocks &c.
691,337
Mortgagee
2,865.552 3,100.843
2,686,308
93,669
75,557
128,263
Amount loaned on collaterals
4,119,280 3,683.694 2,996,400 Mortgages and judgments of record....
27.800
27,000
Furniture and fixtures
28,163
Amount loaned on personal securities
412.321
381,498
353.841 Other resources
14.223
11.041
274
Cash on band
380.330
309.640
394.433
Cash on deposit with banks
Total
32,410,809 31.932,701 $1.672.579
624,415
489.419
805.443
Real estate, furniture and fixtures
Liabilities
2.16,889
210.000
264,111
Other assets
8250.000
8125.000
635
3125.000
1.038
4,582 Capital stock
150.000
75.000
50.000
Total
811,040.011 810,500,000 110.113,370 Surplus fund
28.731
Undivided profits
15.205
34.007
Liabilities
8,712
Reserve
5,304
Capital stock
$500,000
$500,000
$500.000 Demandfor interest, taxes, &c
1,271.760
1,05.5,189
deposits
718.406
Surplus fund
950,000
850,000
700,000 Time deposits
594.349
524,149
619.166
Undivided profits
108.568
115.542
155.244 Bills plyable
100.000
125,000
126.000
Reserve for interest and taxes
81.673
74.704
70.210 Other liabilities
7.257
7,854
Title insurance reserve
66.58,908913
65,707
Gen. dep. pay. on demand & time
82,410,809 $1,932770i1 $1,672,579
Total
9.332.857 8.894,047 8.629.008
$22,678
$22,608
$12,498
Total
311.040,011 $10.500,000 810.113.370 Trust department
Trust department (additional)
32,304,922 31,260.185 31.220.013
Trust Co.(Philadelphia).
Pelham
Northwestern Trust Co.(Philadelphia).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
RESOUrCed$346,938
Cash on hand
$3367,699
$379,220
890,935
Cash on deposit
1,010.276
962,280
Commercial paper purchased
3,753.291
3,323,564 2,603,316
2.078,916 2,445.096
Loans on collateral
2,269,777
name
17,500
Loans on call on one
1.693,800 2,594,628
Loans on bonds and mortgages
1,912,200
2,622,276 2,297,954
Stocks, bonds, &c
1,920,910
1,058.10
0
Menages
.848.900
223.600
225.000
229.000
Real estate. furniture and fixtures$12,684,756 $13,064.567 $11,125.603
Total
Liabilities
3150.000
$150,000
*150,000
Capital
1,000,000
1,000.000
800.000
Surplus fund
262,625
125.574
164.528
Undivided profits
5,295.154 6.343,741
5,236,593
Demand rieposits
5,826.977 5.445.252 4.774.483
Savings fund deposits
150.000
Bills payable on demand
$12,684,756 $13.064,567 811.125.603
Tot..1
3293.826
$350.923
$457,168
Trust dept.(additional)
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources$575,590$685,110
Real estate mortgages
3537.930
1,049.246 1,019.156 1,019,505
Stocks and bonds
426,442
Loans on collateral
429,643
351,394
443.552
Loans on commercial paper
363,263
350.700
145,454
Cash on hand
180,385
152,717
87.102
Cash on deposit
78.630
111,572
85.900
Reserve bonds
92,700
96.087
50.276
51,277
Bank bldg. & fixtures and oth.real est.
51,277
85,473
Other assets
56,831
31,034
$2,949,037 $2,957.995 $2,702.216
Total
Liabilities
$150,000
Capital stock
3150.000
$150,000
225.000
Surplusfund
200.000
150.000
Undivided profits
80,707
79,063
67.373
Reserve for int., taxes and expenses
6,000
10,000
6,000
1.149,5151,189,388 1,381,368
Demand deposits
Time deposits
1,271.465
1,135.269
943.702
Bills payable
50,000
200.000
Other liabilities
16,350
14.275
3,773
Total
32.949.037 32,957.995 $2,702,216.
FEi3. 19 1927.]
THE CHRONICLE
1023
Pennsylvania Co. for Insurances on Lives & Granting Real Estate Title, Insur. &
Trust Co. (Philadelphia).
Annuities (Philadelphia).
Resources-
Dec. 31 '26. Dec. 31 '20. Dec. 31 '24.
Dec. 31 '24. Real estate mortgages
$5.930.184 85.649.741 $4.749,172
1,698,860
$384,497 Stocks, bonds, &c
1.835,776
1,917.963
4,713,466 5.092.865 4.675.509
10,668.799 Loans
1,415,000
34.697.697 Real estate
1,415.000 1.400,000
Cash on hand and on deposit
4.869.924 2.373.603 3,179,562
19,072.431
666.911
1,983,099 Other assets
456.367
548.857
2,090,857
Total
$19,294,285 $16,823,353 $16.471,063
6,083.343
480,955
Liabilities
1.887 402 Capital stock
$2,000,000 82.000.000 $2,000.000
Surplus
4,060,000 3.500.000 3.500,000
Total
$99,680.278 $82,825.244 $77,349.080 Undivided profits
152,994
607.545
693.723
Liabilities
Reserve for depreciation, int. & taxes_
214,012
78.317
Capital stock
$4.000.000 54,000.000 $3,964,990 General deposits
12,282.760 10.016.621
9.906.152
Surplus fund
15.000,000 14,540,000 14.381,672 Other liabilities
644,519
620.870
671.188
Undivided profits
2,296,165
2,889.226 2.933,539
Reserve for depreciation
981,366
Total
150.000
1513,000
$19,294,285 $16.823.353 516,471.063
Deposits
71,294,637 57.998.210 55.303.8d, Trust department (ad(utional)
$29,485,002 $24,547.251 222.685,083
Interest payable to depositors
252,094
220,964
212,330
Bills payable Federal Reserve Bank
1926.
5,050.000
1925.
1924.
Rate of interest paid on deposits
Loans & comm. paper re-discounted2%.211.3%.3.65r and 4%-*
795.000
Dividends paid in calendar year
Other liabilities
113)4 reg. 343 reg.
11,016 2,826,844
402.652
21;1%
110 extra 105 extra
Total
$99,680.278 282,625.244 $77,349,080
Trust department (additional)
5402.727,5348363.054.2778330,536.292
AMOUTUM-Dec. 31 '26.
Cash on hand
$316.641
Duefrom banks and bankers
17.288,411
Loans on collateral
48.871,160
Stocks, bonds, &c
20.117.926
Mortgages
101,609
Commercial paper purchased
3.151,275
Reserve fund for protection of tr. bal- 7,111,056
Interest accrued
550,744
Other assets
2,371,456
Dec. 31 '25.
$279,519
12.462,274
39.128,380
16,942.870
81.609
2,764.424
8,089.948
499.320
2,376 900
The Real Estate Trust Co. of Philadelphia.
Pennsylvania Warehousing & Safe Deposit Co.(Phila.).
ResourcesDec. 31 '26. Dec. 31 '25.
Cash on hand
$23,819
$52.295
Due from banks and bankers
125,623
144.614
Accrued storage charges
39.295
45.545
Loans on collateral
426.041
457.928
Investment securities owned
413,243
946.115
Real estate, furniture and fixtures... 1,464.199
1.467.798
Other assets
38,503
52,079
Total
$2,530,724 23.166.374
Liabilities
Capital stock
$800,000 $1.000,000
Surplus and undivided profits
471.607
372.877
Depoalts
759,718
1,028.708
Reserve for deprec., int., taxes, &c
251,914
208,530
payable
Bills
150.000
410.000
Other liabilities
97,485
146.259
Total
$2,530,724 $3,166,374
Dec. 31 '24.
246,241
129.774
33,374
420.614
896.465
1.473,506
19.987
54.019,961
51,000.000
372,877
832.870
192,711
550,000
71,503
$3,019.961
Resources-
Lawful reserve bonds
Cash on hand
Due from banks and bankers
Call loans on collateral
Time loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Real estate
Other assets
Total
Liabilities
Capital stock paid in Common
Capital stock. preferred (full paid)
surplus
Undivided profits
:Milking fund for leasehold
Building renewal fund
Deposits
Dividends unpaid
Other liabilities
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24:
$272,000
$267.000
$267.000
310,038
322,570
318,952
1,134.944
873.535
820.901
3,381.697 3,610,542 2,623,533
5.000
32.750
204.650
130.975
137,275
4.011,056 3.941.917 3,927,741
3,131.956 3,131.956 3.131,956
15,070
19,438
19.439
812.461.411 812.302.933 $11.279.547
$1,319,600 $1,319,600 51.319,600
1.811,600
1.811.600
1.811.600
1,000,000 •1.000.000
1,000,000
472,616
367,613
282,504
413,610
307.191
277.969
158.046
105.690
100.690
7.248,947 7,357.038 6,462,148
192
455
480
36.800
33.748
24.556
$12,461,411 812.302,933 $11,279.547
$25,973,329 $25,029,796 $24.680,652
1926.
1925.
1924.
2%
2%
$220,053
$221.111
8220. 91
2
9
Total
Peoples Bank & Trust Co. (Philadelphia).
Trust department (additional)
Resources
Dec. 31 '26. Dec. 31 '25. Dec.31 '24.
Cash on hand
$161,379
Due from banks and bankers
1,515,662 1,535.357 1,201,181 Rate of Interest paid on deposits
Commercial & other paper purchased 5,908,172 7,316,828 6,337.662 Divs. pald In cal. year
Loans on collateral
4,928,142 3,712,086 2.291.024
Loans on call on one or more names
402,219
Bonds and stocks
5,431.096 3.722.746 3.153,358
Republic Trust Co.(Philadelphia).
Mortgages
610,520
469,120
945,578
Real estate
963,883
962,507
800,583
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Furniture and fixtures
109.325
103,925
80.700 Cash and reserve bonds
$870,995
$688,966
Customers' liability on acceptances
$679,404
5,340
58.260
156.603 Real est.,safe dep. vaults.furn.& fist.
357.737
359.736
Other assets
366,237
83,041
102,419
76.404 Loans on collateral
3
.177,645 2.881,70.5
2.866,897
Stocks and bonds
1,963,708
1.642.076
Total
1,022,705
$20.223,491 $18.194.841 $15,204,472 Accrued interest
33.190
29,191
31,530
Liabilities
Miscellaneous
6.983
8.281
6,242
Capital stock
$1,000.000 $1,000,000 $1,000,000
Surplus and undivided profits
448.537
Total
414.051
353,459
$6,410,258 85.609.955 $4.973,016
Reserve for deprec., int., taxes, &c
113,401
39.012
15,402
Liabilities
Deposits
18.610.032 16,647.240 13,654,064 Capital
Acceptances
$750,000
$500000
18.C45
72,358
156.603 Surplus stock paid In
$500,000
fund
Dividends declared, not paid
600.000
32.008
300.000
20.493
23,920 Undivided profits
300.000
Other liabilities
50,819
1,468
52.729
1.697
1.024 Reserve for depreciation of securities_
28.056
Total
4,968.936 4.676.037
$20.223.491 $18,194,841 $15,204,472 Deposits
4,081.766
Trust department (additional)
$922.588
36.250
$210,342
$565.878 Ground rent
36,250
Dividends unpaid
18,750
25,000
15.000
Accrued Interest and taxes
14.213
9.549
5.997
Other liabilities
7,540
10.389
Pilgrim Title & Trust CO. (Philadelphia).
5.947
Total
Resources56.410.208 55.609.955 $4.973,016
Dec. 31 '26. Dec. 31 '25.*Dec. 31 '24.
()rust department (additional)
Cash, specie and notes
$708,605
$10,250
$723,509
28,062
$692,316
$17,286
Due from approved reserve agents_
46.444
18,498
Due from other banks, trust cos., &c_
640
298
139
Commercial paper
126,751
150.003
209.393
Richmond Trust Co. (Phila.)
Time loans on collateral
11.662
24,283
47.811
Call loans on collateral
19,463
46.448
37.653
ResourcesDec. 31 '26. Dec. 31 '25. DK 31 '24
Loans on call on one or more names
18,250
Cash, specie and notes
5105.801
Loans on bonds and mortgages
888.665
670
$62.145
11,823
13,900 Due from approved reserve agents_
204,242
140,892
Bonds and stocks
12,373
128.031
45.487
72.648 Due from other banks, trust cos., &c_
221
219
Bonds & »Ages. owned & judgments_
77.865
213
74.675
8.500 Commercial paper
161
-.503
177.897
Office building and lot
59,613
203,080
59,563
69.875 Time loans on collateral
106,285
Furniture and fixtures
9.789
21,017
7,699
21,017
11.597 Call loans on collateral
85,500
179,699
Other resources
103
1.723
23,500
226 Loans on call on one or more names
151,950
Mortgages and Judgments
681,725
Total
511.326
$405.101
$461,881
338,955
$563,359 Bonds and stocks
388.748
410,432
378,612
Liabilities.
Real estate
59,951
60,760
Capital stock
$125.150
76.431
$125.150
$125,150 Furniture and fixtures
17,296
18.570
Surplusfund
68
5.249
8.542
10.807 Other resources
994
1,012
Reserve fund
44,940
1.814
Demand deposits
165,995
147,441
Total
316,149
$1,965,216 $1,599,261 $1,225,729
Time deposits
19,923
35.706
30,453
LlabililiesBills payable
31,025
91,045
62.800 Capital stock
Mortgages on bank building
$145.400
$143.200
18,000 Surplus and undivided profits
$139.200
Other liabilities
18,000
55.997
33.917
22.267
15.764
Reserve for depreciation
2.063
2,062
Deposits
Total
2405,101
$461,881
1.779,472
$563,359 Other liabilities
1,428.688
1.067.491
* Began business Aug. 11 1924.
4,364
3.044
3.274
Total
81.965.216 51.599,261 11.225.729
Provident Trust Co. (Philadelphia).
ResourcesDec. 31 '26. Dec. 31 '25.
Mortgages
$810.325
$856,825
Stocks and bonds
12,440,216 11,753.154
Commercial paper purchased
355.700
460,711
Loans on collateral
13,372.458 12,757.399
Real estate.. .. .. . .
814,281.
Cash on hand & duo from bks.& bkra. 2.928.737 2.779,457
Miscellaneous assets
260.339
284,295
Dec. 31 '24.
$1 ,124,356
11.661.574
249.326
12.581.555
223.555
2.584.733
46,187
Total
230,982,056 $29,645.381
Liabilittes
°spit il stock
$2,000.000 $2,000,000
Surplu*
5,000,000 5.000.000
Undivided profits
4,073.336 3,802.174
Special reserve fund
2,577,128 2,577.128
Reserve for taxes and other ila unities_
516,193
604,268
Deposit payable
,
15.715,399 15.161.811
Bills pay.,ble
1.100,000
500.000
Total
$30,982,056 $29.645,381
Trust department (ad,IL I Iona);„ Incl.
corporation trusts
199,437,913 180.410.953
1926.
1925.
Amt.of diva. paid on company's stock120% reg.) 120% reg.}
15% extra 15% extra
Este of int, on deposits (generally)._
2%
2%
828.471.286
$2.000,000
5.000,000
3.517.306
2.577.128
418.616
14.958.236
828.471.286
164,786,060
1924.
120% reg.‘
1517 extrai
0
2%
Roxborough Trust Co. (Philadelphia).
Resources
Cash on hand
Cash on deposit
Commercial paper purchased
Time loans on collateral
Call loans on collateral
Bonds, stocks, Ac
Mortgages and judgments
Office building and lot
Furniture and fixtures
Other resources
TotalLiabilities
Capital stock
Surplusfund
Undivided profits
Reserveforec., int.,tax & exp_
Demand deposits
Time deposits
Bills payable
Other liabilities
Total
Trust department (additional)
Dec. 31 '46. Dec. 31 '25. Dec. 31 '24.
$81,437
$85.763
$84.836
285.299
160.401
169.914
301.521
226.055
116.149
9,057
6.095
1.550
238,171
297.721
334,316
1.209,708
1.322,970
1.168,550
823,142
681.883
653,783
176,620
152,959
118.460
40,96,5
21.842
10.585
4.018
7.215
6.165
$33,168,039 52.968.909 $2,664.308
5150,000
225,0001
30,1581
18.788
1,276,449
1,401,194
50.000
16,510
$150.000
215.499
1150,000
194,600
1,406,746
1,182.664
1.078.993
1,226.715
14.000
14,000
$3.168.039 82.968.909 $2.664,308
5114.480
$118,026
$121,564
1024
THE CHRONICLE
*Security Title & Trust Co. (Philadelphia).
Dec. 31 '26. *Dec.31'25.
Resources
Cash, specie and notes
Due approved reserve agents
Due from other banks and trust companies
Bills discounted
Time loans with collateral
Call loans with collateral
Loans on call on one name
Loans secured by bonds and mortgages
Bonds and stocks
Bonds, mortgages and judgments of record
Office building and lot
Furniture and fixtures
0
Miscellaneous
$10,569
23,353
1.102
126.157
4,420
9,438
13,583
57,057
71,497
19,748
50.536
10.629
3,300
$11,399
16,518
1.102
90.944
9,975
25,522
Total
Liabilities
Capital stock
Surplus fund
Demand deposits
Time deposits
Due to banks, trust companies, &c
Notes and bills rediscounted or guaranteed
Bills payable
Other liabilities
$401,389
$443,298
$125.600
2,524
179,302
38,643
15.120
15.000
$125.546
4.644
159,750
60.258
12,500
15,500
40,000
25,100
Total
*Began business April 25 1925.
Sixty-Ninth Street Terminal Title &
ResoureesCash,specie and notes
Duefrom approved reserve agents es,&c
Duefrom other banks,trust compan
Bills discounted
Time loans with collateral
Call loans with collateral
Loans or call on one or more names
Loans secured by bonds and mortgages
Bonds & stocks
Bonds, mortgages and judgments owned
Office building and lot
Other real estate
Furniture and fixtures
Other resources
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for interest, taxes and expenses
Demand deposits
Time deposits
Due to banks and trust companies
Bills payable
Otherliabilities
Total
Trust department
25,200
$401,389
142.800
56,710
27,575
50,537
9.897
319
*Susquehanna Title & Trust Co. (Philadelphia).
Dec. 31 '26. Dec. 31 '25.*Dec. 31 '24.
Resources
$44,618
$19,515
$20,423
Cash, specie and notes
26,783
42,599
57,202
Due from approved reserve agents__
10,000
15.000
15,000
Legal reserve securities
46,886
74,096
85,038
Commercial papa.
25
31,945
46,835
Time loans with collateral
276,332
17.100
54,853
Call loans with collateral
44.730
Loans on call on one name
170.825
Loans on bond and mortgage
28.320
89,109
165.896
Bonds
18,915
3,800
Mortgages and judgments of record_ _
109.569
100,077
109,640
Office building and lot
9,768
3.708
20.992
Furniture and fixtures
338
663
1,824
Other assets
$697,186
$241,980
$793.258
Total
Liabilities
$150,000
3132,804
$150,000
Capital stock
11,187
15.000
15,000
Surplusfund
5.246
2,956
Undivided profits
3.103
6,075
Reserve for depredation
76,042
270,380
357,906
Demand deposits
1,987
134,957
192,821
Time deposits
98,500
68,500
Bills payable
20.000
20,000
Other liabilities
$697,186
$241.980
$795,258
Total
$5,438
Trust department (additional)
*Began business Dec. 13 1924.
$443,298
Tacony Trust Co. (Philadelphia).
Resources
Real estate mortgages
Stocks and bonds
Trust Co.(Phila.). Loans on collateral
Loans on personal securities
Dec. 31 '26. Dec. 31 '25. Loans on call on one name
$67,184 Real estate
$75,965
119.098 Cash on hand
119.514
13,317 Cash on deposit
42,401
185,584 Other assets
196,762
57,920
88,845
Total
174,388
227,710
Liabilities
75,011
Capital
873.063 Surplus stock
771,712
fund
449.899
494,856
342.443 Undivided profits
208,520
132.494 Deposits us
132,494
13,674 Miscellaneo
150,902
Total ,
20,749
23,785
9,385 Trust department (additional)
57,583
$2,666,060 $2,459.198
5375.000
150.000
51,982
12,052
1,292,572
763,738
10,617
10,099
[Vol,. 124.
$375.000
150,000
46,014
20,375
1.266.650
442,864
15.275
143,000
20
$2,666,060 $2,459,198
$28.199
$34,314
Southwark Title & Trust Co. (Philadelphia).
Dec. 31 '28. Dec. 31 '25. Dec. 31 '24.
$784.674
5836,475
$896,539
791,787
782,424
842,836
378,436
545,396
400,542
64.498
85,882
95,984
135,497
56,756
70.254
72,679
149.358
92.851
127,635
136,987
134.654
68,420
2.603
269
18.252
32,658,184 32.548.205 32,385,099
$150,000
$150,000
3150.000
150.000
150,000
200.000
88,994
104,608
105.340
1,975.077
2.143.585
2.202,539
1.028
12
305
52.658.184 $2.548.205 $2,365,099
$2.080,572 $2.035,838 $2,147,022
Tioga Trust Co (Philadelphia).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources$999,707 $1.032.576 $1,040.368
Bonds. stocks, &c
66.775
49.060
77,382
Real estate
606,385
792.070
1,045,397
Mortgages
410,058
271,463
282,334
Loans with collateral
201,204
Loans on call on one or more names_
376,694
231.446
225,416
Commercial paper purchased
126,956
125,682
100,831
Due from banks
58,412
76,944
103,062
Specie and notes
89.151
499.831
19,950
Other assets
32.774.799
53.055.283 33.079,072
Total
Liabilities
3125.000
$125,000
$125,000
Capital stock
123.048
155,809
184.532
Undivided profits
54,816
for depredation
Reserve
2,508,506 2.467.332 2,405.080
Deposits
121.671
330.931
182.429
Other liabilities
33.055.283 53.079.072 52.774,799
Total
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources$40,432
251.439
$51.283
Cash on hand
102.821
114.299
Trust Co.(Philadelphia).
158,351
agents....
Due from approved reserve
1.128 *United Security Life Ins. &
Jan. 1 '27. *Jan. 1 '28. *Jan. 1 '25.
Due from other banks,trust cos., &c_
400.336
Resources
375.842
423,146
paper
Commercial
$3,382,316 $3,163.293 $3,048,121
22,550 First mortgage loans
20.060
23,072
954,522 1,079,208
991,784
Time loans with collateral
31,385 Bonds and stocks
26.384
104,970
2,813,220 2,557,232
2,748,273
Call loans with collateral_
258.145 Loans on collateral
742.236
653.139
362,424
667,818
668,390
Loans secured by bonds & mortgages119,457 Commercial paper
148.263
311.424
451,970
458,195
454,934
Bonds
896,500 Banking house and other real estate-427.800
555,750
753.425
685,892
758,310
Mortgages
Cash on hand and deposit
143,741
141.741
6.370
11.742
2.100
Office building and lot
4,800 Other assets
22.154
22,547
Furniture and fixtures
, 19.930
25.109
$9,006,107 38,754.682 38.285.7W
Total
22,387
Other assets
Liabilities
51.000,0E0 $1,000,000 $1,000.000
$2,467.810 $2,097.327 $1.697.484 Capital stock
Total
0
.00
09 6
1,000.000 1.090.13
1,000,000
Surplus
157,338
232,037
Liabilities
$125,000 Undivided profits
$125,000
$125,000
126.353
144,531
158,167
Capital stock
125,000 Reserve
125,000
125.000
250,000
200,000
Surplusfund
59.786 Bills payable
77,081
6.033.269
92.020
Undivided profits
15.054 General deposits payable on demand. 6.415.903 6.202 513
31,676
37,779
Reserve for interest, taxes & expenses
$8.754,682 a8.2a5.750
560.973
$9,006,107
705.732
Total
806.523
Demand deposits
613,671 Trust department (additional)
34.478,856 34.499.523 34,305.639
706.838
973,988
Time deposits
150,000
115.000
130,000
* Wayne Junction Trust Co. was absorbed by the United Security Life
Bills payable
48,000 Insurance & Trust Co. as of March 3 1924. The above statement is the
7.000
89,500
Notes and bills re-discounted
204.000
88,000
combined results of both companies forhall periods.
Other liabilities
52.467.810 $2.097,327 31,697,484
West End Trust Co. (Philadelphia).
Total
$24,602
$54.170
594,678
Trust department (additional)
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources-$1.409,004 31.848.974 51.538.903
Caah on hand and due from banks_
Loans on coll. & on bonds & mtges--- 15,864,019 16,418,514 13,450,980
5,685,598 4,437,784 5,405,516
Investments. stocks and bonds
Title & Trust Co. (Philadelphia).
Suburban
1.000.0001 1.115.2081 1,000,000
Real estate, furniture and fixtures.,.
1
120.289
105.104!
Dec. 31 '26. Dec. 31 '25. Other resources, accrued interest,._
Resources$106,931
$112,384
324.083.725 323.820.480 321,515.697
Cash, specie and notes
Total
128,888
75.834
Due from approved reserve agents
Liabilities76,000
91,000
32.000.000 32.000.000 32,000.000
Legal reserve securities, at par
2,937 Capital stock
1.800,000
2.000.000
2,000.000
Exchanges for clearing house
137,463 Surplus
162,302
454.037
478,391
749.488
Bills discounted-Upon one name
52,751 Undivided profits
80,571
384,519
Upon two or more names
37,135 Reserve for depreciation
143,913
18,158,726 18.707.646 16,911,660
Time loans with collateral
28,500 Deposits
77.025
770.993
350,000
634.443
Call loans with collateral
193,825 Other liabilities
84,160
Loans on call, upon one name
324,063.725 323.820.480 $21.515.697
203,475
212,063
Total
Loans secured by bonds and mortgages
512.365,924 311,336,524 $11,425,714
183.336
368,304
department (additional)
Bonds
698.375 Trust
471.461
1924.
1025.
1926.
Bonds and mortgages owned
76,580
10%
,
1015
of record
Judgments
200.000 Dividends paid in calendar year
95.495
2% demand:4% time-----real estate
Office building and lot and other
26,592 Rate of interest pald on deposits
31,515
Furniture and fixtures
594
471
Overdrafts
1,269
Philadelphia Title & Trust Co. (Philadelphia).
2,207
above par
Book value of legal reserve securities
20,933 West
Dec. 31 '26. Dec.'311'25. Dec. 31 '24.
16,647
assets not included in above
Resources
Other
32.171.006 21.755,234 $1,154,250
mortgages
4.276,775 4.703.803
4.134,754
$2,625,351 $2,175,584 Real estate bonds
Total
Stocks and
3,161,203 3.123.314 2,742,834
collateral
Loans on
170,009
269.911
524,850
Liabilities
$250,000 Real estate
$250,000
792,578
754.534
814,377
Capital stock paid in
50,000 Cash on hand and on deposit
50,000
136,028
156.396
177.890
Surplus fund
49.917 Other assets
92,807
Undivided profits less expenses and taxes paid_
17,104
310.984,080 310.336.164 $9,700,402
12,238
Total
Reserved for interest, taxes and expenses
1.017,196
920.360
Deposits subject to check
$500,000
$500,000
$500,000
30,000 Capital fitOCk paid In
a
50,000
Deposits, Commonwealth of Pennsylvani
750,000
850.000
4.135 Surplus
9010,000
6,114
Certified checks
160,474
108,355
719 Undivided profits
96.108
1,145
checks
Treasurer's
12.315
8,648,797 8,175.660 7,759,441
5,440
Time certificates of deposit
465,000
4,227 General deposits
650,000
715,000
7.857
Special time deposits
65.487
52.149
383,798 Bills payable
124.175
537.550
Time saving fund deposits
49.937 Other liabilities
reserve
6.998
310.984,080 310.336.164 39,700,402
Due to banks, trust companies,&c.,excl.
Total
45,000
4,393,925 33.417.394 52.805,516
Notes and bills rediscounted or guaranteed
130,000 Trust department (additional)
75.000
1024.
1925.
Bills payable on demand
131,236
3.842
2 to 4%
2 to 4% 2,,to 4%
Other liabilities not included in above
int. on dep. of $500 & over__
Rate of
18%
18%
18%
calendar year
52.025.351 32,175,584 Dividends paid in
Total
FEB, 19 1927.]
THE CHRONICLE
Wharton Title & Trust Co. (Philadelphia).
Resources-
Cash, specie and notes
Due from approved reserve agents_ _ _
Commercial papa'
Time loans with collateral
Call loans with collateral
Loans on call on one or more names._
Bonds
Mortgages
Office building and lot
Furniture and fixtures
Other assets
Total
Liabilities
Capital stock
Surplusfund
Demand deposits
Time deposits
Bills payable
Other liabilities
Dec. 31 '26. Dec. 31 '25.*Dec. 31 '24.
$16,793
$12,113
113.861
39.040
45.524
21,452
169.965
151,162
134,385
112,800
30,165
58.225
85.156
117,297
26.663
26,038
54.841
33,500
10.500
98,700
96,100
52,948
52.885
48,110
2.868
3,819
3.260
14,646
29.125
41.539
$574,290
$454.095
$157.700
8,500
183.184
178,862
45,000
1.848
1153.200
5.870
186.967
141,033
70,000
17.220
$137,300
17,163
145,245
105.272
35.000
14,115
$575,095
Total
1575.095
$574.290
$4454,095
* Began business in 1924.
1025
*Wyoming Bank & Trust Co. (Philadelphia).
Resources-Dec. 31 '26. Dec. 31 '25.* Dec.31 '24.
Cash, specie and notes
$39.881
$48,796
$25,240
Due from approved reserve agents
86.808
101,046
Legal reserve securities
30.000
30,000
14,975
Commercial paper
70.456
73.827
145,282
Time loans on collateral
50,935
55.110
73,430
Call loans on collateral
580,265
691,860
164,440
Loans on call on one name
261,500
Bonds and stocks
485,762
443.749
376,984
Mortgages and judgments of record
175,908
135,823
104.625
Office building and lot
110,947
110.089
107,285
Furniture and fixtures
21,213
20.667
17.876
Customers'liability on letters of credit
vise
and acceptances
3,000
1,050
Accrued interest
9,640
9.275
3,545
Total
11,923,315 $1.723,241 $1,105,216
Liabilities
Capital stock
$200.000
$200.000
$200,000
Surplusfund
100,000
70,000
40,000
Undivided profits
11,737
13.621
18,887
Demand deposits
895,715
905.609
539,929
Time deposits
707,863
531,011
306.350
Miscellaneous
8,000
3.000
1,050
Total
$1,923,315 $1.723,241 $1,105,216
* Began business in 1924.
BALTIMORE COMPANIES
*American Trust Co. (Baltimore).
Resources
Loans and discounts
Stocks, bonds, securities, &c
Banking house
Furniture and fixtures
Due from banks, bankers and trust companies
Due from approved reserve agents
Cash
Miscellaneous assets
Total
Liabilities
Capital
Surplus fund
Undivided profits
Demand deposits
Savings and special deposits
City of Baltimore deposits
Bills payable
Mortgage account
Unearned discount
Total
* Began business in 1926.
Commerce Trust Co. (Baltimore).
*Dec. 31 '26.
1956,588
176,015
156.644
4,141
7,775
59,387
5.805
13,039
11.379,394
$500,000
100.000
5.082
392,570
168,535
50,000
25,000
132.000
6,207
$1.379,394
*Baltimore Trust Co. (Baltimore).
RCM:1111"MDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans and discounts
$33,502,485 $35,829,578 $227,125,260
Bonds,securities,&c
• 10,932,603 10.364,625 9,591.754
Banking houses, furniture & fixtures 2,368.053
1,821,766 1.576,600
Customers'liability acct. acceptances 4,202.228 5,810,164
2,415,068
Customers'ilab,under letters ofcredit
396,934
537.425
352,837
Interest earned, not collected
226,887
215,602
190,143
Cash and due from banks
11,963.548 13.685,963 12,700,058
Miscellaneous assets
221.165
51.978
127.403
Total
$63,813,903 168.317,101 $54,079.123
Liabilities
Capital
$3,500,000 23,500,000 $3,000.000
Surplus
3,500,000 3,500,000 4,000,000
Undivided profits
670.822
527,539
678,835
Due to banks, bankers and trust cos-- 2.734.286 2.900.801
Other demand deposits
26,372.818 28.189,591 42,442.371
Time deposits
20,733.129 22,064,639
Unpaid dividends
109,535
118,226
107.243
Interest collected not earned
171.667
189,252
124,994
Reserves for taxes, interest, etc
303,484
230.767
88,477
Acceptances
4.821.228 6,058,861
2.726,584
Letters of credit
396,934
537.425
352,837
Bonds borrowed
500.000
500,000
500,000
Miscellaneous
57,782
Total
$63.813.903 $68.317.101 $54.079,123
*On Jan. 31 1925 the Atlantic Exchange Bank & Trust Co. was
merged
with the Baltimore Trust Co. Above figures are the combined results
of
both companies for all periods.
Resources
Dec. 31 '26. Dec. 31 '25. Dec. 311 24.
.
Investments
81,176.2525891.292 $1,192,062
Loans and discounts
2,025.732
1,905,9061,806,918
Banking house equity
230.000
225.000
250,000
Accrued interest
16.923
21.362
Furniture, fixtures, organization, &c_
1
1
1
Customers' liability on acceptances
30.000
52.857
Customers'liability. acct. Jetts of cred
7.350
Customers liability on rediscounts_
100.000
91,067
Cash
744,043 1,308.657
660,985
Other resources
12.864
1.977
25.776
Total
$4,313,165 14.475.262 $3,988,599
Liabilities
Capital stock paid in
8750.000
1750.000
2750.000
Surplus, paid in
250.000
250.000
250,000
Undivided profits
67.886
60.969
57,337
Unearned interest
8,902
11,085
8,608
Reserve for taxes, &c
7,000
Rediscounts
100,000
91.067
Dividends unpaid
13,700
9.777
220
Interest accrued
9.551
4,423
560
Bills payable
50.000
400,000
Acceptances paid
30.000
52.857
Letters of credit issued
7.350
17,412
Deposits
3,052.885 3,271.805 2,440,735
Other liabilities
2,891
Total
54,313,165 $4,475,262 $3,988,590
(The) Continental Trust Co.(Baltimore).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans and discounts
$9,614.681 57,230.423 55,167,062
Stocks, bonds. securities, &c
2,705.972
3,640.654 3,242,791
Banking house,furniture and fixtures 1,550.000
1,550,000
1.550,000
Due from banks, bankers and tr. cos..
569,189
516.570
912,323
Checks and cash items
26,665
Due from approved reserve agents
678.393 2,162,277
1,623,450
Exchange for Clearing House
1,226.485
793,198
1,182,023
Cash on hand
34,085
35,012
24,536
Customers' liability on acceptances_
.
100.000
100,000
Total
$16,378,805 $16,028,134 $13.828,850
Liabilities
Capital stock paid in
11,350.000 11.350,000 $1,350,000
Surplus fund
1.350.000
1.350,000
1.350,000
Undivided profits
647,061
551.799
449,403
Due to banks, bankers and trust cos321,538
572,196
177.980
Deposits (demand)
11 ,460,872 9,945,590 9,079.972
Deposits (time)
1,249,334 2,258,549 1,321,495
Domestic and foreign acceptances
100,000
Total
$16,378,805 $16,028.134 $13,828.850
Equitable Trust Co. (Baltimore).
Century Trust Co. (Baltimore).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans and discounts
$12.647.128 $13,238,463 510,406,497
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31
'24. Overdrafts, secured and unsecured_
4,589
Loans, secured
920
$7.073,441 $7,246,909 $2,954,195 Stocks,
bonds, securities, &c
7,485,062 6,751.586 7,114.182
Investments
1,938.867 1,054.308
786.538 Bank. house, vaults,turn. & fixtures..
250,000
250.000
Equipment
250,000
15.052
10,552
7,878 Due from banks, bankers & trust cos_
67,1261
Cash on hand and in banks
13,534
1.175,111
1,595,560
539,659 Due from approved reserve agents
1 3,313,341 {2.278.326
1.998.849
Interest earned, not collected
52.054
35,266
20,137 Lawful money reserve in bank
1
314.792
Cust. liab. accr. letters of credit
226,315
10,000
5.000
Accrued interest receivable
. .....4
156,2681
Cust. liab. acct. commitments
158.000
Miscellaneous
55,613
183.250
168,596
Total
110.264,525 110.105,595 54.308,407 Credit granted on acceptances
70.402
Liabilities
Capital
Total
51.000.000
$23,907,412 $23.088.132 $20,289.295
$500.000
$500.000
Surplus
Liabilities1.700.000
600,000
•
500,000 Capital stock paid in
Undivided profits
146.322
$1,250,000 81,250.000 51,250.000
102,855
50,088 Surplus fund
Reserve for taxes
63.497
1,250,000
43,794
1,250,000
1,000.000
5,000 Undivided profits
Reserve for depreciation
10,000
377.119
187,103
5.000
331,891
1.000 Due to banks, bankers and trust
Reserve for contingencies
cos_
10,782
8.500
571,722
433,748
Reserve for div. payable Jan. 2 1925_
20,231.168
269.868
191.591
15,000 Due to approved reserve agents
Reservefor interest
Deposits (demand)
22,307
10,610'
ll .981.549 10.736.182
2•54
° Deposits
Interest collected, not earned
31.703
16.572
I. 6,620.607 5,939,260
10,706 Domestic(time)
Letters or credit
and foreign acceptances
10.000
5,000
70.402
Dividends unpaid
Commitments
158,000
31,268
31,163
Deposits
7.269.914 8,655.265 3,224,088 Notes and bills rediscounted
24,662
Reserved for taxes, interest. &c ---Total
275,335
226,119
180.291
$10,264,525 $10,105.595 14,308,407 Bills payable
500.000
700,000
Miscellaneous
23.790
Colonial Trust Co. (Baltimore).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 24.
Loans and discounts
$828,890
$679.457
$528,358
Overdrafts, secured and unsecured481
2.903
Stocks, bonds,securities, &c
1,075,492
1.022.917
1.052.599
Mortgages
285,650
280.586
265,336
13kg. house, turn., fixtures & vault
153,989
155,137
153,922
Other red estate
26.498
26.498
26,498
Checks and cash items
745
107
Due from approved reserve agents__ _
251,542
208,731
224,538
Lawful money reserve in bank
15,807
23,132
19,322
Miscellaneous
5.084
4.289
2.729
Total
12,493,519 52,551,406 $2.276.310
Liabilities
Capital stock paid in
$300,000
$300,000
$300,000
Surplus fund
100,000
200.000
100,000
Undivided profits
52,018
122.870
68.111
Deposits
1,937,786 2.023.636
1,808,199
Reserve for taxes
3.715
4,900
Total
$2,493,519 $2,551,406 $2.276.310
Total
$23.907.412 $23.088,132 $20.189.295
Maryland Trust Co. (Baltimore).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans
$6.353.701 $35,190,746 $4.662.350,
Stocks, bonds. securities, &c
2.418,920 3,206.985 3.880.145
Due from banks, bankers & trust cos_ 2.372,152 1,834.275
1.369,200
Cash on hand and on deposit
1,222.593
842.763
885,402
Banking house and office building__ _
655.000
645,000
635.000
Miscellaneous assets
103,338
86,053
98.976
Total
$13.101,342 $11.848.462 811,512.796
LiabilitiesCapital stock paid in
000,000 $1,000.000
$1,
Surplus earned
500.000 51,000.000
500,000
Undivided profits
221,342
292.398
637,236
Reserve for taxes, Interest. &c
25,276
26.581
16,265
Deposits
11.282.363 10,101,845
9.859.295
Total
$13,101.342 811,848.462 511,512.796.
[voL. 124.
THE CHRONICLE
1026
Security Storage & Trust Co. (Baltimore).
Fidelity Trust Co.(Baltimore).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources$14,610,040 $10,435,744 $8,620,825
Loans and discounts
482
1,199
secured and unsecured
345
Overdrafts,
8,720,303
7,958,734
9.177.046
Stocks, bonds, securities, &c
8.581
3,775
12,823
Due from banks, bankers & trust cos.
2,936.189
3.566,800
3,295,891
Due from approved reserve agents
310.755
282,814
323,650
Cash on hand
107,256
cust'rs under letters of cred
Due from
108,100
57.754
28,574
Miscellaneous assets
$27,555,625 $22,306,820 820,705.235
Total
Lint?:liliesCapital stock paid in
51 .000.000 $1,000,000 $1,000,000
2,000,000
2,000.000
2,000,000
Surplus fund
240,744
343,073
439,015
Undivided profits
1,706,304
1,548.077
Due to banks, bankers and trust cos_ 1,427,230
256.976
339.296
374,988
Due to approved reserve agents
16,070,973 16,998,263 15,418,513
Deposits (demand)
33.363
32,489
36,000
Reserve for taxes and interest
530,152
Certificates of deposit
5,241,471
Trust deposits
300,000
City of Baltimore deposit
107.256
Liabilities under letters of credlt
49.335
45,622
28 539
Other liabilities
527,555,625 $22,306,820 820,705,235
Total
1924.
1925.
1926.
1935%
24% 20 reg.4 ext
Divs. pd. on co.'s stk, in cal. year....
-2% daily, 3% monthly acc'tRate of interest paid on deposits
.
Mercantile Trust & Deposit Co (Baltimore).
Dec. 31 '26. Dec. 31 '25.
Resources814.592.939 $15,174,521
Loans and discounts
6,766,554
6,732.365
Stocks, bonds, securities, &c
100,000
100.000
Banking house, furniture and fixtures
2,626.068
1,908.491
Cash on hand and on deposit
100.358
44,369
,
Unsettled bond accts. & accts. recall 67.136
21.467
Foreign department
466,637
410,087
Clearing House exchanges
$23.809,718 $25,301,274
Total
Liabilities
$1.500,000 51,590,000
Capital stock, paid in
3,500.000
3.500.000
Surplus fund
286,693
342,944
Undivided profits
213,202
201.246
Reserve for interest and taxes
14.033.179 14,478,413
Deposits (demand)
5.334.922
4,220,393
Deposits (time)
323,809.718 525,301,274
Total
Dec. 31 '24.
$11,780,779
7,665.706
100.000
2,686,598
15,885
91.083
578,820
$22,918.871
51,500,000
3,500,000
219,437
28,256
13,665,229
4.005.949
522,918,871
Safe Deposit & Trust Co. (Baltimore).
ResourcesStocks and bonds
Loans, demand, time and special
Mortgage loans
Cash on deposit in banks
Bills receivable
Real estate
Accrued interest receivable
Other assets
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserve for taxes &c
Deposits
Deposits, trust funds
Total
Dec. 31 '26.Dec. 31 '25. Dec. 31 '24
$9,389,228 $14,696,864 $12,816,341
2,658,824
3,158.019
3,635,597
266,027
199,346
151,753
5,481,729
2,519.709
2,357.654
244,000
218.200
321,000
100,000
100,000
100,000
19,094
27.726
17,698
3.478
6,955
10,288
$15,883,636 $23,981,611 $18,634,283
51.200,000 51,200,000
3,600.000
3.600,000
315.619
• 636,266
164,853
172,265
8,118,315 16,960,029
1.741,110
2.156.790
516.883.636 $23.981,611
ResourcesLoans and discounts
Stocks, bonds, securities, &c
Warehouse and fee simple lots
Mortgages •
Cash on hand and in banks
Miscellaneous assets
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
$321,139
$288,429
$362,158
888,634
722,298
893,829
218,196
212,047
209.788
127,732
287,126
377,207
97.645
102.631
126.617
57,903
70.815
66,684
Total
Liabilities
Capital stock paid in
Surplus (earned)
Undivided profits
Contingent fund
Reserve for interest and taxes
Deposits (demand)
Deposits (savings)
Deposits (trust estate)
82.036.283 81,670,434 $1,724,160
Total
Trust department(addl)
82.036.283 81,670.434 51.724,160
51.813,857 $1,920.761 51,731.509
5200.000
200,000
65.187
18,587
18.160
633,941
750,269
150.139
200,000)
200,000f
55,187
12,587
17.488
495.545
689.628
5200,000
231,381
16,000
637,159
639,620
Title Guarantee & Trust Co. (Baltimore).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans and discounts
53.675.380 $3.929,771 $3,520.678
2,634,784
2,346.946
Stocks, bonds,securities. &c
1.995.140
416,200
416,200
Banking house,furniture and fixtures
600.200
1,645,588
1,897,834
Mortgages and ground rents
3.427,200
73,155
51.937
Due from banks, bankers & trust cos_
37.932
27,275
Equity in other real estate owned
33,966
24,559
17,394
Checks and cash items
20,238
571,388
504,454
Due from approved reserve agents
749,850
66,524
84.718
Lawful money reserve in bank
72,780
29,770
Accrued interest receivable
24,198
46,646
Miscellaneous
3,100
4.096
Resources-
Total
510.663.428 59,303,827 58,982.646
Liabilities
$400,000
Capital stock paid In
$400.000
$400.000
500,000
Surplus
600.600
900.000
27,796
Undivided profits
28,664
28.818
535.252
Due to banks, bankers & trust cos..526,771
506.409
4.375,449
Deposits (demand)
4.424.830
4,002.421
2,802,880
Deposits (time)
3,638.880
4.319.520
305,720
Building loan deposits
33.898
62,184
35,549
Reserve for interest on deposits
50,153
44,907
Total
510.663.428
59,303,827
58,982,646
Union Trust Co. (Baltimore).
ResourcesLoans and discounts
Stocks, bonds, securities, &c
Banking house,furniture & fixtures
Other real estate
Cash and exchange
Credit granted on acceptances
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
518.832.424 515,990,507 511,553,807
4.509.144
4,733.355
4,307.611
450,000
450.001
450.000
142,400
386.979
344,227
3,640,853
3.960.825
3,705,056
150,000
Total
528,139.372 $25,223,145 $20,244,671
Liabilities
$750,000
Capital stock paid in
51,000.000 51,000.000
51.200.000 Surplus fund
1,000.000
750,000
1,000.000
3,000,000 Undivided profits
619,997
491.653
242,571
724,469 Reserve for interest and taxes, &a._
82.987
89,143
62.849
197,043 Deposits
25,436.388 22,642.349 17,040.102
10,660,611 Fiscal agents' balances
1.399,049
2,852,160
$28,139,372 $25,223,145 $20,244,071
Total
$18,634,283
CHICAGO COMPANIES
Central Trust Co. of Illinois (Chicago).
Dec. 31 '26.
Be4OUTCP.4538,088.625
Time loans
29.676.477
Demand loans
2,888,359
Real estate loans
1,672,553
U. S. Government securities
10,212,568
Bonds and storks
270.000
Capital stk. of Fed. Res. Bank, Chic_
775,000
Bank premises
444,696
Customers' Habil. on letters of credit..
93,898
Customers' liability on acceptances
23.414.434
Cash and sight exchange
107,536,610
Total
Liabilities
56.000,000
Capital
3.000.060
Surplus
1,624,992
Undivided profits
809,937
Reserved for taxes and interest
180.519
Dividend account
458.461
Letters of credit outstanding
93,898
Acceptances executed for customers
95.368.803
Deposits
Total
107,536.610
Dec. 31 '25. Dec. 31 '24.
$33,721,747 529,075,708
32,994,050 37,260,934
4,168.847
3.185,812
1,841,479
6,319.377
5,268.582
6,073,553
270,000
210,000
775,000
775,000
380.878
326.235
130,381
132,434
23,509.159 24,748.762
102,077,087 109,090,850
56,000.000 56,000,000
3,000.000
3,000.000
1,028,570
1,443,180
722.525
725,680
180,609
180,723
401,678
334.675
130.381
132,434
90.195,445 97,692.037
102,077,087 109,090,850
Continental & Commercial Trust & Savings Bank
(Chicago).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
5303,990
$491,757
Real estate
$276.552
1,193,116
Cash on hand
1,075,250
697.205
Deposited in other banks
33.456.589 28,607,878 14,557,933
2,380,109
Cash In hands of agents and in transit 6,233,977
3.832,469
3,023,149
Loans secured by first lien on real eat.. 4.882,996
4,771,086
Loans upon pledges of securities
39,569.821 26,490,778 23,531,425
Stocks and bonds
33.898,058 47.782.232 60,581,623
6.688,993
Other assets, including accrued int
6,795,694
7.357.870
Total
$126,373.068 119,659.3775112,448.105
Liabilities
Capital stock paid in
55.000.000 55,000,000 $5,000,000
10,000.000 10.000.000 10,000.000
Surplus on hand
1.707,560
1,013,914
1,853,766
Undivided profits
107.386.800 100.320.238 93,952.769
Deposits
2.278.708
2.485 373
2,481,422
Other liabilities
5126.373,0685119,659,3775112,448,105
Total
ReSOUITM--
Equitable Trust Co. of Chicago.
Dec 31 '26. Dec. 31 '25. Dec. 31 '24
5518,735
5899.607
Cash on hand and due from banks__ 5611,049
257,752
268,784
265,246
Bonds
1,315.759
1,093,013 1 2,327.776
Loans secured
1,514,812
1.467,371 f
Loans unsecured
123.500
75.000
75.000
Banking house
18,100
19.891
17,544
Furniture and fixtures
7,821
8,053
7,943
earned
Interest
53,848.793 $33,831,719 53,212,244
Total
Liabilities
5250,000
$250,000
5250.000
Capital stock
50.000
50,000
50.000
Surplus
39,535
21,982
21.588
Undivided profits
5,000
5.159
3.500
Reserved for Interest and:taxes
17.218
16,399
13.049
Interest earned
150.000
100,000
Bills payable
3.337.040
3,488.179
2,774.107
Deposits
53.848,793 $33,831,719 $3,212.244
Total
ReSOUTM--
Chicago Trust Company (Chicago).
ResourcesDec 31 '26. Dec. 31 '25. Dec. 31 '24.
Cash on hand and on deposit
58,402.628 57.165,986 56.373,641
3,863.941
Loans secured by first lien on real est.. 3,209.573
4,899.512
Stocks and bonds
2.416,088
2,576.105
3.170,103
Loans and discounts
19,135,498
Overdrafts
667
417
525
Customers' liability under letters of
268.745
credit and acceptance
653.823
428.399
Other assets, incl. accrued interest
902.766
466.252
492,840
Total
535.474.808 530.623,267 $29,015,799
Liabilities
Capital stock paid In
$2,000,000 52,000,000 $1,500,000
500,000
Surplus
1,000.060
1,000.000
531,324
284.272
Undivided profits
678.181
Deposits
30,175.425 25,919.833 25,227.756
45,000
60.000
Dividends unpaid
60.090
239.556
Interim certificates outstanding
268.226
100.000
Contingent fund
100,000
108,050
125.660
Reserved for interest and taxes
181.866
Liability under letters of credit and
428,399
268.745
653.823
acceptance
416,100
465.547
357,197
Discount coll. & unearned
418,824
Other liabilities
$35.474.808 530,623,267 529,015,799
Tdtal
First Trust and Savings Bank (Chicago).
Dec. 31126.
ResourcesCash on hand and due from banks___510,443,526
5.168.743
Due from Federal Reserve Bank
Cash in hands of agents and in course
1.661.306
of transmission
77.027,802
Loans and discounts
48,926,728
Stocks and bonds
Customers' liability for acceptances_..
450.000
Federal Reserve Bank stock
4,451.600
Real estate
288.055
Other assets
$148,417.760
Total
Liabilities
57.500.000
Capital stock paid in
7.500.000
Surplus on hand
3.994.972
Undivided profits
121,028,049
Deposits
Acceptances
3.314.855
Reserved for interest and taxes
5.079.884
Other liabilities
$148,417,760
Total
*Includes 54,192,599 deposits in other banks.
Dec. 31 '25. Dec. 31 '24.
57.747.383 $5.320.160
5.713,033
5,132.331
2,072,354
4,096,829
69,504,226 59,623,704
55,941,191 60,670,279
1,725,000
375,000
375.000
4.348,142
3,037.775
774.738
405.392
146,476,057 140,386,470
57,500.000 56,250,000
7,500,000
6,250,000
2.966,654
3,979,948
123,425.334 117,942,796
1,725,000
3.460,305 3,110,198
1.623.764
1.128.528
146,476.057 ITOW31, 147
7
(The) Foreman Trust & Savings Bank (Chicago).
Resources
Cash on hand and on deposit
Loans and discounts
Bonds and securities
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits
Unearned interest
Reserved for taxes and interest
Total
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
54.008.394 $2,794,892 $2,460,427
9.725.912
8,797,126
8,130,871
4.141,740
3,339,889
1.922.256
517.876.046 $14,931,907 $12,513.564
$1,000.000
51,000.000 51,000.000
1.000.000
500,000
600,000
447,002
151.423
433,153
15.156.220
12,810,485 10,752,264
42,424
41,328
37,249
230.400
146,941
72.617
517,876.046 $14,931,907 $12,513,554
FEB. 19 1927.]
THE CHRONICLE
Greenebaum Sons Bank & Trust Co. (Chicago).
Dec. 31•'26.
Resources$24,314,803
Loans and discounts
916,468
U.S. bonds and certif.of indebtedness
1.628,213
Other bonds and securities
38,559
Real estate
Customers'liab. under letters of credit' 231.532
Customers' flab. acct. of acceptances.j
6,480,437
Cash on hand and In banks
47,549
Interest accrued but uncollected_ _ _ _
533.657.561
Total
Liabilities
51.500,000
Capital stock
500,000
Surplus
1.086,111
Undivided profits
127,221
Reserved for taxes and Interest
Dividends payable Jan. 2 1926
231,532
Letters of credit
Acceptances and contingent liabilities)
J
124,524
Discount collected but unearned_
30.088,173
Deposits
$33.657.561
Total
Dec. 31 '25. Dee. 31 '24.
$22,687,879 $17,935,129
1.506,112
1.155,893
1.633,203
1.809,972
39.277
54.377
106.514
218,350
4,000
712
5.234.393
6,101.297
$31.211.378 $27.502.765
31,500.000 81,500,030
500.000
500,000
902.450
830,759
62,786
55.868
112,500
106.514
218,350
51.289
4,000
28.023.128 24.346.498
$31,211.378 527.502,764
Harris Trust & Savings Bank (Chicago).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
ResourcesCash on hand and due from banks_ _.15199660361511,336,937 510,481.955
Cash In hands of agents and in course
1 5,258.592
3,260,571
of transmission
40,501,855 41.838.288 24.861,837
Loans on pledges of securities
26,661,442 21,233.965 24.010,418
Stocks and bonds
583.522
992.367 10.594.523
Other assets. Incl. accrued interest__ _
$87,712,855 380.660.149 $73.209.304
Total
Liabilities
54.000.000 33.000.000 53,000.000
Capital stock paid in
4.000,000
Surplus
4,000.000
4.000.000
Undivided profits
1.453.665
1.259.405
739.474
76,774.065 70,352.714 62,560.149
Deposits
1.679.384
Other liabilities
1.853.770
2.909.681
Total..
587,652,855 580.660.149 573.209.304
*Illinois Merchants Trust Co. (Chicago).
(Results for combined institutions for all dates.)
ResourcesDec. 31 '26. Dec. 31 '25.
1924.
Cash on hand and due from banks__ 581,682,703 586,278.456 $87.773,019
U.S. Govt. bonds and Treasury ctfs_ 37,802,950 61,012,221 58.324.934
Bonds and other securities
36,588,029 29.693.174 29.861,811
Demand loans on collateral
83, 26,418 87.259.779 104.335.379
Time loans on collateral
132,764,597 116,059.769 94,260,886
Other loans and discounts
49,310.940 46.587.566 58,655.342
Stock in Federal Reserve Bank
1.350,0001,350,000
1.350.000
Illinois Merchants Tr. Co. building
1
xl
8.500.000
Oust. !lab, under letters of credit_
16,011,312 10.810,610
4.949.336
Customers''lab. under acceptances.... 9.527,579
7.038.764 17.318.153
Interest accrued but not collected
1.793.498
2.126.289
2.101.184
Total
$453.458,033 $448216.6298467.430.345
Liabilities
Capital stock paid in
315,000.000 $15,000.000 815,000.000
Surplus
30,000,000 30.000,000 30.000.000
Undivided profits
x163,936
5,095.668
5256,066
Deposits
372,903.421 380.248.707 389.754,983
Contingent fund
1,300.000
2,000,000
3.150.000
Dividends unpaid
750.759
750.559
Reserved for taxes and interest
3,213,369
2,225,101
1,447,491
Other reserves
1,200,000
1,850,000
Letters of credit
16,073,852 10.910,896
4.997.189
Acceptances
7,038.764 17.318,153
9,527.579
Discount collected but not earned.-539.251
727,987
656.276
Total
$453,458,033 3448216,6298467.430.345
• All the above figures represent the combined figures of the Illinois
Trust & Savings Bank, Merchants Loan 6c Trust Co. and the Corn Exchange
National Bank. which were merged as of Oct. 1 1919 though the actual
physical consolidation was not consummated until Sept. 27 1924.
x The large decrease in undivided profits from 1924 to 1925 is accounted
for in the charge-off of the Illinois
-Merchants Trust building which is now
carried at 81. The total cost of the building was $15,815,498 of which
$8.900.000 was charged off In 1924 and the balance. 88.915.497 at the end
of 1925.
The People's Trust & Savings Bank (Chicago).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans
517,405,627 $15.714.621 515,346.902
Cash on hand
871,048
459,248
580.833
Deposits in other banks
2,524,195
2,227.853
2.080,865
Cash in hands of agents and in transit 1,483,327
1,780.279
1,245,589
Stocks and bonds
3,341.682
2,465,938
1.549,271
Other assets, incl. accrued interest.-224.398
208.788
133.794
Total
$25,650,275,0622.856.727 820.937,254
Liabilities- i4
41
Capital stock paid in
i51.000.000 51,000,000 51.000.000
500.000
Surplus on hand
500.000
500.000
337,088
Undivided profits
252.601
211,156
23,608,261 20,992,304 19.139.865
Deposits
204.926
111,822
Other liabilities
86.203
525,650.2751522,856,727 520.937.254
Total
RISSOUrCeS-
1027
The Northern Trust Co. (Chicago).
Resources-'
Dec. 31 '26.
Time loans secured by collateral
$17.515.531
Demand loans secured by collateral
10,564.618
Other loans and discounts
7,310.069
Bonds and securities
13.541.998
overdrafts
Federal Reserve bank stock
150 flflfl
.
Bank premises
1,400,000
Liability of other banks on bills purchased
600,988
Customers' liability acct. acceptences
Customers' liability under letters of 1,108,882
credit
Cash and due from banks
14,714,447
Dec. 31 '25.
$15,415,356
14.993.054
7.812.816
11,395365
1 cA.
000
1.400.000
Dec. 31 '24.
516.355.080
13,571.499
7.700.244
11.438.978
10.629
150.000
1.400.000
450.000
1
1.006.095
650.000
580.028
084.645
16.546.540 15,575,871
Total,
$66,906,533 $69.169,026 $68.116,974
Liabilities
Capital stock
52.000,000 52.000.000 82.000.000
Surplus fund
3,000,000
3.000.000
3.000.000
Undivided profits
2,820.764
2.550.388
2.306.143
Dividends unpaid
82,900
64.500
60.000
Reserved for taxes, interest. &c
2,211,483
1.824.783
1.633.063
Discount collected but not earned.
128.665
145.842
102,680
Contingent liability on other banks'
bills sold
450.000
600,988
650.000
Acceptances executed for customers._ 1,122.6141 1.014.309
1580.028
Letters of credit outstanding
54.939.1191
1687.360
Deposits
58.119.204 57.097.700
Total
566,906,533 569,169,026 $68.116.974
Standard Trust & Savings Bank (Chicago).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Cash on hand
$704.521
$572,066
$495.341
Deposited in other banks
2.605,431
2,687,821
3,141.771
Cash in hands of agents and in transit 1,942.873
1,790.585
1.339.867
Loans secured by 1st bI. on real estate 1.491.595
1,105.200
888.800
Stocks and bonds
2,210,908
2.110,680
1.421.719
Loans upon the pledges of securities
7.471,455
12,502,488
3,217,005
Other assets. Incl. accrued Interest
4.408,766
225,862
6.397.414
Total
Liabilities
Capital stock paid in
Surplus on hand
Undivided profits
Deposits
Other liabilities
521.936,609 $20.196,638 $16.901.917
51,000.000 $1.0130.000 $1.000.000
500.000
500.000
500.000
622,376
521.034
440.504
18,806.860 17.392.863 14,671.864
1,007.373
782.741
289.549
$21,936,609 520,196,638 516.901.917
Total
State Bank of Chicago (Trust Company).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources52,758,928 51,250,000
Real estate, new banking premises
$550,600
836,416
Cash on hand
1.295.837
1.522,601
7,015,072
Deposited in other banks
7,459.733
7.176,073
agents & in transit.... 4,653,707
Cash in hands of
3,617.865
3,068.730
Loans on real estate, being first liens
5,110,195
thereon
3.738.288
3,757.665
3,291,345
Stocks and bonds
2.713,143
2,626,596
26,438.465 26,111,764 22,913.668
Loans upon the pledges of securities
18,588.045 18.761,454 20,461.892
Other loans
3.419
Overdrafts
21.840
10.657
670.957
U.S. Government investments
156.545
139.019
752,879
Other assets
909,817
458,734
Total
Liabilities
Capital stock paid in
Surplus on hand
Undivided Profits
Deposits
Other llabWties
570,149.428 566.037.285 $62,683.634
$2,500,000 $2.500,000 82.500.000
5.000.000
5.000.000
5.000,000
2,575.684
1.975.905
1,384,953
57,749,917 54.148.911 53,005,619
2.323,827
2.412.469
793,062
570,149.428 566.037,285 862.683.633
Total
Union Trust Co. (Chicago).
Dec. 31 '26.
Resources54.591,265
Cash on hand and clearings
9,533,469
Deposited in other banks
Cash in hands of agents and in transit 3.578.755
6,479,979
Loans, being first liens thereon
10.311 ,387
Stocks and bonds
Loans upon the pledges of securities_ 30.332,465
Other assets. incl. accrued interest.-- 21,915,546
Dec. 31 '25.
$3.987,377
9.518.154
3.471.198
5,481.619
8.932,287
28.028,036
24,994.613
Dec. 31 '25.
$4,567.155
8.453.781
2.365.239
2.540.769
10,572,822
14.840.518
30.037.836
Total
586.742,867 884.413.264 873.378.120
Liabilities
Capital stock paid in
$3,000,000 $3,000,000 82.000,000
3,000.000
Surplus on hand
3.000.000
3.000.000
Undivided profits reserve for deprec'n 1.945.965
1.425.995
884.853
77.029.633 73.774.101 64.779,693
Deposits
77
o
1.767.269
3.213.168
2,713.574
Total
586.742.867 884.413.264 873.378.120
ST. LOUIS COMPANIES
American Trust:Co. (ft. Louis).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources$2,811,674 $2.985,912 $3.024.476
Bonds and stocks
1.527,533
4,342.344
Government securities
3.258.914
Stock in Federal Res. Bank. St. Louis
.45,000
45.000
43,500
4,500,899
Demand loans
3.951,902
2,971.798
Time loans
3,156,166
3.135,513
3.647.933
Real estate loans
818,050
528.203
919.884
Due fr. tr. cos., him.. bias.& brokers_ 2,355,534
2.196,685
2,500,530
Cash on hand
98.719
110,532
Safe deposit vaults
114,396
106.585
126.922
Other resources
79,677
94,542
95,036
Broadway Trust Co. (St. Lcluis) Concluded.
LiabilitiesJune 30'26. Dec. 31 '25. Dec. 31 '24.
Capital stock
3200.000
5200.000
5200.000
Surplus and undivided profits
21.824
92.741
91.787
DepositaI
,905,055
2.185.534
1.966.697
Re-discounts and -bilis payable
155.636
85.000
Other liabilities
10.524
2.032
Total
$2,137.413 52.633.911 82.345.516
*Chippewa Trust Co. (St. Louis).
ResourcesDec. 31 '26.
Loans undoubtedly on coil
4. 51.306.304
Total
$15,431.0981517.493,216 516.699.525 Loans undoubtedly on r. e. security_ j
Overdrafts
54
Liabilities
Capital
$1,000,000 51.000.000 51.000.000 Bonds and stocks
194,924
Stock in Fed. Res. Bank, St. Louis
578.550
609,626
Surplus and undivided profits
7.500
550.265
Real estate (co.'s office bldg.)
Deposits subject to check
8,531.324
58,000
4
.606
Certificates of deposit
13,061,656I 1,36 .
746.900 Other real estate
Due trust cos., banks and bankers
atI 1.395.397
....
745.554 Safety deposits vaults
10.000
Savings deposits
2,918.966 Due from Fed. Res. and trust cos.
x,2,954.604
and bankers
U. S. Government deposits
475,441 11.200.2501,889.567
Checks and other cash items
Bills payable
225,000
159.734
Bonds borrowed
230,100
216,100
231,100 Cash on hand (cur., gold silver and
other coin)
Other liabilities, res.for tax., int., &c_
60,133
85,849
65.275
Interest earned, uncollected
10.106
Total
815,431,098 817.493.216 816.699.525
Total
11,747.023
Liabilities
Capital stock paid in
Broadway Trust Co. (St.I)Louis).
5200.000
50.000
ResourcesJune/30 '26. Dec. 31 '25. Dec. 31 '24. Surplus
Undivided profit
39.082
collateral and commercial a
Loans on
' al
6,
757.787
paper and Investment securities__- 81.428,969 81,817,242 $1.709.634 Deposit subject to check
679.058
1
Bonds and stocks
262.563
245,270
122.854 Time certificates of deposit
Due from trust cos. and banks
447.684
4 8 911 Savings deposits
6 . 04
0 7
9
g 340,321
Treasurer's checks
15.362
Cash on hand
71,839
A S. t54.370
Unearned interest reserves
6.500
Real estatu
4,500
Dividend checks and Corn. of Finance
Furniture and fixtures18.943
20.091
Account, Chippewa Bank
Other assets
48.391
11,140
11 10
•
Total
$1.747.023
Total
$2,137,413 52.633.911 82,345.516
•Began business Jan. 21 1924.
Dec. 31 '25.*Dec. 31 '24.
11.406.775
18881,725
1 443.407
494
2.018
124.365
136,534
7.500
7.500
149.500
58.500
110.480
10,000
10.000
254.487
191,115
41.394
52.119
10.923
$1.856.737 51.712.099
5200.000
50.000
24.145
870.382
716.044
21.349
3,500
8200.000
50,000
17.838
683.151
1159.891
1436,029
18.784
36.900
108.170
81,886.737 81.712.099
•
1028
THE CHRONICLE
Chouteau Trust Co. (St. Louis).
ResourcesLoans on collateral security
Loans on real estate security
Bills purchased
Bonds and stocks
Furniture and fixtures
Due from trust cos, and banks
Checks and other cash items
Cash on hand
Other resources
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits
Bills payable
Other liabilities
Total
Liberty Central Trust Co. (St. Louis).
June 30 '26. Dec. 31 '25. June 30'24.
$982,243
$896,4871 51.176.078
578,086
609.6051
50,000
264,023
480.007
263,665
19.712
25,322
23.922
96.583
90,103
99,674
100.532
66,878
66,855
49.839
99,601
83,495
587
4,395
4,860
$2,092.764 $2,116,450 31.923.338
3200.000
$200.000
$200,000
100.000
100,000
100,000
2,952
3,180
2.065
1.500.914
1,722,104
1,747,563
120.000
60.000
60.000
5,707
359
7,707
$2,092,764 $2,116.450 31.923.338
ResourcesJan.5 '27. Jan.6 '26. Jan.5 '25.
Loans and discounts
317,969,367 $19,120.538 517,303,576.
Customers'liability under acceptances
238,283
78,382
Customers' liability under letters of
Credit
49.674
33.865
56,827
Overdrafts
28,432
United States securities
8,961,224 10,660.651 10,444.780
Stock in Federal Reserve bank
105,000
105.000
120.000
Other bonds and stocks
4,991,301
3,065,880
4,871,079.
Banking house equity and other real
estate
1,105,458
1,252,932
1,154,588.
Safe deposit vaults
113.000
113.000
113,000.
Other resources
347,344
342,500
562,646.
Cash and sight exchanges
9.732,229
7,340,044 12,765,124
Total
$43.612,880 342,112.792 $47,420.052
Liabilities
Capital
Surplus
Undivided profits
City Trust Co. (St. Louis).
Unearned discounts
Acceptances
Dec. 31 '26. Dec. 31 '25. June 3024.
Resources$1,721,812 31,493.5561 31,685.834 Letters of credit
Loans on collateral security
United States securities borrowed
95,9121
42,378
Loans on real estate security
Rediscounts
990
Overdrafts
-Commercial
153,057 Deposits
248,598
528,891
Bonds and stocks
Banks and bankers
156,064
U.S. bds., ctfs. of indebt. & W.S. S_
Certificates of deposits
28.000
28,000
31,303
Furniture and fixtures
Savings
10.150
16,280
10,957
Real estate
U. S. Government
239,204
379,361
360.519
Due from trust cos.and banks
18.628
17.238
43.435
Cash on hand
Total
3,171
26,780
Other resources
32.611,321 52.562,843 $2,166,154
Total
Liabilities
$200,000
$200.000
$200,000
Capital stock paid in
65,000
50,000
50.000
Surplus
11.192
13.559
9.064
Undiv. prof. less current exp. & tax.._
to draft at sight by indiv._
Dep.sub,
1,308,091
1.172,738
& others, incl. dem.ctfs. of dep
208.0941 1,575,883
219,439
Time certificates of deposit
512.228
454.618
Savings deposits
196,311
248,599
United States deposits
72,695
48,095
Treasurer's checks
25.000
Borrowed bonds
11,942
4,000
Special reserves
289,237
62.745
Rediscounts
15
45
25
Dividends unpaid
10.518
187
120,000
Other liabilities, bills payable
$2,611,321
Total
$2,562,843
32,166.154
Easton-Taylor Trust Co. (St. Louis).
R430147Tes--
Loans on collateral
Loans on real estate
Other securities
Bonds and stocks (present value)
Due from banks and trust cos
Cash on hand, &c
Furniture and fixtures
Safe deposit vaults
Real estate
Other resources
Total
$2.103,986 $2,058,415
$1,908,265
3200.000
50,000
48,343
883,988
50,000
126,648
719.934
25,073
$200,000
20,000
51.457
947.334
60.000
118.945
648.243
12,000
436
$200.000
14.000
22,88,5
943.645
52.058.415
Farmers' & Merchants' Trust Co. (St. Louis).
Dec. 31 '26.Dec. 31 '25. Dec. 31 '24.
Resources$928,477
31,132,887 $1,213.921
Loans on collateral
1,147.700
1.588,1751.345,190
Loans on real estate
116.225
83,792
Commercial paper
3,032.870
3.097,646
2,970,082
Bonds and stocks
28,500
24,000
Furniture and fixtures
1,229
870
820
Overdrafts
108.711
78,180
64.845
Cash on hand
377.521
399,328
390,934
Due from banks and trust companies117,027
111,0001
110,000
Office building
10.2161
8,370
Other resources
36,349,956
Total
Liabilities
3400.000
Capital stock
200,000
Surplus
157,339
Undivided profits
5,237.617
Deposits
355,000
Bills payable Federal Reserve Bank-
36,280,303 55.857.760
$400.000
200,000
81,932
5,448,371
150.000
3400,000
100,000
89.344
5,218.416
50.000
56.349.956 36.280,303 55,857.760
Total
1923.
1924.
1925.
1926.
Rate of int, paid on dep_2%check,3%sav.,4%time 2% check, 3% saving
6%
8%
Divs. paid in cal. year
8%
11%
343,612.880 342.112,792 347.420,052
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
$510,451
$243,240
3233,031
187,843
179,526
114,969
398,000
483,600
225,950'
401,176
386,997
281,258
134,000
10,178
56,000
40,000
7,200
6,600
6.600'
166,147
188,450
202,409
11,895
13,467
18,819
859
668
650
87
31.740.308 31,635,880 51,133,883
Liabilities
Capital stock
Surplus paid
Surplus earned
Undivided profits
Reserve for taxes
Individual deposits
Demand certificates
Savings deposits
Time deposits
United States Government deposit
Treasurer checks outstanding
Bills payable
Rediscounts
Dividend checks outstanding
31.908.265
126.537
576.392
24.482
324
$3,000,000 $3,000,000 53,000.000
500,000
500,000
1,000,000
333,911
625,857
383.673
60.942
86,561
66,209
251,282
79,449
33,950
49,673
33,865
58,827
229.150
1,767,450
335,217
23,170,951 23.585,439 25,759,133
6,658.783
7,472,412
7,140.436
2,839.042
2,860,281
3,556,367
3,920,375
4,071,185
3.797,310
511,000
948.932
1.460,062
*Lindell Trust Co. (St. Louis).
ResourcesDemand loans
Time loans
Real estate loans
Bonds
United States Liberty bonds
United States Treasury certificates
Stock in Federal Reserve Bank
Cash on hand and in other banks
Furniture and fixtures
Accrued interest on bonds
Book banks
Overdrafts
Total
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
3440.641
$570,659
$549,483
231,665
233.875
299.945
198,480
305,067
345,957
702,244
608.090
516,559
141.028
145,047
145,319
85.451
141,340
98.432
10,250
10,446
10,250
13.850
13,850
13,850
63,500
63,500
63,500
21.156
17,587
9,645
32,103,986
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits. demand
Bills payable and rediscounts
Time certificates of deposit
Savings deposits
Treasurer's checks outstanding
Other liabilities
{VOL. 124.
Total
$200,000
20,000
20,000
16,277
1,500
775.715
2,500
440.054
126,507
32,386
20,355
85,000
$200,000
20,000
20,000
4,238
3200.000
20,000
3,910.
2,920
623,438
37,500,
200,003
36,619
9,493.
767,953
38.000
364,502
78,235
76,938
15,013
41,000
10,000
15
51.740,308
31,635,880 31133,883.
*Began business Jan. 2 1924.
Mercantile Trust Co. (St. Louis).
ResourcesDec. 31 '26.
Time loans
322.189,124
Demand loans
13.782,333
Bonds and stocks
10,781,067
Liberty bonds & U. S. Govt. ctfs. of
indebtedness
11,375.060
Stock in Fed. Res. Bank, St. Louis_
300,000
Real estate (co.'s office building)
2.261,000
Safe deposit vaults
450,000
Cash and sight exchange
10,636,435
Customers liability acc't acceptances
and letters of credit
120,142
Acceptances
150,000
Other resources
13.285
Total
Dec. 31 '25. Dec. 31 '24.
$19,732,446 320,457,355
20.339,504 21,330,683
12.172.605
4.289.841
8,608.928
300,000
1.861,000
450,000
12,674,783
12,517,713
300,000
1,861,000
450,000
13,063,335
128.545
150.000
9,457
157.155
120,003
5.871
372,058,446 376,427,268 374,552,953
Liabilities
Capital stock paid in
$3,000,000 $3,000,000 53.000.000
7,789,296
7,525,604
8,274.098
Surplus and undivided profits
235,000
195,000
Reserves for int, and dive. and taxes
60,660,010 65,267,571 63,665,029
Deposits
Contingent liability and acceptances
120.142
128,545
157.155
and letters of credit
4.196
6.855
10,165
Unpaid dividends
$72,058,446 576,427,268 $74,552.953
Total
Laclede Trust Co. (St. Louis).
Dec. 31 '26.Dec. 31 '25. Dec. 31 '24.
$414.745
3415,145
Loans on collateral
350,962
Loans on real estate security
292,564
ea
securities_131, 77,918
2
Other negotiable and non-negotiable
229.829
409.571
paper and investment
870,453
842,009
Bonds and stocks
893.540
105.000
151.529
155,000
Real estate
5,441
9.9001
Safe deposit vaults
9,400
16.470f
18,646
Furniture and fixtures
223,521
1 196.927
Due from other trust cos, and banks
150
273,092
and other cash items
_Checks
51,2191
Cash on hand (currency, gold, silver
15.150
and other coin)
891
1.016
603
Overdrafts by solvept customers
2,908
Other resources
11.250
7.200
Stock Federal Reserve Bank
Resources-
32,639,737 32.393.136 52,219,180
Total ._
Liabilities
5300.000
3200,000
5200,000
Capital stock paid in
146,499
50.000
40.000
Surplus
39,005
41,251
Undivided profits
Deposits subject to draft. including
2,061,259
1.071,103
910.110
certificates of deposit
208,433
160.087
Time certificates of deposit
551.635
596.803
Savings deposits
9,003
6,000
4.697
Dividend checks outstanding
18.000
18.000
Reserves for interest, taxes. &c
75,000
165,000
193.400
Bills payable
32,976
38.792
Treasurer's checks
15,000
Re-discounts
Total
$2,639,737 $2,393,136 $2,119,180
Mississippi Valley Trust Co. (St. Louis).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources310,596,313 39,274,812 58,589.934
Stocks and bonds
991.4511,685,413
3.429.585
U. S. bonds and ctfs. of indebtedness_
195,000
195,000
Fed. lies. Bank,St. Louis. cap. stock.
1,717,382
1,317,767
Loans on real estate
14,245,6791 2 .816.579 {10,630.248
7
Loans on collateral
9,282.807
Other negotiable & non-nego. paper- 10,659,822
875,263
271,435
101.034
Customers' liability on acceptances
718,089
717,615
471.847
Real estate
373,5211 8,246,525 J 443.221
Cash on hand
8,258.135 I
17,807.705
Cash on deposit
251,522
321,117
221,010
Other resources
348,881.707 348,528,970 542.490,157
Total
Liabl(ties
33,000.000 33,000,000 33.000.000
Capital stock
3,500,0001 4,609,534 1 3,500,000
Surplus fund
1,349.7221802.777
Undivided profits
6,194,775
6.174,209
Deposits (savings)
3,695,7511 38.643,195
5,423.851
Deposits (time)
30,117,279
23,368.058
Deposits (demand)
Rediscounts with Federal Res. Bank
1,908,500
of St. Louis
875,263
. 101,034
271,435
Acceptances and letters of credit
44,410
41.204
43.564
Reserve for interest
104,507
79.024
52,742
Other liabilities
Total
$48,881,707 548,528,970 342,490.157
FEB. 19
THE CHRONICLE
1927.]
Mound City Trust Co. (St. Louis).
Security National Bank Savings & Trust Co.(St. Louis).
Dec. 31 '26. Dec. 30 '25. Dec. 31 '24
Resources
Loans on collateral
51.366,317 $1.797.738 (51.082,257
382.383
1
Loans on real estate
Bonds
1160230
Stocks
1 13.700
588,941
759.755
Real estate
100,537
64,867
100,537
Due from Fed.Res., oth.tr.cos.& bksl
(130.992
Checks and other cash items
445,1381
313,139
82,749
Cash on hand
81.812
35.247
39,805
20.188
Furniture and fixtures
4,000
Building account
18,715
1.136
Other resources
11,200
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits
Bills payable and rediscounts
Reserves, depreciation. &c
Other assets
$2,504,167
$200,000
25,000
37,616
2,236,047
5,503
32.504.167
Total
$3,012,107 $2.085.217
$200,000
40.000
22.039
2.470,061
250.00)
29.469
542
$200.000
40.000
5.821
1.817,694
21.592
109
53.012.107 $2.045.217
North St. Louis Trust Co. (St. Louis).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
$337,125
$354,850
Real estate mortgage
$333,700
754,229
•
.
505,127
Stocks and bond invest.(mkt. value)
786,715
687,855
Loans and collateral.
575,425
682.191
1,041,819
Other loans. Incl. bills purchased____
1.175.782
228,919
287,679
Due fr. tr. cos., bks., bkrs. & brokers
312,890
57,506
60,010
Real estate, furniture and fixtures_ -_
68,641
4,644
7,209
Specie
33,198
34,558
Legal-tender notes & notes nat. banks
74,481
40.998
28,291
Other resources
15,042
20,902
Resources
-
Total
$2,914,178 $3.165,304 53.060,803
Liabilities
Capital
$209,000
$200.000
$200,000
96,037
Surplus and undivided profits
86,291
73.254
1,045.291
Deposits subject to check
1,237,242
1.185.819
Certifs. of dep. and savings deposits_ 1,553,864
1,592,647
1.578.984
Other liabilities
18,986
49,124
22,746
Total
$2,914,178 $3,165.304 $3.060.803
1926.
1925.
1924.
Rate of interest paid on deposits
2, 3 &
2,3 & 4% 2. 3 & 4%
Dividends paid calendar year
9%
9%
Northwestern Trust Co. (St. Louis).
Resources
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans and discounts
54,875.734 $4,420.984 $4,043.396
Cash and due from banks
714,945
741,208
803,524
Real estate
200
2
1.546
Overdrafts
3,734
5,461
4.148
Banking house, furniture & fixtures__
124,737
146,000 1
151,000
Bonds and stocks
4,738.900
4,658.954
4,869.391
Total
Liabilities
Capital stock
Surplus
Undivided profits
Deposits
Reserves
Total
$10.458.250 $9,972,807 $9,873.005
$500,000
800.000
162.974
8.939,276
56.000
$500,000
500,000
378,884
8.534,960
58,963
$500.000
500,000
232.919
8,565,086
75,000
$10.458.250 $9.972.807 $9.873,005
•Park Savings Trust Co. (St. Louis).
Ff ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24Loans on collateral
$150,000
$60,000
$34.900
Loans on real estate
176.900
112.100
93.335
Other negotiable and non-negotiable
paper and investment securities__ _
25,593
26,259
28,358
Overdrafts
1.139
118
168
Bonds and stocks
186,098
113,570
52.395
Stocks in Fed. Res. Bank, St. Louis__
1,800
1,800
1,800
Furniture and fixtures
12.274
11,653
11,563
U.S. Govt. certifs. of indebtedness__
12,500
10,000
27,000
U. S. Liberty bonds
52,631
25.388
Safety deposit vaults
12,552
12,978
13,307
Due from Fed. Res, and other banks_
45.722
37,293
37,995
Checks and other cash items
273
Cash on hand
11,105
13.699
6,517
Expense account
4,852
All other resources
2,302
5,931
2,073
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits subject to draft
Time certificates of deposit
Postal savings deposits
Savings deposits
U.'S. Government deposits
Cashier's checks
Bills payable and rediscounts
Trust department deposit account_ _ _
Suspense account
Total
*Began business Oct. 6 1923.
$637,985
$457,492
$339,864
$50,000
10.000
1,522
311,698
69,954
$50.000
10,000
119
211,420
5,982
811
103.789
32,409
3,052
40,000
$50,000
10,000
$457,492
$339,864
117,382
36,717
5,035
35.000
29
648
5637.985
177,357
1,965
700
52,263
21,559
4,535
20.000
1,399
86
Total
Rate of interest paid on deposits
Dividends paid in calendar years....
$3,582,102
$200,000
121,541
2,403,476
91,269
765,816
$3.229.066 $33,032,091
5200.000
96,616
2,096.775
76.373
699.302
60.000
ResourcesDec. 31 '24. Dec. 31 '25.Dec. 31 '26
Loans on real estate & other collateral. $1,191,008
$734,243 $608,506
Overdrafts
503
Bonds & stocks
3.003.456 1.885.736
3.193.458
Stocks in Fed. Res. Bk., St. Louis__ _
11,250
11,250
9,000
Real estate (company office bldg.)
319,552
326,999
184,469
U. S. Govt. ctfs. ofindebt. & L.L.bds
914,570
1.706.188 1,726,281
Due from banks and trust cos
954,879
886.017
1,436.097
Duefrom U.S. Treasurer
5.000
5,000
5.000
Checks & other cash items
15,925
18,823
71.657
Cash on hand
49,858
81,652
107,570
Other resources
63.606
66,097
89,685
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserve for interest & taxes
Deposits subject to draft
Time certificates of deposit
Savings deposits
U. S. Government deposits
Cashiers'checks
Bills payable
Other reserves
Circulating notes outstanding
5200,000
93,495
1.970.232
71.550
636,814
60.000
$3,582.102 $3.229.066 $3,032,091
1925.
1926.
1924.
2%
2%
2%
13%
135
13%
$7,340,349 $6,840,468 55.503.756
$250,000
125,000
50.790
35,399
4,479.794
323,229
1,290,426
516.043
63,698
100,000
5,970
100,000
$250,000 $250,000
125.000
50,000
44.809
89,809
9,339
25,064
3,770.760 3,342,398
388,319
181.138
1.058,564
841,613
829.211
423,060
50,181
215,828
200,000
4,471
1,760
96.800
96.100
57,340.349
Total
$6.840.468 55,503,756
South Side Trust Co. (St. Louis).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources
5497.922
Loans on collateral
5466,682
$459,326
399.277
494.151
Loans on real estate security
439,180
119,755
Loans, commercial
146.191
134,610
137
2,717
Overdrafts
9
1,197.737
1,207.688
Bonds and stocks
1,237.992
2,000
Safety deposit vaults
2,000
2.000
148,652
276,845
Due from trust co.'s and banks
248.066
413,546
746,293
Checks and other cash items
487.654
75,484
63.978
Cash on hand (curr., gold. silver, &c.)
47,014
315,956
376,019
L.L.bds., .9.Treas.ctfs.& W •S .S_
340,496
Total
$3,396,347 53,782,564 53.170,466
Liabilities
$200.000
Capital stock paid in
$200.000
$200,000
100,554
Surplus and undivided profits
107.785
120,564
1,391,834
Demand deposits
2,013,265
1,752.116
512,490
Time certificates of deposit
597.193
587,504
710.739
Savings deposits
713,827
677,427
5,349
Cashier's checks
58,957
10,464
32,500
Reserve for interest & taxes
31,537
32,912
Bills payable
217.000
Other liabilities, U.S. Govt.deposits_
60.000
15.360
Total
$3.396,347
53,782,564
53,170.466
*Union Easton Trust Co. (St. Louis).
ResourcesLoans and discounts
Overdrafts
Banking house
Furniture, fixtures & safe deposit vaults
Cash and sight exchange
Other assets
Jan.7 1926. Jan.71926'
$609,183
$701,185
2,636
42
122,550
123.973
45,073
49.776
133,272
107,894
8.161
43,537
Total
Liabilities
Capital
Surplus
Undivided profits
Bills payable
Treasurer's checks
Savings deposits
Time certificates of deposit
Individual deposits subject to check
Other liabilities
$1,026,407
$920.875
$200,000
30.000
2,117
90.000
9,658
238,104
43,374
404.162
8,992
$200,000
40,000
2,918
94.000
2,996
139,094
50.771
391,096
$1,026,407
Total
$920,875
* Began business in 1925.
Vandeventer Trust Co. (St. Louis).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans on bonds and stocks
$134,854
$122,302
$147.057
Loans to customers
7.449
11.926
7.538
Bonds and stocks
653,481
628,143
653,650
U. S. Government obligations504
i
Furniture, fixtures & safe dep. vaults_
16,122
1
'
16.171
115.682
Real estate
8.750
15,661
15.918
Overdrafts by solvent customers
245
110
342
Cash on hand
103.549
162,503
134.599
Other resources (collections)
151
Total
Liabilities
Capital stock
Surplus and undivided profits
Treasurer's checks
Demand deposits
Time certificates
Savings deposits
1'nelaimed deposits
Bills payable
Miscellaneous
5917.330
$990,235
5974.786
,
S50,000
13,900
4,550
539,339
19,606
252,419
3,118
25,000
9,398
$50,000
12,253
3.685
608.017
22.759
256.361
3,198
25.000
8,962
$50.000
18.233
$917.330
Total
The Savings Trust Co.(St. Louis).
Dec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Resources$1,273,524 $1,056,624
Loans on collateral
$610.923
706,882
813,400
Loans on real estate
838,665
Commercial paper
314,716
232,900
266,000
Bonds
256,600
100,000
100.000
Bank building
100,000
508,100
203,400
United States Government bonds_ 7,500
7,500
Stock in Federal Reserve bank
72,367
73.028
Safe-deposit vaults, furn. & fixtures_
70.337
Due from trust companies, banks,
458.578
489,866
bankers and brokers
444.721
101.710
110,817
Checks and other cash items
141.282
79,486
149.487
Cash on hand
254.847
Total
Liabilities
Capital stock paid in
Surplus and undivided profits
Deposits subject to draft
Time certificates of deposit
Savings deposits
Bank building bonds
.
1029
$990,235
5974.786
572,722
25,522
251.732
3,146
50,000
3.433
West St. Louis Trust Co. (St. Louis).
ResourcesDec. 31 '26. Dec. 31 '25. Dec. 31 '24.
Loans on collateral security
$521,070
$310,740
$504.115
Loans on real estate security
261.920
441.084
,
760
Bonds and stocks
1,197,160
1,215.160
1.308,200
Bills receivable
981.025
960.070
936,490
Real estate
45,900
98,100
58.900
Furniture and fixtures
9,510
11,087
30,569
Due from trust companies and hanks1
271.224
222.851
211,692
Clash on hand and other cash items_ _
127.665
126,635
148,382
Other resources
4,252
3.917
4,851
Total.
Capital stock
Surplus
Undivided profits
Deposits by individuals and others including demand certifs. of deposit_
Time certificates of deposit
Savings deposits
Reserve for int., taxes & depreciation
Other liabilities_
Bills payable
Total..
53.700.438 $3,447.253 $3,228.638
$200,000
100,000
54,924
$200.000
100,000
35,669
$200.000
100.000
18.779
1.426.409
317.637
1,312,893
13,575
1,445.604
296.115
1,264.432
21.918
3,515
80.000
1.445.113
284.983
1.161.270
16.993
1,500
275,000
$3.700.438 83,447,253 53.228.638
1030
THE CHRONICLE
[VOL. 124.
highest prices in many years. Numerous industrial stocks
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
like Allied Chemical, American Smelting, U. S. InUnder the leadership of the railroad shares, it has again dustrial Alcohol and Amer. Tel.& Tel. were in vigorous
debeen a week of marked buoyancy on the New York Stock mand at improving prices. The final tone was trong.
Exchange. Trading has been on a large scale, the tone
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
optimistic and the trend of prices much of the time upward.
DAILY. WEEKLY AND YEARLY.
New high records for the year and for all time have been reStocks,
State.
Railroad,
United
corded by both high and low priced rails, and industrial
Week Ended Feb. 18.
Number of
&c..
Municipal &
Slates
Bonds.
Foreign Bonds
Shares.
Bond..
stocks and specialties have shown marked improvement.
The outstanding feature of the market on Monday was the Saturday
HOLI DAY-LINC OLN'S DIRT HDAY
Monday
2,010,390
87,760,500
$3,174,500
$381,000
strength of United States Steel common, which moved briskly Tuesday
2,121,930
7,411,000
3,464,000
531,500
Wednesday
2,486,980
7,961,000
2,608,000
647,000
forward to a new top at 160. The interest in this stock Thursday
2,322,535
10,056,000
2.918,000
1,009,500
quickly extended to the general list and practically all classes Friday
2,326,400
12,036,000
2,164.000
651,000
of securities were soon moving upward to higher levels. Total
11 2RR 2211 54A 224 AM g14325 51111
In 99n non
The brisk forward swing was too strong for some of the inSales at
Week Ended Feb. 18.
Jan. 1 to Feb. 18.
dustrial issues and toward the end of the day a number of
New York Stock
Exchange.
1927.
1927.
1926.
1926.
these slipped back to lower levels. General Motors was
also conspicuous for its strength and shot forward to a new Stocks-No,of shares_ 11,268,235 9,136,784
65,303,261
66,047,298
Bonds.
high for the year at 158. United States Rubber sold at its Government bonds___ $3,223,000 $6,196,900 835,283,150 $44,199,700
foreign bonds 14,328,500
164,905,700
90,758,250
peak for 1927 and Woolworth moved into new high ground State anddi misc. bonds 45,224,500 12.808,500 370,543,700 347,686,500
Railroad
47,989,000
under its present form of capitalization. Railroad shares Total bonds
$62,776,000 $66,994,400
3570,732,550
8482,644,450
advanced during the greater part of the day and a number of
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
substantial advances were recorded at the closing hour.
BALTIMORE EXCHANGES.
The market was fairly buoyant on Tuesday, high grade railBoston.
road shares, industrial issues and oil stocks all moving
Baltimore.
Philadelphia.
Week Ended
briskly forward to new high levels. In the early trading
Shares. Bond Solis. Shares. Bond Sates, Shares Bond Salm.
Feb. 18 1927,
.
United States Steel common displayed unusual strength Saturday
HOLID AY-LI NCOLN'S BRTHD AY
Monday
*36,821
$17,600
28,430
62,053
$53,100
$18,300
and advanced to 160y,followed by Gulf States Steel, which Tuesday
4,000
*31,489
30,819
25,300
62,386
22,600
*37,618
reached a new high record at 63%. Railroad shares were the Wednesday
28,000
26,372
61,749
81,000
21,000
*35,862
Thursday
28.000
47,273
74,800
41,400
a3,008
feature of the market, Wabash common moving to the Friday
14,624
25,000
23.913
34.400
47,000
01,211
front with an advance of over 6 points to a new high record
Total
156,414 $102,600 156,807 $153,000
10.407 $265,700
above 65, while Wabash preferred"A"rose over 2 points to a Prey, week revised 180.236 8160.000 147.031
8112 200
12 A42 £3024110
new high above 85. Delaware Lackawanna & Western was
•In addition, sales of rights were: Monday, 500; Tuesday, 400; Wednesday,
another prominent feature and moved forward 6% points 350; Thursday, 150.
to 154. Rock Island sold above 78 and Missouri Pacific
a In addition, sales of rights were; Monday, 1,342; Tuesday, 444; Wednesday:
preferred advanced to 100. High grade dividend payers 891; Thursday, 1,158; Friday, 149.
like Atchison, Great Northern preferred, Union Pacific,
Northern Pacific and New York Central made further progCOURSE OF BANK CLEARINGS.
ress upward. Considerable buying at improving prices was
Bank clearings the present week will show a satisfactory
apparent in the oil group, Phillips Petroleum, Pan American
increase compared with a year ago. Preliminary figures
"B" and Marland moving forward a point or more.
compiled by us, based upon telegraphic advices from the
Railroad stocks were the centre of speculative interest on
chief cities of the country, indicate that for the week ending
Wednesday, both high and low-priced stocks moving sharply
to-day (Saturday, Feb. 19) bank exchanges for all the cities
to new high levels. The outstanding feature of the day
of the United States from which it is possible to obtain
was the sharp advance of Wabash preferred and common.
weekly returns will be 9.8% larger than those for the corresNew tops were reached by Missouri Pacific common and preponding week last year. The total stands at $11,513,946,853
ferred,and St.Louis-San Francisco common,while Baltimore
against $10,481,696,670 for the same week in 1926. At this
& Ohio and Canadian Pacific sold at the highest prices
centre there is a gain for the five days of 13.3%. Our comtouched in recent years. Substantial gains were made by
parative summary for the week is as follows:
such prominent issues as Lehigh Valley, Atchison, New
Haven, Louisville & Nashville and New York Central.
Clearings-Returna by Telegraph.
Per
Week Ended February 19.
1927.
Cent.
1926.
Baldwin Locomotive was traded in on a large scale and
New York
$5,588,000,000 $4,936,043,772 +13.3
reached a new top at 1883. Oil shares continued in demand Chicago
658,302,471
-0.6
662,075.333
at improving prices, Pure Oil reaching new high ground, Philadelphia
533,000,000
571,000,000
+7.1
Boston
366,000,000
+5.7
387,000,000
followed by Houston Oil and Barnsdall at improving prices. Kansas City
+3.7
114.941,595
119,218,205
145,000,000 -13.9
124,900,000
Motor stocks were about the only stocks that sagged to any St. Louis
Ban Francisco
+3.6
177,968,000
184,390,000
Los Angeles
164,170,000 +17.0
192,090,000
extent; General Motors declined a point or more, and Nash, Pittsburgh
+3.4
169,986,786
175,760,390
+3.9
Chrysler and Hudson were fractionally lower. Railroad Detroit
154.638,718
160,673,587
+5.4
114,392,300
Cleveland
120,604,420
shares were again the dominating feature of the market on Baltimore
96,461,435
-8.6
88,163,492
56,907,469 +13.2
64,434,741
Thursday and many advances ranging from 2 to 10 points New Orleans
+9.6
$8,434,537,306 $7,691,585,406
Thirteen cities, 5 days
were recorded by both high and low-priced stocks in this
1.153,765,610
+0.7
1,160,418,405
group. One of the most vigorous movements of the day Other cities, 5 days
+8.5
59,594,955,711 88,845.351,016
Total all cities,
was the sudden spurt of Union Pacific, which rose over 3 All cities, one day5 days
+7.8
1,636,345.654
1,918,991,142
points to 171%, the highest price reached since 1912. Texas
$11,513,946,853 $10,481,696,670
+9.8
Total all cities for week
& Pacific moved forward 4 points to above 67, while such
•
stocks as Norfolk & Western, Missouri Pacific, Pennsylvania,
Complete and exact details for the week covered by the
Chicago & North Western, and Kanssa City Southern were foregoing will appear in our issue of next week. We cannot
particularly conspicuous in the speculative activities. Cana- furnish them to-day, inasmuch as the week ends to-day
dian Pacific made a further gain of more than 7 points, (Saturday), and the Saturday figures will not be available
bringing it up to the highest level since 1910. New York until noon to-day. Accordingly, in the above the last day '
Central. Baltimore & Ohio and New Haven were among of the week has in all cases had to be estimated.
other issues that recorded new highs for recent years. InIn the elaborate detailed statement, however, which we
dustrials and specialties were in strong demand, Baldwin present further below we are able to give final and complete
Locomotive selling up to 1903C in the early trading, though it results for the week previous-the week ended Feb. 12. For
slipped back to 1853 in the final hour. Du Pont, Consoli- that week there is a decrease of 4.5%, the 1927 aggregate of
dated Cigar, U. S. Industrial Alcohol were also in strong clearings being $8,068,516,889, and the 1926 aggregate
demand at improving prices.
,444,830,289. Outside of New York City the decrease is
The uprush of the railroad shares continued to be the out- 5.0%, the bank exchanges at this centre having shoivn a
standing feature of the market on Friday, though many of loss of 4.1%. We group the cities now according to the
the industrials and specialties were noteworthy for their Federal Reserve districts in which they are located, and from
strength, particularly in the early trading. Interest centred this it appears that in the New York Reserve District (inaround Atchison and Pennsylvania, both of which sold at cluding this city) the totals are smaller by 4.1% and in the
new high figures, and standard issues such as Canadian Philadelphia Reserve District by 7.1% but in the Boston
Pacific, Norfolk & Western, Illinois Central, Chicago & Reserve District the totals are larger by 13.2%. The CleveNorth Western and Great Northern pref. reached their land Reserve District shows a falling off of 4.6%, the Rich-
FEB. 19 1927.]
THE CHRONICLE
mond Reserve District of 1.1% and the Atlanta Reserve District of 26.7%, the latter due mainly to the diminished totals
at the Florida points, Miami showing a decrease of 63.2%
and Jacksonville of 51.3%. The Chicago Reserve District
suffers a loss of 9.8%, the St. Louis Reserve District of 9.5%
and the Minneapolis Reserve District of 19.5%. The Kansas City Reserve District shows a gain of 2.0% and the San
Francisco Reserve District of 2.9%, but the Dallas Reserve
District falls 10.2% behind.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
$
483,993,960
4,607.275,304
448,937,685
321,197,566
184,802,310
195,075,146
749.185,779
203,144,080
86,218,093
239,678,242
68,760,145
481,328,583
$
427,497,811
4,804,790,647
483,340,322
336,722,057
186,761,330
856.149,436
830,083.578
224,535,802
105,902,275
234,973,089
76,569,178
467,504,771
129 cities
Total
Outside N. Y. City_ ......
8,068.516,889
3.656,700,232
8,444,830,289 -4.5
3,746,013,567 -5.0
90 nIlls.
SIR 9/11 751
IIIR 11111 VA
1925.
1924.
$
%
$
+13.2
448.893,218
433,308,234
-4.1 4,753.152,814 3,973,380,079
-7.1
468,049,799
467,930,762
-4.6
364,688,673
340.664,927
-1.1
178,439,613
108,761,726
-26.7
217,325,225
198,996,726
-9.8
858,519,646
820,280.695
-9.5
219.612,912
204,131,330
-19.5
122,364,979
104,802,033
+2.0
278,246,972
213,894,682
-10.2
80,637,591
61,697,010
+2.9
457,392,430
482,468,868
4-5 7
8,407,323,865
3,743,464.312
7,482,307,272
3,607,502,146
In.1 AOR
nen 575 7.-1
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended February 12.
Clearings al
1927.
1926.
Inc. or
Dec.
1925.
8
$
$
%
First Federal Reserve Dist rict-Boston Maine--Bangor _
937,737
+26.9
738.6
738,922
Portland
3.733,603
8,276,3
+13.9' 2,724,199
Mass.
-B.ston _ 435,000,000 3717,000,000 +15.1 397.000,000
Fall River....
2,159,838
2,199,461 -1.8
2,503,468
Holyoke
a
a
a
a
Lowell
1,366,687
995,800 +37.2
1,179,000
Lynn
a
a
a
a
New Bedford
1,227,017
1,356,874 -9.6
1,688,161
Springfield. _ _
4.955,812
5,447.259 -9.0
5,855,326
Worcester
3,360,338
3,299,527 +2.8
3,590,399
Conn.
-Hartford
12,120,247
11,977,235 +1.2
12,574,359
New Haven_ _ _
6,756,523
5,172,027 +11.3
6,093,396
R.I.-Providence
12,691,400
14.417,700 -12.0
14,285,200
NIL-Manche:3'r
684,756
616,907 +11.0
660.788
Total(12 cities)
483,993,960
427,497,811 +13.2
448,893,218
1924,
$
725,246
2.872,485
386,000,000
2,322,383
a
1,155,856
a
1,560,055
5,255,916
3,389,000
11.160,197
6,087,823
12,039,300
739,973
433,308,234
Second Feder al Reserve D istrict-New York-N. Y..
-Albany.
5,051,869
5,176,954 -2.4
5,211,257
5,292,162
Binghamton....
895,487
1,111,200 -19.5
1.076,100
1,091,000
Buffalo
39,930,800
49.367,867 -15.1
36,887,416
37,198,271
Elmira
e1,057,546
779,035 +45.7
708,913
882,001
Jamestown....
d 1,292,445
1,505,708 -14.2
1.361.661
971,210
New York_ _ _ _ 4,511,816,657 4,701,816,722 -4.1 4,663,859,553 3.874,805,127
Rochester
9,600,380
11.016,686 -22.9
10,917,626
10,991,053
Syracuse
4,831,329
4,652,948 +3.8
4,304,369
4,556.368
Conn.
-Stamford
c3,092,803
2.994,636
+3.3
2,631,924
2,423,145
N. J.
-Montclair
566,974
523,468 +8.3
501,548
442,397
Northern N. J_
29,139,014
25,845,403 + 12.7
25,692,447
34,727,345
Total(11 cities) 4.607.275,3044,804.790,647
-4.1 4,753,152,814 3,973,380,079
Third Federal Reserve Dist act-Philad elphia Pa.
-Altoona _ _
.
1,395,593
1,261,216 +10.6
1,242,958
Bethlehem....
4,212,637
3,826,813 +10.1
3.683,054
Chester
1,072,029
1,181,311 -9.3
1,165,161
Lancaster
1,854,694
1.844.100 +0.6
2,250,977
Philadelphia
420,000,000 458,000,000 -8.3 432,000,000
Reading
3,203,371
2,932,744 +9.2
3,115,199
Scranton
5,154,711
4,725,568 +9.1
5,678,974
Wilkes-Barre._
3,844,842
3,037,189 +28.6
3,765.288
York
e1,405,683
1.569,530 -4.7
1,677,501
-Trenton..
e6.704.125
N.J.
4,961,851 +35.1
13,470,687
Del-Wilming'n.
a
a
a
a
Total(10 cities)
448,937,685
483,340,322
1.224,593
3,937,978
1,285,250
3.074,073
441,000,000
3,209,481
5,103,583
3,042,492
1,269,854
4,753,458
v
468,049,799
467,900,762
Fourth Feder al Reserve D istrict-Clev eland 5,116,000 +11.0
5,677,000
Ohlo-Akron_ _ _
3,651,108 -3.6
3,519,164
Canton
•
Cincinnati. _ _
65.733,061 -18.1
. 53,864,657
94,605,847 -2.4
Cleveland
92,363,165
14,615,400 +0.9
Columbus
14,743,200
Dayton
a
a
a
Lima
a
a
a
Mansfield
+9.7
1,744,371
d 1,913,590
5,540,913 -15.9
Youngstown
4,657,774
Pa.-Erie
a
a
a
Pittsburgh_ _ _ 144,459,015 145,715,357 -0.9
4.774,000
4,650,739
60,718,864
100,147,769
15,323,700
a
a
1,365,379
4,822,301
a
172,885.921
6,403,000
4,993,300
61,183.232
101,730,008
14,467,000
a
a
1,647,525
4,298,241
a '
145,944,621
-4.6
364,688.673
340.664.927
Fifth Federal Reserve Dist rict-Mehra ondW.Va.-Ilunt'g'n
1,433,463 -20.3
1.142,850
V8.
7.075,772 -23.6
-Norfolk__ _
.
5,407,654
Richmond
49,350,000 -12.1
43,368,000
S.C.
3.292,717 -8.9
-Charleston
*3,000,000
Md.-Baltimore_ 105,078,124 101,875,789 +3.1
D.0,-Washing'n
23,733,582 +12.9
20,805,682
1,662,491
7.753,392
50,971,000
3,046,700
91,948,237
23,057,793
1,996.362
6,989,f02
52,642,000
3,087,000
95,400,962
20,666.000
-1.1
178,439.613
180,781,726
Sixth Federal Reserve Dist rict-Atlant aTenri.-Chatt'ga
7,086,276 +8.0
7,654,033
Knoxville
2,763,100 -2.5
2,693,722
Nashville
21,578,765 -19.6
17,359,484
05.
-Atlanta._ _
. 50,038,304
72,742,244 -30.9
Augusta
2,109,850
1,830,012 +20.2
Macon
2,083,603
1,503,595 +38.6
Savannah
aa
a
Fla.-Jack'nville
22,259,855
45.744,952 -51.3
Miami
7,773,804
21,137,540 -63.2
Ala.-Brirning'm.
22,754,957
27,963,911 -18.6
Mobile
2,077,351
2,219,879 -8.4
Miss -Jackson..
1,031,826
1,814,000 +6.5
Vicksburg
460,385
545,793 -15.7
La.-NewOrlean8
55.787,972
59,219,369 -5.8
6,514.771
3.680,968
20,522,988
61,599,924
2,213.932
1.503,659
a
22.785,464
11,117,759
27,410,265
2,109,827
1,583,000
490,913
55,791.755
6,315,137
3,473,951
19,001,045
54,760,664
2,013,321
1,309,882
a
13,752,520
4,289,878
27.743,861
1,923,403
1,226,747
427,605
62,758,712
217,325.225
198,998.728
Total(6 cities).
Total(13 cities)
321,197,565
184,802,310
195.075.148
336,722,057
186,761,323
266.149.436 -26.7
Inc. or
Dec.
1926.
1925.
Seventh Feder al Reserve D istrict-Chi Cag0224,419
Mich.
257,786
-Adrian..
212,867
899,193
882,858 +1.8
Ann Arbor _ _
770,270
115,585,053 121,564,168 --4.9 124,305,101
Detroit
7,062,588 --14.6
Grand Rapids_
6,862,602
6,032.261
1,964,000
2,100,000 -6.5
Lansing
2,049,998
2,246.491 -4.7
2,358,146
2,140,102
Ind.
-Ft. Wayne
20.626,000 +13.4
16,963,000
23,400,000
Indianapolis
2,198,200
2,322.137
South Bend_ _ _
2,105,800
6,011,439
6,745,875
5,225,825 +29.1
Terre Haute..
41,269,838
46,427,983
44,672,730 +3.9
Wis.-Milwaukee
2,082,995 +1.8
Iowa-Ced. Rap.
2,247,444
2,121,551
8,761,124
7,393,888
8,892.272 -17.9
Des Moines_
5,115,221
6,199,176
Sioux City _ _ _
7,218,650
Waterloo
1,174,801
1,305,392
920,058 +41.9
1,230,741 -3.9
111.-Blooming'n.
1,337,461
1,182,789
516,719,585 593,611,900 -12.9 623,805.430
Chicago
a
Danville
a
a
1,212,115
68,095
1,180,469 +2.7
Decatur
'
4,143,670 -12.5
Peoria
4,544,234
3,623,934
2,565.538
Rockford
2,437,309
2,470.168
2,430,543 -3.1
2,671,118
2,355,602
Springfield._ _
1,3
Total(20 cities) 749,105,779 830,083,578 -9.8
Eighth Federa I Reserve Dis trict-St. Lo uisInd.
-Evansville.
+1.1
4,805,593
4,753,296
Mo.-St. Louis.. 134,800,000 146,600,000 -8.1
Ky.-Louisville_
30,911,429
32,827.573 -5.8
Owensboro. _ _
464,695
523.827 -11.3
Tenn .-Memphis
16,787,971
23,237,665 -27.8
Ark.
-Little Rock
13,883,567
14,897,022 -6.8
338,855
352,006 -3.7
Quincy
1,151,970
1,344.413 -14.3
1924.
273,955
709,678
130.220,417
6,538,060
2.359.923
2,532,925
18,449,000
2,013,776
5,439,356
39,402,532
2,023,958
9,347,737
6,398,330
1,264,528
1.347,810
581,591,001
a
1,313,373
4,189,310
2.201,685
2,663,341
858,519.646
820,280,695
5,969,700
137,500,000
36,791,005
582,038
23,458,503
13,538,871
317,202
1,455.593
4.700,629
133,000,000
31,667,631
468.488
21.299.446
11,480,145
309,225
1,305,766
Total(8 cities). 203,144,080 224,535.802 -9.5 • 219,612,912
Ninth Federal Reserve Dis trict- Minn capons
5,446,315
8.898.246
6,289,558 -3.4
Minneapolis_ _ 51,581.355
66,093,957 -22.0
78,289.470
Bt. Paul
23,065.795
27,710,751 -16.8
28,948,740
N. D.
1,530,416
-Fargo...
1,545,125 -0.9
1,599,059
S.D.
-Aberdeen.
1,012,495
1,281,540
1,208,578 -16.1
Mont -Billings.
456,714
551,965 -16.3
604,949
2,125,000
2,504,341 -15,2
Helena
2.742,976
204.131.330
Total(7 cities).
85.218,090 105,902,275 -19.5
Tenth Federal Reserve Die trict-Kans as City
Neb.-Fremont..
d366,712
340.749 +7.6
Hastings
399,640
402,522 -0.7
Lincoln
3,652,169
4.090.573 -10.7
Omaha
30,997,891
35,408,869 -12.5
Kan.
-Topeka..
3,524.673
4.341,870 -19.8
8.231,931
Wichita
+0.4
8,194,676
Mo.-Kan. City_ 140,717,476 125,145,269 +12.4
St. Joseph._ _ _
d6,665,447
7,486,113 -11.0
a
-Muskogee
a
Okla.
a
28,427,543
Oklahoma City
29,923,651 -5.0
a
a
Tulsa
a
990,122
1,163,031 -14.9
Colo.
-Col. Spgs.
e14,407,185
17,362,641 -17.0
Denver
1,297,453
1,113,125 +16.5
Pueblo
122,364,979
104,802,033
326,861
624,200
4,224.291
37.293,247
2,977,831
7,506,842
127.604,202
8,219,472
a
28,583,136
a
1,083,250
18,869,800
933,840
366.268
452.746
3,898,684
34,477,604
2,935,321
7,335,138
115,337,925
6,647,874
a
22,686,371
a
1,068,327
17,845,639
842,985
238,246,972
213,894,882
1,524,508
52,380,326
11,010,778
9,796,385
a
6,024,594
1,381,884
35,589.172
11,187,544
8,459,595
a
5.078.815
80,637,591
-10.2
Franc Isco40,710,360
+7.0
10,000,000
-6.3
a
a
1,226,715
-2.9
32,503,342
+0.8
13,023,649
-11.8
a
a
a
16.0 2,718,702
5,901,710
-5.5
+14.0 143,876.000
17,974,233
-12.2
5.807,758
-4.3
6,608,761
+6.7
5,460.562
+22 6
-3.5 164,114,022
9,225.602
+15.2
1,213,721
-20.1
1,836,656
2.490,600
+6.6
61,697,010
40,863,074
9,766.000
a
1,186,599
36,034,003
12,131,362
a
a
4.458.963
8.744.391
155,936.000
14,873,417
6,075,843
8,634,329
4,600,976
170,900,000
2.277.539
1,311,394
2,364,978
2,310,000
457,392.423
482.468.868
Total(12 cities) 239,678,242 234,973.089 +2.0
-Da HasEleventh Fede cal Reserve District
Texas-Austin...
1,454,767
1.776,116 -17.1
e40.684,683
47.157,827 -13.7
Dallas
13,229,736 -9.2
Fort Worth... d12,007.934
Galveston
8,432,000
8,561,000 -1.5
a
a
Houston
a
6,180,761
5,844,499 +5.7
-Shreveport.
La.
68,760,145
76,569,178
Total (5 cities)
Istrict- San
Twelfth Feder al Reserve
-Seattle...
33,391.977
31,202,838
Wash.
10,052,000
Spokane
10.721.000
a
a
Tacoma
1,082,745
1,051,671
Yakima
34,404.815
34,112,646
Ore -Portland..
12,035,397
13,646,716
Utah-S. L. City
a
Nev.-Reno _ _ _ _
a
a
-Phoenix _
a
Ariz.
2,915.941
2,741,393
-Fresno _
Cal.
6,233,450
5,890,065
Long Beach...
Los Angeles_ _ _ 169,727,000 148.924,000
16,463,160
Oakland
18,758,708
5,792,102
6,052.679
Pasadena
8,636,263
8,094,082
Sacramento...
6.781,933
5,529,227
San Diego_ _ _
San Francisco. 166.044.437 172.101.000
2,351,019
2,039,801
San Jose
Santa Barbara_
1,226,410
1,534,056
1,725,541
1,735,252
Santa Monica.
Stockton
3.013,400
2,820,600
6,011,043
62,628,882
30.869.584
1,516.476
983,018
496.028
2,297,007
Total(17 cities) 481,328,583 467,504.771
Grand total (129
8068.516.889 8,444,830,289
cities)
-4.5 8,407.323.865 7,482,307,272
Outside N. Y_.
-7.1
Total(8 cities).
1927.
-5.0 3,743.464,312 3,607,502,145
3.556,700,232 3,745,013,567
+2.9
Week Ended February 10.
Clearings at
1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat...
Peterborough_ __ _
Sherbrooke
Kitchener
Windsor
Prince Albert.._ _
Moncton
Kingston
$
108,994,974
98,352,036
39,192,710
15,584,839
5,895.201
5,161,144
2,652.768
4,809,081
6,929,119
2,394,114
2,065.522
2,590,943
5,230,919
3.311,856
481.917
482,031
1,608,225
1,030,648
1,202,864
717,069
658,715
266,126
822,420
900,933
1,077,576
4,179,350
335,608
688,487
611,066
Total(29 cities)
318 996 981
Inc. or
Dec.
1926.
am
1925.
wwwwww^wwwwwwwww.-..,,wwvw
Federal Reserve Diets.
let Boston._ _.12 citice
2nd New York _11 "
3rd PhiladelPhial0 4th Cleveland__ 8 "
5th Richmond _ 6 "
..13 "
6th Atlanta.
796 Chicago _20 "
896 St. Louis _ 8 "
996 Minneapolis 7 "
10th Kansas City 12 "
5 "
11th Dallas
.17 "
12th San Fran.
Week Ended February 12.
Clearings at
%
+9.0
-0.3
-0.9
-2.7
+7.6
+0.4
+12.4
+24.1
-5.7
-10.1
-0.4
+21.6
+13.0
-12.4
+6.8
+0.5
+7.3
+15.2
+22.5
+19.0
+10.0
+28.5
+30.7
+35.0
+9.2
+19.0
-3.5
-18.2
-0.1
$
80,365,546
78,616,489
59,795.149
17.268,115
5,289.056
4,422,677
2,376,706
4,060,429
6,308,436
2,368,967
1,685,554
2,120.771
4,968,634
3,134,191
522,866
447,643
1,431,942
1.023,418
921.492
721.119
530.898
241,457
739,888
676,540
749.787
2.737,073
347,693
667,592
401,717
010 30/1
.4.37
984 04159.6
..woo
wwwvwwwwwwww
wa,
www17.wwwwwmwowbt
sw-iww,ww.uww-qwww ,
..w.l...wwwowowww,
;.
1,85.07
Dec.
1926.
1927.
Week Ended Feb. 12 1927.
1031
1924.
$
98,873,826
94,125,815
37,458,986
13.750,775
5,351.682
5,343,101
2,273,558
4,360,751
7,106,140
2,425,803
1,787,774
2,239,822
3,751,140
2,779,776
414,787
473.378
*1,300,000
902,238
867,234
667,915
496,264
281,572
629,022
699.118
1,124,477
2.515.230
345,438
696,877
533,066
293.575.263
a No longer report clearings. Is Do not respond to requests for figures. C Week
ended Feb. 9. d Week ended Feb. 10. e Week ended Feb. 11. •Estimated.
1032
THE CHRONICLE
THE CURB MARKET.
There was some show of strength in Curb Market trading
in the early part of the week, but later stocks were somewhat
easier. The volume of business fell off somewhat. Oil
shares hold the attention of the market. Cumberland Pipe
Line sold up from 126 to 1295%. Humble Oil & Refining
weakened from 60% to 57%,closing to-day at 58%. Illinois
Pipe Line lost 55% points to 135 and ends the week at 136.
Indiana Pipe Line lost three points to 65, but to-day sold
back to 68. Ohio Oil declined from 643.4 to 61 and finished
to-day at 6134. Prairie Oil & Gas weakened from 545% to
523/i and closed to-day at 53. Prairie Pipe Line dropped
from 148 to 1425%, with the final transaction to-day at
1423. Standard Oil (Indiana) was off from 715 to 703i
%
but recovered finally to 715%. Gulf Oil improved from 943i
to 96 but reacted to 9532. Motor stocks were conspicuous.
Auburn Automobile common, after early improvement from
95 to 965%, declined to 93, and to-day sold at 95. Durant
Motor sold up from 65% to 10 and down finally to 9X.
Ford Motor of Canada sold up from 428 to 500, the close
to-day being at 486. Stutz Motor Co. improved from
%
185% to 203 , but reacted finally to 195%. Bancitaly Corporation active and sold at its highest, moving up from
1045 to 114 and reacting finally to 112. Johns-Manville
%
new common eased off from 63 to 605% and ends the week
at 61. Rand-Kardex Bureau sold down from 68% to 663.
A complete record of Curb Market transactions for the
week will be found on page 1057.
[VOL. 124.
The immediate future ieobscure, but so long as stocks in Shanghai do
not suffice for the immediate pressure, a certain amount of steadiness is
not unlikely.
United Kingdom imports and exports of silver during the week ended
the 26th ultimo were:
ImportsExports
Denmark
£15,205 Austria
£15,890
United States of America__ 97,419 British India
180,760
Other countries
23,425 Other countries
12,292
Total
£136,049
£208,942
Total
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
Jan. 7. Jan. 15. Jan. 22.
Notes in circulation
18053
18058
18112
Silver coin and bullion in India
10292
10287
10346
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
4977
4977
4977
Securities (British Government)
557
557
557
No silver coinage was reported during the week ended the 22nd ultimo.
The stock in Shanghai on the 29th ultimo consisted of about 62,100.000
ounces in sycee. 74,300,000 dollars, and 920 silver bars, as compared with
about 62,800,000 ounces in sycee, 72,400,000 dollars, and 780 silver bars
on the 22nd ultimo.
Statistics for the month of January last are appended:
Bar Gold,
-Bar Silver, Per Or. Std.Per Or. Fine.
Cash.
2 Mos.
Highest price
84s. 1134cl.
27 13-16d.
27 9-16d.
Lowest price
84s. 10d.
2434d.
2434cl.
Average Price
84s. 11.1d.
25.677d.
25.863d.
Quotations during the week:
Bar Gold,
-Bar Silver. Per Or, Std.Per Or. Fine.
Cash.
2 Mos.
Jan. 27
845. lid.
26 15-16d.
26 11-16d.
28
84s. 11 d.
2634d.
2634d.
29
84s. 11 d.
27 13-16d.
27 9-16d.
31
84s. 1034d.
27 9-16d.
27 5-16d.
Feb. I
845. 10346
27346.
2674d.
.
2
2734d.
84s. 11 d.
2734cl.
Average
27.343d.
84s. 10.96.
27.093d.
The silver quotations to-day for cash and two months' delivery are
130. above those fixed a week ago.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended Feb. 18.
Ind&Mise
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
OS.
Mining.
BONDS(Par Value).
Domestic. For'n Govt.
HOLI DAY-LI NCOLN'S BIRTHD AY
117.202
112,900
130.030 82,264,000 3344,000
118,887 • 94,134
183,440 2,278,000
400,000
145,347
119,185
98,550 2,197,000
223,000
111,735
97,945
34,801 2,852,000
236,000
126,402
70,521
43,400 2,143,000
192,000
617,573
494,665
490,221 11.734,000 31,395,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 2 1927:
GOLD.
The Bank of England gold reserve against notes amounted to £150,081.305 on the 26th ultimo as compared with £150,235,485 on the previous
Wednesday.
The total amount of gold available yesterday In the open market was
about £790,000. The greater part of the supplies
-was bought
-£602,000
for America, the balance being divided as follows: the Continent E100,000.
the Trade E56,000, and India £32,000.
The following movemeats of gold to and from the Bank of England have
been announced:
Jan. 27. Jan. 28. Jan. 29. Jan, 31. Feb. 1.
Feb. 2.
Received
nil
nil
nil
nil
nil
nil
Withdrawn
£48.000 £30,000 £62,000 £30,000 £60,000 £148.000
Of the withdrawals £369,000 was in sovereigns destined as follows.
Spain E276,000, Holland £40,000 and India E53,000. During the week
under review the net withdrawal from the Bank was £378,000, making a
net efflux for the year of £224,000. The net efflux since the resumption
of an effective gold standard, according to the daily bulletins of the Bank,
is now £5,548,000.
Indian trade figures for the calendar year 1926 have been cabled as follows:
Lacs
Of Rupees.
Imports of merchandise on private account
23367
Exports of merchandise, including re-exports, on private account 32924
Net imports of gold
2324
Net imports of silver
1875
'Net imports of currency notes
11
Total visible balance of trade (in India's favor)
5501
Net balance on remittance of funds (against India)
995
The Southern Rhodesian gold output for December 1926 amounted to
48,063 ounces, as compared with 51,090 ounces for November 1926 and
49,307 ounces for December 1925.
United Kingdom imports and extorts of gold during the week ended the
26th ultimo were:
ImportsExports
British South Africa
£409,770 Russia (U. S. S. R.)
£1,588,820
Other countries
3.920 Germany
15,255
Netherlands
114,000
France
20,700
Arabia and other Native
S ttes
25,000
Eta
27,410
Bh India
54.455
Straits Settlements
20,516
Other countries
411
Total
£413,690
Total
£1.866,567
SILVER.
On the whole the silver market has just now a steady tone. Silver prices
under the pressure of some nervous Indian bears, coupled with an enquiry
from China, rose sharply on the 29th ult. 15-16d. for both deliveries. A
reaction set in, which carried prices down the next two days 11-16d. To-day
China demand has been eliminated by the New Year festivities, lasting
until Monday the 7th inclusive. The news that 3,600 bars have been
shipped from Bombay for China probably accounts for a substantial rise in
prices in the former market and for Indian enquiries received hero to-day
for prompt shipment together with bear covering from the same quarter.
The demand on an ill supplied market rallied quotations to 273d. for cash
and 2734d. for forward delivery.
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:
London,
Sat.,
Mon., Tues., Wed., Thurs,
Frt.,
Week Ended Feb. 18.
Feb. 12. Feb. 14. Feb. 15. Feb. 16. Feb. 17. Feb. 18
Silver, per oz
d 263.(
263-16 265-16 2634
2634
2034
Gold, per One ounce
84.1134 84.1134 84.1034 84.103( 84.1034 84.1034
Consols, 234 per cents......
55)4
553-10 55 1-16
5534
5634
British 5 per cents
10134
10134 10134
10134
10134
British 434 per cents
96
96
96
96
96
53
French Rentes (In Parls).fr_ ____
52.30
52.65
52.10
52.85
French War Loan(in Paris) tr. ____
68
66.85
66.80
67.10
67
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(as.):
Holiday 5634
Foreign
67
5634
5734
5734
Sommercial antiggisceliatteottsgrays
-All
Breadstuffs figures brought from page 1094.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Flour.
Wheat.
Corn,
Oats.
Barley.
Rye.
.
bbls.1061bs. bush.60 lbs.bush .56 lbs.bush. 32165.bush.48lbs. bush.Stilbs
47.000
749,000 119,001
Chicago
228,011
306,000 1,114,000
67,000
166,000
314,000
307,000
Minneapolis_
1.014,000
171,000
11,111
7.000
Duluth
8,000
362,000
60.000
186,001
398,000
27.0's
547,000
Milwaukee_
23,000
2,000
84,000
Toledo
99,000
228.000
26,000
14,000
29,000
Detroit
44,000
138,000
419.000
34,000
Indianapolis_
64,000
454,000
316.000
St. Louis_
512,000
S35,001
20,000
198.000
353,000
Peoria
39,000
61.000
82.000
415,000
Kansas City
1,560,000
114,000
243,000
256.000
Omaha
16,000
'182,000
193,000
St. Joseph12,000
9,000
390,000
Wichita
4,000
5,000
1,000
Sioux City_ _ _
Total wk. '27
Same wk. '26
Same wk. '2
421,000
368,000
520,000
4,962,000
4,057,000
5,085,000
4,048,000
5,094,000
5,490,000
2,584,000 502,001
2.749,000 795,011
4,350,000 1,096,001
437,000
269,000
417,000
Since Aug.113,249,000240.242,000 133.885.000 91,201,000 11,142,111 21,264,000
1926
12,901,000 247,777,000 139,543,000 154,383,000 56,863,000 17,870,000
1925
inoA
1, Kn, nnn A117 d gR non 156.706Am 194.656.000 48.710.000 48.959.000
2
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Feb. 12, follow:
Receipts oxNew York.....
Philadelphia__
Baltimore__ _ _
Norfolk
New Orleans.
Galveston_
Montreal. _ _ _
St. John, N.B
Boston
Flour.
Wheat.
Week 1926._ _
1.on
Oats.
Barley.
Rye.
•
Total wk. '27 474,000 2,659,000
Since Jan.1'27 2,601,000 33.432,000
421.•.., ......
Corn.
Bushels, Bushels.
Bushels,
Bushels.
Bushels.
Barrels.
22,000 417,000
56,000
18,000
790,000
223,000
7,000
39,000
14,000
4,000
170,000
41,000
5,000
32,000
42,000
695,000
27,000
23,000
2,000
70,1 • $
48,000
15,000
42,000
288,000
12,0
118,000
121,000
9,000
4,000
15,o I s
502,000
104,000
20,000 521,0 i i
107,000
148,000
18,000
1.00$
21,000
458,000
q
10A
2,206,000
nun
nAn 91 571
177,000
1,316,000
275,$ 1 $
nn
4 ARA
157,000
215.000 1,029,000
2,333,000 7,172,001 1,680,000
382,000
X 002 00(1
504,011
58,000
2 755.000
858.000
•Receipts do not include grain passing through New Orleans for foreign worts
on through bills of lading.
FEB. 19 1927.]
THE CHRONICLE
The exports from the several seaboard ports for the week
ending Saturday, Feb. 12 1927, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
St. John, N.B
Halifax
Wheat.
Corn.
Flow.
MM.
Oats.
U. S. Bonds Held Jan. 31 1927 to Secure
Bonds on Deposit
Jan. 311927.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1451,107
30,050
72,051
287,875 775,611
132,000
3.000
417,000
1,000
2,000
17,000
744,000
86,000 201,000
2,000
60,000
34,000
9,000
17,000
29,000
648,000
151,000
107,000
502,000
20,000 104,000 521,000
2,000
1033
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
$
2s, U.S. Consols 01 1930
26, U. S. Panama of 1936
28, U.S. Panama of 1938
$
590,107,400
48,651,160
25,745,380
Total
Held.
590.107,400
48,651,160
25,745,380
664.513.940 684.503,940
Totals
457,875 1,648,611
150.934 912.863
The following shows the amount of national bank note
afloat and the amount of legal tender deposits Jan. 1 1927
and Feb. 1 1927 and their increase or decrease during the
month of January:
The destination of these exports for the week and since
July 1 1926 is as below:
$697,767,929
2446,380
Total week 1927- 3,903,107
Same week 1926_ 2.725.458
107,050
287,000
252,051
147,781
Plow.
Exports for Week
and Since
July 1 to-
Week
Feb. 12
1927.
37,000
417,322
Wheat.
Since
July 1
1926.
Week
Feb. 12
1927.
Corn.
Since
July 1
1926.
Week
Feb. 12
1927.
Since
July 1
1926.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom_ 128,499 2,917,316 1,677,102 74,639,994
17,000
872.178
96.552 4,137,310 1,916,001 127,034,069
Continent
30,050
232,050
So.& Cent. Amer. 8,000
360,980
9,000 3,869,467
35,000 1,242,000
19,000
%Vista Indies
426.000
19,000
25,000
941,000
Other countries_ _ _ ______
439,235
301,000 1,180.350
Total 1927
Total 1026
252,051 8,280,841 3,903,107 206,742.880
147.781 7.259.691 2.725.458 160.720.857
107.050 3,087,228
287 000 8054 911
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange Feb. 14 to Feb. 18, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices. Week.
Par. Price. Low. High. Shares.
Amer Vitr Prod com: _50
Arkansas Nat Gas com_100
734
Blaw-Knox Co com
_25
Byers (A M) Co com_
•
Preferred
100
Carnegie Metals Co
_10
Colonial Trust Co
100
Columbia Gas & El com_ •
Preferred
100
Devonian Oil
10
Duquense Light 7% p1100 115
Halbison-Walk Ref com100
s
6
Houston Gulf Gas
Independent Brewing cm50
Preferred
50
Jones & Lau'n St'l pref.100
Lone Star Gas
25 3834
Nat'l Fireproofing com_100
Preferred
100 2834
Okla Nat'l Gas ctfs of dem. 2134
Peoples Saving & Trust100
Pittsburg Brewing com_50
Preferred
60
Pittsburg Oil & Gas
5
Pitts Plate Glass cow _100
.
Pittsburgh Trust Co._ _100
Salt Creek Consol 011_10
Stand Plate Glass pr pf_100 ___t
Stand Sanitary Mfg cm.25 88
Tidal Osage Oil
100 2434
Union Steel Casting com_• 36
United States Glass .25
Waverly 011 Wks, class A •
Westinghouse Air Brake 50 146
West Penn Rye pref. 100
Rights
Columbia Gas & Elec._
24
24
7X 7%
7034 703i
5554 553
107% 1073.
1234 1234
255 255
83% 83%
101 101
134 14
115 11534
13734 13734
6
631
3X 4
5% 6
119 119
3834 3934
9
9
28
2834
21
2134
400 40034
434 434
1134 1134
334 334
239 243
230 230
734 8
68
68
8534 88
24
2434
3234 36
13
1334
42
42
14434 146
99
99
234
234
70
1,100
60
66
70
250
7
20
80
377
20
10
650
150
52
10
2,875
265
320
1,430
36
10
60
100
78
6
120
15
431
1,200
242
150
25
85
12
2,804
Range Since Jan. 1.
Low.
24
734
70
43
106X
1134
255
8334
9934
1334
11534
133
6
234
534
118
3734
8
27
2034
400
4
11
334
243
230
734
68
85
22
x3234
13
42
134
99
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
High.
27
asi
73
130%
108
13%
260
9134
lel%
15
11634
138
734
4
6
119
4434
9
2834
23
40034
434
1134
334
270
232
8
68
9234
2534
36
153.4
43
146
9934
234 Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
334 Jan
Bonds• No par value. x Sale of Union Steel Casting, corn at 3134 reported week of
Feb. 10 was an error: should have been 3234.
Note.
-Sold last week and not reported: 20 Allegheny Trust Co. at 218: 1,833
Columbia Gas & Elec., rights at 2340 234: 10 First National Bank at 300: 25 Pittsburgh Brewing, cons. at 4.
-CHANGES IN TOTALS OF, AND IN
BANK NOTES
-We give below tables which
DEPOSITED BONDS, &c.
show all the monthly changes in national bank notes and
In bonds and legal tenders on deposit therefor:
Jan. 31 1927.-- Dec. 31 1926...
Nov.30 1926....
Oct. 31 1928-Sept.30 1926--Aug. 31 1926.......
July 31 1926._
June 30 1926......
May 31 1926....
April 30 1926.- Mar. 31 1926....
Feb. 27 1926....
Jan. 31 1926_ _ _ _
Dec. 31 1925_ _ _.
Nov.30 1925._
Oct. 31 1925....
Sept.30 1925._ _
.
Aug. 311925....
July 31 1925..._
June 30 1925......
May 31 1925._
April 30 1925 _;
Mar. 31 1925....
Feb. 28 1925._ .
Bonds.
8
664,503,940
668,211,440
606,278,180
665,492,880
665,830,440
005,889,940
665,941,890
665,616,390
665,465,140
665,886.140
665,568,140
665.235.640
605,303,590
666,273.130
660,087.630
066,185,130
665.542,630
065.810.130
665.227.130
665,061.330
665.502.880
666,010.330
665,608,330
666,943.330
s
$
657,364,790
861,046,465
662,764,613
661,742,830
660,555.797
659,780,467
661,434,195
660,986,560
660.677.175
661.664.478
681,016,470
661.244,347
661,298,333
658,382,223
662,622,888
662,538.483
661,380,320
662,186.083
660,341,413
86(1.501,393
661.293,895
661.397,558
861,613.281
663.324.911
37,856,759
36,721,464
37,927,974
38,971,702
39,178,467
39.768.777
40,714.779
41,682,684
42,697.987
42,519,201
44.211,319
45.059.372
45.050.979
413,194.204
48.127.556
51,264,261
56.543.569
01.476,914
66,214,271
72.884.681
78.275,574
86,028.261
93.597,406
100.532.368
Legal
Tenders.
Total.
$
695,221,549
697,767,929
700.692,587
700,714,532
699,734,264
699,529.244
702,148,974
702,689,244
703.375.182
704,183,679
705,227.789
706,303.719
706.349.312
704,556,427
710,750,444
713,802.744
717,923,889
723,662,997
726.555,684
733,366,074
739.569.469
747.425,819
755,210,687
763.857.277
$5,149,658 Federal Reserve bank notes outstanding Jan. 31 1925 secured by
lawful money, against 88,255,248 Jan. 31 1920.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Jan. 31.
Amount of bank notes afloat Feb. 1
Legal Tender Notes
Amount on deposit to redeem national bank notes Jan. 1 1927
Net amount of bank notes issued in January
Amount on deposit to redeem national bank notes Feb. 1 1927
$695,221,549
$36.721,464
1.135,295
$37.856.759
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
-The Hamilton National Bank of Newark, N.J
$300.000
Feb. 8
Correspondent, Samuel I. Kessler, Newark, N.J.
-The National City Bank of Long Beach, N. Y
50.000
Feb. 8
Long Beach, N. Y.
Correspondent, Murdoch Lind,350,000
-The Penn National Bank of New York, N. Y
Feb. 11
Correspondent, S. Earl Levene, 570 Seventh Aye., New
York, N Y.
25,000
-The Rodyn National Bank, Roslyn, Pa
Feb. 12
Correspondent. Perry Greenspan, Roslyn, Pa.
25,000
Feb. 12-Doland National Bank, Doland, S. Dak
Correspondent, John H. Levsen, Dolan& S. Dak.
APPLICATIONS TO ORGANIZE APPROVED.
1100.000
-The Second National Bank of Elmhurst, Ill
Feb. 8
Correspondent, Louis J. Goebel, co First Nat'l Bank.
Elmhurst, Ill.
Feb. 11
-The Bay Parkway Nat'l Bank of Brooklyn in New
200,000
York, N Y
Correspondent, Charles G. Bond, Dey St., New York,
N. Y.
30.000
-The Bay Head National Bank, Bay Head, N.J
Feb. 12
Correspondent, James H. Chafey, Bay Head, N. J.
APPLICATION TO COVERT RECEIVED.
$25.000
Feb. 11-The First National Bank of Roe Heights, S. Dak
Conversion of the First State Bank of Roe Heights.S.Dak.
CHARTERS ISSUED,
-The Capital National Bank of Hartford, Conn__ $300,000
Feb. 8
-13038
President, C. P. Tomlinson; Cashier, Calvin C. Bolles.
-The Security National Bank of Trenton, N. J_. 200.000
Feb. 8
-13039
President, J. Henry Fell; Cashier, Stephen Wenczel.
VOLUNTARY LIQUIDATIONS.
-The City National Bank of Lincoln. Nob
-5213
500.000
Feb. 9
Effective Jan.27 1927. Liquidating Agent,Stanley Maly,
Lincoln, Neb. Succeeded by City National Bank in
Lincoln, Neb., No. 13017, which bank also assumes
liability for circulation of the liquidating bank under
Section 5223, U. S. R. S.
-The First National Bank of Brookneal, Va... 50.000
-10835
Feb. 9
Effective Jan. 11 1927. Liquidating Agents, E. R.
Monroe, and C. S. Stephens, Brookneal, Va. Absorbed
by the Peoples Nat'l Bank of Brookneal, Va.. No. 11960.
-The County National Bank of Lincolnton, N. C
100.000
Feb. 10
-8184
Effective Feb. 8 1927. Liquidating Agent, J. A. Abernethy, Lincolnton, N. C. .Absorbed by the Commercial
Bank & Trust Co., Gastonia, N. C.
-The Pelples Nat. Bank of Farmington, N. Meg 25.000
Feb. 11
-12514
Effective Dec.201926. Liquidating Agent,E.M.Hampton, Farmington, N. Meg. Absorbed by the First Nat'l
Bank of Farmington, No. 6183.
7
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh.
Bonds.
Per Cents
100 Associated Banking Corp
134 $3,000 Joplin & Pittsburgh Ry.
Bonds.
gen. mtge. 6s, ext. to March 1
Per Cent.
340.000 Coldak Corp.(Del.) coll. tr.
1930: April 1924 and subsequent
7-yr. cony. s.f. 634% gold notes,
coupons attached
$19 lot
Sept. 15 1933
51
By A. J. Wright & Co., Buffalo:
National Bank Circulation,
Afloat on
-
Amount Bonds
on Deposit to
Secure Circula
lion for National
Bank Notes.
National Bank Notts-Total Afloat
Amount afloat Jan. 1 1927
Net decrease during January
Shares. Stocks.
$ Per sh.
200 Power Town Tire & Rubber.
class B. par SIO
500. lot
2,100 March Gold, Inc., par 10e._ _1134c
43 Power Town Tire Cott., par
350
50c. lot
2 Buff., Mag.& E. Pow., no par__ 2734
2,000 March Gold Inc., par 10c_ __ llo.
200 March Gold, Inc., par 10c____ lie.
Shares. Stocks.
$ per sh.
14 Power Town Tire Corp., pref.,
par $50
500.
2 Buff. Niag. & East. Power, prof.,
par $25
26
500 Chaput Hughes, par $1
534e
500 March Gold, Inc., par 10c
12c.
10,000 March Gold, Inc., par 10c_ _ 10e.
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
20 Citizens National Bank
140
1 Merchants National Bank
396
19 National Shawmut Bank
260
5 Waltham National Bank, Waltham, par $75
1314
3 Lancaster Mills. cons
1634
60 Pepperell Manufacturing Co-_11734
5 Lancaster Mills. pref
42
7 Lyman Mills
11434
3 Pepperell Manufacturing Co_ _117%
2 Androscoggin Mills
4334
2 Great Falls Manufacturing Co
13
39 Merrimack Mfg. Co., pre!
74
14 Naumkeag Steam Cotton Co.
174X-174X
1.037 Stark Mills, pref
%
7 Merrimack Mfg. Co., cons
122
15 Boston & Maine RR., 1st pref. C
stamped
94
5 Boston & Maine RR.. let pref. D
stamped
135
4 Fitchburg Gas& El. Co., Par 850.12334
2 Mutual Finance Corp., Prof
34
5 Union Twist Drill Co.,7% pref 103
10 units First Peoples Trust
70
8 Lynn Gas di Elm. Co., par $25.._138 34
Shares. Stocks.
$ per 15
1 Boston Athenaeum, par 8300..._831
14 units First Peoples Trust
60
20 F. H. Roberts Co., 7% pref.__ 64
6 special units First Peoples Trust__ 5
4 Howes Bros., but pref. B
70
2 Biddeford & Saco Water Co
95
1 First Nat. Stores. Inc.. 1st ore1
-100
20 Worcester Elec. Lt. Co.. par 825.15134
50 Fall River Elm. Lt. Co.. par $25 4634
11 New England Power Assn., prof. 8
9
7 New England Power Assn., corn.. 48
62 New England Power Assn., pref. 8934
6134
2 State Theatre Co., pref
35 Great Northern Paper Co., new.
67-673$
par $25
809 Lockwood, Greene, Inc., corn.,
34
class B
4,046 Lockwood, Greene.Inc., pref. 414
1 Columbian Nat'l Lite Insur. Co__209
$ Per rkehr.
Rights.
2 45-2.49
428 Nor. Boston Log.Prop
1 Columbian Nat'l Life Inerur. Co__ 31
1 Columbian Nat'l Life Insur. Co._ 3134
8 Columbian Nat. Life Ins. Co_ 3134-31 X
7 Columbian Nat. Life Ins. Co_.31 .34-
1034
By Wise, Hobbs & Arnold Boston:
$ per sh.
Shares. Stocks.
$ per oh. Shares. Stoat,.
25 First National Bank
1 unit Commercial Finance Corp__ 47
362
5 National Sbawmut Bank
94 No. Dos. Ltg. Prop., p8_110, ex-rights
260
20 Nashua Mfg. Co., corn
504 100 Blackstone Val. Gas & Elm. Co.
5 Lyman Mills
98, ex-div.
corn., par $50
11634
604
1.305 New England Southern Mills,
6 units First Peoples Trust
prior pref
68
14 6 units Mutual Finance Corp
20 Harmony Mills, pref
5 Nor. Boston Ltg. Prop., pref_ _ _1094
65
5 Canadian-Conn. Cotton Mills,
30 Great Northern Paper Co., new,
Ltd.. pref
6731
par $25
3634
47
1,980 New England Southern Mills.
1 unit Commercial Finance Corp _
prior pref
134 50 Fall River Elec. Lt. Co., par $25 46.34
12 Bates Manufacturing Co
12234 1 Columbian Nat. Life Ins., rights
230
5 Great Falls Manufacturing Co_
on
13
26 Great Falls Manufacturing Co
1334 10 G.Slegle Corp. of Am.,8% pf1104 on
45 Saco-Lowell Shops, 1st pref
2 G. Single Corp. of Am., 2d pf_ fist pref
21
12611
2 United Elm. Rys. of Providence,
5 Plymouth Cordage Co
68
COM
1 Mutual Finance Corp., pref
57
114
1 Vermont & Massachusetts RR__ _1124 2 Boston Wharf Co
68
50 Quincy Market Cold Storage &
1 unit Mutual Finance Corp
$ per right.
Warehouse,corn
4234 No. Rights.
3531
10 Fitchburg Gas & Elm. Co. (ctf.
90 Old Colony Trust Co
of deposit)
1234 630 Blackstone Valley Gas& El. Co.
9 13-16-94
14 United Elm. Lt. Co. of Springrd480
10 units Int. Sec. Tr. of Am_ _130, ex-div. 600 Nor. Boston Ltg. Prop__ ._2.46-2.48
Per dent.
Bonds.
81 New Bedford Gas dr Edison Light
Co., par 825
$3,000 Quincy Market Realty Trust
80
934
3 units First Peoples Trust
55, May 1964
70
By Barnes & Lofland, Philadelphia:
$ per share.
Shares. Stocks.
$ per share. Shares. Stocks.
1534
45 Mutual Trust Co
100 John B. Stetson Co., corn., no
8 Jefferson Title & Tr. Co., par $50. 7231
par
95
10 Commonwealth Title Ins. & Tr_6604 5 Roxborough Trust Co., par 550-255
15 Conshohocken Trust Co., Pa.,
4 Phila. Bourse, corn., par $50_ _ _ 23
45
par $50
100 011 Cor., group No.2, par $1.$200 lot
100 G. Boissonault Co., no par_ _$50 lot 20 Merlon Title & Trust Co., Ard275
more, Pa., par $50
1,000 Independence Lead Mines.
Ltd.. par 21
$30 lot 16 Colorado Springs Light, Heat &
Power Co., pref., certif. of dep....216 lot
1,000 Jib Consol. MM.Co.. par $1 $11 lot
$11 lot
$27 lot 300 Batopilas Mining Co
1 International Textbook Co
$3 lot
11 Middle States Oil Corp.. par $1 328 lot 9 Pitts. & East. RR., par $50
S3 lot
4 Pittsb. & East. RR., par $50
1.495 Charles F. Noble 011 & Gas
Co.. par $1
$56 lot 60 Olean Bradford & Salamanca
$7 lot
Ry., corn
20 Penn Seaboard Steel Corp., no
$18 lot 25 Olean Bradford & Salamanca
par
Ry., prof
$5 lot
200 Tonopah Belmont Devel. Co..
par $1
$305 lot 78 Huntingdon & Broad Top Mtn.
RR.& Coal., corn., ctf. of dep_ _355 lot
10 Turman Oil Co., par $10
$105 lot
8 Helena Light & RR., pref. ctf.dep.S5 lot
1,000 Imperial Royalties Co., pref.,
$2 lot
no par
$1,055 lot 9 Tacoma Gas Co., pref
$2 lot
10 Island 011 St Transport Co
$1 lot 4 Tacoma Gas Co
200 Investors Royalty Co., par $18125 lot $20 Minn. & St. Louis RR. scrlp $1 lot
2 New World Life Ins. Co.. par $10$25 lot 8 Budd Realty Corp., stock tr. ctf. 95
150 Lyons Petroleum Co., par 81.830 lot 20 Reliance Insurance Co., par $10_ 224
200 Hudson 011 Co., par $1
$1 lot 1 Pennsylvania Academy of Fine
30
Arts
100 Acme Coal Min. Co., par 510.335 lot
12 Keen & Woolf 011 Co.. par $i0.$4 lot 75 Hestonyille Mantua & Fairmount
26
Passenger Ry., corn
100 San Domingo MCorp., par $1_31 lot
5,000 Stanton 011 Co., par ES
$50 lot 86 Philadelphia Warehouse Co_...126
313 Mid-Texas Petroleum Corp.,
16 Phila. Life Insur. Co., par $10._ 1434
Par Si
$1 lot 50 Commonwealth Casualty Co.,
26
SO Internat. Oil& Gas Corp., par $181 lot
par $10
26,826 interests Amer. Minerals Co.
100 Commonwealth Casualty Co.,
28
corn
par $10
$1 lot
30 Interests Amer. Minerals Co., pf.$1 lot Membership in Rolling Green Golf
El 000 lot
22 Phila. Girard National Bank
Club, 1927 dues paid
665
4 Kensington Nat. Bank, par $50_ _211
10 John B. Stetson Co.,corn., no par 95
20 Nat. Bank of Germantown, par
100 E. G. Budd Mfg. Co., corn.,
314
$50
no par
425
Per cent.
1 Tenth Nat. Bank of Philadelphia _351
Bonds.
2 Tenth Nat. Bank of Philadelphia_346
Five mortgages 08E1,000 each: First
50 National Bank of Commerce_ _250
mtge. 6% bonds of the Pennsyl21 Penn National Bank
vania Shafting Co., dated July 15
631
4 Broad Street National Bank__ _ _331
1912: bonds Nos. 25, 43, 44, 56
20 Excelsior Trust Co., par $50_ _201
and 57, April 11920, and all subsequent coupons attached; bond20 Peoples Bank & Tr. Co., par $50.200
holders' depository receipt issued
11 Peoples Bk.& Tr. Co., par $50 _ _184
21 Security Title St Tr. Co.. par $50 30
by the Land Title & Trust Co_3100 lot
$400 New Jersey Minerals Co., let
10 West Phila. Title & Tr. Co., par
M.series B, due Dec. 1 1915_ _ _ _$1 lot
350
245
$1,000 Buffalo & Erie Ry. 1st M.
50 West Phila. Title & Tr. Co., par
50
6.34s. 1954
246.11
$50
35 Colonial Trust Co., par $50_ _24031 $500 Manufacturers Club of Phila954
delphia 2d M.6s, 1940
15 Cent. Tr. & Say. Co., par $50_ _201
5 Central Tr.& Say. Co., par 850_ _19934 $9,500 Shupe Terminal Corp., 1st
75
M. 64s, 1939
45 Liberty Title de Tr. Co., par 850.300
$500 Borough of Coatesville, Pa.,
1 Chelten Trust Co
235
ref. 4s, Jan. 1941
95
10 Aldine Trust Co
25131
$2,000 Sesqui-Centennial Exhibition
98 Aldine Trust Co
251
Assn., participation certificate_..$2 lot
20 Mutual Trust Co., par $50
16031
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Boston & Albany (guar.)
Canadian Pacific. corn. (guar.)
Preference
Chesapeake & Ohio, corn. (guar.)
Preferred
Gulf Mobile & Northern, pref. (guar.)
Hocking Valley (guar.)
Per
When
Cent. Payable.
2
234
2
'2
*314
'1.34
"2
Books Closed.
Days Inclusire.
•
Mar,31 Holders of rec. Feb. 28
Apr,. 1 Holders of rec. Mar. 1
Apr. 1 Holders of rev. Max. 1
Apr. I *Holders of rec. Mar. 8
July 1 *Holders of rec. June 8
Apr. 1 *Holders of rec. Mar. 15
Mar. 31 *Holders of rec. Mar. 8
Public. Utilities.
Blackstone Valley Gas & Elm. com.(gu.) 31.25 Mar. 1 Holders of rec. Feb. 15a
Chic. Nor.Shore & Milw., prior lien(qu.) '134 Apr. 1 'Holders of rec. Mar. 15
"134 Apr. 1 'Holders of rec. Mar. 15
Pre/erred (guard
Chic. Rap. Tran., prior pref. A (mthly.) *65c. Apr. 1 'Holders of rec. Mar. 15
*650. May 1 *Holders of rec. Apr. 19
Prior preferred A (monthly)
*65c. June 1 *Holders of rec. May 17
Prior preferred A (monthly)
"600. Apr. 1 *Holders of rec. Mar. 15
Prior preferred B (monthly)
*60c. May 1 *Holders of rec. Apr. 19
Prior preferred B (monthly)
*60e. June 1 'Holders of rm. May 17
Prior preferred B (monthly)
Engineers rubl1L Service
$7 pref. and pref. allotment certifs.__ $1.75 Apr. 1 Holders of rec. Mar. 4
1
13
Mar. 15 *Holders of rec. Mar. 1
Laclede Gas Light, corn. (guar.)
2
Mar. 31 Holders of rec. Mar. 10
New England Telep. & Teleg.(quard
*80c. Mar. 31 *Holders of rec. Mar. 15
Falls Power, corn. (guar.)
Niagara
*434e Apr. 15 "Holders of rec. Mar. 31
Preferred (guar.)
Nlag. Lockp. & Out. Pow., coin. (guar.) "75c. Mar. 31 *Holders of rec. Mar. 15
•131 Apr. 1 *Holders of rev. Mar. 15
Preferred (guar-)
North American Company, com. (quar.) v24 Apr. 1 Holders of rec. Mar. 5
75c. Apr. 1 Holders of rec. Mar. 5
Preferred (guard
North American Utilities Securities
*$1.50 Mar. 15 *Holders of rec. Feb. 28
Preferred and allotment certificates
3
Mar. 1 Holders of rec. Feb. 16a
Northern Texas Electric Co.. Preferred
Penn-Central 1.ight dr Power. pref. (qu.) •$1.25 Apr. 1 *Holders of rm. Mar. 15
Apr. 1 Holders of rec. Mar. 18
& Power Kinard- 2
Pennsylvania Water
VOL. 124.
THE CHIONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days inclusive.
Public Utilities (Continued)
Shawinigan Wat.& Pow., new. com.(gu) *50e. Apr. 11 'Holders of rec. Mar. 25
Southern California Edison, pref. A (gu.) 434e. Mar. 15 Holders of rec. Feb. 20
Preferred B (guar.)
3734c, Mar. 15 Holders of rec. Feb. 20
Apr. 1 "Holders of rec. Mar. 15
Southwestern Gas & Electric, corn. (gu.) "2
Seven per cent preferred (guar.)
•131 Apr. 1 *Holders of rec. Mar. 15
Apr. 1 'Holders of rec. Mar. 15
Eight per cent preferred (guar.)
*2
Virginia Elec. & Power, 7% pref.(guar.) 131 Mar. 21 Holden; of rm. Feb. 28a
Six per cent preferred (guar.)
134 Mar.21 Holders of rec. Feb. 286
Washington Water Pow., Spok.. pf.(gu.) 14 Mar. 15 Holders of rec. Feb. 25a
Banks.
Chemical National (bi-monthly)
Trust Companies.
Equitable (guar.)
*4
Mar. 1 'Holders of rm. Feb. 18
Mar. 29 *Holders of rec. Mar. 18
Miscellaneous.
Acushnet Mills (guar.)
"134 Mar. 1 *Holders of rec. Feb. 17
American Cellulose & Chem. Mfg., Ltd.,
First participating preferred (guard
14 Mar. 15 Holders of rm. Mar. 1
American Mfg. Co., corn. (guar.)
14 Mar. 31 Holders of rec. Mar. 166
Common (guard
14 July 1 Holders of rec. June 16a
Common (guar.)
134 Oct. 1 Holders of rec. Sept. 166
Common (guar.)
14 Dec. 31 Holders of rec. Dec. 16a
Preferred (guar.)
131 Mar. 31 Holders of rec. Mar. 18a
Preferred (guar.)
131 July 1 Holders of rec. June 16a
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 16a
Preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 16a
American Seating, corn. (guar.)
"75c. Apr. 1 *Holders of rec. Mar. 15
9.34 Apr. 1 'Holders of rec. Mar. 10
Armour & Co. of Illinois, pref. (guard
Armour & Co. of Delaware, pref. (guar.) *14 Apr. 1 'Holders of rec. Mar. 10
Atlantic Terra Cotta, pref. (guar.)
14 Mar. 15 Holders of rec. Mar. 5
Belding-Heminway Co., corn. (guard- 50c. Apr. 1 Holders of rec. Mar. 21
Beneficial Loan Society, corn. (guar.)
20c. Mar. 1 Holders of rec. Feb. 20
Borg & Beck (guar.)
Apr. 1 *Holden of rec. Mar. 15
"$1
Brandram-Henderson. Ltd., pref. (au.)- 14 Apr. 1 Holders of rec. Mar. 1
Bristol Manufacturing (guar.)
•134 Mar. 1 "Holders of rec. Feb. 14
Sardines, Inc., preference (guar.)
950. Mar. 1 Holders of rec. Feb. 19
Burns Brothers, preferred (guar.)
Apr. 1 'Holders of rec. Mar. 15
Burroughs Adding Machine, corn. (gu.)_ 75c. Mar. 31 Holders of rec. Mar. 15
By-Products Coke, corn. (guar.)
+500. Mar. 21 *Holders of rec. Mar. 7
Preferred (guar.)
.132.25 Apr. 1 *Holders of rec. Mar. 21
Canadian Locomotive, pref. (guard__
131 Apr. 1 Holders of rec. Mar. 20
Case (J. I.) Thresh. Mach., corn
*$1.50 Apr. 1 'Holders of rec. Mar. 14
Preferred (guar.)
'
1111 Apr. 1 *Holders of rev. Mar. 14
Mar. 10 Holders of rec. Mar. 310
Chesebrough Mfg. Consol. (guar.)
$1
Chicago Fuse (guar.)
* 234c Apr. I *fielders of rev. Mar. 16
Chicago Yellow Cab (monthly)
"33 1-3 Apr. 1 *Holders of rec. Mar. 21
Monthly
* 33 1-3c May 2 *Holders of rec. Apr. 20
Monthly
•33 1-3c June 1 *Holders of rec. May 20
Apr. 1 'Holders of rec. Mar. 15
Cities Service. common (monthly)
* 34
Apr. 1 *Holders of rec. Mar. 15
Common (payable in common stock)..
Apr. I "Holders of rec. Mar. 15
Preferred and preferred B (monthly) _
.
•34 Apr. 1 *Holders of re:. Mar. 15
Preferred BB (monthly)
Consumers Co. prior pref. (go.) (No. 1) *14 Apr. 1 'Holders of r c. Mar. 31
Mar. 15 Holders of rec. Feb. 28
Cooksville Shale Brick Co., pref. (guar.)
Crane Company, corn.(guar.)
134 Mar. 15 Holders of rec. Mar. 1
134 Mar. 15 Holders of rev. Mar. I
Preferred (guard
13/ Mar. 31 Holders of rec. Mar. 150
Crucible Steel. preferred (guar.)
25c. Apr. 1 Holders of rec. Mar. 4
Cuban-American Sugar, corn. (guard_
Mar. 4
131 Apr. 1 Holders 01
Preferred (guar.)
Mar. 15 *Holders of rec. Mar. 1
"El
Cuneo Press, class A (guar.)
June 15 *Holders of rm. June 1
'Si
Class A (guar.)
Darmouth Manufacturing, corn. (guar.) *31.50 Mar. 1 *Holders id rec. Feb. 14
*$1.25 Mar. 1 "Holders of rm. Feb. 14
Preferred (guar.)
Douglas-Pectin Corporation (guard---- 50e. Afar. 31 Holders of rec. Mar. 1
25e. Mar,31 Holders of rec. Mar. 1
Extra
Mar. 15 Holders of rec. Mar. 1
DuPont (E.I.)de Rem.& Co.. comdqu.) $2
1 4 Apr. 25 Holders of rec. Apr. 9
Debenture stock (guar.)
40c. Mar. 1 Holders of rec. Feb. 15
Eagle-Picher Lead, corn. (guar.)
Electric Storage Battery, corn.& pf.(gu.) $1.25 Apr. 1 Holders of rec. Mar. 7
Mar 15 Holders of rec. Feb. 25
Elyria Iron & Steel (stock dividend).... elf)
Equitable Office Building, corn. (guard_ $1.50 Apr. I Holders of rec. Mar. 15
14 Apr. 1 Holders of rec. Mar. 15
Preferred (guard
Apr. I Holders of rec. Mar. 150
Famous Players-Lasky Corp., corn.(gu.) $2
*75e. May 17 *Holders of rec. Apr. 29
Fansteel Products Co., new stock
'Holders of rm. Feb. 21
Old common (payable in common stk.) 1300
Federal Mining & Smelting, pref. (guar.) '131 Mar. 15 *Holders of rec. Feb. 24
m af 1
.
"750. A pr. 15 *Holders of rec. Mar. 14
Fielschznann Co., corn. (guar.)
Holders of rec. Mar. 5
$1.25
Gamewell Co., corn. (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 19
Preferred (guar.)
Hathaway Bak., Inc.. 7% cony. pf.(gu.) 14 Mar. 15 Holders of rec. Mar. 1
"134 Mar. 1 *Holders of rm. Feb. 1
Hathaway Mills (guar.)
25c. Mar. 15 Holders of rev. Feb. 15
Hecla Mining (guar.)
*Holders of rec. Mar. 21
Mar.
Hood Rubber Co.. corn. (guar.)
1
14 M
31 Feb. 22 to Mar. 1
Hood Rubber Products, pref. (guar.) "
1
1 ;.i r°o
Illinois Wire & Cable (No. 1)
*50c. Apr, 28 'Holders of rm. Mar. 15
Holders of rec. Feb. 25
Imperial Royalties (monthly)
International Harvester CUM. (gust.).. "134 Apr. 15 *Holders of rec. Mar. 25
Apr. 1 Holders of rec. Mar. 15a
International Salt (guar.)
134
15
International Silver, pref. (guar.)
'134 Apr. 1 'Holders of rec. Mar. 23
m f 1
.
(0 A pr 10 Holders of rm. Mar.
Intertype Corporation, first pref. (guard $2
Holdres of rec. Feb. 24
.
Island Creek Coal. corn. (in new corn.stk)
Feb. 15
Johnson-Stephens-Shinkle Shoe (guard_ 50c. Mar. 1 Holders of rm.
May 2 *Holders of rm. Apr. 15
*SI
Kayser (Julius) dc Co., corn. (guar.) _ _
'Holders of rec. Mar. 16
Apr. 1
*2
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 190
1
Keystone Watch Case (guar.)
3734c
Kraft Cheese (guar.)
w. Niar 0
Ii°1ders of ;K. 14lar.. 10
ll o1(ier8
el 4 Apr.
Stock dividends
1
10c. Mar. 15 Holders of rec. Mar. 186
Lake Shore Mines, Ltd
of
.
s of ;re: Apr. 1
8 *LI
Apr,
Lamson & Hubbard, pf. (acct. ace. div.) 534
'Holders
Feb.
Lanston Monotype Machine (guar.).-- +1% Feb. 28 Holden) of rm. Feb. 15
134 Mar. 1
Loblaw Groceterlas. prior pref.(guard_ _
McCahan (W.J.) Sugar Ref. & Molasses
131 Mar. 1 Holders of rec. Feb. 18
Preferred (guar.)
250. Mar. 8 Holders of rm. Feb. 26
McCallum Hosiery
20c. Mar. 1 Holders of rec. Feb. 19
McColl Bros., ltd., corn. (guard
131 Mar, 1 Holders of rec. Feb. 19
Preferred (guar.)
$1.25 Mar. 31 Holders of rev. Mar. ba
Mergenthaler Linotype (quard
25e. Mar. 31 Holders of rm. Max. 5(1
Extra
Holders of rec. Feb. 26
Metro-Goldwyn Pictures, pref.(guar.)- - 4711c. Mar. 15 Holders of rec. Mar. 10
Motor Wheel Corporation, corn.(gust.). 500. Mar. 21
'334 Mar. 16 *Holders of rec. Feb. 22
National Candy, corn.. 1st & 2d pref
Mar. 31 Holders of rev. Mar. 11
2
National Lead, corn. (guar.)
234 Apr. 1 Holders of rec. Mar. 184
National Surety (guar.)
Mar. 15 *Holders of rec. Feb. 28
*25c.
National Transit (guar.)
'Holders of rec. Mar. 10
North American Provision. pref. (guar.) '131 Apr. 1 Holders of rm. Feb. 22
134 Mar. 1
Ogilvie Flour Mills, pref. (guar.)
*31.50 Mar. 23 'Holders of rec. Mar. 17
Paraffine Companies, corn. (guar.)
•f20
MA, to stockholders meet. Mar.15
Stock dividend
Feb. 28 Holders of rec. Feb. 22
2
Penmans, Ltd. (bonus)
Peoples Drug Stores, Inc., corn.(No. 1)
25c. Apr. 1 Holders of rec. Mar, 8
(guard
Mar. 1 *Holders of rec. Feb. 18
"8
Pierce Manufacturing (guar.)
134 Mar. 1 Holders of rec. Feb. 184
Pittsburgh Terminal Coal, Pref. (guard •1 4 Mar. 15 *Holder, of rec. Feb. 25
Procter St Gamble. 6% pref. (guar.)
134 Apr. 1 Holders of rm. Mar. 15
Provincial Paper Mills, corn.(guard
134 Apr. 1 Holders of rec. Mar. 15
Preferred (gust.)
Apr. 15 *Holders of rec. Apr. 1
0$1
Quaker Oats, COM. (guar.)
AM. 15 "Holders of rm. Apr. 1
*25
Common (extra)
.1.
4 may 31 "Holders of rec. May 2
Preferred (guar.)
rec. Feb. 21
Rand Mines, Ltd.. American abates... *31.52 Feb. 28 *Holders of
•134 Apr. 1 *Holders of roc. Mar. 21
Reliance Mfg., pref. (guard
*2
Apr. 1 *Holders of rec. Mar. 12
Schulte Retail Stores. pref. (guar.)
rec. Mar. 15
Shreveport Eldorado Pipe Line (guard-- *50e. Apr. 1 *Holders of
•$1.25 Mar. 15 *Holders of rec. Mar. 1
Shubert Theatres (guar.)
Snia Viscose
250. Mar. IS Holders of rec. Feb. 25
Standard OU (N. J.) corn., par $25 (gu )*10
1234e. Mar. 15 Holders of rec. Feb. 25
Common, par value 325 (extra)
1
Mar. 15 Holders of rec. Feb. 25
Common, par value 5100 (guar.)
50c. Mar. 15 Holders of rev. Feb. 25
Common, par value $100 (extra)
14 Mar. 15 Holders of rec. Feb. 25
Preferred (guar.)
FEB. 19 1927.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Miscellaneous (Concluded).
Standard 011 (Nebraska) (quar.)
630. Mar. 21 Mar. 1 to Mar. 21
254. Mar. 21 Mar. 1 to Mar. 21
Extra
Standard 011 (Ohio), coin. (quar.)
2)4 Apr. 1 Holders of rec. Mar. 15
Sun-Maid Raisin Growers Assn., pf.(qu.) 131 Feb. 28 Holders of rec. Feb. 12
$1
Mar. 15 Holders of rec. Mar. 1
Texas Gulf Sulphur (guar.)
131 Mar. 1 Holders of rec. Feb. 19
Tniscon Steel, preferred (guar.)
*
4
Mar. 1
U.S. Envelope, common
*2
Mar. 1
Common (extra)
50c. Mar. 31 Holders of rec. Mar. 10
United Cigar Stores of America. coin_
f1)4 Mar. 31 Holders of rec. Mar. 10
Common (in common stock)
131 Mar. 15 Holders of rec. Mar. 1
Preferred (quar.)
U.S.Dairy Products,first prof. (quar.)- 31.75 Mar. 1 Holders of rec. Feb. 15
$2
Mar. 1 Holders of rec. Feb. 15
Second preferred (guar.)
134 Mar. 17 Holders of rec. Mar. 11
Valvoline Oil, corn. (guar.)
*131 Mar. 1 *Holders of rec. Feb. 17
Vesta Battery, preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 22
Vlau Biscuit, first pref. (quar.)
1 Mar. 15 Holders of rec. Feb. 9
Wamautta Mills (quar.)
Mar. 1 Holders of rec. Feb. 8
Western Dairy Products, class A (guar.) $1
Mar. 15 Holders of rec. Feb. 28
Western Grocers, new no par common_ _ $1
Woods Manufacturing. pref.(quar.)---- 134 Apr. 1 Holders of rec. Mar. 21
•25e. Apr. 1 'Holders of rec. Mar. 20
Wrigley (Wm.) Jr. & Co.(monthly)
*25e. May 2 *Holders of rec. Apr. 20
Monthly
•25c. June 1 *Holders of rec. May 20
Monthly
•25c. July 1 'Holders of rec. June 20
Monthly
1)4
Yellow Truck & Coach, pref. (quar.) ' Apr. 1 *Holders of roe. Mar. 15
Youngstown Sheet & Tube, corn.(quar.) •31.25 Apr. 1 *Holders of rec. Mar. 14
'1)4 Apr. 1 *Holders of rec. Mar. 14
Preferred (guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1035
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Penna. Gas& Elec., class A,corn.(quar.) 3734e Mar. 1 Holders of rec. Feb. 21
Class A. common (extra)
334y. Mar. 1 Holders of rev. Feb. 21
Philadelphia Co., 5% preferred
$1.25 Mar. 1 Holders of rec. Feb. 10a
50c. Mar,15 Holders of roe. Feb. 160
Philadelphia Electric Co. (quar.)
134 Mar. 1 Holders of rev. Feb. Ila
Philadelphia Suburban Water, prof.
Portland Elec. Pow. Co.,2d pref.(quar.) 134 Mar. 1 Holders of rec. Feb. 15
Public Serv. Corp. of N.J., corn.(quar.) 50e. Mar.31 Holders of rec. Mar. 40
131 Mar.31 Holders of rec. Mar. 4a
Seven per cent preferred (quar.)
2
Mar.81 Holders of rev. Mar. 4a
Eight per cent preferred (quar.)
50c. Feb. 28 Holders of rec. Feb. 40
Six per cent preferred (monthly)
50o, Mar. 31 Holders of rec. Mar. 4.
Six per cent preferred (monthly)
Public Serv. Elec. & Gas,7% pref.(qu.) 154 Mar.31 Holders of rec. Mar. 40
Six per cent preferred (War.)
1)4 Mar.31 Holders of rec. Mar. 4a
1% Apr. 15 Holders of rec. Mar.31
Quebec Power (quar.)
Radio Corp. of America, pref. A (quar.) 8754c Apr. 1 Holders of rec. Mar. to
Rochester Gas& Electric Co., pf. B (qu.) "134 Mar. 1 *Holders of rec. Feb. 14
'1)4 Mar. 1 *Holders of rec. Feb. 14
Preferred series C and D (quar.)
Mar. 15 Holders of rec. Feb. 28
Southern Canada Power (guar.)
1
Southern Colorado Power, corn. A (qu.) 50c. Feb. 25 Holders of rec. Jan. d31
134 Mar. 15 Holders of rec. Feb. 28
Preferred (quar.)
Southern New England Telep. (quar.).. 2
Apr. 15 Holders of rec. Mar.31
$1.7 Mar. 1 Holders of rec. Feb. la
Southern N.E.Telep.,$7 pref.(quar.)
134 Mar. 1 Holders of reo. Feb. la
6% preferred (guar.)
South Pittsburgh Water, preferred
81.25 Feb. 19 Holders of rev. Feb. 5a
Southwestern Power & Light, pref.(qu.) 134 Mar. 1 Holders of reo. Feb. 11
Mar.15 Holders of rec. Feb. 28
Standard Gas & Elec.,8% pref.(guar.). $1
Tennessee Elec. Power,6% 1st Pf.(
1111.) 134 Apr. 1 Holders of rec. Mar.15
154 Apr. 1 Holders of rec. Mar.15
Seven per cent first preferred (guar.)._
1.80 Apr. 1 Holders of rec. Mar. 15
7.2% first preferred (quar.)
Six per cent first preferred (monthly). 50c. Mar. 1 Holders of rev. Feb. 15
Six per cent first preferred (monthly)_ 50o. Apr. 1 Holders of rec. Mar. 15
Mk. Mar. I Holders of rec. Feb:15
7.2% first preferred (monthly)
60c. Apr. 1 Holders of rec. Mar. 15
7.2% first preferred (monthly)
*314 Mar. 1 *Holders of rev. Feb. 20
United Utlittles, preferred
Utility Shares Corp., panic. pref.(qu.) 30c. Mar. 1 Holders of rec. Feb. 11
134 Mar. 1S Holders of rec. Feb. 25
West Penn Railways,6% prof.(quar.)__
3
Mar. I Holders of rec. Feb. 124
Wilmington Gas Co., preferred
Wisconsin Power & Light. pref.(War.) '$1.75 Mar. 1 *Holders of rec. Feb. 28
•
Railroads (Steam).
Atchison Topeka & Santa Fe, corn.(qu.) 1% Mar. 1 Holders of rec. Jan. 28a
Common (extra)
750. Mar. I Holders of rec. Jan. 280
Baltimore & Ohio, corn.(quar.)
134 Mar. 1 Holders of rev. Jan. 15a
Common (extra)
34 Mar. 1 Holders of rec. Jan. 150 sortdard (No 1 nks.
'234 Mar. 1 *Holders of rec. Feb. 25
. 2
P
tan Morrguar 7)
Preferred (oller.)
*3
Apr. I *Holders of rec. Mar. 25
1
Mar. 1 Holders of rec. Jan. 154
Chestnut Hill RR.(quar.)
Apr. 1 *Holders of rec. Mar. 25
134 Mar. 4 Feb. 20 to Mar. 3
Standard National Corp.. corn. (quar.). s$3
Chicago Rock Island & Pacific. coro.(qu.) 1)4 Mar. 31 Holders Of rec. Mar. lie
*134 Apr. 1 *Holders of rec. Mar. 25
Preferred (quar.)
Cine. New On.& Taxes Pao., pref.(qu.) *134 Mar. 1 *Holders of rec. Feb. 15
Cleveland & Pittsburgh, guar. (guar.)._ 8734v. Mar. 1 Holders of rec. Feb. 10a
Trust Companies.
Special guaranteed (quar.)
5
Mar.31 Holders of rev. Mar.22
50c. Mar. 1 Holders of rec. Feb. 10a Title Guarantee & Trust, extra
Cripple Creek Central, pref. (guar.)
*1
Mar. 1 "Holders of rec. Feb. 15
Delaware & Bound Brook (quar.)
(quarterAlryellneurance.
2
Feb. 21 Holders of rec. Feb. 15a
Delaware & Hudson Co.(quar.)
5
Apr. 11 Holders of rec. Mar. 5
234 Mar.21 Holders of rec. Feb. 26a Home
Illinois Central, common (quar.)
*8
May 2 Holders of rev. Apr. 25
1% Mar. 1 Holders of rec. Feb. 4a United States (quar.)
Preferred
3
Mar. 1 Holders of rec. Feb. 4a
Maine Central, pref. (quar.)
Miscellaneous.
131 Mar. 1 Holders of rec. Feb. 15
New Orleans Texas & Mexico (guar.)._
1)4 Mar. 1 Holders of rec. Feb. 154 Abbotts Alderney Dairies. 1st pref.(qu.) 134 Mar. 1 Holders of rec. Jan. 154
N. Y. Chicago & St. Lorna, corn.(quar.) 2)4 Apr. 1 Holders of rec. Feb. 15a American Chain.8% pref. class A (qu.)- 50c. Mar.31 Mar.22 to Mar.31
75e. Apr. 1 Holders of rec. Mar. 15
preferred (quar.)
134 Apr. 1 Holders of rec. Feb. 15a American Chicle, corn.(quar.)
131 Apr. 1 Holders of rec. Mar. 154
Norfolk & Western, common (guar.)... 2
Prior preferred (quar.)
Mar. 19 Holders of rec. Feb. 28a
Ad). pref.(quar.)
1
Feb. 19 Holders of rev. Jan. 31a American Home Products (monthly)... 20c. Mar. 1 Holders of rec. Feb. 15a
$1
Apr. 4 Holders of rec. Mar. 15
North Pennsylvania (quar.)
$I
Feb. 25 Holders of rev. Feb. 14a American International Cornoration
Pennsylvania Railroad (quar.)
873,4c Feb. 28 Holders of rec. Feb. la Amer. La France Fire Eng.,Incollf.(riti.) 134 Apr. 1 Holders of rec. Mar. 15
Mar. 1 Holders of rec. Feb. 21
Phila. Germantown & Norristown (qu.) $1.50 Mar. 4 Feb. 10 to Mar. 3
Amer. Laundry Machinery, Cora.(qU)- El
•31
June 1 *Holders of rec. May 23
Pitts. Youngs. & Ashtab., pref. (quer.). 1% Mar. 1 Holders of rec. Feb. 21a
Common (quar.)
1% Apr. 1 Holders of rec. Mar. 18
Reading Company, let pref.(guar.).--- 500. Mar. 10 Holders of rev. Feb. 180 American Linseed, preferred (quar.)
75c.. Mar. 1 Holders of rec. Feb. 18a
St. Louis-San Francisco, pref. (guar.)._
134 May 2 Holders of rec. Apr. Ott American Metal, corn..(guar.)
1% Mar. 1 Holders of rec. Feb. 19a
Preferred (quar.)
Preferred (guar.)
134 Aug. 1 Holders of rec. July 150
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 154 American Multigraph, corn. (quar.).... 40c. Mar. 1 Holders of rec. Feb. 16
.31.75 Mar.31
Southern Pacific Co.(quar.)
1)4 Apr. 1 Holders of rec. Feb. 251 Amer. Pneumatic Service, let pref
$1.25 Mar. 31 Holders of rec. Mar. 15a
Union Pacific, corn. (quar.)
American Radiator. corn. (quar.)
234 Apr. 1 Holders of rec. Mar. I
$1.50 Mar. 31 Holders of rec. Mar. 15a
Preferred
American Railway Express (quar.)
2
Apr. I Holders of rec. Mar 1
25e. Apr. 1 Holders of roe. Mar.20
American Seating, corn. (extra)
250. July 1 Holders of rec. June 20
Public Utilities.
Common (extra
American Power dr Light, corn.(quar.).. 25c. Mar.
254. Oct. 1 Holders of rev. Sept.20
Common (extra)
Holders of rec. Feb. 156
American Telegraph & Cable(guar)._ _ _ *131 Mar. *Holders of roe. Feb. 28
131 Mar. 1 Holders of rec. Feb. 40
Amer. Smelt. & Refg., prof. (guar.).American Telep. & Teieg. (quar.)
234 Apr. 1 Holders of rec. Mar. 154 American Stores Co. common (guar.)._ 50c. Apr, 1 Mar.22 to Apr. 1
Associated Gas & Elec., $8 pref.(quar.). 331.50 Mar.
134 Apr, 2 Holders of rec. Mar. la
American Sugar Refining, corn. (quar.)_
Holders of rec. Jan. 31
$834 preferred (quar.)
134 Apr. 2 Holders of roe. Mar. la
s$ 1.62)4 Mar.
Preferted (quar.)
Holders of rec. Jan. 31
Brazilian Trim. L.& P., ord.(quar.)_
134 Mar.
Amer. Sumatra Tobacco, pref. (guar.)._ 1% Mar. 1 Holders of rec. Feb. 14a
Holders of rec. Jan. 31
Brooklyn City RR.(quar.)
10c. Mar.
Mar. 1 Holders of rec. Feb. 10a
Amer. Tobacco, com: and corn. B (qtr.). $2
Holders of rec. Feb. lb
Brooklyn Edison Co. (guar.)
334 Mar. 1 Feb. 19 to Feb. 28
2
Mar.
Holders of rev. Feb. 10a American Window Glass Co., pref
Skin.-Manh.Transit, pref. ser. A (quar.) 134 Apr. 1 Holders of rev. Apr. I
75c. Feb. 21 Holders of rec. Jan. 15a
Anaconda Copper Mining (quar.)
Central Arkansas Ry. & Light, pt. (qu.) 134 Mar.
134 Apr. 1 Holders of rec. Mar. 18
Holders of rec. Feb.
Armstrong Cork, cons. (quar.)
Central Gas & Elec. Co., pref. (quar.). _ "31.75 Mar. *Holders of rec. Feb. 15a
154 Apr. 1 Holders of rec. Mar. 18
Preferred (guar.)
15
Central Illinois Pub. Serv.. pref. (quar.) 411.50 Apr. I "Holders of rec. Mar.11
131 Mar. 1 Holders of rec. Feb. 170
Artloom Corporation, pref. (quar.)
Central Indiana Power, pref. (guar.)._ •1% Mar. *Holders of rec. Feb. 20
Asso. Dry Goods Corp., let pref.(quar.) 13.4 Mar. 1 Holders of rec. Feb. lla
Chicago Rapid Tran., prior pref.(InthlY) 65e. Mar.
Holders of rec. Feb. 15a
Second preferred (quar.)
134 Mar. 1 Holders of rec. Feb. Ila
Cleveland Electric Illuminating, pf.(qu.) 134 Mar.
Holders of reo. Feb. 15
Associated Oil (guar.)
50c. Mar.25 Holders of res. mar. 50
Colorado Power, pref. (quar.)
'1)4 Mar. 1 *Holders of rev. Feb. 28
40o. Apr. 25 Holders of rec. Mu. 5a
Extra
Community Pow.& Lt., 2d pref.(quar.) 2
Mar.
Afar. 10 Holders of rec. Feb. 286
Holders of rev. Feb. 18
Atlas Powder, corn. (guar.)
$1
Control. Gas, E. L.& P.,Salt., com.(qu.) 6234c Apr.
'
*Holders of roe. Mar. 15
13.4 Apr. 1 Holders of rec. Mar.20
Babcock & Wilcox (guar.)
8% preferred series A (quar.)
*2
Apr.
25c. Mar, I Holders of rec. Feb. 17
*Holders of rec. Mar. 15
Balaban & Katz, coin. (monthly)
7% preferred series 13 (guar.)
'1)4 Apr.
*Holders of rec. Mar. 15
25e. Apr. 1 Holders of rec. Mar.21
Common (monthly)
634% preferred series C (quar.)
'1)4 Apr.
134 Apr. 1 Holders of rec. Mar.21
'Holders of rec. Mar. 15
Preferred (quar.)
6% preferred serial D (quar.)
•134 Apr.
*Holders of rev. Mar. 15
Belding-Corticelli, Ltd.. Pref. (guar.).
134 Mar. 15 Holders of rec. Feb. 28
Duquesne Light Co., first pref.(quar.)
1% Mar.1 Holders of rev. Feb. 15a Belgo-Canadiguar
( n Parr,corn.(quar.).... •134 Apr. 11 *Holders of rec. Mar. 31
a
Eastern Shore Gas & Elec.. Prof.(quar.) *500. Mar. *Holders of rec. Feb. 15
134 Apr. 1 Holders of rec. Mar. 4
Empire Gas& Fuel,8% pref.(monthly). 662-3v Mar.
Holders of rec. Feb. 15a
1% Apr, 1 Holders of rec. Mar. 50
PreferredBethlehem Steel, pref. (quar.)
Seven per cent preferred (monthly)- 58 1-3c Mar.
Holders of rut, Feb. 15a Bloch Bros. Tobacco. common ((Mar.).- 3734e. May 15 Holders of rec. May 10
Federal Light & Traction, coin. (quer.). 200. Apr.
Holders of rec. Mar. 154
Common (quar.)
3734c. Aug. 15 Holders of rec. Aug. 10
Common (payable in common stock). fl5e. Apr.
Holders of reo. Mar. 16a
Common (quar.)
3734c. Nov. 15 Holders of rec. Nov. 10
Preferred (quar.)
1)4 Mar.
Holders of rev. Feb. 15a
13.4 Mar. 31 Holders of rec. Mar. 28
Preferred (guar.)
Foshay(W. B.) Co., common (extra)._
1
Feb. 2 Holders of rect. Jan. 5
13.4 June 30 Holders of rec. June 25
Preferred (quar.)
Seven per cent preferred (bonus)
2
Feb. 2 Holders of rev. Jan. 5
Preferred (quar.)
13.4 Sept.30 Holders of rec. Sept.25
Eight per cent preferred (bonus)
1
Feb. 2 Holders of rec. Jan. 5
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 26
GM & Electric Securities, corn.(mthly )
31 Mar.
Holders of rec. Feb. 154 Borden Company, common (guar.).-- $1.25 Mar. 1 Holders of roe. Feb. I5a
Common (payable in common stock)_
Holders of rec. Feb. 15a Brach (E. J.) & Sons (quar.)
fh Mar.
70c. Mar. 1 Holders of rec. Feb. 204
Common (monthly)
M Apr.
Holders of rec. Mar. 15a Brill Corporation. class A (No. 1)
31
Apr. 1 Holders of rec. Mar. 15
Common (payable in common stook)_ f34 Apr.
Holders of rec. Mar. 15a
Preferred (quar.)
$1.75 Mar. 1 Holders of re0. Feb. 16
Preferred (monthly)
7-12 Mar.
Holders of rec. Feb. 15a British Columbia Fish & Pack (guar.)._
13.4 Mar. 10 Holders of rec. Feb. 28
Preferred (monthly)
7-12 Apr.
Holders of rec. Mar. 15a Brown Shoe, common (quar.)
500. Mar. 1 Holders of rec. Feb. 19a
Havana Electric Ry., pref
Mar.
Holders of rec. Feb. 25o Buckeye Pipe Line (guar.)
$3
$1
Mar. 15 Holders of rec. Feb. 18
Indianapolis Water Co.. pref. (guar.).- 1)4 Apr.
Holders of rec. Mar. 15a Burroughs Adding Machine
Kentucky Utilities, junior pref.(guar.). 5734v Feb. 20 *Holders of rec. Feb. 1
'
Common (payable in corn. stock)... 133 1-3 Mar, 1 Holders of rec. Feb. 15a
Keystone Telep. of Phila., pref.(quar.). $1
Mar.
Holders of rec. Feb. 17a California Packing (quar.)
$1
Mar. 15 Holders of rec. Feb. 28a
Laclede Gas & Electric, -prior lien (guar.) •
131 Mar. "Holders of rec. Feb. 15
California Petroleum (quar.)
50o. Mar. 1 Holders of rec. Feb. 150
Louisville Gas & Electric (Delaware)
Calemet az Heels Consol. Copper Co__ 50o. Mar. 15 Holders of rec. Feb. 284
Class A and B, corn. (quar.)
43340.Mar.2 Holders of rec. Feb. 28a Canada Bread, Ltd., COM
$2.50 Mar. 1 Holders of rec. Feb. 15
Manila Electric Co., corn
205
-dc Mar.
Holders of rec. Feb. 15
Canada Steamship Lines. prof. (qua?.).. 134 Apr. 1 Holders of rec. Mar. 15
Manila Electric Co., corn
Holders of req. Mar. 31a Canfield 011, common (quar.)
6230 May
'13.4 June 30 'Holders of rec. June 20
Middle West Utilities, prior lien (quar.). 2
Mar. 1 Holders of rec. Feb. 28
Common (quar.)
4
.134 Sept. 30 "Holders of rec. Sept. 20
Holders of rec Feb. 15a
National Power & Light, corn. (quar.)-- 20c. Mar.
Common (guar.)
"134 Dec. 31 *Holders of rec. Dec. 20
Nebraska Power, pref. (quar.)
Holders of rec. Feb. 14
134 Mar.
Preferred (guar.)
•134 June 30 *Holders of rec. June 20
North American Edison. pref. (guar.)
Holders of rec. Feb. 15a
$1.50 Mar.
Preferred (guar.)
'154 Sept.30 *Holders of rec. Sept.20
North Carolina Public Serv., pref.(00.)- 21.75 Mar.
Holders of rec. Feb. 15
Preferred (quar.)
•131 Dec. 31 *Holders of rev. Deo. 23
Northern States Power, pref. (guar.)
Holders of rec. Feb. 19
134 Mar.
Carter 01m Co.) pref. (guar.)
,.
134 Mar. 16 Holders of rec. Mar.10
Northwestern Public Service, prof.(qu ) 1% Mar.
Holders of rec. Feb. 21
Caterpillar Traction (quar.)
*300. Feb. 25 'Holders of rec. Feb. 15
Ohio Edison, 6% preferred (quar.)
Holders of rec. Feb. 15
134 Mar.
Century Ribbon Mills, prof. (guar.)
134 Mar. 1 Holders of rev. Feb. 184
6.6% preferred (quar.)
Holders of rec. Feb. 15
1.65 Mar.
Chicago Yellow Cab Co. (month1.1)-- -. 331-3c Mar. 1 Holders of rec. Feb. Ifla
7% preferred (quar.)
Holders of rec. Feb. 15
1% Mar.
Childs Cry,
.pany.common (quar.)
600. Mar. 10 Holders of rec. Feb. 25.
8% preferred (monthly)
Holders of rec. Feb. 15
50e. Mar.
Common (payable In no par corn. stk.) 11
Apr. 1 Holders of rec. Feb. 254
6.6% preferred (monthly)
Holders of rec. Feb. 15
550. Mar.
Common (payable In no Dar corn. stk.) fl
July 1 Holders of rec. May 27a
Oklahoma ass & Electric. pref. (quar.). 131 Mar. 1 Holders of rec. Feb. 28
Common (payable in no par corn.stk.) fl
Oct. 1 Holders of rec. Aug. 284
Penn-Ohio Edison, 7% prior pref.(qu.). 134 Mar.
Holders of rec. Feb. 21
Common (payable in no par corn. stk.) fl
Dec. 30 Holders of rec. Nov. 25.a
-Ohio Pow. & Lt., 8% pref.(qu.). 2
Penn.
Holders of rec. Apr. 20
May
Preferred (quar.)
134 Mar. 10 Holders of rec. Feb. 254
Seven per cent preferred (quar.)
Holders of rec. Apr. 20
I% May
Chill Copper Co.(quar.)
62340 Apr. 1 Holders of rev. Mar. 4a
7.2% preferred (monthly)
Holders of rec. Feb. 21
600. Mar.
Cities Service, common (monthly)
31 Mar. 1 Holders of rec. Feb. 15
7.2% preferred (monthly)
Holders of rec. Mar. 21
60o. Apr.
Common (payable in eons, stock)...- fyi Mar. 1 Holders of rec. Feb. 15
7.2% preferred (monthly)
600. May
Holders of rec. Apr. 20
Preferred and pref. B (monthly)
34 Mar. 1 Holders of rec. Feb. 15
preferred (monthly)
6.6%
Holders of rec. Feb. 21
554. Mar.
Preferred BB (monthly)
34 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
Holders of rec. Mar.21
55o. Apr.
Bankers Shares (monthly)
34 Mar. 1 Holders of roe. Feb. 15
6.6% preferred (monthly)
55c. May
Holders of roe. Apr. 20
Extra (payable in steal
54 Mar. 1 Holders of rec. Feb. 15
1036
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
City Ice & Fuel (quar.)
500. Mar. 1 Holders of rec. Feb. 10a
Quarterly
50c. June 1 Holders of rec. May 10a
50c. Sept. 1 Holders of rec. Aug. 10a
Quarterly
Cleveland Stone (quar.)
50c. Mar. 15 Holders of rec. Mar. ba
Extra
*25c. Mar. 15 *Holders of rec. Mar. 5
Quarterly
50c. June 15 Holders of rec. June 5a
Quarterly
50c. Sept. 15 Holders of rec. Sept. 5a
Colorado Fuel & Iron. Pref.(qum-)
2
Feb. 25 Holders of rec. Feb. 10a
Coca-Cola Co. (quar.)
$1.75 Apr. 1 Holders of reo. Mar. 150
Extra
75c. Apr. 1 Holders of rec. Mar. 150
Congoieum-Nairn Co. pref. (quar.)_ --- •14 Mar. 1 *Holders of rec. Feb. 15
Congress Cigar (quar.)
Mar.30 *Holders of rec. Mar. 15
•$1
Consolidated Cigar Corp., pref.(quar.). 134 Mar. 1 Holders of rec. Feb. 16a
Consumers Company, preferred
*334 Feb. 20 *Holders of rec. Feb. 10
Continental Oil (quar.)
*30c. Mar. 15 *Holders of rec. Feb. 14
Converse Rubber Shoe, pref. (guar.).
*11.75 Mar. 1 *Holders of rec. Feb. 15
Coty, Inc. (quar.)
$1.25 Mar.31 Holders of rec. Mar.210
Crown Willamette Paper, lot pref. (qu.) $1.75 Apr. 1 Holders of rec. Mar. 15a
Crow's Nest Pass Coal (quar.)
*134 Mar. 1 *Holders of rec. Feb. 10
Cuba Company, coin. (guar.)
*75c. Mar. 1 *Holders of rec. Feb. 21
Mar. 15 Holders of rec. Feb. 28
Cumberland Pipe Line (quar.)
2
Extra
33
Mar. 15 Holders of rec. Feb.'28
Curtiss Aeroplane & Motor, preferred__ _ $3.50 Mar. 15 Holders of rec. Mar. 1
Mar. 1 Holders of rec. Feb. 15a
Cushman's Sons, Inc., common (quar.)- $1
Common (payable in $8 pref. stock) u31.50 Mar. 1 Holders of rec. Feb. 15a
Common (payable in $8 pref. stock)_ _ (41.50 Sept. 1 Holders of rec. Aug. 15a
$8 preferred (quar.)
$2
Mar. 1 Holders of rec. Feb. 150
134 Mar. 1 Holders of rec. Feb. 15a
Seven per cent preferred (quar.)
Davis Mills (quar.)
1
Mar.26 Holders of rec. Mar. 12a
Decker (Alfred) & Cohn, Inc., com.(qu.) 50c. Mar. 15 Holders of rec. Mar. 5a
134 Mar. 1 Holders of rec. Feb. 18a
Preferred (quar.)
Deere & Co., preferred (guar.)
134 Mar. I Holders of rec. Feb. 15a
Preferred (account accum. dividends)- 1750. Mar. 1 Holders of rec. Feb. 15a
Mar. 1 Holders of roe. Feb. 28
$2
Dewey & Almy Chemical, com
$3.50 Mar. 1 Holders of rec. Feb. 28
Preferred
Mar. 15 Holders of rec. Feb. 28a
2
Diamond Match (quar.)
Dictaphone Corporation, corn. (guar.)_ _ 250. Mar. 1 *Holders of rec. Feb. 18
254. Mar. 1 Holders of rec. Feb. 18
Common (extra)
2
Mar. 1 Holders of rec. Feb. 18
Preferred (quar.)
• Dominion Textile, common (quar.)_ _ $1.25 Apr. 1 Holders of rec. Mar. 15
134 Apr. 15 Holders of rec. Mar 31
Preferred (quar.)
Early & Daniels, common (quar.)
'6234c Apr. 1 *Holders of rec. Mar.20
*25c. Apr. 1 Holders of rec. Mar.20
Common (extra)
Common (quar.)
'62340 July 1 Holders of rec. June 20
*62 Mc Oat. 1 *Holders of rec. Sept.20
Common (quar.)
Common (quar.)
'6234c Jan 1'28 *Holders of rec. Dec. 20
Preferred (quar.)
*$1.75 Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
*$1.75 July 1 *Holders of rec. June 20
Preferred (quar.)
•$1.75 Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
*$1.75 Jan 128 Holders of rec. Dec. 20
Eastman Kodak, com.(guar.)
$1.25 Apr. 1 Holders of rec. Feb. 28
Common (extra)
75c. Apr. 1 Holders of rec. Feb. 28
134 Apr, 1 Holders of rec. Feb. 28
Preferred (quar.)
Electric Refrigeration (quar.)
50c. Feb. 21 Holders of rec. Jan. 310
Erie Steam Shovel, common (quar.)_ _ 6230. Mar. 1 Holders of rec. Feb. 14a
Preferred (quar.)
1.34 Mar. 1 Holders of rec. Feb. 140
Eureka Vacuum Cleaner
Common (payable In common stock)_ f5
Mar. 1 Holders of rec. Feb. 18a
Common (payable in common stock)._ 15
Aug. 1 Holders of rec. July 20a
Fair (The)(monthly)
200. Mar, 1 Holders of rec. Feb 18a
Monthly
200. Apr. 1 Holders of rec. Mar. 21a
Monthly
200. May 2 Holders of rec. Apr. 20a
Preferred (guar.)
134 May 2 Holders of rec. Apr. 200
Fairbanks, Morse & Co., com.(quar.)
750. Mar. 31 Holders of rec. Mar. 15a
Common (quar.)
75c. June 30 Holders of rec. June 150
Preferred (quar.)
154 Mar. 1 Holders of rec. Feb. 15a
Preferred (guar.)
134 June 1 Holders of rec. May 14a
Famous Players Can. Corp.,1st pf.(qu.) 2
Mar. 1 Holders of rec. Jan. 31
Federal Motor Truck (quar.)
200. Apr. 1 Holders of rec. Mar. 196
Stock dividend
234 Apr, 6 Holders of rec. Mar. 190
'ha
Federal Terra Cotta, pref
Mar. 31 *Holders of rec. Mar. 21
Fifth Avenue Bus Securities
*16o. Apr. 16 *Holders of rec. Apr. 2
Quarterly
Fifty-Five Park Avenue, Inc. pref
3
Mar. 1 Holder, of rec. Feb. 14
Fifty-Kine East 54th Street, Inc., pref
3
Mar. 1 Holders of rec. Feb. 14
First Federal Foreign Investment Trust_ $1.75 May 15 Holders of rec. May 5
Fisk Rubber, second pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 15
Fitzsimmons & Connell Dredge & Dock
50c. Mar. 1 Holders of rec. Feb. 18a
Quarterly
Foundation Co. (quar.)
Mar. 15 Holders of rec. Mar 1
$2
General Asphalt, pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 140
General Box Corp., pref. A and B (quar.) *134 Mar. 1 *Holders of rec. Feb. 18
134 Mar. 1 Holders of rec. Feb. 216
General Cigar, preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 24a
Debenture preferred (quar.)
General Development(guar.)
250. Feb. 21 Holders of rec. Feb. 10
Mar.12 Holders of rec. Feb. 19
General Motors Corp., conc. (quar.)___.. $2
Preferred (quar.)
134 May 2 Holders of rec. Apr. 9
Six per cent debenture stock (quar.)-- 134 May 2 Holders of rec. Apr. 9
Seven per cent debenture stock (quar.) 134 May 2 Holders of rec. Apr. 9
General Railway Signal, corn.(quar.)
$1.25 Apr. 1 Holders of rec. Mar. 106
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 106
Gillette Safety Razor (quar.)
Mar. 1 Holders of rec. Jan. 31
$1
Extra
1234a.Mar. 1 Holders of rec. Jan. 31
Gleasonfte Products (puma)
234 Mar. 10 Holders of rec. Feb. 28
Globe-Democrat Pub., pref. (quar.)-134 Mar, 1 Holders of rec. Feb. 20
Gold Seal Electrical Co. (special)
15c. Mar. 14 Holders of rec. Mar. 40
Goodrich (B. F.) Co., corn.(quar.)
Mar. 1 Holders of rec. Feb. 16a
$1
134 Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
Preferred (quar.)
134 July 1 Holders of rec. June 15a
Goodyear T.& R.,8% prior pref.(quar.) *2
Apr. 1 *Holders of rec. Mar. 13
Seven per cent preferred (Muir)
*134 Apr. 1 *Holders of rec. Mar. 1
Gossard (H. W.) Co., com.(monthly).._ 33 1-3c Mar. 1 Holders of rec. Feb. 20
Common (monthly)
33 1-3c Apr. 1 Holders of rec. Mar.20
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar.20
Great Atlantic & Pacific Tea, corn.(qu.) Mo. Mar. 1 *Holders of rec. Feb. 10
First I referred (quar.)
134 Mar. 1 Holders of rec. Feb. 10
Greenfield Tap & Die, 6% Pref. (Qum.) 134 Apr. 1 Holders of rec. Mar. 15
Eight per cent preferred (guar.)
Apr. 1 Holders of rico Mar. 15
2
Guantanamo Sugar, pref. (qua?.)
Apr. 1 Holders of rec. Mar. 15a
2
Guenther Publishing Co., Pref.(quar.)
5
Feb. 20 Holders of rec. Jan. 20
Quarterly
5
May 20
Quarterly
5
Aug. 20
5
Nov.20
Quarterly
Hamilton Bank Note
60. Aug. 15 Holders of rec. Aug. 1
25e. Mar. 1 Holders of rec. Feb. 23
Hamilton-Brown Shoe(monthly)
334 Mar. 31 Holders of rec. Feb. 28
Hamilton United Theatres(Can.), pref
134 Mar. 1 Holders of rec. Feb. 19a
Harbison-Walker REfrac., com. (quar.)_
Preferred (quar.)
134 Apr. 20 Holders of rec. Apr. 9a
Hartman Corporation, class A (guar.). 50e. Mar. 1 Holders of reo. Feb. 15a
50o. June 1 Holders of roe. May 170
Class A (guar.)
(o) Mar. 1 Holders of rec. Feb. 15a
Class B (guar.) in class A stock
(o) June 1 Holders of rec. May 17a
Class B (quar.) In class A stock
Hart, Schaffner & Marx, Inc., com.(qu.) 134 Feb. 28 Holders of rec. Feb. 14
2
Feb. 28 Holders of rec. Feb. 14
Common (extra)
•20c. Feb. 28 Holders of rec. Feb. 18
Hawaiian Pineapple (extra)
*10
Subj. to stkholders meeting in Feb.
Stock dividend
10c. Mar. 1 Holders of rec. Feb. 25a
Hayes Ionia Co.(monthly)
o134 Mar. 15 Holders of rec. Feb. 25
Hayes Wheel, preferred (guar.)
21543, Feb. 24 Holders of roe. Feb. 4
Hazeltine Corporation (quar.)
Hibbard,Spencer.Bartlett & Co.(mthlY.) 30e. Feb. 25 Holders of rec. Feb. 18
30c. Mar.25 Holders of rec. Mar. 18
Monthly
2
Mar. 1 Feb. 22 to Mar. 1
Higbee Company, 2d pref. (guar.)
500. Mar. 1 Holders of rec. Feb. 15
Hires (Charles E.) Co., com. A (guar.)
100. Feb. 25 Holders of reo. Feb. 9
Hollinger Consolidated Gold
50o. Feb. 25 *Holders of rec. Feb. 19
Mining (monthly)aMines.Homtk
194 Mar. 1 Holders of rec. Feb. 10
Horn & Hardart of New York. pref.
87340 Mar. 1 Feb. 16 to Mar. 14
.
Household Products (guar.)
8734 Apr. 1 Holders of roe. Mar. 156
Hudson Motor Car (qua?.)
600. Apr. 15 Apr. 5 to Apr. 15
Illinois Brick (qar.)
600. July 15 July 3 to July 15
Quarterly
600. Oct. 15 Oct. 5 to Oct. 16
Quarterly
Name of Company.
[Vol,. 124.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Imperial Oil, Ltd.(guar.)
25o. Mar. 1 Holders of rec. Feb. 15
Extra
1230. Mar. 1 Holders of rec. Feb. 15
Imperial Tobac. of Gr.Brit.& Ire.(final) *9
Mar. 1 *Holders of rec. Feb. 12
Boma
Is. 6d. Mar. 1 *Holders of rec. Feb. 12
Independence Indemnity
Mar. 15 Holders of rec. Mar.] 1
$5
Independent Oil& Gas(guar.)
25c. Apr. 18 Holders of rec. Mar.31
Indian Motocycle, corn.(guar.)
50c. Mar, 1 Holders of rec. Feb. 21a
Ingersoll-Rand Co., common (quar.)--- 75c, Mar. 1 Holders of rec. Feb. 2a
Inland Steel, corn. (quar.)
6230. Mar, 1 Holders of rec. Feb. 154
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. lba
Interlake Steamship (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 16
Internat. Agricul. Corp., prior pref.(qu.) 134 Mar. 1 Holders of rec. Feb. 15a
Internat. Combustion Engineering (qu.) 50c. Feb. 28 Holders of rec. Feb. 17a
International Harvester, pref.(guar.).
134 Mar. 1 Holders of rec. Feb. 10
International Milling, pref. (quar.)
•134 Mar. 1 *Holders of rec. Feb. 20
Int. Secur. Trust of Amer., A. com.(qu.) 45c. Mar. 1 Holders of rec. Feb. 15
Seven per cent preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15
634% preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15
Six per cent preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15
International Shoe, pref. (monthly)- 34 Mar. 1 Holders of rec. Feb, 15
International Silver, corn.(guar.)
134 Mar. 1 Holders of rec. Feb. 150
Interstate Iron & Steel. Pref.(quar.)
Mar. 1 *Holders of rec. Feb. 10
Isle Royale Copper Co
50c. Feb. 19 Holders of rec. Feb. 4
Jaeger Machine Co. (guar.)
6234c. Mar. 1 Holders of rec. Feb. 186
Jones & Laughlin Steel, com.(quar.)_ _ _
134 Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
194 Apr, 1 Holders of rec. Mar. 154
Kayser (Julius) & Co., com.(quar.)- - $1
May 2 Holders of rec. Apr. 156
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 166
$2
Keeley Silver Mines
8c. Mar. 15 Holders of rec. Feb. 28
Extra
4o. Mar. 15 Holders of rec. Feb. 28
Kennecott Copper Corporation (quiz.)
$1.25 Apr. 1 Holders of rec. Mar. 4a
Kinney(G.R.)& Co., Inc.. Pref.(guar.) $1.75 Mar. 1 Holders of rec. Feb. 18a
2
Knox Hat, Inc., prior pref.(War-)
$1.75 Apr. 1 Holders of rec. Mar. 15
Prior preferred (quar.)
July 1 Holders of rec. June 15
Prior preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sent. 15
Second preferred
83.50 Aug. 1 Holders of rec. July 15
Kresge (S. S.) Co., com.(quar.)
*30c. Mar. 31 *Holders of rec. Mar. 15
Preferred (quar.)
'194 Mar. 31 *Holders of rec. Mar. 16
Kruskal & Kruskal, Inc. (ouarterlY)
500. May 16 Holders of rec. Apr. 290
Kuppenheimer(B.) Co., pref.(qua?.)_ - *194 Mar. 1 *Holders of rec. Feb. 24
Lake of the Woods Milling, corn. (allot%) 3
Mar. 1 Holders of rec. Feb. 19
Preferred (guar.)
134 Mar. 1 Holders of ree. Feb. 19
Lanston Monotype Mach. (quar.)
134 Feb. 28 Holders of rec. Feb. 180
$1
Lehigh Coal & Navigation (guar.)
Feb. 28 Holders of rec. Jan. 314
Extra
25e. Feb. 28 Holders of rec. Jan, 315
Lehn & Fink (quar.)
750, Mar, 1 Holders of rec. Feb. 15a
Leonard, Fitzpatrick, Mueller Stores,
Preferred (quar.)
Apr. 1 *Holders of rec. Mar.21
•52
Liggett & Myers Tob.,corn.&com.B (qu) 750. Mar. 1 Holders of rec. Feb. 104
Common & common B (extra)
$1
Mar. 1 Holders of rec. Feb. 10a
Com.& corn.B (pay.In corn.B stk.). _ 10
Mar. 1 Holders of rec. Feb. 100
Lima Locomotive Works, com
$1
Mar. 1 Holders of rec. Feb. 15a
Lindsay Light
Preferred (in fullof all accum. divs.)_ *h35c. Mar. 15 *Holders of rec. Feb. 10
Lit Brothers Corporation
500. Feb. 21 Jan. 26 to Feb. 9
Loblaw Groceterlas, common (guar.).
- 250. Mar, 1 Feb. 16 to Feb. 28
Common (bonus)
25c. Mar. 1 Feb. 16 to, Feb. 28
Lord & Taylor. lot preferred (guar.).
- 134 Mar. 1 Holders of rec. Feb. 174
Ludlow Manufacturing Associates (qu.) $2.50 Mar. 1 Holders of rec. Feb. 2
Madison Square Garden Co.(quar.)_ _ _ 25c. Apr. 15 Holders of rec. Apr. 5.
Quarterly
25c. July 15 Holders of rec. July 5
Quarterly
25o. Oct. 15 Holders of rec. Oct. 5
Mahoning Investment (quar.)
$1.50 Mar. 1 Holders of rec. Feb. 23
3730. Mar, 1 Holders of roe. Feb. 15a
Manhattan Shirt, corn. (qua?.)
Marmon Motor Car (quar.)
$1
Mar. 1 Holders of rec. Feb. 15
Martin-Parry Corp. (guar.)
500. Mar. 1 Holders of rec. Feb. 150
Mar. 1 Holders of rec. Feb. 15a
May Department Stores, new com.(qu.) $1
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 150
50c. Mar. 1 Holders of rec. Feb. 15a
Maytag Corporation (quar.)
Extra
25c. Mar. 1 Holders of rec. Feb. 15a
McCrory Stores. com.& com.B (quar.). 400. Mar. 1 Holders of rec. Feb. 21a
Preferred (quar.)
134 May 2 Holders of rec. Apr. 20a
Preferred (quar.)
1.34 Aug. 1 Holders of rec. July 20a
134 Nov. 1 Holders of roe. Oct. 20a
Preferred (quar.)
McIntyre Procupine Mines, Ltd. (qu.)_ 25c. Mar, 1 Holders of rec. Feb. la
134 Mar, 1 Holders of roe. Feb. 15
Mengel Company, pref.(quar.)
Merrimac Mfg., common (guar.)
$1.75 Mar. 1 Holders of rec. Jan. 14
Preferred
$2.50 Mar. 1 Holders of rec. Jan. 14
Metropolitan Paving Brick, corn.(quar.) 50o. Mar, 1 Holders of rec. Feb. 15
Preferred (quar.)
•134 Apr. 1 *Holders of rec. Mar. 15
Mid-Continent Petrol. Corp., pf. (qu.). 134 Mar, 1 Holders of reo. Feb. 150
Miller Rubber, pref. (Guar.)
Mar. 1 Holders of rec. Feb. 10
2
Mohawk Mining (Qua?.)
Mar. 1 Holders of rec. Jan. 29
$1
Montgomery Ward & Co., class A (qu.) $1.75 Apr. 1 Holders of rec. Mar.21a
Montreal Cottons, Ltd., com. (quar.)
134 Mar. 15 Holders of rec. Feb. 28
Preferred (quar.)
134 Mar. 15 Holders of rec. Feb. 28
Munsingwear, Inc.. Win. (guar.)
The. Mar. 1 Holders of reo. Feb. 150
National American Co., Inc.(qu.) (No.1 1•75c. May 2 *Holders of rec. Apr 15
National Biscuit, common (quar.)
81.25 Apr. 15 Holders of rec. Mar.310
Preferred (quar.)
14 Feb. 28 Holders of rec. Feb. 14a
1
National Cloak at Suit, Pref.(quar.)- Mar. 1 Holders of rec. Feb. 230
National Lead, pref. (quar.)
13i Mar. 15 Holders of rec. Feb. 18
u
National Sugar Refining (guar.)
Apr. 2 Holders of rec. Mar. 7
Nelld Manufacturing (quar.)
Mar. 15 *Holders of rec. Feb. 10
*2
Extra
*1
Mar. 15 *Holders of roe. Feb. 10
Nelson (Herman) Corp. (quar.)
. 1 Holders of rec. Mar. 17
300.
Holders of rec. Mar. 17
Stock dividend
el
Apr.
300. July 1 Holders of rec. June 20
Quarterly
July 1 Holders of rec. June 20
Stock dividend
el
30c. Oct. 1 Holders of rec. Sept.4
Quarterly
Oct. 1 Holders of rec. Sept. 19
Stock dividend
el
154 Mar. 1 Feb. 17 to Feb. 20
Newberry (J. J.) Co., pref.(quar.)
50o Feb. 21 Holders of rev. Feb. 4a
New Cornelia Copper Co
*50c. Apr. 15 *Holders of rec. Apr. 1
New York Transportation (quar.)
16o Mar. 1 Holders of rec. Feb. 10
North Central Texas 011(guar.)
60c, Mar,15 Holders of rec. Feb. 14
Ohio 011 (quar.)
50c. Mar. 15 Holders of rec. Feb. 14
Extra
500. Apr. 1 Holders of reo. Mar. 150
011 Well Supply Co.. Cora.(guar.)
Apr. 1 *Holders of rec. Mar. 18
Omnibus Corporation. pref. (qua?.).... .2
162-Sc Mar. 1 Holders of rec. Feb. 196
Orpheum Circuit, corn.(monthly)
162-3c Apr. 1 Holders of rec. Mar. 19
Common (monthly)
Apr. 1 Holders of rec. Mar. lba
2
Preferred (guar.)
750. Apr. 1 Holders of rye. Mar. 16a
Owens Bottle, corn.(qar.)
194 Apr. 1 Holders of rec. Mar.160
Preferred (quar.)
750. Apr. 1 Holders of roe. Mar. 19a
Page-Hershey Tubes, coin. (quar.)
134 Apr. 1 Holders of rec. Mar. 19
Preferred (guar.)
Packard Motor Car
200. Feb. 28 Holders of roe. Feb. Ifies
Common (monthly)
20c. Mar. 31 Holders of rec. Mar. 15a
Monthly
200. Apr. 30 Holders of ree. Apr. 15a
Monthly
20c. May 31 Holders of rec. May 14a
Monthly
Mar, 1 Holders of rec. Feb. 9
Pathe Exchange, Inc., pref. (quar.)_ _ 2
(au.) *800. Apr. 1 *Holders of rec. Mar. 15
Pennsylvania-Dixie Cement, com.
Convertible preferred series A (quar.)- *I.M Mar. 15 *Holders of rec. Feb. 28
$1
Mar. 1 Holders of rec. Feb. 21a
Phillips-Jones Corp. (quar.)
Phoenix-Hosiery, 1st & 2d pref. (guar.). 194 Mar. 1 Holders of rec. Feb. 17a
*2
Mar.31 *Holders of rce. Mar.26
Pilgrim Mills (quar.)
Pines-Winterfront Co., class A & B (qu.) 50e. Mar, 1 Holders of rec. Feb. 15
1730. Apr. 30 Holders of rec. Apr. 15
Pioneer Petroleum. pref
Pref. (one year's accum. dividend)... 350, Mar. 1 Holders of rec. Feb. 15
134 Mar, 1 Holders of rec. Feb. 154
Pittsburgh Steel, pref. (quar.)
6230. Mar. 1 Holders of ree. Feb. 15
Polar Wave Ice & Fuel, class A (quar.)
50c. Feb. 28 Holders of rec. Jan. 31a
Prairie 011 & Gas
75c. Apr. 1 Holders of rec. Mar. 15
Pratt & Lambert,corn.(quar.)
Car, preferred (quar.).... 134 Mar.31 Holders of rec. Mar. la
Pressed Steel
3734a. Mar. 1 Holders of rec. Feb. 10a
Pure 011, corn.(guar.)
1230. Mar, 1 Holders of rec. Feb. 10a
Common (extra)
750. Mar. 1 Holders of rec. Feb. 15a
Purity Bakeries, class A (War.)
50c. Mar, 1 Holders of rec. Feb. laa
Class B (quar.)(No. 1)
134 Mar.1 Holders of rec. Feb. 15a
Preferred (guar.)
134 Feb. 28 Holders of rec. Feb. la
Quaker Oats. preferred (quar.)
THE CHRONICLE
FEB. 19 1927d
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Reid Ice Cream Corp., pref. (quar.).._ 81.75 Mar. 1 Holders of rec. Feb. 17a
'134 Mar. 1 *Holders of rec. Feb. 18
Reliance Manufacturing. pref. (guar.)
Remington Typewriter, corn. (guar.).
- 81.25 Mar.31 Holders of rec. Mar. 12a
134 Apr. 1 Holders of rec. Mar. 15a
First preferred (quar.)
Apr. 1 Holders of rec. Mar. 15a
2
Second preferred (guar.)
1
Mar. 1 Holders of rec. Feb. 15a
Republic Iron & Steel, corn.(quar.)_
135 Apr. 1 Mar.014 to Apr.d13
Preferred (guar.)
Feb. 21 Holders of rec. Feb. 11
$2
Revilion, Inc., pref. (quar.)
Feb. 19 Holders of rec. Feb. 15
36
Richman Brothers (extra)
500. Mar.21 Mar. 10 to Mar.21
St. Joseph Lead (guar.)
250. Mar.21 Mar. 10 to Mar.21
Extra
500. June 20 June 10 to June 20
Quarterly
250. June 20 June 10 to June 20
Extra
500. Sept.20 Sept. 10 to Sept.20
Quarterly
25c. Sept.20 Sept. 10 to Sept.20
Extra
500. Dec. 20 Dec. 10 to Dec. 20
Quarterly
25e. Dee. 20 Dec. 10 to Dee. 20
Extra
Mar. 10 Holders of rec. Feb. 10
$2
St. Mary's Mineral Land
Mar.
Holders of rec. Feb. 15a
$1
Savage Arms, corn.(guar.)
•135 Apr.
*Holders of rec. Mar. 15
First preferred (guar.)
•1M May 1 *Holders of rec. May 1
Second preferred (quar.)
Holders of rec. Feb. 15a
8734c Mar.
Schulte Retail Stores, common (quar.)
Holders of ree. May 15a
87343 June
Common (guar.)
8734cSept.
Holders of rec. Aug. 15a
Common (guar.)
Holders of rec. Nov. 15a
8734c Dec.
Common (quar.)
Segal Lock & Hardware. corn. (guar.)_ _ 50c. Mar. 1 Holders of rec. Feb. 28
Apr. 1 Holders of rec. Feb. 28
Preferred (quar.)
Mar.31 *Holders of rec. Mar.21
Shawmnt Mfg., pref. (quar.)
35c. Mar.31 Holders of rec. Mar. la
Shell Union Oil, corn.(9uar.)
Mar. 1 Holders of rec. Feb. 15a
Sherwin-Williams Co., preferred (guar.)
Sherwin-Williams Co., Can.. corn. (11u.) 134 Mar.31 Holders of rev. Mar. 15
145 Mar.31 Holders of rec. Mar. 15
Preferred (quar.)
Shippers Car Line Corp.. class A (guar.) 50c. Feb. 28 Holders of rec. Feb. 17
$1.75 Feb. 28 Holders of rec. Feb. 17
Preferred (guar.)
.75c. Mar.31 *Holders of rec. Mar.21
Shredded Wheat, corn. (quar.)
Mar. 1 Holders of rec. Feb. 160
Simon (Franklin) & Co.. pref. (quar.)...
500. Mar. 15 Holders of rec. Feb. 150
Skelly 011 (guar.)
Mar. 1 Holders of rec. Feb. 10
Southern Pipe Line, new $50 par stock _ 10
Spalding (A. G.) & Bros., 1st pref.(qu.) 135 Mar. 1 Holders of rec. Feb. 156
2
Mar. 1 Holders of rec. Feb. 15
Second preferred (guar.)
155 Mar. 1 Holders of rec. Feb. 15a
Spear & Co., pref. (guar.)
Standard 011 (California)*(quar.)
62340 Mar. 15 Holders of rec. Feb. 15
Extra
1235c Mar. 15 Holders of ree. Feb. 15
Standard 011 (Indiana) (quar.)
6235e Mar. 15 Holders of rec. Feb. 16
Extra
250. Mar. 15 Holders of ree. Feb. 16
Standard 011 of New York (guar.)
40e. Mar.15 Holders of rec. Feb. 180
Standard Oil (Ohio), pro!.(guar.)
135 Mar. 1 Holders of roe. Jan. 28
Standard Sanitary Mfg., COM.(guar.)._ 81.25 Feb. 20 Holders of roe. Feb. 4
Preferred (guar.)
134 Feb. 20 Holders of roe. Feb. 4
Stromberg-Carlson Telep. Mfg.(guar.). 250. Mar. 1 Holdenl of rec. Feb. 14
Extra
1234c Mar. 1 Holders of rec. Feb. 14
Studebaker Corporation, corn. (guar.)
$1.25 Mar. 1 Holders of rec. Feb. 10a
Preferred (guar.)
134 Mar. 1 Holders of ree. Feb. 10a
Sun Oil (guar.)
250. Mar. 15 Holders of ree. Feb. 250
Swan-Finch 011 Corp.. pref. (quar.)____
134 Mar. 1 Holders of rec. Feb. 7
Taunton-New Bedford Copper (quar.)_ .$2
Feb. 28 *Holders of rec. Feb. 9
Tennessee Copper & Chemical (quar.)__ 250. Mar.15 Holders of rec. Feb. 280
Texas Company (guar.)
75c. Mar.31 Holders of rec. Mar. 46
Texas Corporation (guar.)
750. Apr. 1 Holders of rec. Mar. 4a
Stock dividend
Apr. 2 Holders of ree. Mar. 4a
10
Texas Pacific Coal& 011(quar.)
150. Mar.31 Mar. 11 to Mar.31
Thompson (J. R.) Co. (monthly)
30c. Mar. 1 Holders of rec. Feb. 236
Thompson Products, pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 19a
Thompson-Starrett Co.. pref
Apr. 1 Holders of rec. Mar. 19
4
Timken-Detroit Axle, pref.(guar.)
134 Mar. 1 Feb. 20 to Feb. 28
Timken Roller Bearing (guar.)
Mar. 5 Holders of rec. Feb. 18a
81
Extra
250. Mar. 5 Holders of roe. Feb. 18a
Union Mills, corn.(guar.)
*50c. Mar. 1 *Holders of rec. Feb. 15
*$1.50 Mar. 1 *Holders of rec. Feb. 15
Preferred ((Mar.)
Union Storage (guar.)
*62350 May 10 *Holders of rec. May 1
Quarterly
'6234c Aug. 10 *Holders of rec. Aug. 1
Quarterly
'62340 Nov. 10 *Holders of rec. Nov. 1
Union Tank Car (guar.)
135 Mar. I. Holders of rec. Feb. 100
Mar, 1 Holders of rec. Feb. 10
United Biscuit, class A (quar.)
$1
United Drug, common (guar.)
2
Mar. 1 Holders of rec. Feb. 156
United Fruit(guar.)
Apr. 1 Holders of rec. Mar. 50
SI
Extra
81.50 Apr. 1 Holders of rec. Mar. 5a
U.S. Cast Iron Pipe & Fdy.,cone.(au.). 235 Mar. 15 Holders of rec. Mar. la
Common (guar.)
235 June 15 Holders of rec. June la
Common (guar.)
214 Sept. 1. Holders of rec. Sept. la
Common (guar.)
234 Dec. 15 Holders of rec.•Dee. la
Preferred (guar.)
135 Mar. 15 Holders of rec. Mar. la
Preferred (guar.)
134 June 15 Holders of roe. June la
Preferred (guar.)
135 Sept. 15 Holders of rec. Sept. la
Preferred (quar.)
135 Dec. 15 Holders of rec. Dec. la
U.S.Dairy Products, 1st pref.(quar.)-- *$1.75 Mar. 1 *Holders of rec. Feb. 15
Mar. 1 *Holders of rec. Feb. 15
10 Seoond preferred (guar.)
*$2
*40c. Mar.31 *Holders of rec. Mar. 15
U.S.Gypsum,corn.(guar.)
•15i Mar.31 *Holders of ree. Mar. 15
Preferred (guar.)
75c. Mar. 1 Holders of rec. Feb. 180
U.El. Hoffman Machinery (quar.)
250. Mar. 1 Holders of rec. Feb. 18a
Extra
'Si
Apr. 1 *Holders of rec. Mar. 2
U.S.Playing Card, new common
Mar. 15 Holders of rec. Feb. 23
U.S. Realty & Improvement (quar.)__. $1
Mar.15 Holders of rec. Feb. 25
610
Stock dividend
United States Steel Corp., corn.(guar.). 1,5 Mar.30 Holders of rec. Feb. 280
Subj,to etockholders•meet.Apr.18
Common (payable in common stock)_. *40
134 Feb. 26 Holders of rec. Jan. 250
Preferred (guar.)
134 Mar. 1 Holders of ree. Feb. 19a
U.S.Stores Corp. prior pref.(quar.)
Universal Pipe & Radiator, pref.(guar.) 134 May 2 Holders of rec. Apr. 15a
135 Aug. 1 Holders of rec. July 15a
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 156
Preferred (guar.)
50o. Mar. 19 Holders of rec. Feb. 28
Vacuum OE (quar.)
500. Mar.19 Holders of roe. Feb. 28
Extra
134 Mar. 1 Holders of rec. Feb. 150
Van Raalte Co.. 1st pref.(guar.)
Va.-Carolina Chemical, prior pref.(qU.)- 134 Mar. 1 Holders of rec. Feb. 14a
Apr. 15 Apr. 1 to Apr. 15
Nripond Consol. Mines, Ltd. (Interim).
Apr. 2 Holders of roe. Mar. 15
81
Wabasso Cotton (guar.)
500. Apr. 2 Holders of roe. mar. 15
Bonus
88175 Apr. 1 Holders of roe. Mar.25
Wahl Company. pref. (acct. accum.)
Mar. 15 *Holders of ree. Feb. 9
Wamsutta Mills (guar.)
Wayagamack Pulp & Paper (quar.)---- 750. Mar. 1 Holders of rec. Feb. 15
Weber & Hellbroner, pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 154
250. Feb. 28 Holders of rec. Feb. 19
Welch Grape Juice, corn.(guar.)
134 Feb. 28 Holders of rec. Feb. 19
Preferred (quar.)
Mar.30 Holders of rec. Mar. 15
Wesson Oil & Snowdrift, corn. (guar.).- 81
134 Apr. 1 Holders of roe. Mar.20
Whitaker Paper, pref. (guar.)
White (J. G.)& Co., Inc., pref.(guar.). 134 Mar. 1 Holders of MO. Feb. 15
134 Mar. 1 Holders of roe. Feb. 15
White(JO.)Engineering Co., pf.(qu.)_
White(2.0.) Mgt. Corp.. prof.(quar.)__
134 Mar. 1 Holders of roe. Feb. 16
81.25 Mar. 1 Holders of roe. Feb. 10a
Woolworth (F. W.) Co.(guar.)
250. Feb. 28 Holders of roe. Feb. 164
Wright Aeronautical Corporation
Wrigley (Wm.) Jr. & Co.(monthly).... 250. Mar. 1 Holders of roe. Feb. 20a
"Y"011 & Gas. new,325 par stk.(No. 1) 250. Feb. 28 Holders of ree. Feb. 15
135
*134
135
135
•From unofficial sources. t The New York Stock Exchange has ruled that stook
will not be quoted ex-dividend on this date and not until further notice. t The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
!Payable in common stock. g Payable in scrip. h 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.
s Payable either In cash or in stock at the rate of 4 6-100ths of a share of class A
or each share of $6 prof. and 5-100ths of a share of class A for each share of $634 pref.
Cushman & Sons common stock dividend is payable in $8 preferred on the
valuation of $100 for preferred stock
•Payable In common stook at rate of one-fortieth of a share for each share held.
to Island Creek Coal stock dividend is four new shares of common for each share
of common held.
1037
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Feb. 11. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three dPhcrs (000) omitted.)
New
Cayttai.
Week Ending
Feb. 11 1927. Nat'l,
State,
(000 omitted.) Tr.Cos.
Reserve
Loans,
with
Discount, Cash
Net
Time Bank
Investen Legal Demand Do- Circezments, Vault. Depot Deposits. posits.
tortes.
dtc.
Members of Fed. Res.Bank. Average. Averag Averag Average. Average Accc.
Bank of N Y.31 $
Trust Co. - 4,000 13,354
55,371 9,567 _
484 7,480
76,358
..I
Bk of ManhaVn 10,700 15,854 168,16
3,035 17,487 126,561 25,044 _ _
Bank of Americ
84,101 3,536
6,500 5.28
76,726 1,052 10.713
__
National City-- 50,000 66.287 690.083 4,601 73,331 *762,237144,576
94
Chemical Nat-- 4,500 19,061 135,719 1,236 16,171
122,825 3.3151 346
Nat Bk of Com_ 25,000 42,479 357,903
310,599 23,383
848 40,721
ChatPh NB OJT 13,500 13,329 219.173 2,638 23,442
168.510 43,850 6.124
Hanover Nat-- 5,000 26,60
106.265
121,563
535 13,876
Corn Exchange- 10,000 15,269 206,073 5,167 24,697
175.964 31,265
National Park__ 10,000 24,319 156,818
126.084 6,537 4,216
886 16,632
Bowery & E IL 3,000 3.52
39,508 19,084 1,712
61,320 1,902 5.906
First National._ 10,000 77,448 274,228
553 25,064 190,558 11,366 6,407
Am Ex Irving
32,000 28,80 416,804 4,554 50,312 373,481 40,227, __
Continental____ 1,000 1,269
425
6,219
7,871
121
861
Chase National_ 40,000, 38,221 560,246 6,764 68,820 * 21:03 38,506 2,482
5 6 908
6
Fifth Avenue__
5001 2,985 25,657
759 3.446
Commonwealth.
8001
740
13,001
562 1,282
Garfield Nat'l__ 1,009 1,830
17,550
5991
555 2,465
Seaboard Nat'l_ 6.000 11,007 124,742
1169 052 3,4321
1 7, 634
8°
8
869 15,519
42
Bankers Trust_ 20,000, 35,540 323,292
942 32,420 *274,322 41,848,
US Mtge & Tr_ 3,000 4.965 57,268
796 7,192
54,967 4,361
Guaranty Tnus 25,000 25,202 448,312 1,724 45,713 *420,507 74,302
Fidelity Trust__ 4.000, 3,235 41,32
704 4,799
35.365 4,248
New York True 10.000 21,813 170.325
695 18,201
132,677 26,521
10,000, 19.908 138,002
Farmers L &
512 13,904 *105,374 18,910
30,000- 22.907 272.616 1,713 28,265, .
Equitable T
286,986 31.382
Total of averages 335,500541,254 5,161,141 44,207 568,719 4.207,479 610,437 21,423
'
Totals, actual co ndltion1Feb. 11 5,155,123 51,315588,291 4,209,696'608,05721,441
Totals, actual condition Feb. 55,165,285 43,843568,76304,211,661 612,189 21,237
Totals, actual condition ;Jan. 29 5,223,239 43,664553.061'c4.238.4.57 614.32320.561
State Banks 1Not Members of Fed'I Res've Rank.
], 1,000 2,645 24,731 2,074 2,064
Greenwich Ban
State Rank__ 5,000 5.761 107,139 4,82
2,396
34,200 3.600 1,7
Colonial Bank__ 1,400 3.000
I
22,931 2,8341
39.252 63,1761 _28,300 5,7501 --
7.400 11,406 166,070 10,499
6,160
90,483 71,7601 --
Totals, actual condition Feb. 11 167,272 10,559
Totals, actual condition Feb. 5 164,348 10,193
Totals, actual condition Jan. 29 166,281 10,2
6.349
6.41
6,458
91,719 71,883
89.726 71,607
91,485 71,681
Total of averag
Trust Compan lea Not Membe rs of Fed 'I Res'y e Bank.
Title Guar dc Tn 10,000 19,506 63,850 1,923 3,94
900 2.435
Lawyers Trust.I 3,000 3,429 26,226
38.845
21,940
981
_
1,013 --
7__
13,000 22,936
90.076
2,823
6,377
60,785
Totals, actual C ndition Feb. 11
Totals, actual c ndition Feb. 5
Totals, actual co ndition Jan. 29
89,868
90,626
87,857
2,864
2.703
2,580
6,318
6,571
6,370
60,276
61,485
58,359
Total of averag
1,9911
2,000, _
1,9651
Or'd assn. ame.355,900575.597 5,417,287 57,529581,256 4,358,747684,191.21,423
Comparison witIi prey, week__ -49,996 +2,471-7,174 -66,224 +3,851; +429
cond'n Feb. 11 5,412,263 64.738600.958 4,361.691 681,911 21,441
Ged agar, WI'
Comparison with prey. week__ -7,996 +7.999 +19209 -1,181 3,885 +204
ore aggr., acrlcond'n
Gr'd aggr.. ad' cond'n
Gra aggr., act'l cond'n
Feb. 5,420,259
Jan. 29 5,477.377
Jan. 22 5,416,635
(led aggr., nalcond'n Jan. 15 5,592,022
Gr'd aggr., tier!cond'n Jan. 8 5,571,043
(led aggr.. oatcond'n Dec.31 5.771,022
56,739 581,749
66,478665.889
52,996626,188
54.611617,726
59.482528,917
66.230642,710
4,362,872685,796 21,237
4,388.3011687,969 20,881
4,413.350656.94820,613
4,559,094667,26420,386
4,502,151676,888 19,815
4,693,702651,04520,545
Note.
-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total Feb. 11, $26,923,000. Actual totals Feb. 11,
524,963,000; Feb.5. $29,169,000: Jan. 29,$29,168,000; Jan.22,$29,167,000: Jan. 15,
$29.168,000: Jan. 8, $33,313,000. Bills payable, rediscounts, acceptances and
other liabilities, average for week Feb. 11, $611.265,000: Feb. 5, 1601,731.000:
Jan. 29, 8598.869,000; Jan. 22, $614,045,000: Jan. 15, 8639,126,000; Jan. 8, $673,392,000. Actual totals Feb. 11, $636,917,000; Feb. 5, $603,344.000: Jan. 29,
8614,355,000; Jan. 22, 8627,857,000: Jan. 15, 8655,189,000; Jan. 8, 8596,858,000.
* Includes deposits in foreign branches not included in total footings as follows:
National City Bank, 5229,286,000: Chase National Bank, $11,814,000: Bankers
Trust Co.. $27,342,000: Guaranty Trust Co., $88,683,000: Farmers' Loan & Trust
Co., $3,359,000: Equitable Trust Co., $82,181,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Dank, $26,920,000;
Chase National Bank, $1,565,000; Bankers Trust Co., $0,992,000: Guaranty Trust
Co., $3,130,000; Farmers' Loan & Trust Co.. $3,359,000: Equitable Trust Co..
$6,120.000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATRIIIINT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES,
Averages.
Cash
Reserve
Reserve
In
In Vault. Depositaries
Total
Reserve.
Reserve
Required.
Members Federal
Reserve Bank.._
568,719,000 568,719,000 565,285,380
State banks.
10,499,000 6,160,000 18,659,000 16.286,940
Trust companies_ ___ 2,823,000 6,377,000 9,200,000 9,117,750
Surplus
Reserve.
3,433,620
372,060
82,250
Total Feb. 12.... 13,322,000 581,256,000 594,578,000 590,690,070 3,887,930
Total Feb. 5____ 12,742,000 588.430,000 601.172,000 599,114,770 2,057,230
Total Jan. 29____ 12,891,000 588,266,000 601,157,000 598,339,690 2,817,310
Total Jan. 22
9,232,000 599,721.000 608,953,000 604.565.620 4.387,380
*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. 11. 818,313,110: Feb.5,$18,202,260:Jan.29,817,981,850; Jan.22,$17,739,540;
Jan. 15, 517,995,860; Jan. 8, $18,074,250.
1038
THE CHRONICLE
Actual Figures.
Cash
Reserte
Ii Vault.
Reserve
Os
Depositaries
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
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:
Members Federal
$
588,291.000 588,291,000 565,502,190 22,788,810
Reserve Bank.
10.559.000 6.349,000 16.908,000 16,509,420
State banks*
398,580
2,884,000 6.318.000 9,182,000 9,041,400
Trust companies_ __
140,600
0000000000
$
Capital
69,650,000
Surplus and profits_ _
92,448,000
Loans, dIsete & Invest_ 1,010,523,000
Individual deposits._ 682,230,000
Due to banks
142,904.000
Time deposits
230,670,000
United States deposits_
10,750,080
Exchanges for Cl's li'se
29,572,000
Due from other banks_
81,720,000
Reerve in legal deporeles
81,174,000
Cash In bank
9,746.000
Reeve excess in F.R.Bk
835.000
Changes from
Previous Week.
MOiCi
• 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. 11, $18,241,710. Feb.5,$18,365,670: Jan. 29,318,429,890; Jan. 22, 317,725,890:
Jan. 15, $17,968,260; Jan. 8, 318,246,660.
Feb. 16
1927.
00000000000
voclo.Rog0000c
13,423,000 600,958.000 614.381.000 591,053,010 23,327,990
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
9,206,000 628,168,000 635,734,000 595.772,850 39.601,140
.NOVDC20000ON.M
e
Feb. 12 _ _
Feb. 5_ _
Jan. 29_ .._
Jan. 22_
BOSTON CLEARING HOUSE MEMBERS.
di3 6nEE 6,3
m9M.9(21O0m9Q
Total
I Total
Total
P Total
[Vol.. 124.
Feb. 9
1927.
Feb. 2
1927.
1
$
69,650,000
69,650,000
92,428,000
92,428,000
1,013,723.000 1,017,241.000
678.843,000 693,738,000
146,071,000 150,262.000
232.371.000 233,086,000
12.354.000
13,009,000
33,035.000
45,740 000
78,640,000
82,374,000
80.746.000
81,561.000
10,222.000
10,496,000
502.000
487 OM
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust cornreturn for the week ending Feb. 11, with comparative figures
pelotas in New York City not in the Clearing House as follows:
for the two weeks preceding, is given below. Reserve
IXIMIIIARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NLW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by Stale Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults'
,
Differences from
Feb. 11.
Previous Week. is not a part of legal reserve. For trust companies not
Loans and Investments
11,252,842,400 Dee.$8,774,000
Gold
4,443,200 Dee.
31,500 members of the Federal Reserve System the reserve required
Currency notes
24,704,600 Inc). 1,044,500 is 10% on demand deposits
and includes "Reserve with
Deposits with Federal Reserve Bank of New York
99,766,400 Dec. 2,341,900
Total deposits
1 283,606,800 Dec. 13,277.100 legal depositaries" and "Cash in vaults."
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City, exchange, and U.S.deposits.1,211,112,100 Dec. 12,110,500
Reserve on deposits
169,253,500 Dec. 1.654.800
Percentage of reserves. 20.3%.
RESERVE.
State Banks
-Trust Companies
Cash in vault
$38.349,800 17.06%
$90,564,400 14.94%
Deposits in banks and trust cos
5.15%
11.580,900
28,758,400 4.74%
Total
$49,930.700 22.21%
8119,322,800
19.68%
Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb. 11 was 899,766,400.
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.
gAng8d§§§g88§8
aaaco.c—at
00
104 000,0cCr.W..WWW0M
,
act
$
5,628,385,000
5,542.973,000
5,539,644.900
5,562.041.000
5,511.751,000
5,551,891,300
5.558,678,300
5,716,914.900
5,586,288,800
5.630,977,600
5,638.517,700
6,741,187.400
5,898,416,700
5,789,308,200
5,801,084,500
6.714,684,400
5,721,854,900
.51142 353 ROO
a▪ ocseaacatccnc,.
1
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
6.589.295,600
6,667,713.300
6,664,332.100
6,713,433,300
6,837.671,900
8,954.175.000
6,819.657.900
6,755.55.5.500
6,710,870,100
6,720.899.400
a R7(1 12n 400
Reserve in
Depostlartes.
Total Cash
in Vault:.
,000M000540M.40030,70000q,a
315.3cyt...00b0DM10.0...40a.0
Week EndedOct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov. 27
Dec. 4
Dec. II
Dec. 18
Deo. 25
Dec. 31
Jan. 8
Jan. 15
Jan, 22
Jan. 29
Feb. 5
F44, 11
Demand
Deposits.
E▪ ggS28g88888g'88888
Loans and
Investments.
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 "C.caring House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that Is, three ciphers [000] omitted.)
CLEARING
NON-MEMBERS Capita:.
Week Ending
Feb. II 1927.
Members of
Fed'I Res've Bank.
Grace Nat Bank__ _
State Banks.
Not Members of fJj
Federal Reserve Bank.
Bank of Wash. lfta.l
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr.,Bayonclel
8
1,000
Loans,
DiaNa
counts,
Profits. Investmeats,
etc.
$
1,950
$
14,563
,
Reserve
Cash
with
Net
Net
in
Legal Deman
TIM.
Vault. ,Deposi- Deposits.DeposiIs.
tortes.
Average. Average. Average. Average.
$
$
$
$
52
1,153
7,728
3,867
400
1.028
9,886
883
411
6,863
3,173
500
660
9,342
337
191
3,820
5,847
1,900
Comparison with pr eV. week
3,640
1,755 a18,411
-25 -154
12.887
+42
1,906
1,900
3,100
3.100
3,640
3,640
6.946
6.945
1 78
. 0
1,766
3,514
3,475
12.845
12.752
18,316
18.173
33,791
+378
33.413
33,365
67,634
68,347
1,272
+19
1,253
1.219
4,893
4,922
518.5651
a18,323
a47,335
a48,009
•United States deposits deducted. $20,000.
Bills payable, rediscounts, acceptances, and other liabilities. 83.214.000.
Excess reserve. 810,380 Increase.
Capital
Surplus and profits
Loans, diee'ts & ihveetin'te
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Reeve with legal deposits_
Reserve with F. R. Bank
Cash in vault •
Total reserve& cash held....
Reserve required
Excess res. & cash in vault
Week Ended Feb. 11 1927.
Members of
Trust
F.R.Sgstent Companies
$50,225.0
152,996,0
940,750,0
38,345,0
97,734,0
135,522,0
633,404,0
149,060,0
917,986,0
35,000,0
17,812,0
46,382,0
366,0
17,0
943,0
26.519,0
2,308,0
29,770,0
4,030,0
69,439,0
9,607,0
79,046,0
69,610,0
9435.0
1,354,0
5,384,0
4,178,0
1.2050
1927
Total.
855,225,0
170,808,0
987.132,0
38,701,0
97,751.0
136,465,0
659,923,0
151,368,0
947.756,0
4,030,0
69,439,0
10,961,0
84,430,0
73,788,0
in els
•Cult In vault not counted as reserve for Federal Reserve
Feb 5
1927.
Jan. 29
1927
55,225,0
170.808,0
988,105.0
42.848.0
104,551.0
141,184.0
663,851,0
154.002.0
959.037,0
3,987,0
69.712,0
10.645.0
84,324,0
73.6115.0
in n9n n
855.225,0
170.784,0
989.004,0
34,859,0
96,515.0
135,684,0
654,458.0
155.920,0
946,082,0
3.735,0
70,191,0
11,0 ,9,0
84,995,0
73,391,0
n 004.0
-
nielnbel S.
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. 10 1926 in
comparison with the previous week and the corresponding
date last year:
Resource:
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury-
Feb. 16 1927. Feb. 9 1927. Feb. 17 1926.
373,889,000
9,394,000
383,982.000
10,783,000
299,535,000
13,935,000
Gold held exclusively agst. F. R.notes_ 383,283,000
Gold settlement fund with F. R. Board.. 152,111,000
Gold and gold certificates held by bank
511,188.000
394.765,000
159,370,000
502,878,000
313,470,000
212,787,000
383,885,000
1,046,582,000 1,057,013.000
35,099,000
34,989.000
910,142,000
40,882,000
Total reserves
1,081,681,000 1,092,002,000
Non-reserve cash
25,502,000
24,715,000
Bills discounted
Secured by U.S. Govt. obligations.... 80,887,000
73,025,000
Other bills discounted
23,907.000
20.718,000
951,024,000
24,363,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
Total gold reserves
Reserves other than gold
166,223,000
34.392,000
101.605,000
90,292,000
96,932,000
71,416.000
200,615,000
72,502.000
3,923,000
16,389,000
41,306,000
2,683,000
14,489,000
36.946,000
1,934,000
37,695,000
14,120,000
61,618,000
54.118.000
53,749,000
1,890,000
Total bills and securities (See Note)
253,515.000
222.468,000
328,756,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
658.000658,000
209,953.000 136,514.000
18,276.000
16,276.000
2,347,000
2,358,000
725,000
182.161,000
16,666,000
4,240,000
Total U. B. Government securitiesForeign loans on gold
Total resources
1,589,145,000 1,495,776,000 1.507,935,000
LiabilitiesFedl Reserve notes in actual circulation.. 405.474,000
Deposits
-Member bank, reserve sect.... 886,942,000
4,634,000
Government
2,661,000
Foreign bank (See Note)
11,634,000
Other deposits
402,947,000
858.820,000
3,650,000
2,232 000
9,482,000
365,473,000
876,182,000
6,630,000
3,456,000
7,940,000
905,871.000
176,1337.000
37,120.000
61,611,000
2,429,000
874,184 000
117,695 000
37,059,000
61,614,000
2,277,000
894,208.000
152,507,000
33,405,000
59,961,000
2,378,000
Total deposits
1)eferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ord aggr., Feb..11
Peel aggr., Feb. 5
Ord sage.. Jan. 29
Ord seer.. Jan. 221
ri,, a00r
,
i
Tan
itI
Two Ciphers (00)
omitted.
Ratio of total reserves to deposit and
Fe-ll Refry° note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence
1,589.145.000 1,495.776,000 1,507,935,000
82.5%
85.5%
75.5%
26,024,000
25,672,000
21,202,000
-Beginning with the statement of Oct. 7 1925, two new items were added
NOTE.
In order to show separately the amount of balances held abroad and (mounts 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 Ms and securities."
The latter term was adopted as a more accurate description of the total of the discounts. aeceptances and securities acquired under the provisions of Sections 13 and 14
Of the Federal Reserve Act. which,It was stated, are the only ItemsIncluded therein.
FEB. 19 1927.]
THE CHRONICLE
1039
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb. 17,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
se 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 984 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEBRUARY 16 1927.
Feb. 16 1927. Feb. 9 1927. Feb. 2 1927. Jan. 26 1927. Jan. 19 1927. Jan. 12 1927. Jan. 5 1927. Dec. 29 1926. Feb. 17 1926.
RESOURCES.
$
$
$
$
$
$
$
$
$
1,547,671.000 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 1,397,967,000
Gold with Federal Reserve agents
44,528,000
44,346,000
Gold redemption fund with U. S. Treas.
50,318.000
52,926.000
52,613,000
67,927,000
51,921.000
65,712.000
45.009,000
Gold held exclusively agst. F. R. notes 1,592,199,000 1,596,978.000 1,605,680.000 1,653,035.000 1,6217128,000 1,573,988,000 1,487,682,000 1,434.836,000 1,442,976,000
616,854,000 610,964,000 594,679,000 507.931.000 503,513,000 555,673,000 637,805,000 658,330.000 688,126,000
Gold settlement fund with F. R. Board
Gold and gold cerUficates held by banks_ 781,010,000 772,410.000 761,504,000 805.824.000 804,294,000 786,382,000 729,956,000 721,645,000 658,194,000
Total gold reserves
Reserves other than gold
2,990,063.000 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 2,789,296,000
168,013,000 167,906,000 166.786,000 166,072.000 159,566,000 155,054,000 142.816,000 129,404,000 150,860,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,158,076,000 3,148,258,000 3,128,649,000 3,132,862.0003,095.501.000 3,071,097,000 2,998,259,000 2,944,215,000 2,940,156,000
74,980,000
74,783,000
71.849,000
79,109.000
81,174,000
81,808,000
76,180,000
68,348.000
69,032,000
230.954.000
165,516,000
202.048,000
177,017.000
203,661,000
189.610,000
189,939.000
175.218,000
201,611,000
214,448,000
254.077,000
236,401.000
360,532,000
272.950,000
383,388,000
327,543,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
396,470.000
314.985,000
379,065,000
302,505,000
393,271,000
329,072,000
365,157,000
301,827,000
416,059,000
337,360,000
490,478.000
338.142,000
633,482,000
388.837,000
710,931.000 .539,358,000
378,798,000 301,641,000
57,370,000
94,807.000
159,646,000
56,148,000
93,408.000
155,122,000
53,351,000
93,320,000
157,208,000
51,327,000
93,395.000
158,043.000
55,463,000
97,774,000
159,505,000
52,992,000
93,606,000
164,453,000
54,108,000
93.659,000
166,106.000
47,525,000
86.279,000
183,400,000
59,978,000
169,863,000
104,605,000
Total 17. S. Government securities...
Other securities (see note)
Foreign loans on gold
311.823.000
2,000,000
304,678.000
2,500.000
303.879.000
2,500,000
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
334,446,000
3,150,000
7,000,000
Total bills and securities (see note).... 1,025,278,000
Due from foreign banks (see note)
658,000
Uncollected items
798,547,000
Bank premises
58.350,000
All other resources
12,322,000
988,748,000 1.028,722,000
658,000
657,000
581,732,000 636,827,000
58,329,000
58.269,000
12,438.000
12,195,000
315,972,000
222,386,000
972.249.000 1,068,661,000 1,143,171,000 1,339,813,000 1,409,529,000 1,184,595,000
657,000
657,000
657,000
657,000
725,000
651.000
627,766.000 722,746,000 706,362,000 814,912,000 728,043,000 759,089,000
58,231,000
58,168,000
58,258,000
58,131.000
60,273.000
59,368,000
12,108,000
12,053,000
12.302,000
12,189,000
13,074,000
16,786,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits
Member banks
-reserve account
Government
Foreign banks (see note)
Other deposits
5,128,211,000 4,864.946.000 4,937,168,000 4,883,090,000 5,039,023,000 5,073,371,000 5,300,254.000 5,224,133,000 5,029,751,009
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,342,343,000 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 2,326,518.000
734.963,000 538.629,000 587,680,000 584.540,000 646,976,000 635,148,000 714.682.000 650,096,000 690,866,000
126.099.000 125,825.000 125.748,000 125.523,000 125,480,000 125,066.000 125,011.000 124.824,000 118,934,000
228.775,000 228,775.000 228,775,000 228.775,000 228,775,000 228,775,000 228,775,000 220,310,000 220,310,000
10,600,000
10.079,000
10,551.000
10,078,000
10,239,000
10.456,000
9,719,000
26,150,000
11,980,000
1,685,431,000 1,694,120,000 1,686,515,000 1,188,485.000 1,709,919,000 1,750,464,000 1,812,698,000 1,857.015,000 1,661,143,000
2,288.588.00012,221.130.000 2.241.946,000 2,191.753,000 2.243,429,000 2,273.647.000 2,351,953,000 2.264,144,000 2,262.258,000
28,521.000
23,345,000
22,989,000
36.238,000
32,768,000
28.999.000
6,451,000
38,579,000
39,929,000
5,388,000
4.959,000
5,632,000
25,308,000
5,699,000
4,866,000
5,487,000
25,882,000
6,851,000
19,846 000
17,612,000
21,571,000
18,631,000
19,072,000
32,429,000
25,657,000
17,133,000
17,480,000
Total liabilities
5,128.211,000 4,864,946,000 4.937.168,000 4,883.090,000 5,039,023,000 5,073,371,000 5,300,254,000 5,224,133,000 5,029,751,000
Ratio of gold reserves to deposit and
1.14.note liabilities combined
74.2%
71.6%
75.2%
72.9%
67.6%
74.3%
75.4%
66.9%
69.9%
Ratio of total reserves to deposit and
F. It. note liabilities combined
78.4%
75.4%
79.5%
71.0%
76.9%
79.6%
78.5%
70.1%
73.7%
Contingent liability on bills purchased
for foreign correspondents
86.273,000
92,329.000
90,382,000
91,978,000
94,674,000
60,718,000
77.780,000
55.857,000
82.666,000
Distribution by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness.
1-15 days municipal warrants
16-30 days bills bought In open market__
113-30 days bills discounted
16-30 days U. El. certif. of Indebtedness
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
F. R. notes received from Comptroller
F'. R. notes held by F. It. Agent
Issued to Federal Reserve Banks
$
175.233.000
310.434.000
4,360,000
$
137.494.1300
286,204,000
$
153.851.000
296,490,000
S
123.999.000
268,642,000
S
147,001.000
310.773.000
1,564,000
8
130.153,000
382,115.000
5,676,000
68,623,000
23,741.000
95,699.100
26,493,000
93.787,000
26,748,000
72,313,000
25,219,000
71,170,000
21,613,000
78,201.000
28,768,000
$
170,212.000
517,727.000
7,860.000
111,000
78,150,000
30,510,000
49,505.000
34,118,000
48,816.000
36,305,000
60.322,000
38,881,000
81,778,000
41,069,000
90,754.000
43,411,000
95,654.000
45,490,000
18,734.000
19,498,000
15,775,000
21.670,000
5,421,000
16,810.000
21,560,000
17,618.000
22.479.000
21,060,000
24,448,000
27.344,000
24,270,000
2,890,000
8,679,000
155,286,000
4,721.000
8,393,000
149,701,000
4,302,000
9,592,000
157,208,000
6,119.000
9,668.000
158.043,000
7,375,000
9,814,000
157,941.000
$
155,744.000
575.544,000
4,500.000
I
113,254.000
430,065,000
80,000
76,818.000
38,885,000
68.537,000
29,362,000
08,299,000
47,635,100
96,000
90,963.000
49,876,000
83,832,000
42,991,000
10.000
36,144,000
27,090,000
49.382.000
37,232.000
32,343,000
26,649,000
6,785,000
6,032.000
9,835.000
10,520,000
158.777,000 158,246,000
5.891.000
9,414,000
178,900,000
3,675,000
9,291,000
104,525,000
2,940,114,000 2,948,063.000 2,954.551.0(TO 2.967.911.000 2,983,478,000 3,002,781,000 3,023,052,000 3.039,590,000 2,850,750,000
870.268,000 871,288,000 865.848,000 855.743,000 820.473.000 792,378,000 770,918,000 774,815.000
846,950,000
2.069.846,000 2,076,775,000 2,088,703,000 2.112,168,000 2.163,005.000 2,210,403,000 2,252,134,000
2,264,775,000 2,003,800,000
//ow Secured
357,928,000 357.927,000 357,927,000 321,246,000 106,280,000 306.281,000 306.096,000
By gold and gold certificates
306.095.000
101,453,000 109,744,000
Gold redemption fund
96,904.000 102,401.000 105.659,000 106.287.000 111,071,000 109,052,000
Gold fund-Federal Reserve Board.... 1.088.290.000 1.084,961,000 1,097,923,000 1,177,467 000 1,163,556,000 1,111,102.000 1.002.588.000 953.977,000
689.590.000 666.719.000 694,440,000 651.717,000 733,266,000 812,610,000 996,817,000
By eligible caper
1.058.364,000
l'n171
2237.201.000 2.219.351.000 2 247 104 nnn 9 9s.9 1271 nnn,
7A9 951 'Inn 9 'me 913c1 nnn 9 41R 579 Ann 9 /99 A 2a ,as
311,245000
102.647000
984 075000
797:417:000
NOTE.
-Beginning with the statement of Oct. 7 1025, two new teme were added in order to show separately the amount of balances held abroad
and amounts due
to foreign correspondents. In addition, the caption, "All other earn ng assets," previously made up of Foreign Intermediate Credit
"Other securities," and the caption,- -Total earning assets" to "Total bills and securities." The latter item was adopted as a more Bank debentures, was changed to
accurate
the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, description of the total of
are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS FEB. 16 1927.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minnsay. Kan. City
Federal Reserve Bank of
Dallas. San Fran,
Total.
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
$
3old;with Federal Reserve Agents 125,767,0 373,889,0 110,434,0 165,909,0 63,928.0 149,888,0 177,462,0 30,684,0 60,357.0
63,175.0 35,847.0 190.331,0 1,547,671,0
9,394,0 5,396,0 4,467,0
3oldsed'n fund with U.S. Tress_
8,161,0
1,345,0 2,323,0 6,056,0 1,248,0
1.502,0 1,954.0
979.0 1,703,0
44.528,0
Gold held excl. agst. F.R. notes 133,928,0 383,283,0 115,830,0 170.376,0 65,273,0 152,211.0 183,518.0 31,932,0
Gold settle't fund with F.R.Board 25.701,0 152,111,0 53,959,0 62,940,0 24,304.0 31,785,0 142.826,0 22,535,0 61,859.0 65,129.0 36,826,0 192,034,0 1,592.199,0
13,930.0
Sold and gold certificates
34,298,0 511.188,0 28,258,0 62.390,0 12,740.0 4,295.0 61,694,0 16,820,0 6,645.0 32.883.0 23,944,0 29,936,0 616.854,0
7,966.0 8,631,0 36,085.0 781.010,0
Total gold reserves
193,927,0 1,046,582,0 198,047.0 285.706.0 102,317,0 188,291.0 388,038,0 71,287,0 82,434,0
Reserves other than gold
35,099,0 5.284,0 12,082.0 11,663,0 11,074,0 27,740.0 19,334.0 4,271,0 105.978.0 69,401,0 258.055.0 2,990,063,0
19,114,0
5,276,0 8,594,0 8,482.0 168,013.0
Total reserves
213,041,0 1,081,681,0 203,331.0 297,788,0 113.980,0 199,365,0 415.778,0 90.621.0 86,705,0
111,254.0 77,995,0 266,537,0 3,158,076,0
Non-reserve cash
24,715,0 2,049,0 4,817,0 6,566,0 4,377,0 10.088,0 4,719,0
7,596,0
1,288,0 2,057,0 2,686,0 4,022,0
74,980,0
Bills discounted:
Sec. by U.S. Govt. obligations 10.163.0
80,887.0 21,671,0 25.975,0 9.562,0
556.0 51.568,0 8,664.0
589.0 3,707.0
668.0 16.944,0 230,954.0
Other bills discounted
20,718,0 12.658,0 17,707,0 15,559,0 24,562,0 27,303,0 6.938,0
12,332,0
3,843,0 5,877,0 2,161.0 15,858,0 165,516,0
Total bills discounted
22,495,0 101,605.0 34,329,0 43,682,0 25,121,0 25.118,0 78,871,0 15,602,0 4,432,0 9,584,0 2,829,0 32,802,0 396,470,0
13111s bought In open market.... 38,748,0
90,292,0 22,863,0 27,989,0 10,181,0 14,715.0 38,189,0 9.830,0
10,100,0 15,156,0 12.534,0 24,388,0 314,985,0
U. 8. Government securities:
Bonds
708.0 2,665,0 1,338,0
3.923,0
894,0
297.0 20.586.0 3,490,0 7,783,0 8,642.0 6,220.0
824.0
57,370.0
Treasury notes
2,728,0
16,389,0 15,723.0 11.845,0 1.649,0 1,567.0 7,204,0 7,958,0 2,449.0 5.365.0 5.071,0 16,859,0
94,807.0
Cert'ficates of indebtedness
6,137,0
41,306,0 3,497.0 21,988,0 4.073,0
345.0 18,401,0 9,966,0 6.249,0 13,561,0 12,932.0 21.191,0 159.846,0
Total U. S. Govt. seeurities.._
9.759,0
61,618,0 19,928.0 36.498,0 7,060,0 2,209,0 46,191,0 21.414,0
16,481.0 27,568,0 24.223,0 38.874,0 311,823.0
1040
[VOL. 124.
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
New York.
$
$
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan. City Dallas. San Fran.
$
$
2,000,0
Other securities
Tota, bills and securities
Due from foreign banks
Uncollected items
Bank premises
AL other resources
Phila.
$
3
$
3
$
$
$
3
Tota.,
3
2,000,0
253,515,0 70,120,0 108,169,0 42,362,0 42,042,0,463,251.0 46,846,0 31,013,0 52,308,0 39,586,0 96,064,0 1,025,278,0
658.0
658,0
209,953,0 73,491,0 81,744,0 58,093,0 30,691,0 102,914,0 36,968,0 13,371,0 42,553,0 30,722,0 45,033,0 798,547,0
16,276,0 1,711,0 7,118,0 2,149,0 2,866,0 7,900,0 3.957,0 2,774,0 4,459,0 1,752,0 3,442,0
58,350,0
1,017,0
367.0
335,0
756,0 2,307,0
2,347,0
778,0 2,162,0
482,0 1,159,0
12,322,0
540,0
71,002,0
73,014,0
3,946,0
72,0
Total resources
368,671,0 1,589,145,0 360.069,0 500,653,0 223,485,0 280,097,0 702,238,0 183,889,0 137,313,0 213,171,0 153,223,0 416,257,0 5,128,211,0
LIABILITIES.
F. R. notes in actual circulation_ 125,074,0 405,474,0 119,809,0 198,494,0 74,001,0 160,904,0 210,803.0 45,029,0 63,771,0 67.928,0 41,857,0 172,287,0 1,685,431,0
Deposits:
Member bank-reserve sec't 142,029,0 886,942,0 136,041,0 185,665,0 72,118,0 73,183,0 340,667,0 82,786,0 48,314,0 90,299,0 62,5 0,0 167,974,0 2,288,588,0
,
2,986,0 1,910,0 2,534,0 1,313,0 1,318,0 2,312,0 1,163,0 3,146,0
4,634,0 1,751,0 2,887,0
Government
2,567.0
28,521,0
400,0
196,0
362.0
155,0
Foreign bank
283,0
2,661,0
520,0
162,0
264,0
5,388,0
113,0
132,0
140,0
150,0
939,0
11,634,0
261.0
49,0
Other deposits
66,0
992,0
283,0
197,0
19.846,0
100,0
51,0 5,124,0
Total deposits
Deferred availability items
Capital paid in
Surplus
MI other liabilities
905,871.0
176,637.0
37,120,0
61,614,0
2,429,0
144,945,0
71,913,0
8,851,0
17,606,0
282,0
138,415,0
67,672,0
12,622,0
21,267,0
284,0
189,891,0 75,450,0 75,297,0 344,713,0 84,544,0 49,942,0 92,851,0 63.916,0 176.508,0 2,342,343,0
73.561,0 54,933,0 28.830,0 95,549,0 38,315,0 12.108,0 38.677,0 34,534,0 42,234,0 734,963,0
13,854,0 6,179,0 5,023,0 16,920,0 5,290,0 3,020.0 4,180,0 4,293,0 8.747,0 126,099,0
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
1,107,0
724,0
411,0 2,372,0
772,0
945,0
360,0
10,600,0
506,0
408,0
Total liabilities
368,671,0 1,589,145,0 360,069,0 500,653,0 223,485,0 280,097,0 702,238,0 183,889,0 137.313,0 213,171,0 153,223,0 416,257,0 5,128,211,0
Memoranda.
84.4
76.3
76.7
78.7
82.5
78.4
74.8
76.4
69.9
78.9
Reserve ratio (per cent)
73.7
69.2
76.2
contingent liability on bills pur26,024,0 8,804,0 9,721,0 4,768,0 3,760,0 12,656,0 3,944,0 2,751,0 3,393,0 3,210,0 6.420.0
92,329,0
chased for foreign correspond'ts 6,878,0
if. R. notes on hand (notes reed
from F. R. Agent less notes in
31.580,0 118,346,0 43,625,0 20,668,0 17,197,0 27,251,0 49,808,0 4,350,0 5,370,0 13.573,0 7,359,0 45,288,0 384,415,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEB. 16 1927.
Federal Reserve Agent at-
New Yol'k.
Boston.
Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
(Two ciphers (00) °tatted.)
$
F.R.notes rec'd from Comptroller 252,654,0
F.R.notes held by F. R. Agent__ 96.000,0
$
S
3
3
$
8
$
3
$
3
$
$
815.900,0 196,934.0 275,902,0 117,552,0 251,050,0 425,511,0 71.519,0 88,543,0 109,511,0 67,963,0 267,075,0 2,940,114,0
292,080,0 33,500,0 56,740,0 26,354,0 62,895,0 164,900,0 22,140,0 19,402.0 28,010,0 18.747,0 49,500,0 870,268,0
F.R.notes issued to F. R. Bank 156,654,0
Collateral held as security for
F. R.notes issued to F. R. Bk.:
Gold and gold certificates__ 35,300,0
16,467,0
Gold redemption fund
Gold fund-F.R.Board
74,000,0
61.243,0
Eligible paper
523,820,0 163,434,0 219,162,0 91,198,0 188,155,0 260,611,0 49.379,0 69,141,0 81,501,0 49,216,0 217,575,0 2,069,846,0
Total collateral
187.010.0
8,780,0 28,805.0 15,398,0
210,080,0
7,750,0 13.507,0
18,308,0
22,809,0 9,557,0 12,129,0 4,123,0 7,490,0 2,462,0 1,634.0
850,0 4,315,0 3,539,0
141,000,0 100,877,0 145,000,0 31.000,0 127,000,0 175,000,0 21,300,0 46.000,0 58,860,0 14,000,0
181,498,0 53,469,0 68.737,0 32,386,0 39,360,0 116,854,0 25,110,0 14,184,0 24,621,0 15,251,0
20,000,0 357,928,0
16,078,0 101,453.0
154,253,0 1,088,290,0
56,877,0 689,590,0
555.387.0 163.903,0 234,646,0 96,314.0 189,248.0 294.316,0 55,794,0 74,541,0 87.796.0 51.098.0 247.208.0 2.237.261.0
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 985.
1. Data for all reporting member banks in each Federal Reserve District at close of business FEBRUARY 9 1927. (Three ciphers (000) omitted.)
Federal Reserve District.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap Kan. City Dallas. San Fran.
31
24
66
45
$
5,165
150,611
364,898
3
3
5,886
18,516
109,568 876.024
387,692 1,248,025
3
4,782
188,927
310,185
$
3,328
80,013
156,654
5
4,265
116,380
299,391
$
2,120
76,894
247,570
801,198 1,354,968
520,674
503.146 2.142,565
503,894
239,995
420,036
326.584 1,275,219 14,148,105
88,327
276,481
261,952
363,257
67,658
69,960
69,603
119,146
65,656
50,295
102,245
95.291
364,808
625,209
137,618
Total loans and investments_ _ _ _ 1,377,950 7,232.646 1,166.006 1,980,177
81,307 131,308
Reserve balances with F.R. Bank.._
97,005 748,398
31,202
16,165
75,304
Gash in vault
19,628
1106,8145.498,944 773.820 1,023,622
Net demand deposits
Time deposits
422,068 1,383.837 248,009 830,285
8,314
31.111
14,760
10,096
Government deposits
97,273
60,376
48,450 125,601
Due from banks
143,265 1,108,110 174,473 257,908
Due to banks
Bills pay. & sells. with F. R. Bk.:
19,441
5,760
61,410
375
Secured by U.S.Gov't obligations
14,181
10,009
14,726
3,305
All other
658,292
39,374
13,686
384,988
219,122
3,024
56,448
115,615
Total Investments
Tntol beeresetne, tense w m nee),
50
73
67
$
$
57.375
7,426
339,584 2.201,053
643,153 2,811,235
S
10.997
413,471
376,730
$
21,035
560.480
773,453
990,163 5.069,663
135.140 946,262
252.647 1.216,721
387,787 2,162,983
Total loam and discounts
Investments:
U. S. Government securities
Other bonds, stocks and securities
92
Total.
97
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
37
in am
76 136
9 065
33.622
35
38,299
58,413
284,104
458,931
96,712
743,035
188,749
115,951
692,643
47,482
7,588
407,016
231,858
2,763
69.398
152.568
355,946
24,689
5.756
214,314
122,731
533
43.006
93,984
617,572
51.599
12,886
493,908
147.153
1,447
134,693
231,651
679
$
3
5,634
146,529
318,181 5,431.186
951,404 8,570,390
50,322
22,780
241,555 2,351,123
234,711 3,218,633
73,102
197,536
599,858 2,885,600
38,370 235,495
10,904
44,411
339,317 1,752,517
227.965 1,062,938
6,724
9.442
78,290 209.589
126,641 506,967
62
476,266 5,569,756
399,686 1,751,485 19,717,861
30,850 110,674 1,636,551
10,539
23,147
271,216
278,529 785,140 12,856,929
109,381 887,984 5,893,331
3,311
10,262
101,787
94,548 140,698 1,158.370
119,591 264.710 3,295,483
3,804
5,944
6
8,973
23,288
19.308
2,090
659
35
1,023
1,407
1,125
120
898
17,518
7,985
135,254
88,136
9.748
8.979
42.598
2.749
103R
2.532
1.018
25,503
223.390
•Not available.
2. Data of reporting member banks In New York City, Chicago, and for the whole country.
AU Reporting Member Banks.
Feb. 9 1927.
Feb. 2 1927.
Reporting Member Banks in N. 1', City.
Reporting Member Baas in Chicago.
Feb. 10 1926. Feb. 9 1927. Feb. 2 1927. Feb. 10 1926. Feb. 9 1927. Feb. 2 1927. Feb. 10 1926.
Number of reporting banks
61
679
716
54
54
679
Loans and discounts, gross:
$
5
$
3
$
5
Secured by U. S. Gov't obligations
53,725,000
148,844,000
165,165,000
146,529,000
54,610,000
56,136,000
Secured by stocks and bonds
5,431,186,000 5,515,482,000 5.507,578,000 1.895,178,000 1,988,161,000 2,178,785,000
All other loans and discounts
8,570,390,000 8,563,891,000 8,333.451,000 2,472,056,000 2,471,113,000 2.233,936,000
45
$
12.292,000
661,203,000
688,475,000
45
$
12,955,000
663,879,000
693,664,000
46
$
16,784,000
616.151.000
696,662,000
Total loans and discounts
14,148,105,000 14,228,197,000 14,006,194,000 4,421,844,000 4,515,410,000 4,466,446,000 1,361,970,000 1,370,497,000 1,329,597,000
Investments
U. S. Government securities
2,351,123,000 2,344,186,000 2,549,225,000 854,603,000 854,353,000 938,195,000 152,686,000 157.464,000 175.129,000
Other bonds, stocks and securities_ 3,218,633,000 3,215,435,000 2,940,485,000 895,498,000 900,454,000 823,348,000 218,496.000 219,684,000 199.295.000
Total investments
Total loans and investments
Reserve balances with F. It. 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
5,569,756,000 5,559,621,000 5,489,710,000 1.750,101.000 1,754,807,000 1,761,543,000
371,182,000
377,148,000
374,424.000
19,717,861,900 19,787.818,000 19,495,904,000 6,171 945 000 6 270 217 000 6,227,989,000 1,733,152,000 1,747,645,000 1,704,021,000
667:348:000 709.104,000 166,151,000 161,714,000 162,691.000
1,636,551.000 1,652.129,000 1.663
'
'
.508 000 686:106 0
,
20,574,000
19,847,000
78.674,000
21,272,000
271,216.000
298,445,000
258,507,000
57,052 000
60,467:000
12,856,929,090 12,972,100,000 13,072.587.000 4,929,816,000 5,031,796,000 5,105,980.000 1,182,111,000 1,187,493,000 1,162,630,000
5,893,331,000 5,877,458,000 5,406,161,000 927,171 000 925.687,000 801,509,000 530,839,000 525,744,000 511,961,000
4.475,000
5,644,000
49,995,000
101,787,000
12,947,000
33,518,000
119,734,000
204,288.000
28,791.'000
93,013,000 130.718,000 141,611,000 140,087,000
1,158,370,000 1,229,464,000
96,690,000
89,371,000
3,295,483,000 3,343,189,000
.
1 046,887,000 1,100,362,000 1,083,477,000 368,687,000 374,643,000 374,458,000
111,022,000
17,690,000
3,513,000
5,691,000
12,878,000
2,946,000
12,898,000
8,401,000
223,390,000
44,540,000 128,712,000
222,773,000
357,877,000
Total borrowings from F. R. bks
70,232,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
807,571 000 885,123,000 1,199,307,000
For own account
1 154,874:0 0 1.123,780.000 1,340,433,000
0
For account of out-of-town banks
748.133,000 721,098,000 597,848,000
For account of others
9,204,000
15,824,000
21,299,000
135,254,000
88,136,000
127,436,000
95,337,000
Total
On demaad------------------------------------------ _
On time
•Revised figures,
228,478,000
129,399,000
56.300,000
13,932.000
40,600.000
3,940,000
2,720,578,000 2.730,001,000 3,137,588,000
2,047,598,000 2,050,325,000 2,171,352,000
672,980,000 679,676,000 966.236,000
PER. 19 1927.]
THE CHRONICLE
New York City Banks and Trust Companies.
13aulter57 Oaztitt,
AU prices dollars per share.
Wall Street, Friday Night, Feb. 18 1927.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 1030.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Feb. 18.
Sales
for
Week
Range for Week.
Highest.
Lowest.
Range Since Jan. 1.
Lowest. I Highest.
Par Shares 3 per share. $ per share. 5 per share.I5 per share.
Railroads—
10 46 Feb 18 46 Feb 18 46
Feb1 46
Ann Arbor
Feb
Feb 162
Ohm & Ohio pref.__ _100 200 158 Feb. 18 160 Feb 18,158
Jan
130 100 Feb 15.100 Feb 151 9834 Feb 100
Caro Clinch &0stpd 100
Feb
170 60 Feb 14 64 Feb .1 755
Chic St P M & Om_ _100
Jan 66 Feb
90 113 Feb 14 118 Feb 15110
100
Preferred
Jan 118
Feb
lin 454 Feb 18 434 Feb 181 4
Duluth So Sh & At1 100
Feb! 534 Jan
100 200 7 Feb 18 7 Feb 181 sg Jan1 734 Feb
Preferred
10 80 Feb 16'
80 Feb 16 80
100
Green Bay eZ West_
Feb' 83
Feb
Havana Elec Ry rets—• 900 25)4 Feb 16 26 Feb 14 25.34 Feb, 26% Jan
200 9334 Feb 18 94 Feb 17 93% Jan: 9534 Jan
Preferred ctfs
10, 79M Feb 15 7934 Feb 15 79
Ill Cent Leased Line.100
Jan! 7934 Feb
90, 334 Feb 14 334 Feb 16 1
100
Iowa Central
Jail', 67,4 Feb
100 1% Feb 17 134 Feb 17 1
Minn & St Louis ctis.100
Feb. 234 Feb
70 mg Feb 18 8134 Feb 18 80
50
Morris & Essex
Jab 81)4 Feb
60 172 Feb 17 179 Feb 18 172
New York & Harlem_ _50
Feb 179
Feb
801 60 Feb 14 62 Feb 14 46
.i00
Pacific Coast pref.
Jan 62
Feb
300, 37 Feb 16 3834 Feb 15 35
100
2d preferred
Jan! 38% Feb
Twin City Rap Tran.100 2001 65 Feb 14 6534 Feb 14 62
Jan 6534 Feb
Industrial & Miscell
Amalg Leather pref_ _100 200 10634 Feb 18 107 Feb 18 04
Jaii108
600, 90 Feb 14 90 Feb 14 90
Am Chicle prior pref.._
Jan 90%
Prior preferred ctfs__
100, 91 Feb 16 92 Feb 17 91
Feb! 92
Am-LaFFireEn7%pflO
100' 8834 Feb 171 8834 Feb 17 8734 Jan 90%
Amer Plano pref..
100 330 103 Feb 14 104 Feb 16 01% Feb 107
Amer Radiator pref _I0020133 M Feb 14133)4 Feb 14 13334 Feb 13334
American Snuff pref_100 190 9834 Feb 171 99 Feb 17 9434 Jan 9934
Am Type Fdrs pref_100
180 10834 Feb 16 110 Feb 17 107M Feb 110
Barnet Leather
200 5534 Feb 16 5534 Feb 14 40
Jan 5934
Bayuk Bros 1st pref.100
90 102 Feb 1810234 Feb 14 101
Jan 102)4
Beech-Nut Pack pref 100
20114)4 Feb 14114)4 Feb 14 1143i Jan 114%
Blumenthal & Co pf _100
10 45 Feb 17 45 Feb 17 44
Jan 45
Brit Emp Steel 1st pf 100 100 20)4 Feb 14 2034 Feb 14 2034 Feb 20%
2d preferred
100 2.8601 2% Feb 17 334 Feb 15 254 Jan 3%
Byers & Co pref
100
70107 Feb 16 10734 Feb 18 106
Jan 109
Central Alloy Steel pf 100 2001007
%10634 Jan 10734
Central Leather ctfs 100 600 934 Feb 18 934 Feb 16 73i Jan 9%
Preferred ctfs
100 4,300 59 Feb 16 61 Feb 18 54
Jan 61
Coca-Cola Internet_ _...•
40 174 Feb 15174 Feb 15 174
Feb 174
Columbia Gas & El rig__ 2,900 234 Feb 14 334 Feb 18 234 Feb 334
Consolidated Gas rights. 30,300 334 Feb 15 4 Feb 14 354 Feb 434
Preferred rights
26,600
34 Feb 18
34 Feb 14
34 Feb
54
Continental Can pref 100
70 124 Feb 1712434 Feb 16 120
Jan124M
Crown W'm'tte 1st pt.*
200 90 Feb 14 90 Feb 141 90
Jan 91
De Beers Cons Mines_
100 3234 Feb 14 3234 Feb 14 3234 Feb 3234
Devoe & Rayn lst pf..100
10104 Feb 18104 Feb 18 101
Jan 104
Eastman Kodak pref.100
3011934 Feb 14 120 Feb 141197,4 Jan 123
Eisenlohr Bros pref. _100
100 9554 Feb 16 9534 Feb 16 89
Jan 9531
Elk HornCoal Corp pf 50
10 2234 Feb 15 2234 Feb 15 21
Feb 23M
Emporium Corp
• 400 3634 Feb 16 ssg Feb 161 36
Jan 36)4
Fifth Ave Bus
• 100 13 Feb 16 13 Feb 18 1234 Jan 1334
Franklin-Simon pref_100
11434 Feb 14114)4 Feb 14 10934 Jan 114)4
General Baking Pref •
80 12234 Feb 18 124 Feb 17 120
Jan125
General Motors pref_100
200104)4 Feb 18 10434 Feb 18 10454 Feb 105
Guantanamo Sug pf_100
10 10034 Feb 18100)4 Feb 15 9534 .Tan10034
Gulf States St'l 1st pf 100
60 105 Feb 15 105 Feb 15 9934 Jan!105
Helme(0 W7) pref___100
301237,4 Feb 1512334 Feb 15 11834 Jan 12334
Hayes Wheel pref_ .100
50 103 Feb 18 103 Feb 18 100
Feb'103
Indian Refining pref.100
100102 Feb 14 102 Feb 14 102
Feb'107
Internet Salt
100
101 66 Feb 171 66 Feb 19 65
Jan' 72
Island Creek Coal
1
60 230 Feb 15 250 Feb 17 215
Feb 250
Jones & L Steel pref _ _100
8011834 Feb 14 119 Feb 17 117
Feb111951
Kayser & Co 1st pref....• 700 121 Feb 14121 Feb 14 11134 Jan 12134
(Bond) rights
1,300
34 Feb 18
31 Feb 15
3.4 Feb
34
Kinney Co pref
100
170 80 Feb 14 85 Feb 16 80
Feb 8634
Kress & Co new
• 800 6034 Feb 14 62 Feb 14 59
Jan 62
Kuppenheimer
5
50, 3634 Feb 17 3734 Feb 18 34
Jan 3734
Laclede Gas pref._ _100
100 105 Feb 14 10934 Feb 18 95
Jan 10934
McCrory Stores class A *
801 62 Feb 14 6334 Feb 16 60
Feb 75
Preferred
100 300,100 Feb 18 100 Feb 16 100
Feb 11634
Macy(R H) Co
• 2,80013834 Feb 15 14234 Feb 17 124
Jan 14234
Manati Sugar.
100
1001 45 Feb 15 45 Feb 15 41
Jail 46
May Dept Stores rights. 2,8001 134 Feb 16 1% Feb 17 1
Jan 1%
Nat Surety
100
.
60 23934 Feb 18 244 Feb 15 23934 Feb 247
Steam Pr(c)
• 100 9334 Feb 16 9334 Feb 16 9334 Fel 9334
NY
Nothwest Telegraph-50
10 5034 Feb 15 5034 Feb 15 4734 Ja 5034
011 Well Supply pref.100 300 106 Feb 15 108 Feb 15 103
Jan,10834
Omnibus Corp pref A 100 2001 8234 Feb 18 8234 Feb 18 81
Jan! 89
Owens Bottle pref._ _100
40,117 Feb 14 117 Feb 14 115
Jan 117
Pacific Gas & Elec rts_ —1 7,1241
Si Wm 14
54 Feb 15
Si Jan!
34
Pacific Tel dr Tel__ _100
50 135 Feb 15 135 Feb 15 135
1 '140
70
Preferred
20 10834 Feb 16 109 Feb 15 107
100
Jan 109
Patina M & Ent rifs...20 18,6001 2354 Feb 14 27 Feb 18 23M 1'eb' 27
7
Phillips Jones Corp 91100 20gi 85 Feb 16 85 Feb 16 85
Feb! 85
Pitts Term Coal& Pr 100
1 8054 Feb 15 8034 Feb 15 80
Feb! 8534
Pro-phy-lac-tic Brush...* 200 55 Feb 141 56 Feb 11 55
Feb, 56
1
Reid Ice Cream pref_100
100 100 Feb 16 100 Feb 16 99
Jan 100
Sherwin-Williams pf _100
401057,4 Feb 18 107 Feb 16 105.34 Feb.110
Spalding Bros 1st pf_100
Jan 104)4
10 103 Feb 17 103 Feb 17 103
Texas Pao Land Tr_ _100
5 1800 Feb 17:1800 Feb 17 1500 Jan 2090
Underwood Typew p1100
Feb 14 121 Feb 11 120
10121
Jan'123
Victor Talk Machine_•14,900 3434 Feb 141 36 Feb Is 3354 Feb' 3834
6% preferred
Jan 9234
• 5,400 9034 Feb 14 9134 Feb II 90
7% prior pref___100 4,900 9834 Feb 14 99% Feb 11 97
Feb 9934
Virginia Coal & C pf_100
Feb 76
10 76 Feb 18 76 Feb 15 76
Vulcan Detinning_100 280 2351 Feb 14 24 Feb 14 MK Jan 24
Preferred
Jan 10634
10 104 Feb 18 104 Feb Is 90
100
West Penn Pr 6% pf_100
20 102 Feb 1810234 Feb 11 10014 Jan 103
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
•No par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
int.
Rate.
Bid. I Asked.
Mar. 15 1927___ 4,4% 100 :t
,
June 15 1927... 334% 100
Maturity.
Ins.
Rate.
Bid.
Asked.
10011, Sept. 15 1927... 334% 9974, 1001ss
100,ss Dec. 15 1927... 4;4% 10074 10017ss
New York City Realty and Surety Companies.
AU prices dollars per share.
Bid.
Alliance WIty 50
Amer Surety. 215
Bond az M G. 318
Lawyers Mtg 275
Lawyers Till
& Guarantee 282
Ask.
55 Mtge Bond_
218 Nat Surety ..
324 N Y Title &
280
Mortgage_
U S Casualty_
287
145
237
443
325
1041
Md. Ask.
Ask.
160 Realty Assoc's
(Bklyn)corn 242 248
242
1st pref____ 90
93
2d pref. _
450
88
91
335 Westchester
Title & Tr. 550
Banks—N.Y. Bid.
America._ _ _ 300
.
Amer Union._ 198
Bowery EastR 410
Broadway Cen __
Bronx Boroo_ 1375
Bronx Nat__ 490
Bryant Park• 210
Capitol Nat__ 215
Cent Mercan_ 200
Central
140
Chase
438
Chath Phenix
NatIlk &Tr 393
Chelsea Exch* 265
Chemical_ _ _ _ z840
Colonial._ _ 930
Commerce... 435
Com'nwealth• 295
Continental. 265
•
Corn Exch... 532
Cosmop'tan*_ 310
Fifth Avenue02200
First
2750
Franklin
1 160
I 365
Garfield
e Exch•... 225
Grace1 350
Greenwich0_1 515
Hamilton_ _._, 199
'1180
Hanover
Ask.
315
204
417
65
1425
510
225
225
296
145
444
396
272
855
1000
440
305
285
537
__
2300
2800
166
375
260
540
203
1225
Banks.
Bid.
Harriman_ _ _. 635
Manhattan . .. 236
1.
Mutual*
650
National City 537
New Neth'ds• 315
Park
510
Penn Exch... 145
Port Morris
350
Public
543
Seaboard.... 705
Seventh
163
Standard
670
State*
590
Trades
190
United
185
United States* 320
Wash'il Hts*_ 700
Yorktown •
135
Brooklyn.
Coney Island* 280
220
Dewey•
First
385
Mechanics'._ y285
Montauk• _ 360
Municipal 0_ _ 314
Nassau
310
People's
750
Queensboro 4 185
Ask.
655
240
__
542
325
515
155
365
553
715
168
685
600
200
195
330
950
139
315
365
395
295
375
318
30
—
___
•Banks marked (*) are State banks. t New stock.
y Ex-rights.
Trust Cos. Bid. Ask.
New York.
Am Ex Iry Tr. 327 330
Bank of N
& Trust Co. ;N 785
7
Bankers
Bronx Co Tr- 335 350
Central Unio 325 1005
995 335
County
Empire
374 379
Equitable Tr_ 307 312
Farm L & Tr_ 554 559
Fidelity Trutt 303 309
Fulton
450 475
Guaranty Tr_ 430 456
Interstate_ _ .... 207 211
Lawyers
Manufacture 581 fai
Murray Hill__ 217 223
Mutual
(W
cheater) ___ 225 250
N Y Trust__ 545 550
Terminal Tr_ 200 210
Times Square. 135 139
Title Gu &
687 695
US Mtg & Tr. 405 415
United States.1925 1900
Westehest'r
550 ..—
1 Brooklyn.
Brooklyn__ 820 830
Kings Coun 2100 2200
M w
____ 260 270
z Ex-div. e Ex-stock div.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
—Below we furnish a daily record of the transactions in Lib-.
erty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in.registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Feb. 12. Feb. 14.Feb. 15. Feb.16.IFeb.17. Feb. 18.
First Liberty LoanHigh
334% bonds of 1923-47._[Low_
Close
(First3Ms)
Total sales in $1.000 units_ __
Converted 4% bonds of[High
Low_
1932-47 (First 4s)
Close
Total sales in 31,000 units__
Converted 434% bondrigh
of 1932-47 (First 434s) Low_
Close
Total sales in 51.000 units ...
.
Second Converted 4Si %II:flub
bonds of 193247 (First Low_
Second 434s
Close
Total sales in 81.000 units...
Second Liberty Loan
High HOLZ4% bonds of 1927-42_ _ _ _ Low. DAY
(Second 4s)
Close
Total sales in 81.000 units___
Converted 434% bondsrligh
Low_
of 1927-42 (second
4340)
Close
Total sales in $1,000 units__
.
Third Liberty LoanHigh
.
45y% bonds of 1928_ _ _{Low_
(Third 44s)
Close
Total sales in $1,000 units__
Fourth Liberty Loan
High
4X % bonds of 1933.38..(Low_
(Fourth 434,)
Close
Total sales in 51,000 units__ _
Treasury
1111gh
Cis, 194752
Low_
Close
Total sales in $1,000 units_ _ _
(High
4s, 1944-1954
Low
Close
Total sales in $1,000 units_ _ _
llIgh
334s. 1946-1956
Low_
(Close
Total sales In 51.0011 untie
SO",, 101",, 10114111 101",,
101",, 10177 101" 10177n
,
10117n 1011412 10114n 101"ss
5
39
8
33
----------__
----
----
---
----
--_—
__—
1034ss 103 st 103.n 103"st 103"ss
,
103',, 103812 103 st 103 as 103"ss
,
,
1037n 1037ss 1037ss 103"ss 10377ri
12
6
34
8
26
---.
-------___
--
____ 100'ss
____ 100.12
----
loos% loon., 1012i.
10071
10070ss 100",,
100"ss 1007oss
90
52
101uss 10117ss
1011114 101ust
10111s 10111st
10
20
10377 103",,
,
103"s 103"n
10377 103"st
,
158
139
110"s 110"st
11074
, 110"ss
110"n 110"st
115
10611
,,108741
106"s 10601,,
,
10677 106741
1
34
1
____
____ 103",,103",,
_ ._ _
____ 103u
103
____
____ 103 0st
SD
1s
1007111
110
101",,
10111,,
101nn
38
10327m
103"st
1037482
141
11027,1
1107412
11077n
50
10674n
106"st
106"as
100",, 100",,
100"n 100"ss
10011st 10010si
534
72
10171m 101"ss
101",,101"n
10111ts unniq
26
83
103"n 103"ss
103"st 103",,
103"n 103"m
98
164
---- 11011,,11011,,
_ 11
__0"11
---- 110"e
34
____ 106"a
--__ mum
____ 106"si
_...
24
1032.11 103"st
103",,103"z
103"n 103",
1
I
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
4 1st 4345
145 2d 4Ms
27 3d 434s
103 st to 1034n 62 4th 4%s
,
11,,to 100"st 1 Treasury 4s
101gss to 10110ss 4 Treasury 4345
103"ss tO
103",
106"ss to 106"ss
110":1 to 110"ss
Foreign Exchange.—Sterling exchange has been marking
time this week, with trading colorless and rate movements
narrow and meaningless. The Continental exchanges were
also exceptionally quiet, with the possible exception of
Spanish pesetas, which continue to be subjected to speculative manipulation.
To-day's (Friday's) actual rates for sterling exchange were 4
for checks and 4 85 1-32 for cables. Commercial on banks,sight,4 84 17-32
sixty days, 4 80 13-32: ninety days. 4 78 9-32, and documents for 84 1342;
payment
(sixty days) 4 80 21-32; cotton for payment, 4 84 13-32, and grain for
payment, 4 84 13-32.
To-day's (Friday's) actual rates for Paris bankers' francs were
3.8934@
3.90 for short. German bankers' marks are not yet
short bills. Amsterdam bankers' guilders were 40.00 quoted for long and
for
Exchange at Paris on London, 123.8135; week's range,short. high and
123.32
123.8135 low.
The range for foreign exchange for the week
follows:
Sterling Actual—
Checks..
Cables.
High for the week
4 84 21-32
4 85 5-32
Low for the week
4 84 17-32
4 85 1-32
Paris Bankers' Francs
High for the week
3.9235
3.9334
Low for the week
3.9175
3.9074
Germany Bankers' Marks—
High for the week
23.70
23.69
Low for the week
23.70
23.69
Amsterdam Bankers' Guilders—
High for the week
40.0134
40.02%
Low for the week
40.00
40.01
Domestic Exchange.—Chicago, par. St. Louis. 15@25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $1.5625 per
$1,000 discount. Cincinnati, par.
The Curb Market.—The review of the Curb Market is
gtven this week on page 1032.
A complete record of Curb Market transactions for the
week will be found on page 1057.
1042
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
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 12.
Monday,
Feb. 14.
Tuesday,
Feb. 15.
per share $ per share $ per share
Stock
Exchange
ClosedLincoln's
Birthday
Holiday
Wednesday, Thursday,
Feb. 16.
Feb. 17.
per share
per share
Wheoeert
S les
.,t
a
Friday,
Feb. 18.
S per share
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 31927
On basis of 100-share tots
Lowest
Shares
$ per share
Highest
8712
6713
11178
153
135
1314
Lowest
$ per share $ per share
Railroads.
Par
4
17012 1723 72,900 Atch Topeka & Santa Fe100 1613 Jan 6 17214 Feb 18
4
168 17038 169 171
18814 1693 16818 169
4
/
1
4
100 99 Jan 5 101 Jan 3
900 Preferred
10012 10012 100 100 *100 10012 100 10014 100 10012
17 Feb 3
8
Atlanta Birm & Atlantio100
% Jan 3
/
1
2:700 Atlantic Coast Line RR
100 1824 Feb 8 205 Jan 3
187 119 8 18814 188 ikiTz 192
-3- iOZiZ 19I4 193 196 1- ;
1
4
100 10612 Jan 4 1153 Feb 18
hu g 1123 11213 113% 11314 114 11414 11518 113; 11534 59.100 Baltimore & Ohio
100 7314 Jan 3 77 Feb 16
76
76
783 763
4
4 7618 7614 1,300 Preferred
76
76
763 77
4
50 44 Jan 6 8014 Feb 8
56
5712 4,600 Bdngor dr Aroostook
56
5514 57
56
5612 56
5634 56
110 Preferred
100 101 12 Jan 10 109 Feb 8
8
•107 1073 107 1073 107 107 *10613 1063 106 107
4
4
/
1
4
4 67; 68; 13,500113k1n-Manb Tree v t o_No par 652 Feb 7 70 Jan 20
67
683
6612 66% 663 67
6734 67
4
8Neos.p180ar 863 Jan 27 88 Jan 4
4
600, Preferred v t o
*8712 89
*8712 89
8714 8712 *8712 89
*$7I2 89
912 Jan 25 1518 Jan 7
1,6001BrunswIck Term &Ry
1014 10%
1012 103 *10
10
10
4
1012 10
10
/
1
40 Buffalo Rochester & Pitts-100 8014 Jan 8 864 Feb 3
86
*82
86
86
*82
86
86
.82
86
*82
1
Canada Southern
100 59 Jan 18 5913 Jan
*59
60
60
*59
60
•59
60
*59
60
*59
4
100 165 Jan 6 1893 Feb 1
187 189, 35,100 Canadian Pacific
1803 189
4
17512 1774 175 17613 1763 182
4
4
1,700 Central RR of New Jersey_100 285 Jan 4 304 2 Feb
301 3023 301 303
4
*298 300
300 302
295 300
/
1
4
4
35,100 Chesapeake & Ohio
100 1513 Jan 25 162 Jan
1557 1573 15512 15612 15518 1563 156% 15712 157 162
8
4
4
73
3 8 4 11,600 Chicago & Alton
43 Jan 8 1034 Feb
4
100
,
'7
712
713 7 4
3
7 3 73
3
4
712 77
3
71 Jan 5 137 Feb
/
4
100
11
1218 9,800 Preferred
11
1012 1114
1034 1134 11
1018 11
Feb
Jan
C
Louis
100
nss 305 *265 305 300 302 *265 305 *265 305 2,500 C C et & St Illinois RR 100 275/ Jan 31 302 Feb 1
10 37%
Chic East
30
1
4
3712 3712 3713
34
34
3312 3312 3412 3534 36
100 43 Jan 6 51 14 Feb
49
4934 3,400 Preferred
4918 50
4713 49
4814 4812 4834 50%
812 Jan 6 22.2 Feb
100
4 1513 18 146.800 Chicago Great Weetern
8 1513 163
1314 1434
1334 1434 137 163
100 2314 Jai 7 3314 Feb
8 2814 30, 41,400 Preferred
4
2
275 2934 283 295
8
s 2712 28
2734 283
/
1
4
9 Jan 4 17 Feb
4
8 153 1634 77,900 Chicago Mllw & St Paul__ _100
143 167
4
8 153 167
4
1414 143
4 1414 15
9 Jan 4 16 Feb 1
15
100
157
15
15; 90,000 Certificates
137 16
8
13
137
8 1314 14
/
1
100 184 Jan 3 25 Feb
227 2312 223 2314 227 2413 2314 2413 234 237 24,200 Preferred
8
4
4
/
1
8
233
4 2212 2334 227 2314 27.200 Preferred certificates__ _100 184 Jan 3 233 Feb 1
22
2214 2112 2214 22
/
1
4
8 8234 8313 8314 8612 8514 8734 107,700 Chicago & North Western_100 78 Jan 27 87% Feb 1
8118 8212 8134 833
400 Preferred
132 132
100 12414 Jan 3 134.3 Feb
130 130 *128 132
•128 132 *128 130
7818 787 105,400 Chicago Rock Tel & PacIflo_100 8813 Jan 4 79 Feb 1
3
3 763 784 777 79
4
3
783 773
4
3 783 783
4
7% preferred
100 1023 Jan 4 10612 Feb
106 106
106 106
10512 10818 *10513 106
106 106
100 9514 Jan 28 97% Feb 1
,
,
97% 9734 9714 97 2 97 4 9734 97% 977 . 2,300 6% preferred
973 977
4
1,000 Colorado dr Southern
92
92
92
100 84 Jan 3 93 Jan 1
90
90
8918 89,3 90
*89
91
8
200 First preferred
100 70 Jan 4 747 Feb 1
75
*73
75
747 747 *73
75
*73
*73
75
100 Second preferred
100 68 Jan 14 7112 Jan 1
75
73
*68
73
70; 703 •70
4
*68
•
68
73
1,700 Como! RR of Cuba pref
100 6912 Jan 15 72 Jan 20
4 701 707
7034 7012 7012 7012 7018 7012 70% 703
2
100 17112 Jan 28 1853 Feb 18
17912 181
17512 180
180 18114 18014 18534 29,400 Delaware dr Hudson
17513 176
8
52.300 Delaware Lack & Western_ 50 14014 Jan 27 1547 Feb 16
8
14712 14873 147 1543 15112 154% 152 15413 15134 154
53
53% 537 58 4 56
3
,
583
4 5714 583
4 9,600 Deny & Rio Or West pref 100 41 12 Jan 5 58,1 Feb 17
521
52
100 3912 Jan 3 46% Feb 18
8
4418 43
433
4 435 437
437 443
4 443 463 97,800 Erie
43
3
54,700 First preferred
100 523 Jan 4 59 Feb 18
5712 59
3
56
57
56; 58
5512 56; 55 4 56
3
100 49 Jan 4 53 4 Feb 18
51
5118 5112 51 14 53
53
533 11,100 Second preferred
4
5113 5112 51
72,000 Great Northern preferred_.100 79% Jan 4 91 Feb 18
87 18 89 4 883 9013 89% 91
,
4
8614 8734 8612 87
1914 Jan 13 2314 Feb 4
8,400 Iron Ore Properties_ No par
22
213
4 217 22% 21 12 213
2114 2212 21
4 21
5134 23,100 Gulf Mobile d3 Northern..100 3512 Jan 6 54,2 Feb 7
48
4912 493 503
4
523
8 50
4 5012 5112 50
1,600 Preferred
100 105 Jan 14 10813 Feb 7
107 107
10718 10712 10712 108 2 10814 10812 *10712 108
,
48
49
484 49
48
487
48% 54
51 14 5334 27,500 Hudson dr Manhattan .100 4012 Jan 3 54 Feb 17
100 78 Jan 6 fit Jan 28
Preferred
85
*82
8512 *80
86
*81
85
85
*81
*81
100 12112 Jan 10 129% Feb 18
•124 125
124 12412 12412 127,3 128 1273 12713 1293 15,600 Illinois Central
3
/
4
700 Preferred
100 1201 Jan 12 128,2 Feb IR
*121 126
123 123
12418 1241s 1263 1263 12812 128 2
4
4
,
290 Railroad See Berlin A__1000 74 Jan 4 77. Feb 17
*7534 Ms *753 7614 7634 7612 7612 77
4
*7613 7712
lot Rye of Cent America__100 24 Jan 18 25 Jan 15
*19
23
*19
2612 *25
2613 ns
2612 ns
2612
100 63 Jan 4 652 Feb 9
Preferred
*6413 6512 *6212 6512 *8213 6512 *65
6512 *6.5
65,
2
/
1
443 444 433 43 4 44
2
/
1
4
3
4412 443 4612 46
4
46 1 5.800 Interboro Rapid 'Fran v t o_100 434 Feb 8 4772 Jan 3
,
/
1
4
k
100 4114 Jan 4 53 Feb 18
47
4813 487 4834 483 51
8
4
503 5314 513 537 84,400 Kansas City Southern
4
4
/
1
100 644 Jan 7 68 Feb 17
300 Preferred
*66
67
*66
67 .66
67
67
68
67% 677
3
4
29,100 Lehigh Valley
4
121 1213 121 12234 121 12318 12212 1233 1227 126
4
130 993 Jan 6 1211 Feb 18
2
9,400 Louisville & Nashville
100 1283 Jan 14 139 Feb 18I
13214 13214 133 133
1334 13412 133% 136
13612 139
Manhattan Elevated guar-100 85 Jan 21 90 Feb 11
90
*88
90
*88
90
*88
90
*88
90
•88
100 48 Jan 6 52 Jan 19
Modified guaranty
8 7,500
495 493
8
8 493 5012 50
4
51
8 5034 515
508 517
4 Jan 3i
/
1
4
412 Feb 2
Market Street Railway___ _100
*413 6
*413 6
*412 6
*4% 6
*412 6
100 18 Feb 10 20 Feb 4
Preferred
*18
26
*18
26
*18
26
•18
26
.18
26
100 41% Feb 7 4414 Jan 2
300 Prior preferred
4212 *421 43
3 4213 42 2
42
*4214 427
*42
43
,
12 .Jan 24
100 1212 .lan 21
Second preferred
*12
16
*12
16
*12
16
*12
16
•12
15
41 Feb 3
/
4
11 Jan 13
/
4
100
334 8,600 Minneapolle & St Louis
234 23
4
33.
234 334
314
38
,
234 3
1,300 Minn St Paul & 55 Marle-100 27 Jan 6 40 Feb 4
3512 3512 *33
3612 3512 36% 3634 36; *36
37
4
100 51 Jan 12 583 Feb 8
200 Preferred
*53
60
60
60
58; 58; *56
*53
.
53
59
100 59 Jan 6 63 Jan 13
60 Leased lines
6013 6212 *6114 6214 *61 13 6214 *61 18 6214 *61 18 6214
4 4234 44 109.400 Mo-Kan-Texas RR-__Ne Dar 3112 Jan 6 44 Feb 18
4
37
3818 373 3914 3934 4114 4034 423
4
100 953 Jan 4 9914 Feb 18
4 9834 9918 9918 9914 9.400 Preferred
8 9834 983
9818 9814 983
98
/
1
4
100 37 Jan 4 5514 Feb 17
4
437 5013 51
8
55'4 51
543 317,800 Missouri Pacific
4
45 4512 443 48
8
100 9012 Jan 4 1047 Feb 18
10112 104% 78,000 Preferred
977
3 9734 10012 100% 10212 10112 104
97
52 Feb 3
41 Jan 12
/
4
Nat Rys of Me: 15t pref 100
512
512 *4
•412 512 *412 512 *412 512 *4
2 2 Feb 2
3
4
13 Jan 7
*2
218
400 Second preferred_ .....
100
2
2
4 214
*11
4 214 *13
2
2
120 New On Texas & Merico 100 121 Jan 8 138 Feb 9
132 13214 133 134
13534 13538
*12812 133 *130 132
4
100 13714 Jan 27 1473. Feb 18
145 14612 144 14534 14414 1453 144; 14613 146 14734 151,000 New York Central
1923 19312 1933 195
4
4
4.100 NY Chic dc St Louis Co
100 186 Jan 8 195 Feb 18
192 193
19212 19212 .3191 192
800 Preferred
100 103 Jan 3 105 Jan 27
8
8
104 10414 •10212 10312 10312 10312 10318 1033 10312 1037
/
4
100 411 Jan 4 58% Feb 16
5553 57 392,900 N Y N H & Hartford
3 5618 58
8 5518 583
4
555 5712 543 563
8
3014 3314 32% 3414 77,400 N Y Ontario & Western_ 100 2314 Jan 15 3414 Feb 18
8 2912 3014 2912 31
2934 307
4
*13
14
200 N Y Railways pref ette_No par
1212 Jan'21 153 Jan 14
*13
14
*123 14
4
13
13
127 127
8
New York State Rallways 100 1618 Jan 26 22 Feb 3
2213 *1e
2214
2214 *16
2212 *18
•18
2213 *18
3
43
453
4 4412 4573 7,700 Norfolk Southern
100 3718 Jan 14 4714 Feb 7
8
8 427 43
43
43
4234 423
8
4
100 156 Jan 4 1735 Feb 18
167 1723 17112 17334 41,900 Norfolk dr Western
165 165% 165 16612 166 168
200 Preferred
*84
85
100 84 Feb 3 86 Jan 3
85
*84
85
85
8414 8414 .84
.84
100 78 Jan 3 91 12 Feb 18
89% 897 91% 75,700 Northern Pacific
3
8518 85 4 8514 85; 85 4 86; 87
3
100 1514 Feb 3 2714 Feb 15
2618 2512 253
4 25
3
4 3,400 Pacific Coast
21
24
26
2714 25 4 253
ao 5634 Jan 3 61% Feb 18
4
4 5712 5734 5734 5912 593 61,2 123,400 Pennsylvania
8 5734 573
5734 577
100 20 Jan 25 3314 Feb 14
3112 2812 3114 3012 3012 17,200 Peoria & Eastern
33
30
2813 3314 31
5,400 Pere Marquette
100 11412 Jan 6 126 Feb 2
12312 12312 123 123
124 126
12312 12312 12312 125
Prior preferred
100 93 Jan 22 9512 Jan 11
94
943 *93
4
*93
95
943 *93
4
*93
943 *93
4
200 Preferred
90
100 894 Jan 4 92 Feb 3
9112 90
*90
*9014 9134 9014 9014 *90
91 2
,
9,400 Pittsburgh & West Va
8
138 140
100 12212 Jan 18 148 Feb 8
135 13612 135 14312 142 142% 1377 140
10814 11018 10814 11018 109 1107 1093 112
4
60 94 Jan 4 113 Feb 9
8
11034 11212 85.800 Reading
1,000 First preferred
42
•4113 4213 42
50 4012 Jan 13 4212 Feb 16
4214 4212 4212 *4213 4312 242
4
3,800 Second preferred
40 433 Jan 12 50 Feb 16
•46
495 50
4612 46
4614 47
50
4914 50
500 Rutland RR pref
58
100 43 Jan 7 5914 Feb 8
5612 5812 587 58
57
57 13 5712 *55
57
1074 Feb 17
/
1
4
10513 10614 10514 10618 10512 10714 1063 10734 10634 10734 43,700 St Louis-San Franolsoo
100 1003 Jan
4
Preferred A
100 93 Jan 2.3 9812 Jan 15
93
*96
9712 *96
9712 *96
9712
•
96
9713 *96
2
5g 71, 19,900 St Louis Southweetern
61 Jan 6 723 Feb 17
100
6614 663
4 66
6714 6713 7013 8934 723
8 69
2
/
1
4
100 7ph Jan 8 82 Feb 17
.79
80
79
79
80
81
813 82; *81,2 82 2 1,500 Preferred
4
,
52.600 Seaboard Air Line
100 3112 Jan 28 4114 Feb 17
37
373
8 37
3734 373* 393* 383 4114
3913 41
4
3
100 3514 Jan 27 43 4 Feb 4
40% 407g 393 4014 40
4
42
411 433
/
4
4 42
42% 30,900 Preferred
10812 1093 1083 1093. 10812 1103 11018 1113 11012 112
8
4
69.900 Southern Pacific Co
100 10514 Jan 23 112 Feb 18
4
8
100 119 Jan 28 127 Jan 3
122 12213 12218 1223 12218 12378 12313 124
4
124 1253. 28,600 Southern Railway
/
1
4
900 Preferred
100 9414 Jan 25 95 Jan 11
943 95
4
9434 943 *94
947 947
4
9412 943 943
4
4
67h Feb 18
/
1
100 534 Jan
3 6034 63
63 18 6412 6334 6712 65
6014 617
673 58,200 Texas & Pacific
4
100 3712 Jan 21 41 Feb 8
39
*38
3834 39
900 Third Avenue
39
3934 4013 39
*38
39
100 15912 Jan 2 172 Feb 18
166 16718 167 170
42,000 Union Pacific
16812 1717 170 172
16613 167
*
8212 Feb 11
100 801g Jan
8l4 81
81
400 Preferred
,
*81
82
82 4 *81
8118 8118
82
711 Feb 1
/
4
100 4012 Jan
3 58; 65% 84 4 8712 8614 8834 883 713 594,000 Wabash
,
3
5834 603
9014 Feb18
100 76 Jan
8214 857
857 8814 8714 8934 88% 9014 87,100 Preferred A
8
837
82
84 Feb 18
100 65 Jan 1
*75
80
*77
80
*78
700 Preferred B
74
80
79
84
74
4
443 Feb 7
/
1
4
100 13 Jan
4 3034 323
4 295 313
8
283 3013 150.800 Western Maryland
8
287 31% 30% 323
8
423 Feb 7
4
100 23 Jan
27,800 Second preferred
363
4 3314 35
387
8 36; 38% 3412 3814 35
34
39,2 Feb 9
27 Jan 1
/
1
4
100
36,2 3512 3714 3534 3612 13,000 Western Pacific, new
35
35
4 33
3312 343
783 Feb 7
s
100 73 Jan
74% 7412 743 753
741
4
75
1,800 Preferred new
74
8 75
7413 75
130 Feb 8
62
62
65
60
65
56
7213 7212 1,100 Wheeling dr Lake Erie Ry 100 2712 Jan
6012 601
93 Feb 8
Jan
100 4712
*82
8412 84% 9018 4,000 Preferred
8034 82 82
79
80
80
8514 854 87
87
861
84
8712
841 84
66
*683 8713 *
4
66
46613 671
6613
*66% 67
111 11114 111 111 •111
111 III
*111 112
142 150
139; 143
153
140 140
140 140
•133 135 *133
•134 13512 •134 1351 1334 134
13
3 12% 1412 1414 1414
12% 127
13
13
-rights.
-dividend. a Li
•Bid and asked Prices. x Ks
PER SHARE
Range for PreriOUS
Year 1926
Industrial & Miscellaneous.
/
4
2,800 Abitibi Power & Paper_No par 83 Jan 27 871 Jan 12
70 Jan 21
100 Abraham & Straus____No par 63 Jan 1
11212 Feb 8
/
1
100 1104 Feb
110 Preferred
100 1304 Feb 16 153 Feb 18
1;50() All America Cables
137 Jan 27
100 124 Jan
200 Adams Express
153 Feb 9
4
ell Jan .
190
3,300 sdvanee Remelt
122 Mar
941 Mar
/
4
'z May
18112 Mar
8313 Mar
6712 Jan
33 Mar
97% Feb
5418 Mar
78 Mar
812 Mar
693 Mar
4
58 Jan
14612 Jan
240 Ma
112 Ma
414 Sett
612 May
17314 Ma
30 Dec
3612 Ma
734 Ma
1614 Mar
81 Dec
/
4
73 Dec
4
1418 Mar
14 Apr
6514 Mar
11812 Jan
4013 Mar
96 Mar
8314 Mar
52 Mar
62 Mar
59
Jan
683 Nov
4
15014 Mar
129 Mar
37's May
2213 Mar
3314 Mar
30 Mar
6812 Mar
18 Dec
2512 Apr
95 Mar
344 Jan
/
1
6734 Mar
11312 Mar
11513 Mar
7114 Jan
24 Dec
62 Mar
2413 Jan
3414 Mar
8
603 Mar
7512 Mar
118 Mar
84 Mar
3818 Jan
412 July
1912 Oct
39% June
113 Oct
4
112 Dec
25% Dec
50 Dec
Oct
60
2912 Oct
82 Mar
27 Mar
7112 Mar
43 Apr
4
13 Oct
4
120 Mar
117 Mar
130 Mar
93 Mar
30 Mar
/
1
4
194 Mir
/
1
Jan
6
13 Dec
277 Apr
8
1394 Mar
8312 Nov
0534 Mar
Oct
15
48% Mar
157 Oct
8
67 Mar
79 Mar
4
703 Mar
85 Mar
79 Mar
393 Dec
4
40 Mar
42 Apr
85 Mar
8312 Apr
5712 Mar
72 Mar
2712 Mar
3112 Mar
9612 Mar
1033 Mar
2
8712 Apr
4212 Mar
1313 Jan
14112 Mar
743 Jan
4
33 Mar
/
1
4
68 Ma
57 Ma
11 Ma
163 Mar
2
2712 Dec
72 Dec
18 Mar
37 Ma
Highest
per share
172 Dec
102 Dee
10
Jan
2624 Jan
/
1
1093 Sept
4
73 Aug
/
1
4
46 Feb
103 Dec
77 2 Dec
7
893 Den
4
184 Nov
/
1
87 July
/
1
4
61 June
17014 Dec
305 Jan
1783 Sept
2
111 Feb
/
4
181 Feb
/
4
275 Aug
37 Feb
513 Feb
4
30 Sept
1212
4
Sept
1412 Jan
14 Jan
24 Aug
83434 8eug
23 A p4
/
1
12612 Apr
7114 Dee
108 Dee
98 Nov
9614 Oct
pet
7 8 t
4 7
2
724 Dec
/
1
1834 Sept
/
1
15312 Jan
47
Jan
42 Dec
554 Dec
/
1
6014 Dec
8412 Deo
2714 Feb
4114 Sept
10912 Sept
4112 Dec
80 Dec
131 Sept
12912 Sept
77 June
31 Feb
66 June
533 Dee
4
511 Sept
/
4
683 Sept
2
106 Dec
144 Sept
9234 Apr
/
4
611 May
10 Feb
40 Feb
511 Feb
/
4
2212 Feb
3 Jan
/
1
4
5215 Feb
79 Feb
887 Feb
8
4712 Feb
964 Dee
/
1
45 Sept
95 Sept
83 Jan
.1
412 Jan
13212 Jan
14712 Sept
20412 Sept
106 July
483 July
2
287 Feb
2
2014 Feb
284 Jan
/
1
444 Sept
/
1
1707 Oct
2
853 Aug
2
821 Aug
/
4
48 Jan
&Vs Oct
263 Jan
4
122 Dee
96 July
911 July
/
4
13514 Dec
1011 Dec
/
4
42 Apr
45 4 Dec
3
6114 Aug
10312 Dee
974 Dee
/
1
74 Feb
8014 July
51 Dee
483 Feb
2
11214 Dec
13114 Beet
9512 Aug
611 Jan
/
4
43 Apr
1683 Oct
3
8114 Aug
52 Jan
783 Jan
4
72 Jan
164 Jan
/
1
24 Sept
/
1
4
3914 Jan
86 Sept
/
1
4
32 Jan
5012 Jan
/
1
4
70 May 98 Sept
43 May 72 Dee
10412 Ma 112 Dec
Jan 155 July
131
99 Ma 136 Sept
/
1
4
8 Dec 22 Sept
New York Stock Record-Continued-Page 2
1043
For sales during the week of stocks usually Inactive, see second page preceding
WHIGH
AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
l Saturday,
Feb. 12.
Monday,
Feb.14.
Tuesday,
Feb. 15.
Wednesday, Thursday,
Feb. 16.
Feb.17.
Friday,
Feb. 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$.:per share $ per share $ per share $ Per share $ Per share 3 per share Shares Indus. & Mlscel. (Con.) Par
38
38
.36
38
3712 393
4 381z 4014 38 ,
338
1,500 Advance Rumcly pref
100
412 412,
412 412
418 412
44 4%
414 414 4,800 Ahumada Lead
1
4
141 14312 14014 14212 13914 14012 1393 14012 140 140
2,500 Alr Reduction, Ina____No par
107 1112 1034 1114
8
1134 1218 1114 12
1038 1114 31,900 Ajax Rubber Inc
No par
13
•I%
17
8 .144
13
4
17
17
8
2
2
2 14 5,600 Alaska Juneau Gold Min__ 10
138 139
13714 1387 13814 14018 1375 139
13714 1417 92,500 Allied Chemical & Dye_No par
8
8
12114 121 14 121 12138 122 122 .12114 122 .121 122
1,000 Preferred
100
9114 9114 91
92
9138 9238 92
91
91
923
4 5,000 Allis-Chalmers Mfg
100
•110 111 .110 111 *10912 111 •10912 11012 *10912 11012
I Preferred
100
2112 1934 2014
4 20
4 2114 213
193 2014 15,3001Amalgamated Leather_No par
8
2158 223
3614 363
36% 37
4 3558 3614 35% 36
3618 37
16,600 Amerada Corp
No par
14
1434 143 143
8
4
13% 14% 137 14
4
14
14
3,900 Amer Agricultural Chem__100
4812 4812 47 47
4812 4914 4712 4814 4714 48
2,200 Preferred
100
473
8 47
4714 4712 4714 473
4 47
473
8 4718 4718 2,300 Amer Bank Note, new
10
5812 *5712 5814 58
5814 5814 5814 .57
557
53
30 Preferred
50
2418 24
24
24
24
24
24
24
.23
24
620 American Beet Sugar
100
*5514 5714 *5514 5714 *554 58
56
5612 56
•56
100 Preferred
100
1418 *1312 14
14
14
1418 14
1712 1558 163
4 6,100 Amer Bosch Magneto__No par
143 143 *13912 142 •1394 140
144 144
•14214 144
400 Am Brake Shoe & F___No par
•117 124 .117 123 •117 123 .117 123 *117 123
Preferred
100
4
8
3512 364 354 35% 3,300 Amer Brown Boyer! El_No par
36% 3612 353 363 *354 36
4
97 .963 9718 *9614 97
*9614 97
97
9614 9814
200 Preferred
100
8 463 467
8
8 4614 483
4 4612 477
4618 473
8 4714 4812 79,100 American Can w 1
25
12812 12812 1283 1283 12812 1283
128 128
127 127
4
4
4
600 Preferred
100
1033 1047 1033 lO4lz 1037 10414 5,300 American Car & Fdy__-No par
8
8
4
4
104 1043 10412 105
8
130 *12712 130 .12712 130 .128 130 *128 130
•12712
100
Preferred
287 2918 2834 2918 2838 29
8
2812 29
29
2912 10.800 American Chain. class A---25
423 4212 4212 43
8
43
42
40
433
4 423 434 7,700 American Chicle
No par
3
414 41
4238 41
417 *413 417
8
4112
4
3912 40
8 2,700 Do certificates
No par
10
1018 1018 10
10
1014 1018 1018 10
1014 4,800 Amer Druggists Syndicate__10
8
131 131 *1297 13212 13012 13012 *13012 1324 13214 13214
800 American Express
100
4
194 193
187 1912 1918 1918 4,200 Amer & For'n Pow new_No par
8
2012 204 193 2014
4 8812 863
863 863
4 8612 864 8612 863
4
4 8712 8712
900 Preferred
No par
912 912
912 958
9
94 93
4
93
4 94
914
900 American Hide & Leattier_100
5114 5114 *5012 53 .504 53
*5012 52
.51
52
100 Preferred
100
317 3218 x32
32
3258
3218 3212 32
32
3238 4,800 Amer Home Products__No par
1213 1253 120 120 .12012 123
4
4
12312 125
1237 1243
8
2,900 American Ice
100
851
8512 8512 8512 8512 *8518 857
*85
8 854 857
8
300 Preferred
100
397 397
8
8 3914 394 383 387
4
8 383 3914 383 3918 6.300 Amer International Corp._100
4
4
84 812
814 812
818 83
8
814 838
84 83
8 3,900 American La France F E___10
253 2618 237 2512 244 25
8
2414 2412 241s 2418 3,500 American Linseed
100
.81
623
4 59
6114 00, 62
4
593 60
4
100
5958 6012 2,100 Preferred
11012 1113 11014 11 118 11018 1113 110% 1114 11058 110% 9,400 American Locom new-NO par
4
8
.119 121 *119 121 •120 1201 .119 12012 .119 1204
100
Preferred
7812 78's 78
79
*7712 78
79
7912 80
8212 1,600 Amer Machine & FdyNo par
133 133 .13314 ____ •I31
____ .13214 __-- *13214 ---100
30 Preferred
42
42
42
413 4134 42
434 4312 z415s 4218 1,900 Amer Metal Co LtdNo par
•110 112 *110 112 .11018 112 .110 112 .10312 112
100
Preferred
57
57
x5618 564 5618 563
56
564 553 553
4
4 3.100 Am Power & LIght__No par
112 1141s 114 11438 11414 1 I4'z 1133 114
4
11312 1134 3.200 American Radiator
25
.91
937k .91
937
937 .91
937 .91
938 .91
Amer Railway Express__10
.50
55
•45
55
54 .45
5114 511 *48
52
100 American Republics_ __No par
5112 52
5018 52
5012 51
51
51
50
5012 3,500 American Safety Rasor_100
5
5
5
5
512
5
5 1
5
*5
5
1,300 Amer Ship & Comm___No pa
I- Stock
1434 144
143 14412 143 14434 1433 14518 1463 149 127.100 Amer Smelting 8c Refining_10
4
r b..: . 4
12012 12012 *12012 121 12 *120 1211 *1203 12112 1213 12138
8
8
100
200 Preferred
Exchange *127 12912 .128 1297e .129 1293 12812 12812 12914 1294
100
400 American Snuff
I....*
.4
46
4612 48
48
464 40
11,500 Atner Steel Foundries__No par
4658 4512 4618 45
1 Closed- •11312 ____ .11312 ____ •11312 115
10
1143 1143 *1137 115
4
8
200 Preferred
.41
.8272 83
823 83
4
100
8234 847
83 83
83
83
5,000 Amer Sugar Refining
(Lincoln's 10912 10912 10912 10912 1093 1093 10912 10912 .10911 110
100
4
4
600 Preferred
rrti .1
4558 4712 4714 48% 47
48
4658 434 4653 473 32,400 Am Sum Tob new otts_No par
4
Birthday
2814 2814 .28
2812 •28
2812 .28
2812 .28
2312
100 Amer Telegraph & Cable 100
155 15518 1554 15514 1554 15558 15512 158
100
157 15912 8,000 Amer Telep & Teleg
Holiday
122 12214 1203 12234 12212 1233 12258 12258 12258 1223
8
50
8
8 2,100 American Tobacco
112 112
112 112
10:
112 112 .11012 112 .11012 112
Preferred
12018 1204 12018 1223 1213 1224 122 1224 1214 122
51,
8
8
Common Class B
8,300
1343 1363 137 140
4
14012 14312 14312 14412 14373 146
4,600 American Type FoUndere__100
643 6514 6412 65
4
6434 65
20
644 6514 643 6514 5,200 ':na Water Works & Elec
4
*105 10612 .105 10614 105 105 .10518 106
100
10518 10518
200 let preferred (7%)
24.8 2512 25
3
254 234 243
8 215n 2414 21,800 A.-terican Woolen
4 2334 243
100
77, 777
4
8 7658 77 4 73, 75 2 7318 75
,
8
,
693 733 11,100 Preferred
4
100
8
•1
1 18 *1
14 *1
118 *1
118 *I
118
Amer Writing Paper pref__100
912 912
912 912
93 1014 1018 1014 3,800 Amer Zinc, Lead & Smelt___25
912 93
4
4$
4814 4814 4814 4812 493
4 494 508 503 514 7,000 Preferred
25
4614 4618 467 15,000 Anaconda Copper Mining 50
4558 463
4658 46% 464 4638 46
s
•40
402 .40
4112 *40
4112 *40
4112 41
41
200 Archer, Datil', MidI'd_No par
•1063 108 .1063 108 *1063 108 *1063 108 .1083 108
4
4
4
4
:
100
Preferred
953 9618 96
96
96
06
96
96
957 957
700 Armour & Co (Del) pre(_ 100
1414 14% 1414 1413 1414 143
14'8 1412 1418 144 7,500 Armour of Illinois Class A__25
2
73
4 8
*7
814
7
% 84
74 814
778 77
25
2,600 Class B
.88
87
.86
8612 *8512 86
*8512 8612 .8512 8612
100
Preferred
•2318 24 .2318 2312 23
2318 23
23
23
23
400 Arn Cons Corp tern Mt No par
•2212 23
.2212 23 .2212 23
2212 2212 .2214 2212
100 Art Metal Construction____10
3 50
50 .49
5018 503
50
.49
50
.49
50
300 Artioom
No par
•113 114 .113 114 .113 114 .113 11434 *113 1143
IOU
4
Preferred
427
403 413s 41
8 4212 4414
8
42
427
8 4218 423 25,000 Associated Dry GoodS
8
100
101 101 0101 103 .101 102 .101 102
•10012 102
100 1st preferred
100
•105 109 .105 108 *10512 109 *106 103 .106 108
100
25 preferred
4912 4912 50
4 4913 494 .4912 50
493 493
50
25
500 Associated 011
36
36% 36
37
304 377 .3614 37
387 *36
2
2,100 AU Gulf & W I 68 Line___100
.3612 37
*3634 374
04 3612 *3612 37
3714 374 3
100
500 Preferred
8
114 11514 114 1147 11214 11414 110 11218 11,400 Atlantic Refining
112 114
100
•11618 11612 *11618 11612 11612 11612 *116 117 *116 117
100
100 Preferred
62
.130
6212 .60
62
62
62
.60
*61
62
200 Atlas Powder
No par
994 *99
9912 98
8
100 10014 9912 997 •99
93
250 Preferred
100
812 812 .814 812 *814 812 *84 812
814 84
200 Atlas Tack
No par
*712 812 *712 812 *712 84 *74 812
84 814
400 Austin, Nlchols&Co vto No par
5414 .52
54
.52
.50
54
52
52
.52
54
100 Preferred
100
14
'11
14
3
8
331
'4
''''4
4
3
8
3
3
800 Auto Knitter Hosiery__No par
174 17814 17712 17812 18512 1904 186 18912 151,200 Baldwin Locomotive Wks_100
175 178
11712 11712 1173 11812.117 11914 .116 120 *116 120
s
600 Preferred
100
8
3312 344 333 34
32% 3314 3318 333
3014 33 8 89,930 Barnsdall Corp class A
7
25
305 303
30
3014 3018 3034 30% 307
30 4 303
3
5.210
Class B
25
524 55
53
5318 5412 5212 5318 .52
5218 5218 5.000 Bavuk Cigars, Inc
No par
607
*574 5912 58
4
8 6012 6012 583 583
4 5312 583
4 2,400 Beech Nut Packing
20
12 2218 213 233
21
22
21 12 2214
21
8 2314 23314 11,800 Beld'g Irway Co tom ctfNo pa
46
48
4612 47
4714 4658 473
463
4 464 463 25,400 Bethlehem Steel Corp
4
100
1073 10734 1073 108
1073 108
8
4
10712 1077 107% 108
4
1,900 Preferred (7%)
100
391 3914 3912 3912 03812 40
4
.38
39
.33
39
200 Bloomingdale Bros__No par
4
11014 11014 .1093 11012 *10812 110 •10912 11012
•11014 111
40 Preferred
100
.5312 54
533 533
8
4 533 54
.5313 54
.533 54
4
500 Bon Anti. class A
No par
712 712 *67
8 712 .678 738 •872 712
678 67
8
200 Booth Fisheries
No pa
46
*41
46
*41
*41
46
48
.40
.41
46
let preferred
100
2514 2514 .2514 29
.2514 29
*2514 29
•2512 29
Botany Cons Mills class A__50
323 327
327
8
8 3212 327
32
32
3258 324 33% 37,400 Briggs Manufacturing__No par
13
2
13
8
14 14
14
114
1
.14
114
14
1 18
600 British Empire Steel
100
150 150
150 15012 2.500 Brooklyn Edison, Inc
150 151 12 150 15112 1493 151
100
91% 9212 923 923
8
91
8 92 92
9134 9112 9112 2,800 Bklyn Union Gas
No par
32
.31
313 .31
4
3218 3218 324 3214 .31
3112
200 Brown Shoe Ina
No pa
___. --__ *10812 112 *10812 112 *10812 112
.1084 112
Preferred
100
3418 3418 *34
343 *34
4
.341s 35
343
4 3312 34
800 Brunsw-Balke-Collan'r_No par
114 1143 11414 1157
4
1143 1143 114 11412 •11412 115
4
4
1,300 Burns Bros new clAcom No pa
24
2114 2414 244 2414 2414 2418 .2434 24
24
1,300 New class B corn____No par
973 974 *9714 973
4 974 974 *95 100
.95 100
400 Preferred
100
1247 1244 •12412 125
125 12512 2.200 Burroughs Add Mach__No par
124 125 '122 125
s
8 3512 36
3512 35 8 *353 3858 354 3558 2,100 Bush Terminal new____No par
,
.3058 3117
8
.9312 95 .9312 95
*93
95
.91
05
•94
95
60
Debenture
100
1073 1073 10738 1073 106% 10812
8
8
8
103% 1033 108 108
8
240 Bush Term flicigs. pref
100
37
418
4
4 18
4
4
4
4
*37
8
4
1,400 Butte Copper & Zinc
5
6014 60
61:4 60
603
4 4.600 Butterlck Co
0
6012 61 58 6 % 6134 60
100
11
103 1034
11 12 11
103 103 .103 11
1112 3,400 Butte & Superior Mining
4
10
.70
72
72
70
71
7012 7012 .7012 71
*70
1.200 By-Products Coke. _._No par
5518 57
5414 5558 5414 555
2
,
557 007s 591 8184 33,100 Fivers & Co (A Ms .... Nn TM
•Bld and sated prised; no Itaied oat 13115 day. sEz-Mgrklaad.
r- -,
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
$ per share
3014 Jan 25
418 Feb 16
13412 Jan 26
9 Jan 4
114 Jan 6
131 Jan 25
12014 Feb 10
88 Jan 25
109 Feb 9
16 Jan 25
3112 Jan 6
11 14 Jan 13
4518 Jan 26
41 Jan 6
5612 Jan 4
225 Jan 17
8
53 Feb 8
13 Jan 20
134 Jan 26
11714 Feb 7
3412 Feb 4
9512 Feb 4
45% Jan 28
126 Jan 14
9912 Jan 28
1273 Feb 10
4
2514 Jan 7
35 Jan 26
35 Jan 4
958 Jan 3
127 Jan 17
187 Feb 17
8
862 Feb 15
84 Jan 20
4918 Jan 31
303 Jan 3
8
11118 Jan 26
84 Jan 7
3714 Jan 12
73 Jan 6
2014 Feb 4
54 Feb 4
1053 Jan 19
4
1193 Jan 4
4
7314 Jan 3
12518 Jan 6
4112 Jan 28
108 Jan 6
51 Jan 27
11012 Jan 21
8812 Jan 7
3518 Jan 4
48 Jan 28
414 Feb 2
1323 Jan 25
8
12014 Jan 25
1193 Jan 17
8
44 Jan 3
113 Jan 7
7) Jan 25
103 Jan 11
4112 Jan 3
28 Jan 5
14914 Jan 3
120 Jan 7
11018 Jan 4
11914 Jan 5
125 Jan 7
6214 Jan 3
105 Feb 16
2158 Feb 18
)3)34 Feb 18
1 Jan 3
812 Jan 3
42 Jan 5
45 Feb 9
40 Jan 27
106 Jan 4
927 Jan 5
8
1418 Feb 17
7.2 Jan 31
82 Jan 7
22 Jan II
22 Jan 11
4912 Feb 8
113 Feb 8
3912 Feb 9
101 Feb 4
10712 Feb 10
433 Jan 27
4
358 Jan 28
36 Jan 26
107 Jan 28
11512 Feb 1
60 Jan 5
98 Jan 6
814 Jan 21
712 Feb 3
51 Feb 8
14 Jan 3
14318 Jan 18
116 Jan 14
27 Jan 4
25 Jan 4
4912 Jan 25
5, Jan 24
12
'20% Jan 28
434 Jan 27
1043 Jan 3
37 Jan 25
10912 Jan 20
531s Jan 5
614 Jan 23
45 Jan 11
254 Jan 17
283 Jan 3
3
% Jan 24
14812 Feb 11
897 Jan 28
8
3012 Feb 1
109 Feb 7
321 2 Feb 8
11012 Feb 9
214 Feb 9
973 Feb 14
4
118 Jan 4
295 Jan 12
91 14 Jaa 5
104 14 Jan 28
34 Feb It
5012 Jan 3
1012 Jan 3
66 Jan 29
42 Pin is
Highest
Range for Preriout
Year 1926
Lowest
Highest
$ per share $ per share $ per share
41 Feb 9
287 Dec 653 Sept
8
43 Nov
4
518 Jan 3
918 Jan
14312 Feb 14 10714 May 1463 Dec
4
1258 Feb 1
718 Oct 16 Feb
78 Oct
214 Feb 19
2
Jan
1417 Feb 18 106 Mar 1487 Deo
4
122 Feb 16 1183 Mar 1223 Dec
4
4
92% Feb 18
7814 Mar 943 Jan
8
111 Jan 10 105 Apr 11112 Dec
1434 Oct 21 Sept
2118 Feb 11
2414 May 327 Aug
37% Feb 7
8
143 Feb 14
4
9
Oct 343 Jan
8
3538 Oct 9612 Jan
513 Jan 10
4
343 Mar 46
8
483 J rn 20
8
Oct
5958 Jan 22
55
Jan 5812 July
253 Jan 5
8
2012 Sept 383 Feb
4
55 Nov 83 Feb
6018 Jan 3
16 May 343 Jan
1712 Feb 17
8
141 Feb 15 110 May 180 Feb
11814 Jan 10 11014 Mar 12814 Feb
304 Mar 50 Aug
3912 Jan 5
8612 Mar 974 Jan
98 Feb I
4914 Jan 3
387 Mar 6318 Aug
8
12918 Jan 5 121
Jan 13018 Dec
105 Feb 15
9112 Mar 1147 Jan
8
130 Jan 17 12014 Oct 13014 Dec
2314 Mar 264 July
2912 Feb 13
441z Feb 15
31
Oct 51
Jan
28
Oct 4714 Jan
4258 Feb 15
1112 Jan 13
103 Aug
414 Jan
8
13314 Feb 4 1057 Mar 140
Jan
1414 Nov
23 Jan 6
4258 Jan
8953 Jan 13
79
Oct 98 Feb
7 May
102 Feb 8
174 Feb
3312 May 6714 Feb
527 Jan 12
8
3314 Jan 8
2358 Oct 3058 Dec
12614 Jan 5 109 Mar 136 June
857 Feb 18
8
81 12 Oct 863 June
4
313 July 464 Feb
4
4014 Feb 8
10 Jan 3
97 Dec 15% Jan
8
3012 Jan 12
8
2558 Oct 527 Jan
714 Jan 3
673 Oct 87
4
Jan
1123 Feb 11
4
004 Mar 1197 Jan
8
121 Jan 21 116 Aug 12414 Dec
8218 Feb 18
6514 Oct 8012 Aug
133 Feb 14 114 July 125 Dec
44 Jan 20
4314 Dec 573 Feb
8
1104 Jan 24 1134 Apr 120 Feb
61 12 Jan 3
504 May 7212 Sept
11514 Jan 11 10114 May 1223 Aug
8
94 Feb 2
77:8 Mar 90 Dec
602 Feb 9
317 Nov 74
8
Jan
55 Jan 3
42 Apr 703 Aug
4
6% Jai 7
53 Dec
8
117 Mat
149 Feb 18 10958 Apr 152 Aug
12; Jan 28 11278 Mar 1223 Dec
8
12912 Feb 18 1215 Oct 185 Feb
4614 Feb 11
40 May 47 Aug
115 Jan 13 11014 Sept 115 Feb
847 Feb 17
8
6514 Apr 8714 Nov
1093 Jan 13 100 June 11012 Nov
4
433g Feb 15
294 Aug 44 Dec
29 Jan 7
2512 July 4118 Feb
1594 Feb 19 1395 June 151
8
Dec
1233 Feb 7 1113 Mar 1241 Sept
4
8
4
1127s Jan , 10618 Jan 113 May
1227 Feb f• 110:8 Mar 124 Sept
8
116 Feb 18 114
Jan 135 Feb
674 Jan 21
433 Apr 74
Jar
110% Jan 21 1014 Mar 10814 Jar
33% Jan 5
19 June 427 Jar
8612 Jan 7
66
Apr 904 Det
1 18 Jan 8
12 Aug
5's Jar
1014 Feb 17
518 May 124 Feb
51 14 Feb 18
20 May 54 Del
4912 Jan 12
4112 Mar 517 Aug
42 Jan 18
8
347 June 4434 Jar
1073 Jan II 100 Mar 108
4
0c1
9618 Feb 16
9014 May 977 Jar
157 Jan 7
134 May 2512 Fet
918 Jan 6
53 May 17
4
Jar
80 Apr 93 Fet
864 Jan 27
25 Jan 20
18 Apr 313 Jar
2212 Jan 21
1918 Jan 2334 Gel
543 Jan 5
463 Sept 6312 Jar
113 Feb 8 108 Mar 113 De:
374 Mar 547 Jar
4114 Feb 16
8
102 Jan 2
96 Mar 10212 Jar
1073 Feb 7 102 May 110 De:
4
53 Feb 13
44% Jan 60 Ma
42 Jan 5
29
Oct 583 Jar
8
3812 Jan 8
334 Oct 5614 Jar
11514 Feb 15
97 Mar 1283 Ma]
8
117 Jan 13 11518 Oct 120 Jun,
6212 Jan 20
54 Mar 64 No:
1004 Feb 9
94
Jan 973 De,
8
812 Jan 19
8
Oct
1712 Jai
1014 Jan 3
74 Oct 28
Jai
61 Jan 5
54 Nov 93
Jo,
% Jan 7
218 Fel
14 Oct
19014 Feb 17
927 Mar 1673 De
j
4
11812 Feb 15 105 Mar 11914 No3414 Feb 4.
23', May3312 Ja:
3138 Feb 7
2212 Oct 3912 Jai
55 Feb 14
30 Mar 553 No:
8
60% Feb 15
5214 Oct 7178 Fel
2714 Jan 7
26 Dec 303 Ja:
4
3 Jan 13
47
3714 May 51 18 Sep
1087 Jan 18
8
99 June 1057 De
8
4138 Jan 11
28 June 42 De
112 Feb 1 1044 June 110 De
5512 Jan 13
5312 Dec 5658 De
712 Feb 14
934 Ja
4'8 Star
45 Jan 11
34% Oct514 Ja
20 May 414 Ja
2812 Jan 5
34 Feb 8
Oct3712 JO
24
3 Ja
12May
13 Feb 10
8
15414 Jan 5 133 Mar 163 Sep
68 Mar 98 De
933 Jan 8
2912June 4858 Jai
344 Jan 5
11212 Jan 7 107 June 111 Ma
243 Mar 393* Sep
8
387 Jan 10
8
12534 Jan 20 121 Mar 144 Jul:
2612 Nov 44 Fel
343 Jan 27
97 Mar 1031:Jun
100 Jan 3
7712 Apr 124 De
12512 Feb IS
163 Mar 344 Jul:
37 Jan 31
Apr 93 Au,
88
944 Feb 4
9912 Jan 104 No'
109 Jan 18
64 Fel
4 Dec
412 Jan 4
17% Mar 71 Sep
61% Feb 15
1614 Jai
113 Jan 7
713 May
53 June 90 Sep
77 Feb 4
23 Mar 447k No
F1113 Fe" 13
• 1044
New York Stock Record-Continued-Page 3
For sales during the week of stocks useally Inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb.12.
Monday,
Feb. 14.
Tuesday,
Feb. 15.
Wednesday, Thursday,
Feb. 16.
Feb. 17.
Friday,
Feb. 18.
PAK JHAKIS
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
ma an AliIS
Range Since Jan. 1 1927
On basis of 100
-share lots
Range for Previous
Year 1920
Lowest
Highest
$ per share $ per share $ per share $ per share $ per Share $ per share Shares Indus. St Miscell.(Con.) Par $ per share $ per share
4 67
6712 67% 673
6618 663
67
2,800 Californla PackIng____No par 64 Feb 7 70 Jan 5
667 6714 67
e
31
3114 313 2311g 317
3112 3034 31
4
3012 31
19,100 California Petroleum
8
25 3012 Feb IS 327 Jan 18
17
2
2
•178 2
2
2
2
2
2
500 Callahan Zinc-Lead
25 Jan 17
112 Jan 3
10
8 653 6612 6614 6612 2,400 Calumet Arizona Mining
8
8
6612 663* 653 663
663 67
4
10 653 Jan 3 68% Feb 1
1514 153* .1514 1512 1512 1512 1518 1512 15
15
1,200 Calumet & Hecht
1412 Jan 4 1612 Jan 20
25
•
3914 3812 3812 3778 3812 2,800 Canada Dry Ginger Ale.No par 36 Jan 5 3912 Jan 10
39% 39
39
3914 39
146 146
14412 14634 141 14334 7,400 Case Thresh Machine
14312 1447 141 144
8
4
100 132 Jan 27 1493 Jan 8
•10814 1128 *10814 1127 *10814 109 *10814 113 *10814 112
8
Preferred
100 113,2 Feb 4 117 Jan 12
2612 2612 *2612 263
4 2612 2612 2612 2612 2612 2612 1,600 Central Alloy Steel. ___No par 263 Feb 11 28% Jan 4
8
1018 1018
95
8 98
600 Central Leather
93
912 912
4 93
4 *912 10
4
100
83 Jan 3 103 Jan 7
8
*61
63
6214 63
643 66
62 623
4
4 627 64
7,700 Preferred
8
100 54 Jan 14 66 Feb 18
1314 1314 1234 13
8 1314 1314
123 13
4
*127 133
8
1,200 Century Ribbon Mills_No par
4
1012 Jan 26 133 Feb 10
76
76
75
78
75
*75
75
78
76
*75
290 Preferred
100 70 Jan 24 7814 Jan 4
6012 61
4 605 61
6112 6112 2,200 Cerro de Pasco Copper-No par 6018 Jan 2') 62% Jan 12
6112 61% 613* 613
8
475 48
8
475 48
475
9,400 Certaln-Teed Products_No par 42 Jan 25 4814 Feb 10
4712 477
4718 47% 47
108
108 108 *10712 109 *108 109
109 109
*107
400 1st preferred
100 106 Feb 1 109 Feb 18
934 934
900 Chandler Cleveland MotNo par
4
4 *914 93
93
4 93
934 97
97
8 98
814 Jan 6
11 Jan 13
2214 2212 22
221 1 22
22
22
1,800 Preferr&I
22 18 2214 22
No par 2118 Jan 25 2418 Jan 12
1351 1357 135 1353 13412 1363 135 137
6,100 Chicago Pneumatic+ Tool_ 100 12012 Jan 3 137 Feb 17
4
4
135 135
5134 5014 5114 5012 5012 5012 505
5114 5114 51
2,100 Childs Co
No par 50 Jan 29 535 Jan 11
3514 353
35
20,300 Chile Copper
3514 3614 353* 36
353* 3518 353
25 345 Jan 3 3612 Jan 19
*223 23
4
*2234 26
*2234 26
*225 26
8
*2214 26
Chino Copper
5 2218 Jan 7 2318 Jan 6
40
*39
3934
39
1,300 Christie-Brown certifs_No par 347 Jan 5 42 Jan 18
*39
40
39
3934 40
40
8 4218 423* 4112 4218 07,600 Chrysler Corp new____No par 3818 Jan 28 4312 Jan 6
4 4 4314 425 4318 4218 427
23
1045 1045
8
1045 1047 10418 1045 1047 1047 *1045 105
8
8
8
8
800 Preferred
8
No par 103 Jan 3 105 Jan 12
6312 6314 634
900 Cluett. PeabOdir& eii
6312 633
4 6312 6312 6318 6318 63
1-00 6018 Jan 4 66% Jan 24
4
*114 11418 1141s 1143 114 114 *114 11434 114 114
80 Preferred
4
100 11114 Jan 6 1143 Feb 15
8 4,700 Coca Cola Co
8
177 178
176 17712 17612 17712 17612 1767 17514 1773
No par 16712 Jan 4 178% Feb 11
7512 7612 28,100 Collins & Altman
7518 7612 7414 75 4 7312 7412 7434 757
3
No par 63 Jan 4 7612 Feb 14
_
200 Preferred
*147
150 150 *147__
__ 151 151 *150
100 126 Jan 4 151 Feb 17
591.2
4 573 608 583 5814 603
4 58 --- 134,500 Colorado Fuel & Iron
7
5714 583
4 62
100 423 Jan 4 62 Feb 16
8
82
5,300 Columbian Carbon v to No par 66% Jan 3 85 Feb 11
8212 81
8414 843
4 83 4 843
82
3
4 8212 84
8 8412 8612 12,200 Colum Gas & Elec new_No par 8278 Feb 11 915 Jan 12
83
83% 8314 835
8 83% 8312 83% 847
8
8
8 1,600 Preferred new
8
MO 101
8
1005 1005 100% 1007 10012 1008 1007 1007
3
100 9912 Jan 24 10112 Jan 19
165
8 1,400 Commercial Credit____No par
16
15
15
15
15
1512 1512 *1512 16
1458 Feb 1
173 Jan 8
4
21
21
120 Preferred
*2112 22
2112 22
*21
22
21
21
25 1912 Jan 28 2212 Jan 5
40 Preferred B
*2014 2112
22
*21
22
22
*21
22
2112 22
25 20 Feb 1
23 Jan 7
100 1st preferred (614)
8018 8018
83
*78
81
*78
*78
81
*7812 81
100 80 Feb 9 8518 Jan 12
600 Comm Invest Trust_ __No par 53 Feb 15 5512 Jan 24
537 537
8
8
53
53
53
53
*53
53
54
53
*9712 100
_ *9712
*9712 _ _ *971
- *9712 - - ------ 7% preferred
100 9614 Jan 28 9812 Jan 27
90
900 Preferred (655)
91
91 *9012 _- -12 90 - 12
91-18 91 29114 91% *91 100 90 Feb 18 917 Jan 10
24212 24514 241 24414 8,300 Commercial Solvents B No par 223 Jan 3 255 Jan 13
247 251
243 24714 24112 245
7 1814 12,500 Congoleum-Nalm Ino__No par
1838 1834 18% 1812 18
183
8 17
1714 Jan 26 21 Jan 5
1834 1914
1,000 Congress Cigar
4
No par 5112 Jan 27 55 4 Feb 7
554
8
5412 5412 5412 543 543
8 5412 5458 543 55
3
Conley Tin Foil stpd_ __No par
7
8
li Feb 1
*14
5 Jan 5
8
7
8
*14
*14
7
8
*14
512
7
8
7
8
8
833 8512 8412 8512 33,200 Consolidated Cigar____No par 777 Jan 26 8512 Feb 17
8
8212 833
8 8212 8314 8214 83
100 Preferred
100 100
100 100 Feb 9 10212 Feb 2
*98 103 *100 103 *100 103 *100 103
17
178
1,400 Consolidated Distrib'rs No par
*134
178
112 Jan 3
178
134 2
17
8
17g
17
8
212 Feb 4
8
4 977 0812 53,900 Consolidated Gas(NY) No par 973 Feb 16 10912 Jan 10
99
9912 9712 987
975 983
8 975 977
38
33
4 9,800 Consolidated
314 Jan 27
_ _No par
418 Jan 15
3
53 334
35
8 34
4
3
33
4 34
3
358 33
685 11,700 Continental Baking elANo par 6614 Jan 24 747 Jan 6
8
68
Textile6712 693
8 6814 69
68 683
4 67% 69
3 8,900 Class B
712 Feb 9 1014 Jan 5
712 73
75
8 77
No par
712 77
758 77
75
8 77
8
1,900 Preferred
*923 93
4
9212 9314 9212 93
100 92 Jan 21 9714 Jan 13
93
9258 93
93
713
4 7,200 Continental Can. Inc_ No par 68 Feb 9 7312 Jan 3
8 70
6914 701
6912 697
6914 695
8 693 70
8
100 Continental Insurance_ _ _ 25 135 Jan 27 14112 Jan 19
Stock
*138 139
139 139 *138 139 *138 139 *138 139
12
12
6,100 Cont'l Motors tem etfs_No par
1 13* Jan 28 133 Jan 6
12
1214
4
12
1214
117 12
s
118 12
8
8 4934 5012 497 5014 493 50
Exchange
493 505 38,600 Corn Products Refin w I
4
4938 497
25 46% Jan 12 5038 Feb 18
4
100 Preferred
100 128 Jan 11 12938 Jan 18
129 129 *128 12912 *128 12912 *128 12912 *128 12912
11,400 Coty, Inc
No par 56 Jan 3 69 Feb 15
Closed6712 685
8 675 69
8
6712 6818 663* 673 66% 68
8412 8512 8412 86
14,200 Crucible Steel of America__ 100 77 Jan 4 86 Feb 15
85
84
853
8 84% 8514 84
300 Preferred
Lincoln's 106 106
100 103 Jan 18 1061s Feb 15
10618 10618 *10512 10612 *105% 10612 10618 10618
5,800 Cuba Co
No par 2614 Feb 2 3414 Jan 8
8
3134 32
313 32
4
3214 317 32
32
3212 32
91
97
97
103 Jan 5
1,800 Cuba Cane Sugar
4
No par
93 Feb 18
4
Birthday
10
10
*97 10
934 97g
9%
4
100 473 Jan 20 503 Jan 4
4818 484 2,900 Preferred
*4814 484 4712 48
48
4812 4812 49
8 2,400 Cuban-American Sugar
Holiday
10 26 Jan 18 2812 Jan 3
2612 2612 2818 2812 2614 2814 2612 263 2614 265
Preferred
100 102 Jan 31 104 Feb 7
510212 104 *103 1043 *10214 104 *10214 104 *10214 104
4
15 Feb 15 18 Jan 21
1718 1718 3.000 Cuban Dom'can SugnewNopar
17
17
1534 1534 17
165s 165
8 15
50 50 Jan 25 523 Jan 4
5218 5,500 Cudahy Packing new
4
52
513* 523
8 52
515 52
8
5214 5114 52
100 Cushman's Sons
No par 105 Feb 4 112 Jan 17
108 108 *103 110 *104 110 *104 110 *104 110
100 Cuyamel Fruit
No par 32% Jan 3 34 Jan 15
33
33
*323 34
4
*323 34
*323 34
4
4
*3212 34
4
4 2812 2812 1,600 Davison Chemical v t o_No par 2718 Jan 3 313 Jan 11
29
29
283 29 '2812 29
4
'
1
283* 283
100 Detrolt Edison
4
100 13312 Jan 21 1363 Feb 18
4
*130 137 *136 137 *13512 /37 *1353 13612 1363 136%
4
1,800 Devoe & Raynolds A__No par
8
40
40
41
373* Jan 25 423 Feb 2
40
41
41 18 403 41
41
4
413
253 65,700 Dodge Bros Class A___No par 2312 Jan 18 2712 Jan 5
8
255
8 25
8 25
265 27% 2612 27% 2558 265
8
8314 84
No par 8112 Jan 4 85 Feb 14
833 834 4,700 Preferred certifs
8
833 84
4
8412 85
8412 85
91
938 1,500 Dome Mines, Ltd
No par
918 Feb 2 1114 Jan 4
914
914
9%
914 914
9%
8
914 93
5,200 Douglas Pectin
No par 46 Jan 3 5312 Jan24
5212 53
5314 5112 5212 517 517
5314 5312 53
400 Duquesne Light let pref___100 114% Feb 16 11614 Jan 3
115 115
1147 1147 115 115
8
8
1153 115 4 *11312 115
4
3
1,700 Eastman Kodak Co
131 13112 130 131 •1303 132
13114 132
4
NO par 12614 Jan 28 13412 Jan 13
132 132
2,700 Eaton Axle & Spring
25
4
4
245 25% 25
No par
8
2412 Jan 4 263 Jan 21
253* 25% *2518 2512 243 25
21,900 E I du Pont de Nem new _No pa, 163 Jan 25 180 Feb 14
s
17612 1783 177 1787 176 178
17714 180
4
1773* 180
500 6% non-vol deb
8
8
8
100 10512 Feb 5 10912 Jan 4
106 1065 *106% 1075 *1067 10718 106% 10712 *107 10712
1414 1414 12,800 Eisenlohr & Bros
8
15% 1012 143 153
25 117 Jan 3 1612 Feb 15
1412 15
4 1412 15
7212 8,000 Electric Autollte
7112 7212 7112 7214 72
No par 6312 Jan 13 7212 Feb 10
72
697 7112 71
8
1512 20,400 Electric Boat
1412 15
15
No par
135 Jan 25 1614 Jan 10
8
1458 1514
1438 1518 1412 153*
7,800 Elec Pow & Lt Mrs_ _ _ _No par
4
1612 Jan 27 183 Jan 6
4
4
167 1712 163 17
8
17% 1712 16% 173* 163 1714
300 40% pr pd
4
1037 Jan 28 1043 Feb 14
8
8
1045 10434 *10412 1053 *10414 10538 *10414 1053* 10412 10412
------ Pref full paid
•10412 ____ *10412____ •I0412 __ ._ •10412 ____ *10412
1,000 Preferred certifs
96 Jan 14 9731 Feb 15
9712 9712 9718 0734 *9718 973
4 9758 973* 9712 9784
8
33
3558 3378 3514 3312 3418 3314 337
3
3214 333 06,700 Electric Refrigeration_No par 30 4 Feb 11 373* Jan 3
76
7684 75
2,800 Dec Storage Battery__No par 7212 Jan 31
7512 7518 7614 76
7912 Jan 6
75
747 747
*712 10
.712 9
9 Jan 25
*712 1078
Frnerson-Brant Clais A No pa
*712 10
*712 10
718 Jan 4
600 Endicott-Johnson Corp___ 50 643 Jan 28 6714 Jan 8
4
66% 663
4
*6512 67
663 663
4
4 67 67
67
57
Preferred
4
IGO 116% Jan 5 11814 Feb 3
*11534 11814 *1153 11814 *1153 11814 *11534 11814 *1153 11814
4
4
2312 235
2312 2312 2318 2312 2318 2312 2318 2338 2,500 Engineers Public Serv_No par 213 Jan 11 241 2 Feb 3
4
300 Preferred
987
8
98
*98
*9814 9878 *9814 987
8
8 08
No par 938 Jan 8 99 Feb 1
8 983 983
8 5,000 Erie Steam Shovel
4
22612 27
5 243 Jan 3 293* Jan 17
8 2612 264 2612 267
265* 263
4 2612 267
700 Preferred
10512 10512
210578 10578 10618 10618 106 10618 *10512 106
100 10112 Jan 6 10712 Jan 17
20,100 Equitable Office Bldg 914_10Q 11814 Feb 5 124% Feb 17
11912 11912 120 122
12314 124
123 12414 122 122
8
62 627
6614 6712 66
8 9,000 Eureka Vacuum 66
dear:LAT° par 607 Jan 25 6712 Jan 5
65
663
4 654 67
8
153 153 .153* 16
4
4
153 *1514 16
4
1518 Jan 25 157 Feb 18
*15
200 Exchange Buffet Corp_No par
157 1578
8
417 417
8
4118 4118 4118 4112 *4012 41
700 Fairbanks Morse
4012 4012
No par 38% Feb 10 427 Jan 22
•10812 111 *10614 111
100 10718 Feb 7 110 Feb 16
100 Preferred
110 110 *110 112 *108 112
8
10812 11014 109 11014 10914 110
1085 1093* 10814 1093 24,400 Famous Players-Lasky_No par 10714 Feb 10 1145 Jan 6
8
4
8
•120 121
1203 1203 120 120 *120 12012 *120 12014
4
200Preferred
100 120 Feb 16 1243 Jan 12
4
4112 417
417 423
8 41 8 423 • 4112 4212 403 41
4
9,500 Federal Light ;Trite
15 3712 Jan 17 424 Feb 10
,
3
95
95
94
170 Preferred
94
94
94
93
No par 9.112 Feb 18 95 Feb 9
9312 9212 9312
80
82
82
82
1,000 Federal Mining & Smelt1.100 60 Feb 9 95 Feb 8
8014 823
83
4 827 827 *80
8
8
7912 7912 793 8012 79
4
100 7512 Jan 28 8312 Feb 0
1,800 Preferred
80
784 79
783* 78%
8
273 277
4
28
2814 274 28
2612 Jan 4 307 Jan 10
2912 5,600 Federal Motor TruckNo par
28
28
28
95% 9614 953 95 4 955 955 *95
4
3
8
9512 1,300 Fidel Phen Fire Ins of NY. 25 04 Jan 26 193 Jan 6
95 .1 95
5
*96 100
*99 100
•96 100
*96 100
*96 100
First Nat Plc, let pref- - -100 9712 Jar 13 9818 Jan 17
tH t
l
,
29
*2812 29% *283 29
29
No par 2814 Jan 4 30 Feb 7
29
4
29
500
29
29
16 Jan 24 1712 Feb 7
1718 173
8 1718 1712 17
171
. 163 17
No par
i
4
168 1714 21,300 Fisk Rubber
8.53 8512 8518 8512 85
8
8518 8518 8512 *8412 8514
900 let preferred stamped___100 81 Jan 5 8012 Jan 27
100 97 Jan 24 998 Feb 15
*98 100
005 093 *99 100 .99 100
4
4
100 let preferred cony
*99 100
487 Jan 11
8
4658 4718 4612 4718 4612 4714 463 4714 4714 475 14,500 Fleischman Co naw____No par 4618 Feb I
4
8
8082 8112 8014 803
8
4 8012 813
No par 75 Feb 9 817 Jan 13
8 81
813
8 81
813
8 4.200 Foundation Co
65 Jan 25 7412 Jan 6
6714 6714 673 675
8
69
No par
8 663 6712 1,80(1 Fox Film Class A
67
* 67 673
4
_Nopar 3414 Jan 4 461 1 Feb 15
4518 4014 4412 455
433 44% 4412 45
44% 45
4
68,800 Freeport Texas Co
3118 315
3114 3112 3114 315 *3114 3112 3118 3112 1,300 Gabriel Snubber A
8
No par 291g Jan 3 32 Feb 11
75 Jan 11
4:65, 7
658 67
612 Jan 27
7
7
No par
s
*7
71 1
7
7
1,100 Gardner Motor
4914 4912 485 4914 485 4912 6,900 Gen Amer Tank Car
8
100 46 Jan 3 497 Feb 15
4914 4934 4912 497
100 10612 Jan 5 10812 Jan 12
109 *107 109 *107 109 *107 109
*107 109 *107
Preferred
8438 8278 8312 28,900 General Asphalt
100 7712 Jan 27 885 Jan 4
8518 844 863* 833* 8512 83
84
100 120 Jan 25 130 Jan 10
8
Preferred
*123 1277 *123 133 *122 130 *122 130 *122 130
8
8
5312 5312 533 533 *53
54
54
5312 1.300 General Cigar, Inc new_No par 52 Jan 28 557 Jan 15
8
533 535
118 118 *118 119
100 110 Jan 5 118 Feb 16
118 118
200 Preferred (7)
120 *116 120
*116
Debenture preferred (7)_100 116 Jan 11 116 Jan 11
*116 117 *116 11712 *116 117 *116 117 *116 118
58
5838 583* 5818 58
58
58
5818 2,500 Gen Outdoor Adv A_ _ _No par 55% Jan 25 5812 Feb 9
58
58
8 4114 4112 4012 4114 13,300 Trust certificates_ ___No par 37 Jan 18 4112 Feb 17
405
8 4012 413
40
404 41
823 84
4
8412 8312 8414 8314 84
12,000 General Electric New_ _No par 81 Jan 27 8518 Jan 13
834 8412 84
1112 1138 1112 113 113
1158 1158 3,000 General Electric special____ 10 1114 Jan 3 1158 Jan 5
8
8
1138 1138 11%
4514 12,400 General Gas & Elm A __No par 407e Feb 10 451: FPI: 11
423 4314. 4212 4212 42
8
8
424 4312 427 44
r xx-aive1.*u a z rignes,
•Ind and Baked prices; no sales On tOls day.
Lowest
Highssi
$ per share $ per sham
6614 Oct 17912 Feb
29% Oct 3818 Feb
112 Mar
25 Jan
5512 Mar 733* Aug
132 Mar
1812 Aug
3212 Oct 49 Sept
6212 Jan 176 Aug
96
Jan 11812 Aug
2812 Oct 3314 Aug
7 Nov 2012 Jan
4314 Apr 683 Jan
4
1014 Oct 327 Jan
8
Jan
7814 Dec 90
5712 Jan 7312 Aug
3618 May 4912 Jan
103 May 10614 Nov
812 Nov 20 Feb
203 Dec 4514 Feb
4
0412 Apr 12814 Dec
45% May 663* Jan
8
30 Mar 363 Jan
16 Mar 26 Nov
4
2912 Oct 633 Jan
2812 Mar 547 Jan
93 Mar 108
Jan
80 Dec 6812 Jan
10314 Jan 116 Sept
4
128 Mar 1743 Dee
4
343 May 6912 Dec
08% May 13812 Dec
273 Mar 4938 Oct
8
4
553* Jan 703 Dee
85% Nov 91 Dee
9878 Nov 1015s Nov
1612 Nov 4712 Jan
2114 Nay 2614 Jan
4
273 Jan
20 Nov
8512 Dec 9912 Feb
Jan
5412 Dec 72
Jan
97 June 104
Jan
89 May 100
11814 Jan 237 NO,
1212 May 298 Sept
40'2 May 57 Dec
I Mar
% Dec
4514 Apr 8714 Dec
91 Mar 1073 July
8
112 Aug
612 Jan
87 Mar 1153 Aug
8
114 May
414 Nov
5012 Oct 937 Aug
75 Oct 15% Sept
8
87
Oct 9612 Aug
70 Mar 9212 Jan
122 Mar 14434 Jan
97 May 137 Dec
355 Mar 515 Dee
8
12212 Jan 13014 Dec
4412 Mar 62 Dee
64 Apr 823 Dec
4
00 Mar 104 Dee
2814 Oct 5338 June
8% May
1112 Jan
3512 June 503 Des
2014 Aug 303 Jan
8
4
973 Jan 105 Nov
1512 Sept 2014 June
51 18 Nov 55 Dec
7712 Mar 108 Dec
Jan
32 Nov 51
2313 Oct 465 Feb
12312 Mar 14112 Dec
31
Oct 10418 Feb
2114 May 4714 Jan
7912May 90 July
8
Oct 20 Mar
19 Mar 46 Nov
4
11112 Mar 1163 Aug
8
4
1065 Mar 1363 Dec
23
Oct 328 Feb
1545 Nov 18112 Dec
4
1003 Apr 11018 Dee
10% Oct 2012 Feb
61% Mar 82 Feb
4 Mar 16 Dec
1514 Oct 3412 Feb
9912 Mar 115 Feb
10212 Oct 11012 Feb
8912 Mar 9814 Sept
3358 Dec 7812 June
7118 Mar 941 Aug
6•1 Dec
814 Dec
6512 Mar 728 Feb
Jan 120 Sept
114
1914 Oct 2412 July
9214 NOv 9612 Aug
21% Oct 2558 Nov
100
Oct 102 Nov
997 June 13214 July
43 May 683* Dec
143 July
4
17 Apr
375* Dec 593 Feb
10612 Nov 115 Feb
10318 Jan 12712 June
115 Mar 12412 Dec
28 Mar 4712 Dec
86 June 94 Dec
41 May 11134 Jan
61 Mar 105
Jan
23
Oct 348 Aug
160 Apr 20014 Jan
96 May 107 Feb
28 Nov 4958 Feb
1414 May 2614 Jan
767 Apr 8414 Mar
94 June 107 Mar
3214 Mar 5612 Feb
7314 Dec 1793 Jan
5518 Mar 85
Jan
195 Jan 36 Dec
25% Nov 42 Feb
53 Nov
93 Jan
4
39 Mar 553 Jan
99% June 109 Dec
50 Mar 94% Aug
947 Mar 14018 Aug
46 Mar 5912 Feb
Jan 118 Dec
109
10914 Apr 11812 Feb
8
51 Mar 563 Aug
265* Mar 397 Dec
79 June 9512 Aug
113 Dec
4
Jan
11
Jan
34 Mar 59
New York Stock Record-Continued-Page 4
1045
For sales during the week of smoke usually inactive, see fourali:pege preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 12.
Monday,
Feb. 14.
Tuesday,
Feb. 15.
Wednesday, Thursday,
Feb. 16.
Feb. 17.
Friday,
Feb. 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par
100 Gen Gas &Elec pf A (7)No par
103 103 *10212 106 *103 106 *102% 108 •102is 106
No par
100 Preferred A (8)
115 115 3111412 117 *114 117 13114 117 13114 117
*9712 99
139712 99 *97
99
Preferred B (7)
No pa
*9733 100
*97% 100
155% 157% 3153 155% 353,000 General Motors Corp NO Par
155% 1583 15718 15912 154% 157
4
100
4
800 7% Preferred
12012 12018 12014 1203 12012 12012 *120 121 *120 12012
_ *104
13104
_
100
6% preferred
*10412 -- *104
*104
9212 93% 933 9412 9412 95% 9412 963 32,100 Gen Ry Signal new__/refar
4
4
93 94
43
1340
43
*40
43
43
43
43 *40
100 General Refractories-No Par
*40
4112 42
42 4214 41% 42
4114 413
42 42
No par
4 3,900 Gimbel Bros
103 103
900 Preferred
100
10214 10214 70214 10214 10214 10214 *102 103
8 2012 2012 204 2012 1912 2018 7,500 Glidden Co
No par
20% 20% 20% 207
*4534 46
46
*45
46
46
4514 46% 45% 46
1,900 Gold Dust Corp v t e No par
53
5112 5212 5218 5318 18,700 Goodrich Co (B F)
5412 5518 X524 5414 52
No Pee
9914 99 4 99% 9912 *99
99 4 99 99
3
,
500 Preferred
100
99 99
1003 1003 10034 1003
4
4
4
10014 1001 10034 1003 101 101
4 1,500 Goodyear T & Rub pf v t 0-100
107 107 13107 10712 10718 10718
107 107
400 Prior preferred
100
107 107
4
4
6612 65% 66
65 6612 653 853 66 66% 66
2,200 Gotham Silk Hoalery__Ns par
No par
*6412 6512 65 654 6614 66% 8614 8614 664 66% 2,100 New
8
100
700 Preferred new
10814 10814 *10718 10814 108 108 10714 1077 107% 10738
834 9
8% 8% 1,000 Gould Coupler A
8 4 83
3
4
812. 812
814 8 2
,
No par
34% 3414 3418 34
3314 34% 33% 3414 34
3414 15,200 Granby Cons M Sm & Pr_100
1104 11212 11238 114
113 11418 20,700 Great Western Sugar tern 0025
11034 1111 11034 111
11812 11812 11834 1183 *118 1183
100
119 1193 11734 119
130 Preferred
4
3134 313
32
3218 32
3112 323
4 31% 32
3214 3,800 Greene Cananea Copper-100
9
9
9
83
9
9
4 8
9
9
1,100 Guantanamo Sugar- No Par
6212 63% 6014 6214 6034 607
6014 603 14,600 Gulf States Steel
100
5914 631
4
58
58
5978 60
60
5812 60
60
100
57 571
370 Hanna tat prat class A
*26
26
27
*26
27
*26
261 x26% 27
8
27
50 Hartman Corp class A-No par
2514 2514 243 243
2438 25% x2512 251
4
244 24% 2,900 Class B
No par
1512 1614 1612 161
1614 163
16
1612 161
16
2,466 Hayes Wheel
No Pa
84 84
8412 85
843 843 1382 85
4
844 8412
25
600 Helme(G W)
3184 333
30% 31% 30
2712 311
3033 2812 2812 9,000 Hoe(R) & Co tern otfs.No par
6014 6014 *60 62
3160
62 *60
*60 61
62
100
100 Homeetake Mining
48% 49
48 4 483
3
4812 481
473 481
4
473 48
4
1,600 Househ Prod.Ino.tem ctfNopar
86
88
87 90
87 881
86
871
85 8612 18,500 Houston 011 of Tex tam ctfe100
37% 383
38
381
3818 39
38% 3818 3918 3918 6,000 Howe Sound
No pa
6412 66
64 8 65% 6212 64% 6218 63% 61% 62% 127,000 Hudson Motor Cur.__.No pa
,
2112 217
2112 21% 21% 211
2114 2118 6,900 Hupp Motor Car Corp.. _ _10
2118 211
3112 32% 30% 32
3112 321
3078 311
2912 30% 30,800 Independent Oil& (.1as_No pa
*15
151 *1518 1514 01151s 1514 15
15
*15
1514
No pa
200 Indian Motocycle
9
914
8% A)
914 914
8% 9
10
*87
8 9
1,200 Indian Refining
9
914
87
8 9
9
912
8% 94 *vs 9
10
8.200 Certificates
*9214 94
139214 94
139214 94
*9214 94
94
*9214
Ingersoll Rand new___-No pa
41% 413 x41
411
4118 42
42
42
4214 43
No par
2,600 Inland Steel
*11218 113 *11218 113 13112 113 *11218 113 131124 113
100
Preferred
23 • 2312 23 234 23 231g 23
23'8 234 233* 4,100 Inspiration Cons Copper_ _.2
124 1212 1234 1234 1234 1284 1284 1284 1284 1234 1,100 Intercont'l Rubber_ __No pa
10
10
10
10
10
101 *10
101z 10
10
No pa
2,000 Internat Agricul
65 65
*63 64
*63 64
6414 65
65 65
100
600 Prior preferred
594 59% 5918 6018 59 607
5914 5984 5812 59
11,500 Int Business Machines_No pa
5014 5072 51
4912 51
511
51% 52
5112 52
8,400 International Cement__No pa
10518 10518 *105 106% *10518 1063s *10514 10688 10514 10514
200 Preferred
100
4712 48% 49
5112 504 517 x5012 517
5014 5284 195,300 Inter Comb Eng Corp-.No pa
15534 15812 155 157
15512 1611 160 16312 158 16112 47,100 International Harvester-100
[Stock
13127 127% *127 1274 127 1271 *12718 12712 1274 12712
100
500 Preferred
61
% 7'i
65s 788
712 712 3,300 Int Mercantile Marine...._100
*
7% 73
4
73
4 7%
Exchange
414 4214 4134 421a 403 4188 4034 423
100
4 4214 4338 30,800 Preferred
4
63 63 4 6278 63% 6278 641
3
63 6388 6314 6388 4,800 International Match prof_ _3
42
4314
4214 4314
421
4214 427
42
417k 423 37,100 International Nickel (The).2
31101 106 31103 106 *103 106 *103 106 13103 106
100
Preferred
Lincoln's
5514 56
100
55 5512 55
5514 5484 55
55 55 14 4,200 International Paper
100
99% 993 *9912 993 *9912 9984 99
4
9912 9934 9934
400 Preferred (7)
4
Birthday *16014 16114 161 161 *16014 16114 *16014 16114 *16014 16114
100 International Shoe____No par
127% 128% 127% 128% 12612 128
126% 12814 129 131
39.000 Internet Tele') & Teleg_..100
. Holiday
21
21
No par
21
23
22 2214 21
22
*21
22
5,400 Intertype corp
100
574 577
58
67
5712 5612 5634 561k 57
3,000 Jewel Tea, Inc
a 57
1
'120 125 *115 125 '120 125 13124 125
125 125
200 Preferred
16
1614 15% 1612 16
1614 16
16
16
16
2,600 Jones Bros Tea. Ino,stpd 100
1912 19
No par
19
19
19
20
*183 19
4
19
19
2,500 Jordan Motor Car
10
Kansas Gulf
113 113
113 113 11318 113% 41112 11314 *113 11314
300 Kan City P&L let pf A_No par
52
52% 51% 52% 523s 5234 5212 5318 52 525s 8,300 Kayser (J) Co v t c___ _No par
10
1012 1018 1014 1012 1014 10
1014 10
25
1014 2,800 Kelly-Springfield Tire
*40
45
*41
45
4412 4412 1342
45
1342
100
45
200 8% Preferred
*437 48
*43% 48
*43% 48
*437 48 *438 50%
8
100
6% preferred
*77
79
77 77
77
77
*78
80
1378
80
100
400 Kelsey Wheel, Inc
603 61
4
6114 61
61
613
8 6114 62
61% 623 29,600 Kennecott Copper
*
No par
*13
*
/
1
4
3
4
113
3
4
*18
3
4
500 Keystone Tire & Rubb No par
18
18
23 23
25
26
*2512 2634 2655 2618 26
263
4
600 Kinney Co
No par
*52
53
5212 5212 5234 53
5314 5314 533 533
4
800 Kraft Cheese
25
4
497
48% 4912 49
4914 49 49
49
487 4912 6,100 Kresge (8 5) Co now
10
111 111
111 11114 *111 112
11112 11112 11134 112
100
280 Preferred
•15
1714 '15
17
17% 1315
1315
1612 *1514 17
Kresge Dept Stores--.No par
*70
7518 *7014 753 *7014 75
4
*7014 75
*73
75
100
Preferred
180 180 *180 184 *180 184
*180 184
180 184
900 Laclede Gas L (St Louis)-100
21% 2118 132112 2118 2112 2112 2138 2138 2034 2112
700 Lago Oil & Transport_No par
70 707
703 7012 6984 7018 1,200 Lambert Co
8
70% 70% 13704 7014
No par
71
714 77
7% 7% *712 75,
711 1.100 Lee Rubber & Tire.. No par
7 4 7%
3
3514 36
38% 3712 z3612 36% 3614 3614
*3534 36
No par
2,200 Latin & Flak
2378 2438 2418 247
4 6,200 Life Savers
2334 24
245* 243
2334 24
No par
*9112 92
92
90% 91
9212 9214 923
*89
90
2,500 Liggett & Myers Tob new__26
12834 12834 *1283 1293 129 129
4
*125 128 *125 128
100
200 Preferred
5812 9012 90
9178 918 925, 9112 9238 10,500 "B" new
89
89
25
7214 71
72
7334 7412 z7212 7314 7134 7212 70
No par
10,800 IAma Loo Wks
5712
5612 573
4 57
57
5712 5938 5512 583
4 57
14,100 Liquid Carbonic certifs_No par
8 527 5312 5312 54 24,400 Loew's Incorporated. No pa
51
5212 52% 5212 5214 527
678 7
67
8 7
85, 718
7
718
7
7 1s
No par
4,000 Loft Incorporated
41
41. *4012 41
*4034 41
*4034 41
41
41
400 Long Bell Lumber A-_No par
16512 166 *160 164 *162 166
164 167
16734 168
1,300 Loose-Wiles Biscuit
100
16018 162 *160 170
165 165
18512 16512 *160 165
400 2d preferred
100
2914 2912 2914 2912 3,000 Lorillard
297 30
29% 30
29% 30
25
*115 117 *115 117 *115 117 *114 117 *114 117
Preferred
100
163
8 157 1614 1584 1578 16,100 Louisiana Oil temp etfe_No pa
1534 1638 15% 153
8 16
*95
97
*95
97
*943s 97
*9412 97
*94
97
Preferred
100
8 2514 2512 2514 2514 4,300 Louisville 0& El A----No par
25
2518 25
25% 2514 253
27
2714 2612 2634 2,300 Ludlum Steel
2614 28
2684 27
*2612 27
No pa
122 122 *12211 123
*120 121
400 Mackay Companies
121 12214 31122 125
100
*7112 7134
400 Preferred
*7112 71% *7112 71% 715* 71% *7112 72
100
94
97% 9614 973
4 9614 9788 9714 9988 973 995 68,300 Mack Trucks, Ino
No par
110 *107 110 *107 110
*108 111 •107 110 *107
1st preferred
100
*10212 10412 *10214 10412 *10212 10412 *10212 10412 *10212 10412
2d preferred
100
2,500 Magma Copper
33% 3388 3338 3312 344 3414 33% 3418 33/8 335
14
1312 1334 1,100 Mallinson(KR)& Co:N par
1454 14
R)
N
:
1434 1412 1412 14
75
75
*73
76
7612
500 Manati Sugar Prig
*73
'73
*73
76
*73
76
100
5712 4.600 Manh Elea Supply.--..No par
,
3 59
5884 5734 58 4 57
58 583
4 58
58
Manhattan Shirt
•25
26
13244 2578 *2418 25% *2418 2512 *2418 251.
26
451
4512 *40
Manila Electric Corp__No par
4512 1340
*40
4512 *40
4512 *40
19
2,300 Maracaibo Oil
20
20
1912 2014 1912 2014 1914 1912 19
5612 5714 58,300 Marland 011 Expl_.--NO Par
67 57511
573* 573
4 5712 5812 573* 583
8 5
No par
35
351
6,500 Marlin-Rockwell
36
36
35
3634 3514 3634 3434 35
No par
1322
2212 *2214 2212 *2112 2212 *2112 2212 *2112 2212
Martin-Parry Corp_ Ne par
.
91
924 9414 90
2,900 Mathieson Alkali Wkstem at!
9178 91
9112 91
94
91
50
694 7034 14,900 May Dept Stores new
71
6988 6938 z69 69% 69
70% 70
25
264 2712 x263, 2714 265* 268 25% 26% 2612 2738 10,400 Maytag Co
No par
*62 64
634 *62
1362
6412 *62 634 *62
633
4
McCrory Stores Class B No par
*261 27
8
*26
2634 1326
27
1.300 McIntyre Porcupine Mines_ _5
2612 2612 2612 27
*2514 2534
2534 2534 25% 257
300 Mgtro-Ooldwyn Pictures pf _27
25% 25% 31254 26
75
718 7%
4
8
84 83 4 75, 814 8,400 Mexican Seaboard 011__No par
8
014
148 15
1434 15
1478 1518 154 1512 154 1514 4,100 Miami Copper
5
3712 38
38
368 48,300 Mid-Continent Petro...No par
3788 3818 365* 3734 3612 37
*10414 10514 10212 10312 103 103 31102 10312 103 103
2001Mid-Cont Petrol prat
100
278 3 33,400'Middle States 011 Corp__ __10
27s 3
3
27
8 3
3
3
3
17
17
17
8
1% 17
134 18
17
8
13
4
17
8 3,9001 Certificates
10
11212 11234 115 11612 117 118
119 11912 118 119
1.800 Mtdland Steel Prod pref. __100
•Bid and sated prim: DO SOWS OS thIS day. x az-aivisime. •
111-11111111.
PER SHARE
Range Sines Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Per share $ Per share $ per share
95 May 100 Dec
10712 Jan 24
1158g Jan 28 10512 Apr 113 Sept
9834 Feb 2
9214 Apr 98 Jan
15912 Feb 15 11314 Mar 22534 Aug
122 Jan 7 11312 Jan 12214 Dec
105 Jan 3
9814 Apr 105 June
9634 Feb 18
6012 Mar 93% Aug
43 Feb 5
36 May 49 Jan
4114 Nov 78% Jan
4414 Jan 28
1044 Jan 11 100 Nov 11138 Jan
2134 Jan 3
15% June 253 Jan
4
4712 Feb 9
4112 Mar 567 Feb
8
394 Nov 7034 Feb
.555* Feb 14
9412 Dec 100 Feb
9912 Feb 16
101 Feb 16
9612 Dec 10978 Aug
1071s Jar 26 10414 Dec log Sept
3314 Mar psoz Nov
66% Feb 16
4712 July 68% Nov
667 Feb 16
2
108 j 22 10812 Feb 2
5
4 Jar 16
an
9% Jan 13
8 Oct 2112 Jan
3 4 Fen 27
11 jab 17
1618 Mar 36% Dec
35 Jan 3
89 Apr 1134 Dec
109 Jan 26 11472 Jan 17
4
1173 Feb 15 12178 Jan 17 10812 Mar 11814 July
9% Apr 3434 Dec
2914 Jan 27 32% Feb 14
5% Jan 1072 Feb
8 Jan 25 10 Jan 4
51% Oct 93% Jan
53 Jan 4 63% Feb 15
45 June 6012 Dec
56 Jan 31 67 Jan 19
26 Oct 284 Nov
25 Jan 22 27 Jan 8
2418 Dec 30 Sept
2312 Feb 9 2612 Jan 3
1718 Dec 46 Jan
1512 Feb 15 20 Jan 3
68 mar 88 Dec
7612 Jan 14 85 Feb 17
Iva may 3512 Aug
4
22 Jan 31 333 Feb 15
4712 Jan 63 Oct
60 Jan 25 6318 Jan 12
8
40 Mar 483 Jan
4314 Jan 3 494 Feb 2
5014 Mar 71 Jan
4
6018 Jan 11 913 Feb 7
27 Jan 45 Sept
37% Feb 14 4014 Feb 2
40% Oct 12314 Jan
4814 Jan 24 66 Feb 9
17 Mar 28% Jan
21 Jan 17 23% Jan 10
1938 Mar 34 Jan
29 Jan 3 3234 Feb 1
1412 Dec 2414 Feb
14% Feb 8 1512 Feb 7
784 Oct 1314 Feb
7% Jan 29 1038 Feb 1
72
74 Oct 12% Feb
934Feb 3
8014 Mar 104 Jan
9534 Jan 3
92 jan 10
Jan 12
341k May 4334 Dec
41 Feb 15 4334 Jan 3
4
111 Jan 3 111 Jan 3 1083 Mar 115 Feb
2034 Mar 28% Nov
23 Feb 14 25% Jan 12
12 Dec 2134 Feb
1112 Jan 3 131s Jan 7
918 Dee 2614 Jan
91s Jan 25 10% Jan 4
5638 Dec 669578 J
6018 Jan 26 65 Feb 14
Dec
84 Mar
53% Jan 13 60% Feb 16
443s Oct 71% Jan
4514 Jan 21 52 Feb 17
10214 Jan 21 10514 Feb 18 1017 Oct 106 Jan
331 Mar 6412 Jan
43% Jan 28 52% Feb 18
13538 Jan 18 16312 Feb 17 11214 Mar 1581* Dec
12634 Jan 12 128 Jan 3 118 Jan 129 Dec
8% Feb 7
6 Sept 123 Feb
s
4
3 18 Jan 6
64
7
1
27 Mar 46 Feb
44% Feb 7
53% Mar 66% Feb
6212 Jan 17 64% Jan 4
323k Mar 4614 Jan
3814 Jan 3 4338 Jan 11
105 Jan 11 10614 Feb 2 10118 Jan 10412 Dec
444 Apr 63% Aug
5318 Jan 3 6014 Jan 10
89 May 100 Dec
9612 Jan 3 9934 Feb 14
160 Jan 21 161 Jan 4 135 May 175 Jan
12214 Jan 25 131 Feb 18 111 Mar 133 Jan
1812 July 29 Jan
1912 Jan 31 23 Feb 15
25 Jan 5612 Dec
594 Feb 9
123 2 jan 28 125 Feb 18 11512 Jan 127% Nov
53 J
;4
3
9 Dec 19% Feb
10% Jan 3 1612 Jan 19
12 Nov 66 Feb
1812 Jan 18 2212 Jan 5
14 Mar
8 Jan
4
4 Jan 11
11214 Faa 10 1141s Jan 13 1074 Mar 115 Nov
j eb 1
3314 May 5134 Dec
50 Jan 4 5714 Jan 31
9 Oct 2112 Feb
912 Jan 27 1112 Jan 10
434 Oct 7434 Feb
35 Feb 2 4412 Feb 16
45 Dec 7314 Feb
44 Jan 19 48 Jan 10
76% Nov 126 Feb
77 Jan 26 85 Jan 4
493 Mar 64% Nov
4
60 Feb 9 62% Feb 18
12 May
2% Jan
12 Jan 3
% Feb 1
39 Nov 824 Jan
2014 Fet 10 45 Jan 5
61 F 1 1
5618 Dec 68 Nov
59 Jan 13
4234 Mar 82 Jan
45% Jan 28 55 Jan 7
1104 Feb 9 112% Jan 5 11212 Nov 11434 Feb
151s Mar 3338 Jan
1412 Jan 29 1712 Feb 8
7014 Mar 9314 Feb
74 Jan 31 80 Jan 4
1734 Jan 27 184 Feb 18 146 Mar 19614 Dec
191s May 2411 June
2012 Jan 13 2272 Feb 2
3913 May 72 Nov
66 Jan 28 7178 Feb 10
614 Dec 14 Jan
7 Jan 4
772 Feb 14
4
303 Mar 4118 Jan
3514 Feb 17 3734 Jan 19
1714 May 25 Dec
22 Jan 7 2478 Feb 17
724 Mar 103 Dec
*8712 Feb 10 1027 Jan 4
8
12434 Jan 27 129 Feb 18 11934 Jan 12934 May
71 Mar 7234 Dec
*86% Feb 10 10234 Jan 18
62 Jan 6 7412 Feb 11
5312 Mar 69 4 Jan
3
51 Jan 5 5938 Feb 14
4312 Oct 58% Nov
46% Jan 4 54 Feb 18
3414 Mar 4838 Dec
Vs Jan 20
6 Oct 1114 Feb
4134 Dec 6012 Feb
4214 Jan 7
4082 Jan
61 8
150 Jan 18 168 Feb 15
88 Mar 17712 Dec
15814 Jan 18 16512 Feb 15 12014 Mar 175 Dec
2914 Feb 3 32% Jan 3
273 Oct 4214 Feb
4
117 Jan 25 11812 Jan 13 11118 Apr 120 Aug
15% Feb 18 184 Jan 5
12 Mar 19% June
95 Jan 10 97 Feb .5
93 Dec 98 Dec
23% Jan 3 2512 Feb 17
22% Mar 2618 Feb
264 Jan 12 2912 Jan 22
22% Oct 5814 Feb
120 Jan 14 128 Jan 4 122 Oct 138 Feb
70% Jan 7 72 Jan 27
68 Mar 73% Feb
99% Feb 18
89% Nov 169 Jan
1084 j 225 111 Jan 4 10712 Nov 113 June
89 Ja 4
:
102 Jan 18 104 Jan 4 102 Oct 108% Sept
2912 Feb 9 3538 Jan 4
34 Apr 44% Feb
1312 Feb 18 16 Jan 5
12% Nov 281s Jan
72 Jan 18 7612 Feb 18
55 June 82 Feb
4
525* Jan 25 60 Feb 9
44 Oct 873 July
244 Jan 18 2612 Jan 12
21% Oct 32% Jan
2712 Mar 4538 Sept
40 Jan 22 44 Feb 4
1612 Oct 28 Feb
18 Jan 6 2234 Jan 18
4914 Mar 6338 June
5512 Jan 28 5812 Jan 17
2412 Oct 33 Mar
27 Jan 10 38 Feb 9
17 May 23 Junt
20%,Jan 6 22% Jan 10
624 May 10618 Jan
82 Jan 6 9514 Feb 10
6912 Dec 70 Dec
6714 Jan 27 71 Feb 17
19 Mar 2412 Sept
23% Jan 15 28 Feb 3
Jan
72 Mar 121
58 Jan 20 7512 Jan 3
2214 Oct 30 Feb
2511 Jan 25 27 Feb 5
2214 Jan 2512 Nov
2434 Jan 3 25% Jan 22
6 Feb 132 July
4
914 Feb 16
63 Feb 10
8
11 Mar 17% Oct
1434 Feb 8 1618 Jan 3
274 July 37 Jan
3434 Jan 3 39% Jan 21
90 Mar 10414 Dec
103 Jan 10 05 Feb 3
% Nov
212 Jan
314 Feb 8
118 Jan 3
II Oct
13 Dec
8
214 Feb 8
110 4 iaa 24
1 J n i5
2
1191, Feb 17 107 Mar 13312 Feb
per share
100 Jan 3
115 Jan 15
96 Jan 13
14512 Jan 25
120 Jan 26
105 Jan 3
824 Jan 14
38 Jan 14
40 Jan 4
10214 Feb 7
1812 Jan 26
424 Jan 29
4234 Jan 3
95 Jan 3
984 Jan 27
105 Jan 7
8
573 Jan 12
12
1046
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding
111017 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 12.
Monday.
Feb. 14.
Tuesday,
Feb. 15.
Wednesday, Thursday,
Feb. 17.
Feb. 16.
Friday,
Feb. 18.
Sales
for
the
1Yeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PEE SHAKE
Range Since Jan. 1 1927
On basis of 108-share lots
Lowest
Highest
PEN SH AKE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share $ per share $ Per share $ per share 3 per share Shares Indus. & Miscell.(Con.) Par 3 Per share $ per share $ Per share $ per share
353 363 *33
4
8
36
1,100 Miller Rubber ctfs____No par 3138 Jan 25 364 Feb 14
3558 355 .34
3514
3512 *34
8
30 May 4434 Fob
8312 83l
2,200 Montana Power
84
84% 847
853
4 85 8512 8418 85
100 8112 Jan 28 8 3 Feb 15
69% Mar 8612 Nov
4
6218 6512 654 67
6414 6612 6412 6518 64% 6612 80,500 Montg Ward & Co III corp__10 60 8 Feb 8 674 Jar 5
3
56 May 82 Jan
•94 1018 *912 1012
*912 10
500 Moon Motors
95 10
8
*912 10
No par
1212 Jan 5
84 Jan 2 i
93 Nov 373 Feb
4
418 414 3,200 Mother Lode Coalltion_No par
4
4 14
4% 414
418 414
418 418
4 Feb 9
4 Nov
712 Feb
44 Jan 3
97 1018
1078 11
103 103* *105 11
8
1012 11
2,200 Motion Picture
8
97 Feb 17 13 Jan 17
No par
103 Dec 231z June
4
345 35
3412 35
3412 3518 1,700 Motor Meter A
3412 35
345 35
3334 May 538 Feb
No par 3318 Jan 31
3718 Feb 3
2214 223
8 223 223*
22% 2214 2214 2,400 Motor Wheel
8
223* 2212 2214
No par 203 Jan 3 249 Jan 7
1918 Nov 337 Feb
8
4
*10
1014
10
1112
1112 *11
10
400 Mullble Body Corp
1012 1012 11
No par
10 Jan 5 11 12 Feb 17
8 Nov
193 Feb
4
*38
3312 *37
3812 "3714 3812 *37
3812 *37
Munslagwear Co
3812
No par 37 Jan 3 397 Jan 11
343 Apr 383 July
4
4
8
7 363
34
3434 34
36
35
3714 3012 3710 29,800 Murray Body new
4 36
No par 303 Jan 27 3714 Feb 17
4
6614 6812 6712 6812 603* 673* 6610 67
4
6512 663 56,100 Nash Motors Co
No par 63 Jan 28 7312 Jan 5 70752 Mar - 8 Dec
*512 6
5
6
3
5% *5
*5
.5 4 *412 512 1,600 National Acme stamped_100
5 Nov
127 Jan
5 Feb 15
8
63 Jan 7
8
973 983
4
2,900 National Biscuit
4 9712 983* 9712 98
963 977
4
8 975 98
8
25 913 Jan 27 10112 Jan 10
74 Jan 102 Dec
4
•13034 133 *1303 133 *1303 132
4
131 131 *1303 133
100
4
4
Preferred
100 130 Jan 10 133 Feb 11 126
Jan 13112 Apr
41
4114 4012 41
4012 403
4 4012 40% 403* 40% 4,600 Nat Cash Register A w 1 No par 394 Jan 3 42 Jan 2 I
3712 Oct 64 Jan
225 227
8
8 213* 2212 2212 22% 2318 268 26
3014 17,200 National Cloak & Sult
100
18 Jan 22 3014 Feb 18
18 Nov 57
Jan
77
77
3,800
7612 77% 7612 7712 793 8014 82, 85
4
Preferred
8
100 61 Jan 31 85 Feb IS
5818 Nov 9212 Jan
7
77
77
774 77
8,000 Nat Dalry Prod tern otrallo par 703 Jan 3 78 Feb 10
76
7614 773
78
4 754 75
53 Apr 80 Jan
0
25
2514
400 Nat Department Stores No par 243* Eeb 7 2612 Jan 10
2514 254 2514 *25
25
25
2518 *25
24
Oct 423 Jan
*91
92 .91
*90 • 92
100
91
let preferred
92
91
*91
92
100 91 Feb 17 9414 Jan 10
893 Oct 97
4
Jan
2212 248 2234 243* 2418 2712 26
2612 40,600 Nat Distill Prod ctfs___No par
2718 25
17 Feb 8 27 8 Feb 16
1212 May 34 Jan
50
523
8 50
5112 5112 3,400
52
Preferred temp etf_No par 4318 Feb 2 53 Feb 16
52
537
51 12 51
7
3712 Aug 7318 Jan
8
4 263* 265 *2512 25 8 1,600 Nat Enam & StampIng
2712 2634 263
254 2514 26
100 2412 Jan 11 293 Jan 17
21 18 July 4012 Jan
4
*83
85
8412 .83
*82
*83
85
Preferred
85
85
*83
100 81. Jan 4 8312 Jan 24
76 July 893 Jan
4
17114 1723 *163 1697 166 168
1683 17512 4.300 National Lead
4
8
4
168 169
100 163 Jan 27 175.2 Feb 18 138 Apr 181 Dec
118 118 •11734
300 Preferred
__ 118 118 *118 120 z11812 11812
100 11714 Feb 3 1183 Jan 8 116
Jan 120 May
4
1978 2014 11,200 National Pr & Lt ctle_No par 19% Jan 23 22 Jan 6
2012 2034 2018 -2014
2012 204 2012 20
163 Mar 383 Jan
8
4
91
4
923
4 9214 9312 9314 95
4
9512 903 953 14,600 National Supply
9.5
5512 Jan 88 Deo
56 8212 Jan 3 95 4 Feb 18
3
*11612 120 *116% 120
100 National Tea Co
11618 11610 *117 120 *117 120
No par 11412 Jan 11 118 Jan 6 11612 Nov 238
Jan
14
1414 144 1418 1412 14
1412 6.700 Nevada Consol Copper
14
14
1418
5 133* Feb 10 15 Jan 3
1614 Nov
113* June
47
8
477
464 467
4618 47
8 4612 4714 464 473 17,100 N V Ali Brake
No par 404 Jan 8 477 Feb 11
3612 Jan 4612 Sept
1818 1612 1618 1612 134 16
16
9,000 N Y ,. imer_ emp ctfs_No par
143 1512 16
4
133 Feb 16 217 Jan 3
4
2018 Nov 843 Jan
4
*47
4812 50
50
49
1,000 Preferred
49
483 497
*483 50
8
8
No par 48.2 Feb 14 72 Jan 13
7014 Dec 85 Apr
*3412 35
3414
400 New York Dock
3412 3412 *344 3412 34
*3412 35
100 34 Jan 14 36 Feb 9
Oct 45% Feb
32
74
100
*72
.72
73
73
*73
73
*72
73
73
Preferred
100 7218 Feb 9 7412 Jan 10
69 May 77 Dee
*2815 2314 284 2814 2814 2814 *2814 2812 *2814 2812 1,100 Niagara Falls Power pf new_25 274 Jan 3 i
29 Jan 5
273* Mar 2912 Dee
473 4834 483* 4914 473 484 4714 4814 4712 43
4
31,800 North American Co
3
10 453* Jan 14 493 Jan 19
4
Jan
42 Mar 67
51
300
51
51
51
51
*5012 5112 5013 5112 51
Preferred
50 50 Jan 10 51 14 Jan 7
Jan 524 Aug
49
800 No Atner Edison pref __No par 963* Jan 6 10014 Jan 23
983
8
98
99 99
99
*97
98
z98
98
93
91 18 Mar 97 Deo
8
5
514
43* 47 11,700 Norwalk Tire & Rubber_ _10
47
8 47
5
8 47
514
8
47
4 Jan 3 I
54 Feb 10 '418 Oct 1518 Jan
*13
13
14
13
300 Nunnally Co (The)____Aro par
13
14
13
*13
*13
14
13 Jan 19 13 Jan 19
123 Dec
4
1712 Jan
05 3114 Jan 28 403 Feb
3,514 3514 347 3512 364 3714 7,100 011 Well Supply
3618 3612 3512 3614
0
7
30 July 363 Oct
12
1214
1318 1314 4,700 Omnibus Corp
1213 1212 1212 125
8 128 13
No par
12 Feb 11
143 Jan 6
8
12
Oct 2214 Feb
5912 61
6114 6114 61
6112 6114 623
4 623* 62% 4.100 OPPenhelm Collins & CoNo par
5812 Feb 8 62 4 Feb 13
47 jail 633* Sept
3
3234 323
z333 337
6,700 Orpheum Circuit, Inc
4 33
8
3312 34
34
3312 34
1
3018 Jan 4 34% Jan 2 t
2712 Mar 3318 Nov
•106
*106
Preferred
*106
*106
*106
100 105 Jan 20 107 Feb 10 101
Jan 105 Apr
10712 107
8
1,300 Otis Elevator
- -12 10714 10712 10712 10712 1063 107
1063* 1063
4
50 z103 Feb 2 131 Jan 18 106 May 136 Dec
•10314 1093* *10814 109
170
103 10814 109 1093* *108 1094
Preferred
100 103 Feb 16 111 Jan 14 1023 Jan 10912 Aug
4
77
77
77
712 77
814 4,700 Otis Steel
8
8
8
8
714 Feb 10
No par
812 Jan 14
8
Oct 1412 Jan
6512 6512 66
600 Pclor pref
6612 6612 66%
67
*6512 6618 *66
100 6112 Feb 8 67 Feb 15
63 Nov 74 Sept
•80
8012 8018 8012 80 80
1,600 Owens Bottle
79
79
797
79
25 7518 Jan 18 807 Fob 4
8
533 Mar 903 Deo
4
4
55
800 Outlet Co
56
55
*5412
55
55
557 557 *55
8
56
8
4
No par 523 Jan 21 5712 Jan 3
44 May 5514 Dee
•105 -_ _ •10512 108 .106 108 *106 110 *106 110
Preferred
100 107 Jan 27 107 .111,127
9712 Apr 10712 Dec
Stock
313 31
8
8 4,100 Pacific Gas & Elec new
-58 3112 3112 313 3112 3114 3112 31
313
0
25 31 Feb 18 33 Jan 19
14
1%
112
13*
15
8 7,600 Pacific 011
15
8
No par
113
112 15
15s
8
112 Jan 12
17 Jan 7
8
ni May - -18 833 Feb
Exchange
3512 363 z35
4
8
10 34 Jan 25 363* Jan 4
8 3412 343 18,800 Packard Motor Car
34% 347
343 35
353
314 Mar 4514 July
10
97 Feb 9
1014 1012 1012 1012 1012 1014 1014
1,709 Paige Del Motor Car__No par
10
1014
117 Jan 6
8
9
Nov
2812 Jan
Closed64
64
6334 6414 .64
1,500 Pan-Amer Petr & Trans
64
4
6314 634 *6314 6414
50 603 Jan 6 657 Jan 19
5618 Mar 7612 Jan
8
6412 6512 6438 6538 6412. 6514 6418 65
Class B
4
64% 643 24,100
50 81 Jan 3 663* Jan 20
567 Mar 784 Jan
8
Lincoln's
3512 353
4 353* 363
3512 3512 1,500 Pan-Am West Petrol B_No par 3518 Jan 27 377 Jan 24
4 36
30
*354 36
36
Oct 40
Jan
18
163
8 16
5.800 Panhandle Prod & Ref _No par
14 Jan 5 187 Jan 17
155 16
8
16
167
8 157 16
412 Jan 32 June
g
16
8
Birthday *74
78 .73
Preferred
78
IGO 7014 Jan 15 813 Jan 17
78
*73
*74
78
777 *73
0
51
4
Jan 993 June
8
213 22
8
600 Park & TIlford tern ctfa_No par 20 Jan 27 23 Jan 3
*21
8
22
*21
185 Oct 28% Jan
8
22% *2018 223
22
*20
Holiday
718 714
7
74
74 714
7i8 714
718
714 3,600 Park Utah C M
1
6 Jan 3
71 2 Feb 7
518 Sept
812 Feb
38
38
37
38
037l, 38
377 3912 3958 41
8
6,100 Pathe Exchange ANo par 37 Feb 14 4234 Jan 19
324 Nov 83 Jan
8 28% 283* 2818 2818 2812 29% *2812 29
2,000 Peerless Motor Car
283* 287
8
50 267 Jar 21 32 Jan 3
233 Nov 3112 Nov
8
2112 23
23
24
No par 21 Jan 17 24 Feb 15
2234 2314 23
4
2314 223 233* 22,900 Penick & Ford
s
167 Jan 24 Dee
•11
12
*11
Penn Coal & Coke
12
12
.10
*10
12
12
*10
50
1014 Jan 19
11 Jan 2.
7 Aug
19
Oct
34% 3512 35
0512 6,90(1 Penn-Dixie Cement_ No par 3412 Jan 21 393 Jan 13
3512 35
3512 35
3514 35
38 Dec
41 Dee
•99 100
99 99
400
*99 100
Preferred
100 99 Jan 4 997 Jan 13
9912 9912
*9914 100
99 Nov 10012 Nov
7
8
4 118
1
1
118
1
1
1
35,800 Penn-Seaboard St'l vt.2 No par
1
1 18 Feb 14
5 Jan 3
8
214 Jan
6 Oct
8
12914 12912 12812 129 *12812 129
12812 1287 *12812 12914
900 People's 0 L & C (Ch1c)_ _100 126 Jan 14 12912 Feb 14 117 Jan 131
8
Doc
.88
90
.86
89
*85
90
*85
*86
89
90
Philadelphia Co (1 1tteb)._50 8514 Jan 18 88 Jan 21
3
5918 Mar 91 Dec
*5112 53
*5112 53
.53
*5112 53
*51
*51(2 53
6% preferred
60 50 Jan 6 53 Feb I()
45
Oct 514 July
4312 453* 4418 45
437 37,300 Phila & Read C dr I___No par 415 Jan 28 47 Jan 3
8
4
43
433* 443 . 433 44
8
8
3614 Apr 483 Feb
8
44
44
200
*4312 45
4
*434 4412 427 427 *423 43
8
Certificates of Int_ _No par 4138 Jan 26 44 Feb 14
363 June 4612 Jan
4
*50
54
56
100 Phillips-Jones Corp__ __No yar 47 Jan 3 50 Jan 24
50
*50
50
*49
*49
54
54
45 Dec 554 Jan
3612 3612 37
3.513 Jan 21 41 1/ Jan 10
*3534 3658
800 P1,1111) Morrie & Co, Ltd
37
.353 364
353 36
4
4
10
10
1
Apr 41 Dee
5812 593g 588 60
5912 6014 587 597
8 5818 59111 119,200 Phillips Petroleum____No par
543 Jan 3 6014 Feb 16
4
40 Mar 572* Dec
4412 4614 45
4534 45
4712 45
4712 46
4512 5,600 Phoenix Hosiery
5 42 Jan 7 47l2 Feb 15
31 Mar 4614 Nov
•10114 104
60
104 10412 *10412.._ *1023
4
_ *10412
Preferred
100 103 Jan 5 1043 Jan 2 i
94 Mar 103
Oct
4
213a 2214 21
217
8 2012 2
-118 2012 If
-12 14,400 Plerce-Arrow Mot Car No par
20 10
1318 Jan 2.5 22% Jan 3
19 May 4318 Jan
9314 9412 93
94
1,000
9112 9112 *90
93
93
*90
Preferred
100 85 Jan 17 10212 Jan 3
7612 Apr 12714 Aug
17 Jan
4
3
4
3
4
3
4
5
8
3
4
3
4
3
4
3
4
3
4 6,100 Pierre 011 Corporation
25
5 Jan 5
8
3 Jan 4
4
13 Oct
01412 15
*1412 15
15
100
*1412 15
15
*1412 15
Preferred
11 18 Nov 2718 Jan
100
1412 Feb 7 173 Jan 24
4
3
312
3
314 6.800 Pierce Petrol'm tern ctfeNo par
3
314
312 312
33
8
37 Jan 13
314
7 Jan
214 Aug
3 Jan 5
35
34
534
3512 *35
533 PIttaburgh Coal of Pa
353* 34
353* 33
29 June 4212 Jan
100 33 Feb 18 3612 Jan 3
33
300
.71
4
71
71
72
7314 *71
71
*703 71
71
Preferred
70 June 85 Jan
100 71 Feb 7 7412 Jan 7
*10014 101
*983 10012 *935 10012 *985 10012 *985 1003*
' Pittsburgh Steel pref
8
8
8
94 Mar 10018 Dec
8
100 100 Jan 4 101 Jan 18
9734 9838 93
99
9712 9814 973* 9818 973 9312 7,600 Post'n3 Cer Co Inc new_No par 9612 Jan 4 1023 Jan 14
7512 Mar 1247 Feb
4
47
503
4 49
52
56
517
3418 May 44 Nov
54
5512 5312 5414 47,200 Pressed Steel Car new
.
100 3612 Feb 5 51 Fob 16
84
84
83
8512 2,100
84% 833 853
7712 Dec 953 Jan
85
4
4
4 8512 86
Preferred
100 762 Fob 5 83 Feb 17
303 31 18 3014 31% 28
4
11 Mar 203 Oct
3034 23
4
274 283 35,3011 Producers & Refiners Corp 50
30
4
164 Jan 5 32 Feb It)
4712 4812 463 47
4
3034 Slay 413 Oct
454 463
8 2,090
4 437 4812 477 477
4
Preferred
50 3674 Jan 6 5) Feb 9
3418 343
8 3418 3412 337 3412 333* 3438 333* 34
25,300 pubServ Corp of NJ new No par 32 Jan 6 35 Jan 21
3114 Oct 333 Nov
6% preferred
Oct
9812 99'2 *9812 9912 *9813 9912 *9812 9912 *9812 991*
'
IGO 99 Jan 14 9912 Jan 5 i 9612 Apr 101
10934 1093 *1093 110
4
4
8
500
1097 11014 11014 11014 *11018 1103
8
7% preferred
100 10812 Jan 5 11014 Feb Ili 10318 Jan 110 Nov
*12514 126
1253 120
4
400
126 126
12618 12618 *12618 130
8% preferred
4
100 125 Jan 10 12612 Feb 7 I 115 Mar 1243 Nov
104 104
104 104
400 Pub Serv Elec & Gas pfd 100 102 Jan 4 104 Feb 9
104 104
97
104 104 *10312 104
Jan 10410 Sept
1144 11414 *11414 11412 1143 1143* *1143 115 *1143 115
8
8
600 Pub Service Elec Pr pref. 100 1133* Jan 18 1145 Feb 16 106
8
8
Jail 114 Aug
185 18612 184 185
18312 18512 184' 185
4
18312 1843 10,000 Pullman Company
100 18I4 Jar 18 18912 Jan 3 14514 Mar 19912 Sept
44
44
44
8
44% 44
1,900 Punta Alegre Sugar
4412 434 448 4412 4412
33 Apr 4914 Dec
50 413 Jan 26 467 Jan 3
4
287 293
0 293 31
8
s
,
3114 32% 313* 323
32 103,800 Pure 011 (The)
8 31
2514 Oct 31
Jan
2.5 2714 Jan 3 32 8 Feb 16
*112 113 *112 113 *112 114 *11214 113 *11212 113
Apr 1123
8% preferred
100 1114 Jan 11 112.2 Jan 18 106
4June
50 50
z4978 5014 5012 5114 51
47
Oct 493 Nov
8
5112 514 5212 4.200 Purity Bakeries class A__ __25 463 Jan 20 522 Feb 18
44
444 x447 47
46
s
483* 4614 4712 49
4112 Nov 44 Dec
51 18 10,600
414 Jan 3 5118 Feb 18
Class It
No par
10234 1023 *10112 105 *101 105 *101 105 *101 105
4
99
100
Oct 103 Dec
100 10114 Jan 8 104.... Feb 5
Preferred
5314 5518 53'8 543* 5314 544 52
32 Mar 615 Nov
37,400 Radio Corp of Amer.. _No par
52
4712 Jan 24 563* Feb 1()
8
538 51
52 52
52
52
52
50 5014 Feb 1
52
5218 Feb 4, 445 Mar 537 Dec
8
•52
5212 52
1,500
52
Preferred
0
414 423
4 423* 42% 423* 423* *4212 4312 424 4212
3234 Apr 413 Oct
5
40 Jan 5 42 8 Feb 161
300 Rand Mines, Ltd
4
No par
1434 1434 *143 15
8
4
143 143
4
4 143* 143* 2,3001 Ray Consolidated Copper. 10
143* 145
8
1012 Mar 163 Nov
1412 Feb 7 153 Jan 22
4
4712 48
4718 473
8 4534 4718 46
3712 Nov 5014 Oet
47
10 3918 Jan 25 48 Feb 14
468 4718 9,500 Real Silk Hosiery
*92
*92
99 .92
99
99 .92
9314 Dec 100 Nov
99
*92
100 91 Jan 29 9314 Jan 8
99
Preferred
4018 405 4014 4014 413 414 417 43
40
40
3812 Jan 21 43 Feb 18
393 Det, 56
4
4
800 Reid lee Cream
8
Jan
No par
83* *8
812 *312 9
9 Jan 10
0
*712 8
712 July
83
8 8% 1,000 Reis (Robt) & Co
183 Feb
712 Feb 5
4
No par
15312 15412 15213 154
15112 1533 153 155
4
153 1544 9,600 Remington Typewriter___ _100 11212 Jan 12 10012 Feb 8
8312 Apr 127 Feb
115 11512 114 1143 110 115
117 11712 117 117
,
Apr 118
4
100 110 Feb 18 11712 1 06 10 106
380
Oct
7% let preferred
115 11712 *11412 115
116 11712 118 118
11434 115
100 Ill Jan 0 119 Feb 10 105 Apr 11514 Aug
490
8% 2d preferred
1214 12
12
113 1112 113 117
8
114 1218 12
8
Oct 157 Jan
8
4
4,000 Replogle Steel
No yo, 1012 Jai& 28 1312 Jan 10
4
62
6234 6514 2633 64% 6212 64
627
24,100 Republic Iron dr Steel
44 May 633* Jan
100 5612 Jan 4 6514 Feb 14
0 623 63
4
102 10214 10112 10112 *101 10112 101 101
102 102
9114 Mar 99 Sept
100 9634 Jan 3 10214 Feb 15
1,500
Preferred
414 43
/4
8
8 43
43
4 4 4,
418 Feb 18
44 Jan 13
,
43
8 44
4
414 Oct 105 Jan
418 414 1,500 Reynolds Spring
No par
0
8
1223 1223 123
8
8
1223* 12312 29958 10012 13,100 Reynolds (RJ) Tob Class 13 25 z995 Feb 18 124 Jan 14
122 12212 1224
90 Mar 1217 Nov
8
82
378
82 '
*7912 82
*78
82
579
7618 Dec 100
Jan
•78
82
25 74 Jan 13 834 Jan 21
Russia Insurance Co
4 5212 5314 52
5212 523
5234 52
523
8 5214 5212 5,500 Royal Dutch Co(N Y shares)
501 2 Jan 25 54,2 Feb 9
473 Oct 573 Jan
8
4
8 41
s 403 407
4114 41
0
41
10 4012 Feb 15 423 Jan 5
3658 Slay 48% Feb
404 407s 4012 407
3,800 St Joseph Lead
537
0 5712 5314 57
5812 58
4
4 53
4218 Mar 5512 Nov
No par 524 Jan 3 593 Feb 14
5312 593
57 4 6,400 Safety Cable
,
68
*63
67
*83
*83
68
4
*6312 63
300 Savage Anne Corporation.100 613 Jan 28 71 Jan 4
674 Nov 10212 Feb
6712 63
3
27
8 314
3
3
3
3
33 Jan 10
4
3
1014 Jan
24 Jan 4
2,109 Seneca Copper
212 Dec
No par
338 33*
60
*53
59
60
59
5612 Jan 12 60 Feb 15
*5812 60
58
900 Shubert Theatre Corp_No par
52 Mar 7034 July
58
58
4814 4712 43
4714 477
3.100 Schulte Retail Stores-No par 47 Jan 18 493 Jan 3
4212 Mar 13812 Jan
4814 z4314 4814 48
48
100 11614 Jan 22 119 Feb 7 11212 Jan 120 Sept
Preferred
•116 120 *11612 120 *11612 120 *11612 120 *11612 120
8
4.191. 19In •121.. 124 •124 1212 *123 1212 1212 123
1214 Feb 19
200 Seagrove Corn
1212 Mar 143 Mar
4
No par
8
1334 Jan 3
•Bid and asked prices no sales on this day. S Et-dividend. a Ex rights, is Eg-dividend sue share of Standard Oil of California new.
New York Stock Record-Continued-Page 6
1047
For sales during the week of stocks usually inactive. see sixth page preceding
-PER SHARE, NOT PER CENT.
171011 AND LOW SALE PRICES
Saturday,
Feb. 12.
Monday,
Feb. 14.
Tuesday,
Feb. 15.
Wednesday, Thursday,
Feb 16.
Feb. 17.
Friday,
Feb. 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ Per share $ per share $ per share Shares Indus. & Miscell.(Con.) Par
550
5412 5518 54
5214 535s 54
54
.54
553 40,200 Sears,Roebuck & Co newNopar
8
6014 613
63% 6578 64
4 6014 633
60
•59
65
No par
12,200 Shatuck (F 0)
48
.4714 4812 *473* 4814 *47
*463 48
4
*4614 48
Shell Transport & Trading_£2
4 3112 318 3138 3112 15,100 Shell Union 011
3112 3134 3112 31314 3112 313
No par
•10712 10812 *10712 10812 10812 10812 *10714 1083 .10712 10812
8
100
106 Preferred
2178 2212 2238 223
213 22
4
22
2212 217 2214 25.900 Simms Petroleum
10
8
353g 36
353 3618 353 3618 4,800 Simmons Co
4
3520 36
No par
3554 36
4
8
.10814 10912 *10814 1093 10814 10814 *10814 10938 10814 10814
100
100 Preferred
8 2120 224 2134 2218 2112 22
2114 217
2114 215 70,600 Sinclair Cons 011 Corp_No par
8
10212 10212 *1023 103
4
10212 10212 1023 103
1027 1027
8
8 1,000 Preferred
100
3514 36
s
3538 367
3353 36
79,500 Skelly tell Co
353 3
3618 37
4 6
25
13012 131 13012 13012 129 129
*129 130 *128 131
900 Sloss-Sheffield Steel & Iron 100
168 169
167 168
168 170
169 172
16818 170
2,800 South Porto Rico Sugar_100
4
4
"12312 1243 *12312 1243 12412 12412 *12312 1243 1243 125
4
4
50 Preferred
100
33
33
33
3314 33
323 33
4
333
4 33
3312 5,000 Southern Calif Edison
25
353 37% 35
353
4 3512 3514 35
377 38
3512 9.700 Southern Dairies cl A_No par
3 14
123 13% 13
4
1312 13
13
13
No par
13
134 6,900 Class B
*1014 13
*1014 13
*1014 13
•1014 13
*1014 13
Spear & Co
No par
x7814 7814 *7614 7814 *763 78
80
80
4
*763 78
4
100
200 Preferred
2114 2112 2314 233
4 238 23% 233 243
8
23 4 2414 14,100 Spicer Mfg Co
3
No par
.101 104 *101 104 *101 104 *102 105 *102 105
Preferred
100
55 553
8 543 5514 543 5514 543 5514 543 547
4
4
4
4
8 4,700 Standard Gas & El Co_No par
5934 59
5918 69
59
60
59
59
59
59
1,500 Preferred
50
*71
7212 *71
71
71
7212 71
71
71 7212
100
200 Standard Milling
89
8912 90
8914 8914 89
89
8914 *89
90
100
230 Preferred
8
4
594 593 x585 5918 5812 5878 58
58% 584 583 10,600 Standard 011 of Cal new.No par
8
4
393 4014 393* 4018 39
393 40
8
397
8 387 39
57,700 tatirlard Oil of New Jersey_25
11618 11618 11618 11618 1164 11618 11618 11618 1161g 11618 1,400 Pref non-voting
100
8 334 3312 327 3312 z323 323 26,900 Standard 011 of New York. 25
3314 3312 333* 333
8
8
4
18 318 *34 33
3
4 534 3
600 Stand Plate Glass Co__No par
'4
3
4 34
34
3
937 94
9412 9412 94 94
9312 9312 9312 94
1,700 Sterling Products
No par
8
633 6412 643 6518 6318 6412 6314 64
4
7,100 Stewart-Warn Sp Corp_No par
633 64
4
49
49
49
49
483 484 50
4
50
•48l3 50
400 Stromberg Carburetor_No par
5312 5414 5314 5414 523 533
8 523* 53
515 5212 50,900 Studeb'rCorp(The) new No par
8
•11812 122 •120 122 *120 122 *120 122 *120 122
100
Preferred
.
27
27
8
27
3
3
23
4 3
3
3
4,000
No par
.33
33is 3312 3312 33'2 3312 3338 3338 334 3338 1,100 Submarine Boat
Sun 011
No par
43
514
54 53*
514 64
64 614
No par
61s 612 127,500 Superior 011
*2012 22
20
20
20
20
*20
21
no 21
100
300 Superior Steel
*1214 1312 123 123 •113 123
4
8
4 1214 1214 1214 1214
50
300 Sweets Co of America
412 4% *412 48
412 412
4% 412 *412 5
3.300 Symington temp ctfs__No par
1112 11 12 107 11
8
103 10% 10% 107
4
8 11
11
900 Class A temp ctfs____No par
123 1238 •12
8
1212 .12
1212 1212 1212 .12
12'z
300 Telautograph Corp_-__No par
1214 1238 12
12
12
12
1214 1234 7,400 Tenn Copp & C
117 1214
8
No par
56% 57
57
57
57
573
8 57
57
1,300 Texas Company (The)
25
563* 5638
563 5714 567 57,
8 563 57
4
25
565 57
8
563 56
8
3 13,709 Texas Corporation
533 543
4
8 5318 543* 531s 5312 52% 533
8 527 535* 97,200 Texas Gulf Sulphur new No pa,
1518 153
8 1538 153
4 1512 1538
15's 13,600 Texas Pacific Coal & 0111__10
153* 1512 15
1512 1614 157 17
8
163 178 175* 18% 1718 1814 33,400 Texas Pac Land Trust new __I
*2714 2738 n714 2738 2714 2734 27I4 27I2 2712 287
No par
,
The Fair
4812 4812 4812 49
*483 49
4
49
49
25
4914 4938
1,300 Thompson EJ R) Co
*27
28
2712 2712 *27
100
28
*27
28
100 Tide Water 011
*27
28
883 8812 883 883 .88
8
*
8
8813
100
8812 88
_
883* •88
700 Preferred
92
93% 927 933
8
4 9312 951
4 944 9514 x91
93'8 78,700 Timken Roller Beartng_No par
10818 10812 108 1087 108 1083 1077 1083 108 108
Stock
*
100
11,400 Ttbacco Products Corp
4
8
s
1148 11478 *114 1147 11412 11412 1141s 11438 11418 11414
100
8
400 Class A
Richange
47
47
458 5
47
8 5
5
5
47
8 5 122,100 Transc't'l 011temctf newNopar
•14
15
1412 1412 *14
1412 *14
141
14
14
300 Transue & Williams St'l No par
Closed47
4714 4618 464 4612 4612 *46
47
464 461
1,000 Underwriter Typewriter----25
41
41
4014 40'2 40
4012 40
401
2,600 Union Bag & Paper Corp100
4018 41
Lincoln's 10512 10612 1055* 1061 106 10658 106 1063 10614 10738 27,300 Union Carbide & Carb_No par
53
5314 523 53% .527 533* 5212 527
*
25
4
s 5214 5213 16,100 Union 011 California
Birthday
973 975
4
973 9734
4
100
_
9712 973 *96
400 Union Tank Car new
98
95
9514 95
25
95% 941. 9512 9412 95
4
6,000 United Cigar Stores
94
941
Holiday •128 132 *128 132 *128 132 *128 132 .128 132
100
Preferred
164 16512 31635 1653 16312 1653 164 164
100
8
4
16412 16411 3,800 United Drug
59
59
581 59
59
59
60
*5812 59
900 let Preferred
*5812 59
11814 118'2 118 11814 11812 1193 119 11914 1194 1191
NO par
4
3,700 United Fruit new
•1658 18
*165 18
8
100
*1658 18
9638 18
*16% 18
United Paperboard
•100 10112 *100 1011z 98 10112 100 100
100 Universal Pictures 1st pfd _100
*98 10112
31
32
303 3212 31
3134 31
4
32
304 3114 22,300 Universal Pipe & Rad__No par
8612 95
85
*85
*85
*8412 87
8612 *85
88
100
100 Preferred
215 21712 214 217's 215 216
214 2171 215 2177
9,300 US Cast Iron Pipe & Fdy_100
•111 114 .111 114 *111 114 *111 114 •111 114
100
Preferred
514 533
4 5312 54
53
553
4 5512 561
5512 573 13,700 1313Distrib Corp tem ctf No pa
3 533
53
4 523 523
4
4 523 523
4
.523 543 :5212 523
4
1,400 US Hoff Mach Corp vtcNo pa
797
80
8114 80
8034 79
787 803* 8012 8214 24,900 13 S Industrial Alcohol__ 100
•109 111
109 11014 *107 111 *108 111 *108 III
100
200 Preferred
6338 6414 64
643* 64
6418 64
64
' 64
643
3 6,000 U S Realty & Impt new.No par
635 65
8
6312 647
8 627 6414 6112. 6220 613 728 54,700 United States Rubber
8
4
100
•109 10912 10912 10934 *1094 110 *10914 1093 1093* 1095*
100
800 let Preferred
*343 3512 348 3514 *343 35
4
35
35
3434 353
8 1,600 U S Smelting. Ref & M1n___50
46% 467
4612 463 *4612 47
4
*4612 4714 47
4714
50
600 Preferred
15712 160
159 16014 15838 159% 158 159% 15814 15918 187,100 United States Steel Corp__100
11318 1147 114% 115
s
114 1143 114 1147 1141g 1147 63,900
4
e
New w 1
1297 130
8
s
1297 1297 12912 1297 1293 1293 1297 1297
8
s
4
4
8
1,500 Preferred
100
70
70
70
70
•70
71
70
70
570
7012
No par
600,U S Tobacco
•124 1243* *124 124% 1243 125
4
125 125
125 125
1,6001 Preferred
100
11218 11218 *110 1143 "110 1143 *1l1 1121 *111 11212
4
4
100 Utah Copper
10
29
•29
29
2912 *2918 2912 28% 294
283 29
4
1,200 Utilities Pow & 1,1 A__.Na par
*3912 40
3912 39% 3912 3912 397k 3954 393
39
4 2,600 Vanadium Corp
No par
563 563
4
5618 57% 5618 57
56
5538 5518 .56
4,600 Vick Chemical
No par
1014
8
10% 104 103 10% 10
10
97
1018
94
3
3,200 VIrg-Caro Chem new No par
34
3512 3358 34
3634 363 *3512 36
4
33% 3434
1,000 6% prof w 1
100
*8512 86
8514 .833 86
857 85% 833*
4
8434 843*
1,300 7% prof WI
100
*44
*44
50
*44
50
*44
50
50
*44
50
Virginia Iron Coal de Coke.101)
3412 3412 34
34
3412 35
3414 345
34
3412 3,000 Vlvaudou (V) new____No par
•106 110 .106 110 *106 110 *106 110 .106 110
Preferred
100
2414 24% 2414 2414 2414 2414 244 2438 2414 2414
No par
1,800 Waldorf System
•1984 20
3
20
193 193
4
4
193 19
203
4
4 2012 203
4,600 Walworth Co Ws
No par
•100
_ •101)
_ •115
_ .•112
_ _ *100
_ _ _ Ward Baking Class A No par
3012 -iciis 30 2912 -3118 31
36
1212 32 /18 I 1,300 C11188 B
5 2
No par
93 93
93
93 93
93
*92
9412 *9312 9412
400 Preferred (100)
No par
403* 415* 4112 42% 41
4112 40
41
39% 41
16,800 Warner Bros Pictures A _ _ .10
77
7738 7714 7714 78
82
833 8,512 8718 9014 3,600 Warren Bros
4
No par
693 59% 59% 598 591 593 *59
60
593
*58
400 Weber & Hellbr, new c.No par
149 150 *14914 150
150 150
151 15214 151 15312 2.900 Western Union Telegraph. 14)0
14112 14414 144 14512 14314 1453 144 147
8
1463 14812 20,000 Westinghouse Air Brake_50
7012 7312 715 7318 71
723
8 703 713
8
8 7038 717 45,200 Westinghouse Elec At Mfg_50
17
17
17
183
8 18
181s
173 1718
173 18
8
7,700 Weston Elea Instrument
*33
3312 3314 333
33 33
3312 *33
4 33
3318 1,200 Class A
1014 102
10112 10112 102 102
102 102
1023 1023
100 West Penn Elec el A vtf No par
10512 106
106 106
106 10614 106 106
106 106
320 Preferred
100
4
4
4
1123 1123 1123 1123 11234 11234 11234 112% 1123 1128
4
4
100 West Penn Power pref._ _100
4
2638 264 263 2712 2718 2712 2718 2712 27
2714 12,300 White Eagle 011
NO par
4 553 573* 5514 66
8
543 563
4
5512 57
554 56
25,500 White Motor
r 50
2712 2712 2738 2818 28
283
8 28
29
2812 29
3,600 White Rock Mln Sp ctf_No par
4612 4612 4612 463
4 463 4632 4614 463
8
4 46
4612 2,500 White Sewing Mach pf _No par
114
112
14
118
114
11*
14
114
Ds
114 11,500 Wickwire Spencer Steel ctf___
21% 2214 21% 2214 213 224 2114 21% 21% 22
8
36,900 Willy's-Overland (The)
5
.90
92
*91
92
90
91
893 90
4
90
90
600 Preferred
100
14
14
1378 1418 133 143
4
1512 167
8
4
1514 157 31,500 Wilson & Co. Ina, new_No par
8
293 30% 29% 295* 294 315
8 3018 317
30
313 21,303 Class A
8
No par
8 80
793* 807
8014 80
8212 817 8278 817 827 10,000 Preferred
o
8
8
100
12714 1283 12614 1271 12612 12714 126 1273* 125 127
8
22,400 Woolworth Corp new w I
3518 2g12 25
2512 "25
253 253
2512 2512 26
4 1,800 Worthington P .22 al
100
4912 4912 *49
4934 '
.48
348
50
50
*45
.50
100 Preferred A
100
42
4212 *41
43
541
43
.41
4212 413 413
4
300 Preferred B
100
313 317 231
4
3114 304 31
31
31
31
3212 3,900 Wright AeronautIcal___No par
.513 52
s
*513 513 *515 513
8
4
4
8
513 513 *515 5212
4
8
100 Wrigley (Wm Jr)
No par
*73
733 *73
4
733
4 7312 7312 733 733
733 *73
4
200 Yale & Towne
25
253 263
8
8 253 2614 2514 257
8 2518 2612 2512 2612 97,800 Yellow Truck & Coach___100
9412 95
*94
9412 9418 944 9414 9412 * 4 9412
94,
500 Preferred
100
8812 90
8712 89
88
88% 88
883
8 87
8814 11.000 Youngstown Sheet & T_Na pat
•1810 and Mold miner DO salas no thinhi. SEX-d1v1dend. a ItHlIvIdand and al-rurata. z Ex-dividend.
\
r
PER SHARE
Range Since Jan. 1 1927
On basla 0100-share/Ms
Lowest
$ per share
.51 Jan 17
563* Jan 17
4412 Jan 4
283 Jan 3
4
10712 Jan 27
19 Jan 3
3312 Jan 6
10714 Jan 4
19 Jan 3
97 Jan 6
344 Jan 4
12314 Jan 20
154 Jan 25
119 Jan 6
318 Jan 3
33 Feb 4
12 Feb 1
103* Feb 4
77 Jan 12
2012 Jan 27
106 Jan 10
64 Jan 25
571s Jan 3
7014 Jan 4
84 Jan 5
58 Jan 3
4
373 Jan 10
11538 Jan 3
323* Feb 18
3 Jan 11
9012 Jan 4
6212 Feb 1
477 Jan 3
515 Feb 18
8
118 Feb 10
24 Jan 4
313 Jan 10
4
412 Jan 3
1938 Jan 25
113* Jan 27
42 Feb £1
103 Feb 8
8
1152 Jan 10
105 Jan 4
8
5512 Jan 26
56 Jan 26
49 Jan 3
1418 Jan 27
1512 Jan 25
244 Jan 11
47 Jan 26
2718 Feb 8
8712 Feb 2
78 Jan 3
107 Jan 26
11318 Jan 4
418 Jan 13
14 Feb 18
45 Jan 29
3812 Jan 25
9918 Jan 26
524 Feb 18
94 Jan 3
9314 Jan 25
125 Jan 5
159 Jan 25
5812 Jan 6
11312 Jan 26
17 Feb 2
98 Jan 14
271 2 Jan 25
815 Jan 27
4
202 Jan 25
113% Jan 28
5114 Feb 14
5138 Feb I
7718 Jan 3
1085 Jan 27
8
61 8 Jan 27
4
563 Jan 25
10718 Jan 27
332 Jan 13
455 Jan 18
8
15312 Jan 28
1113* Jan 28
129 Jan 28
67 Jan 4
123 Jan 14
111
27
37
48
93
327
8
83's
43
3212
10438
2212
18
Feb 11
Jan 8
Jan 20
Jan 3
Jan 24
Jan 6
Feb 16
Feb 9
Jan 24
Jan 27
Jan 6
Jan 14
29 Jan 25
91% Jan 7
3718 Jan 26
65 Jan 14
5612 Jan 5
14412 Jan 8
13312 Jan 4
6738 Jan 4
15 Jan 8
304 Jan 6
977 Jan 4
102 Jan 4
111 Jan 15
2534 Jan 3
533 Jan 25
26 Jan 26
46 Feb 18
12 Jan 26
19'2 Jan 24
89 4 Feb 17
3
1114 Jan 17
2614 Jan 26
7618 Jan 3
1173 Jan 11
4
2012 Jan 27
46 Jan 22
40 Feb 2
30 Feb 3
g
507 Jan 4
7014 Jan 8
25 Jan 14
94 Jan 6
St's Jan 29
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Risher:
$ per share $ per share $ per share
4414 Mar 583 Sept
553* Feb 15
s
65% Feb 17
47 Mar 69% Jan
4012 July 483 Jan
47% Feb 10
8
313 Feb 7
4
24 Mar 31 Nov
10812 Jan 10 103 Mar 114 July
2234 Feb 16
1512 Aug 2820 Jan
36% Jan 11
283 Oct 5412 Jan
110 Feb 10 10512 Nov 10912 July'
223 Jan 20
8
163 Oct 248 Feb
4
1034 Jan 31
90 Mar 9913 June
37 Feb 18
263 Mar 3718 June
8
13112 Jan 10 103 Apr 14212 Aug
17314 Jan 10
92 Apr 16912 Dec
125 Feb 18 110
Oct 121 Dee
30 Dec 33 July
3414 Jan 13
41
458 Jan 13
Oct 5512 July
20 Jan 7
1712 Oct 353 Mar
13 Jan 20
10 Dec
173 Feb
4
SO Feb 14
72 Apr 8212 Jan
183 Apr 3138 Feb
243 Feb 17
4
4
106 Jan 10 101
Jan 10714 Dee
51 Mar 69
557 Jan 5
8
Feb
533 Mar 573 Feb
60 Feb 16
8
671s Oct 9212 Feb
7212 Feb 11
80 Mar 90
905 Feb 9
Feb
523* May 635 Sept
60% Jan 19
8
3738 Dec 463* Jan
413 Feb 5
8
11614 Feb 11 115 Nov 1191s May
3212 Dec 3314 Dec
3418 Jan 18
312 Nov
414 Jan 3
107 Feb
8
75 Mar 9614 Nov
9612 Jan 12
61 Nov 927 Jan
67% Jan 5
473 Dec 774 Jan
51 Jan 7
4
47 May 62 Sept
5612 Jan 7
120 Jan 4 11412 Feb 12212 June
33 Jan 8
4
1 12 July
3% Feb
347 Jan 17
3018 Mar 4138 Jae
1 July
6 2 Feb 18
514 Dec
1912 Apr 34% Sept
254 Jan 21
1338 Feb 3
8% Apr 175 Sept
*
4 Nov
6 Jan 14
1412 Jar
,
105 Oct 20% Feb
133* Jan 14
133* Jan 22
11
Apr 147 Jar
134 Jan 13
1038 Dec 16 Fet
58 Jan 17
48 Mar 58 Aug
5312 Nov 577 Dec
58 Jan 17
8
5438 Feb 14
39
Oct 523 Nos
8
12
168 Jan 12
Oct 1912 Jar
2014 Jan
___ _ __.
_ -_
287 Feb 132
18
2
Dec 34
Jar
4914 Feb 18
424 May 5012 &PI
294 Jan 13
27 Nov 394 Jar
8912 Jan 19
874 Nov 103
Jar
9534 Feb 16
44% Mar 853 Nog
2
1103 Jan 5
8
9514 Apr 1165 Sept
8
11612 Jan 18 103 Mar 1183* Sept
5 Feb 14
3 Mar
512 Jul3
1514 Jan 6
15 Aug 27
Jar
4314 Nov 6334 Jai
4712 Jan 19
4314 Jan 3
35 May 71 14 Jar
1075 Feb 18
8
7712 Mar 1003 Deo
4
5612 Jan 6
3714 Jan 583 BelY
3
9814 Jan 19
93 Dec 9514 Dei
100 Jan 6
8318 Feb 1093 Aui
128 Jan 5 1147 Mar 125 Juni
8
17114 Jan 10 134 Mar 174 De
60 Jan 12
5512 Mar 59 Jul:
1197 Jan 5
8
98
Apr 126 Noi
17 Feb 2
17 Dec 3812Ma)
10112 Feb 3
90 Mar 9812 De,
31 Fell 7
1358 Mar 3412 De,
52 Mar 9012 De,
90 Jan 11
22812 Jan 3 150 May 24812 Aui
115 Jan 5 10014 Mar 118 De
39 Mar 61 12 Fel
60% Jan 12
567 Jan 19
8
457 Jan 593 Fel
8212 Jan 18
453* Mar 8412 De
11014 Feb 15
994 Apr 1147 No,
8
4818 Mar 717g Jai
665 Feb 7
8
65 Feb 14
5014 May 8814 Jtu
110 Jan II 10112 Mar 109
Jill
30
36% Jan 4
Oct49% Jai
473 Jan 4
42
Oct50
Jai
16014 Feb 15 117
Apr 16012 De,
116 Jan 10 1137 Dec117 De
8
1305* Jan 5 12412 Mar 1303 De
4
70 Jan 11
5612 Jan 67 De
125 Feb 16 112 Mar 123 De
93 Apr 116 No'
11312 Jan 4
297 Feb 9
0
275 Dee 37 Fel
8
41 Feb 3
29 Mar 43 Au,
5S Feb 11
4314 July 52 Au
103 Feb 14
4
9
Oct 2512 Fel
363 Feb 14
4
313* Oct 69
Ja:
875 Feb 11
83
Oct 984 Ja.
51 Jan 4
44) May 6012 No
353 Jan 31
4
26 Mar 3612 De
108 Feb 3
943 Jan 11012 De
4
25 Feb 7
17
Jan 23 De
21 Feb 5
1214 June 2314 Ja
99 June 195
Ja
33.s Feb 18
2114 Oct 853 Fe
8
9534 Feb 3
8812 Oct 11012 Ja
4512 Jan 6
12 June 6914 Sep
904 Feb 18
43% Apr 69 De
6134 Feb 1
53
Apr 8512 Ja
15312 Feb 18 13412 Mar 157% Sep
14812 Feb 18 10514 Mar 146 De
73'2 Feb 14
65 May 7912 Fe
18 18 Feb 15
1912 Jul
133* May
345 Jan 28
2714 Jan 3212 Oc
103 Feb 8
8812 Jan 9812 Oc
10738 Jan 31
9512 May 10212 De
114 Jan 13 108 Mar 115 Sep
2518 Apr 29% Fe
2712 Feb 15
90 Fe'
5I 18 Ap
573* Feb 15
Oct 383* Fel
22
29 Feb 17
4612 Oct 6414 Oc
59 Jan 17
33 Ja.
4
5 Dec
8
1 12 Feb 14
18 May 34 Ja
237 Jail 10
8
8812 Oct 99 Fel
95 Jan 11
6 May
143* De
16% Feb 17
14 May 303* De
317 Feb 17
8
42 May 813 De
827 Feb 17
8
12838 Feb 14 12014 Dec 128 De
4
19 Nov 443 Ja:
27 Feb 8
44 Nov 80 Fel
50 Feb 8
3714 Nov 65 Fel
4314 Feb 8
2412 Mar 393 Jul
3514 Jan 6
47
Apr 593 Fe'
524 Jan 21
5
6012 Mar 7212 Au
73 Feb 3
20 May 393* Sep
29% Jan 5
9112 Apr 10712 Sep
99 Jan 3
69 May 9514 Au
90 Jan 13
1048
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
and interest-except
income
las 1 1909 the Exchange method of quoting bonds was changed and prices are now
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 18.
Price
Friday.
Feb. 18.
Week's
Range or
Lou Sale
Range
Since
Jan. 1.
to
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 18.
and defaulted bonds:
Price
Friday.
Feb. 18.
Week's
Range Of
Last Sale
Range
Since
Jan. 1.
Bid
disk LOW
U. S. G
mint.
H05 No, Low
High
Bid
Ask Low
High
High No. Low
First Liberty Loan
rapanese Govt loan 48-1931• J 917 Sale 9112
168
90
92
9212
• D 101114410114s 1011,3,10114as 75 101 s11011,
,
80
-year a 1 6368
60
,
834% of 1932-1947
1954 P A 101 Sale 101
9978 102
10138 56
J D 1001344 -- 101
Jan'27
Cony 4% of 1932-47
100144 101
Oriental Development 68_1953 M
978
14
9738 Sale 9678
94
98
J D 1031144 Sale 103 a4 103"as 86 102344103
,
Cony 434% of 1932-47
0u Leipaig (Germany) a f 75.
FA 10214 Sale 10114 10214 95 10014 102%
1947
J D 10210,4
1021532Dec126
2d cony
% of 1932-47
Lyons (City of) 15-year 60-1934 MN 98 Sale 9512
91
9312 977
96
8
Second Liberty Loan
Vlarseilles(City of) 15-yr 6a-1934 MN 955s Sale 953
119
9314 97 5
96
5
MN 100344100744 100'at Jan'27
48 of 1927-1942
)4exican Irrigation 4360,
1943 MN 9512 96 30 Mar'26
MN 1001044 Sale 100"as 100"st -OOO 1001,
Cony 434% of 1927-1942
34101 as
Assenting 8 44a.
,
3514
1943
_
31
31
Jan'27
Third Liberty Loan
Mexico (U S) eat 58011899 L'45 45 3
2
50
50
50
50
MS 101"at Sale 10111,,101",, 207 101 ss101,1:s
,
454% of 1928
Assenting 58 of 1899
20
1945
40
41
3912 5(1
55 3934
Fourth Liberty Loan
Assenting 58 large
39% 4014
4034 Jan'27
AG 103"a: Sale 103 103"as 690 03":1103
,4as
434% of 1933-1938
9ss
Assenting 58 small
Treasury 454a
1947-1952 AO 110"as Sale 1101%110"as 174 110 31110"as
,
Gold deb 45 of 1904
1954 3D 2814 283. 3712 M Y:2
6
4 3 JAT 25
4
Treasury 48
1944-1954 J D 1062,82 Sale 1061.41106"as 56 106 31106"st
,
Assenting 48 of 1904
2434 3453
2814 Sale 2712
2814 21
,5
Treasury 354e
1946-1958 MS 103"aa Sale 103 as 103,8ss 52 1031,1104,
Assenting 4s of 1904 large
_
27 Dec'26
nd City Securities.
Assenting 4801 1904 small
2
7
2702 2%58 Sept' 5
27
3 10012 1007
NY City-411e Corp stock_1960 MS 10012 10078 10012 10012
8
Assenting 4,011910
33 27
2614 2753
4Iye Corporate stock
1964 MS 10212 103 10212 Jan'27
10212 10212
Assenting 45 of 1910 large.....
7
2712 Sale 2714
2615 314
2712
1 1025 1028
4301 Corporate stock
1966 AO 102% Sale 102%
8
8
Assenting 46011910 small
2378 Sale 2238
223 2658
8
237 116
8
dge Corporate stock
1972 AG 10258 103 1027 Jan'27
1027 1027
8
8
Tress 6801'31 assent (large)'33 33 4314 44 42
38
42 464
43
4349 Corporate stock
4
1971 J D 10714 107% 1063 Oct'26
Small
414 48%
43
433
4 75
634s Corporate stock.Ju1y1967 J J 10634 107% 1063 Jan'27
8
10658 1068 Montevideo 78
4
8
1952 3D 9978 Sale 997
997 102
8
102
434e Corporate stock
106211 1064 Netherlands 65(flat prices).,,.1972 M
1965 J D 10612_ 10638 Jan'27
10812 Sale 10814 10812 10 1074 10812
8 -,
Mis Corporate stock
1963 MS 1063 107 8 10612 Jan'27
1068 10612
8
30
-year external 69(flan...1954 AG 10378 Sale 10314 1037s 85 10314 1037
8
4% Corporate stock
1959 MN 9912 9934 9914 Jan'27
99
99 4 Norway 20
,
41 10114 10214
-year extl 68
1943 FA 10134 Sale 10134 102
4% Corporate stock
1958 MN 9918 9934 9914 Jan'27
99
9914
20
-year external 68
1944 FA 10214 Sale 10134 10212 90 10114 10212
99% Jan'27
4% Corporate stock
1957 MN 9918
98% 100
30
-year external 65
1962 AO 10134 Sale 10118 1013
,
4 15 100 102 8
9812 Nov'26
,
6% Corporate stock
1956 MN 98 8
40
-year Sf 06s temp
1965 3D 10038 Sale 100
98 4 101
,
10053 74
8
,
4% Corporate stock
1955 MN 98 8 99 977 Oct'26
Oslo(MY)30
13 100 8 101%
-year 81611
1955 MN 101 Sale 10034 101
,
99 Mar'26
4% Corporate stock
1938 MN
FA 99 Sale 99
Sinking fund 5365
992
21
1946
97 100
1 5355 106% Panama (Rep) exti 5368
8
414% Corporate stock. 1957 MN 10614 1068 10638 106%
_
1953 3D 10218 102% 10212 10212
2 1024 10212
106% 10638
414% Corporate stock _1957 MN
10534 107 Peru (Rep of) external 88_1944 AO 10412 Sale 104
10514 13 1031y 1054
897 901s
2
9018 Jan'27
331% Corporate stk_May 1954 MN
Extl sink Id 734s temp_ _1940 MN 10034 Sale 10034 10114 28 1003 10134
8
89% Jan'27
89% 89% Poland(Rep of) gold 68
834% Corporate stk_Nov 1954 MN
29
1940 AO 8211 Sale 82
83
7612 85
89 Apr'26
1955 MN
3348 Corporate stock
Extl sink Id g 81;
1950 33 95 Sale 9412
9314 96%
953 264
4
10212 Oct'26
Canal Im 48.1961 J J
New York State
Porto Alegre(City of)86
1961 J D 10412 105 10412 10412
3 10314 105
10212 Aug'26
1960
4s Canal
Queensland (State)extl of 781941 AO 11218 Sale 11112 11218 12 111 113
102 May'26
1962
ls
25
-year external 68
1947 P A 10512 Sale 10434 10512 36 104 10512
JJ
10238 Mar'25
1942
43 Canal
Rio Grande do Sul ail! 8a-1946 AO 106 Sale 10512 106
2 1033 106
8
102 Apr'26
1964 J J
4368 Canal Impt
Rio de Janeiro 25-yr a f 8s.--1946 AO 10434 Sale 10434 1047
8 31 102% 106
1017s Mar'26
45 Highway !rapt regtiVd_1958
25-yr extl 88
1947 AG 104 Sale 10312 10418 18 10214 104%
7
4
111 Dec'26
Highway improv't 434a..._1963 1 —S
Rotterdam (City) extl 6s-1964 MN 1031 10414 10414 Jan'27
4
_ 1035 1043
8
4
7612 Feb'25
1991 J
Virginia 2-3s
Sao Paulo(City)sf58
1952 MN 10818 Sale 108
3 , 10712 108%
10818
Foreign Gov't and Municipal's
San Paulo(State) ext a 188-1936 33 10412 Sale 10434 105
14 10412 10512
9814 104
Argentine Govt Pub Wks68_1960 AO 98 Sale 98
97% 983
4
External et 8s int recta_ _1950 3J 1065 107 10653 10634 10 105 10712
100 Jan'27
997 1014
8
Argentine (Nat Govt of) 76_1927 FA
External water loan 76_ _ _ _1956 MS 9938 Sale 9912 100
24
9834 10012
98% 56
Sink fund 69 of June 1925_1959 3D 98 Sale 98
9734 983 Santa Fe (Prov Arg Rep) 76_1942 MS 9518 033 9512
4
8
958
4 35
93 4 9614
3
9734 9834 Seine (France) call 78
En]s f 66 of Oct 1925.._1959 AO 98% Sale 98
983
4 83
1942 33 101 Sale 100
1013 268
s
97% 1025
4
MS 9912 Sale 99
79
Sink fund 6s Series A__
1957
9738 100 Serbs, Croats As Slovenes 88-1962 MN 102 Sale 1014 10238 44
100
974 102%
External 58 series B._Deo 1958 3D 9818 Sale 984
97 8 98 4 &Masons(City) extl 61
, ,
9812 45
1936 MN 94 Sale 9358
78
944
914 97
Extl s f Ss of May'26 temp 1960 MN 9814 Sale 98
97 4 99 Sweden 20
,
9814 77
-year 65
1939 3D 10434 Sale 104
10434 14 10311 104 4
5
8
98
98% 164
Eat!6s Sanitary Works,...1961 J A 983 Sale 9814
98%
External loan 5348
1954 MN 10338 Sale 10314 103% 20 102% 104
91 Sale 91
Argentine Treasury 58 5_ ......1945 M
9112 26
903 92 Swiss Confed'n 20-yr a 1 88-194033 11312 Sale 11318 11312 59 113 113%
5
Australia 30-yr 5a_ _ _July 16 1955 3) 98 Sale 9712
186
9714 9812 Switzerland Govt ext 5)48-1946 AG 10312 Sale 103
98
10312 15 10255 104
Austrian (Govt) 6 f 76
1943 3D 10338 Sale 1033
8 10514 57 10114 10512 Tokyo City 5s loan of 1912_ _1952 M
Sale
10
7558 797
5
76
Bavaria (Free State)6365_1945 FA 9912 Sale 9912 100
9818 10014 Trondhjem (City) extl 836s-1944 J
10 S
781
7
7734 10118
1
78
994 101%
3D 1113 Sale 11 8 112
47 111 114
4
Belgium 25-yr eat af734s g-1945
,
Upper Austria (Prov) 7a._ —1945 3D 96 Sale 96
9612 32
94 97
20
-year 6 f 8s
1941 FA 10838 Sale 08 8 109
42 108 109
,
4
Uruguay(Republic)extl lis_ _1946 FA 109 1093 10958 109, 2 108% 112
5
25
-year external 6345
,
1949 MS 100% Sale 00 8 10114 86
963 10212
4
114
1960 MN 9534 Sale 95
External a 1 66
96
95
9612
External 6 f 66
1955 J J 964 Sale 96
92% 98 Yokohama (City) extl 6s_ _ _1961 3D 9514 Sale 95
9612 101
130
96
9314 9712
External 30-year a 1 78_1955 3D 10418 Sale 033
4 10412 195 10212 10512
Railroad
MN 1027 Sale 0212 103
Stabilization loan 76
8
1956
174 101% 1037 Ala GC Sou 1st cons A.5s1943 J
1025 10318 10318 Jan'27
8
8
10318 10318
Bergen (Norway) a 1 86
3 11212 1133 Ala Mid 1st guar gold 511_ — _1928 MN 10012 102 10012 Jan'27
1945 MN 113 113% 1212 11318
4
10038 10012
25
-year sinking fund 60_1949 AO 100 10012 923
7
9912 10014 Alb & Susq cony 340
1946 AG 8734 Sale 8734
4 10014
873
4 10
87% 87 4
5
Berlin (Germany)06s
1950 AO 99% Sale 99% 100
71
1998 AO 8514-9818 10012 Alleg & West let g gu 48
84% Jan'27
84% 85
Bogota (City) ext'l a f fis_ _ _1945 AO 104 Sale 0312 104
8 10254 :0412 Alleg Val gen guar g 48
1942 MS 954 953- 96 Jan'27
4
954 96
N 104 Sale 03% 10412 38 1035 10512 Ann Arbor hag 48
Bolivia (Republic of) 88_ _ __1947
8012 Sale 80
8
July 1995 Q
8012 18
794 81
125
Bordeaux (City of) 15-yr 68_1934 MN 96 Sale 95%
98
93118 32
933 977 Atch Top dc S Fe—Gen g 48-1995 AO 9312 Sale 9312
s
s
92% 94%
31 104 10812
(USBrash
of) external8&,1941 3D 10634 Sale 0614 107
AO
93 Jan'27
Registered
92 93
9312 560
Externals f 634a of i92&_1957 AO 93% Sale 92
1
89 93
91
91
Adjustment gold 48__July 1995 Nov
8714 9114
94% 9112
8
76 (Central Railway)
1962 3D 967 Sale 953
Nov
96% 141
844 Sept'28
4
Registered
7348(coffee!lemur) (flat)
.1952 AO 10412 105 047 Jan'27
1037 106
8
8
1
July 1995 MN 88s 8958 8834
Stamped
8834
Bremen (State of) ext'l Ts__ -1935 MN 104 Sale 04
MN 85 8812 85 Jan'27
10414 34 10218 105
Registered
85 85
9914 10012
10012 Sale 99% 10012 30
Buenos Aires(City) extl 61491955 J
_ - 8812
1955 3D 883
Cony gold 48 1909
887
8 10
884 88%
9414
92
9212 54
Bulgaria (Kingdom) a f 76-.1967 J J 92 Sale 92
44
Cony 46 1905
1955 3D 883 89 88
88% 10
8734 89
Caldas Dept of(Colombia)7346146 J J 9818 Sale 98
98 983
4
9814 40
Cony g 48 issue of 1910.-1960 3D 8618 87 8714 Jan'27
86
87 1
1
8
Canada(Dominion of) 58-1931 AO 1013 Sale 0118 10112 16 1004 101%
8
East Okla Div 1st g 48— —1928 MS 9914 995 99%
9912 15
9914 997
8
1929 FA 102 Sale 017
39 10138 1024
8 102
10
-year 53511
1
Rocky Mtn Div 1st 48
1965 33 90 Sale 90
90
894 90
1952 ▪ N 10414 Sale 044 10412 71 104 10512
191
2 904 91%
Trans
-Con Short L let 46_1958 J J 9134 Sale 9134
913
4
FA 9812 Sale 98%
068
1936
984 98%
9812 38
•S 98% 983 9914 Jan'27
4
Cal-Ariz 1st ref 448 A 1962
984 9914
Carlsbad (City) a f 88
1954 J J 10514 Sale 043
3 10312 10514 AU Knox,& Nor 1st g 5a__ _1946 J D 1043g
4 10514
10434 Jan'27
10454 10434
10814
108 1094 Atl & Charl A L let A 410-1944 33 97
Chile (Republic) ext'l s188_ _1941 FA 108% 1087 08
8
,
_ - 99% Jan'27
99% 100
20
-year external a f
1942 MN 10012 Sale 0018 10012 41 100 101
2 10418 105
81s1 30
-year 58 series B__19443) 10412 105 10418 10418
25
-year externals f
1946 MN 10814 Sale 08
108% 25 10734 109
Atlantic City 1st cons O.— -1951 33 8518 8978 8634 Dec'26
AG 9318 Sale 923
External sinking fund 68..1960
4
9214 934 Atl Coast Line lot cons 48 July '52 M.E3 9414 94 4 94
934 331
,
9512 81 -9334 11119314 93%
Externals 16,
93% 58
1961 FA 9338 Sale 9314
10-year secured 78
1930 MN 10314 Sale 0314 103% 19 10314 105%
95% Sale 9512
9512 9612
9618 41
Odle Mtge Bk 634. June 30 1957
1
General unified 434s
1964 3D 98 Sale 98
98
9754 983
4
9612 984
96% Sale 9612
f 6Its of 1926__June 30 1961
L N coil gold 48.___Oct 1952 MN 9212 Sale 9211
974 50
9112 93
923
4 21
2712 Sale 2712
2418 30
2914 16
Chinese(Hukuang Ry)58__ _1951
Atl & Dant lstg4s
,
7938 8112
8018 24
1948 33 79% Sale 793
4
MS
9934 1014
1
100
Christiania (Oslo) 30-yr 61651954
-- _ 100
7
21148
7414
73% 75%
1948 33 7312 Sale 7312
975 10012 All & Yad 1st g guar 48-1949 AG 8314 83% 83%
8
7
99% Sale 9912
Cologne(City) Germany63661950 M
993
4 92
824 84
83%
99% 10012 Austin & N W let gu g 58.-1941 33 9914 - -- 103 Jan'27
2
Colombia(Republic)6 yis_ _1927 AO 10014 Sale 10014 10014
103 103
97
97 101
Dept of Antionula 7s A
94
1945 33 97 Sale 9512
9418 34
Bait& 011101st g 48_ __ _July 1948 AG 94 Sale 93%
93% 954
2
97
59
External s 17s ser B_ _1945 33 97 Sale 9512
94
97
92
92
92
92
Registered
July 1948 Q J 9114
J 1003 Sale 10018 10012 25
113
Copenhagen 25
9914 1007
8
8
-year a f 068_1944
98
99
20-year cony 4348
97
1933 MS 9734 Sale 97%
Cordoba (Prov) Argentina 781942ii 983 Sale 9812
9712 9912
4
9912 26
▪ B
9638 Nov'26
Registered
123
Cuba 5e of 1904
3
10038 10012 1003
1944 M
4 12 10018 100 4
4 1003
3 1024
8
Refund & gen 58 sates A__1995 3D 10078 Sale 0012 101
External 5s of 1914 ser A,1949 FA 101%,
10112 1017
105% 30
8 12 10114 101%
lets 58
1948 AO 105% Sale 05
4
5
External loan 4368
94
9434
1949 FA 948 953 943
10-year 66
943
4 11
4
024 103
1929• J 102% Sale 02% 102% 56
Sinking fund 5346
077
8 108% 63 10755 108%
J
1953
1023 Sale 1023
4
4 103% 23 1(1118 1033,
Ref & gen 69 aeries C
1995 3D 107% Sale
2
Csechoalovakia(Rep of) 88..1951 AG 10812 Sale 108
77 105 110
93
109
92% 9514
PLE&W Ya Sys ref 43_1941 MN 93 Sale 9278
77 101% 102%
Sinking gund 8a ser B
_1952 AO 10838 Sale 108% 108% 71 10434 108%
Southw Div tat 58
1950 33 10178 Sale 0134 102
External Tiis series A 1945 AO 10714 Sale 10714 10814 167 1043 10814
26
84
4
82
84
Tol&
Div 1st ref 4s A.1959 33 84 Sale 8312
Danish Cons Munlcip Se A 1946 F A 11118 Sale 1103
4 11112 23 10938 11112
8
Ref & gen 55 aeries D
2000 MS 100% Sale 00% 10118 92 1003 1023
4
Series B s f 8a
1946 FA 1103 11112 1103
4
4 11138 14 10914 111% Battle Crk & Slur 151 gu 38-1989 3D 65 6712 65 Jan'27
64
65
Denmark 20
-year 68
1942 J J 10412 Sale 10418 1043
33 96 9614 9512 Jan'27
4 55 10338 105
Beech Creek let gu
9512 95%
Dominican Rep Cust Ad 5348 '42
9413-•S 9914 Sale 9914
9912 10
9512 Jan'27
9914 1004
9512 9512
• Registered
Dresden (City) external 78_ _1945 MN 1034 104 103% 103% 28 10012 10402
99 10112 99 Jan'27
99
24 guar g 58
99
1936
Dutch East Indies extl 65_1947 J J 10234 103 1025
83 Nov'26
8
4
44 1023 1033 Beech Crk Ext let g 3366-1951 AG 82
8 103
—
-year fls
40
£13
8
1962 MS 103 Sale 102% 103
43 1024 10318 Big Bandy let is
1944 3D 91 -1 -- 9114 Dec'26
S 100% 10112 10058 101%
80
-year external 5368
1953
,
8
8 1003 102 Boat & N Y Air Line 1st 4s-1955 P A 80 8 8112 8018 Jan'27
-igE3 81
-year external 534
30
1953 MN 10114 Sale 10058 101% 14 1005 1015 Bruns & W 1st gu gold 45-1938 33 954 97 95% Dec'26
8
8
5
El Salvador (Repub) 88 __1948 33 10614 107 10612 Jan'27
a
11511- 1
- 10614 1077 Buffalo R & P gen gold 58......1937 MS 1024 10312 10212 102%
95
68
Finland (Republic) extl 88_ _1945 MS 9514 Sale 95%
N 9434 Sale 94%
9418 9612
1957
93
953
4
9512 24
Consol 4348
External sink fund 76. _ _ _1950 MS 1004 Sale 10018 10038 10 100 102
90 Dec'26
MN
Registered
MS 98 • Sale 973
1956
Jan'27
ggly 71
- 101
External 16 Sin
-ioi- 101
1934 AG
4
96
9912 Burl C R & Nor lat 521
3 105 106
105
Finnish Muss Loan 6345 A 1954 AO 9712 Sale 9712
3
98
98
983 Canada Sou cons gu A 58._ _1962 AO 10504 106 105
4
964 96
9612 18
External 6345 series B— —1954 AO 9712 Sale 9712
95
97
95% 99 Canadian Nat 434 -Sept 15 1954 MS 96
9814 14
7
1094 Sale 10812 10912 140 10814 110
99
French Repub 25-yr ext'l 80_1945 M
99% 100'
5
-Year gold 4348. _Feb 15 1930 FA 9934 Sale 9934
8
4 35 114% 1104
-year external loan 7345_1941 3D 1093 Sale 10812 10938 189 105 11212 Canadian North deb 61 75._1940 3D 11534 Sale 115% 1153
20
J
10134 Sale 10138 10214 506
External 75 of 1924_. _1949
1946• J 11838 Sale 11818 118% 16 11738 1183
99 10418
4
-year 81 deb 616s
,
20
9812 14
German Republic ext'l 7s_ _1949 AO 10714 Sale 10714 108 213 10612 1094
974 9811
10-yr gold 4 yis_ _ _Feb 15 1935 P A 98 Sale 98
833
63 101 103% Canadian Pao Ry 4% deb stock_ _ J J 83% 84 8312
4 27
8314 8512
German Cent Agri° Bank 76_1950 MS 10234 Sale 10212 103
1954 MN 102 Sale 102
9612 137
10212 16 101% 1023
96
1946 MS 9612 Sale 9578
9612
4
Gras (Municipality) 88
Col tr 4368
FA
95% Jan'27
4 105
36 10418 105% Carb & Shaw let gold 48._1932 M
055 95 8
8
GS Brit & Irel(UK of) 550_1937 FA 10434 Sale 1943
3
11818 Sale 118% 1184 22 1163 11818 Caro Cent let cons g 45
86 86 Jan'27
1929
4
88
86
10
-year cony 55.2/1
1949 3D 83
3 102% 10334
Greater Prague(City)7345-1952 MN 10618 Sale 1064 10612 37 10358 10612 Caro Clinch dr 0 1st 3-yr 56_1938 313 10238 Sale 102% 10238
MN 9514 Sale 933
JO 10814 Sale 10834 109
1964
4
57 108 109
1952
9314 9514
9514 29
let & con g Os series A
Greek Government 75
___ 9012 Dec'26
4
1952 AO 993 Sale 99
1981 J O
99 10014 Cart & Ad let gu g 48
99% 29
-Haiti (Republic) s 1 61/
9012,
4 15 1034 10514 Cent Branch U P 1st g 4.8. —1948 JD 84 4 86 85 Jan'27
808 88
Heidelberg (Germany)ext 7%850 3, 10434 Sale 10414 1043
101
9758 1017 Central of Oa 1st g 5a_Nov 1945 FA 10412 105 10412 10412
56
1 10412 10518
8
Hungarian Menlo Loan 7411.1945 3) 101 Sale 100
1945 MN 104 Sale 104
97% 157
1 103,4 10412
9514 99
10412
Sept 1 1946 J J 9714 Sale 97
Consol gold 55
External 5 f 78
4 10312 19 10014 105
10
8 102 10238
-year secured 66_ _June 1929 3D 10238 Sale 10214 102%
Hungary (Kingd of) 8 f 7345.1944 FA 10284 Sale 1023
2 104% 10614
8
Ref dr gen 554 series IL -21959 AG 10478 10614 10614 10614
,
Ind Bank of Japan 8% notee.1927 FA 10012 Sale 10014 10012 39 100 1005
9514 860
94121Sale 9412
1
8914
9234 97
Cluttt Div pur money 8 48-1951 3D 8812 91
89
8914
8914
Italy (Kingdom of) ext'l 7s._1951 J
10214 Dec'26
Mac & Nor Div let g 58-1946 33 100
1946 3J 10178 104 10178 Jan'27
1017 102
,
Mobile Division 58
40,_ _1961 33 83 Sale 82
29
83
Cent New Eng let gu
7812 83
100'8100"n
AL
r4.410.„
Cln
1049
New York Bond Record-Continued-Page Z
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 18.
Price
Friday.
Feb. 18.
Week's
Ranges,
Last Sale
5
45,
Range
Since
Jan. 1,
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 18.
t
Price
Friday,
Feb. 18.
Week's
Ranges,
Last Sale
.4 03
Range
Since
Jan, 1.
High
High No Low
Ask Low
Bid
Low
High
9
94% 96
5
9%
9912 9912 Yuba RR 1st 50-year be g__1952 3' 95 Sale 95
2 107 108%
8 108
1936 JD 107% Sale 1075
1st ref 7485
100 1001 2
2
9912 101
1938 JO 10014 Sale 10014 - 10014
let lien & ref Is tier B
112 11418
40
j 102 10214 10212 103
99% 103
1966
iaba 5i-inhere Ry lot 813
8
1123 113
98% 983
4
4
983 993 983 Jan'27
4
4
1931 .1 J
913 9212 Day & Mich let cons43.(s
s
9
93% 0412
,
93 4
1943 MN 93% Sale 93%
90% 9938 Del & Hudson lst & ref 4s
4
, 1223 863 114% 1223
4
1935 A0 121 Sale 1161
30-year cony bs
4
973 9778
1937 MN 104 105 10412 10412 35 103 105
15-year 5!is
4
8912 923
4
4 13 106% 107
1063
4
'13 1063 Sale 1063
1930
10-year secured 78
10112 103
D RR & I3dge 1st gu 45 g_ _1938 PA 9412__ 95 Apr'26
9112 -299 -airs III;
-1st cons g 4s 1936 J J 9114 g;le 91%
6114 Den & R 0
jai); 18 9412 9534
95
1938 J J 95 Sale 9412
Consol gold 444s
103% 104
2
9912 100
8
8
995
10212 . Improvement gold 53._ _ _1928 JD 99% 99% 095
10212
73% 8112
8112 1135
4
N 8112 Sale 783
9718 98% Den & R G West gen 5s_Aug 1955
3
34
3512
3512
J 3512 Sale 35
Des M & Ft D 1st gu 48_ __ _1935
331s 3418
34
Jan 27
3334 35
14 . 5
Ws of deposit_ _
Temporary
918
-515
96% Aug 26
S 34%
1947
4
Des Plaines Val let 445s
1003 101
-iOis WI;
73
Det & Mack-let lien g 4s_ _1995 JD 70 - 12 72% Jan 27
65 65
Feb 27
6612 65
1995'13 65
Gold 45
4
-873 88
9718 98
97% 98 Feb'27
Detroit River Tunnel 4)45,1961 MN
3
85 4 86
4
10334 1033
1033 Jan'27
4
4
99% 100% Dul Nlisaabe & Nor gen 5a_1941 J J i033
101% 103
4
1013
4
AO 1013 gale 101%
1937
Dul & Iron Range 1st 5s_
73
71
8
7514 82
82
1937 J J 82 Sale 81
71% 71% Dul Sou Shore & Atl g 5a
8114 68
9212 Dec'26
94
East Ry Minn Nor Div let 45..'48 A 0 93
87
60
155i4 1- 16
101
Feb'27
88% 8818 East T Va & Ga Div g 5a__ _1930 J J 101
108 1061z
106
106 Sale 106
1956 Al N
Cons 1st gold bs
102 103%
4 10312 Jan'27
94% 9i8 Elgin Joliet & East let g 5s 1941 M N 102% 1043
74
1043 10512
10512 Jan'27
1965 A 0 10434 _
4
993 10018 El Paso & S W 1st be
10712 24 10112 10712
10614 Sale 10614
Erie 1st consol gold 7s ext. 1930 NI
8118 84
8212 14
1996 J J 8112 8212 8218
151 cons g 45 prior
-512
79
79
Jan'27
79
1997.3 J
Registered
7312 773
4
771s 135
1996 .1 .1 7718 Sale 7612
1st consol gen lien g 4a
105% 106%
73
75
Jan'27
75
1996.3 J
Registered
106 108
-9812 16- 9812 Feb'27 83 9814 100%
1951 F A
Penn eoll trust gold 4s
80% 833
4
78% 83
82
50-year cony 48 series A.1953 A 0 8134 Sale 8114
4
105 1073
96
79
8214
82
1953,A 0 82 Sale 8012
Series B
69% 72%
8418 9112
9112 1610
19531 A 0 9114 Sale 87
Gen cony 4s series D
1 11112 11312
1
11312 Sale 11312 11312
Erie & Jersey lat s f 6s_ _ 1955 J
8
J 114 115 1137 Feb'27 ---- 1137 133%
s
Chic Ind & Loulsv-Ref 6s.1947.3
8 12 111% 11312
1123
8
Genesee River let f 5s_ _1957 J 1 11214 Sale 11214
1947.3 J 1035 __ 1035 Feb'27 ---- 103% 103%
8
Refunding gold bs
8812 Nov'26
4
1940 J J 883
Erle dr Pitts gu g 345s B
8
903 Dec'26 - -9012
1947 J J
Refunding 4s Series C
8838 Sept'26
997
19403 J 89
100141 13
7161- 8 Series C 345s
1966 M N 9978100
General ba A
9912 -166 -9534 10114
•52 N 9914 Sale 98%
19541
May 1966 J J 107 10712 107
10714
General 65 13
5 10834 10714 Est RR esti e f 75
9218 9314
93
9312 93 Feb'27 ----year 4s__1956 .1 J
Chic Ind & Sou 50
8
.1 10014 1003 10012 Dec 26
.
Fla Cent & Penn 1st ext g 5e.1.9301 1
9718 Nov'26 - - Chic L S & East 1st 4 %a_ _1969 J D 9612 99
8
1015 Feb'27
1013* 10l7
8 _
1943.1 J 1015
Consol gold bs
Feb'27 - - -M & Puget Scl lst gu 49_ _ _1949 J .1 597 6012 60
5
9814 93,2
8
983
9812
4
2
8018
3
55 4 6015 Florida East Coast let 4%8_1959 J D 973 99
597 6014 6018
U S Tr certifs of deposit
98'2 1011s
99% 117
99
8
993 Sale
191481
1st & ref Se series A
8512 88
7
8614
Oh M & St P gen g 4a Ser A..81989 J J 8512 Sale 8512
43
6114 65
65
65 Sale 64
Fonda Johns & Glov 4%s, 1952 M N
84 Dec'26 ---Q J 8314
Registered
94
9414
9014 Dee'25
J 94%
612 Fort St U D Co let g 440_1941 J
7
75% - 7612 Jan'27 -General gold 3 i513 set B__e1989 J .1 7812
4
8
1063 1063
4
1961 J D 108%
- 1063 Jan 27
Ft W & Den C 1st g 5 458
8
9618
96
98
9612 9818
Gen 4456 Series C__ _May 19893 J 98
97% 9312
ggls 9812 Jan'27
_1928 J J 9814 9234 Dec'26 -Ft Worth & Rlo Or let g 4s_
Registered
7 107 108
4
1073
107%
Frem Elk & Mo Val lat 6s_ _ _lg33 A 0 10714 109
8 37 -5/ 62
613
Gen & ref ser A 4 Sis. _Jan 2014 A 0 613g Sale 61
6112 73
567 6134
8112 Sale 604
Guar Tr centre of deposit_ _ _
4
1003 101
4
10112 1003 Jan'27
6014 67
5512 6014 0H&SAM&Plet5s1931 MN 100%
4
4
_593 6014 593
Gen ref cony ser B Is Jan 2014 F
2 10014 10012
10018
10012 1003 10018
4
1931 J
54
2d extens 58 guar
4
593
60
3
55 4 6014
4
593 60
Ouar Tr certits of
14
9612 98 4
,
4
98
_1933 A 0 93 Sale 973
23 10314 10612 Galv Hone dr 'lend 1st
104
8
4
1954 .1-3 1033 Sale 1035
1st sec 130
98% 9984
4
993
514_8 24
697
5812 61 12 Ga & Ala Ry Ist cons bs_Oct 1845.2 J 9812 9912 10014 Feb'27
8
1932 J D 803 8012 6014
Debenture 4458
99 10014
56
60
6112 Ga Caro & Nor 1st gu g bs_ _1929 J J 100 10018 7234 Feb'27
60% 199
6012 Sale
Bankers Tr certlfs of deposit _ _ _ _
7212 72%
Feb'27
1946 A 0 7212 73%
6012 77
5612 6012 Georgia Midland let 3s
8
1925 .1 D 603 6034 6014
Debenture 4s
1
Ohs 9718
9718
9718
9718
60% 33
5612 602 Gr R & I ext lstgug 4 1-513_1941 J J 1153
8
U SMtge& Tr etfs of dep__ _ _ 603 Sale 60
4 40 11518 115%
1153
4 Sale 11512
Trunk of Can deb 76_1940 A 0
60% 57
5612 60 4 Grand
,
4
1934.3 J 6014 603 8018
-year debenture 45
25
4 10 106% 108
4
1073
5 1073 Sale 10712
193681
15-years f 6s
6012 78
8
564 80'2
Farm L & Tr etre of deP--- --- 6014 Sale 597
9514
9618
J
16_ Grays Point Term 1st Ss ..1947 .1 J 11334 Sale_ 113% Oct'26 -1116 11315 114¼
9912 June'28 -Chic & Mo Riv Div 5F1_ _1928 J J
114
Great Nor gen 7s series A__ _1939
e
giZI- - 79
79% 53 -iiTs
Chic & N'west gen g 3As__ _1987 MN
8
1133 Nov'26
J J
Registered
7112 7612
7412 Jan'27
Q F 7414
2
Registered ____
971
9732 98,
4
4
973
-38 97%
lst & ref 4 sis series A___ _1961 J J - 4 17
8
9012 9134
8
903 9114 913 Feb'27 --1987 M N
General 4s
3
10934 45 108 109 4
8
4
1952 J J 1093 Sale 1083
General 51513 series 13
87 Aug'26
Q
89
Registered
10338 42 102% 103%
1973 .1 J 10314 ---- 103
General 55 series C
9012 9012
9012 Jan'27 --51
Stpd 48 non-p Fed in tax '87 M N
95
9418 957
8
947
8'Sale 94%
1976.2
General 4 4is series D
7 105 107
Gen 43is stpd Fed Inc tax-1987 hi N 106 Sale 10512 108
8318 3318
8318 Feb'27
Green Bay & West deb ctfs A__ __ Feb 25
1 10314 110
109
8
General be stamped... _ _1987 M N 1083 11012 109
21
25
Feb'27
2512 25
Feb
Debentures etre B
10114 103
Jan'27
1879-1929 A 0 10318 10312 103
Sinking fund 85
92 Dec'26
9238
Greenbrier Ry let gu 48...A9441 M N 1053
Jan'27 --- 101 101
A 0 10214 ____ 101
6 l05 106
Registered
4
4
1053
4 Sale 1053
6 10114 1013 Gulf Mob & Nor let 545s__ _1950 A 0
10114
4
8
1879-1929 A 0 10114 1015 10114
Sinking fund 55
Jan'27
107 107
ref & ter g be _51952 J J 106% ---- 107
Gulf &SI 1st
Oct'26 ---10114 101
1879-1929 A 0
Registered
1 Ha - 102
10114
8
973 9818
1933 M N 10114 Sale 101%
Sinking fund deb 58
8
98% 34
977 Sale 97%
Jan'27
10118 10118 Hocking Val 1st cons g 4 456_1999 J .1
MN 10114 10234 10118
Registered
90 May'26 -1999 J
Registered
10612 20 108 1065
8
8
1930 J D 1063 Sale 1061s
-year secured leg
10
-5872 1.02
2
661 9812 Jan'27
7 111% 112
Housatonic Ry cons g 58 1937 52 N 1013s - 10038 Jan'27 -- moss 10o32
8
11134
8
-year secured 64(13 g......1936 M S 1115 Sale 1115
15
1937 J .1
& T C 1st g Int guar
10412
May 2037.3 D 10412 Sale 10418
3 10212 106
let At ref g ba
4
1013 -.-- 1013 Mar'26 -- -4
1930 M N
9012 17
Waco & N W 1st 6s
J 893 Sale 8914
87% 902
4
Chic RI & P-Railway gen 481088
9912 Feb'27 -- -9912 100
9912 100
,
86 2 87, Houston Belt & Term 1st 58_1937 J J 10018 _
2
..1 .1 8712 ____ 8712 Jan'27
Registered
2 1013*10158
_
1015
1015*
4
9318 138
9214 9312 Houston E & W Tex lst g 68_1933 MN 1003
1934 A 0 9318 Sale 923
Refunding gold 45
4
4
- 1003 Jan'27 -- -- 10052 looss
1933 M N
8
925 Jan'26
let guar ba red
A 0
Registered
94
55
98
9944
8 Sale
4
Jan'27 ---____ 90
Bud & Nfanhat 55 series A 1957 F A 985
90
90
90
Ch St L & N 0 Mem Div 46_1951 J
97
Apr'26
F A
Registered
St L dr P 1st cons g 5a____1932 A 0 10212 103 10218 Jan'27 - - -. 10114 10218
863
8
8812 842 -Si Sit;
1 1033 104
10312
Adjustment income ta Feb1957 A 0 8818 Sale
8
(Ss_ _ _1930 ..1 I) 10314 10338 10312
Chit) St PM & 0 cons
J D 947 9,51, 95 Nov'26
Cons 613 reduced to 3
95
Jan'27
91
95
4
4 13 -65r2 116- Illinois Central 1st gold 4s_1951 J J
99,
1930 M S 9912 993 9912
ba
Debenture
93 Mar'26
1951 J J
2
9934
4
993 nua, Registered
4
993 Sale 994
Stamped
74 74; - 38
1
1951.3 J -g/ 8712 74% Jen'27
5
188: ots 97
96
lst gold 31, s
Chic T 11 & So East 1st bs_ _1960 J D 9512 Sale 951,
4
823 Jan'25
J J
12' 873 927
917
4
Registered
4
g
4
Dec 1 1960 M S 913 Sale 913
513
Inc
87
87 1714
Jan'27
7
3 Sale 973
11
gold 3%s___1951 A 0
97
8
Extended let
9714 981
,
Chic Un Sta'n 1st gu 448s A.1963 J D 97
73
Jan'27
73
8
745
1951 M
1st gold 3e sterling
1983 J J 100 10515 10412 10512 171 10412 105 4
3
2
let bs series B
913
4
4
9012 915
5 10112 105%
1952 A 0 91% Sale 91%
10212
Collateral trust gold 4a
1944 J D 10234 10314 10212
Guaranteed g bs
3
80 4 Nov'25
A 0
41 11738 1183
1173
Registered
s
4
1983.3 .1 11714 11712 1173*
let 6),s series C
9312 Sale 9314
9312 24 -554
1955 M N
71 105% 106
lst refunding 413
Chic & West Ind gen g Is,_ p1932 Q itt 106 Sale 10512 106
8414 Dec'26
1912.2 .1 8512 89
4 32' 865 8814
873
Purchased lines 345s
8
1952.3 J 8718 8712 8714
-year 45
Consol 50
8412 July'25
J .1
41 10312 1043
104
Registered
4
196281 S 104 Sale 1033*
let rot S tie ser A
4
882.
8
88
,
88 4 16
Collateral trust gold 48__ _1953 NI N -533 Sale 883
10418 1041 1
Choo Okla & Gulf cons E8_ _ _1952 M N 103 10434 10414 Feb'27
8512 Oct'26
NI N
5
973
Registered
97% 973
4
Cin H & D 2d gold 4 I5s_ _ _ _1937 J J 973* Sale 9738 Jan'27
10712
2 101', 10812
1955 NI N 10712 Sale 10712
4
Refunding ba
4
9514 95 4
3
1936 Q F 95% 953 953
CI St L & C 1st g 4a___Aug
8
102% 31 1017 10314
1934 J J 10212 Sale 10218
9518 96
9518 Jan'27
15-year secured 5)45
95% 9518
Aug 1938
Registered
4
112% 11314
1930 .1 .1 111% 112% 1123 Feb'27
15-year secured 8348 g
9212 ____ 92 Feb'27
9014 92
1942 M N
Cfn Leb & Nor gu 4t1 g
9714 120
8
963 97%
Aug 1 19611 F A 97 Sale 97
2 100 100%
10038
-year 4
40
10014 ____ 10018
Chi 13 dr CI cons 1st g Ss__ _ _1928 J J
9212 Jan'27
9212 92%
80
1950 J D 9212
897
Calro Bridge gold 4s
89
4
9018
Cleve Cin Ch dr St L gen 48_1993 J D 893 Sale 8912
7612
7812 Jan'27
7612 7612
8
8
9914 22
Litchfield Div let gold 36_1951 J J
4
983 9914
./ J 957 9914 987
1931
-year deb 4%s
20
8314 g4:1- 8314
8
e
83 y 841s
8418
Loulav Div & Term g 3485_1953 J
8
1993 J D 1075 110 108 Dec'26 20
General 5s Series II
J J 8312 8412 8118 Aug 26
1023*
Registered
1023* 1023i
Ref & impt 65 series A__ _1929 J 1 1023* Sale 10212
77
77
Jan 27
77
4
Omaha Div let gold 3s_ _ _ _1951 F A 77
10712 1073
10712 1073 Feb'27
4
1941 J J 10714
65 aeries C
2
7612 76%
76%
76%
104
8 10314 105
s
St Louis Div CIL Term g 38_1951 J J 76%
1963 J .1 1033* 1033* 1033
Se series D
87
86
86
86
Jan'27
8
19513 J 86
Gold 3 Lis
9438 9438
9312 943* 943 Feb'27
_1939 J J
Cairo Div 1st gold 4s _ _ _
_ 84 Sept 26
Jan'27
Springfield Div lot g 33.46_1951 3 J 82
86
8712
8814 ____ 86
Div 1st g 4s_ _109 I J J
Chi W &
1
"1;W: 10;
90% Jan'27
4
5
88
Western Linea 151 g 4s.._1951 F A 903 -87% 90
88
881i 88
St L Div let coil tr g g 48._1990 M N
88
84 Aug 25
1951 F A
Registered
____ 8314 Feb'26
85
M N
Registered
91% 91% III Central & Chic St L & N 0
923 ____ 918 Jan'27
Spr dt Col Div 1st g 4s,.1940 81
103% 26 10318 104
D 10314 103% 10314
I963
8 ____ 9314 Jan'27
Joint 151 ref ba series A
91
9314
W W Val Div 1st g 48.___1940 J J 90
l0512 10514
10712 Feb'27
1951.3 D 10412 10712 10512 Jan'27
Gold bs
10714 10712
CCC & Igen conages____1934 J J 10712 108
10214 Apr 28,---Jan'27
.1 13 10312
Registered
102% 102%
4
Loy & W con let g 58._1933 A 0 1013 ___ 1023* Sept'28
Cley
7812 Feb'28 ---8
1951 J D 79%
Gold 3I4s
____ 995
Cleve & Mahon Vale 5a_1038 J J 10018 993
93% Dec'26 ---4 933* Jan'27 - _ _
9812
-98;3 Wit; Ind Bloom & West 1st ext 413_1940 A 0
1935 M N
933g 935
CI & Mar 1st gu g 44513
_
93% Jan'27 ---991,8 Aug'26
1950 J
led III dr Iowa 1st g 4s
Cleve P gen gu 4% tier B_1942 A 0 1001g ____ 100
8614 87
93%- - 8714 Jan'27 ---Jan'27
1st gu 4s._ _1956
100 1- - Ind & Louisville
J
66
.1 10018 ___
1942 .1
Series 4 sigs
3g
08
18238 100614
10214 8255
J 10218 10278 10214 Jan'27
-- Ind Union Ry gen bs aer A_ _1965 J
194881 N 8712 __ 8514 Oct'26 - - -Series C 3448
8
8
Gen Ix ref 88 aeries II
1985
J 12218 10312 1023 Jan'27 89
1950 F A 857 ____ 843* Sept'28 - - _
Series D 3%a
4
105-8 1073
10614
1053 Sale 1055s
4
8
lolls 101% Int & Cart Nor 1st 6s ser A _ 1952.3 .1
Cleve Shor Line let gu 4348_1961 A 0 101 101% 1013 Feb'27
8
835 9614
9614 285
1 1085 110
4
953 Sale 94%
10934
4
8
Adjustment 65 set A July 1952 Aprl
Cleve Union Term 5b4sl972 A 0 1094 ____ 1093
8112 88%
8 12
875
8712
27
1083%4
10312 105
Stamped
Aprl
___
84
1973 A 0 108,8 Sale_ 8
lat f 58 aer 11
22
75% 7712
77
Jan'27
88% 88% Lot Rye Cent Amer 1st 5s___1972 M N 7612 Sale 7612
1945 3 D
Coal River Ry let gu 4a_
19
95%
95
95
5
993
let coil tr 6% notes
98% 9912
1941 M N 95 Sale 95
8
993 Sale 9918
Colorado dr South let g 48._1929 F A
5 2 5812
51 ,2 55
5812 19
9714
5812 Sale 5412
18
4
963 9714 96s
9678 99
Iowa Central 1st gold ba. _1938 3 D
Refunding dr eaten 4 486._1935 M N
1
55
55 Sale 5112
8912 Nov'26 -Certificates of deposit
11 V let (tit g 48
A 0 913* 92
1948
Col &
17,4 211g
2112 Jan'27
1758 20
Refunding gold 4s
9012 ----8938 Nov'26
1951
1955 F A
Col & Tol let ext 48
4
913 9274
9212
88 Nov'261- _ _
James Frank & Clear 1st 48.1959.3 D 92% 9312 9212
Conn dr Passum Riv let 48_1943 A 0 86
923* Dee'26'_ _ _ _
93%
1930 F
Cowed fly deb 40
Apr'26
10212 10512 101
__
78 Feb'27'
firs Ka A &0 R 1st gu g 58
1938 J
8
735
1954 J
Non-cony 4s
87
1
85%
85
__
Nan
M 1st gu g 4s
70 Sept'28
1990 A 0 86% 86% 85% Feb'27
J D _
Registered
100 100 s
3
2 719is VI'
• 7614I
.
2d20-year Ss
19273 J 10012 10012 100%
7614 Sale 757
Non-conv debenture 4s___1955
1 1013 1017a
1013*
8
411013*
Feb'28
75
8918 78
4
753 77
l(CFIS&iolconsgcs.__,,1928MN 1013* 1013
Non-cone debenture 4e_ _ _1956 J J
Bid
As Low
987 _ _ _ _ 9912
Central Ohio reorg 4%s____1930 M
coil g 5a__1037 MN 100 10012 10012
Central RR of Ga
41312
8
Central of NJ gen gold 549_1987 J .1 1135 Sale
8
1125
1987 Q J
Registered
IA 913 Sale 9112
3
1949
Cent Doe ist ref gu g 4s
903
8
PA 903 92
4
Reglatered
4
Mtge guar gold 34s-Aug 1929 JD 973 97% 97%
8
Through St L 1st gu 4s_ __1954 AO 895 9014 8912
4
1960 PA 1013 Sale 10112
Guaranteed g 85
-- 11812
Charleston & Savannah 55 1936 .1 J 118
4
Ches & Ohio fund & Rapt ta_1929'.3 10014 10114 1003
8
1939 MN 104 Sale 1033
be
let consol gold
10212
1939 MN
Registered
8
1992 MS -6. - gide- 973
8
General gold 44513
943
8
1992 M
Registered
8
.
-e
1930 FA 9912 go 1-- 993
-year cony 445s
20
4
8
1946.3' 1007 Sale 1003
let g 511
Craig Valley
8712
88
Potts Creek Branch lot 4s_1946 .1 1 84
4
.1 88
873
90
R Jr A Div let con g 4s_ _1989
86
J 853
8
1989
gold 48
2d consol
10018
10018
Warm Springs V let g bs_ _1941 M
4
7234 723
Chic & Alton RR ref g 35._ A949 AO 72
4
713
7134
Ctf dep stpd Apr 1928 int_
ZaUtray first lien 344s__ _ _1950 J J 68 Sale 65
67 Sale 66
'CM;dep Jan '23 & sub coup
87
88
87
Chlo Burl dr Q-III Div 3458_1949
8614
J .1
Registered
8
9412 9514 943
1949 J J
Illinois Division 48
4
993
9934 100
1927 MN
Nebraska Extension 48
9912
MN 99
Registered
gid
1958 MS 9312 Sale- 9312
General 45
9218
MS 81%
Registered
8
1971 PA 105% 108 1057
let dr ref 55 series A
1934 AO 106 10712 106
Chicago & East Ill let (93
8214
8212
o & Ill Ry (new co) gen 88_1951 MN 10458 Sale 105
1982 M N
4
1053
Chic & Erie let gold be
8
4
713 Sale 713
Chicago Great West 1st 45..1959 M
Due Feb
lone May.
y Due Dee,
High Na •
Jan 27
Jan 27
8 12
4135
1
8
1125
4 5
913
6
Jan 27 --- 3
97%
6
8
895
25
1017
Oct 26 -2
10034
20
104
Jan 27 -37
98
Oct'26
9958 34
18
101
Dec'26 - - _ _
_Jan'27
Jan'27
5
10018
Jan'27 _Jan'27 - -6
129
88
6
67
8714 21
Dec'26
-Feb'27
Feb'27 _ _ _ _
Nov'26
28
94
Mar'26
5
10578
Jan'27 -- -.
174
83
3
105
7218 753
1050
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 18.
New York Bond Record-Continued-Page 3
PTICIS
Friday.
Feb. 18.
Week's
Range or
Last Sale
Range
Since
Jan, 1,
Bid
Ask Low
High
KCFtEl&MRyrefg4s...1.936 A 0 9214 Sale 9214
9212
KC&MR&B letgui5e__1929 A 0 10014
10018 Jan'27
Kansas City Sou let gold 35_1950 A 0 7312 Sale 7312
737
8
Ref & Impt 5a
Apr 1950
9934 Sale 9912
997
8
Kansas City Term let 48___1960
89 Sale 883
89
4
Kentucky Central gold 48_1987
.1 88
8812 8818
8818
Kentucky & Ind Term 4%8_1961
86
8514 Dec'26
88
Stamped
1961
9014 Sale 89
9014
Lake Erie & West let g 522_1937
10214 10212 10214 10214
2.1 gold 58
1941
10038 10414 10038 Jan'27
Lake Shr dr Mich S g 3348_1997
81
8012
803
4
Registered
8014 - - 8 8012
1997
8C178012
Debenture gold 45
1928 MS 9938 Sale 9914
99%
25
-year gold 48
1931 MN 9818 Sale 98
9814
Registered
go Dee'25
1931 MN
Leh Val Harbor Term 58_....1954 FA 1048 105 10514 Jan'27
Leh Val N Y 1st gu g Ois_ _1940 J J 987 9918 9812 Jan'27
8
Lehigh Val (Pa) cons g 48_2003 MN 87 8712 87
8712
Registered
MN
84 Jan'27
General cons 43-5s
2003 MN 983 Sale 9812
4
99
Lehigh Val RR gen 58 eeries_2003 MN 10538 Sale 10514 10618
Leh V Term By let gu g 58_1941 AO 10212 10312 10212 Jan'27
Lab & N Y 1st guar gold 48 1945 MS
Lex & Ewa let 50-yr 5e gu_1985 AO 19814 1 -1 - 1093 " 27
10 -1 - 9°14 11 4
'4
4
'
0
Little Miami 48
1952 MN 87
90 Jan'27
Long Dock consol g 68
1935 AO 109 Sale 109
109
Long Isid 1st con gold 158July1931 Q
1003 ---- 100 4 Feb'27
4
3
let cense' gold 48____July1931 Q
96
98 Feb'27
General gold 48
4948 Feb'27
3
1938 3D 921
Gold 4a
1932 3D 9414 15 97 July'26
.12
Unified gold 4s
1949 MS 8918 8912 89%
8912
Debenture gold 50
4
1934 3D 993 100 100 Feb'27
20
-year p m deb 158
1937 MN 987 99ls 985
s
8
99
Guar refunding gold 48_1949 MS 90
91
8914 Feb'27
Nor Sh B 1st con gu 58_0c;'32 Q
100 10034 100 Jan'27
Louisiana & Ark 1st g 521_1927
10018 Sale 10018 10018
Lou dr Jeff Bdge Co gu g 481945 MS 90 ____ 90 Feb'27
Louisville & Nashville 58_1937 MN 1051
___ 10618 10618
Unified gold 48
1940 33 9614 963 9612
4- 4
964
()Dilaters' trust gold 5€
1931 MN 101 101 14 10118 Feb'27
10
-year secured 78
1930 MN 103% Sale 10318 105
let refund 535e aeries A2003 AO 108 10812 108 Feb'27
let di ref 58 serles B
2003 AO 10612 Sale 1064 10612
let dr ref 4358 series C_2003 AO 10018 100% 100
10014
NO & M let gold 68
103% 107 1033 Jan'27
1930
4
2d gold 68
1930 ii 1033 10412 1033 Jan'27
4
4
Paducah & Mem Div 4s 1946 FA 94
Jan'27
St Louis Div 2d gold 35_ _1080 MS 673 677 6714
6714
Mob & Monte let g435s 1945 MI 10018 102 1003
2 1003
South Ry joint NIonon 48_1952 J J 88
91
873
4
883
4
AU Knox-v & Cin Div 4s 1955 MN 938 9414 933
4
933
4
Lousy Cln dr Lee Div g 43t8'31 MN 100 10012 100
100
Mahon Coal RR let 58
1934 3' 1034 10334 103 Dec'26
Manila RR (South Lines) 4sA939 MN 6812 Sale 6812
68%
let 48
1959 MN 7634 Sale 763
4
7714
Manitoba S W Coloulta'n 56 1934 3D 100 1004 10012 Dec'26
Man G & NW 1st 3344.__1941
' 8514
3
8312 Oct'26
tdich Cent Det & Bay City 58231• m 10112
10138 Jan'27
Registered
QM
101 Dec'26
Mich Air Line 48
1940 J J 9518
9514
9514
Registered
J J
92 Nov'26
dr S 1st gold 3%8
8372
1951 M
79 Nov'26
1st gold 33
58
1952 MN 8538
8614 Jan'27
20-year debenture la
1929 AO 9914
9914
9914
&Ed of N J 1st ext be
1940 AO 974
9634
973
4
Milw L dr West Imp g 58_1929 FA 1011004 Jan'27
MB & Nor 1st ext 4 48(blue)1934 3D 9512 9412 Dec'25
6i
Cons ext 4 ,5s (brown)___1934 3D 954 98 9614 Jan'27
MR Spar & NW 1st gu 4S_1947 MS 9184 94 9218
9234
MIlw & State L let gu 358_1941 • J 83
8138 Dec'26
afInn & St Louis let 78
1927 3D 983 993 9812 Dec'26
4
4
let guar g 78
192: 3D 1004 101
00
100
let consol gold fte
1934 MN 55 Sale 55
57
MN 55 Sale 54
Temp ctfs of deposit
55
Let & refunding gold 48_....1949 MS 20
21
21
21
Ref & ext 50-yr 58 see A..1962 Q F 1418 15
14
14
41 St P & SS M con g 48113;811'38 3' 8834 Sale 88%
88%
1st cons 521
1938 3' 97 9712 9712
9712
1st cons 58 gu as to Int... 1938 3' 98 Sale 9712
98
10
-year coll trust 635s___ _1931 M S 1013 Sale 101
8
101%
18t & ref tls earies A
10114 1013 013
1946 J
4
4 10134
MS 8814 sale 863
35
-year 535s
1949
s
8814
let Chicago Terms I 48_ 1941 MN 96 8
,
3
_ _ 97 4 Jan'27
Mlesiteippl Central 1st 5e_ 1949 J
9618 97 964 Feb'27
Mo Kan & Tex-let gold 4s_1990 ID 8718 8712 87
874
' 10178 Sale 01% 10178
3
blo-K-T RR-Pr 158 ser A _ _1982
40
-year 4s series B
1962 .1 J 8510 86 8512
8578
10
' 103 10312 03
-year 150 series C
3
1932
10312
Corn adjust 5e ser A Jan 1967 AO 997s Sale 98% 100
Missouri Pacific
15t & refunding 5.8 set A 1965
100 Sale 00
1004
let & refunding 68 set D_ _1949 r
10778 Sale 073
4 107%
lot & refund 68 ser E
_1955 M N 10738 Sale 07% 107%
General 4a
1975 181 8 77% Sale 7612
773
4
Mo Pac 3d 721 ext at 450 July 1938 MN 9274 _ _ _ 93 Jan'27
7
Mob & Mr prior lien g 58. _1945 J
1001g
_ 99 Sept'25
Mortgage gold 48
1946 J J 863
4
864 Jan'27
Small
1946 J J 82 4 85 82
, 1
mobile & Ohio new gold 68..1927 J o 101 Sale8 100% Jan'27
101
1st extended gold fie_ July 1927 cl
10014 1003 10012 Jan'27
4
General gold 48
1938 M S 9312 9512 9312 Feb'27
Montgomery Div let g 58.1947 FA 1003* 10118 10118 10118
Bt Louis Division 58
1927 Jo 997
Mob di Mar 1st gu gold 45_ _1991 MS 9014 112 10014 Jan'27
3- 9114
914
Mort C lot gu g 88
1937 J J 1113 1117g 11178 Jan'27
4
Registered
3'
10914 Dec'26
1st guar gold 5e
1937 ii
104
104
Morris & Essex 108 511 3s2000 J o 80%
81
81
Nsehy Chatt dr St L let 54_1928 AO 10012
10014 10014
N Fla & let fru Se
1937 FA 103 10312 10318 Jan'27
Nat By of Mex pr lien 4358...1957
30 Sept'24
July 1914 coupon oft
19 Apr'25
Assent cash war rct No 3 on
16
1712 1714
173
s
Kit
-year 8 f 421
Guar 70
1977
8712 Aug'25
Assent cash war rct No 3 on
203 253 22
4
4
22
Nat RR Mex prior lien 4358_1926 JJ
3818 July'25
.2
July 1914 coupon on
24 Sept'25
2412 2i4 23
Assent cash war rct No 3 on..
3244
AO
1951
lit consol 4e
28 Apr'25
AO
April 1914 coupon on
1812 June'26
13
1412 123
Assent cash war rot No 3 on.
4
13%
1945 3' 9932 1003 9912 Jan'27
4
New England cone 58
1943 3, 87% 89 87 Dec'26
Consol guar 48
- 8512 Jan'27
J June RR guar let 4s__1986 FA 8412
N 0& N E let ref&Imp 4528 A'52 33 OB5,3 97 96%
96%
1953 J J 8734 884 8734
8734
New Orleans Term let 4s
10014 10012
_
NO Texas & Mel n-c Inc 58.1935 AO
AO 100%- - 101
4
1003 10114
1954
10114
let 5s serlee B
1954 AO 105% Sale 10514 10534
let 535s seriee A
98 96% Dec'26
97
N & C ridge gen guar 4 3523._1945 J
4
Feb'27
Y 13 & M B 1st con g 58..1935 AO 1003 102 101
N 108 Sale 10718 108
N Y Cent RR cony deb 66....1935
_
10614 May'26
N
Registered
BONDS
N.Y STOCK EXCHANGE
.
Week Ended Feb. 18.
Nice
Friday,
Feb. 18.
Week's
Range or
Last Bale
Range
Binge
Jan, 1,
No. Low
High
Bid
Ask Low
High No. Low
High
18
92
93
Como' 48 series A
1998 P A 90% Sale
90
4
92
9114 14
Ref & impt 4350 • A"____2013 AO 99 Sale 903
9912 1004
24
983
4
99
97% 9934
17
72% 7412
Ref &Rapt 55 series; C_. 2013 AO 1064 Sale 1054 1064 72 10514
107%
42
9914 1004
Registered
AO
10512 Jan'27
10512 10512
49
88
8914 N Y Central & Hudson River
3
88
8812
Mortgage 334€
1997 33 804 Sale 8012
80% 27
804 81%
Registered
1997 3,
6
79
78 4 7918
5
79,
4
9
88'2 00'u
Debenture gold 48
1934 MN 9612 97
19
9612
97
9612 97 8
3
4 10214 10214
Registered
MN
06 Feb'27
96
98
1003 10012
8
30
-year debenture 48
1942 ii • 9412 9514 95% Jan'27
944 963
4
8012 813
Registered
4
93 Feb'25
7 . 8012 8012
Lake Shore coil gold 3148_1998 FA 80
12
81
8012 80 •
IC
23
9878 99%
Registered
1998 FA 784 79
4 Jan'27
78% 7854
-30
Mich Cent colt gold 3%8_1998 P A 79% 86 733 Feb'27
973 98%
8
79 4
3
79 4 8012
3
Registered
1998 FA 794 8012 78% Feb'27
78% 78%
10412 10514 NY Chic & St L let g 48_......1937 AO 9434 9512
95 Feb'27
95 96
9312 98%
Registered
1937 AO
9314 May'26
13
8614 es%
25
-year debenture 48
1931 MN 96% Sale 963
13
96% 12 "Ws if"
84
84
2d 68 series A B C
1931 MN 10234 Sale 10211 1023
4 18 10218
18
97 9914
Refunding 534e Berke A 1974 AO 10512 Sale 10514 1054 24 10418 103
10614
28 10514 10618
Refunding 5320 series B _1975 33 10514
15 19418 1061.
10212 10212 NY Connect HA gu 4%a A 1953 FA 964 Sale 10514 10512
3 96
9714 96
9618
9712
90
9014
lot guar 58 series B
1953 FA
6 103% 19411
10414
13 10934 11014 N Y at Erie let ext gold 4e...1947 MN 10414 Sale 104
913 Oct'26
4
86% 90
3d ext gold 4328
1933 M
9812 9914 984 Jan'27
-687 981
3
3 108% 109
4th ext gold 58
1930 AO 1001g 109 9838
98% 100
1
98%
1s
10034 100%
5th ext gold 4s
1928 3D 983
8
99 Mar'26
98
98
N Y & Greenw L gu g 5a
1946 MN 995
2
10014 10014
-1513; 10014
94% 94% N Y dr Harlem gold 352s
2000 MN
-1.
8138 Jan'27
81% 8114
Registered
MN
80 Dec'26
6
89's 90
99 1003 N Y Lack & W lst & ref 5s__1973 M N 10212_
4
80 July'25
18
9818 99
First dr ref 4558
10214 103 0214 Jan'27
10234 1023*
89 89% NYLE&Wist7sext_
9
9
123MN 105%
30MS
06 Feb'27
106 106
100 100 4 N Y & Jersey let 58
3
1932
2 10034 1014
12
6 100 1003 NY & Long Branch gen g 481941 F A 10114 10/ 0114 10114
4
M S
90 Dec'26
893 9012 NY&NE Boat Term 48.._1939 A 0 90
3
- - 91% Oct'26
1 1054 10818 NYNH&H n-c deb 421
1947 M S 7812 81
931,
8012
2
8012
74
95% 97
9
Registered
M S
60
10118 10112
Non-cony debenture 3328_1947 M S 72 8412 74 Jupe'25
"fira 74
Feb'27
19 10318 106
Non-cony debenture 3328.1954 A 0 71% Sale 7114
71% 10
6934 71%
10712 10812
Non-cony debenture 4s___1955 J .3 80 Sale 7912
7
80
78
80
5 1053 106%
4
Non-cony debenture 48___1958 M N 80
8012 7912
801s 33
7714 8012
9934 101
12
Cony debenture 3528
1956 J J 7112 73 703
3
4
7114
6934 714
10334 1033
4
Cony debenture 68
1948
J 18914 Bale 084 10914 57 1054 1094
103% 10334
Registered
J J
05 Jan'27
103 105
93% 94
Collateral trust 6e
1940 A 0 1043 Sale 10434 105
4
19 10314 10514
6714 67%
4
Debenture 413
1957 M N 75 Sale 7312
49
75
6918 75
6 100% 10012
Harlem R & Pt Chee let 4s 1954 M N 74
75 8934 Jan'27
8914 85 4
8
8712 883 N Y & Northern 1st g 5e
11
4
1927 A 0 99% 101 100
997 100
g
9334 9514 NY0& W ref let g 4e_June 1992 M S noz 79 7812 Feb'27 12
1
79
764 794
1 100 10014
Registered $5.000 only
M S
7212 Dec'26
General 4s
75 Eiga- " 74%
e
Ws 45
73 WI;
86
13
683 N Y Providence &Boston 48.1945 j D 89
4
12 2 A O
5
8612 Dec'26
7312 7714 NY & Putnam let con gu 48 1993 A 0 89% 16" 89% Dec'26
7
N Y & It B let gold 50
1927 M S 99% 100% 100 Jan'27
9978 100
NYSuoq&Weatlotref5&19373 J 90 Sale 89%
14
90
8712 914
WA; 1113
- -4
24 gold 430
1937 F A 8934 90 7234 Feb'27
7234 75
General gold 55
1940 F A 76
76% 763
9
4
703
4
7118 763
4
9514 9514
6
Terminal let gold 58
1943 11 N 9914
9918 Jan'27
9818 9918
N Y Wehes & B 1st ser 1 454e'48 J J 82% Sale 82
8212 76
7818 834
55S 883 Nord Ry ext'l f 6358
*
1950 A 0 964 Sale 955
964 74
9314 9734
9932 1003 Norfolk South 1st & ref A 58_1961 F A 92 Sale 9034
4
2
15
92
50 4 52Ia
,
95
973 Norfolk & South let gold 56_1941 M N 100 ____ 10012 Feb'27 -- 1001e 1011e
4
15
100% 100 4 Norfolk & West gen gold 68_1931 M N 1057 ---- 1053 Jan'27 -- 105 4
3
8
4
3 106
Improvement & ext 60_1934 F A 10812 -_-_ 1083 Dec'26 ---4
New River 1st gold 68__1932 A 0 107 __-_ 10718 Dec'26 -9214 923
N&W Ry ist cons g 4s
4
3
1996 A 0 9318 Sale 924
8 "
933*
iirs
Registered
1996 A 0 9318 934 9012 Oct'26 ---Ditel let lien & gen g 48.1944 J J 9334 Sale 9312
4
$31g 93*
933
4 27
10-yr cony.64
1929 M S 172
165
1 158 185
165
Pocah C & Cjoint 48-.1941 J D 9212 93f2 9278
1 100 100
93
8
927g 96
55
57
North Cent gen & ref 5e A_1974 M
6
1055,
_ 106 Jan'27 -- -- 105% 106
5114 55
North Ohio let guar g 58- _1945 A 0 96% Sale 9612
11
9634
9412 9634
6
1712 23
North Pacific Prior lien 48-1997 Q 3 92 Sale 9112
2
21
92
9114 93
13
1514
1
Registered
1997 Q J 9012 92 91 Feb'27 ---90% 91
87
883
4
Gen'l lien geld 3s. ___Jan 2047 Q F 96263324
64
$3638
26
67
65% 673
8
9712 983
8
13
Registered
Jan2047 Q F 635 07 6334 Feb'27 - - -8
63% 6514
9712 98%
23
Ref & lmpt434soerIesA2047J J
Sale 983
11
963
96
974
Registered
41 103% 102
8534 Feb'25 ---2 10018 102
Ref & impt 68 series 13____2047 J J 11378 Sale 11014 maI4 ....51_3 118
134 lr 26 .
.
fa'
86
89
41
Registered
J J 111: ---_
96
97% 973
Ref &'mut Se series C
4
2047 J .1 104 10512 104
104
1 1031g lOOig
954 97
Ref & Impt 58 aeries D _2047 J J 10473; Sale 1034 10438 15 10318
0011
4
863 88
14
8
Nor Pee Term Co 1st g 60-1933 J J 109 4 ___: 10934 Jan'27 -- 10914 1063
3
109%
74 101 102 2 Nor of Calif guar g 5s
1938 A 0
10518 Jan'27 ---- 10518 1054
8512 87
32
North Wisconsin let 6
1930 J J
lid 1025 Oct'26 --*
---102% 10312
10927111 .
96 100 Og & L Cham lat gu 48 8.-1948 J
577
834 85 834
81% 884
8314' 5
Ohio Connecting lty let 4s...1943 M
924 ____ 9034 Dee'25 -99 4 101
3
105
Ohio River RR 1st g 58
19363 D 102 -___ 102 Feb'27 ---- 102 102
165 10612 10814
General gold 58
1937 A 0 10114 ___ 10218 Feb'27 .....i 1014 1024
8
77 1067 107% Oregon dr Cal 1st guar 81512_1927 J -11
100
tale
100 10012
ii;lw 100
76
7918 Oregon RR dr Nay con g 48_1948 .1 D
276
5
9214 93
93 93 Ore Shore Line 1st cons g 58_1946 J
11 107 107%
107:2
92 3
Guar cons 56
2 1074 10738
19463 J
107% 107%
Guar refunding 48
72
lle
983 99
8
"iiirs 8618 Oregon-Wash let de ref 48_9293 D • Sa 98% 98% 48 86% 894
1961 J J
82 82
Pacific Coast Co let g 88....1946 J D
9014 93
100% 1004 Pao RR of alo lot extlg 4e_ _1938 F A .608:4 Sale8a2, i 19 348422 Feb'271141877 i.:.,1i
, 109. 9041 1
188
.:
1
0
9807
n 2 1 -:3
02
'
82
:
:7
9334 9414
99 4 10012
3
2d extended gold lks
1938.3 J
102 10212
93
94
Paducah & Ills let
448._19135 J J
98 983
8
10118 10118 Paris-Lyons-Med RR 6s.. 1958 F A 9231 Sale 923
8
93118 ZIO
8712 95
100 100%
995
Sinking fund external 716_1958 M
00
to% 101
9918 Sale 9812
9114 9114 Paris-Orleans RR f 70
...4_4_
981
1954 M 5 96 Sa_i_e_ 964
9812
9534 1014
11134 112
Paulista Railway 78
6 102 10218
10212
1942 111 8 10214 10212 102
Pennsylvania RR eons g4s__1943 M N
Jan'27
96 9618
log;101
Consol gold 4s
9534 gale 9434
4 12
953
944 96
2 80s 8118
941
48 aterl stpd dollar_May 11948 M N 947 Sale 9478
5
8
194
94% 9514
Consolidated 4 titi
10 10014 10114
103 Sale 1024 10312 27 102 10318
102% 10318
8
General 4140 series A- _ 1965 .I D 997 Salo 9934 100
114
. 128° F A
994 101
General 58 aeries B
1118% Sale 10812 1081
4 27 1067 109 4
8
0
10
-year a5cured 70
3A 0 F D
A
1918• O 10634 Sale 1063* 10612 34 10614 107%
20
14
10
15
-year secured 6350
47 111% 11212
1936 F A 112 Sale 11114 112
Registered
11118 -- 11114 Oct'26 ---1812 26
40
10
-year ld 58
.
6
go 103 Male 10218 103 .. 8_ 102 103 *
5
Pa Co gu 3358 colt tr A reit 1937 ME 87 ... .. 87 Oct'26 - --FIi2
984 M N
Guar 33.4o col' trust
Feb'27
1941 F
86
86
"ii" "Xi Guar 3350 trust We set 13 1942 J A 85 80 _ 86 Jan'27 ____ 66 8611
14
8612
C
85
Guar 3,58 trust Ws D____1944 J D 8438
. Jan'26 ---8412
Guar 15-25-year gold 48___1931 A 0 973 -d -• 4
dlit 78
973
4
6 "Ili; 'if'
122 1612
16
Guar 4s series E
88 883 884
4
8812 80
8813
5
Peoria dr Eastern let cons 48-1952 MN 87
40A O
873 8614
4
87
12
16
8514 87
9912 9912
Income 414
April 1990 Apr. 46 Sale 45
4712 180
4178 4712
Peoria dr Pekin tin let 5%1.1974 F A 10412 1045 10418 Feb'27 -- 104 104%
i
02
Pere Marquette let set 56.1958 J J 1043 Sale 103% 10412 84 1033 105
104
•
8
1
964 97.2
1st 48 series B
8812 8914 8914
8914
1
89
9014
2
874 88
Phila Balt & Wash let t 4s-1243 M N 9612 Sale 9612
19583 3
9612
1
95 8 97
3
2 100 1003
General 5s aeries B
4
1974 F A
111
Jan'27
11012 111
15 10018 10112 Philippine Ry let 30-yr of 421 1937 J .1 43 --i3- 2 4314
1
4312 -ii
4318
42
30 10434 10514 Pine Creek registered 68_
19323 D 1063* 10712 1063 Feb'27 __ 10612 1063
4
4
P C Ce Bt4%s iir1
s ri t S L stu 4le A
0
4
1940A 0 1003 Sale 1003
(4912 1014
4 10034
1
10034 101
42
19 A O 10112 Sale 10034 10112
9 m N
52
8 100 1014
12 103 8 108
3
Series C 43421 guar
NMI ____ 100 Dec'26 ___
Series D 40 guar
9534 --- 96
96
2 791 "itiJ A
M
Seriess E 344iigutouszgarnargoigctld.:::111999534495,F N 953* ____ 9312 Nov'26
Series8 e 0F
955g ---- 1003 Feb'27 _ ___ iii94 1664
8
19571M N 95% ___ 1 97 Jan'27 _97 97
'fir,
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 18.
Week's
Range or
Last Sale
Prize
Friday.
Feb. 18.
Itid
!Mean Chic & St L (Concluded)
Series H 45
1960 F A
Belles I cons guar 44s__ 1963 F A
Series .8 430
1964 M N
General M be series A
1970 J D
J D
Registered
Gen mtge be series B
1975 A 0
Pitts & L Erie 2d g 58_ _Jan 1928 A 0
PM'McK & Y 1st gu 68
1932 J J
2nd guar 68
1934.7 J
Pitts Sh & L E let g be
1940A 0
1st consol gold 58
1943 1 J
Pitts Va & Char lot 48
1943 MN
Pitts Y & Ash let cons 5s__..1927 MN
let gen 45 series A
1948 J D
1962 F A
let gen 5s series B
Providence Secur deb 4s___ _1957 M N
1956 M El
Providence Term let 48
Reading Co gen gold 411
1997 J 3
.1 J
Registered.
Jersey Central coil g 48_1951 A 0
Gen & ref 430 aeries A
1997 J J
13.1chm & Danv deb 5s stmpd 1927 A 0
Rich & Meek let g 45
1948 MN
Wallin Term Ry let gu 58-1952 J 3
_
Rio Grande June let gu 581939 J 0
Rio Grande Sou 1st gold 4s 1940 .1 .1
Guaranteed (Jan 1922 coup on) J .1
Rio Grande West let gold 48-1939 .7 J
Mtge & colt trust 48 A
1949 A 0
RI Ark & Louis let 431e
1934 M El
Rut
-Canada let gu g 45
1949 1 J
Rutland let con g 430
1941 J 1
SI Joe & Grand Tel 1st g 41..1947 J J
Bt Lava & Adlr lst g 5o
1996 3 J
199( A 0
2d gold 65
Bt L & Cairo guar g 48
1931 .1 .7
St L Ir Mt& S gen con g Fia_ _1931 A 0
Stamped guar Si
1931 A 0
Unified & ref gold 48
1921 3 J
Registered
7 J
Ely &0 Div let g 48. __ _193: MN
IN L M Bridge Ter gu g 51,_ _ _193( A 0
at L& San Fran (reorg co)4s 195( .1 .1
Registered
3 J
Prior lien series 13 55
1950 J J
Prior lien series C Se
1920 J J
Prior lien 53 series D _1942 J J
-is
Cum adjust ser A 6s__July 1951 A 0
Income series A 6s_ July 1960 Oct
illt LOUD& San Fr Ry gen 68_1931 3 J
General gold 55
1931 .T J
et L Peor & N W 1st gu 58_1948 J J
At Louis Sou let gu g 4s_ _1931 M S
Bt LB W let g 4s bond etfs1989 MN
2d g 4s Inc bond ctfe_Nov 1989 J .7
Consol gold 4.
1932.8 D
let terminal & unifying 53_1952 1 J
St Paul & K C Sh L lat 4356_1941 F A
St Paul & Duluth 1st be
1931 F A
let consol gold 4e
1968 1 D
et PaulE Gr Trunk 4%lg.__ _1947 3 .1
It Paul Minn & Man con 48_1933 J J
lit consol g (le
1933 J J
Registered
J .1
Si reduced to gold 430_1933 J J
Registered
1983 3 .1
Mont ext 1st gold es
1937 1 D
Registered
J D
Pacific ext guar 48 (sterling)'40 J J
At Paul Union Depot 50_ _1972 J J
.
Ask Low
100 Jan'27 4478 May'25 9212
4
924 9234 9212
9828 Sale 9888
9812
8
____ 100 100 Jan'27 -80
81 8118 Feb'27 --1
10212 _ _ 10212 10212
- 4
10028 10114 1003 Jan'27 --214 12
718 Dec'26 -46 May'25 -71
9012 dale9012
9114
3
85 Sale 84
85
3
7
957 Sale 9512
26
96
*
8338 Sale 831
8328
9314 938 94 Feb'27 4
8758
5
87
87 87 8
100 ____ 100 Feb'27 -- -10518 ___ 10518 Dec'26 ____
967 9714 97 Feb 27 8
10038 10088 10014 100121 8
-------- 1008* Sept 26 - 9818 Sale 98113
98121 71
93 Sept 25'- 933
4 91
93 8 934 9388
3
1
10014 101 10088 10088
86
238
86 Sale 8514
___
8212 Oct 26 --1003* Sale- 993
4 10014 33
10134 55
10112 10134 100
10214 Sale 10218 1024 23
997 Sale 993
4 100
87
98 Sale 973
98 414
s
10514
_. 105% Jan 27 -101 10112 101% Feb 27 -10338 107 10514 Feb 2796
97% 974 Feb'27 ---24
87
87 Sale 8612
8
811e 8218 8112
8128
27
95
9428 947 9434
9714 Sale 9714
9714
4
93 Sale 93
9312 77
1011 ---- 10114 Sept'26 -- -3
92
Jan'27 --9514 --__ 98 Jan'27
9814 15
9714 984 9814
10778 10814 10778 Jan'27 -106
_ 108 Aug'26
1
100
100
100
0n 9612 9812 Aug'26
96
96
96
2
9418 _
9512 Jan'27
92
5
92
10512 Sale 10512 1057
5
100
f,!i'i.,),
898 15
Dec'26 --Jan'27 --Oct'26 --_
9212
2
83
7
8228 26
88 999
757 178
99 422
94
6
9858 86
Jan'27 ---10158
2
104
1
11014
4
8914 21
87
2
99
71
101
1
102
3
91 _ _.4
Dec'26
Feb'27 _ _ -9512 10
9334 48
Southern-let cons g 58. _1994J 1 10718 Sale 107
10714 62
3 J --------104 Jan'27 _ _ _
.
Registered
Devel & gen 48 series A._.1956 A 0 8612 -- - 8688
8634 122,
Develop & gen66113%Bale 11312 114
196
Devel & gen 6 e
12012 Sale 12014 121
91
Mem Div let R Si
2
.1996 1 1 10814 10610 10614 10614
St Louis Div let g 4s
1951 2 J 8912 9012 904 Jan'27 ____
East Tenn reorg lien g 58_1938 M S 10112- 10018 Nov'26
11i212 924 Jan'27
Mob & Ohio coil tr 48... 1938 M S 9112 Spokane Internet let 858
4
195.7_
J 85 Sale 8585%
Sunbury & Lewiston 1st 4.4._1936 .1 J 92% __
9212 Jan'27
Superior Short Line let 58..01930 M 8 9038 ..:___ 10012 Sept'26 _ _ _
Term Assn of St L let g 44..1939 A 0 985 male
1
3
1
8
%I
let cons gold Si
10214 ____ 102% Feb'27 _._ _
8818 83
Gen refund 5 i g 4s
A 8718 Sale 87%
,/
MI
I
4 10434 39
Texarkana & Ft S 1st 550 A 1950 F A 10414 Sale 1033
10118 Jan'27
Tex & NO eon gold fe
1943.8 J 101
3
Texas & Pao let gold 53_2000 1 1) 10578 106 1054 10578
8
La Div B L let g be
1931 1 1 10018 10012 1003 Feb'27 __...
Tax Pao-Mo Pao Ter 530-1964 M 5 10412 10428 10414 1043
4
4
Tol & Ohio Cent let gu 5s_ _.1985 J J 10118 .-__ 10212 10212
1
Western Div let g Si
..l00' Feb'27 ____
1935 A 0
2
10038
General gold bs
10088 10114 10038
1935.8 D 10012Toledo Peoria & West 4e......19171 J
15 Jan'27
1
Tol St L & W 50-yr g 4s__ _1950 A 0 ____ 9088 90
90
.
Tol WV & 0 go 4 1 48 A
.
J J 99 ..... 99 Jan'27 ---_
1931
let guar 433's series B_ _ _ _1933 .1 J
96% Dec'25
let guar 4s, series C
94 Jan'27
1542 M S 9314
Tor Ham & Buff let g 4s_ _ _1946 J D 9038 Sale 903*
3
9088
.
IT,2 8
--
Ulster & Del let cons glis_ _ _1928 J D 621g Sale 6218
6218
1
lot refunding g 4s
4034 Jan 27 ____
1952 A 0 4014 41
Union Pacific let 1118 & Id at 4847 3 J 9518 Sale 9518
96
56
9438
2
Registered
.1 1 9438 Sale 943
-year cony ils
16
30
997
1927.8 J 9978 100 99%
Registered
J .1 --------9414 Dec 26 ---4
let lien & ref 4s_ _ __June 2008 M 73 93% Sale 928
9438 50
1st lien & ref 551
7
June 2008 M El 9388 9428 1394 10911
10-yeaz perm secured 8&l9283 II 1017* Bale 101% 102
30
•Doe &lay.
Due June
.
Leas Aug
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 18.
Pries
Friday.
Feb. 18,
Week's
Range or
Last Sale
Range
Since
.lass. is
844
Ask Low
15 ipA No. Low
f
High
High
941s 944
UN J RR & Can gen 4i._., 1944 M 8 9512 964 9418 Jan'27
1933.7 J 974 983 97 Oct'26
10012 10012 Utah & Nor let ext 4e
4
Ws;
9958 10114 Vandal% cons g 4e series A-1955 F A 934 ____ 921/ Jan'27
1957 M N 9318 ____ 9012 Oct'26
Consol 413 series B
100 10114
Vera Cruz & P let gu 4 Iie__ _1934
1063 110
4
J J24 Apr'26
July 1914 coupon on
23 2613
1934
-i5i's gel-- 23
e
2312 11
10634 110
Assenting let 430
1931 ii-fi loos ____ 101 Sept'26 ---9978 100
Virginia Mid 58 series F
1936 M N 102 102% 111278 Jan'27 ____
1057 1057
8
8
General be
102 102
_ Va & Southwin let gu 194-2003 J .7 102 ____ 102 Feb'27
1958 A 0 94% 9514 94% Feb'27
94% 96
ioi78 1614 let cone 50-year 5o
1962 MN 10314 Sale 10234 10328 54 10211 lops
Virginian let 58 series A
1939 M 14 10318 10338 10314 1034
Wabash let gold be
3 103 10412
1939 F A 10112 Sale 101
10158 53 100% 102
2d gold 58
1975 IVI 8 10412 Bale 10334 1044 89 103 1004
1s
-92f8 - .
9271
Ref 8 f 530 series A
8314 Feb'25
104% 1064
Debenture B 613 regletered_1939 J J
8614
4 "iir4 WI;
72
73
let lien 50-yr g term 48 1954 J .1 8512 87 8614
104 1044
Det & Chi eat let g 5s_ __ _1941 J .1 1034 105 104 Jan'27
884 89
Des Moines Div 1st g 4E_ _1939 J J 8914 ____ 89 Jan'27
1941 A 0 84
8434 8428 Feb'27 --__
62348418
100 1004
Om Div let g 33.0
1941 M 8 -9014 91 9038
8 15
90 91
903
Tol & Ch Div g 48
8134
1
80 8114
92
92% Warren let ref gu g 340_2000 F A 8134 Sale 8134
1948 Q M 8728 884 8714 Jan'27 --__
87 874
14
98 1004 Wash Cent 1st gold 48
8558 8558
100 100
1945 F A 854 87 8558 Feb'27
Wash Term 1st gu 330
9212 9212
1945 F A 9114
9212 Feb'27
80
8118
let 40-year guar 48_ _ __
10212 10212
9914 99
14
10058 10034 W Min W & N W let gu 58-1930 F A 9914 9934 994 Jan'27
7614 82 4
3
west Maryland let g 4s
1952 A 0 801: Sale 8014
81
319
1937 J .1 10112 10214 10112 10112 ......2_ 1011z 102
West N 17 & Pa 1st g Fe
88
89
8814
6
1943 A 0 88
89 8814
-9
0; IIGen gold 4s
84
8534
Apr 11943 Nov --------45 Feb'25
Income g 52
9934 24 Ws 1114
9458 96
Western Pao let ser A 58-..1946 M S 9958 Sale 994
1 103 1044
1948 26 13 9914 997g 1031: 10312
824 83%
1st gold 88 series B
864 87%
2361.5 .1 871e 8734 8718 Feb'27
9118 94
West Shore let 4a guar
88
87
2361 J J 86
8612 86 Feb'27 --__
874 89
Registered
100 100
Wheeling & Lake Erie
1
9924 101
20
101
Wheeling Div let gold 55_1928 J J 100 10014 100
1930 F A 100 ____ 9714 Dec'26
-1 4 Ii1-2
)81.
Ext'n & impt gold 58
1164 11"
10014 10134
Refunding 430 series A 1966 M 5 908* 9112 917s Feb'27
8714 8814
8784
4
1949 M S 8758 8812 8714
RR 1st consol 45
724 77
1942 .1 D 77 Sale , 7614
77
97% 981- W• ilk & East let gu g 58
2
104 104
1938 J D 10412 10412 104 Feb'27
_ Will & S F let gold be
8738 87%
1960 J J 8434 87141 8758 Feb'27
9318 9318 W• inston-Salem B B let 4e
13 1 83 84
/
1
4
83
100 101
Wls Cent 50-Yr 1st gen 411
1949 J 1/ 83 Sale 85
9117
89
9112
term let 4s'38 MN 9134 925* 914
8412 8612
Sup & Dul div &
89
99
Wor & Con East 158 430 1943 1 J 92 ____ 89 Jan'27
-5514 1.61-1-8
1
INDUSTRIALS
100 10134
89% 91
89
891s 8914
8978
4
10218 10234 Adams Express colt tr g 48_1948 M
10612 1067 10612 10612
8
2 1054 107
9514 10014 Ajax Rubber let 15-yr o 1 88_1936 J
09
0014
31: Sale
3
3%
31:
31: 2
Alaska Gold M deb Os A- -1925 M
314 34
318 4
1926 M
314 Jan27 -- _ _
'
105 10578
Cony deb 8s series B
924 97%
.1958 FA
1025 A
10012 10178 Alpine-Montan Steel 78
954 954 105% Oct'26
93
105 10512 Am Agri° Chem let fe
97i 9718
104
1941 F
10414 30 104 10434
9718
i8
lot ref s 5 7, g
9414
64
i- 6946-934- 98 Jan'27 __ _ 95
/
1
4
86% 8812 Amer Beet Bug cony deb 6s-1935 F
9 un 10314
10212 Sale 10212 10224
81
83 American Chain deb s f 69_1933 A
957
95
96
9418 9638 Am Cot 011 debenture 5s_.1931 M N 957 Salo 95
8
9
2 10512 10512
1936 J 3 10512 --- 10512 10512
95 99
Am Dock & Impt gu 65
1939 A 0 104 10412 104
104
6 104 104
9278 9334 Am Mach & Fdy s 65
9
9912
99
993
4
Am Republic Corp deb 68_1937 A 0 9912 994 9912
A 0 10114
-ii" ii" Am Sm et Mgt 30-Yr 58 ser A '47 A 0 10814 Sale 101 10114 42 1004 10134
Sale 10814 10812
1947
4 107% 10412
98
98
let M (to series B
10478 30 104 105
984 9812 Amer Sugar Ref 15-yr 6s-1937 J J 10478 Sale 104
9814 99
99
99
10778 108
Am Telep & Teleg coll tr 03_1929 3 J 99 Sale 984
934 96
1936 FA 13 9414 944 947 Feb'27
Convertible 45
1933 M 8 9812. 99 9812 Feb'27 ___
. 9812 99
9934 10058
20-year cony 4145
1946.7 0 10314 Sale 10278 1033* 49 102% 103%
-year colt tr 58
30
J D --------103 June'26 --_ _
Registered
9512 96
1960 3 J 102 Sale 1015
10218 192 101 1021,
s I deb be
9512 9512
35-yr
1943 MN 106 Sale 106
s
10688 63 10EAt 1067
-year e f 5Sis
91
92
20
1940 A 0 104 Sale 104
104% 13 10311 105
10514 106
Am Type Found deb (is
98 99
99
10
Am Wet Wks & El col tr 04_1934 A 0 9812 Sale 9812
19755! N 10118 Sale 101
1015* 59 101 102%
883* 91Deb g 6s ser A
58% 0012
4
60
6
Writ Paper e f 7-(W-1939 J J 593 Sale 581,
Ras 10254 Temp interchangeable °Us dep. _ _ _ _ 5912 Sale 5878 6014 37 5378 0012
High No, Low
10012 Jan'27 953
4
10114 102 10114 Feb'27 --- 10114
10114 Feb'27 10712 Sale 10738 10712 17
102
Oct'26 1074 Sale 10712 10758 65
100 101 100 Jan'27 --106 ____ 1058 Jan'27 --- 10338 ____ 10134 Nov'26 ---102
2
10178 10312 102
10011 ____ 10184 June'26 ---9114 May'25 9238
10018 ____ 10014 Dec'26 --- 9278 Feb'27 923
4
10512 ___ 10628 Jan'27 -73
4
73
75 73
8418 ____ 8428 Aug'26 --
S A & Ar Pass let an a 4e_ ___1943 .1 1 8978 Sale 893
4
Banta Fe Free & Phen be_ _ _ .1942 M 5 10218 --__ 10212
Say Fla & West 1st g (le
1934 A 0 10828 -___ 10234
lit gold5s10258 ____ 10234
Scioto V & NE let gu g 48_ _1M
9212 ____ 9212
Seaboard AD Line g is
1950 A 0 824 823 823
4
4
Gold 48 stamped
1950 A 0 8212 Sale 82
Adjustment be
Oct 1949 F A 8714 Sale 8512
Refunding 4s
1959 A 0 7428 Sale 7414
let & cons 68 series A
1945 M 5 98% Sale 98%
Atl & Birm 30-yr let g 4s_d1933 M El 93
9312 93
Seaboard All Fla let gu flo A.1935 F A 973 Sale 9788
4
Seaboard & Roan 58 end_ _1931 .1 .1 100 ____ 100%
80 Car & Oa let ext 530-_ _1929 MN 10158 Sale 10114
II & N Ala cons gu g ba
1936 F A 104 ____ 104
Gen cons guar 60-yr S& _l963 A 0 11014 111 11014
Bo Pao coil 4e(Cent Pao coll) k'49 J D 8812 Sale 881z
I D 8612 89 87
Registered
20
-year cony 45
June 1929 M 13 9828 Sale 9834
101 1017 101
20
8
-year cony 58
20
-year gold 5.
,3 it rl 10028 101 10178
4
Ban Fran Terml lot 48__ _ _1950 A 0 91 Sale 9058
A 0 --------86
Registered
Bo Pao of Cal-Ou g ba
i.' ____ 105
1937 M N
80 Pao Coast let gu g 4e_ _1937J
J 9514 -_ . 9512
So Pao RR let ref 48
8
1958J J 9328 Sale 933
Range
Singe
Jan, 1.
1051
13 I
"H -91;
.
Almonds Cop Min let 641_1953 F A
Registered
1938 F A
15
-year cony deb 75
Andes Cop Min cony deb 78.1943 J .1
Anglo-Chilean Nitrate 7sww1945 M N
Without warrants
Anttlla(Comp (Asuo)7.0_1939 1 J
Ark & Mem Bridge & Ter 58-1984 PA 8
Armour & Co let real set 4)0'39.8 D
10114 10114 Armour & Co of Del 530_1943 J ,7
1037 104
Associated 011634 gold notes 1935 IA S
e
11014 11014 Atlanta Gas L let be
19471 D
8814 90
1934 J D
Atlantic Fruit is ctfo deP
_
88
.
_
87
Stamped ette of deposit _ __..
.983* 9918 Atl Gulf & WI BS tool tr bo.1959.13
101 102
1937 ,3 J
Atlantic Refg deb 58
101 102
9018 9134 Baldw Loco Works let 58_1940 M N
7 ki El_ _ _1937 3 J
104'105 Baragua(Coll) Al) warr 1940.7_
0
Barnsdall Corp (is with
9514 95'2
Deb (Is (without warrant)_1940 J D
1936 J J
9388 9412 Belding-Hemingway 69
1948.5 J
Bell Telephone of Pa 56
10678 10712
1950,A 0
lot & ref be series C
10358 104 Beth Steel 1st & ref 55 guar A '42IM N
86
8812
30-yr p to & imp e f 5s. _ _.1936 J 1
1135 1158*
-year 68 series A_ _1948 F A
Cons 30
s
11914 122
Com 30 year 5 Si s serleo B _1953 F A
10614 10634 Bing & Bing deb 60
1
1950 M 8
893 92 2 Booth Fisheries deb e f Os__ _1926 4 0
4
-35 _ _1934 A 0
Botany Cons Mills 8 ,
-61 12- Brier Hill Steel let 5.0._1942 A 0
8412 8514 Biway & 7th Av let e g 5s.. 1943.8
D
9212 9212
CUB of dep stmpd June '20 lot ....
Brooklyn City RR 58
1941 .1 1
'6E4 i983- Bklyn Edison Inc gen 58 A_ _1949 1 J
4
1023 10218
2
General ris series B
1930.8 J
877 88, Bklyn-Man R F sec Go
1968 .1 J
10314 105
Bklyu Qu Co & Sub con gtd 55'41 MN
10118 1014
1941 J 1
lot 55
1053 107% Brooklyn R Tr 1st cony a 48_2002 J 1
4
100 10012
3-yr 770 secured notes_ _ _ _1921 J J
1044 10514
CDs of deposit Dal:Clued
111212 10212 Bklyn Un El 1st g 4-58
1950 F A
100,4 100.4
Stamped guar 4-5/3
1950 F A
1004 10114 Bklyn Un Gas 1st cone g 5s. _1945 FA N
15
15
let lien & ref 68 aeries 4..l947 M N
90
9104
Cony deb 595s
1936 J 3
99
99
Buff & Buil Iron 31 58
1932 .1 D
Bush Terminal 1st 45
191,2 A 0
liCollodi Fie
1955 J J
go
9o7 Bush Term Bien Si gu tax-ex '80 A 0
8
8114 83
8112 8314
8318 8812
73
7634
974 993
9114 94
1004 10012
963 981 1i
-ii-
80
393
4
9478
9418
0058
64
4184
96
9438
100
_
-ilia - 39f8
1085* 110
101% 102%
Cal0& E Corp tuff/ & ref 511_1937 MN
Cal Petroleum 51 g 6 tee
1933 A 0
Cony deb s 1 5s
1939 F A
Cony deb s f 51,is 74:21190448 J s
3A
19 12 M N
Camaguey Bug let s f
Cent Dist Tel let 30-y9r
Cent Foundry Ist s f(3s_MaY1931 F A
Cent Leather let lien if 68_1945 J .7
_1_0_2
_4
Dec'26
108
145
10712 188
Nov'26 _ _ _
87% 99
9612 15
10014
4
923
46
953* 93
10234 18
Mar25 Dec'26
Jan'27
7412 57
10112 14
1037 10424
e
108 Sale 1064
10712 Sale 106
--------97
874 Sale 87
'96 Sale 96
10014 1001 10014
9234 Sale 92
9488 Sale 9478
8
1025 10224 10234
101 1031 99%
1534 __ 1558
17% 193 18
74 Sale 724
10112 Sale 1007
10634 107 10634
10718 108 108
8
10614 Sale 100
9238 Sale 9214
9614 Sale 96
103 Sale 10234
104 Sale 10278
--------100
9878 Sale 983
8
1017 Sale 10128
*
9912 Sale 99
9212 9414 923
4
102 ____ 10118
9014 9012 904
1035 Sale 1035*
*
7618 Sale 7618
7278 7512 75
9312 Sale 934
10478 Sale 104%
1044 10412 1037
9834 Sale 9812
64 Sale 635*
631, 65
79
8812
____ ____ 1364
_ 1284
95 Sale 95
95 Sale 95
10328 Sale 10312
114 ____ 11412
15812 Sale 15812
92
93 9214
905 911: 9078
8
96
9534 96
10014 1001: 1007g
10712
5
Feb'27 _ _ _ _
106 598
9234 180
964 11
10358 20
104
101
101
4
99
35
'102% 143
9912 73
9234
6
Feb'27
14
103%
7
7778 31
75
14
9334
8
1047g 49
104
12
987 583
64
4
Nov'26 -Aug'26 ---Nov'25 --Mar'25 ____
17
95
. 954 13
4
8
1033
Feb'27--1
1584
Jan'27Jan'27 - - - 964 10
3
101
106 1074
10612 108
9812 1064
89 941s
96
984
102% 104
1027 104118
8
100 102
9832 10014
101% 103
9714 100
9212 94
10112 1014
90 92
103% 105
72% 794
74
76
9312 93
10313 103
102% 10412
9812 99%
63% 66
10112 102 10112
0
6
10312 sale 10342
0 34 S a
6
s
3 1013 10214
1 1034 10434
96% 96%
27
30 100% 10214
99 1001
16
8 1024 10'
10314
96% '
Jan'27 _ __ _
10158
2 101
104
Sale 11004434
0
0
111,4 sale 101,4
, S
__ 1034
4
4
964 163 963
102 101%
1015*
4
1013
1g33
14
±
6
10l'
106
1611
- 2
1013%
87 00
94 4 9714
3
10014 100%
914 910s
944 934
1
1024 103
18
18
7012 76 s
7
1004 101%
94 lial;
94
9512
102% 193%
113% 114%
156 162
14
9214 92
9078 914
954 97
9914 101
1052
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 18.
New York Bond Record-Continued-Page 5
Price
Friday,
Feb. 18.
Week's
Range or
Last Sale
Bid
Ask Low
High
Central Steel let get 88._ -1941 MN 1183 11912 11918
2
11912
Cespedes Sugar Co 1st t 7.4s'39 M S 9812 Sale 9812
99
Chic City & Conn Rye 583a1.11927 A 0
5458 Jan'27
Ma 0 L & Coke 1st gu g 59.-1937 J J 102 103 102
102
Chicago Rye let 55
1927 F A
763 Sale 76
4
7712
Chile Copper cony 65 ser A_ _1932 A 0 11018 Sale 11018
11014
Cinch) Gas &
1st & ret 514'56 A 0 10214 1023 10214
10214
4
534e eer B due
Jan 1 1961 A 0 1043 1047 Jan'27
8
4
Cities Serv Pow & Let69_1944 M N 102 Sale- 100
102
Clearfield Bit Coal let 4s....1940.3
82 May'26
Colo F & I Co gee 9 f 55-.....1943 F A 973 Sale 973
4
4
973
4
Col Indus let & coil 5s gu___1934 F A 9614 Sale 953
4
9614
Col & 9th Av let gu g 69._ _1993 M S
10
_
Oct'25
Columbus Gas let gold 58_4_1932 J 1 96
9812 97 Feb'27
Commercial Cable let g 48__2397 Q .1 78
803 80
4
803
4
Commercial Credit s f 69_1934 M N
8
9614 9 3 963
96%
63
Col te f 534% notes
1935.3 J
9112 Sale 91%
9112
CommonwealttsPower 138_4_1947 M N 10518 Sale 105
10514
Computing-TaThRec e I 68_ _1941 J J 10514 106 105
10514
Conn Ry & L lst & ref g 4H91951 J J 945 98
8
9314 Nov'26
Stamped guar 4329
1951 J J 9614 98
9614
9614
Consolidated Cigar a f 69_ _ _1936 A 0 1003 Sale 99 8
8
7
10012
Consolidated Hydro-Elea Works
of Upper Wuertemberg 7e..1956.3 J 10012 Sale 10012
10014
Cone Coal of Md let &ref 58_l950.3 D 7912 Sale 79
81
Coneol Gas(N Y)deb 5 s_ _1946 F A 1)512 Sale 10512 10578
Cont Pap & Bag Mille 645_1944 F A 78
79 Feb 27
79
Consumers Gas of Chic gu 69 1936 J D 10114 102 10114
102
Consumers Power let 69_ _ _1952 M N 102% Sale 10214
103
Copenhagen Telep ext 68_ _ _1950 A 0 100 101 10012 Feb'27
Corn Prod Refg let 25-yr a f 58'34 M N 964 Sale 10212 Jan'27
Crown Cork di Seal let f 69_1942 F A
964 Sale 96
963
8
Crown-Willamette Pat:169-1951 J J 1004 Sale 99 4
3
1004
Cuba Cane Auger cony 79_1930 J J
9913 Sale 985
8
995
8
Cony deben stamped 8%_1930J J 1003 Sale 100% 101
4
73uban Am Sugar let coil 85_1931 M S 10812 Sale 10815
10812
Cuban Dom Bug let 7H9_1944 M N
9912 Sale 9912 1003
8
Cumb T & T let & gee 58.....1937 .11 3 1015 Sale 1015
8
8
101%
Cuyamel Fruit lets f as A
1940 A 0 9414 95
9412
9.5
Davison Chemical deb 6348_1931 J J 95 Sale 95
95
Deny City Tramw let con 55 1933 A 0
924 Aug'25
_
Den Gas& E L 1st& ref tg 58•51 MN 9858 Sale 98%
9912
Stamped as to Pa tax
M 14 983 Sale 98%99
4
Dory Corp(D G) 1st a 79_1942 M S 7912 Sale 7912
80
Detroit Edleon let eoll tr 59_1933 J J 101% Sale 101%
10113
let & ref 59 series A.July 1940 M S 10212 103 10212
102%
Gen & ref 58 series A
1949 A 0 1023 10318 10212 10212
8
let & ref 6s series 13__July 1940 M S 1073 1077 1073
4
8
108
2
Gen & ref 69 tier 13
1958J D 10212 103 1023
4
1023
4
Oat United let cons g 43494_1932
J ---- 9 4 9312
9319
21
Dodge Bros deb 65
9414 Sale 9414
943
4
Dold (Jacob) Pack let 69_ _ 1949 SI N 8719 Sale 87%
942 M N
881e
Dominion Iron & Steel 59..1939 M S 52% 563 51
53
4
Certificates of deposit
62
60
4912
5019
Donner Steel let ref is
.1 96
1942
9618
9611 98
Duquesne Lt let di coil Sc. _ _1949 J .1 105 4 Sale 10512 1053
1
4
.1st colt trust 532e serles B 194.3_
10514 Sale 10512 10512
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 18.
V
Si
.a
Pries
Friday.
Feb. 18.
Week's
Range or
Last Bale
Range
Since
Jan. 1.
High
Iva. Low
2 1183 120
8
9812 100
5
53
54se
1 102 10214
135
7484 7712
8
79 1097 11034
3 102 10212
104 8 1047
3
8
349
9784 102
High No. LOW
Bid
Ask Low
High
KthgsCountyEleclejg45.1949 F A
82% 86
8212 Feb'27
Stamped guar 48
28
83
83 Sale 82
82
86
Kings County Lighting 51....l954
1 10112 10319
194
9
1034
10312 10312
First & ref 6345
3 11214 116
19543 J 116
116
.._ 116
KInneY(GIR)& Co 734% notes'38 J D 103 10412 103
100% 10414
104
Kresge Found'n coil tr 65_1936 J D 10314 Sale 102% 10314 24 102 103%
Lackawanna Steel let 55 A..1950 M S 993g 991 993
8 1004 12
99% 101
s
Lac Gaa L of St L ref&ext 55_1934 A 0 1003 10112 10112 Feb'27
10019 101%
4
Coll & ref 534e series C
52 10418 105
1953 F A 10434 Sale 1043
4 105
Lehigh C & Nay ef 434s A 1954 J J 9712 9814 9814 Jan'27
9814 98%
1 -9718 1812 Lehigh Valley Coal 1st g 59._1933 J J 10114 102 10112 Feb'27
10112 101%
50
9312 9584
lst 40-yr gu int red to 4% _1933 J J 963 ____ 97
Jan'27
97
97
8
1st dc ref s I 5s
1 101 104
1934 F A 104 Sale 104
104
97
1st & ref s I 58
9784
2
1944 F A 993 100 100
997 1001s
8
100
4
80
82
9
let &ref 58
2
1954 F A 100
10012
100
99 4 10019
3
951 97
let & ref Se
1964 F A 10018 4018 10012 Feb'27
99% 10019
9013 92
1st & ref s f 58
2
1974 F A 993 101 10013 Feb'27
10012 10019
4
3
18 104 8 10512 Lex Ave & P F lat gu g 5a_ _1993 MS ___ 42
4012 Feb'26
4
8 1043 10514 Liggett & Myers Tobacco 76_1944 A 0 12014 12114 121
Feb'27
Ho- 1115;
58Registered
A 0 11718 -- 12012 May'26
941
4
4
1951 F A 10338 Sale 1023
4 103% 16 10284 10311
19 1003
9812 4
157
Registered
F A 991
10114
4-- 10114 Feb'27
Liquid Carbonic Cory 69_1941 F A 109% iit;le 10914
113 104 112
112
10 100 101
Loew's Inc deb 68 with warr _1941 A 0 104 Sale 10314
10414 474 101 1004
79
8318
27
Without stock pur warrants_
9819 99
98 12 39
9814 Sale 98
65 10512 10614 Lorillard (P) Co 78
1944
11714 117% 11738 117% 14 11714 120
75
8115
Registered
A 0
11812 June'26
10114 102
4
tie
953g 1001*
1951 F A 9812 Sale 963
4
99% 38
59 102 103
Registered
F A
9713
_ 9614 Oct'25 _
97
974
9912 10012 Louisville Gas & Elea (Ky)58 52 M N 99% Sale 993
_
32
99% 1001
4 100
9
8 10112 103
Louisville Ry 1st cons 59____1930 J .1 9512 Sale 9314
5
9512
94
98
22
93 4 96 4 Lower Austrian Hydro Elec Pow'
3
1
lets f 6348
34
998* 101
24
1944 F A 9211 Sale 92
93
89% 9512
32
95
9914 Manati Sugar tat t 7%94_1942 A 0 107% Sale 10714 108
30 10412 108 I
9814 102
Manhat Ry(N Y)cons g 49_1990 A 0 69 Sale 6834
51
8714 71%
6919 55
2d 48
19 10712 10812
60
6112 -- 6218 Feb'27
63
9912 1003 Manila Elec Ry & Lt f 59_2 53 M
4
24
1913j
9
9334 96
9412 96
9414 Feb'27
11 10013 10214 Market St Ry 78 ser A Apri11940 Q J 97 Sale 97
97 12 29
9619 9712
9412 95
Metr Ed let & ref g 65 ser B-1952 F A 10818 10812 10814 .10814
2
4 10512 10814
1st & ref 58 series C
1
9314 97
1953.3 J 10012 Sale 10012 10012
2 100 100%
- - Metropolitan Power let 69 A1953 J D
_ 106 Feb'27
105 8 106
5
98
4
89i Metr Wear Side El(Chic)49_1938 F A 10012- 78
7
9
78 Jan'27
76
80
9814 9914 Mid-Cont Petrol let 6301
15
- 4 lB S 105 10514 105
19 0
10514 15 104 4 10514
3
7612 81
12
Mldvale Steel &0cony 6 t 54 1936 M
9812 Sale 9814
gr. 99
981 117
4
1 101% 10214 Milw Elec Ry&Lt retdiext 4349'31 J J 9
9814 Jan'27
814-984 99
4 102 • 1035
8
General & ref 5s A
1951 J D 993 gt;le 993
4
2
4
993
4
9914 100%
10218 10484
let & ref 69 B
981 Sale 9812
4
983
4 40
98 100
4 10712 108 2 Milwaukee Gas Light 1st 49.19 1 j D 997 10012 109 Feb'27
192 M N
67
8
9812 100
8
10 1015 10314 Montana Power 1st 55 A...19433 .8 1013 Sale 10112 1017
8 40 10112 102%
4
12
9312 9513 Montreal Tram let di ref 59_1941 J J 9878 9914 983
21 ' 95% 9911
4
99
9418 96
34
Gen & ref 5 f 59 series A-1955 A 0 96
4
964
9618
9618 100 4
3
140
8712 8984 Morris & Co let a f 4 %e....1930 J J 8914 Sale 8918
8912 33' 8614 80 4
3
4853
4914 9012 Mortgage-Bond Co 48 eer 2_1966 A 0 82
7
81 Dec'26
9
10-25
-year Eat series 3
1932 J J 9714 Sale 974
9714 17 "inii 98
4
7
954 9618 Murray Body let 6349
9718 9734 975 Feb'27
8
9612 98
9 105 10612 Mutual Fuel Gas let gu 541937 j S 10112 1013 10112 10112
4
9 4M N
4
10119 101%
11 1047 10512 Mat Un Tel gtd b ext 4% ..1941 M N 1013 103 10134 Jan'27
8
4
101% 10134
Nassau Elec guar gold 49_
1951 J J 0118 Sale 61
6112 12
61
62%
Kest Cuba Sag 15-yr 9 f g 746'37 M S 107 Sale 07
National Acme 1st s f 7348_1931 J
993 100 100 Feb'27
4
107% 54 106 108
99% 102
Ed El Ill Bkn let con g 48_ _ _1939 J J
944 9518 Nat Dairy Prod 6% notes-1940 M N 101 Sale 101
947 Feb'27
8
10112 100 100 102
Ed Mee III 1st cone g 511. _ _1995 J .1 10712 ____ 10712 Feb'27
1067 10712 Nat Enam & Stampg let 58.1929.3 D 191% 103 1013 Jan'27
e
1013 102
8
Elea Pow Corp(Germany)6s&, M S 985 Sale 9813
17
97
9914 Nat Starch 20
993 101
8
4
9914 Oct'26
-year deb 69..1930 J
99
Elk Horn Coal let & ref 6328.1931 J D 99 106
1
4 iaiis lac
9812 9314 National Tube lets f 5a
1952 MN 10314 10312 103% 103%
9914
9914
Deb 7% notes (with warete'31
o 9512 9612 9512
95
5
MN
1024 Sept'26
9814
Registered
9512
Empire Gas di Fuel 7Hs_ _ 1037 M N 108 Sale 108
102E8 16312 1028g Jan'27
Newark Consol Gas cons 5s.19483
10812 194 10518 109
Mit; 1152;
- 7
let & ref 634/3(wIth wareta)43 A 0 1037 Sale 10214
210
7 103 104
98 1.014 New England Tel & Tel 59A 1952 J D 1034 Sale 10314 10314
8
104
Equip Gas Light let con 68_ _1932 M S 100 4 10134 101
99 4 101
3
96% 130
3
963 Sale 9618
8
Ist g 4He series 13
Feb'27
95 8 96%
5
Federal Light di Tr 1st 541._ _1942 M S 9514 96
42
9514 9684 New Onl Pub Serv let 55 A-1952 M N 953 Sale 95%
8
957
8
4
957
6
96
19 1 A O
954 9619
1st lien s 58 stamotd___. 1942 M S 95
9512
2
35
95
9558 9514
9614
First & ref 55 series IL...1955 3 D 9514 Sale 654
96
9514 961
4
let lien Ss stamped
1942 M
6 100% 102 4
10314 1033 1033 Feb 27 -103 10311 N Y Air Brake let cony 5s.l925 M N 100% Sale 1007
4
8 10112
4
1
30
-year deb 6s ser B
0118 9812 9814 Feb'27 -97
9814 N Y Dock 50
1954 J
-year let g 45_1951 F A 8514 85 8 855
3
84% 85 8
7
Federated Metals e f 78
15 11518 116
1939 J D 883 90
8
89
91
NY Edison 1st di ref 6.335 A..1941 A 0 11518 Sale 11518 115%
89
Flat deb 78 (with warr)
9918 Sale 967
9212 981
8
.
First Ilea & ref Ye
A O 103% Sale 102% 1033
89 2 1044
99118
8 35 1025 104
D
8
Without stock porch warrants----913 93
4
i
97
4
93
1065
N Y Gas El Lt & Pow g 5a_ _119948
8
_ 1074 Feb'27
jj 9214 Sale 913
1144
106 10718
Flak Rubber bit s t 89
11511 12 115 11614
11512 Sale 11518
4
1941
9238
9212 - -4 92%
923
Purchase money gold 49_1949 F A
9214 93
Ft Smith Lt & Tr let g 5s. _ _1936 111
8713 901 NY LE&WC&RR 5349_1942 MN
84
893 88
4
101 July'26
98
7
Framerla Ind & Dee 20-yr 730'42
10212 Sale 10212 10312 55
9812 105 4 NYLE&W Dock dr Imp 591943
10112 Jan'27
3
.1 iDll
Dili Nit;
:
Francisco Sugar let st 748_1942 MN 10914 10912 10914
10912 27 106 41092 NY&QEIL&Fletg 69
3
- -2
1930F A 101 117117 1011, Jan'27
toi wits
French Nat Mall SS Lines 7e1949 J D 9814 Sale 977
4
9812 122
943 10014 NY Rye let RE di ref 49_1942 J J
8
6712 Dec'26
tiaa & El of Berg Co cone g 691949 J D 98
9814 1027 Feb 27 -- 1037 1024
8
5
8
63
63
Certitleatee of deposit
Gen Asphalt cony 13e
1939 A 0 10658 10712 108 Feb'27 - - - 10614 10854
30 year ad) Inc &s.. _Jan 1942 A 0
8 Dec'26
Gen Electric deb g 3%e.
91
923 92 Feb 27 -1942 F A 92
4
91
Certificates of deposit......
8 Dec'26
Gen Elec(Germany)78Jan 15.'45J J 10518 Sale 10518
10512.
5 103 105,4 N Y Rye Corp Inc 69_ __Jan 1965 Apr
2812 53
2712 Sale 2712
261k 3011
f deb 6He with war
116 116
1940J D
116141 • 12 11313 119
5
Prior lien 65 series A
8312 8312
1965 J .1
83 4
3
834 844
3
Without warets attach'd '40
D 10114 Sale 101
8. 24
1015
9914 102
N Y & Richm Gas let 68__ _ _1951 M N i0318 105 10212 Feb'27
102 1021,
Gen1 Petrol let f 5e
100781 24 10012 102
1940F A 10012 Sale 10019
17
NY State Rye let cons 4349_1962 MN 573 Sale 57
58
8
534 59
Gen Refr let f g 69 ser A__ _1959 F A 103 Sale 10212 103
4 10112 10312
3
1st cone 634sserlee B
783 Sale 7814
8
82
78%
1982 MN
71
Good Hope Steel & I sec 7s...1945 A 0 10214 Sale 102
10238 16
9912 103. N Y Steam let 25-yr 68 ger A.1947 MN 10614 Sale 106
10619 33 10514 1067
.
Goodrich (B F) Co let 630_1947 J
1063 Sale 1063
4
7
4 10741 17 105 8 108
N Y Telep 1st & gen e f 430_1939 MN 983 Sale 9834
994 20
4
98% 99%
Goodyear Tire di Rub let 89_1941 MN 12114 Sale 12114
1
1213
41 21 123 4 122
30-year deben etas__ _Feb 1949 F A 1103 Sale 11012 1107
8 18 11014 111%
4
10
-year a f deb g 89.731 ay 1931 F A 11012 Sale 11084
11012 21 11018 1101
69 1084 109
4
20
-year refunding gold 69_1941 A 0 10813 Sale 10814
18812
Gotham Silk Hosiery deb 68_1936 J D 9912 Sale 991
8 10012 10112
9 04 10018 Niagara Falls Power let 59 1932 J J 1013 Sale 10114
4 87
993
10112
8
Gould Coupler 1st s f (Sa_ _ _1940 F A 8414 Sale 8414
8414
1
6 10412 105%
8314 85
4
Ref & gee 68
8
Jan 1932 A 0 10412 1047 10412 1043
Granby Cons M S dr P con 65 A'28 M N 100 132 100
Oct 26 _-4 24 10014 101%
Meg Lock &0 pr let be A._1955 A 0 10012 Sale 10058 1003
Stamped
100 102 101
ioi- 101 No Amer Cement deb 649 A.1940 M S 9113 Sale 90
Jan'27
1928
90
91% 45
9514
Cony deb 79
137
75 427 1395 North American Edison 69 1952 M
1930 M N 137 Sale 135
8
8
1063 Sale 10614
1001 36 10414 106%
Gt Cons El Power(Japan)78_1944 F A
99 Sale 983
9 10518 1061
4
99
47
10514
977 9912
10514 Sale 10518
4
Secured e f g 648 ser B__1948 NI S
Great Falls Power let a f 58_ _1940 MN 1037 10412 1037
8
27
97
95% 97%
8
1037
8
4
4
1 1021 103
4
Nor Ohio Trac & Light as__ _1947 M S 963 Sale 963
Hackensack Water let 48_4_1952 J J 8718 873 87 Feb'27 --8912 874 Nor'LStates Pow 25-yr 58A-1941 A 0 100% Sale 10018 1003
4
4 55 100 10114
.
gistered
Hartford St Ry let 49
_
9314 _
90
9914 Sept'26
Oct'26 -A 0
Havana Elec consol g Se_ _1 32 M A
8
4 al;lir
0
995 F S 955 9612 96
Jan'27 ---(
let & ref 25-yr Se aeries B-1941 A 0 11)5 1- 1 10518 106
9512 96
Deb 5.3413 series of 1951_ 1951
8938 89
S 89
98%
89
89
9
98
9084 North W T lst td g 414604-1934 J J 9712 98% 93312
9812
Hershey Choc 1st & coil 53491940 J J 1017 Sale 1017
8
10238 62 1011 10212
8
4
Hoe(R)& Co 1st 6339 ser A.1934 A 0 100 Sale 993
4 11414 116
4 10014 14
98 101
Ohio Public Service 754a A-1946 A 0 11518 11514 1478 11514
Holland-Amer Line es (fiat) _1947 M N 98 Sale 973
2 114 115
115
8
98
30
9119 98
let & ref 78 series LI
1947 F A 11478 Sale 15
Hudson Co Gas let g 59_ _1940 M N 1023 103 103
2
Jan 27 --- 102 4 103
1
Ohio River Edison let 66_1948
1 10614 Sale 0614 10612 11 10519 10612
Humble Oil & Refining 5H9_1932 J J 1025 Sale 10284 1025
8
91
10
903
4
8 26 10218 1023 Old Ben Coal let 65
5
4
90 4 91%
3
1944 F A 903 91
Illinois Bell Telephone 69_441956
D 10414 Sale 10384
10414 85 1023 104
10114
5 101 102
4
Ontario Power N F let 58-1943 F A 101 Sale 01
Illinois Steel deb 4%s
1940 A 0 9712 Sale 9714
Jan'27 - - 100 4 101
9713 15
974 9814 Ontario Transmission 54_41945 M N 10114 ---- 01
1
Ilseder Stec ICorp s f 71
9414 30
1946 A 0 10114 Sale 10114
94 Sale 94
10238 15 10038 1023 Otis Steel 1st M 6s ser A _ _41941 M
4
.
931 984
4
Ind Nat Gas & 011 59
4 100
9812 98
1936 M N 98
58
98
3
98
993 1001
98
4
Pacific Gas & El gen & ref 59.1942 J J 99% Sale 993
1
Indiana Steel let 58
10058 10
1962 M N 10314 104
0313 Feb'26 .- 10312 10412 Pao Pow & Lt letdcret 20-Yr 59'30 F A 1013 Sale 00
4
993 1011
4
4
Ingersoll-Rand let 58 Dec 311935 J J 10014 ____ 993 Dee'25 -9114
10178
4
6 10114 10214
4
1937 J .1 1013 Sale
PacMo Tel & Tel let be
Inland Steel deb 5338
8
16 10112 108
1945 M N 10258 Sale 1 323
10314 20 lair,
1952 MN 102 Sale 0112 102
Ref mtge Unties A
Inspiration Con Copper 6349..931 M S 10118 Sale 10lI8
106
181 1044 106%
10112
6 10118 101% Pan-Amer P & T cony ef 68_1934 MN 10512 Sale 105
Interboro Metrop coil 434s. lSS A 0
11
Apr 25
104 4 105
1
1st lien cony 10-yr 7*.... 1930 F A 105 10518 10514 Feb'27
14.
Guaranty Tr Co ale dep
13 Nov 26 ___ _
9912 Sale 9912 10014 33
9912 10012
-4 Pan-Am Pet Co(ot Cal)eony 68'40
CU dep stpd asetd 16 7., sub_ _ _
1012 May'25
100
23
9912 Sale 994
98 10019
Paramount-Bway let 530-1,961
_
7814 Sale 777
Interboro Rap Tran Ist 59_1966
8
4
92
10
798 Park-Lox et leasehold 6345
7814 192
913 Sale 913
4
90% 93 9
1
77
-1901
.3 .3 78 Sale 773
Stamped
92 Jan'26
4
7812 185
764 7914 Pat & Passaic & El cone 59.1949 M S 10214 103
-year 65
1932 A 0 8118 Sale 803
10012 77 -eii 101
10
2
99% Sale 997
8112 34
2
8012 8212 Penn-Dixie Cement 68 A___1941 M
-year cony 7% notes_ _.1932 M S 9812 Sale 98
10
2 11312 ups
.
9812 91
.1
97
99
65_ 1943 A 4 11312 1133 11312 11312
8978 90
102 10214 10284 Feb'27
Lot Agile Corp let 20-yr 59_ _1932 M N 86
_ 102 102 s
Jan'27 _
90
99
1
F7tefundiA DgoId°°fta g
P a ng is E.a
Stamped extended to MU__ M N 81 Sale 81
8
25 10319 1041s
815
8 40
44
9 M S
81
83
Philadelphia Co ooll 85 A.1947 F A 1035 Sale 10384 104
8
8 1018
101 Sale 1007
i 14 10019 102
83
Inter Mercan Marine s 168_ _1941 A 0 987 Sale 9 4
9914 536
95% 9914
I5
-year cony deb 541----1938
"
8 10014 Sale 10014
98 Sale 9712
1947.3
International Paper 63
98
101
13 100 102
34
8
.1
974 9912 Phi's& Reading c I ref 58_1973
,955M S 10112 Sale 10114
102
10512 Sale 10512 106' 21 1044 1074
Ref 9 f 66 ser A
98
99 8 102% Pierce-Arrow Mot Car deb 841943
5
100 1005 10012 1008* 38 1004 1031
8
110
rot Teleo & Teleg cony 545 945 M S 110 Sale 109
837 109 110% pPilleirscbe,Oryil b eif8 _Dec . 1943 J
1 .1
1
m ll48,.0_ yr ,45 931
9414 93
8
A 0 102% Sale 1021* 1027
Italian Public Utility ext 78.1952 1 J 9384 Sale 9319
8 1024 1034
90% 9612
Fl
9912 Sept'26 Pleasant Val Coal 1st g 9 t 55_1928 J J 9912 100
10514 10512 10434
price)_1947 J
10512 25 104 4 10912 Pocaia Con Collieries let if 5s19573 J 91% 9214 9214 Feb'27
Jurgens Works&(fiat
"el; 921.
3
4
4 24 103 104
Kansas City Pow & Lt Se....1952 M S 10312 Sale 10312 1033
10434 105 e
3
Port m earserles BDk 69 A_1953 F A 1043 105 10584 Feb'27
is4Arthu Can &
4
104% 1045 104% Feb'27 -- 104% 104 4
13 103 4 105 4
4
Kansas Gas & Electric Se._ _1952 M S 1043 Sale 10484 105
3
3
8
10814 Sale 10814
10814 15 10112 10812 Portland Elea Pow let 69 B.1957 M N 101 Sale 10012 101
11 10014 102
4
Kayser (Julius) dt Co let if 78'42 F A
19 3 F A
9812
6
J .1 100% 101 100 Feb'27 -- 100 101
Keith (B F) Corp let 8..-.1946 M S 9812 Sale 98
98
9913 Portland Geemare
d
1st
nEleot
2 104% 108 10112 10512
9412 97
MN 95 Sale 95
95
2
KeUy-Springt Tire8% notee_1931 MN 103 Sale 1027
9314
3
933 114. 93 8
4
3
914 94
93%
9314 9312 Portland Ry L & P lat ref 58.1942
Keyaton Telep Co let 58.. 1935.3J 9314 Sale 9 4
1
104 10313 10312
1 10312 10312
U....1937 A 0
10114
B-1947 M N 101 10114 101
8 10012 1014
Kings County El & P g
lst lien & refeaseries
125
2 12414 125
1997 A 0 12484 12514 125
10714 12 1084 10719
Purchase money 69
let & refund 749 series A.1948 M N 106% 108 106%
6363
fa;
FEB. 19 1927.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
1053
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 18.
Price
Friday,
Feb. 18.
Week's
Range or
Last Sale
n`a
High No. Low
High
953
4 12
9112 96 4
,
Dec'26
1 11512 111t111
2
10518 44 1033 10514
4
2 105 106
10514
2 105 10512
10514
10712 27 106% 10712
Feb'27
110 11112
Feb'27
13018 165
5 100 1007
8
1007
8
28
96
951g 96
20 1001g 101%
101
985 100 2
10012 16
8
121 11811 12614
123
1013
4 45
907 101
8
7 102 10412
1033
4
8 101 4 105
,
10312
963
4 38
93 4 94
,
5
63
60
63
21 11114 112,
11112
4
Feb'27
105 8 10614
,
921. 92 2
Jan'27
2
47 4 49%
,
47 4
,
5
47
47
50
Pressed Steel Car cony g 5a_ A933 i .1
Prod & Ref a f 88(with warts)'31 J D
Without warrants attached_ _ _ .1 D
Pub Serv Corp of N J sec 65_1944 F A
Pub Serv Elea .4 Gas 18t55481959 A 0
1964 A 0
let & ref 5545
Pub Serv El Pow a fist 6s _ _1948 A 0
Punta Alegre Sugar deb is. _1037 J J
Rand Kardex 554s (with warr)'31 .1
Without stock pur warrants_ __
1937
Remington Arms as
Itepub I & El 10-30-yr ba a f _ _1940 A 0
itef & gen 554s series A _ _.1953 J J
Etheinelbe Union is with war 1948 J J
Without stk purch warts.1946 .1 J
Rhine-Nlaln-Danube 76 A .1950 NI S
Rhine-Westphalia Elec Pow 78'50 M N
__1955 F A
Rima Steel 1st s1 7s
Robbins & Myers 1st at 7a. _1952 J D
Rochester Gas & El 78 ser 13_1948 Si S
Oen mtge 83.8a series C___1948 M S
Roch & Pitts C&Ipm 5s_ _1848 M N
Rogers-Brown Iron gen&ref is'42 Si N
MN
Stamped
Ask Low
Bid
953 Sale 95
8
113
1103
4
1103 111 111
4
105 Sale 1043
4
10518 10514 10518
10518 10514 10514
107 8 Sale 107's
,
10912 11012 11014
155 160 165
1001 Sale 100%
8
96 Sale 9512
101 Sale 101
100 8 Sale 100
,
12214 Sale 122
1013 Sale 10112
10314 Sale 10212
10212 10312 1023
4
95% 07
953
4
63 Sale 63
11114 112 11112
105 10514 10518
90
9212 9212
47 4
,
45
48
47
St Jos Ry Lt & Pr lot 5s____1937 M N
St Joseph Stk Yds let 4 e_ _1930 J
fit L Rock Mt & P bs etmpd-1955 J J
Si Paul City Cable eons 55_ 1937j_
J
San Antonio Pub Serv 164 68_1952 J
Saxon Pub Wks(Germany) is'45 F A
&how° Co guar 6548
1946J J
1846 g 0
Guar of 610 Issue B
Sharon Steel Hoop 1st 88 ser A '41 rsi s
Sheffield Farms 1st & ref 6 54a '42 A 0
Sierra & San Fran Power 55_1949 F A
Slleslan-Am Exp col tr 7s_ _ _1941 F A
Simms Petrol 6% notes_ _ _J929 51 N
Sinclair Cons Oil 16-year 7a_1937 81 s
18t l'n col tr 6s C with war_1927 J D
1938
1st lien 6545 series B
Sinclair Crude Oil 3-yr (3s A_1928 F A
Sinclair Pine Line s I bs
1942 A 0
Smith (A 0)Corp let 6548._1933 M N
South Porto Rico Sugar 75_ _1941 I D
South Bell Tel & Tel 1st a f 501941 I
Southern Colo Power (is A._1947
13'west Bell Tel 1st & ref 58_ _1954 F A
!Wring Val Water lot g 58......1943 M N
Standard Milling 1st te
1030 NI N
let & ref 5'is
1945 M
Stand 01101 N J deb 5s.Dec 15'46 F A
Stevens Hotel 1st 68 ser A._.A945 J J
Sugar Estates (Oriente) 78_1942 51 S
Superior 011 let s I 78
1929 F A
Syracuse Lighting let g 58_ _ _1051 J D
Tenn Coal Iron & RIt gen 5,3_1951 J J
Tenn Copp & Chem deli 65_ _1911 A 0
Tennessee Elec Powlat Os__ 1947 .1 1)
Third Ave 1st ref 48
1960
J
Adj ino Se tax-ex N Y Jan 1960 A 0
Third Ave Ry 1st g 58
19375 5
Toho Else Pow 1st 78
1955 M S
6% gold notes _ _ __July 15 1929 J J
Tokyo Elec Light 6% notes.1928 F A
Toledo Edison 1st is
1941 M S
Toledo Tr L & P 5Si% notes 19301
Trenton G & El let g 5s_ _1949 IN 8
Trumbull Steel 1st f 6a
1940 NI N
Twenty-third St Ity ref Is.. _ _1962 I J
Tyrol Hydro-Elec Pow 754s-1955 M N
95% 9614 96
973 _ _
4
973
4
7812 Sale 78
,
9514 95, 95 4
4
107 Sale 10612
1025 Sale 102 8
8
,
99% 100
9912
100 Sale 99 4
,
108 10812 10814
108 Sale 108
9512 96
9514
100 4 Sale 10012
,
1033 10414 10314
4
10112 Sale 10112
101 Sale 101
100% Sale 10014
100 4 Sale 100 4
,
,
94 4 Sale 94%
,
100% 10012 1015
10712 Sale 107
1027 Sale 102%
8
10112 Sale 101
103 4 Sale 103%
,
100 100% 100
100 101 102
10212 Sale 1023
4
102 Sale 1017
8
9912 Sale 9912
99 Sale 98%
10114
102% _
1023
4
101 104 104
10012 Sale 10014
10512 Sale 10512
65% Sale 65%
64 Sale 6312
98% Sale 9812
98 Sale 98
9814 Sale 98
9914 Sale 99
108 10812 108
9914 9312 9914
1023 ____ 10218
s
983 Sale OS'4
594 66
67
101 Sale 1003
4
96
Feb'27
79
95 4
,
10712
103
100
10014
Feb'27
108
95 4
,
1003
4
105
10214
101 4
,
100%
100%
04 4
,
Feb'27
108
103
101 4
,
10312
100
102
10312
10214
99%
9914
Jan'27
Jan'27
104
10012
1053
4
657
4
6412
9812
99
984
991
10
814
99%
Dec'26
9812
Jan'27
10114
UjIgawa El Pow a 178
1945 Si S
Undergrd of London 4548..1933 J J
Income 135
1948 __
Union Elec Lt & Pr(MO 56_1932 /31S
Ref & est 5a
1933 MN
UnE L&P(111)Istir5 lie ser A1954 J J
Union Elev Ity (Chic) 5a. __ _1945 A 0
Union Oil 1st lien sf58
1931 J J
May 1942 F A
30-yr 6seerica A
let lien Oils serlea C Feb..1935 A 0
United Drug 20-yr 68_0(115 1944 A 0
United Fuel Gas 1st a f 6a___1936 J J
United RY8 St L 1st g 4s_ __1934 J J
1937 M N
United SS Co I 5-yr 65
United Stores Realty 20-yr 6s '42 A 0
S Rubber 1st & ref 5sser A 1947 J
.1
Registered
10-yr 7(4% secured notes.1930 F A
13 Steel Corpleoupon gpr 1963 MN
10-60-vr 68 regitit_ 1pr 1963 MN
Universal Pipe & Red 6s___1936 J
Utah it & Tree 1st & ref 56..1944 A 0
Utah Power & Lt 1st 5s
1944 F A
Utica Elea I. & P lst, 55
1950 .1
Utica Gas & Elec ref & ext 58 1957 J
Vertientes Sugar let ref 78 1942 J D
Victor Fuel 1st a 15*
11)531 J
Va-Caro Chem 1st 78
1947 1 D
Stpd as•to payt 40% of min
1st 75
1947
Ctf of deposit sand ______
Ctf of deposit atpd _______
Va Iron Coal & Coke 1st g ba 1949
Va Ry Pow 1st & ref 58
19341 J
Walworth deb 6(-4a(with war)'35 A 0
1st sink fund 68 series A
1946 A 0
Warner Sugar hello let 7s 1941 J D
Warner Sugar Corp let 76.. _1939 J J
Wash Water Power a f 5s_ 1939 J J
Weatches Ltg g 58 stmpd gtd 1050 J 13
West Ky Coal lot 78__
1944 M N
West Penn Power ser A ba
1946 M
1st re series E
1063 M S
let 555s aeries F
1953 A 0
Ist sec bs aeries0
19561 I)
West Va C & C lat Os
19501 J
993 Sale 09
8
9512 ____ 9534
957 ____ 95
102 Sale 1018
1013 Sale 101%
4
102 8 10212 10218
,
82 4 833 83
,
4
10112 1013 102
4
10812 109 10812
987 99 1 99
8
107 Sale .10612
10412 Sale1103.2
7612 77 1 77
91
91% 01%
1051g Sale 1047
953 Sale 953
4
94%
10612 1063 1063
4
107 Sale 107
1067
8
874 Sale 8714
933 Sale 933
4
4
973 Sale 973
4
s
1027g ____ 1023
102% Sale 1024
9814 0914 98%
5714 6712 57118
10714
9938 44
12
06
Aug'26
2
102
101 4 20
,
3
10212
2
83
Jan'27
9
108%
9918 18
10714 18
10412 20
Jan'27
3
91%
7
10518
9614 174
Feb'27
106 4 17
,
107% 88
106% 15
88% 34
35
94
9814 33
Oct'26
10218
9914 29
6
573
8
Jan'27
107 4 Jan'27
,
10812 Sept'26
10812 Sept'26
9412 -- 94% Jan'27
11
99 4 Sale 9912 100
,
93) Sale 93
8
93% 20
954 21
95 Sale 95
104% 118
,
104 4 Sale 10414
9112 38
90 Sale 90
1
10228 10312 102 4
, 192%
_
102% Feb'27
102%
,
10112 101% 10112 101 4 35
5
100%
100% 100 4 100%
,
17
100% Sale 10012 1005g
6
10514
105-- 105
1003
8 32
10014 Sale 10018
17
80
79 4
,
10014 102
Western Electric deb 55
1944 A 0
Western Union coil tr cur 58.19381 J
Fund & real est g
M N
15-year6i4sg
1936 F A
25-year gold 55
1951 J D
Wee'house E & M 20-yr g 58_1946 M S
Westphalia Un El Pow 63-45.1950 J D
Wheeling Steel Corp let 5Sis 1948 .1 .1
White Sew Mach 6s(with war)'36 5
let 78._ _1935 J .1
Wickwire Spen
Wickwire Sp St'l Co 78 Jan 1935 M N
V7Illys-Overland 5 f 6558_ __ _1933 M S
Wilson & Co 1st 25-yr s f 69_1941 A 0
Registered
A 0
Winchester Arms 754s
1041 A 0
Yoling'n Sheet & T 20-yr 60-1943 J J
101% 23
101% Sale 10114
4 10514 40
105 Sale 1043
7
99
99
9912 99
4 11214 23
112 Sale 1113
10112 26
10112 Sale 10118
1017
8 98
1013 Sale 10118
4
21
98
9712 98
9712
0814 Sale 9714
9814 60
33
08% Sale 9812
99
6
58
58 Sale 55
146
52
49 Sale 484
10212 13
10214 Sale 10214
10212 52
102% Sale 102
93 Feb'25
106 107 100 106
2
10418 Sale 10418
104% 132
Range
Since
Jan, 1.
10
95% 9712
973 9734
4
75% 79
9514 953
4
10512 107%
10114 104
9 12 10112
99 4 10114
3
10712 10812
1 1071g 10814
14
95
967g
127
983 10112
4
198 101 12 105
87
97 4 102 4
,
,
172 10014 10214
110
92, 10238
4
112, 1003 1014
5
114
9214 95%
1015g 10234
16 107 109
17 10212 10312
13 1004 102
98 1023 1037
4
2
2 101 100
6 100 102
4 1023 1033
4
4
125 101 4 102%
,
19
99 1004
12
9834 100
100 10114
1023 1023
4
4
1 104 105 8
,
19 100 101 14
24 105% 105%
25
63
6'
124
6214 6512
69
97
9812
46
97% 9912
112
98
9314
17
981g 9912
6 107 4 108%
,
4
15
98 4 9,4
3
95 4 96
3
18
9712 9918
67
67
16
98% 101 4
,
5
5
4
36
5
17
98 4 100
,
95 4 96
,
ioir, 102"
101 14
1012
4
83
101 12
10812
98 4
,
1032
10212
7612
90
104 4
,
94%
91%
106
107
1063*
814
93%
97 4
,
102
10212
8412
102
109
99%
107%
104 2
77
9312
105%
9612
01%
106 4
,
10:
1(1133*
89 4
,
95
9914
1- 26 74
981 100
)
8
584 573
10714 10714
10714 1073
4
945
98 4
,
92
9314
91%
784
1023
4
1023
8
101 12
1004
10012
105
100
79
14;
-11
100
93%
9512
101
933
4
10234
10312
102
10112
101 14
10514
10112
80
1014 103
1013 105 4
g
,
9812 993
4
1113g 11214
101% 10112
101 102 4
,
96% 99.2
96 4 98%
,
97 4 9914
,
5a7 58
4
3912 52
101 4 102
,
10114 102,
2
104(4 icifIs
1033 10454
4
4
Standard Oil Stocks Par Bid. AO.
4
Anglo-Amer 011 vot stock_.C1 *203 211:
8
El *19% 203
Non-voting stock
100 11112 112
Atlantic Refining
100 116 11612
Preferred
Bone SerymAer Co new...- *65
67
48
Buckeye Pipe Line Co__ __50 *47
8212
25 *81
Chesebrough Mfg
4
10 *20% 203
Continental Oil v t o
17
Crescent Pipe Line Co.,. 50 *15
CumberlandPipe LIne___100 12812 12912
50
Eureka Pipe Line Co_ ___100 49
14
Galena Signal 011com___100 13
100 52
55
Preferred old
P efe-re I new
55
100 50
8
Humble Oil& Refining ___25 1558% 587
100 136 137
Illinois Pipe Line
*444 443
8
Imperial 011
Indiana Pipe Line Co__50 *6612 68
International Petroleum_ _ _ t 53314 33 2
,
8
8
National Transit Co__12.50 *135 137
34
New York Transit Co___100 32
Northern Pipe Line Co__100 79
80
25 *6114 617
Ohio 011
8
25 *17
Penn Mex Fuel Co
18
Prairie 011 de Gas new...
.25 *53
5314
Prairie Pipe Line new __100 1421 14312
100 198 202
Solar Refining
Southern Pipe Line Co
*16
17
25 *3814 39
South Penn Oil
Southwest Pa Pipe Lines.100 573 5812
4
Standard Oil (California)_ _ _ *5814 5812
Standard Oil (Indiana)___25 *7114 7114
Standard 011 (Kansas).__25 •187 1934
4
Standard 011 (Kentucky)25 11912 121
25 *48 4 4912
Standard 011 (Neb)
,
Standard Oil of New Jer__25 *38% 39
100 11618 116,
Preferred
4
New
•3812 38%
Standard Oil of New York.25 *23212 325
8
100 333 335
Standard Oil(Ohio)
100 118 119
Preferred
100 1512 17
Swan & Finch
100 96
Union Tank Car Co
98
25 *1017 1023
Vacuum 011 new
8
10
Washington 011
Other 011 Stocks
Atlantic Lobos 011
50
Preferred
25
Gulf Oil
10
Mountain Producers
100
National Fuel Gas
Salt Creek Consol OIL ___10
Salt Creek Producers. _ _ _10
*11, 11,
*2% 4
*95
953
4
*257 2618
8
200 205
*7 4 8
,
*30% 31(4
Per Cl, Bast
Public Utilities
American Gas & Electrio_t •7012 71%
•9912 100
6% Preferred new
Deb 6s 2014
73I&N 10212 103
Amer Light & Tram corn. 100 228 1230
Preferred
,
100 113 1114 4
Amer Pow & Light pref.. 100 99% 100
Deb 6s 2016
NI&S 101 1011g
Amer Public Util corn.. 100
70
7% prlor preferred_ ___100 87
93
4% partic preferred__ _100
83
Associated Gas & Elec pref_) *5214 534
Blackstone Val G&E com_50 *1/98
99
Com'w'Ith Pow Corp new.
.t *4414 4412
Preferred
100 9314 94
50 *56
onsol Gas 6% pref
58
Elec Bond & Share pref _100 10712 107%
Elec Bond & Share secur-t 68
6812
Lehigh Power Securities__ _t *1612 1652
Mississippi Itiv Pow pre1.100 96
98
First mtge 58 1951_ _ _J&J 101 102
S F g deb 78 1935_ _NUN 102
National Pow & Light pref.) *102 fotili
North States Pow com_ _100 11218 1123
4
1110 10212 10312
Preferred
38
Nor Texas Elea Co com_100 35
73
100 70
Preferred
/
1
,
Ohio Pub Serv, 7% pref.,100 104 4 1064
_100 9812
Pacific Gas & El 1st pref.
.
25 .243 2i18
4
1st pref new
84
Power Securities corn
8
.30
33
Second preferred
93
Coll trust 68 1949_ __J&D 90
87
Incomes June 1949_ _F&A *85
Purz-t. Sound Pow & Lt__100 3012 3112
86
100 84
8% preferred
100 /106 108
7% preferred
1st & ref 53.4s 1949__J&D 100 101
Republic Ry & Light _ ___100 118 121
100 120
Preferred
38
_
South Cal Edison 8% pf. _25 *35
S and G & E 7% pr pf _ _100 10512 10612
Tenn Elec Power 1st pref 7% 10412 105
Toledo Edison 7% pref.,.100 10712
8% preferred
.14
100 11614 117
Western Pow Corp pref.
_100 101 104
Chic It Stk Ld Bk Sends
5545 Nov I 1951 opt 1931__ 101 10218
fe
Nov 1 1951 opt 1931_
9914 100%
55 May 1 1952 opt 1932__
9912 101
434s Nov 1 1952 opt I932__
98 100
43is Nov 1 1952 opt 1032_
96
99
41 May 1 1963 opt 1933.. 98 100
/
48
58 Nov 1 1963 opt 1933_
9912 101
434s Nov 1 1964 opt 1034_
97 100
4 HS Oct 1 1965 opt 1935_
97 100
Pac Coast of Portland,Ore
55 1955 opt 1935__M&N 10114 103
58 1954 opt 1934_ _ _M&N 10118 1025
8
Sugar Stocks
Caracas Sugar
50 811, 3
Cent Aguirre Sugar com_ _20 •100 100
Fajardo Sugar
100 155 157
Federal Sugar Ref com__100
40
Preferred
100
60
Godschaux Sugar, Inc
3
Preferred
100 17
20
Holly Sugar Corp cora_ _ _ .4 *30
35
Preferred
100 82
85
National Sugar Refining_100 130 133
New Niquero Sugar
100 65
73
Santa Cecilia Sig Corp pf100
4
Savannah Sugar coin
142
Preferred
100 117 120
Sugar Estates Oriente 91_100 73
75
Tobacco Stocks
American Cigar com____100 120 125
100 100
Preferred
British-Amer Tobae ord_ _El *23
24
Ll *23
Bearer
24
Imperial Tob of 013 & Irel'd •25
28
lot Cigar Machinery...100 120 125
Johnson Tin Foil & Met_100 65
MacAndrewa & Forbes__100 40
41
100 103 106
Preferred
Mengel Co
100 28
32
Universal leaf Tob corn -.9 *46
48
100 102 105
Preferred
Young (1 14) Co
100 115 119
Preferred
100 105 109
Rubb Stks (Clere'd guotarn)
Falls Rubber corn
4
•
25•
Preferred
15
Firestone Tire & Rub corn.10 •120 125
100 10414 10412
6% preferred
7% preferred
100 981 991s
General Tire & Rub com__25
150
Preferred
100 1021
Goody'r it & R of Can pf 100 r100
India Tire & Rubber new _ t
29
Mason Tire de Rubber corn.) *11
2
Preferred
100 17
20
Miller Rubber preferred.100
10512
Mohawk Rubber
100
26
Preferred
65
Selberling Tire & Rubber_ _ t •22
Preferred
100 97
Water Bonds.
Arkan Wat 1st 58'56 a A&O 0.513 96
Birm WW 1st 554aA'54.A&O 10412 105
1st NI 5a 1954 ser 13_ _J/4 D 9914 100
Butler Wat Co a f 5a '27.J&J 100
re Sept 2 1931
M&S 1
9612 Vi
CityW(Cbatt)5148'54A 5&13 10414 104 4
,
1st M 55 1954
J&D 97
97 4
,
City of New Castle Water
58 Dec 2 1941__J&D 1 93
95
Clinton WW 1st 59'39_F&A 89
Com'w'tb Wat let 530A '47 103 104
Connellsv W 5sOct2'39A&01 92
9312
E St L & Int Wat 55'42.J&J 9512 96
J&J 101 102
1st M (is 1942
Huntington 1st 6s'54...M&S 134
1954 9512 96%
58
1940 95
Joplin Wat 5;
Mid States WW 68'36 M&N 100
96
MonmConW 1st 58'56AJ&D 95
'50 J&J 09% 10012
Monin V.1 Wt 51.4,
Muncie WW StiOct 2'39 .301 92
StJoseph Water be 1941A&0 95
So Pitts Wat 1st 511 1960 J&J 9642 97
F.4 A 9714 98
1st M 58 1955
Ter H WW 65 '49 A__J&D 102
1st M 55 1958 ser B._F&A 9411
Wichita Wat let 65'49_M&S 103
let 5155 1956 ser I3F&A 9411
Railroad Equipments
5.03 4.90
Atlantic Coast Line 6s
4.80 4.70
Equipment 63.46
5.03 4.90
Baltimore & Ohio 85
Equipment 434s & 58... 4.75 4.60
Buff Koch & Pitts equip 65_ 6.01) 4.80
Canadian Pacific 4548 & 6s_ 4.95 4.65
5.00 4.95
Central RR of N J 65
5.00 4.90
Chesapeake & Ohio 65
4.85 4.70
Equipment 634s
4.75 4.85
Equipment5a
Chicago Burl & Quincy 68_. 5.00 4.00
Chicago & North West 6s__ 5.05 4.90
4.90 4.75
Equipment 6545
4.83 4 65
Chic RI & Pac 4SO & 58.
5.15 500
Equipment 136
5.20 5.00
Colorado & Southern 88._
5.10 4.90
Delaware & Hudson 68
5.00 4.75
Erie 434s & bs
5.25 5.00
Equipment 85
5.05 4.95
Great Northern
Equipment Is
4.85 4.70
4.85 4.70
Hocking Valley Is
Equipment Os
5.05 4.95
Illinois Central 4548 & Ss__ 4.79 4.60
Equipment 6s
5.0/ 4.90
Equipment 7554 53.4s
4.75 4.60
Kanawha & Michigan 13s_ _ _ 5.20 5.00
Kansas City Southern 554s
5.10 4.85
Louisville & Nashville 65___ 5.00 4.90
Equipment6 Sis
4.75 4.70
Michigan Central 58 & Gs__. 4.95 4.75
Minn St P& 85 51 434s& 58 5.101 4.85
Equipment 830 &
5.10 4.80
Missouri Pacific 8s & 650-- 5.20 4.90
Mobile & Ohio 55
4.95 4.75
New York Central 434s & bs 4.70 4.60
Equipment65
5.00 4.85
Equipment7s
4.751 4.70
Norfolk & Western 4
4.65 4.55
Northern Pacific 78
4.80 4.75
Pacific Fruit Express 7s... 4.80 4.70
Pennsylvania RR eq 58 & 6s 4.95 4.60
Plush & Lake Erie 63.45.... 5.00 4.75
Equipment 68
5.03 4.80
Reading Co 43.4s & 5s
4.65 4.55
St Louis & San Francisco 58. 4.80 4.70
Seaboard Air Line 534s & 68 5.25 4.95
Southern Pacific Co 454a___ 4.65 4.60
Equipment is
4.75 4.70
Southern RY 4346 & 58
4.85 4.70
Equipment65
5.05 4.95
Toledo & Ohio Central 6s..,.. 5.13 4.95
Union Pacific 7s
4.75 4.70
Short Term Securities
Anaconda Cop Min 68'29.1&J 10214 10258
RI & Pac 58 1929-1.4.1 10012 101
Chic
5% notes 1929.
NI&J 10012 101
412% notes 1928____J&D 993 100
4
Federal Sug Ref 68'33.M&N 82
86
Missouri Pacific 58 27...J&J 1001g 1005
8
Sloss-Sheff S & I 13s'29_1 &A 10214 1027
,
8
Wise Cent 54s Apr 151027. 983 9914
4
Indus. & Miscellaneous
American Hardware
25 *81
84
Babcock & Wilcox
100 116 118
Bliss(E
*20
22
Preferred
50 *57
Borden Company coin__ -9 100 103
Celluloid Company
100 17
19
Preferred
100 65
69
Childs Company mt.__ me 119 121
Hercules Powder
100 180 190
Preferred
100 115 117
international Silver pref,100 105
Lehigh Valley Coal Sales.50 *97 16Phelps Dodge Corp
100 117 124
Royal Baking Pow com_100 175 180
Preferred
100 100 102
Singer M anufacturing _ _100 380 385
Singer_ Mfg Ltd
/1 *5
6
•Per share. t No par value. b Basis. d Purchaser also pays accrued dividend.
f New clock. I Flat price. k Last sale. a Nominal. s Ex-dividend. g Ex-rigl'ta.
r canadtan quotation. 5 Sale price.
1054
BOSTON STOCK EXCHANGE-Stock Record s..
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mi.12.
Monday,
Feb.14.
Tuesday,
Feb. 15.
Wednesday, Thursday,
Feb.113.
Feb.17.
Friday,
Feb.18.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
t p
i"
"•
Range Since Jan. I.
Lowest
Highest
PEK slfAing
Range for Previous
Year 1928
Lowest
Highest
Shares
Railroads.
*178 1804 178 178
179 178
179 179
67 Boeton & Albany
178 178
100 171 Jan 7 183 Jan 26 159 Jan 17512 Des
8612 88
88 89 •8712 8888 •8712 88
560 Boston Elevated
87 874
100 83 Jan 4 94 Jan 15
77 May 854 July
*100 101 18100 101 •100 101 *MO 101
100 100
10 Preferred
100 99 Jan 4 101 Feb 1
89 Feb 103 Dee
112_ 11212 11212 11234 113
0
___
11212 1121 ____
27 let preferred
100 1104 Jan 4 116 Jan 26 1121/ Dec 122 Jan
1043 10434 *105 1051/ 10514 10514 105 105
4 .
105 105
90 26 preferred
100 101 Jan 20 106 Jan 6
981g Jan 112 Jan
•
5714 58
5714 571/ 57 58
57
5914 57
574 1,425 Boston & Maine
100 5214 Jan 18 61 Feb 7
35 Mar 5812 July
Preferred
100 56 Jan 22 6112 Jan 8
32 Apr 614 Dec
821g 821/ •81
821 --------20 Berlee A let pref
821/ k•81
081
8212
100 7634 Jan 15 86 Feb 5
59 Apr 86 Dec
18125 135 •125 135 •125 135 *125 135
___ ____ _____ _ Series B 1st Mel
100 125 Jan 8 125 Jan 8
84 Apr 130 Dec
•110 -___ 104 104 18104 __ 81104 ------------7 &flea C 1st pref
100 104 Feb 15 113 Feb 4
74 Apr 110 Sept
*155
__ 11155 165 •155- •155
-__ ---- --- ___ --- Series Diet prat
100 155 Jan 15 164 Feb 4 105 Jan 165 Dec
107 117
1064 107 1053 107
4 /1
10612 107
186 Prior preferred
10612 10612
105 Jan 13 107 Jan 25
94 Apr 1071g Dee
*196 197 *196 198 *196 198 81196 197 197 197
10 Boston & Providence
100 196 Jan 18 200 Jan 28 :1754 Mar 2071/ Deo
•29
2512 2512 --------32 East Mass Street Ry Co
30 •25
27 27
30
MO 25 Feb 4 29114 Feb 10
28 Oct 61 Jan
4644 65
644 644 --------20 let preferred
65 65 *6412 67
100 64 Feb 8 71 Jan 11
594 API* 71
Jan
62
62
*62 6212 *60 62 •60
____
10 Preferred B
62
__
100 62 Feb 17 67 Jan 5
58 May 69 Jan
290 Adjustment
*4412 46
45 15
4412 45
45
4512 454 45
100 441/ Feb 10 4814 Jan 4
40 Apr 494 Jan
64
509 Maine Central
634 64
62
6212
s
63 8388 638 64 •61
100 4712 Jan 13 65 Jan 28
49 Sept 60 Feb
554 5738 548 561. 551g 583
4 55 4 563
s
4 5614 583
3
100 411g Jan 6 594 Feb 16
4 5,939 NY N H & Hanford
318s Mar 4832 July
100 100
99
•9885 100
100 100
991 *994 100
160 Northern New Hampshlre_100 9212 Jan 13 100 Feb 17
81 Apr 9812 Des
135 135 --------23 Norwich & Worcester pref-100 127 Jan 4 140 Feb 15 120 Apr 132 Dee
140 140 •135 140
*133 140
158 Old Colony
126 127 128 128
128 126 •126 128
128 128
100 122 Jan 4 128 Jan 29 111
Jan 125 Sept
10 Vermont & Maaaachusetta_100 107 Jan 6 116 Jan 31
011012 ____ *11012 _.•11012 -- •11012 ____ 11212 11212
9884 Mar 107 Dec
Miscellaneous.
3
338
913 Amer Prieumatio Service___25
31
338 312
*3
234 3
3
3
214 Jar 3
312 Feb 18
2 Nov
5 Jan
*1812 20
19
20 20
20
20
*184 20
*18
125 Preferred
50 1511 Jan 12 20 Jan 24
18 Dee 2414 Jung
2,310 Amer Telephone & Teleg-100 14912 Jan 3 158 Feb 18 1391 June 150114 Feb
15488 1554 15482 15514 155 1553 15514 15588 156 158
/
4
544 551
1.218 Amoskeag Mfg
5412 55
54 55
5412 55
55 57
No par 48 Jan 17 58 Feb 11
4811 July 71
Jan
80 --------98 Preferred
79
75
79
79
75
76
76
No par 7388 Jan 10 80 Feb 11
7212 Nov 78 Feb
59
59 59
59
•581/ 594 --------165 Atlas Plywood tr Otis
59
*58
54 Jan 19 59 Feb 10
5212 Apr 6334 Jan
Atlas Trick Corp
No par
8 Jan 22
814 Oct 1714 Jan
812 Jan 31
181/ 18
1812 .18
181/ --------50 Beacon 011 Co corn Sr
18 .18
•18
s- -- 18 Jan 31 2011 Jan 3
1414 May 204 Jan
78
79
80
77
78
78
287 Bigelow-Hartf Carpet W78 78
80
80
No par 77 Feb 17 8612 Jan 7
74 Nov 9812 Jan
____ .-_ _ ____ _ __ ____ _ . ____ ____ ___ ___ Boston Cons Gaa pref 654%100 10714 Jan 4 10712 Jan 11 1054 Jan 1091/June
__
---14
2
8
24 - -14 ____
2
._
2
750 Cold:A Corp., class A T C --_
5 Jan 3
2 Jan 2
,
•70
711/ *70
71
711/ 70 -7112 *70
7
0
.68
30 Dominion Stores, Ltd No par 67 Jan 26 721/ Feb 3 57 May 71 "Deo
*2
21/ .214 212 --'
1214 3
*214 3
- ___ --. East Boston Land
10
112 Jan 26
384 Feb 3
312 Jan
11g Dec
611
612 *11114 --'
612 *6
130 Eastern Manufacturing
6 4 6 4 3.
8
612 •6
8
6
5
31g Jan 11
34 Mar
781 Oct
13114 Feb 14
48
474 4814 4612 4612
474 471/ 471/ 4814 48
530 Eastern SS Linea, Inc
28 45 Jan 4 5214 Jan 31
44 Nov 8812 Jul
36
35 35 *3514 36 --------75 Preferred
35
•354 36
No par 35 Feb 15 3712 Jan 28
34 Nov 45 Jan
91
*90
91
•91
92 *90
10 1st preferred
8784 88
---- -- _ 100 8784 Feb 17 9214 Jan 29
904 Oct 9912 Jan
4
4484 16 '4434 16
•1484 15 *148 16
__ ___ ___ Economy Grocery Stone
---12 Feb 3 1434 Jan 18
14 Nov 26 Feb
488 Edison Electric Mum
21914 21934 218 219 218 219 218 218 217 218
-100 217 Feb 18 22912 Jan 3:207 Jan 250 Feb
291
*2914 2912 2914 2914 1829
22814 2834
288a 29
505 Federal Water Sere corn
2814 Jan 21 2984 Jan 26
2712 28 •27
2712 --------180 Galveston-Houston Eleo-100 2512 Jan 14 30 Jan 31 14 June 27 0
2812 284 •261/ 28
01
13
13 '413
14
413
14 413
1
14
50 General Pub Berv Corp com
____ ____
1184 Jan 11 14 Feb 3
11 Dec 17 Jan
3612 036
361 *36
03612 3678 36
No par 3534 Jan 24 3714 Feb 4
364 --------50 Gilchrist Co
3414 Apr 408s am
9254 93
921/ 93
92
923
9188 9214 918292
1,862 Gilette Safety Rasor-No par 9184 Jan 19 9514 Jan 11
8812 Mar 11318 Feb
•114 124 *111/ 1212 *114 121 *1112 121/ ____
__ ___ __ Greenfield Tap & Die
25 11 Jan 10 12 Jan 20
10 May 14 Bepl
12
12
13
*12
13
•12
436 Hathaway Baking corn
12
12
12 _12
12 Jan 17 124 Jan 21
4534 46
46
4584
4512 46
985 Hood Rubber
45 453
4 4484 454
No par 44 Feb 18 47 • Ian 3 /
1
4
4514 Dec - - 688 Feb
4
____ ____ ____ ___
____ ____ ____ ____ ______ Internal Cement Corp_No par
52 May 6814 Feb
International Produota_No par
.10 Jan .30 Nov
____ ____ ____ ___ ______
Preferred
100
.30 May .55 Jae
_ ____
•95 _ *95
_ _ *95
Kidder, Peab Amen A pref_100 95 Jan 10 9512 Feb 3 z93 Apr 96 July
•10 -1012 10 1011 1810
Stock
10
10 - - 10
81 Libby, McNeill & Libby--10
10
Ili
984 Feb 2 1014 Jan 6
84 Aug 1014 Dec
64 612 *81 -- *612 - - •61/ 88
70 Loew's Theatre.Theatre.25
4
6 2 612
,
6 Jan 3 10 Jan 18
6 July 1212 Jan
Exchange
87 2'
87 87
87
87 - 874 861/ 874 --------219 Massachusetts Gas Cos-100 Hi% Feb • 894 Jar 5
80 Apr 944 Nov
73 74
75 75 •73
__ 73
73
100 70 Jan 8 75 Jan 25
7312 731/
185 Preferred
65 Jan 701g Feb
.
Clewed- •__ _ 1104 10884 109 18108 1
100 Mergenthaler Llnotype_No par 108 Feb 18 112 Jan 21 1104 June 1110 may
-10 *108 110
108 108
98 96 •97 _
_
•97_ .. •97
6 Miss Riv Pow etpd pref
_ ____
100 95 Jan 22 96 Feb 8
-89 Apr 96 Jae
•234 3
Lincoln's
2 4 134
3
24 3
1,205 National Leather
318
3 _'
3 _-3
3
10
288 Jan 4
484 Jan 20
2 Aug
412 Jan
231/ 24
24
24
2312 24
574 Nelson (Herman) Corp.__ 5 2312 Feb 14 2814 Jan 4
24
26
24
26
1512 Jan 294 July
•-___
Birthday
.20 •____
.20 *.___
.20 *__ _. .20 ____ __._ ______ New Eng Oil Ref Co tz et's__ .20 Feb 1 .20 Feb 1 .20 Jan .95 Apr
•____
4 *____
4 ' ___
8_
4 .3_ __
4
____ ____ ___ _ _ _
Preferred tr et!.
100
312 Jan II
4 Jan 4
3 July 1012 Jay
96
Holiday
96
96
96
96
96 1496. 97
150 New England Pub Sere 17 pre: 91 Jan 18 964 Feb 8
_
__
10014 10014 *y100141004 *y100 101 *y100 101
____ ____ EDO Prior preferred
9714 Jan 26 101 Jan 25
95 Sept 101 111891
214 284 *184 214
214 258 •212 34 --------116 New Eng South Mills-No par .80 Jan 7
2 Feb 11 .50 Dec
84
8 Feb
•9
10
8
9
10
*9
10
100 Preferred
8
•9
8
10
100
8 Feb 10
4 Jan 5
2 Dec 28 Jam
11884 11914 11884 1194 119 11914 119 11984 119 1194 1.017 New Eng Tobin & Teleg-100 11512 Jan 4 11934 Feb 17 1108 Apr 11834 Feb
2
_ _ *93
___ •93
*93
_ ____ . ___ No Amer Utll let pf full paid-- 90 Jan 5 90 Jan 5
*93
_ _
89 Feb 96 Feb
414 44 1514 4484 --------2.227 1st pref 50% paid
4384 4514 4514 4
6
40 Jan 6 46 Feb 17
1484 Dec 27 Feb
4112 4212 4114 4112 4012 41
942 Pacific Mills
40
4012 4012 41
100 3982 Feb 9 4313 Jan 7
354 July 55 Jas
•20
25 *25
45 Plant (Thom 0). 1s1 pref
30
30
30
*30
40
100 20 Feb 5 4282 Jan 3 40 Mar 8814 Jan
___ _
-_ --------159 Reece Button Hole
16
16
1614 16
1534 1534 18
16
10 151a Jan 26 161/ Feb 10
15 Feb 1714 Aug
•114 112 *114 112 •114 112
11 11
/
4
/
4
225 Reece Folding Machine-- 10
11
/
4
ag
11 Jan 11
/
4
11 Dec
/
4
I% Feb 10
2 Nov
•10712 1074 107 1071/ 107 107
107 10712 1074 10712
265 Swed-Amer luv part pref-100 10512 Jan 5 110 Jan 17
98 May 110 Aug
11784 11814 118 1183 118 11812 11812 11812
275 Swift & Co
11712 118
4
100 115 Jan 3 119 Jan 19 111 Apr 11814 Dec
69 69
*68 684 *68 681/ 881/ 69
145 Torrington Co
25 86 Jan 3 70 Feb 18
694 70
54 Mar 72 Sept
54 534
51/ 6
5
51
/
4
514 512
514 512 3,997 Tower Manufacturing
5 Feb 16
9 s Jan 31
8
•13
1312 *1212 1312 01212 1312 01212 1312 13
15 Union Twist DrM
13
7 Jan -- 154 Feb
5 11 Jan 4 1412 Jan 24
5214 52
5212 53
/ 53 53
1
4
52
521/
2,464 United Slim Mach Corp
5234 53
25 50 Jan 3 53 Feb 15
47 Mar 5314 Aug
2818 2814 0
/
1
2812 2812 2814 283 0284 2812 *2814 2812
2
141 Preferred
25 28 Jan 3 2812 Jan 13
28 Jan 30 June
87 874 87
545 U 8 & Foreign See let pref f Pd 87 Feb 15 89 Jan 3
/
1
8712 8712 87 87
873
4 87 87
82 Nov 135 Feb
725 1st pref 75% paid
80 80
4 801/ 81
801/ 8012 801/ 808
80 80
60 May 90 Apr
79 Jan 21 82 Feb 4
2414 241/ •2414 2412 244 2412
2414 241/ 2412 241
555 Waldorf:1876,1nd. new sh No par 221g Jan 8 25 Feb 4
17 Jan 2284 Oct
.4012 41
*401/ 41
*401/ 41
•401/ 41
____ ____ _ _ Walth Watch el Boom-No par 404 Jan 21 414 Jan 13
____
29 Jan 41 Dec
621 6212 63 63
/
4
'6212 65 --------62 Preferred trust etre
6212 6212 3
481g Nov 61 Dec
100 61 Jan 3 63 Jan 31
113 115 113 113 011212 115 '
311212 115
..... .___
7 Prior preferred
100 112 Jan 10 113 Feb 4 101 Sept 112 Dec
2014 2014 2014
500 Walsworth Company
•19
1284 May 23 Jam
20
194 198a 20
195* 20
20 1784 Jan 18 201/ Feb 2
5,060 Warren Bros
44 Mar 89 Dec
91
84
77 778
83
4 771/ 771/ 78
85% 87
50 651s Jan 13 91 Fob 18
•46__ 47 47
542 let preferred
49
50
39 Apr 46 Dec
484 49
481/ 49
50 44 Jan 5 50 Fob If
135 2d preferred
1847 42 Apr 47 Feb
5012 50 50
50 *50
5018 501g 5012 5012
50 45 Jan 17 501/ Feb 18
_ _ _ ,_ _ _ ______ Will & Baumer Candle corn-.
*1514 16
•1514 16
•1514 16
41514 16
108 Aug 1712 Jan
4
14 Jul 12 1614 Jan 22
Mining.
3
..05 .25 . .05 .20 0.05 .20 0.05 .25 0.05 .25
Adventure Consolidated____25 .05 Jan 14 .20 Feb 10 .05 Mar .40 July
0
550 Arcadian Consolidated
182 Aug
.50 .50 4.50 .60
.50 .50
.50 .50 •.50 .60
25 .50 Jan 28 .89 Jan 15 .25 Mar
914 May 1234 Jan
812 84 •812 9
784 784 1,915 Arizona Commercial
738 Feb 18 1014 Jan 6
784 8
8
81/
6
29 June 553 Jan
4412 4412 43
270 Bingham Mines
42
42
4
44
42
43 •42
42
10 30 Jan 3 46 Feb 2
1314 June 1888 Aug
1514 15
84
/ 1512 153
1
4
s 1,449 Calumet & Ilona
3 1512 1534 151 1512 1514 153
/
4
25 1488 Jan 7 16 Jan 25
'.20 .30 '
11
Carson Hill Gold
1.20 .30 .
3.20 .30 0.20 .30 '
3.20 .30
1 .10 Jan 7 .20 Feb 2 .10 Dec 50 Jan
13 May 20 Jac
13
/ 1334 1312 1312 131 13
1
4
4
/
4
25 124 Jan 28 148 Jan 19
131 1,215 Copper Range Co
/
4
/
4
/ 1318 131 13
1
4
214 Oct
214 214
2 Jan 4
/
1
4
24 24
4 Feb
515 East Butte Copper Mining_ 10
214 214
2 Feb 9
214 214 •214 212
.08 *a_ _ _
.10
.05 .05
114 Jan
877 Franklin
.08 .10
.08 .08
25 .05 Feb 1 .25 Jan 22 .25 Nov
*a_- _- .75 •.60 .75
.60
.50 .50 •.35 .60 •.35 .50
114 July
5 Hancock Consolidated
.50 Jan 10 .75 Jan 13 .27 Dec
26
•151/ 1611, •151/ 16 •15 14 16
14 Mar 2114 Jan
16 Feb 9 18 Jan 7
100 Hardy Coal Co
1
16
*1572 16
16
•.80 1
'.85 1
3
..85
I
3
0.85 1
2 Jan
0.85 1
26 .75 Feb 9 .85 Jan 6 .75 Oct
Helvetia
227 227 228 2281/ 229 242 240 245 240 246
I mil Jan 3 246 Feb 18 141 Mar 19912 Dec
729 Island Creek Coal
40488. *10488
994 Jan 106 July
_ 105 105 *105
1 105 Feb 16 106 Jan 21
fir
_ _ 105 105
Preferred
10 16 10 -11
912 June 14 Aug
1014 ..210 - 27( Isle Royale Copper
3
10
1014 10
25 10 Jan 8 1181 Jan 19
•24 212
288 Feb 4 .50 Jan
212 24
112 Jan 6
214 21/ •218 238 *2
238
282 Sept
25
340 Keweenaw Copper
•.90 112
.95 .99 '
1 Jan 17 .80 Oct
is, Jul,
8.90 14
26 .80 Jan 7
500 Lake Copper Co
1
112
1
•.95
•.70 .80
.70 .75 •.75 .85
212 Mar
360 Ls Salle Copper
.65 .65 .65 .65
25 65 Feb 17 .80 Jan 24 .80 June
•11 2
/
4
011 2
/
4
2 Jan 4
184 Jan
Jan 4
*11 2
/
4
24 Sept
2
011 2
/
4
6
011 2
/
4
Mason Valley Mina
.35 .35 •.35 .50 •.35 .50
25 .25 Feb 2 .85 Jan 3 .15 Dec .75 July
.35 .15
610 Mass Consolidated
.35 .35
.65 .65 4.60 .70
112 Jan 11 .40 Dec
.60 .60 4.60 .70
llg Jan
.50 .60 1,016 Mayflower-Old Colonp--- 25 .45 Jan 3
13
3914 404 3912 40
/
1
30 Mar 46 Oct
39
3914 3714 3812 37
26 37 Feb 18 414 Jan
750 Mohawk
3712
224 221 422
184 May 24 Aug
2212 23
2212 422 224 22
6 22 Feb 5 24 Jan 20
223
570 New Cornelia Copper
8.05 .1
•.05 .15 .
•.05 .15 '
.06 Feb 1 .00 Feb 1 .05 Jan .20 June
3.05 .15 ___
_ . ______ New Dominion CoPPer
1816
20 •16
20
•16
18 Dec 25 Feb
20
100
•16
20 •16- - New River Company
20
415 68 •65
45 July 72 Feb
•65 88 •65 68
100 6384 Jan 19 75 Feb 8
68
60 Preferred
65 85
5
6 July 1012 Dec
81a Jan 5 1012 Feb 2
9 8 94
8
94 9
%
912 91
533 Niplasing Mines
9 2 912
,
812 912
212 2% 41/ 234
3 Jan 5
/
1
4
8
10
2 Apr
21/ 2 4
211, Feb 10
384 Sept
212
943 North Butte Mining
212 212
4,.95 ii2 *1.90 11 4.95 11 41.95 VA '4.75 112
14 Jan 26 .50 Jan
25 .80 Jan 18
2 Nov
Ojibway Mining
112
13
1314 13
13
01212 13
01212 13
13 Dec 20 July
25 12 Feb 18 1412 Jan 3
12
12
455 Old Dominion Ce
11
*11
11
12
11
12
11 ........130 P'd Cr'k Pocahontas Co No par 11 Jan 4 13 Feb 4
*11
101 Mar 15 Jan
15
151
141 1512 i4 1
15 4 1512 16
/
4
8
25 1414 Feb 17 1712 Jan 3
15
1512May 25 July
894 Quincy
221
21
21
2014 21
25 Dec 3812 Feb
224 2284 21
2014 2034
824 St Mary's Mineral Land- 25 204 Feb 17 254 Jan 6
dg
314 *3
31
•3
31
3 Feb 3
311 Jan 14
*3
34 *23
214 Dec
91 Jan
4
Seneca Mining
4 314
.30 .30 •.30 .40 •.30 .50
.38 .3
10 .20 Jan 6 .40 Jan 12 .15 Dec .80 Jan
.25 .30
595 Shannon
.25 .25
8.21 .40 •.21. .40 .0.21 .40
MY
20 .26 '
275 Superior &Boston Copper_ 10 .20 Jan 31 .31 Jan 13 .20 Nov 1
714 Feb 15
Vs Jan 3
6
414 Oct 11 Feb
84 68
s
8
Vs 71
62
•1 7
612 6 4 5,916 Utah-Apex Mining
67
3 7
134 234
184 184
134 lli
1
Min
2 Feb 2 .25 Dec 2
1 Jan 3
4
1114
134 4,400 Utah Metal & Tunnel
1% 18
•.65 .75 '
.75 .75 •.70 .9
25 .51 Feb 10 .85 Jan II .40 May .76 Feb
8.65 .75
300 Victoria
•.60 .75
.10 .10 18.05 .15
25 .10 Jan 30 .21 Jan 17 .10 Sept .40 July
8.05 .15 •.05 .1
.15 .15 '
150 Winona
is-dillated. y Ex-rlabil. a Ex-dividend and !feint.
•Bid and asked price% Weald'01 this day. a Assessmen paid. It Es stook dividend., 9 Nsw stook. •
Fnil. 19 19271
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stook Exchange Feb. 12 to Feb. 18, both inclusive:
Bonds
-
Friday
Last 1Veek's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Amer Color Type (is w L'42
Current River 5s
1927
Barton & Albany 3348.1952 8334
E Mass St RR ser D (is 1948
Series B be
1948 7234
Enzown Mtg & Inv 74566
Follansbee Bros 55w 1-1947
Hood Rubber 7s
1937
1934
K C M & 15 Inc 53
Mass Gas 4555
1929
1931 98
4555
Miss River Power 55_ _1951
New Engl Tel & Tel 5s 1932 101
Peoples Pr & Lt Corp 65'82
Savannah Electric 58_ _1952
Swift & Co 55
1944 102
Western Tel & Tel 55._1932 1014
Wickwire Steel 7e..._1934
Range Since Jan. 1.
Low.
High.
9954 9934 $10,000 9954 Feb 9934 Feb
9934 9951 4,000 9951 Feb 993' Feb
833( 834 9,000 8134 Jan 8314 Feb
85
85
2,000 82% Jan 85
Jan
724 7255 6.000 69
Jan 75
Feb
99
99
2,000 99
Feb 99
Feb
99% 99% 5,000 9934 Feb 9955 Feb
103% 10355 4,000 10355 Jan 104
Jan
101
101
18.000 98
Jan 101
Jan
994 9951 1,000 9951 Jan 10034 Jan
98
98
5,000 974 Feb 984 Jan
101 101
1,000 10055 Feb 10151 Jan
101 101% 11,000 100% Jan 1014 Jan
98
98
24)00 98
Jan 98% Jan
97% 9755 1,000 9755 Feb 9755 Feb
101% 102
8,000 101
Feb 102
Jan
101$5 1014 6.000 10055 Jan 10134 Jan
24
35
2.600 24
Feb 35
Feb
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Feb. 12 to Fe)). 18, both
inclusive, compiled from official sales lists:
Stocks-
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Almar Stores
1455
10
Alliance Insurance
American Stores
•
Baldwin Locomotive_ - -100
Bearings Co of Amer corn_•
Preferred
Bell Tel Co of Penn pref
113
Cambria Iron
58
Consol Traction of N J_100
Eisenlohr (Otto)
100
Elec Storage Battery- -100
Giant Portland Cement_50
Horn & Hardart(N Y)corn
Insurance Co of N A _ _ _10 5454
Lake Superior Corp_ _100
24
Lehigh Navigation
50 11055
Lehigh Power &cur Corp •
Lehigh Valley
so
Lit Brothers
10
Man Rubber
10
Minehill & Schuyl Hav_50
Penn Cent L & P cum pf* 73
Pennsylvania RR
so
Pennsylvania Salt NIfg_50 79
Philadelphia Co (Pitts)
Preferred (5%)
50
Preferred (cumul6%)_50
Phila Electric of Pa
25 4634
Warrants
25 214
Phila Elec Power rec'ts.-__
12
Phila Insulated Wire_
•
Phila Rapid Transit_ -50
Mita Ss Read C & 1 Co. •
Philadelphia Traction. _ _50
Phila. & Western
so
Preferred
ao
Reading Company
50
Shreve El Dorado Pipe L 25
Scott Paper Co met-100
Stanley Co of America_ __• 884
Tono-Belmont Devel
_I
Tonopah Mining
1
Union Lt & Pr A corn_
•
Ualon Traction
50 374
United Gas Impt
50 8934
Victor Talking Machine _ _1
New
6%
7%
West Jersey & Sea Shore 50
Westmoreland Coal
50
York Rys pref
50 36
144 144
255
49
504
375
704 7034 1,528
1744 1894
133
15
15
50
92
92
200
1124 113
37
4
150
034 4034
4034 404
25
144 16
510
754 764
175
72
724
100
52
52
330
5254 55
3,242
14 234 6,486
1084 111
925
1634 164 6,538
121 123
485
2554 254
58
151 1%
200
5334 5354
10
7234 73
120
5734 5955 37,200
754 79
507
Range Since Jan. 1.
Low.
13
48
70
147
15
92
11234
4055
3555
124
7334
694
52
514
151
107
1534
100
25
134
5334
7155
5634
7534
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
4115 4135
20 4054
52
52
103 49%
464 5034 29,735 4634
21
224 25,109 2034
1151 12
933
9
65
65
55 63
52
53
410 52
44
45
650 424
57% 5736
84 57
120 114
1234 13
3634 37
50 3634
10834 110.4
996 9454
23
2434 1,905 214
9815 99
52 9755
86
8851 12,276 82
14 14
235
155
3
1,045
3
334
1354 1334
100 1334
3751 3855
178 36
8955 9034 6,014 8934
147 1484
440 146
3555 3535 1.870 3351
9055 9035
93 8734
98
9934
896 97
42
4255
425 40
5234 5454
80 524
36
36
290 344
Bonds
Amer 011.9 & Elea 5s_ _2007 9934 9934 9934 $12,000
Consol Tree NJ 181 55 1932 70
70 • 704 24.000
Flee & Peoples tr ctts 444'45 58
.58
5834 28.300
Keystone Telep 1st 58 1935
93
93% 11,000
Lehigh C&Nav gen 434s'24 984 984 9834
1,000
Pa & NY Canal con 434s'39
9834 984 1.000
Peoples Pass tr etre 4s _1943 7055 704 7055
1,000
Phila Co stpd s f & rod 1951
1004 10051
1,000
Phila. Fie' fis
1960
1034 10334 5,000
1st 58
1966 1054 10434 10511 14,400
Small
1966
10334 1034
300
545
1947
107 107
2,000
1953
1064 1064 5,000
5558
as
1941
10714 10734 4,000
5558
1972
1034 1054 23,000
United Rys gold tr ctf 45'49 66
66
60 180,000
York Railways 1st 55_1937 9455 9415 94%
1.000
95
62
54
93
984
984
66
994
103
10355
10334
107
105
107
103
63
9141
High.
1751
5455
7334
18951
15
92
1134
41
42
16
79%
93
55
5534
215
11934
184
125
28
155
54
73
685£
79
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan 4134 Feb
Jan 52
Feb
Feb 54
Jan
Jan 24
Jan
Jan
12
Jan
Jan 66
Jan
Feb .544 Jan
Feb 4655 Jan
Jan 5735 Feb
Jan
1451 Jan
Feb 41
Jan 11134 Feb
Jan 2435 Jan
Feb 9934 Jan
Jan 904 Feb
Feb
255 Jan
Jan
3145 Jan
Feb 1534 Jan
Jan 39
Feb
Feb 9
334 Jan
Feb 15934 Jan
Feb 3
934 Jan
Jan 924 Jan
Jan 9934 Feb
Jan 4215 Feb
Jan 57
Jan
Jan 38
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
___
100
76
584.
9
334
100
98.1
71
1004
10334
10555
10351
107
10755
10734
10534
. 66
0634
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
• No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Feb. 12 to Fel). 18, both inclusive, compiled from official lists:
Stocks
-
Friday
Last Week's Range Sales
Sale
ofPrices.
Week
Par., Price. Low. High Shares.
Arundel Corp new stock_ _*I 33
Baltimore Treat Co_ _50'
Baltimore Tube
100
Benesch (I), t•ret
25 274
Central Fire Ins
10
Central Teresa Sug, p1..10'
Century Trust
50 1924
Ches & PoTel of Bait pf 100 116
Commercial Credit
* 18
Preferred
25
Preferred B
25
6% Preferred
100
Consol Gas. E L & Pow_.* 5155
6% preferred
100
100
634% preferred
7% preferred
100 115
8% preferred
100 128
Consolidation Coal.......100 35
Eastern Roll Mill new stk.
•
Equitable Trust Co
25
Fidelity & Deposit
50 151%
33
32
130 13034
10
10
274 274
2855 2855
.90
.90
1924 19
8
116 1164
15
16
22
21
21
214
81
81
514 514
1074 107%
1114 111%
115 115
1264 128
35
35
27
2754
75
75
149 15134
785
10
225
30
7
100
110
14
819
271
125
10
298
10
35
52
307
243
55
343
Range Since Jan. 1.
Low.
3114
1294
10
263-f
26
.75
170
115
1455
204
20
81
51
10634
111
11334
126
3434
235£
71
13514
1055
Friday
• Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
High.
33
13054
12
274
2834
.90
198
117
17%
224
23
87
52
10751
11134
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
ns Feb
128
Feb
3755 Jan
28
Feb
75
Feb
151 14 Feb
Finance ,k Guar Co pref_25
Finance Co of America_ _25
Series B
25
Ga So & Fla 1st pref_ _100
Hendler Creamery pref_
Houston 011 pref v t c__100
Hurst (J E) 1st pref_ _100
Lorralne Pet Co__ ic shares
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Trust preferred
25
Maryland Casualty Co-25
Md Mortgage Co com _ _ _ _•
Mercantile Trust Co_ _ _ _50
Merch & Miners new
•
Monon Vail Tres prat __25
Mt V-Woodb M pf v t r 100
New Amsterd'm Cas Co_10
Northern Central
50
Penn Water & Power_100
Silica Gel Corp
•
Union Porto Rican SUg com
Union Trust
50
Union Ry dr Electric_ _ _ _50
U 8 Fidelity dr Guar_...Ed
Rights
50
Wash Ball & Annsp-- -50
West Md Diary, Inc, corn •
Preferred
•
BondsBalt Sparrows P&C 455553
Consolidated Gas 5s-1939
General 4558
1954
Consol G,EL&P 445_1935
Elkhorn Coal Corp 6348'32
Fair dr Clarks Tree 55_1938
Georgia & Ala cons 55_1945
Ga Son & Florida 5s_ _1945
Render Creamery 68_1948
Md Electric Ry 15t 55_1931
1952
645
Stand Gas Equl 1 Ist 6s '29
Titusville Ir Wks 1st 7s_'29
United E L & P 448_ _1929
United Porto Rican Sug 78
United Ry & E 48- _ _1949
1949
Income 4s
Funding 6s
1936
1927
6% notes
_ _1949
68. when
Wash Balt & Annap55 1941
issued.....__. ....._•__...
••.•
10
91
70
3351
2151
100
2234
414
2435
54
183
37
20
222
36%
9955
7251
53
7855
100
99
7335
1354 15
10
1054
10
10
93
93
10155 10136
91
92
70
70
.25 .25
3334 4051
2134 2154
21
21%
214 2154
100 101
1735 2255
400 400
414 4151
244 25
80
80
54
54
8155 82
183 185
16
164
37
3734
245 245
20
204
209 22254
3354 374
16
16
35
35
51%
51
40
235
285
55
75
195
52
100
325
71
195
20
331
160
5
221
76
25
485
4
177
720
535
10
651
231
3,982
25
75
30
90
90
10455 10455
9934 9955
994 9955
9955 9935
944 944
9955 99%
10151 10151
100 100
9851 9834
9934 9954
10034100%
101
101
9954 9954
1004 101
724 734
524 53
78
7855
100 1004
99
99
734 7455
verilz Intl,
Rasta Bina Jan. 1.
Low.
High.
1334 Feb
934 Jan
931 Jan
91
Jan
100
Feb
86
Jan
70
Feb
.25 Jan
3351 Feb
2134 Jan
21
Feb
20
Jan
98
Jan
1734 Feb
400
Feb
40
Jan
24
Jan
7855 Jan
5255 Jan
81
Jan
176
Jan
15
Jan
37
Feb
240
Feb
20
Jan
205
Feb
3155 Jan
8% Jan
35
_ - __
51
Jan
1555
1034
10
93
10155
93
70
.50
44
2234
22
214
105
22%
409
43
25
85
5551
82
185
1834
384
245
2034
2.59
38
18
35
52
9,000
2,000
13,000
5.000
9.000
5,000
2,000
1,000
4,000
1.000
29,000
20,000
1,000
2,000
5,000
37,500
20,000
3,500
3,500
15,000
35.000
87
10354
99
99
98
93
9955
10151
100
97
9634
100
101
994
10051
704
51
7534
100
974
65
.
AAA
•
lAn2Y
90
104%
9955
9934
9935
9455
9955
10154
101
984
100
100%
101
9915
10134
7334
54
7851
1004
994
77
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
V-,.-
sn 1.
.
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
ban
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
• s_
.
.
• No par value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Feb. 12 to Feb. 18, both inclusive,
compiled from official sales lists:
Stocks
-
Friday
Sales
I Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Adams Royalty Co tom ' 32
Amer Pub Serv pref. _ _100 9531
Am Pub Util Co par pt_100
American Shipbullding_100 85
Amer States Secur Corp A•
3%
Class B
•
354
Warrants
Armour & Co(Del)pref_100 96
100 8534
Armour & Co pref
Common cl A v t c
_25 14%
Associated Investm't
Auburn Auto Co corn -25 96%
Balaban dr Katz v t C.._ _25 6114
Preferred
100
*
Beaver B'd v t "B".
100
Pref v t ctfe
Bendix Corp class A_ _ _.10 46
Borg & Beck common_ _ _10 59
Brach & Sons(E J) com__* 2555
20 23
Butler Brothers
•
Celotex Co common
Preferred
100
Central III Pub Ser pref _• 8934
Central Ind Pow vet_100
Central Pub Serv (Del)_• 1811
Central 15 W Util com _ _• 64
Preferred
* 9434
Prior lien pref
•
Chicago City & Con RyParticipation prof
•
5%
Chic Fuse Mfg Co com_ •
Chic N S dr Milw corn_ _100 34
Prior lien pref
100
Preferred
100 71
Chic Rap 'Fran pr pf A_100
Chic Rys part elf aer 2.100
Chicago Title & Trust. _100
Commonwealth Edison_100 141
Consumers Co corn
5
751
Crane Co corn
25 50
Preferred
100 11734
Cuneo Press A pref
50
Decker (Alf) & Cohn Inc.*
Preferred
100
Deere dr Co pref
100
Diamond Match cons _ _100
El Household Util Corp_10 1454
Elec Researc Lab Inc.__
104
Empire()& F Co 7% pf 100 96
Evans & Co Inc cl A
5 3334
Class B
5 3155
Fair Co (The) corn
• 29
Preferred
100
Foote Bros G.& M Co__ _5 14
Gill Mfg Co
10
Gossard Co (11W) eons •
Great Lakes D & D _ _100
Greif Bros Coop'ge A corn •
Hibbard Spencer Bartlett
& Co com
25
Hupp Mot Car Corp com 10
Illinois Brick Co
25 51 51
III Wire & Cable Co cons 10 2534
Kellogg Switchb'd com _ _ 10 1534
Ky Hydro-Elec prf.
. 100
Kentucky UM Jr cum p1.50
Kraft Cheese Co corn _ _ .25 5385
Kuplielmer & Co (B)Inc_5
Class"B" preferred. _100 105
La Salle Ext linty com _ _1
Libby. McNeill & Libby _ 10 10
McCord Radiator Mfg A_• 39
Mer & Mfrs Sec Co pr pf100 29
Middle West Utilities_ _ • 11134
_
Preferred
100 10954
Prior lien Preferred. _100 119
Range Since Jan. I.
Low.
High.
27
32
44,960 2535
9551 9934
278 94
82
80
175 73
88
85
255 793.4
334 351
2,075
3% 4
2,150
354
55
34 2.400
34
9554 96
180 9334
854 86
1,925 834
1455 1455
30 1434
37% 3855
175 3651
93
97
15,495 685£
6151 6151
200 61%
100 100
ao 100
3
3
75
3
38
38
2*
38
41% 464 18,050 3651
583.4 604 3,525 53
244 2555
24
52
23 . 2354
1,74
17
74
75
70
20
8955 8934
89
45
89
8854
29
8934
89% 90
9
8631
18
2,42
17
1834
62
1,420 569,4
644
94
943-4
455 934
99% 100
25 9854
Jan 32
Jan 99%
Jan 82
Jan 86
Jan
434
Feb
44
Jan
1
Jan 96
Jan 8634
Feb
16
Jan 3834
Jan 97
Feb 63
Feb 102
Jan
4
Jan 38%
Jan 4634
Jan 604
Feb 253.4
Jan 23%
Jan 834
Jan 91
Jan 8934
Jan 90
Jan 184
Jan 6734
Jan 9634
Jan 10134
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
451
3434
34
9955
71
103
595 595
140 141
751 74
50
5036
1174 118
50
51
2754 27%
105 105
108 109
118 119
1335 144
1055 10%
9534 9
634
33% 3434
31
32%
27.1 29
106
106
14
14
54 534
34
3455
144
14-4
39
39
3%
30
3334
99
68
10234
51
590
138
75
190
50
50
10
275
1,400
634
210 ao
450 117%
620 49%
100 27%
ao 105
20 106
105 116
200 11
100
9
794 9334
4,11
28%
4,100 244
4.54.
2514
50 105
645 12
255
5
815 3351
35 1924
327 3
834
Jan
Jan
Jan
Jan
Fe
Fe
Fe
Jan
Jan
Jan
Jan
Fe
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ian
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
63
63
2154 214
51
52
2534 2534
153 1534
9755 9734
51
51
53
5334
37
37
105 10534
734
734
10
1034
38
39
29
29
11155 11234
10834 1114
119
119
50
00
1,850
585
925
10
55
35
20
65
670i
2.450;
125
150i
1,52W
1.9.10
441
5055
21
49
241£
1355
9434
Si
51
36
105
64
955
38
28
110
105%
1174
Jan 70
Jan
Jan 2334 Jan
Jan .52% Jan
Jan 2551 Feb
15h Jan
Jan
Jan 9734 Feb
Jan 5114 Jan
Feb 59
Jan
Jan 38
Jan
Feb 105 34 Feb
Jan
9
Jan
Feb
10% Jan
Jan 40
Jan
Feb 31
Jar
Jan 11434 Feb
Jan 11354 Feb
Jan 119% Fels
5%
343.4
34
100
72
104
900
so
so
53-4
3434
36%
100
72
104%
55
595
141
73,4
52
118%
51
28
105
109
1194
1434
1254
9
034
34%
32
29
107
1431
54
38
162
90
Bonds (Concluded)Midland Steel Prod com _ _•
Midland UM prior lien_100
100
Preferred A
Morgan Lithograph cora.•
Mosser Leather Corp com.•
Nat Elec Power A part. _•
100
7% preferred
National Leather com _ _10
National Standard com__•
North American Car corn •
Nor West Util pr in pref 100
.
Novadel Process Co pref •
Omnibus voting trust ctfs_•
Penn Gas & Elec"A"com•
Pick, Barth & Co part pt.*
Pines Winterfront A com_5
•
Pub Serv of Nor Ill corn..
Pub Serv of Nor Illcom.100
100
6% preferred
-R-S Service Co com____*
Q
•
Quaker Oats Co com
100
Preferred
Real Silk Hos Mills com 100
10
Reo Motor Car Co
Ryan Car Co(The)com _25
St Louis Nat Stk Yds_ _100
Sears, Roebuck, corn ----*
So Colo Pr Elea A, com_25
Southw G & El 7% pf_100
Sprague Sells Corp cl A.30
-Warner Speedom •
Stewart
100
Swift & Company
15
Swift International
.
Thompson (J R), cora _ _25
Union Carbide & Carbon.*
United Biscuit class A_ •
United Iron Works,com__*
United Lt & Pr cl A pref._*
*
Class B preferred
Common class A new •
Common class B new_ _•
United Pap Board com _100
20
US Gypsum
100
Preferred
Vesta Battery Corp corn.10
•
Wahl Co com
Ward(Montgomery)&0o10
•
Class A
Waukesha Motor Co com_•
Williams 011 0 Mat cam..*
Wolff Mfg Corp com__ _•
Voting trust certificates•
Wolverine Portland Cem 10
Wrigley(Wm Jr) Co,corn •
Yates Machines. part pt.*
Yellow Tr &Coach Mfg B 10
Yellow Cab Co Inc (Chic)•
Bonds
Cent WestP S con deb ea'36
Chicago City Ry 58...1927
Chic City & Con Rys 5s'27
Chicago Railways 55_ _1927
lst M ctf of dep 5s _ _1927
1927
58 series A
Purchase money 58.1927
Cudahy Pack 1st M g 5/3'46
Holland Fur s f6% g deb'36
Haus G GCo s f g 634s 1931
Lake St Elev 1st 5s_ _1928
Metr W Side El ext g 48-'38
Northwestern Elev 58_1941
Pub Serv lot ref g 5s_ _ 1956
Swift & Co 1st s f g 5s.1944
r,...“.
Last Week's Range Sales
107
ofPrices.
Sale
Price. Low. High. Week.
4634
9934
62
96
3
3334
29
4134
135
3634
18534
47
2134
79
5434
2634
64
119
2034
4934
107
634
91
99
11634
35
1134
6634
16
52
2634
26
4234
Range Mime Jan. I.
High.
Low.
4634
102
9934
63
16
2534
96
Oi
3334
30
101
2734
1334
21
2134
5134
136
136
105
3634
18634
10834
48
2334
1234
87
5474
2634
98
2631
6734
119
23
49
107
44
634
93
5234
1534
18
17
109
11634
37
1334
67
117
40
1634
7
634
635
53
2734
29%
4534
570 4234 Jan
4634
43
Jan
10134 102
125 98
Jan
70 97
9734 9934
Jan
9,250 58
63
60
Jan
20 11
16
16
460 2334 Feb
2331 24
210 9334 Jan
96
96
286
234 Jan
234 3
3234 3334 3,890 3034 Jan
375 2234 Jan
2834 2934
110 9834 Jan
9934 100
220 2534 Jan
2634 27
Feb
100 12
12
12
Jan
325 19
2034 2034
62 1934 Jan
2134 2134
Feb
1,250 41
44
41
132 13034 Jan
134 135
Jan
75 132
134 135
Jan
30 102
10334 10334
3634 1,380 3231 Jan
3531
Jan
225 180
185 18634
Jan
70 107
108 108
450 39% Jan
48
46
Jan
575 20
2134 22
Feb
60 11
1134
11
Feb
25 79
79
79
Jan
100 52
5434
54
600 2531 Jan
25% 2634
25 9434 Jan
98
98
125 2434 Feb
2434 25
470 6234 Feb
6334 65
1,890 11534 Jan
11834 119
2034 2134 3,110 2034 Feb
900 47 1Jan
48
4934
830 99 fJan
10534 107
210 3934 Jan
4234 4254
234 Van
534 634 13,400
320 87 fJan
91
91
110 50 fJan
5134 5234
1334 1334 1,635 1334 Feb
140 1634 Jan
17
17
50 1634 Feb
1634 1634
1,245 9231 Jan
99
95
55 11534 Feb
11534 11631
820 2731 Jan
3334 35
834 Jan
795
1134 12
6334 6634 1,850 6034 Jan
45 114 lJan
114 11434
25 37 34 Jan
38
38
1634 4,350 1434 Feb
15
Feb
5
100
634 634
Feb
5
240
534 634
Feb
5
600
6
5
1Jan
1,180 51
5134 52
1,675 25 Irian
27
26
1,700 2534 tJan
2634
25
1,420 4234 Jan
4234 4331
9734 9734 512,000 9734
7634 7734 32,000 75
7,000 5234
5534 56
6,000 7434
77
77
22,000 74%
7634 77
14,000 52
55
54
4,000 29
30
30
9936 9934 1,000 9934
5,000 100
100 100
38,000 96
98
9731 97
9734 9734 1,000 9734
7534 '7534 10,000 75
8534 8534 8534 1,000 8434
12,000 9934
9934 100
1.000 10134
10134 101%
9734
7734
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan,
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
9734
79
5634
77
77
55
30
9934
100
98
9734
7634
86
10534
102
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
•No par value.
-Record of
San Francisco Stock and Bond Exchange.
transactions at San Francisco Stock and Bond Exchange
Feb. 12 to Feb. 18, both inclusive, compiled from official
sales lists:
A
I
Pin1W4gstZnntl.t1 MtettlMggi vonnsVggctlrgragll
w.wwpowovv=croolopatvamoomyrsyncrcr000m
A AA °
A A
.04
.
,
01.1
,
. WONWNCA V
2=0w.204.0p,py567,
.WW...0.0.000,
Jan
736 300
35934 398
40 338 IJan
350 350
Jan
395 195
206 217
10531 11434 70,571 8931 Jan
Feb
96 250
250 260
Jan
2,271 528
596 650
Jan
125 82
8334
83
250 4.00 Feb
4.35 4.40
25 10234 Jan
10234 103
1,960 6534 Feb
6634 6734
3034 3134 3,760 30% Jan
27
2834 8,635 2634 Feb
Jan
60 94
96
96
Jan
25 307
307 307
Jan
290 96
9831
98
10 10534 Jan
109 109
Feb
495 36
36
3634
Feb
10 44
45
44
974 Feb
1034 1031 1,220
Jan
315 90
9034 90%
760 1234 Feb
isq 13
10331 104
226 10334 Jan
3534 3534
10 3534 Feb
4
137 4834 Feb
834 4834
430 54 • Jan
5434 5534
42
42
5 4034 Jan
Feb
230 30
31
30
1,575 3731 Jan
4034 42
2534 2554
320 2534 Feb
13
13
10 1234 Jan
3334 34
3,225 3234 Jan
Feb
58
120 58
5834
20
Feb
20
35 20
9934 100
190 983.4 Jan
.50 .55
Jan
500 .40
26
725 2531 Jan
2634
45
47
6,260 4034 Jan
3534 3634
285 35
Jan
9
9
Jan
8
350
42
42
30 40
Jan
98
160 97
97
Feb
311 311
150 311
Feb
109 10934 ,l10 10634 Jan
2,289 11034 Jan
118 130
685 5154 Jan
5831 5974
275 1954 Jan
1931 20
182 1531 Jan
16
16
50 27
Jan
27
27
Feb
2331 2534 2,935 24
80 10634 Jan
10834 109
14 97
Jan
98% 9834
185 8931 Feb
90
90
Jan
325 21
2231
2254
High.
A XAAAA A AAXAA
I
X X
Low.
A A
380
American Trust Co
Anglo Calif Trust Co
Anglo •!‘ Lon P N'l Bank_ __ 216
Bancitaly Corporation. _ _ _ 11131
Bank of California, N A__ 260
64934
Bank of Italy
83
Calamba Sugar prof
Califonria Copper
. 10234
Calif Oregon Power pref. _
California Packing Corp__ _ 67
California Petroleum corn_
3034
Caterpillar Tractor
28
Coast Co Gas & El 1st pref
Crocker First Nat'l Bank.. 307
East Bay Water"A" pref . 98
East Bay Water "B' pref.
The... 36
__
Emporium
Corp..do
45
Ewa Plantation
1034
Federal Brandeis
Fireman's Fund Insurance 9034
1234
Foster & Kielser corn
Great Western Power pref 10331
Hale Bros Stores
4834
Hawaiian Coral & Sugar
Hawaiian Pineapple
Hawaiian Sugar
Home Fire & Marine Ins.. 30
41
Honolulu Cons 011
2534
Hunt Bros Pack "A" com_
Hutchinson Sue Plantat'n 13
3334
Illinois Pacific Glass"A"_ _
Key System Transit pr pref 58
20
Preferred
L A Gas & Electric pref_
.50
Magnavox Co
26
Magnin, I corn
4634
North American Oil
36
Oahu Su ar
Olaa Sugar
Onomea Sugar
Pac' Light Corp 6% pref.. 98
Pacific Lighting Corp corn
Pacific Tel & Tel pref
Paraffin° Co's. Inc COM- 129
5831
.
Phillips Petroleum corn_ __
Piggly Wiggly W States 'A' 16
Pig'n Whistle pref
Pioneer Mill
2434
Richfield Oil
109
3 J Lt & Pwr prior pref.__ -----Pref._
3.7 L & P "B"6%
3chlesiriger, B F pref
•
" "--
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Per Price. Low. High. Shares,
Shell Union 011 corn
3131
Sherman & Clay 7% prof.. -----Sierra Pacific Electric pref
Southern Pacific
112
Sperry Flour Co pref
Spring Valley Water
5831
Standard Oil of Cal
Texas Consolidated Oil- _
.74
Union Oil Associates
53
Union Oil of California_
5331
US Petroleum
1.80
West Amer Finance pref_ _ _ -----Western Power pref
West Coast Life Insurance
Yellow & Checker Cab...
9%
Zellerbach Paper 6% pref._ 95%
Zellerbach Corporation.... 29
3134 3131
9431 '95%
92
92
109 112
93
93
10231 103
5934
58
.63 :75
52% 5334
5251 5334
1.70 1.85
934
9
98
98
385 385
931
9
9534 9731
29
2934
3,748
55
15
110
6
255
7,222
3,600
2,505
6,095
2,625
400
5
102
140
95
1,615
Range Mace Jan. 1.
Low,
2874
9334
87
10634
9234
10134
58
.50
5234
5236
.6734
9
98
.75
9
9534
28
High.
Jan 3174
Jan 96
Jan 92
Jan 112
Jan 95
Jan 103
Jan 6031
Feb .95
Feb 5636
Feb 563'(
Jan 1.85
Jan
934
Jan 99
Jan 4.50
934
Jan
Jan 98
Jan 2934
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan'
Jan
Feb
Jan
• No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange Feb. 12 to Feb. 18, both
inclusive, compiled from official lists:
Industrial
Stocks-
bates
?may
Last Week's Range for
Week,
ofPrices.
Sale
Par, price. Low. High. Shares,
Amer Laund Mach,com_25
Preferred
100
American Products, pref__
Amer Rolling Mill, com_25
100
Preferred
Amer Seed Mach, corn_ -50
American Thermos
100
Baldwin, new pref
Buckeye
Burger Bros
Carey (Philip). pref_ _ _100
Campbell(TB)
Champ Fibre, pref
100
Churngold Corporation_ _•
Cincinnati Car Co
One Union Stock Yds_ _ 100
Clue Postal Term, pref_100
•
City Ice & Fuel
Cooper Corp, new pref_100
Crown Overall, pref. _100
Dalton Add Mach,com_100
100
Preferred
Douglas(John), prat_ _100
100
Dow Drug,corn
Eagle-Picher Lead, cem_20
•
Formica Insulation
•
Giant Tire
•
Gibson Art, corn
Globe Wernicke, pre:__100
•
Gruen Watch, corn
100
Preferred
Hatfield-Reliance, corn- •
100
Preferred
Hobart
•
'
Jaeger
Johnston Paint, pref _ _ _100
Kaftnes first
Kahn, partic
20
Kodel Radio, pref
10
Kroger. corn
100
New prat
Meade Pulp & Paper
•
Nash "A"
Paragon Refining, corn. _25
Procter & Gamble, com.20
100
6% preferred
100
Pure 011,6% pref
Putman Candy, prat_ .100
•
U S Can,corn
20
U S Playing Card
U S Print & Litho, pref_100
US Shoe,corn*
Vulcan Last
•
Whitaker Paper, corn_
112
5034
11034
1834
40
22
2434
80
2634
2234
6034
4234
89
15
29
10034
13274
67.4
182
11234
39
17631
10034
100
11074 112
12534 125
22
2231
5034
45
111 11134
1834 1834
9
9
108 108
4654 4631
5054 5034
115 115
9834
98
10354 104
4134
40
2234
22
150 150
90
90
2434 2431
102 10234
10234 103
7874 80
107 107%
109 109
280 280
2631 2734
2234 23
5034 5074
4231 4334
90
89
48
4831
11034 11034
15%
15
10234 102%
2834 2934
2734 29
10134 101%
100 10034
43 43
2031 2031
131 134 34
114 114
99% 99%
10034 101
631 7
182 184
11234 11231
97
9734
92
92
40
39
176 17634
9634 101
5% 6
100 100
55
55
1,239
6
40
4,916
115
280
10
5
215
45
141
20
13
125
76
12
11
302
60
20
879
105
5
5
3.465
61
205
244
8
35
32
90
20
749
263
3
150
36
25
665
21
10
36
150
772
43
43
5
331
34
66
19
23
Range Since Jan. 1.
High.
Low,
110
Jan 11534 Jan
Jan
Jan 47
44
11134 Feb 11234 Jan
834
10636
44
5034
11634
98
10334
Feb 11
Jan 108
Jan 4731
Feb 5031
Feb 115
Feb 9834
Feb 105%
Jan
Feb
Jan
Feb
Feb
Feb
Feb
22
140
90
2274
102
103
50
107
109
280
2634
22
4334
4234
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
24
150
90
25
103
105
80
107%
109
280
2831
24
55
44
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
47
10931
Jan 5434 Jan
Jan 110
Jan
10254
2834
2734
100
99
40
Jan 10334 Jan
Jan 2934 Jan
Feb 2934 Jan
Feb
Feb 102
Jan 100
Feb
Feb
Jan 43
12934 Jan 13434 Jan
Jan 114
Feb
112
99%
634
177
112
97
92
Feb 101
734
Feb
Feb 19134
Jan 113
Feb 98
Feb 92
Feb
Jan
Feb
Jan
Jan
Feb
176
9234
5
9934
51
Jan 178
Jan 101
6
Jan
Jan 100
Jan 59
Jan
Feb
Feb
Feb
Jan
Range Since Jan. 1.
=AA
Sales
Friday
Last Week's Range for
Wrek.
ofPrices.
Sale
Par, Price. Low. High. Shares.
104:.
WOO8NW...eaC.
WWW0000000001-.10NC0101001
Stocks-
[Vol.. 124.
THE CHRONICLE
1056
Public Ut
[Mies
50
Mc & Sub Tel
Cincinnati Gas & Elec_1(10
C N & C Lt& Trac,com100
100
Preferred
Ohio Bell Tel, pref. ,.i00
Tractions
Cincinnati Street Ry_ _ _ _50
R ilro d100
CNO&TP,corn
97
9431
3834
9634
9434
91
71
112
362 9031 Jan 9634 Feb
238 9334 Jan 9534 Jan
33 9834 Jan 0254 Jan
Jan
73
Jan
22 70
79 11031 Jan 11231 Jan
3834 39
135
360
3831
Jan
39
Jan
4
360
Bonds
Am Roll Mill6% notes1938
C N & C 1st 6s
1947
Cincinnati St Ry Cs
Dalton Adding Machine
1931
6% notes
US Print & Lith 68_ _ _1930
1938
Wurlitzer deb 13s
97
9434
91
7134
112
85.000
104 104
1,000 103% Feb 103% Feb
10334 103%
Feb
Feb 100
1,000 100
100 100
1013.4 10134
10034 10031
10134 10134
1,000 ,10134 Feb 10134 Feb
5,000 10034 Feb 10034 Feb
1,000 10134 Feb 10134 Feb
• No par value.
--Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Feb. 12 to Feb. 18, both
inclusive, compiled from official sales lists:
Bank Stocks-
Sales
Friday
Last Week's Range for
Week,
Prices.
of
Sale
Par. Price. Low. High. Shares.
Range Since Jan, 1.
Low.
High.
Nat Bank of Commerce 100
155
15534
63 155
Feb 163
Jan
Trust Company Stocks
100
American Trust
100
Mercantile Trust
165
428
165
430
50 164
10 428
Jan 165
Feb 430
Feb
Feb
Street Railway Stocks
St Louis Public Serv corn-.
Miscellaneous Stocks
20
A S Aloe Co COP
Baer, Sternberg & Cohen
100
1st preferred
100
2d preferred
Boyd-Welsh Shoe
100
Brown Shoe corn
100
Preferred
Chicago Ry Equip pref. _25
Ely Lk Walker 13 Gds com25
100
1st preferred
100
2d preferred
.25
Hamilton-Brown Shoe. •
Hussman Refr corn
19% 20
--
33
333'1
97
97
99
99
4131 41%
32% 33
11034111
25
24
32% 3234 3234
111 Ill
87
87
3736
36% 36
3134 32%
43
1834
Jan
20% Feb
10
32
Jan
33% Feb
Feb
Feb 97
110 97
Feb
10 99
Feb 99
Feb
Jan 42
338 40
Feb 3434 Jan
72 32
12 11034 Feb 11234 Jan
Feb
323 2334 Jan 25
Jan
340 3234 Jan 35
Feb
Feb 111
50 111
Jan
Feb 90
15 87
Feb 3934 Jan
290 36
Jan
100 3134 Feb 36
1057
THE CHRONICLE
FEB. 19 1927.]
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High Shares
Range Since Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High Shares
Range Since Jan. 1.
Low.
High.
525 6754 Feb 72% Feb
6734 70
Columbus Elec Jr Power_ •
Com'wealth Power Corp—
Jan
8,025 4234 Jan 45
4434 4434 4434
Common
700 9134 Jan 93% Feb
100 9354 9334 93%
Preferred
1,000 50% Jan 52% Jan
Con Gas E L & P Belt com• 5134 5134 5135
Consol Gas (N V)—
• 94
Jan
1.000 9334 Feb 97
9334 9534
New common w 1
• 9236 92% 92% 9.300 91% Jan 93% Jan
New preferred w I
2034 21% 2,100 2034 Jan 22% Jan
• 21
Consul Laundries
Jan
Feb 36
25 35
35
35
35
Consolidation Coal
13
Feb
Jan
200 12
12% 13
Cosgr-Meehan Coal corn..*
2534 25% 2,100 24% Jan 2834 Jan
£1
Courtaulds Ltd
434 Feb
454 Feb
200
434 4%
Preferred
Jan 32% Jan
300 30
30
30
10
Cuneo Press, corn
2254 Jan
Jan
1,600 19
2034 20%
Curtiss Aeropl & M com_.• 2054
Feb
130 170% Jan ISO
178 ISO
•
Curtis Pub Co corn
Jan 118
40 114
Jan
116% 117
•
$7 preferred
Jan 27
Jan
100 27
27
27
class A......• 27
Davies (Wm),
Jan 85
Jan
375 70
755
4
71
100 71
Deere & Co corn
Fe
10% Jan
7
734 934 4,700
74
De Forest Radio Corp....
10% Jan
734 Ja
734
834 3,700
Vet tr Ws of deposit.....854
172
Ja
Feb
490 153
161 172
Dixon (Jos) Crucible_ _100 172
22
Ja
3.600 18
Feb
22
20
• 22
Dealer Die-Casting
Jan
125 66
69% 7014
71% Feb
•
Dominion Stores, Ltd
4
334 Fe
Jan
334 3% 1,200
Dubilier Condenser Corp..
Jan 25
Jan
400 22
2334 24%
Dunhill International.. •
•
10
514 Jan
Feb
654 10 109,600
934
Durant Motors Inc
Stocks—
Mining
Feb
Feb 27
100 27
27
27
Eagle-Picher Lead, com.20 27
Jar
275 13
Feb
17
15
13
Consul Lead & Zinc Co A.* 15
600 3334 Jan 3434 Feb
34
34%
Eltington Schild Co com • 3434
Feb 109
Jan
740 107
Elec Bond & Share pfd_100 10734 10734 10714
Street Railway Bonds
3.500 67% Feb 7234 Jan
67%
United Railways 4s._ _1934 7634 7634 7734 $5,000 7634 Jan 7736 Jaia Eiec Bond & Share Secur..• 6734 32% 68%
Jan
34
3.300 323.4 Feb 37
Elec Invest without war.• 3234
Jan 9134 Jan
125 90
90% 91
Flee Pow & Lt, ad pf A •
Miscellaneous Bonds—
634 Jan
73.4 Jan
200
6% 7
Option warrants
Kinloch Telephone 68.1928 10134 10134 10134 8.000 10134 Feb 10134 Fel
Jan 2954 Feb
400 26
2734 2934
Empire Pow Corp part stk•
Jan 10034 Fe
100 10034 7.000 100
Kinloch Long Dist 58_1929 100
2,700 1734 Jan 48% Jan
2034 23
Estey-Welte Corp class A.. 22
9934 9934 5,000 9934 Feb 9934 Fe
PlerceB(Inc Leaseh'd)58'36
7% Jan
183-4 Jan
100
734
•
735
9.000 985.4 Jan 99
Class 13
99
99
Fe
Wagner Elee Mfg 78_Serial
ins iz ins u
1 nnn ins
Tan in,
rae v.
700 32% Feb 3454 Feb
Evans(E S)& Co Inc comA• 3335 33% 3434
600 29% Feb 3234 Feb
3134 32
5
Class B common
3% Feb
474 Jan
.10
335
33-4 314 1,500
Fageol Motors Co corn.
* No par value.
164
Jan
153% 156
300 151% Fe
100 156
Fajardo Sugar
25% Feb 33
Jan
40
2534 26
Fanny Farmer Candy St..
Feb 27;4 Jan
20
600 20
23
Pittsburgh Stock Exchange.—For this week's record of Federal Purch Corp, el A.* 20
651 Jan
Fe
2
2
4%
1,200
234
•
Class B
transactions on the Pittsburgh Stock Exchange see page 1033.
Feb
Feb 70
75 50
50
70
Flat stock purch warrants' 68
63.4 Feb
900
5% 634
434 Jan
•
Film Inspect Mach
Jan 1004 Jan
99% 9934
100 99
—
York Curb Market. Below is a record of the Firestone T & R7% p1..100
New
Feb 120
Jan
120 120
30 115
Six per cent pref._ _100
transactions in the New York Curb Market from Feb. 12 to Ford Motor Co of Can.100 486
Jan 500
Feb
710 412
428 500
19
Jan
500 1734 Ja
18
1834
• 1834
inclusive, as compiled from the official lists. Forhan Co, class A
Feb. 18, both
Foundation Co—
1834 Jan
Jan
As noted in our issue of July 2 1921, the New York Curb
17% 174 2.800 16
,
1734
Foreign shares, class A.
Feb 23% Jan
21
600 21
2134
Market Association on June 27 1921 transferred its activities Fox Theatres el A corn....*
143.4 Feb
900
14% 16
1934 Jan
Franklin (H H) Mfg corn..' 1434
from the Broad Street curb to its new building on Trinity
Jan 7934 Jan
25 79
79
79
100
Preferred
3% Jan
434
4%
300
734 Jan
now issuing an official sheet Freed-Eisemann Radio_ •
Place, and the Association is
1904 2035
2.000 1834 Jan 2334 Jan
•
Freshman (Chas) Co
which forms the basis of the compilations below.
39% 42%
• 42
2,900 3934 Jan 4'34 Feb
Fulton Sylphon Co
27
Jan 30% Jan
160 26
2734
Galv-Hous Elec. com__100
awes
"May
53% Jan 5914 Jan
7
56
56
Gamewell Corp, corn_ _ _ _ • 56
Range Stnce Jan. 1.
Last Week's Range for
Week Ended Feb. 18.
75e Jan
134 2.1'0
354 Jan
134
134
Corp
•
Garod
Week.
Sale
ofPricer.
59
6234 16.700 56% Jan 63% Jan
• 61
General Baking el A
Low.
High.
Par. Price. Low. High. Shares.
Stocks—
7% Jan
54 Jan
6
6% 14,300
6%
•
Class B
51
53
Jan 60
45
60
Feb
Gen'l Fireproofing cora _• 60
13
14% Feb
400 1134 Jan
1354
General Pub Serv com_ *
Indus. & Miscellaneous.
37%
37
Feb 37% Feb
30
* 3734 37
Gilchrist Co
Feb
Feb 39
25 34
34
34
Aeol Weber P & P com_100
95
Jan
3,700 9134 Fe
• 9134 91% 93
Feb Gillette Safety Razor
Jan 120
400 124
12734 130
Ala Gt Sou RIt cum__ _50 130
1234 Jan
1034 Fe
10% 1034
40
.10
Jan Gleasonite Prod corn
370 12154 Feb 130
128 130
50 130
Preferred
170 171
Jan 179
Jan
1.50 166
•
Jan 4234 Jan Glen Alden Coal
25 37
34
38
Alpha Portland Cement--• 33
3.100 25% Jan 21% Feb
Feb Gobel (Adolph) Inc corn_ _• 2834 2734 2934
900 7034 Feb 73
72%
Aluminum Co common_ • 7234 72
3034
3134 Jan
3,100 2836 Jan
100 10134 Jan 10254 Feb Goodyear T & R corn .100 30% 30
102 102
i5o
Preferred
63
67
Fe
100 61
63
Feb
Feb 109
Jan Grand(F&W)5-10-25e St• 63
475 102
100 10534 103 106
American Arch Co
117
Fe
20 116
116 117
Feb
Great A & P Tea, 1st p1.100
Am Brown Boveri El Corp
8% Jan
834 834
8% Jan
100
•
Feb 21
Jan Hall (C M) Lamp
300 18
15
183.4
•
Founders shares
6
7
Jan
Jan
634 6% 2.700
6%
Jan 21
Jan Happiness Candy St el A_•
200 17
1734 1834
c. •
Founders shares v t
•
6
674 Jan
Jan
7,300
6
634
6%
Founders shares
Jan 103
Feb
100 74
95
95
Amer Cellulose & Chem_ •
700 1234 Feb 13
1234 1234
Jan
12%
Hazeltine Corp
Jan 012436 Feb
60 v117
12334 12434
Amer Cigar common_.100 124
Hellman (Richard) Co
Jan 3534 Jan
400 34
34
3434
Amer Cyanamid cl B com20 34
31
31
Feb
200 28% Jan 31
Ferric pref with warets.•
100 8614 Feb 89
Jan
88
88
100
Preferred
1% Jan
134
1%
300
154
*
1 54 Jan
Heyden Chemical
434 Jar
Feb
3
600
3
354
Amer Electrice Corp v IC _•
300 21% Jan 2234 Feb
2234 2234
Hires (Chas) Codl A corn.°
Feb 1334 Jar
300 11
1154 12
25
Class A
Jan
200 28% Feb 29
Hobart Manufacturing...* z2834 z2834 28%
Amer Gas & Flee—
2434 26%
Jan
500 24% Feb 28
Hollander (A) & Son,com_•
7034 7134 2,700 6834 Jan 7434 Jar
Corn (new ex-stk div)__• 7114
Jan 109
40 107
Feb
109 109
Horn & Harden, pref _ _100
1,000 9534 Feb 9834 Feb
9535 97
•
Preferred
Jan
100 2634 Feb 30
2634 26%
Imperial Tob of G B & 1.£1
9
Jan
1,900
1134 Feb
11
1134
American Hawaiian SS...10 11
434 Jan
8
Feb
18,500
7%
53( 8
Industrial Rayon class A.•
650 22234 Jan 233
230 2303-1
Jar
Amer Lt & Tree corn_ _100 230
54% Feb
Feb
1,575 51
25 11234 Feb 11434 Jar
Insur Co of North Amer_ 10 5434 5334 5414
11234 11234
100
Preferred
2% Feb
444 Jan
300
234 2%
75 8934 Jan 9354 Feb
lot Concrete Ind fdrs ohs 10
93
•
9334
Meter Co
American
Jan 118
570 102
Feb
112 118
118
Internet Sliver, corn
50 250
259 270
Jan 285
Jar
American Piano, corn_ _100
Jan 3144 Feb
200 28
30% 31%
550 9734 Jan 100% Fel
9834 100%
Internet Utilities, class A.•
_10(
Amer Pow dr Lt
514 Jan
3
Jan
40
454
4
4
•
53
3.900
534 8
Class B
Feb
735
8
Products•
Jar
American Rayonpref.28
Jan 2844 Feb
2
2834 2834
900 4414 Feb
4934
Jaeger Machine
4934 Fel
Amer Rolling Mill corn _ _25 4934 45
Jan
2.600 55% Jan 65
6034 63
10 110
111 111
-Many. new corn w1
' 61
Jan 112
Johns
Jar
100
Preferred
50 11434 Ja
115% 115%
11734 Jan
4234 4354 3,200 4254 Feb 45
New preferred w 1...100
Jar
Amer Seating Co v t c. _* 43
Jan 29,14 Jan
100 29
900 274 Jan 2914 Fel
29% 2934
•
Kawneer Co
Amer Superpower Corp A.* 2814 2834 29
15c Feb
9c Fe
900
ge Ilc
10
283.6 2934 1,500 2834 Jan 30
Keystone Solether
Jar
*
Class 13
Ja 136
20 132
Jan
135 135
200 2634 Jan 283.4 Fel
2754 2754
Kroger Grocery & Bak_ _10
25
Panic preferred
36
300 2654 Jo
27% 28
Jan
Land Co of Florida
314 Fel
354 334 1,800
•
334 Jan
_6
prel
American Thread
3434 Jan
Fe
200 30
3134 32
1034 1,400 10
Jan
Landay Bros, Inc. class A.• 32
1034 Jai
1034 10
Amer Writ Paper v t a_
Jan 30
300 28
2334
28
Landover Holding Corp—
Jar
Preferred v t
15
14
Jan
100 14
14
800 14
Feb
1
Feb
Class A stamped
1634 Jar
1434 15
Anglo-Chill Nitrate Corp..• 1434
100 106
110 110
25 22
24
Jan 121
Jan
Jan
Lehigh Coal & Navig'n_ _50
2434 Jai
24
Arizona Power com_ _ _100
16% 15,700 15
1635
10 9731 Jan 101
Jan
16
18
Jan
Lehigh Power Securities...
101 101
Fel
Arkansas Lt dr Pr pref...100
Jan 4134 Fe'
Jan
Lehigh Val Coal ctts new. _ 41% 41% 42% 4,300 40% Jan 46
405-4 4034 20,400 35
Assoc Gas & Elea class A..* 4035
175 96
1
Jan 99
Lehigh Valley Coal Sales 50 98% osu 9831
134 2,600
Jan
Feb154 Jai
1
134
Atlantic Fruit & Sugar _ _.•
10
100 40
10
Jan 44
4334 4334
Jan
300 10
Libby, McNeill & Libby _10
1034 Jan
Jal
Atlas Portland Cement._.•
140 135
141 142
Jan 967
Jan 15934 Jan
Libby Owens Sheet Glass25 141
9634 1.725 69
93
% Fel
Auburn Automobile com 25 95
7.100 105
25
200 25
10
26%
Feb 263.4 Feb
Lit Brothers
Feb10554 Fel
Bamberger(L)6%% p1100 10534 105 10514
17.500 8534 Jan 114
20 10734 Jan 109
Long island Ltg, pref. _100 10714 10734 10734
Jan
Fel
10454 114
Bancitaly Corp
25 112
300 y98
v98 y9874
500 4034 Jan 4134 Jan
MacAnd & Forbes, com__• 4134 4134 4134
Feb108
Jai
Blackstone Val G&E comb°
Jan 2234 Jai
1.400 20
1634 17%
Madison So Gard Co v t c• 17
1,500 1034 Jan
1834 Jan
2054 2134
Bliss(E W)dr Co, com_ •
62% 64
354 Jan
734 11,300
120 62% Feb 64
Maine Central RR,com100
734 Fe,
Feb
534
734
Blyn Shoes Inc corn_ _ _10
200 13
Feb 14
91
91
1334
Mansfield Min & Melt war
Feb
90
Feb 105
Fe
13
Bohn Aluminum & Brass •
1,500 101
Jan 10854 Fe
4
4
Marc Wirel Tel of Lond_ii
444 Jan
300
334 Jan
Borden Co common_ _ _50 10231 1023.1 103
414 Feb
400
57
60
Marmon Motor Car corn,' 57
534 Jo
800 4754 Jan 6234 Jan
434 434
Bridgeport Machine corn.*
100 4454 Feb 4734 Ja
87
96
Massey-Harris Co, Ltd_100
Feb
600 66
Feb 96
• 45% 4554 4554
Brill Corp. class A
•
500 2334 Feb 2431 Fe
52
McCall Corporation
2434
53
24
Jan 5654 Jan
300 52
Brit
-Amer Tob ord bear_ £ I
500 2334 Feb 24
Jan
18
McCord Rad dc Mfg v t c.•
24
1834
Fe
Feb 21
300 18
24
Ordinary registered. ..£1
5
Jan
Mead Johnson & Co corn.' 4034 40% 41
4154 Feb
1,10
3954 Jan
654 Ja
534 5% 1,000
535
Brooklyn City RR
10
475 29
Feb 32
Feb
Melville Shoe, warrants_ _ _
30
32
Jan 32
32
Fe
29
50 30
Budd (Edw CI) Mfg, corn_•
400 2534 Jan
Jan
2854
Mengel Company
2834 Fe
2934 30
100 30
2934 Feb 31
28
15
Buff Niag & East Pr corn •
100 2534 Jan 2534 Ja
Feb
Mercantile Stores Co_ _100
Feb 101
101
2534 2534
101
200 100
Preferred
25
200 22
Jan 27
Metropolitan Chain Stores*
Feb 3351 Jan
Fe
400 30
32
2634 2634
33
Canadian Indus Alcohol_ "
300 2734 Feb 31
Jan 11454 Feb
Middle West Utlicom____• 11054 110% 11254
Ja
400 110
2834 2834
• 2854
Caterpillar Tractor
Feb 83
350 72
7% preferred
77
Ja
100 10934 109% 11014 1,050 105% Jan 113% Feb
75
•
Celotex Co corn
125 8734 Jan 9034 Ja
Midland Steel Products_ _•
90
100 4554 Jan 4554 Jan
45% 45%
90
7% preferred
100
27 Feb
350 9734 Jan 10131 Fe
900 '2014 Jan
Mohawk & Bud Pow com• 25
24% 25
100 10056
Central Aguirre Sugar...50
Jan
800 1934 Jan 224 Fe
First preferred
• 10134 10134 102
200 101% Jan 105
2134 2234
Cent Leath (new) el A vtc.• 22
Jan 9654 Feb
1,400 7334 Jan 83
150 94
Second preferred
•
Fe
8134 83
9534 96%
Prior pref v t a
100 83
Feb
Fcb 39
1834 Fe
200 1734 Jan
300 37
Mohawk Valley Co
1834 1834
3834 3834
• 3836
Central Pub Serv corn
•
Jan
Feb 60
100 5734 Jan 67
300 44
Fe
63
Moore Drop Fora class A..' 44
63
44
4534
Cent & SW Utilities_ _100
Jan
934 Jan
9
80 923.8 Jan 9534 Fe
100
National Baking, corn_ _.•
9534 9534
9% 94
Cent States Elec 8% p1.100
Feb
163.4 Feb1834 Ja
700
50 67% Jan 71
National Casket, corn
1634 17
71
•
Centrifugal Pipe
_• 1635
71
Jan 3334 Fe
900 2354 Feb 25% Jan
600 31
Nat Elec Power, class A...'
3336 3334
23% 24
Corp__Chicago Nipple Mfg el B50
Feb
Feb 96
20 119
100 96
Feb121
7% preferred
96
121 121
Fr
100
96
Childs Co, pref
100 96
4% Jan
2% Jan
900
2% 3
National Leather
Service common_20 5854 5754 5834 56.500 5034 Jan 5536 Fe
3
10
Cities
Jan
Jan 103
550 101
134 9234 3,500 9134 Jan 9234 Js
Nat Power & Light, pref...' 102% 102 10234
100 9154
Preferred
1914 2034 2.500 18% Jan 2134 Jan
834 Jan
100
Nat Pub Serv corn class A.* 20%
834 831
Preferred B
834 Fr
Jan 16% Jan
3,100 14
200 8151 Jan 8434 Fr
1434 1635
8436
Common,class B
100 8431 8431
• 1434
Preferred BB
200 30% Jan 3454 Feb
300 2534 Jan 29
34%
2814 29
Ft
National Standard Co_
Ban.. shares _._
• 3434 34
.4.
. kers _
..
750 3654 Feb 39% Jae
—
0.14 J
Neisner Bros. Inc. com. • 38% 3734 3534
534 6
Hydraulic Press Bk com100
76
76
100
Preferred
2434 2454
Independent Packing corn •
160 34 161
International Shoe corn._• 161
10834 10834
100
Preferred
5034 5234
•
Johnson-S & S Shoe
Laclede Gas Light pref _100 11034 105 11034
5134 5254
Mo Portland Cement_ _25
102 102
Moloney Electric p el_ 100
8934 91
National Candy corn_ _ _100 91
105 105
100
2d preferred
31
30
• 30
Pedigo-Weber Shoe
3334 34
* 34
Polar Wave I & F A
2034 21
Goods corn.*
Rice-Stlx Dry
2234
Scruggs-V-B DO com_ _ _25 2234 22
Securities bycom3934 3934
: 2734 2734 2734
Sheffield Steel corn
45
46
•
Skouras Bros A
45
45
Southern Acid & Sulp corn•
11634 117
Southwest Bell Tel pref 100
45
45
St Louis Amusement A_ •
97
97
100
St Louis Car pref
68
69
Wagner Elec Corp pref_100
65
68
•
Wm Walker Co corn
10354 10334
100
..
Union Biscuit pref
c
1156
-
50
45
198
. 180
17
120
215
640
10
335
15
58
185
225
180
100
65
126
45
61
40
10
55
320
10
534
76
2434
158
108
5034
96
5034
9934
87
105
30
32
2034
2034
3634
2534
42
45
11534
43
96
68
5134
10014
Jan
7
Feb 8134
Feb 25
Feb 161
Feb 109
Feb 55
Jan 11034
Feb 54
Jan 102
Feb 91
Feb 105
Feb 33
Jan 34
Feb 2234
Jan 2234
Jan 40
Feb 2534
Feb 48
Feb 45
Jan 117
Feb 45
Jan 9834
Feb74
Jan 7()
Jan 10334
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jar
Feb
Feb
Feb
Jar
Fet
Feb
Feb
Jar
Jar
Fel
Fel
1058
0
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low
High. Shares
THE CHRONICLE
Range Since Jars. 1.
Low.
Nelson (Herman) Corp_ _ _5
2335 24%
200 2354
Neptune Meter, class A__•
24
24%
600 2254
N E Pow Assn, now com __• 50
50
200 50
504
New preferred
88
88
10 88
New Eng Telep & Teleg 100
119% 120
50 112%
New Mex & Ariz Land_ _.1 1334 12% 1331 6,100 11%
New On Grt Nor RR_ _100
29
29%
200 1955
New York Merchandise_•
2954 2935
200 27
NY Telep 855% pref__100
113% 11451
275 11351
Niles
-Bement
-Pond, corn •
19
19
100 1835
Northeast Power, com......* 1734 1754 1851 4,200 1651
Northern Ohio Power Co.
114 11% 12
5,600
935
Nor States P Corp,com.100 112
111% 11254 1,100 109%
Preferred
100
10255 10231
160 10055
Ohio Pub Sen. let pref A-- 104
104 10454
so 104
Ovington Bros panic pref_*
9
200
9%
9
Pacific 0& E, 1st pref__25 24% 24% 2551
200 2434
Pacific Steel Boiler
• 12
12
1255 1,200 12
Parke Davis & Co
25 138
137 139
70 137
Pender(D)Grocery el B• 26
24
26
1.400 22
Penney (J C)ci A pref ..100
100 100%
150 100
Penn-Ohlo Edison new _
27
27%
200 27
7% prior preferred_ _100 -ioo-- 99 100
140 9731
$6 preferred
•
8034 8034
120 8055
Warrants
11% 114 11% 1,200 1051
Penn Ohio Secur Corp_ ---•
9
955 1,300
9
8%
Pa 0& E cl A part stk_....* ------ 2051 2031
100 10
Penna Pow & Lt pref____• ------ 10855 10835
25 106
Pennsylvania Salt Mfg_ _50
74
74
25 74
Penn Water & Power...100 182- 182 185
710 175%
Peoples Drug Stores
• 3135 30
31%
800 2934
Phelps-Dodge Corp__ _ _100 118
116 116
20 116
Phila Electric. corn
464 47
25 47
400 4534
Phillip-Mon Cons Inc corn• 1934 1834 1951 2,600 17
Class A
25 ------ 1954 1931
300 194
Pick (Albert) Barth & Co
Fret ci A (part pref)--• ------ 1355 13%
600 12%
Preferred
20% 20%
100 20
Piedmont Northern Ry.100 424 40
424
100 40
Pillsbury Flour Mills._ _ _50 59
5334 59
700 5255
Pittsb & Lake Erie com-50 180% 175 180% 4.200 16734
Pratt & Lambert
52
52%
200 51
•
Procter & Gamble com_ _20 184
18455 185
120 180
Puget Sound P&L.com.100 31
30% 314
800 304
Seven per cent pref_.100
107 107
10 10355
Pullman (new corp) w L
74
7655 4,900 74
74
Rand-Kardex Bureau- --• 664 8851 684 12,700 57
Warrants
526 555
191 400
526
Remington-Rand w I
34
3434 11,800 3354
34
First preferred
9834 100
2,300 9854
99
Reo Motor Car
10 21% 21% 21% 1,600 20
Republic Motor Truck_ *
44 454
500
455
Richmond Radiator com..• 23% 204 2355 2,700 20%
Preferred
48
100
504 2,600 48
Rickenbacker Motor
1
•
14 3,700 95c
14
Royal Bak Powd, com_100 177
170 194
380 161
Preferred
100 101
101 101%
110 100
Royal Typewriter, corn _ _* 51
50
51
20 47
Safety Car Iltg & Lt100
12734 12755
20 12551
Safeway Stores corn
233 257
• 249
1,980 232
St Regis Paper Co
43
44
•
200 40%
Schulte Real Estate CO..'
15% 15%
25 1534
Seeman Brothers. cora_ •
274 274
100 27
Serve! Corp (Del) corn •
835 9
8,400
834
7%
Sherwin-Wms Co corn_ _ _25 4731 473( 49
450 44
Shredded Wheat Co
• 57
57
5731
400 56
Sierra Sec Elec, pref.. _100
8834 88%
10 88
Silica Gel Corp, corn. v t c•
16
1655
400 14%
Singer Manufacturing_ _100 378
378 378
20 365
Snits Viscosa crd (200 lire).
94 9%
300
9%
5
Dep recta Chase Nat 13k.
951 951
400
5
Sou Calif Edison. pref A..25
28
28
100 27%
Preferred B
25
25
25
100 244
Sou Cities UM corn A_ •
28
28
100 2355
Preferred
86
100
86
25 83
Southern 0& P.class A _• 21
21
21%
290 21
S'eastern Pow & Lt corn...* 304 30
3031 4,200 30
Corn vat trust certifs__• 29% 29
2935 1,400 28
$7 preferred
10255 102%
•
300 101%
Participating preferred.**
68% 69
500 67%
Warrants to pun corn stk.
854 8%
300
854
855
Southwest Bell Tel pf_ _100 11635 116 11835
50 114%
Southw Pr & Lt 7% pf _100
105 10555
220 104
Spalding(AG)& Bros, com* 11734 115 11755
20 115
Stand Comm'i Tobacco • 2434 244 24%
700 194
Stand 0& El 7% pref._ lea 10655 106 107%
125 104%
Stand Pow & Lt, class A.25 234 234 234
100 22
Stand Publishing ci A_ __25
554 554
100
534
Stanley Co of America_ •
894 894
50 83%
Stromberg-Carlson Tel Mt' 40
40
40
100 39%
Stroock (£3) & Co
42%
• 4255 42
100 4035
Stutz Motor Car
1835 20% 7,100 14
Swift & Co
118 119
100 119
350 115%
Swift International
15 2051 2031 214 1,400 20%
Tampa Electric Co
5855 60
•
700 49
Telts(Leonard) warrants- - 108
108 112
7 95
Tenn Products Corp,corn.'
1355 13%
200 1355
Thatcher Mfg, corn
83
83
• 83
25 83
Timken-Detroit Axle_ _ _10 1235 124 12% 2,200 12
Tobacco Prod Exporta •
335 355
700
335
334
Trans-Lux Day Pict Screen
Class A common
•
734 7)5 10,800
755
6%
Trumbull Steel corn
25 10% 1034 114 2,300
935
Truscon Steel
25
10 25
25
100 24
Tublze Artificial Silk el B_• 179
170 180
500 145
Tulip Cup Corp. corn.._.* 10
10
10
100 10
Tung Sol Lamp Wks clA_• 1831 1835 18%
300 17%
Union & United Tob Corn.'
8535 88
1.100 81%
United Biscuit. class
_* 1154 10% 1251 10,400
7
United Elec Coal CosB.- •
24
v to
24
100 23
United Gas Impt
50 894 8955 90
3.200 89%
United Light & Power A..' 13
13
1331 9,800 13
Preferred A
• 91
9034 914 1,000 85
Preferred B
52
• 52
52
100 504
United Profit Sharing corn' 10% 10% 10%
400 10
21
United Ry & El Bait corn 50
21
100 20
524 53
United Shoe Mach. com_25
200 51
1655 20,000 1235
U S Distributing COM- _• 1635 13
ioo 87 854 88
7% cony pref
3,100 8555
9755 98
20
u s Gypsum corn
100
US Light & Heat corn...10 43% 42 4355 1,500 91
29
Univ Leaf Tobacco com__• 4654 4331 474 17,600 37%
39
• 39
40
Universal Pictures
1,600 29%
Utilities Pr & Lt class B • 14% 13% 14% 2.600 13%
10
10
200
Utility Shares Corp, com_• 10
931
1% 134
1%
400
Option warrants
135
7,700 27%
Warner Bros Pictures- --* 28% 28% 31
57% 57%
825 524
Wesson 0&SD cow v tc-• 5731
•
98
99
200 9734
Preferred
4735 48
900 4735
West Dairy Prod, class A.* 48
15
15
300 15
West Dairy Prod ci B vtc_• 15
25 98
1st pref_100 11535 115% 115%
West Md Ry
9931 102
50 98
Western Power. pref_..100
3651 36%
50 34
Wheeling Steel corn._ _100
102 102
20 100
100
Preferred A
100 27
27
27
White Rk Min Spgs, corn.
1931 4,100 15%
19% 19
White Sewing Mach com-•
Williams 011 0 Matto Heat
16
164
300 15
Jan
Common
32
2,000 31
31
Feb
*
_Yellow Taxi of New York..' 31
High.
26
2434
55
88
120
1334
34
30
115
19
18%
12%
113%
102%
10555
10
2634
12%
146
26
102
274
100
82
1135
1035
2154
10954
74
185
31%
131
53
20%
22
1331
214
424
59
180%
534
19234
33%
107
7835
7255
650
34%
100
23
531
23,34
50%
194
10155
51
127%
257
46
17
28
935
514
57%
8835
1834
3874
1034
931
28%
25%
28
86
22%
324
31
105
69
9
118
10554
1174
25%
107%
2435
635
90
42
44
2035
1194
23
62%
115
13%
83
12%
315
834
1154
284
180
15 .
184
90
13
284
93
1555
93
52
1051
21
53
634
9055
110
47
4734
414
15%
1034
24
3331
59%
9934
49%
16%
123
102
3854
102
27
20%
1634
344
[VOL. 124.
Friday
Sales
Last Week's Range for
Sale
OfPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Rights
Borden Co
Philadelphia Electric
3%
335
3%
331
3;4
3.700
400
Range Since Jan. 1.
Low.
335 Feb
334 Feb
High.
4
Feb
3% Feb
Former Standard Oil
Subsidiaries.
Anglo-Amer Oil(vot oh)._ £1 203( 204 21%
600 19% Jan 21% Jan
Non-voting stock_ _LI
2035 20%
100 194 Jan 204 Jan
Borne-Scrymser Co_ ___100 65
65
69
Jan 69
100 63
Feb
Buckeye Pipe Line
50
484 4855
Jan 4835 Feb
200 45
Chesebrough Mfg Con..
.25
82
32
100 7636 Jan 82 /Jan
Continental 011 v t 0
10 20% 20% 2134 11,000 20
Jan 2235 Jan
Cumberland Pipe Line-100 12935 126 12954
Jan 137
380 108
Jan
Eureka Pipe Line
100 50
4955 5035
„Tau 51
450 47
Feb
Galena-Signal Oil com_100
1355 1354
100 104 Jan 134 Feb
New preferred
100
50
50
Jan 5931
10
Humble Oil& Refining-25 58% 574 60% 10,600 45% Jan 8234 1Jan
5834
Jan
Illinois Pipe Line
100 138
135
1.850
Imperial Oil (Canada).....* 4451 44 14054 27,700 12331 Jan 14055 Feb
46
374 Jan 46
Feb
Indiana Pipe Line
50 68
65
2,800 61
68
Jan 694 Feb
National Transit_ __12.50
1335 13%
900 134 Jan 14
Jan
New York Transit
100
33
150 3131 Jan 38
3351
Feb
Northern Pipe Line__ _100
78
350 70
Jan 794 Feb
794
Ohio 011
25 6134 61
8454 7,400 59% Jan 844 Feb
Penn-Mug Fuel
25
18
100 1655 Jan 19
18
Jan
Prairie Oil& Gas
25 53
5235 5455 15,400 52
Jan 5555 Jan
Prairie Pipe Line------100 1424 14255 148
3,600 132
Jan 148
Feb
Solar Refining
100
200 201
60 194
Jan 201;4 IFeb
South Penn 011
25
3851 3834
200 38
Jan 4155 Jan
So'west Pa Pipe Lines_ _100
57% 574
50 5554 Jan 58
Feb
Standard Oil(Indiana)_ _25 7155 7051 72
41,200 6751 Jan 7451 Jan
Standard Oil(Kansas)_25 19
19
19% 1,800 19
Feb 20% Jan
Standard Oil(Ky)
25 11934 11955 120% 2,000 11851 Jan 1225( Jan
Standard 011(Neb)
25 49
49
800 4651 Jan 49% Feb
4951
Standard Oil N J new par
paid sub receipts
3831 3831 4055 2,400 3734 Jan 40% Feb
Standard Oil(0) corn..100 335
339 345
100 335
Jan 354
Jan
Preferred
100 11851 118% 11851
20 118
Jan 122
Feb
Swan & Finch 011 Corp_ _ _ 16
16
16
200 15
Jan 16
Jan
Vacuum Oil
25 102
102 10454 29,600 95% Jan 104% Feb
Other 011 Stocks.
Amer Contr Oil
_5
155
134 30.800
151 Jan
Jan
Amer Maracaibo Co
555
•
434 555 16,600
4% Jan
755 Jan
Arkansas Natural Gas_ _10
731
734 8
900
735 Jan
8% Feb
Atlantic Lobos 011, torn..'
14
151 14
100
14 Jan
154 Jan
Preferred
•
3
3
100
3
Jan
454 Jan
Barosdall Corp stk purcn
warrants
6%
654 634 6,500
54 Jan
64 Feb
Beacon Oil Co corn
• 17% 17% 18 .
1.600 173( Jan 2034 Jan
British Amer 011 new
2355 2354
200 2055 Jan 23% Feb
Cardinal Petroleum
10 25e
25c
26c 2,000 240 Jan 26e
Carib Syndicate
23% 2354 24% 4,100 2331 Jan 2834 Jan
Jan
Certificates of deposit_ _ _ 23
23
500 23
2334
Feb 26
Jan
C•nsolidated Royalties__ -1
94 954
200
845 Jan
934 Feb
Creole Syndicate
13% 1354 1435 18,000 13
Jan 14% Jan
Crown Cent Petrol Corp...'
2%
24 254 1,200
Feb
3
Jan
Darby Petroleum
• 10%
935 1131 4,000
44 Jan 1131 Feb
Voting trust certificates_ 1034
935 1155 8,200
855 Jan 1135 Feb
Derby Oil & Refg corn. •
135 131
600
1% Feb
255 Jan
Preferred
10% 10%
100 10
Jan 12
Jan
Gibson 011 Corporation...
355
3
351 33,400
235 Jan
334 Jan
Gilliland Oil, corn, v t 0...' 950
950 1
600
95c Feb
15( Jan
Gulf 011 Corp of Penna._25 9534 9454 96
3.500 924 Jan 9834 Jab
International Petroleum...' 3335 3355 34% 42,100 314 Jan 34% Fen
Interstate Nat Gas warr'ts_ 270
268 27555
1,15 239
Feb 27555 Feb
Kirby Petroleum
•
14 14
100
14 Jan
25( Jan
Leonard 011 Develop't_ _25 10
9% 10% 23.800
851 Jan 10% Feb
Lion 011 Refining
• 2634 2635 27
2.300 24
Jan 2735 Feb
Lone Star Gas Corp
38% 394
300 37
Jan 43% Jan
Magdalena Sy ndicate._ _1
135
1% 2
3,400
1;4 Jan
274 Jan
Mexican Panuco Oil__ _10
251
2
24 5,900
2
Jan
3
Jan
Mexico Ohio 011
•
1031 11
1.600
10% Fell 1254 Jan
Mexico 011 Corporation_10 290
27c
29c 23,000 260 Jan 350 Jan
Mountain & Gulf Oil
155
700
1
135
134 Jan
154 Jan
Mountain Producers.--10 28
26
2634 3,700 25
Jan 2634 Jan
National Fuel Gas
195 200
100
40 192
Jan 203
Jan
New Bradford 011
200
555 5%
Jan
5
54 Jan
New England 011
555 6
300
555 Feb
Feb
6
North Central Texas OIL..
12
1134 12
1,700 114 Jan 12
Feb
Northwest 011
1
So
5c 1,000
40 Jan
Sc Feb
Okla Nat'l Gas ctf dep---- 2154 21% 2151
100 2151 Feb 2131 Feb
Pandem 011 Corporation..'
6%
631 735 3,900
834 Feb
831 Jan
Pantepec 01101 Venezuela.* 12
1135 12
4,400 11% Jan 12
Jan
Peer 011 Corp
•
350
350 1,000 350 Jan 370 Jan
Pennok 011 Corporation....'
1134 1134
500 1135 Feb 13% Jan
Red Bank 011
22
25
22
aoo 19
Jan 24% Jan
Reiter Foster Oil Corp_ _ -• 12
12
13
1,000 12
Feb 1554 Jan
Richfield 01101 Calif_ _.25
24% 2555
200 24% Feb 2735 Jan
Royal
-Can 011 Syndicate..'
250
35c 4,000 21c Jan 350 Feb
Ryan Consol Petrol
•
5% 635 2.000
Jan
5
Jan
7
Salt Creek Consol Oil__ _10
734
7% 735 • 700
73.1 Jan
8
Jan
Salt Creek Producers_ _ _10 31
31
3135 2,100 3035 Jan 32
Feb
Savoy 011
5
Jan
6
1,600
5 6
3
Feb
7
Tidal Osage voting stock _• 24% 2434 24% 2,100 21
Jan 2534 Jan
Non-voting stook
• 2155 204 2135 5,500 1934 Jan 23
Jan
Tide Water Associated Oil• 224 224 2231 5.000 2155 Jan 23% Jan
Preferred
1,100 9334 Jan 9531 Jan
100 9434 944 95
Transcontinental 6% pref. 7035 68
1,770 8335 Jan 73
73
Feb
Venezuela Petroleum._ - _5
7
6% Jan
7% Feb
831 755 7,400
Wilcox (II F) Oil & Gas..' 29
2855 294 1,400 2855 Jan 32% Jan
•
Woodley Petroleum
500
835
634 Feb
634 7
8
Jan
"Y" 011 dr Gas new
800
4
Jan
4
4
4%
Jan
Mining Stocks
Amer Com'l Mln & Mill
-----1,000
80
50 Jan
Sc
Sc Feb
Amer Exploration Co_ _ _1 770
1,800 510 Jan 90c
700 800
Jan
Arizona Globe Conner---1
6,000
15o
Sc
Jan
80
7o Feb
Bunker Hill & Sullivan_
100 674 Feb 73
6955 70
Jan
Calaveras Ccpper
500
135 Feb
155 155
1
2
Jan
20
Carnegie Metals
12
Jan
10 1231 1255 124
Consol Copper M Ines_ _ _1
2% 254 2% 500 24 Feb 1355 Jan
3
Jan
2,000
Consul Nevada Utah
40
30
3c Feb
3
40 Feb
30
13
Copper Range Co
13
13
Feb 1335 Feb
25
110 17c 28,000
Cortex Silver Mines
70 Jan 17c Feb
1 170
Cresson Consol G M & M.1
21/4
231$ 24 3,300
2314 Feb
2"ts Jan
60
60
Divide Extension
60 11,000
50 Jan
1
70
Jan
1.000 38c
400 40e
DIdores Esperanza Corp_ _2
Jan 4.50
Feb
4
455 3.00
4%
Engineer Gold Mines,Ltd 5
Feb
4
535 Jan
Sc
Sc
(ic 57.00
Eureka Croesus
50 Jan
1
70 Feb
720 76c 13.900 700 Jan 78o
Falcon Lead Mines
1 750
Jan
60
4,600
5c
Forty-Nine Mining
Sc
Jan
1
7o
Jan
135 13,4 2,000
135 Feb
Golden Cycle Min & Rec1 1
134 Feb
8c 18,500
130
Golden State Mining _.10c
Jan
3o
130 Feb
100 100
1,000
Goldfield Consolidated _ --1
90 Jan lie
Jan
60
2,000
60
Goldfield Florence
Sc Jan
1
8c Jaa
Sc
60 11,000
Hawthorne Mines, Inn..-1
50 Feb 110 Jan
14
1,300 1235 Feb 15% Jan
13
Hecla Mining
25c
2235 2235 1,00
Hollinger Cons Gold Min_b
2031 Jan 2231 Feb
47
4954 1,200 47
Island Creek Coal new...
__
Feb 4955 Feb
320 500 197,100
Kay Copper Co
1
25c Feb
1114 Jan
900 950
Kerr Lake
300 760 Jan 95e Feb
5
1% 135
300
Mason Valley Mines
5
131 Feb
255 Jai
22% 2231
New Cornelia
700 224 Fe
5
24
Jan
187 188
120 184
New Jersey Zino
100
Jan 193
Jan
Newmont Mining Corp 10 ------ 8854 6834
100 6751 Jan 6934 Jan
915 931 10,200
Niplssing Mines
931
8
Jan 1054 Feb
Noranda Mines, Ltd
2035 2051 2031 5,200 1935 Jan 24
Jan
rok, Copper
480 48c
1,000 45c
1
Jan 490 Jan
140 140
Plymouth Lead Mines_ _1
1,000
90 Jan 150 Feb
Preetier Onld Mines
2
2%
2301
1.300
134 Jan
I
2314 Feb
FEB. 19 1927.]
Range Since Jan. 1.
Low.
High.
Bonds- (Continued)
Friday
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High Week.
Ranee Since Jan. 1.
Low.
.
0c00.1-.444
=0=0a0MC
Mining Stocks.
(Concluded)
Sales
Friday
Last Week's Range for
Week.
of Prices.
Salt
Par Price. Low. High. Shares.
1059
THE CHRONICLE
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99
Jan
17,000
99
99
Jan 39e Feb Narragansett Co col 58 '57
100
Jan
33c 390 33,000 160
29,000
1 33e
Red Warrior Mining
Jan Nat Dist Prod 64s---1945 994 9831 9951 52,000
Sc
Jan
40
1,000
50
10041 Jan
50
Reorg West Divide
Feb Nat Pow & Lt 65 A....2026 9934 9911 9934 67.000
2,000 220 Feb 22c
1014 Feb
22e 220
220
13t Anthony Gold
Jan Nat Pub Serv 6hs_ _ _ _1955 10034 9944 101
6e
Jan
Sc
6,000
Sc
1024 Jan
Sc
63,000
Sc
1
San Toy Mining
1941 9551 9531 97
Jan Nevada Cons es
6
514 Feb
100
10311 Jan
544 54
1025410254 4.000
Shattuck Denn Min Corp.
Tex & M RR 58'5e
334 Jan New Orl
311 Jan
700
341
9811 Feb
344
__ A
9714 9844 46,000
So Amer Gold dr Plat_
Jan NY Trap Rock let 68_1949 9815
4e
2e Feb
16,000
Jan
3c
107
30
.1
1054 1054 1,000
Spearhead Gold Mining.
27e Feb Niagara Falls Pow 68_1950
Jan
200 27e 15,000 160
Silver-Lead._ _ -1
68'37
Standard
654 Jan Nichols & Shepard Co
511 Jan
514 $314 3,500
9834 Feb
6%
1
984 15,000
Took-Hughes
With stock purch warr'ts 9834 98
11s Jan
2
144 Feb
800
144
11414 Feb
154
134
113 11354 25,000
Tonopah Belmont DevelA
344 Jan Nor States Pow 648_1933
Feb
3
100
3
10344 Jan
3
3
1
1933 1034 103 1034 17,000
Tonopah Mining
13148 gold notes
Jan
10c
Jan
70
1,000
70
70
9811 Jan
97,000
98
98
10c
Tr -Bullion S & D
Jan North Amer Edis 55 A _1957 98
Jan 530
100 50e
10041 Feb
50c 50c
Mining._ _1
48_ _1942 1004 100 1004 25,0013
United Eastern
800 2244 Jan 2434 Feb Nor Cont't Util6
10644 Jan
24
244
2,000
24
106
106
United Verde Extension.50c
7% Feb Ohio Power 78 ser A _ _1951 106
54 Jan
99
Jan
64 74 3,400
9814 29,000
98
5
1952
Utah Apex
55 ser B
111$ Jan
234 Feb
200
144 1%
903.4 Jan
25.000
8931 90
1958 90
Utah Metal & Tunnel _ _ __1
4448 series D
95c Jan
89c Jan
300
984 Feb
90e 900
41,000
1
Walker Mining
344 Jan Ohio River Edison 58_1951 9814 974 9811 88,000
214 Jan
200
10241 Feb
211 231
Walden Copper Mbabag_ _1
14c Feb Okla Natural Gas 68..1941 10254 101 10254 13.000
Jan
80
1,000
100
121
Jan
10c
11915 120
West End Consolidated_ _5
Penn-Ohio Edison (is_ _1950 120
973.4 Jan
9774 96 34 9734 27,000
Without warrants
101
Jan
9936 9934 9914 3,000
Penn Pow &Light 58--1952
9934 Jan
1953 9954 9941 9931 8,000
Bonds
58 series D
Jan
103
1,000
103 103
1960
Electric 5s
10751 Feb
9934 9914 55,000 994 Feb 9944 Jan Phila
10734 10734 4.000
1941
Alabama Power 58_ A956
68
Jan
Feb 78
694 22,000 64
10434 Jan
68
30,000
Allied Pack deb 8s_ __ _1939 68
Jan Phila Elec Pow 5335-.1972 10314 10334 10334 19,000
Feb 66
6,000 54
10014 Jan
1939 5634 5614 58
10015 10034 1003.4
Debenture 6e
Jan Phila Rap Transit 6s._1962
994 Jan
1933 1054 10544 10534 26.000 1054 Feb 10514 Feb Porto Rican Am Tob 68'42 9954 9854 9914 190,000
Aluminum Co 7s
Feb 10034
97
Jan
100 100 276,000 100
Sinking fund deb 5s.1952 100
Potomac Edison 513-1956 9514 9531 9514 19,000
Jan
1014 Feb
2014 10234 1024 10215 85,000 10134 Jan 10334
10144 10134 10114 70.000
& El 13s
Amer
Pub Serv Corp N J 5413'56
10341 Feb
1933 10314 10334 10344 9.000
American Power & Light
1004 Feb 103% Jan Pure Oil Co 6148
Jan
1004 1014 139,000
99
10,000
99
99
6s, without wart'. _ _2016 101
Feb Richfield Oil of Calif 681941
Jan 104
1,000 103
9934 Feb
104 104
9814 9934 77,000
Amer Roll Mill 6s____1938
Falls Co 5s____1955 99
994 Jan
1936 10334 10314 103% 33,000 10141 tan 10441 Jan Sauda Pub Works 614s 1951 9934 9834 9934 245,000
Amer Seating 6s
Jan Saxon
101% 4,000 10141 Jan 102
9544 Jan
944 944 11,000
American Thread 68_1928 1013.0 101% 834 111,000 82
Jan 834 Feb Schulte RE Co 65. _1935
Jan
8334
87
8654 13.000
88
Am Writing.Paper 68..1947 8334
68 without com stock1935 86
Feb
1024 36,000 10114 Jan 10214 Feb
89
77,000
8514 88
Anaconda Cop Min 68_1929 10214 102%
Corporation 68_1931 86
Servel
1014 Feb
10154 13.000
6s_ _1940
101
Andian Nat Corp
Jan Shawsheen Mills 75_1931 101
Jan 102
1.000 101
Jan
102 102
103
19,000
10214 103
Without warrants
9534 Feb 964 Jan Sieman dr Halske 7s__1935 10251
Appalachian El Pr 58_1958 9514 9511 9544 57,000 9434 Feb 96
Jan Siemens & Halske SS
954 47.000
1063-4 Feb
_1956 9534 95
Arkansas Pr & Lt 5s_
634s with warrants.1951 10644 10414 10644 908,00
Feb
67,000 10234 Jan 105
10241 Jan
2,000
10214
Associated G & El 68_1955 10434 104% 105
Feb 974 Jan Sloss-Sheff S & I 6s_ __1929 10215 10244 1024 6,000
9711 59,000 93
10244 Feb
93
10211
Assoe'd Sim Hardw 6355'33 93
Purchase money 68_1929
Jan
1841 184 194 15,000 184 Feb 20
9934 Jan
1949
9944 994 26,000
Atlantic Fruit 8s
Jan 961( Jan Solvay-Amer Invest 5131942 9934 10434 1044
963.4
Feb
105
1,000
Batavian Petr deb 445 '42 9634 9614 9614 20,000 10114 Feb 1034 Jan Solvay & Cie es
1934
with warr'36 10234 102 10244 24,000
Beacon Oil 68.
Jan Southeast P es L 68_ _ _2025
7.000 974 Feb 99
994 Jan
9711 98
9811 206,000
Beaverboard Co 33e_ _ _1933
9811 98
Without warrants
Jan
9854 Jan
10134 101% 1,000 10141 Jan 10154
9854 53,000
Belgo-Canadlan Pap Gs '43
Feb 10134 Jan Sou Calif Edison 58._ _1951 9851 98
101
9841 Jan
10134 34,000 101
98
9841 22,000
Bell Tel of Canada 58-1955 101
New
Feb 9941 Jan
10241 Jan
10141 10211 12.000
Berlin City Elec 648_1951 9734 97% 9711 95,000 9734 Jan 10044 Feb
1944
58
103
Feb
1004 1004 5,000 1004
3.000
103
Berlin Electric 614s_ _ _1928
102
Jan 10094 Feb Southern Gas Co 640_1935 103
5,000 100
10534 Feb
1004 10034
10554 22.000
Berlin Electric 614s_ _1929
Jan 994 Jan Stand 011 of N Y 640_1933 10454 10441 9544 460,000
9734 Jan
Berlin Elec Elea 648.1956 974 974 974 117,000 96%
9534 9544
Feb
43.45 when issued. _ _1951
Feb 103
29,000 103
103 103
Boston Consol Gas 58_1947 103
Corp 7%
9944 Jan
10144 10244 11,000 10014 Jan 102% Feb Stinnes (Hugo) with warn 994 994 9944 182,000
Boston & Maine RR 68 '33
notes Oct 1 '36
44.000 8.54 Jan 924 Jan
9941 Feb
89
86
122,000
55 87
& En 7345,
Brunner Tur
75 1946 with warrants.- 994 9914 993.4 41,000
Jan 1034 Jan
100
Feb
103% 4,000 103
103
97 100
Buffalo Gent Elec 5s 1956
1937
Stutz Motor 7 hs
984 Feb
Burmeister dr Wain Co o
648_1942 9834 9835 984 10,000
Jan 95% Feb Sun Maid Raisin
1004 Jan
944 944 9514 9,000 94
28.000
Copenhagen 15-yr 6s '40
1939 10014 100 10011
111% Jan 11144 Jan Sun 0115348
9944 Jan
9914 9934 95.000
Canadian Nat Rye 78_1935 11134 11134 11144 52,000 100
Jan 10111 Feb Swift & Co fa Oct 15 1932 9934 9544 96
9744 Jan
12.000
Carolina Pr & Lt 55_1956 1004 10034 10134 69,000
Feb 964 Jan Texas Power & Light 55'56 96
9454 9834 890,000 9.1
10341 Jan
18,000
10241 103
1947 9541
Chile Copper Ss
102% Feb Thyssen (Aug) I & El 781930 10251 9914 9931 11.000
994 Feb
1966 102/1 102 10214 879,000 984 Jan 133% Feb Trona-Conn OU 7s._.1930 9934
Cities Service 68
Jan
Jan
13114 13334 11,00 123
100
34.000
9941 100
1936 100
Cities Service is, ser D 1966
Feb !lien $3: Co 614e
20.000 10344 Jan 105
104 104
9511 377.000
9534 Feb
94
Cleve Elec 1115s, ser B 1961 104
United El Sony (lines) 7556 95
Jan
994 Feb 100
1,00
99
Jan
100 100
9714 9734 50.000
Cleve Term Bldg 6s- -1941 100
Jan United Industrial 64E1.1941
tag 15,000 954 Jan 98
78
Jan
12,000
70
69
Commander-Larabee 68 '41 9744 97
d 8e. _1931
1013.4 Jan
1,00 10714 Jan 10811 Jan United Oil Pro
10744 10734
10154 10144 9.000
Cons G El & P65. ser A'49
notes'28
U S Rubber 64%
103
Jan
10134 10134 8,00 10144 Feb 1024 Jan
102 10244 25.000
1965
58, series F
Serial 64% notes _ _1929
103
Jan
9,000
10134 10134 3.00 10144 Feb 10241 Jan
10211 103
5s, series F. new__ - _1965
Serial 64% notes_ _1930
1,00 1061( Jan 1063.4 Jan
103
Jan
10634 10634
10214 1024 10214 5,000
5445, series E._ :_1952
Serial 614% notes_ _.932
Jan
973
4 Feb 99
10234 Feb
1.000
102 102
9834 9854 11,00
Consol Publishers 1$418 '36
Serial 64% notes_ _1933
Jan
103
Jan
9514 9434 9534 21,000 894( Jan 9634
10234 10234 2,000
Consol Textile 8s ___1941
64% notes__1935
Serial
974 Feb 9841 Jan
103
Jan
5,000
Container Corp 68 _ _1946 9814 973.4 9834 15,000 9314 Jan 9634 Jan
Serial 64% notes__1936 1024 10234 10214
Feb
10.00
103
96
96
6.000
10234 103
Cosg-Meehan Coal 648'54
Serial 64% notes- _1937
Jan
103
Jan
97
9734 52,000 964 Jan 98
5,000
Cuba Co 6% notes_..1929 97
_1938 10244 10211 103
Serial 64% notes_
11041 Jan 11141 Feb
1024 Feb
102 10254 16,000
Cuban Telephone 7148 '41 1114 11054 1113.4 26.000
Jan US Smelt & Ref 548_1935
Jan 98
Cudahy Pack deb 5481937 9734 9734 9734 52,000 9431 Jan 99% Jan United Steel Wks Sudan
9714
10311 Jan
1946 994 9936 9934 13.00
55
1951 1024 10144 10241 7,000
Luxemburg 75
14,00 106% Jan 10744 Jan
Detroit City Gas 65_1947 10654 10694 107
Jan 10034 Jan US Steel Works A 6481951
11054 Jan
1950 1004 100 100% 119,00 100
58. series B
A. 10531 10514 10631 289,000
With stk pun warn ser
61,000 1044 Jan 1054 Jan
10434 105
10034 Jan
Duke-Price Pr let 65.1966 105
9934 9914 108,000
Without stock pur. warn
Jan
Jan 99
99
4.00
99
99
110
Jan
E Tenn Off Bldg 6145_1943
106 10654 19,000
Series C
9734 Jan 97% Jan
9734 97% 32,00
105
Jan
2.000
Eitingon-Schild Os__ __1038
105 105
1937
Jan 974 Jan Valvoline 011 68
92
9234 9334 7.00
88% Feb
Else Refrigeration 65_1936
Feb Van Camp Pack 8s...1941 884 8814 884 2.000
0934 Jan 100
3,00
9934 100
9974 Jan
Europ Mtge & Inv 734s l50
9914 9834 9915 211,000
1976
Feb Wabash Railway 5s
Jan 92
7,000 85
9034 92
11144 Feb
1933 91
Federal Sugar 6s
Jan Warner Bros Pic 6148_1928 11034 10844 1114 172.000
Jan 98
be
Jan
Fisk Rubber 548_ -1931. 974 9734 9734 38,000 974 Jan 9434 Jan Webster Mills 6148---1933 97
9834 14,000
97
9334 94 142,000 9311
99
Jan
20,000
Florida Power & Lt 58_1954 94
98
98
98
10634 10634 4,00 10444 Jan 10634 Feb Western Power 544e ..1957
Jan
99
55,000
Gait' (Robert) Co 78_1937
99
99
1930
Feb Wise Cent By 58
Jan 93
90
92
924 6.00
Galena Signal 011 78_1930
9744 Jan
Power 55_ _ _1956 964 9634 9644 123.000 9414 Jan 100
Gatineau
Jan
1941 9954 9934 9911 107,000 98% Jan
Os
Foreign Government
Feb 100% Jan
10011 136.000 100
Gent Motor Accept 68.1937 10034 100 1014 32,000 100% Feb 101% Jan
and Municipalities
10051
68_1928 101
General Petroleum
Jan
98
22,000 974 Feb 98
9734
Georgia & Fla ItR fls .1946
Austria (Prov of Lower)
974 Jan 98la Feb
10031 Jan
T & B 5:3_1928 9754 9714 984 27,000 95
Goodyear
1950 1004 100 10014 840,000
Jan 9744 Jan
7345
22,000
9634 96
10211 Jan
10031 10131 26,000
Goodyear T&R Cal 54E3'31 96
Jan Baden (Germany) 75....1951
10814 11,000 108h Jan 109
99
Feb
Grand Trunk By 6)4n.1936 1084 1084 9634 82,00
9814 9814 984 13,000
Feb Bollyla (Repub) ext 7s 1958
934 Jan 97
9914 Feb
ssg 9951 54,000
Great Cons Elec 6348.1960 9634 96 100% 21.000 100
Feb 100% Jan Buenos Aires(Prov)745'47 99
99
Feb
1937 10034 100
1,000
984 9814
Gulf 011 of Pa 58
1936
99% Fe 10034 Jan
75
9711 Feb
1947 1004 100 1004 80,00
9514 9611 23,000
foi
1952
9444 Jan 9644 Feb
75
954 51,00
9614 Jan
Gulf States Utils 58...1956 9514 9514 102
1957 9551 953.4 9514 137.000
38
Feb
10044 Jan 103
9,000
1014
9574 Feb
954 954 24.000
Hamburg Elea Co 78_1935
9754 68.000 9644 Feb 9844 Jan Costa Rica (Rep) 75._1951
Hood Rubb 545.0ct 1536 974 97
(Dept of)
10214 Jan 104
193 10335 10314 1034 3,000 10144 Jan 10241 Feb Cundinamarca 75_ _ _ _1946 94
9534 Jan
75
9311 9454 48,000
ext
Colombia
Feb
86,00
29,000
993., Jan
Indep Oil& Gas6he_ _1931 1024 1024 10254 57,000 9744 Feb 9944 Jan Danish Cons Muni° 548'55 9834 984 99
10144 Feb
Indiana Limestone 65_1941 9734 974 9834 23,000 100% Jan
Jan Denmark (King'm) 5448'55 10114 1004 10134 89,000
1044
104 1044,
Indianapolis P & L 65_1936 104
19,000
1013-4 Jan
1004 10034 101
1970
Jan 9834 Jan
65
984 72,000 98
98
1957 98
68 series A
102
Jan
20114 110,000
101
Jan German Cons Munic 7547 101
973.4 Jan
Internat (it Nor 5e 11_1956 9934 9934 994 91,000 98
9934 Jan
Jan
Jan Hamburg (State) Ger 65'46 9834 9741 9811 59,000
984 150.000
Internal Paper 65.-- A941 984 98
•
211 Feb Hungarian Land Mtge Inst
9214 9211 3,000 9211 Feb
lot Rye Cent Am 648.1947
10044 Feb
14,000
1961 9944 9941 100
Jan 130
Feb
124
7358 series A
Interstate Nat Gas 65_1936 12854 12644 130 319,000 100%
1024 Feb Indus Mtge Bk of Finland
10141 177.000
101
101
Without war-ants
10141 Jan
103
let mtge colt 5 f 78..1944 10034 1004 100% 3,000
Jan
9,000 102
102
102
Jeddo-Highland Coal 65 '41 102
1044 Feb
Medellin (Colombia) 85 '48 10441 1044 10414 19,000
Jah 91
Keystone Telep 5 he--1953 9034 9054 9014 7,000 904 Jan 10241 Jan
Feb
95
94
9434 61,000
Jan
1951 94
75
10241 10254 39,000 91%
Krupp (Fried) Ltd 95.1929 1024
151044 Fab 10144 Jan Mendoza (Prov) Argentina
Laclede Gas Lt 5145_1935 10031 1004 100% 20,000
9914 Jan
9841 9811 9834 40.000
1951
748
9744 154,000 9534 Jan 9814 Jan
97
Lehigh Pow Occur 60..2026 97
9431 Feb
93
94 104,000
6448'30 93
1013.1 10111 2,000 10034 Feb 101% Feb Montevideo (City)
Leonard Tints Inc 7148 '40
99)( Feb
Jan 11441 Jan
Mtge Bk of Chile 6he-1961 9834 9834 9811 12,000
111 11234 34,000 109
With elk pur warrants__ 111
Jan
109
108341085-4
3,000
2.000 10344 Jan 10434 Feb Netherl'de(King)(is B 1972
104 104
Libby McN & Lib 75_1931
9614 Feb
651 -9634 9654 154,000
Jan New So Wales(State)5e '57 9
1084 Jan 109
10831 10811 2.000
Ligg Winchester 7a..1942
1004 Jan
100 1004 166,000
1956 100
9434 9544 251,000 9434 Feb 9544 Feb Peru 7.48
Lombard Elea Co 78-1952 95
10034 Feb
9934 1004 119,000
$.10034
Jan 104% Feb
Long Ield Ltg Co 65_ _ _1945 10431 104 10444 16.000 102h Jan 1004 Jan Prussia(Free State) 6148'51
Rio Grande Do Sul (State)
9931 55.000 98
Manitoba Power 548.1951 9931 99
9834 Jan
9774 9834 9,000
Brasil ext 75
1966
Jan
Mansfield Min & Smelting
15
30.000
14
15
Feb Russian Govt 634e____1919 14
Jan 111
Jan
(Germany)7e with war'41 10934 109% 10914 21.000 104
15
Jan
61,000
Jan 10114
634% certificates-1919 1314 134 1311
9911 934 13.0000 99
Jan
Without warrants
15
1314 9,000
13
1921
5448
10331 22,000 10314 Feb 1044 Jan
10334
Maas Gas Cos 514s...1940
1531 Jan
1314 16,000
13
Jan 954 Jan
_ __1921
545 certificates_
10,000 92
95
92
McCallum Hosiery 6 Ms 41 95
10214 Feb
101 1014 5,000
Jan 9831 Jan Saxon State Mtge Inv 78'4,3
98
98% 32,000 98
100
Jan
McCrory Stores 54e__1941 98
984 994 52,000
644s
1946
107 1084 37,000 9714 Jan 10914 Feb
10134 Feb
MINI Mill Mach 7s.„1956 108
10144 10151 27.000
Jan 98
Jan Switser'd Govt 548_1929
9634 9634 48,000 93
Without elk Put' Warrants
Jan
3,000 9744 Jan 100
98
98
..A935
Midwest Gas 7s A.
this week, where
1004 1004 2,000 10044 Jan 100% Jan
Missouri Pacific RR 581927
Listed on the Stock Exchange
a No par value. 8 Correction.
Feb 10044 Feb
100 100 109,000 100
1977
F
the rule. n Sold for mirth.
5s, series
Feb 99
Feb additional transactions wil be found. m Sold under
97
99 465.000
Montecatinl (Italy) 75.1937 9844 97
Jan.3 1927 with stock
97% 98% 16,000 9711 Jan 984 Jan o New stock. r Ex 33 1-3% stock dividend; sold at 14834 on and stock dividends.
Montgomery Ward 55_1946
o Ex cash
az P 58 A '51 994 9941 9944 23,000 994 Jan 9934 Jan dividend on. s Option sale t Ex rights and bonus. stock dividend.
Montreal L
Jan w When Issued. z Ex dividend. VEX rights. z Ex
10454 10434 2,000 10254 Jan 10454
Morris & Co 7348...1930
1060
AtaiIrma /ntelligente.
britgthrent an
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of February. The table covers 2 roads and shows
5.61% increase over the same week last year.
Second Week of February.
1927.
1926.
Increase. Decrease.
Buffalo Rochester & Pitts
Canadian Pacific
$
$
$
409,999
364,508
45,491
3,249,000 3,100,000 149.000
Total (2 roads)
Net increase (5.61%)
3,658.999 3,464,508
8
194,491
194.491
In the table which follows we also complete our summary
of the earnings for the first week of February:
First Week of February.
1927.
1926.
Increase. Decrease.
$
$
$
Previously reported (2)
5,026,952 4,748.126 271,826
Canadian Pacific
3,119,000 3,083,000
36,000
Duluth South Shore dic Atlantic_
82,681
93.845
11.164
Georgia & Florida
32,900
38,300
5,400
Mineral Range
5,479
5,621
142
Minneapolis & St Louis
263.012
293,952
30,940
Mobile & Ohio
329,380
384.872
55,492
Nevada-California-Oregon
4,409
3,627
782
Southern Ry System
3,843,852 4,004,645
160.793
St Louis Southwestern
338,600
380.524
41,924
Texas & Pacific
721,518
678,918
42.600
Total (12 roads)
13,767,783 13,715,430 358,208 305,855
Net increase (0.38%)
52.353
Gross
Net after
Earnings.
Taxes.
Companies.
$
$
Adirondack Power Jan '27
841,772 c303,597
&Light Co
'26
821,522 c330.249
12 mos end Jan 31 '27 9,347.451 c3,371,652
'26 8,404,042 c3,214,118
Cities Service Co
Jan '27 3.105.803 3.015,692
'26 1,861,770 1,790.271
12 mos end Jan 31 '27 26.682,396 25,688,084
'26 19,956,293 19,172,610
Detroit Edison Co
Jan'27 3,995.001 *1,507,012
'26 3.760.849 *1,562,260
Jamaica Public
Dec'26
62.106
26,876
Service Co Ltd
'25
60.151
28.457
12 mos end Dec 31 '26
652.104
255.387
'25
625,275
236.114
Northern Ohio
Dec'26 1,089,780
370,551
Power Co
'25 1.049.084
353.337
12 mos end Dec 31 '26 12.040.841 3,107,292
'25 11.499.698 3,077,406
Portland Electric
Dec'26 1,090.607
415.483
Power Co
'25 1,028.568
439.877
12 mos end Dec 31' 26 11.763,567 4,608.793
'25 11,045,063 4,458.871
Syracuse Ltg Co
Dec'26
603,613 c229,611
25
574.054 c169,781
12 mos end Dec 31 '26 6,675.317 c2,341.916
25 6.072.197 c1,921,764
c After depreciation. •Includes other Income.
tion of debt discount and expense. -Deficit.
Fixed
Balance,
Charges.
Surilus.
$
164,909
138.681k
170,004
160.245
2,033,595 1,338.058
1,835.660 1,378.458
195,654 2.820.031}
201.642 1,588.629
2,652.402 23.035,682
2.299,845 16,872,765.
e395.468 1.111.544
e331.043 1.231.217
6,146
20,730
6,311
20.146
74.605
180.781
79,178
156,936
2,323,875
2391,508
216,322
209.497
2,488,726
2.485,985
61,847
-8.670
703,395
601.781.
e Includes
783.417
885,900
199,161
230,380
2.122.067
1,972,886
167,764
178.451
1,638.521
1,319,983
amortiza-
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
In the following we show the weekly earnings for a number
railroads, public utility and miscellaneous companies which
of weeks past:
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
Week.
Current
Previous
Increase or
include reports in the issue of the "Chronicle" in which it is
Year.
Year.
Decrease.
%
published. The latest index will be found in the issue of
$
$
$
Jan. 29. The next will appear in that of Feb. 26.
lit week Oct. (14 roads)____ 22.080.405 22,265.044
-184,639 0.82
2d week Oct. (14 roads)____ 21.459.391 21.265,115
+194.271 0.91
8d week Oct. (14 roads).- 22.217.535 21.114.400 +1.103.135 5.22
Northern Pacific Railway.
4th week Oct. (14 roads)____ 30.638.424 29.041.065 +1.597.359 5.50
lit week Nov.(14 roads).__ _ 21,446.173 19.753.529 +1.692.644 8.57
(Preliminary Report-Year Ended Dec. 31 1926.)
2d week Nov.(14 roads)____ 21.112.807 20.154.637
+967.369
3d week Nov.(15 roads)__-4th week Nov.(14 roads)__
lit week Dec. (14 roads)-2d week Dec. (14 roads)____
ad week Dec. (13 roads)__-_
4th week Dec. (11 roads)---1st w..: Jan. (11 r,ao•n____
26 week Jan. (13 roads)---3d week Jan. (13 roaos)____
4th week Jan. (13 roads)._
1st week Feb. (12 roads).___
2d week Feb. ( 2 roads)____
23.484.291
26.404.625
18.005.738
17.928.230
16.002.555
13,420.049
1 ,.0 .1 . s
14.583.490
14,010.737
19.730.700
13.767.783
3,658,999
23.144.554
24.637.411
19.492.721
19.351.698
17,628.110
14.314,930
12.886.210
13.746.043
14.195.271
19.198.456
13,715.430
3,464,508
+33.737
+1.767.214
-1,486.983
-1,423.467
-1.625.555
-894.881
+165.41.)'
+294.828
+124,534
+532.244
+52.353
+194,491
4.79
INCOME ACCoUNT FOR CALENDAR YEARS
0.14
1926.
1025.
7.17 Rev,from freight
1924.
1923.
7.63 Reb.from pass. trans.$76.226.065 876.301.308 873.422,540 377.610.570
trans.__ 12,639,990 13.201.179 13,167,942 15.438,784
7.35 Rev, from mail.
express
9.22
& other ry. operations 8.484.987 8,362.067 8,701,922
6.25
8.952.705
I 28
Total ry. oper.
2.14 aRailway oper. revs..897.351.042 $97.864.554 $95.292.404$102.002.059
expenses 69.260.945 69.972.476 70.533.064 80,364.810
0.87
2.77 Operating ratio
70.12%
71.50%
74.02%
0.38 Transportation
7 .79%
8
33.17%
34.27%
35.88%
5.61 Net rev,from ratio.__
37 78%
ry. oper_ _$29.090.097 827.892.078 $24.759.340 $21.637.250
Taxes
9.171.819 9,372.270
8,563.154 8.482.319
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Month
1926.
1925.
Increase or
Decrease.
Net Earnings.
1926.
1925.
Increase Or
Decrease.
$
Jan 480,062,657 484,022.695 -3.960.038 102.270.877 101,323.883
+946.994
Feb__ 459.227,310 454,198,055 +5.029.255 99.480,650 99.518.658
-38.008
March 528,905,183 485.236.559 +43.688,624 133.642.754 109.081,102 +24,561,662
April_ 498.448,309 472,629.820 +25.818,489 114.685,151 102,920.555 +11,764.296
May _ 516,467,480 487,952,182 +28.515.298 128,581,566 112.904.074 +15,677.492
June 538,758,797 506,124,762 +32,634,035 149,492,478 130.920,896 +18.571,582
July__ 955,471,276 521.596.191 +33.875.085 161,070.612 139.644.601 +21.435.011
Aug__ 577,791,746 553.933,904 +23.857,842 179,416.017 166.426.264 +12,989.753
Sept__ 588,945,933 504.756,924 +24,192,009 191.933,148 176,936,230 +14.996.918
Oct .._ 804,092.017 540.0013,438 +18.043,581 193,990,813 180,829,394 +13.381,419
Nov._ 559,935,895 531.109,465 +28,736.430 158,197,446
+10,065.218
Dec __ 525,411.572 522.167.600 +2,943,972 119,237,349 148,132.228 -15.267.349
34,504,698
Note.
-Percentage of increase or decrease In net for above months has been
1925
-Nov.„ 12.77% Inc.; Dec., 3.69% Inc. 1926-Jan.,0.93% Inc.;
dec.; March. 22.50% Inc.; April, 11.43% Inc.: May, 13.89% Inc.; June, Feb.,0.04%
14.18% Inc.;
July, 15.35% Inc.; Aug.. 7.86% Inc.; Sept.. 8.48% Inc.; Oct., 7.35% Inc.
In November the length of road covered was 236,726 miles In 1925,
miles In 1924; In December, 238,959 tulles, against 236.057 miles; Inagainst 235,917
236,944 miles, against 238,599 miles in 1925; in February, 236,839 January 1928.
miles, against
236,529 miles;in March.236,774 miles,against 236,500 miles:
agalnst 236,526 miles; In May.236,833 miles. against 236,858In April,236,518 miles,
miles;In June. 236,510
miles, against 238,243 miles; in July, 236.885 miles, against 235,348
234.759 miles. against 236,092 miles: in September, 236.779 miles,miles In August,
against 235,977
miles: in October. 236,654 miles. against 236.898 miles.
819.918.278
Equip. & jt. fact!. rents.. 4.295.422 818.519.808 816.196386 813,154.931
3.707.511
3.664.891 3.945.627
Net ry. oper. income-$24.213.700 822,227.319 $19.86h077 817.100.557
Other income
12.093.576 11.079.164 611,483.432 11.181.676
Total income
$36.307.276 833.306.483 831.344.508 $28,282.233
Deducs.fr.income-Int.c14.904,306 15.025.329 c15.065.0781 15.300,807
Other deductions
400.238
336,868
309.186!
Bal. for dlvs. & other
corporate purposes_ -821.002.732 817.944.288 815.970.244 812.981.426
Dividends declared
12.400.000 12,400,000 12.400,000 12.400.000
Surplus
38.602.732 85,544.288 33,570.244 $ 581,426
Shams ofstock outstanding (par $100)
2,480.000 2,480.000
2.480,000
2,480;000
Earned per share
$8.47
$7.24
$5.23
a Includes depreciation of equipment charged at 4% $6.44
and amounting in
1926 to $4,067,483. This is a charge in the accounts and does
sent actual cash spent. b Includes 88.301.790 dividends from not represtock. c Includes 88.852.691 interest on bonds issued for C. B. & Q.
account of
0. B. Sz Q. stock.
-
- condensed balance sheet as of Dec. 31 1926 is given under
A
"Investment News" below, in connection with the proposed
unification plan with the Great Northern Ry.-V. 124, p.917.
White Eagle Oil & Refining Co.
(Annual Report-Year Ended Dec. 31 1926.)
In the advertising pages of to-day's issue will be found a
detailed statement regarding the company's property, production, marketing facilities, together with table of earnings
from 1919 to 1926, both inclusive; also a balance sheet as of
Dec. 31 1926. Our usual comparative income account
Net Earnings Monthly to Latest Dates.
-The table statement and comparative balance sheet were given in
following shows the gross and net earnings for STEAM V. 124, p. 661.
railroads reported this week:
Shawinigan Water & Power-Co.
-Gross from Railway- -Net from Railway -Net after
Taxes
-1927.
(Annual Report-Year Ended Dec. 31 1926.)
1926.
1927.
1926.
1927.
1926.
8
8
$
s
$
President J. E. Aldred reports in part:
zAtiantle dc St Lawrence RR Co
-
December.. 261,445
343,454
64.585
146,703
From Jan 1_ 2,629,556 2,502,340
299,432
86,081
Chicago & Illinois Midland
December._ 188,916
98,014 -15,830
-2,973
From Jan 1_ 1,471.041 1,006,818
248.312
360,366
:Newburgh tic South Shore RR Go
December.. 166,239
201,155
15,308
18,691
From Jan 1_ 2,013,708 2,086,098
446,950
450,506
:Union RR
874,565 -71,239
December.. 736,534
79.358
From Jan 1.11,899,781 11,454,385 2,487,835 2,566,482
-Deficit. x Corrected figures.
46.310
134,166
149,677
-95,904
-32,158
149,230
-16,330
276,506
-42,479
235,899
41,894
243,712
-70,728
53,459
2,021,788 2,170,888
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
F
r
Companies.
Southern Can Pr..- _Jan '27
4 mos end Jan 3 '27--
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
133,970
517.065
122,139
469.347
92.160
351.088
83,980
318,676
Financial.
-The financial statement shows gross earnings for
of 87.660.207 and net of $2.957.323 before depreciation. Afterthe year
making
the usual appropriations and paying dividends at the rate of8% per annum,
the balance carried forward is $758.859. subject to deduction for 1926
income tax. During the yrear directors authorized the transfer of $200,000
from surplus account to depreciation renewal reserve. Company has paid
out for power purchased from other companies an amount of $2,095,521,
as against 31.779,511 In 1925.
Expenditures on capital account required additional moneys and these
funds were obtained by the sale in Oct. of $3,000.000 series E bonds and
in the latter part of the year by an issue of 25,000 new shares of the company, which were offered to shareholders on the basis of 1 new share
every 10 shares held. The price obtained was $150 per share, and for
shares offered were fully subscribed. The premiums arising from sale all
of
shares to customers and employees in 1925 and the sale to shareholders in
1926 amount to 81.679.360. which has been disposed of in the following
manner: $373,302 has been appropriated for the purpose of placing the
pension fund on an actuarial basis: 3322.007 was used to augment the fire
Insurance reserve to 8500.000. The balance of the premiums, $984,051
has been transferred to contingent reserve fund.
Directors have for some time had under consideration the question of
changing the shares of the company, of a par value of $100 each, Into shares
Without par value. A special meeting of shareholders, held Dec. 15.
authorized a change of the capital structure of the company by changing
the 400.000 shares. $100 each, into 1.600.000 shares, without par value.
Each $100 share shall be exchanged for 4 shares without par value.
Company.
-As indicating the company's growth over a period
It is interesting to note that the financial statement for theof 20 years,'
year 1906
FEB. 19 1927.]
THE CHRONICLE
1061
Maryland stock. Whatever shares, sold by the Alien
showed a gross income of $362,396. Twenty years later the income for of the Western
Property Custodian, which will come to the Baltimore •Sz Ohio will not
for
the month of Dec. 1926, was more than double the income to the entire increase its holdings in Western Maryland. There has been no change in
$12,250.347
year 1906. The assets ofthe company in that year amounted book value of our holdings since the purchases which were announced early last week.
while the present balance sheet shows assets of an aggregate
p. 915.
$63.774.279. This comparison shows the remarkable expansion of the -V. 124.
company, which is further emphasized by a comparison of the kilowatt
-Bonds.
kilowatt hours, and in
Central RR. of New Jersey.
hour output; in 1906 the output was 169.000.000
1926 was 1,787.155.855 kilowatt hours, which does not include 342.725,960
-S. C. Commission on Jan. 29 authorized the company to issue, as
The I.
power. In 1906 the development at Shawinigan
kilowatt hours ofsecondary
co-maker, a bond in the principal amount of $1.250,000 in connection with
Falls was 64.600 h.p.;in 1926 the development is 249.000 h.p.
the acquisition of certain lands.
The report of the Commission says:
The income account and balance sheet for 1926, together
"The applicant states that because of increased traffic its Bronx terminal
with list of officers, will be found in the advertising pages located on the north bank of the Harlem River and east of Third Avenue,
it is necessary for
N. Y. City, is inadequate for its present needs, and that terminal
of this issue.
enlarge its
it to acquire additional land so that it may the applicant enteredfacilities
into an
RESULTS FOR CALENDAR YEARS.
at that point. Under date of Dec. 29 1926
1923.
1924.
1925.
1926.
agreement with the New York Building & Improvement Co. to purchase
$6,702,034 $5,741.079 $5.110,5.39 from it a tract ofland comprising about 7 acres adjacent to the applicant's
Gross earns., all sources- $7,660,208
1,939,646 Bronx terminal, situated on the opposite side of Third Ave., and connected
2.420,528
3,001,158
3,243.141
Operating exp., &c
1,189.333 with the terminal by a spur track. The purchase price of this land is
1,274,652
1,334.538
1,459,744
Bond interest, &c
350.000 $1,750,000, of which $500.000 is to be paid in cash and the remainder
350.000
350,000
Depreciation reserve _350.000
%)2,050.000(735)1676250(7)1,400,000 (7)1,400,000 evidenced by a bond for $1,250,000. secured by a purchase-money first
.
(3
Dividends
mortgage. The agreement provides that the applicant may assign its
$295.899
$231.560 interest therein to any individual or corporation. There has been organized
$340.089
$557.323
Balance, surplus
159.263 in New York the Edroyal Corp.. all of the capital stock of which will be owned
229.070
308.158
251,536
(after adj.)
Burp.
Previous
The applicant will assign its interest in the agreement
$390,813 by the applicant.Edroyal Corp. and title to this tract of land will be taken
$524.967
$303,859
$648.247
Total
the
50,000 mentioned to that company.
50.000
50.000
50,000
sinking fund
Reserve and
25,000 in the name of seeks authority to issue as a co-maker with the Edroyal
25.000
25,000
Other reserves
The applicant
$1,250.000 secured by a purchase money 1st mtge. given
$315,813 Corp. a bond for
& Improve$573,246
$449,969
31 $758,859
xTotal surplus Dec.
by the Edroyal Corp. as mortgagor to the New York Building
the date executed
Shares capital stock outment Co. as mortgagee. The bond will be dated as of at the rate of 5%
200.000
220.000
250,000
275.000
years after date, with interest
standing (par $100)
five
$8.15 and will be payable semi-annually.
$7.70
$8.07
$9.48
Earned per share
per annum, payable
x Surplus subject to deductions for income tax.
Commissioner Eastman (dissenting) says:
BALANCE SHEET DEC. 31.
for railroad
The Central of New Jersey is here proposing to acquire land it proposes
1925.
1926.
1925.
1926.
$
use in N. Y. City. It could acquire this land directly. Instead
$
Liabilities-$
$
Assetsto be known as the Edroyal
27,500,000 25,000,000 to acquire it through a subsidiary corporation be owned by the Central of
17,078,360 Capital stock
17,192,101
Property
26,129,500 23,148,500 Co. All of the stock of this subsidiary will
6,475,334 6,386,029 Bonds
railMachinery
314,031 New Jersey. The Edroyal Co. will be completely the creature of the
11,515.374 7,992.892 Accts. & bills pay_ 591,624
Lines
its independent existence,
902,255 road company. There will be no reality infor resort to this device, as
582.871Int.dr div. payable 1.003.095
592,123
Equipment
legal form. The reason
170,719 Sinking fund, dm__ 3,959,220 2,586,882 apart from technical
Prepaid charges- 172,727
a it is stated to us. is to avoid certain taxation in New York State.
Depreciation, reSecurities of subto avoid taxes
3,831,981 3,281,069
It should be understood that it is not sought in any way
serve, Ac
&diary, &c., cos.23,040,928 19,020.702
60,000 on the land. All that is sought, apparently, is to avoid subjecting the
A bills reel° 2.181,531 3,074,156 Pension fund
Accts.
when
573,247 Central of New Jersey in New York to franc is.e taxation on its stock
758.859
750,000 Surplus x
1,392,000
Call loans
There is no concealsimilar taxes have already been paid in New Jersey. stated, in accordance
Temporary Invest. 481,8•,8
is
ment; everything is being done quite openly and, ita common one, and the
790,215
730.273
Cash
with the laws of New York State. The device is
with gen63.774,280 55,845.964 Central of New Jersey is doing nothing that conflicts in any way
Total
63,774.280 55.845,964
Total
erally prevailing business and legal standards.
-V. 124, p. 113.
x Subject to deduction for income tax.
that the proposed transaction raises a question of
Nevertheless I think
In my judgment,
public policy which is of some considerable importance.
upon which
a perversion
devices of this sort are essentially that they areof the theory loose and
possible under
corporate law rests, and the fact
State laws is not sufficient reason why we should countenance
imperfect
change in subthem. They permit, by a mere change in form without
otherwise be unlawful,
which
stance, things to be done lawfullyfor that wouldpurpose, sometimes with
STEAM RAILROADS.
very
continually employed
and they are
apparently the ease here, and sometimes with less
Western Maryland RR.is Blamed for Oct. 1925 Strike of Enginemen, Firemen worthy motives, as is camouflage realties by a maze of fictions. They
- worthy motives. They
and Hostlers in Report Made by Protestant, Catholic and Jewish Groups.
enfeeble the law and tend ultimately to bring it Into contempt and disrepute.
New York "Times" Feb. 14, p. 1.
public policy,
-Swifter and more powerful As I see it, they run counter to soundhere, they are and we ought to set
New York Central RR. Gets Giant Locomotive.
employed to avoid
them. Where, as
engine will be able to pull passenger trains of 20 cars faster than present ourselves againstthrough duplication of taxation, such wrongs ought to be
pull 10 or 12 cars. Costs around $100,000, but is expected to possible injustice rather than avoided through indirection.
type can
in "sections.' attacked directly
bring about great economy by elimination of running trains
know what corporate
There is a further aspect to this matter. I do notit is organized only for
-New York "Times" Feb. 15, P. 2.
possesses. It may be that
-Class I railroads on Feb. 8 had 257 767 surplus freight powers the Edroyal Co. and owning land. But as a rule, I think, dummy
Car Surplus.
acquiring
cars in good repair and immediately available for service, the Car Service the purpose of this sort are given broad powers to engage in very nearly
Division of the American Railway Association has announced. This was corporations of
The practical effect in such cases,'where they are
a decrease of 1.781 cars compared with Jan. 31 at which time there were any known business.railroad company, is a corresponding enlargement of
259,548 cars. Surplus coal cars on Feb. 8 totaled 64.718, an increase of the subsidiaries of a
company
Anything
a week while surplus box cars totaled the powers of the railroad company. it can then that the railroad
2,130 cars within approximately
do through the subsidiary.
its own charter,
143,652, a decrease of 5.090 for the same period. Reports also showed is unable to do under
that the Central of New Jersey proposes abuse
surplus stock cars, an increase of 1,541 over the number reported I have no reason to believe
25,829
are not subject to the public superon Jan. 31 while surplus refrigerator cars totaled 12.446, an increase of in this instance, but such subsidiaries subject. For example, we have no
period.
vision to which railroad companies are
637 within the same,
in any way into their
in 'Chronicle" Feb. 12-(a) Pennsylvania RR. control of power over their accounts nor power to examine
letters Covered
to carry on operations alien to com.-p
expenses -p. 841. (b) Gross and net earnings of U. S. railroads for affairs. Through them it is possible
with their proper performance.
month of December -p. 844. (c) Railroad revenue freight car loadings mon carrier operations and inconsistent ago upon the finanalcl affairs of
-p.857. (d)"Cor- A reference to our reports several years
continue heavy because of the large movement of coal.
- the New York New Haven & Hartford RR. and what was done through
ner" in Wheeling & Lake Erie stock-Purchase of control by other roads
and
-p. 873. (e) Carl Williams resigns as member of such dummies as the Millbrook Co.. the Providence Securities Corp. for
Gyration of the stock.
N. Neff appointed.
-p. 879. the Billard Co. will sufficiently illustrate the point. The opportunity
U. S. (railroad) Board of Mediation-P.
per.(f) Firemen and enginemen on Eastern roads granted wage increase of 73. %• abuse is clearly present, and in my judgment action on our part which
-p.879. (g) 7l. % wage increase won by conductors and trainmen on mits that opportunity to exist is not consistent with the public interest.
-p. 879.
Southeastern roads.
-V.123, D.3178.
GENERAL INVESTMENT NEWS
-Abandonment of Line.
Alabama Central RR.
-B.
&
Chesapeake- Ohio Ry.-Files Application with I.
C. Commission for Authority to Acquire Control of Erie and
-The company Feb. 11 filed applicaPere Marquette Roads.
tion with the I.-S. C. Commission for uthority to acquire
control of the Erie and Pere Marquette railroads through
stock ownership. Simultaneously, in a separate petition
the Commission, approval is sought for a proposed issue
Atlanta Birmingham & Atlantic Ry.-Plan Declared to additionelcommon shares of C. & 0. stock of a par value
of
Operative.$59,502,400, for the enhancement of the capital structure,
Plans for the reorganization of the company have been declared operative of
of Francis
by the Committee of reorganization composedRoosevelt. R. Hart, George through substitution of stocks for bonds, and for the purE.
E. Warren, James H. l'erkins and George the preferred stock
of Atlanta, pose of reimbursing the company treasury for capital
In connection with the reorganization,
company
Birmingham & Coast RR. the new Holders of organized to consummate expenditures for additions and betterments.
certificates of deposit for
ready for distribution.
the plan, is
Thus, what was outlined Feb. 7 (V. 124, p. 916), by Pres.
Income mortgage bonds or scrip issued by the above railroad company or
as a plan of profirst mortgage bonds of Atlantic & Birmingham Railway. in order to obtain W. J. Harahan of the Chesapeake & Ohio,
must surrender their certificates of deposit in
the new preferred stock,
cedure, was crystallized Feb. 11 into definite action when
negotiable form to the depositary which issued them. The fractional
counsel for that road went to the Commission with these
interests represented by the Income bond scrip will be adjusted in cash.
The holders of over 98.7% of the income bonds and scrip and of over
separate applications. The one relating to the proposed
971% or the first mortgage bonds have already become parties to the two
reorganization plan and agreement. With the approval of the United stock issue was filed under Section 20a of the Inter-State
taken fixing April 16 1927, as the Commerce Act. That relating to the proposed acquisition
States District Court, action has been
and
date on or before which holders of income bonds and scripthe first mortgage
plan and after of control was made under paragraph 2 of Section 5 of
bonds not heretofore deposited may become parties to
-V. 124. p. 104.
this time no deposits of bonds will be received.
the Act.
In the latter petition, the C. & 0. sets forth in detail the methods by
-Construction of Branch Line.
Atlantic City RR.
which it is proposed to acquire the stock control of the roads. In addition
-S. C. Commission on Jan. 29 issued a certificate authorizing the
The I.
company to abandon, as to inter-State and foreign commerce. its line of
railroad, extending from Jasper to Manchester, a distance of 6.7 miles,
and the line of railroad owned by the Manchester Saw Mills extending
from Manchester to a point known as Sunlight, a distance of 6.3 miles,
and of the line of railroad owned by the Manchester Coal Co. extending
from Manchester to the mine of the coal company, a distance of approxi-V. 121. p. 1565.
mately 2.25 miles, all in Walker County, Ala.
-S. C. Commission on Jan. 29 issued a certificate authorizing the
The I.
extending from a connection
Company to construct a branch line of railroad May,
which adjoins the city
with its railroad in the borough of West Cape of 2.64 miles
of Cape May, in a westerly direction a distanceMay Point, to a terminal
adjacent to the
westerly end of Sunset Boulevard, Cape
at the
wharf of the Lewes-Cape May Ferry Co. now under construction on the
-V. 122. p. 1164.
Delaware Bay, all in Cape May County. N. J.
-To Issue Equipment Ctfs.Baltimore & Ohio RR.
The company has asked the I.-S. C. Commission for authority to issue
% equipment trust certificates, proceeds to be used in the
$9,750,000
purchase of 20 locomotives, 3,000 hopper cars, 1,500 box cars and other
at a total cost of 313.930.477.
rolling stock
B. dc 0. Explains Deal in Western Maryland.
Whatever part of the Western Maryland RR.stock, which Allen Property
Custodian froward Sutherland sold to the Bank of the Manhattan Co. on
of the
Feb. 15, went to the Baltimore & Ohio RR., represented part was purchase
which
announced
of the 35% stock interest in the Western Maryland Ohio.
&
last week, according to an official of the Baltimorehad no
negotiations with
it was stated that the Baltimore 8z Ohio
"While
assumed
Mr. Sutherland," the official said, "it may be made by that the shares, in
this road of 35%
park at least, represent purchases heretofore
to shares it now owns, the C. & O. will purchase, subject to the Commission's approval, shares of Erie and Pere Marquette covered in options
obtained from 0. P. Van Sweringen. It will acquire from the Nickel
Plate Railroad Co. 174,900 shares of Pere Nlarquette common now under
contract. Such additional shares of Erie and Pere Marquette will be
purchased as will give the C. & 0. a numerical majority of the capital
stocks of the two companies.
A special committee of the C. & 0. fixed the price on all of the Erie
shares covered in the option from 0. P. Van Sweringen. It named $34 50
over
per share as the price on 345.239 shares of common. A fraction
first preferred.
345 87 per share was the price fixed for 23.695 shares of The shares, at
of 2d preferred.
and $43 75 per share for 22.305 shares
the same
these prices, aggregate $3,348.350 less than the market price for
stocks at the close of the market Jan. 31 1927.
this special C. & 0. committee
0. P. Van Sweringen was approached by
Sweringen stated
and asked for an option on his Erie shares. Mr. Van committee might
as
that the shares would be available at such termsThethe
committee included
name and, accordingly, the prices were fixed.
of Richmond,
W.J. Harahan, George Cole Scott and John Stewart Bryan was formerly
incidentally,
Va.: Otto Miller and Frank H.Ginn, Mr. Scott,
of which Mr. Bryan
chairman of an opposition group of stockholders
was also a member.
1062
THE CHRONICLE
The price, in the Van Sweringen option, for
shares of Pere Marquette common is $110 a share, an aggregate36,500
of $428,875 less than the
market price of these shares at the close of the market on Jan. 31 1927.
The same price holds for 169.100 shares out of the total of 174.900 Pere
Marquette common shares which the Nickel Plate is under contract to
sell. For the balance called for in the Nickel Plate contract
-5,800shares
the sum to be paid will be the cost of the shares to the Nickel Plate, namely
$639,162 50 plus carrying charges and other proper expenses of acquiring
the stock.
Apart from shares optioned or under contract the C.& 0.reports various
purchases that have been made in its behalf looking toward the present
application to the Commission. Of the Erie stocks. 137.405 shares of
1st preferred, 50,495 shares of 2d preferred, and 357,300 shares of common
have been purchased for its account. Similarly. 1,200 shares of Pere
Marquette prior peference, 9,000 shares of preferred and 5,000 shares of
common have been acquired for it.
The aggregate of all Erie shares, purchased, contracted for, or optioned
in behalf of the C. & 0. is about 936,000 according to the listings in the
application. These represent a total cost, less interest, of $36,511,072.
Included are 161,000 1st preferred. 72,000 2d preferred, and 702,539
common,
The Pere Marquette shares, purchased, optioned
total about 222.100 shares, including 1,200 shares of or contracted for,
shares of preferred, and 211,900 shares of common.prior preferred. 9,000
The total cost, less
interest, is $24,236.508.
•
[VOL. 124.
The I.-8. C. Commission on Jan. 29 issued a certificate
authorizing the
company to abandon that part tf its Cnalco-Yutan line between
Junction and a point about 3.79 miles east of Yutan, a distance Chalco
of 8.08
miles. in Sarpy and Douglas Counties, Neb.
The company has applied to the I.
-S. C. Commission for authority to
issue $18,294,000 gen. mtge. 4% bonds, which will be used
in retiring
certain Nebraska extension 4% bonds maturing
May
asked for authority to issue $30,000,000 of refunding1. The company also
mortgage 434% gold
bonds, a part of the proceeds to replace olbigations bearing a
rate, a part to substitute for previous authorized issues of a higher interest
character which have not yet been sold and the balance, higher interest
$11,000,000, to provide funds for general additions and amounting to
betterments.
V. 124, p. 501, 230.
Chicago &
North
Western
Ry.-Bond
s.The I.
-S. C. Commission on Jan. 22 authorized the company to
procure
the authentication and delivery of $1,375,000 of general
gold bonds of 1987, to be held by it until the further ordermortgage
of the Co
sion.-V. 124, p. 916.
la
Delaware Valley Ry.-Final Valuation.
-
The I.
-S. C. Commission has placed a final valuation
owned and used properties of the company, as of June of 3190.000 on the
30 1919.-V. 123.
838.
Denver & Rio Grande
RR.
-Tentative Valuation.
Declares Control in Public Interest.
The I.
-S. C. Commission has placed a tentative valuation
As the intermediate step toward unification, the Chesapeake &
on the owned, and 398.520,359 on the used property of of $96.465,948
Ohio (incl.
the company,
asks authority to exercise "that character and degree of administrati
leased lines), as of June 30 1919.-V. 123. D. 1111.
ve
control of operations of the Erie and Pere Marquette that is inherent in
Great Northern Ry.-Unification Plan.
control by stock ownership of each constituent for the
-See Northern
the carriers within the proposed group, and at the samebenefit of all of Pacific Ry. below.
time consistent
-V. 124, p. 917, 788.
with separate operation of and accounting by each of the carriers."
Advantages from an operating standpoint are set forth at considerable
Gulf Mobile & Northern RR.
-Proposed Acquisition.
length. Emphasis is given to the benefits of the widespread efficient
The stockholders will vote March 14 on approving the purchase of the
distribution of coal, the encouragement of industrial development in the bonds and
stock and the leasing of the Birmingham & Northwestern By.
territory served, the flexibility of movement and the use of new routes The Gulf Mobile
& Northern RR. now owns all the outstanding funded
Ideally adapted to traffic needs.
debt of the B. &N.
The one existing gap in the grouping is rapidly being closed with the 1927. and $400.000 Ry.-consisting of $400,000 1st mtge. 6s, due March 1
income mtge. 44s, due April 1 1947
construction, now under way, of the 63
-mile double-tracked roadway of the outstanding and authorized $300,000 capital stock. -and a majority
The Birmingham
between Gregg and Valley Crossing, Ohio. This will link the line of the & Northwester
n By. extends 50 miles from Jackson to Dyersburg. Tenn.
C. & 0. with the Hocking Valley and facilitate movement from coal fields -V.
124, P. 788.
of southern West Virginia and eastern Kentucky to the Great Lakes' focal
point of coal at Toledo, connecting there with the line of
Hawkinsville & Florida Southern Ry.-Valuation.Pere Marquette, and with other railroads at intermediatethe Erie and the
The I.
points.
-S. C. Commission has placed a
of 81,083.545 on
The C. & 0.'s coal traffic, westbound, will move over this
the properties of the company, as of Junefinal valuation118.
30 1915.-V.
p. 3077.
Crossing link, through Columbus, and, over the line of the Gregg-Valley
Hocking, to
Toledo for shipment via the Great Lakes. Much of this coal
Huntington & Broad Top Mountain RR.& Coal CO.-.
finds its
way to Detroit, and points beyond in the States of Michigan,
Earnings Cal. YearsMinnesota,
1926.
1925.
1924.
1923.
North Dakota, South Dakota, Iowa, and Nebraska.
Operating income
8874.884
8786,783
$677,758
$990,081
Although the C. & 0. has a line from Cincinnati to Chicago, it
is not Other income
34,406
36,029
35,626
adapted to the economical transportation of heavy coal
152,919
traffic. The
necessity confronts the C.& 0.of either improving this line or else
Total income
securing
$909,290
8822.812
$713,384 81,143.000
another economical route of greater capacity. The existing line
of the Operating expenses, &c_
644,902
620,031
586,682
Erie, from Marion. Ohio, to Chicago, would serve very
794,103
effectively in this Interest, deprec., &c_ _ _
308,149
299,618
307,522
connection, inasmuch as it would provide a highly efficient
303.875
between the coal fields and Chicago. This line is equal to through route
Deficit
any that could
$443.762
896.836
4180,820 sur$45,021
be constructed and far superior to that which the
C. & 0. could obtain -V. 124. P• 107.
by improving its Cincinnati
-Chicago line.
Kansas City Terminal Ry.-Tentative Valuation
Another of the benefits of unification cited is
the improvement that
would result in the service between the ports of
-S. C. Commission has placed a tentative valuation of $37437,292
Hampton Roads and the onThe I.
territory served by the Erie and Pere Marquette. Hampton
the used, and $37,299,066 on the owned property of the company, as of
Roads ports June 30 1916.-V.
would be substantially benefitted by this traffic
122. p. 2795.
tories so served north of the Ohio River. The as would also those terriMinneapolis & St. Louis RR.
"Such unification will encourage industrial petition states:
-Time Extended.
development, as it will
Notice is being issued to the holders of the 1st consol. mtge. 5% gold
provide a wider distributing territory and
of the railroad of the applicant and of the improved service. The lines bonds, due 1934 and Des Moines & Fort Dodge HR. 1st mtge. 4% gold
Erie and the Pere Marquette bonds, due 1935 that the time for the deposit of the bonds
are complementary to and supplementary
with the joint
standpoint of physical situation and traffic of each other, and, from the Committee or with the American Exchange Irving Trust Co. has been
handled, logically lend them- further extended to April 1 1927. on which date such time
selves to unification and operation as a single
system.
Thereafter bonds may be deposited only on such terms as may will expire.
"The creation of such unified system will
be imposed
routes and channels of trade and commerce, not only preserve existing by the Committee. A. substantial majority in principal amount of bonds of
but will open to shippers each issue has been deposited and foreclosure proceedings are now
more direct anti efficient routes between
well
points of origin and destination under way. The Committee includes, Walter H. Bennett,
for a large volume of present and future
Chairman:
hauls for two or more lines of such system traffic, substituting single-line Frederick J. Lisman, (of F. J. Lisman & Co.), and L. Edmund Zacher.to compete on more &mai terms V. 124, p. 788. 502.
with other systems serving the territory,
particularly the New York Central,
Pennsylvania and Baltimore & Ohio systems.
Northern Pacific Ry.-Unification Plan of Northern
"It will bring about a better co-ordinatio
the system, simplify their relations to the n between the lines composing Pacific Ry. and Great Northern Ry.-The plan for unification
traveling and shipping public of
and to public authorities, State and Federal,
Northern Pacific and Great Northern Ry. companies was
having
them; result in better balanced volume of traffic moving jurisdiction over announced
Feb. 14 by a committee composed of George F.
in opposite directions over the various lines of such system: bring
about more efficient Baker, Chairman, Arthur
and dependable service to the public in transportati
Curtiss James, Deputy Chairman;
elimination of delays at interchange points, by theon generally, by the J. P. Morgan, Louis W. Hill
use of shorter and
and Howard Elliott. Reference
more efficient routes; in some cses, by more efficient
and adequate use to the plan discloses that it contempla
of equipment and facilities and by co-ordinated
tes, subject to the
single-system operation:
result in the use of uniform standards and practices; and promote
con- approval of the I.-S. C. Commission, direct operation of the
venience and simplicity and effect substantial economies
in operation lines of railroad of the Northern Pacific Ry., Great
and accounting." See also V. 124, p. 916.
Northern
John Stewart Bryan of Richmand. Va., has resigned as a director Ry. and Spokane Portland & Seattle Ry., through lease
of
the properties of these companies to a new operating railroad
Earnings for Calendar Years (1926 Preliminary).
Calendar Yearscompany which will also eXchange its stock share for share
1926.
1925.
1924.
1923.
Gross
$133,974,030 $123184,103 3108033,448 8101975,798 for stock of the Northern
Pacific and Great Northern.
Expenses
90,970.788 88,981.419 82.781,703 78,889,777
Taxes, &c
8,255,623
6,812,290
4,788,669
4,716,670 Application will be made to the Commission for approval of
the leases and of the acquisition by the new railroad company
Operating income_ _ _ _$34.747,619 $27,390,394 $20,463,076 $18,369,351
Equipment, rents
2,263,405 Cr2,627,677 Cr1,429.844 Cr766,004 of the stocks of the two Northern companies just as soon as
deposits of stock in accordance with the plan have, in the
Net operating income.$37.011,024 $30,018,071 $21,892.920
319,135,355 opinion of the committee, progressed sufficiently.
Other income
2,404,394
1,494,765
1,886,080
2.216.048
The plan is noteworthy for its unusual simplicity and
Total income
$339,415,418 $31,512.836 $23,779,000 821,351.403 freedom
from complicating factors, due to the fact that each
Int., rents, &c
10,120,615 11,360,566 11,556.958 12,252,354
of the Northern companies has outstanding only one class of
Net income
$29,294,803 320,152,270 $12,222,042 39,099,049 stock, and that
the shares of each company are given equal
Preferred dividends_ _ _ _
322,995
815.247
816,302
816,302
Common dividends
13,635,760
3,035,885
2,619,500
2.591,032 treatment under the plan by the terms of which they are
Sinking fund, &c
127,297
124.269
120,972
119,619 exchangeable share for share for the new railroad company's
Surplus
$15,208,751 816,176,869 88,665,268 $5,572,096 stock, which will have full voting rights.
Com. shs. outstanding
In addition to the close community.of interests between
(par 3100)
1,170.503
906.912
672.657
654,257 the two Northern roads which has existed for 26
Earns, per sh. on com
years as
$24 75
$21 32
31678
$12 48
-V. 124, p. 916.
to their joint ownership of the Burlington. and
,
for a period
Chicago Indianapolis & Louisville Ry. Co.
-Prelim. but slightly less as to their joint ownership of the Spokane
Report.
Portland & Seattle, the two roads have long been closely
Calendar Years1926.
associated in the minds of the investing public. A recent
1925.
1924.
1923.
Gross
818,598,066 $17,686,039 $17,044,000 817.923,547 study
made by the officers of the two companies shows that
Expenses
13,327,121 12,969,194 12,468,741 12,943,457
Taxes, &c
1,058,224
896,483
938,339
1.044,799 the same persons now own over 59% of the stock of Great
Northern Ry. and over 62% of the stock of Northern Pacific
Operating income.-- $4,212.721 83,920,362
$3,636,920 $3,935,291 Ry.,
Equip., rents. &c
a result which has been brought about by the free
1.233,581
1,076,839
1,479,550
1,582,257
exercise of the investment opinion of a large number of
Net operating income $2,979,140 82,843,523 82,157,370 32,353.034
individuals, acting independently, over a period of a great
Other income
118,489
128,736
152,411
165.033
many years. These individuals will be entitled to receive
$3,097,629 $2,972,259 32,309,781 82,518,067
Total income
in the aggregate in exchange for these stocks approximately
1.407,989
Interest, rents, &c
1,351,510
1,305,035
1,262,062
61% of the stock of the new railroad company. The unifica$1,689,640 $1,620,749 $1,004,745 $1,256,005
Net income
tion contemplated, therefore, gives practical effect to a
199,652
Preferred dividends-199,652
199,652
199,652
734,790
Common dividends
524,850
472,365
341,153 common ownership which already to a large extent exists in
fact, and assures the economies and benefits which should
$755,198
8896.247
Surplus
$332,728
8715.200 I result
therefrom.
105,000
105,000
Shrs. com. stk. outst'd'g
105,000
105.000 ,
Earned per share
-V. 124. p. 106.
$14 19
•
$13 53
$7 66
$1006
Chicago Burlington & Quincy RR.
-Abandonment of
-Bond Application.
halco-Yutan Cut-Off
Francis T. Ward. 23 Wall St.,New York, is Secretary of the Committee,
and Walker D. Hines, and Davis, Polk, Wardwell, Gardiner & Reed.
Counsel.
The depositaries are as follows:(a) Capital stock of Northern Pacific By.,
J. P. Morgan & Co., 23 Wall St., New York;(b) Preferred stock of Great
Northern Ry The First National Bank. 2 Wall 8t., New York. ,
FEB. 19 1927.]
THE • CHRONICLE
For the convenience of European holders, Messrs. Morgan, Grenfell &
Co.. 22 Old Broad St.. E. C., London, Eng., and Messrs. Morgan & Cie,
14 Place Vendome, Paris, France, will receive deposits of stock certificates
for transmission to New York in exchange for which certificates of deposit
will be mailed from New York to the depositor.
A letter addressed to stockholders of Northern Pacific Ry.
Co. and Great Northern Ry. Co., signed by Howard Elliott,
Chairman, and Charles Donnelly, President of the Northern
Pacific, and by Louis W. Hill, Chairman of the board, and
Ralph Budd, President of the Great Northern, states in
part as follows:
As a result of studies made under our direction, we believe that the
effectuation of the proposed plan will eliminate waste and duplication of
facilities, minimize the requirements for new capital expenditures, effect
important operating economies, and promote the public service and the
interests of the country served by the lines affected.
All of this will inure to the benefit of stockholders in the way of increased
net earnings and of improved credit, and will promote as well the public
interest: because while revenues are now inadequate, and could be made
adequate under existing conditions only by increases in rates,these economies
will go far towards producing the same result by a reduction in expenses.
The plan contains the following introductory statement
setting forth the major considerations which have led to its
approval by the directors and officers of the Northern
companies and by the committee:
1063
The depositaries shall issue or cause to be issued certificates of deposit,
transferable in such manner as the committee may determine, for all stock
deposited hereunder, and every holder of such a certificate of deposit shall
be bound by the provisions of the plan.
Application will be made to list the certificates of deposit on the New
York Stock Exchange.
Treatment of Deposited Stock.
Depositors of capital stock of the Northern companies, in respect of each
share of such stock represented by their certificates of deposit will be
entitled to receive, on the completion of the unification and on surrender of
their certificates of deposit, duly endorsed, to the depositary which issued
the same, new stock when issued and ready for delivery, at the rate of one
share of new stock for each share of such capital stock of the northern companies represented by the surrendered certificates of deposit.
Provisions for Declaring Plan Operative.
The committee in its absolute discretion may determine whether and
when a sufficient amount of stock of the Northern companies shall have
been deposited to render it adv,sable to declare operat.ve the plan, or any
modified or substitute plan.
In case the committee shall declare operative the plan, or any modified
or substitute plan,it shall thereupon give notice to that effect in the manner
provided in the deposit agreement.
Present Capitalization of the Northern Companies.
(A) Northern Pacific Railway Co.
Condensed Gcne-al Balance Sheet Dec. 31 1926.
Liabilities—
Asests—
3248,000,000
Inv't in road & equip--$584.371,485 Capital stock
489,150
Grants in aid ofconstr
of mtged
Dep. in lieu
704,134 Funded & long-term dt_ 319,481,000
property sold
16,548,878
10,086,456 Current liabilities
Miscell. physical prop
225.569
180,520,536 Deferred liabilities
Inv. in affil. cos
6,345,906 Unadjusted credits—
Other investments
Accrued depr.—equip 43,439,986
36,541,786
assets
Current
12.406,924
Other
235,382
Deferred assets
9,638,386 Appropriated surplus_ _ 17,731.786
Unadjusted debits
170,120,809
Profit and loss
The Northern Companies, operating approximately 15,000 miles of
railroad, have for a great many years had a community of interest in the
railroad system of over 11,400 miles operated by the Chicago, Burlington
& Quincy RR., and its subsidiaries, and in the railroad system of over 900
miles operated by the Spokane Portland & Seattle Ry. and its subsidiaries.
For more than 26 years the Northern companies have owned in equal
shares a very large majority, now over 97% of the $170,839,100 capital
stock of the Burlington and for more than 20 years have owned in equal
shares the entire $40,000,000 capital stock of the Spokane company. The
8828.444.072
Total
$828.444,072
Total
Northern companies also own or control in equal shares the entire out(H) Great Northern Railway Co.
standing $73,710,000 1st mtge. 4% gold bonds of the Spokane company.
General Balance Sheet Dec. 31 1926.
thus long been comCondensed
Inasmuch as the two Northern companies have
Liabilities—
mitted to a complete community of interest in the more than 12,300 miles
Assets—
$248,934,950
of railroad referred to, it seems appropriate to their board of directors, Inv. in road & equip-_ _$480,883,385 Capital stock
81,268
subject to the approval of the I-S. C. Commission, to place in a common Impts.on leased ry.prop.
131,572 Premium on Capital stk.
721,979
Grants in aid ofconstr_ _
control, the capital, and as soon as feasible, the operation, of the Northern Sink. fds. & deposits in
companies themselves. Such unification of control is all the more logical
Funded & long-Vim dt_ 333,394,545
lieu of mtged. prop.
22,851,038
inasmuch as it would be detrimental to the public interest, as well as to
38,936 Current liabilities
sold
13,357.884
the interest of the stockholders, for either Northern company to disassociate Misc, physical property
5.283,568 Deferred liabilities
itselffrom any interest in the Burlington company or the Spokane company. Investments in MTh.cos. 242,686,819 Unadjusted credits—
Since such present interest of either Northern company cannot be ad- Other investments
11
0
Accrued depr.—road.
5,475,585
29,606,841
vantageously terminated, even if such termination were technically prac- Current assets
equip. and miscell
59,209,860
19,740,544
ticable, the situation calls for completion through the unification herein Deferred assets
Other
13,341,275
recommended.
16,077,291 Appropriated surplus_ - 41,154,906
debits
113,284,335
Such unification will, it is believed, lead to substantial economies in Unadjusted
Profit and loss
operation and to important increases in the efficiency with which service
8823.128.290
to the public can be rendered by the two Northern companies, and will
Total
8823,128,290
Total
also be calculated to promote even more effective policies than are at present
Present Capitalization of Major Controlled Companies.
practicable for the development of the properties of the Burlington and
(A) Spokane Portland & Seattle Railway Co.
Spokane companies. Thus the unification here recommended should
prove highly advantageous from all standpoints both to the public and
Condensed General Balance Sheet Dec. 31 1926.
the stockholders.
to
Liabilities—
Assets—
The boards of directors of the Northern companies have long been giving Inv. in road & equip— - $64,356,901 Capital stock
$40,000.000
careful study to these matters, impelled not only by the considerations Miscell. physical prop__
759.710 Funded & long-term cit. 77,191,413
of control of
above mentioned but by the fact that further unification
27,591,526
Investments in affil. cos. 37,832,842 Current liabilities
railroads has been established as a policy by Congress, has been repeatedly Other investments
21,738
10,807 Deferred liabilities
urged by the President as being in the public Merest, and has in various Current assets
2,241,702 Unadjusted credits—
-S. C. Commission.
important instances received the sanction of the I.
Accrued depr.—road
15,304,926
As a result of their study of the matter the boards of directors of the Deferred assets
1,891,139
and equipment.. __ _
16.029.268
two Northern companies recommend to their stockholders the unification Unadjusted debits
16,442,890
Other
outlined in this plan, believing it to be in the interest of the stockholders.
62,961
Appropriated surplus_ _
and of the public. Various large stockholders, having made a careful
Prof.& loss debit bal_ _Def26.665.512
study of the situation, concur in this conclusion. In order to carry out
these views and to provide a method by which all stockholders of both
1136,536.155
Total
$136,536,155
Total
Northern companies may share equally in the resulting advantages, the
(B) Chicago Burlington & Quincy Railroad Co.
committee has been formed and the plan and agreement now submitted
Condensed General Balance Sheet Dec. 31 1926.
have been formulated.
Liabilities—
Assets—
Method of Accomplishing Unification.
$170,839,100
& equipment.$580,430,377 Capital stock
Inv.in rd.
Unification is to be accomplished in the following manner:
Funded and long-term
the new Deposits in lieu of mortA railroad corporation now existing or to be organized, (called
209,692,000
debt
27,080
gaged property sold__
company) will lease the properties of the Spokane Portland & Seattle Ry. Misc, physical property
15,312,013
947,471 Current liabilities
and thereafter w.11 exchange its new stock, share for share, for the stock Invest. in affiliated cos 44,905,393 Deferred liabilities
66,385
of the Northern companies. As soon as feasible, the new company, or a Other investments
7,682,917 Unadjusted credits—
company directly or indirectly controlled by the new company will also
Accrued deprec., equ_ 67,398,404
36,571,201
acquire by lease the railroads and propreties of each of the Northern com- Current assets
17,219,608
Other
307,019
panies. The terms of each lease, as to the properties to be leased, rental Deferred assets
44,486,634
7,462,576 Appropriated surplus
to be paid, and all other provisions thereof shall be as agreed upon by the Unadjusted debits
153,319,890
Profit and loss
to the approval of the I-S. C. Comcompanies, parties thereto, subject
mission, and the committee shall have full discretion to adopt as a factor
$678,334,034
Total
$678.334,034
Total
in the plan, or in any modified or substitute plan, any such lease the terms
—V. 124. p. 917, 789.
of which shall have been so approved.
The committee shall have power to provide that the new company shall,
Norwich & Worcester RR.—Bonds Offered.—Kidder,
subject to the approval of the In-S. C. Commission, acquire control by
purchase, lease or otherwise, of any addiional railroads, bus lines or other Peabody & Co. and R. L. Day & Co., Boston, are offering at
transportation facilities and properties which it may deem beneficial to or
4.609, $1,800,000 1st mtge.
4
in furtherance of the plan, or of any modified or substitute plan, and to 987 and int., to yield about
issue the obligations or stock of the ow company therefor.
434% bonds.
Approval of 1.-S. C. Commission.
Dated March 11927: due March 11947. Int. payable M.& S. Legal
in Mass.
The issue of the new stock and the leases contemplated by the plan will for savings banks Worcester RR. comprises about 70 nines of track from
The Norwich &
-S. C. Commission and to compliance
to the approval of the I.
be subject
Groton, Comm..o Worcester. Mass., and 47 miles of yard tracks and
with such legal requirements as counsel to the committee may advise
The Property is leased to the N. Y. N. H. & Hartford RR. until
The necessary appl cation or applications to the Commission will be made sidings.The rental paid consists of 8% on the company's $3,000,000 out1969.
as soon as deposits under the plan have progressed sufficiently in the opinion standing pref. stock, interest on its funded debt, taxes and assessments.
of the committee.
debt to the joar of the company's stock.
There is every reason to hope that, subject to the approval of the Com- The mortgage limits the funded
These bonds are secured by a first lien on the Norwich &'Worcester RR.
mission, with the prompt co-operation of the stockholders, the unification
106, p. 924.
can be accomplished in a comparatively short time. To that end holders and represent the only funded debt.—V.
of stock of the Northern companies are requested to deposit their holdings
Pennsylvania RR.—Control of Expenses.—
subject to the plan and deposit agreement with the respective depositaries
See editorial columns in last week's "Chronicle" p. 841.—V. 124, D. 789.
and to execute and return proxies to the committee as soon us possible.
St. Louis-San Francisco Ry.—Asks to Issue Stock—
Provision for Expenses.
Interest on Income Bonds.—
Deposits of stock will be without expense to depositors.
The cash requirements of the plan are to be met as provided in the
-S. Commission for authority to Issue
The company has applied to the I.
deposit agreement.
and sell $15.096.240 of preferred stock or a like amount of common stock,
The New Company.
at its option, stating that market conditions at the time when the issue is to
or common stock will be
The unification may be accomplished by the utilization of any existing be made will determine whether preferred stock is also asked for the issue
is to be used authority
corporation or by the organization of a new corporation under the laws issued. If preferred stock stock in conversion. The application is suppleof $13,586,616 of common
of such State or States as the committee may determine.
to
on Jan. 22 for authority to issue preferred stock.
The authorized capital stock of the new company shall be the amount mental that filed
Interest installment
of stock which shall be necessary to acquire the capital stock of the two ofThe directors have declared the regular semi-annual for the 6 months
3% on the cumulative adjustment
Northern companies and, in case the committee shall deem desirable, the ended Dec. 311926, payable April 1. mortgage bonds
any additional railroads, bus
amount necessary to acquire the control of
interest on the adjustment
During
balance available
lines or other transportation facilities and properties as hereinbefore pro- bonds wasthis period, thepractically 6 times for amount required.—V. 124.
the
$7,280,124, or
vided.
p. 641.
Description of New Stock.
The new stock shall be common stock, all of one class, and each share
Southern Pacific Co.—Saving on Reclaimed Material.—
thereof shall have equal voting rights. It may be without par value, or
Southern Pacific's activity during 1926 in carefully collecting its worn out
a par value of $100 per share, as the committee may determine. and discarded material and reclaiming it, saved the company $725,160 of
may have
The new stock may be issued in temporary form in the first instance or reclaimed material and $125.865 on recovered material, a total of $861.025,
interim certificates may be issued thereof. Scrip may be issued and dis- according to A. S. McKelligon, general storekeeper. In addition to the
tributed in lieu of fractions of a share of new stock. Such scrip may be material reclaimed, the company sold old metal to the value of $685,982
non-dividend bearing, but shall be exchangeable for new stock when pre- and itself used scrap valued at $997,339. This makes a total of 112.544.346
sented in proper multiples, on terms and conditions approved by the gained by the company through the collection of scrap material, its reclamacomMittee.
tion and through its use of sale as old metal.—V. 124, p. 917. 641.
Methods of Participation in Plan.
Western Maryland RR.—Alien Property Custodian Sells
The holders of stock of the Northern companies may assent to the plan
by depositing their stock with the designated depositary for such stock, at Stock Holdings.—
any of the designated agents of
its office in the city of New York, or with
A large block of stock in the Western Maryland, seized by the Alien
such depositary, on or before April 15 1927, or such later date as the comProperty Custodian during the World War, has been sold to the Bank of the
mittee shall determ no.
be paid to the holders of Manhattan Co. New York, representing other interests. Howard SutherAll dividends collected on deposited stock will
land, Allen Proilerty Custodian, said the consideration was $4.010,000.
record of certificates of deposit representing such stock.
1064
THE CHRONICLE
[Vol.. 124.
P The stock, 55,000 shares of common
and 19,070
was the property of the Deutsch Bank of Berlin. shares of first preferred, stock, provided an equal aggregate amount remains available
he had the written consent of the owners to sell.Mr. Sutherland said that ticipating dividends then or thereafter on the common stock, which for paramount,
By refusing
same shares one year ago, he said he had obtained approximately to sell the until paid to the common stock, may be treated as if reserved for the
$2,000,000 common stock, in determining the surplus
more than was possible at that time.
available thereafter
participating dividends on the class A stock. Dividends are for further
le The consent of the Deutsch Bank was not given in the previous
not subject
instance. to present normal Federal income
(See also Baltimore & Ohio RR. above).
tax. The
-V. 124, p. 917.
upon dissolution or liquidation to $35 per share class A stock is entitled
in priority to
stock and common stock. After this preferential payment to the class B
--Wheelini&- Cake Erie RI:Earnings.stock has been provided for and an equal aggregate amountthe class A
Calendar Yearshas
1926.
1925.
1924.
1923.
set aside for distribution to the class B stock and common stock, been
Gross revenue
320.925.898 $20.395,618 $18,332,401 $19,213,668 if the aggregate
then.
participating dividends previously paid on the class A
Operating expenses_ _ - _ 14.984.089 14,400,990 14.410.273 14,753.220
stock have exceeded the aggregate participating dividends
Taxes, &c
previously
1.668,649
1.572.566
1,260.338
1,328,724 paid on the common stock, an amount equal
to the excess may be set
Operating Income__ $4,273.160 $4,422.062 $2,661.790 $3,131,724 aside for the common stock. Of the remaining assets, one-half is to be
distributed to the holders of
Equip., rents, &c
125,716
57.091
300,302
420,970 of the common stock. The the class A stock, and one-half to the holders
class A stock is without par value and has
Net operating income 34.398,876 '34.364.971 $2,361.488 32,710.754 limited conditional voting rights.
Transfer agents, Seaboard National Bank, New York, and State Street
Other income
294.299
237,582
208.895
172.190 Trust Co., Boston. Registrars; National Bank
of Commerce, New York,
and the First National Bank. Boston.
Totai income
34.693.175 34,602,553 32,570.383 82,882.944
Business and Property.-Company and its subsidairy and affiliated
Fixed charges
1.185,821
1,316,275
1,287,640
1,337.666 companies own, control or operate public
utility properties which have
Net income ______._ 33.507.354 $3,286,278 $1,282,743 $1,545.278 been in continuous and successful operation for varying periods up to 75
years, and supply electricity, gas and (or) water to more than
440,000
For details regarding stock operations, &c. see under con•umers, serving a total population estimated to exceed 2,300.000 in
1.000 communities, principally in New York, Pennsylvania, Maryland,
"Current Events and Discussions" in last week's "Chronicle" Illinois, New
Hampshire, Maine, Connecticut, Vermont, Ohio,
p. 873. See also V. 124, p. 918, 789.
• Dakota, Kentucky,Tennessee. Indiana and the City of Manila.. South
Listing.-The present outstanding class A stock is listed on the Boston
Stock Exchange and on the New York Curb Market. It is espected
application will be made in due course, for the listing of this additional
stock.
PUBLIC UTILITIES!
Outstanding Capitalization of Associated Gas A Electric Co. as of Dec. 31 1926
*W7irrn . 7277 Telegrirph Co. Reduces Cable Press Rates Between U. S. [after giving
7 1
effect to important financial changes to Jan. 15 1927
and Ireland 2 Cents per Word.
-"Wall Street Journal"
and to present financing].
Hudson Boulevard (N. J.) Bus Drivers Win $1 50 per Day Wage Increase 536% conv, debenture bonds (V. 124. p. 919)
,
$40,000,000
After Strike on Feb. 5.
Perpetual cony, debentures and option warrants
-Two-year contract signed. Slight changes were
12.527.707
also made in overtime and working conditions.
-N. Y. "Times" Feb. 18. Preferred stocks (all of equal rank and no par value)
496,427 shs.
Class A stock (no par) (including this issue)
P. 11.
500.000 shs.
Class B stock (no pa)')
300,000 shs.
American Water Works & Electric Co., Inc.
-Output. Common stock (no par)
1,231,154 shs.
Subsidiary and (or) affiliated companies
According to an announcement by this company, the West Penn Electric
Co., which
and Great Britain
Feb. 16, p. 15.
controls Its electric subsidiaries, shows a net power output for
Jan. 1927 of 152.249.870 k.w.h.. a new high record in any calendar month.
This compares with 126.299,339 k.w.h. for Jan. 1926, again of over 203
, %•
5
-V. 124, p. 789.
Arkansas Power & Light Co.
-Registrar.
-
The Guaranty Trust Co. of New York has
paying agent of the first and ref. mtge. gold been appointed registrar and
bonds, 5% series, duo 1956.
See also V. 123, p. 2893, 3180.
Arkansaw Water Co.
-Definitive Bonds Ready.
-
Definitive 1st mtge. 5% series "A" gold bonds,
1 1956
ready for delivery in exchange eir outstanding due Oct.receiptsare now
interim
at the
Guaranty Trust Co., 140 Broadway, N. Y. City. (For offering, see V. 123.
0. 1760, 1630.)-V. 123. p. 1873.
Funded debt and preferred stocks x
Common stocks (par or stated values)
Y3104,956.050
8,883
x Preferred stocks are stated at par or at liquidationtteif 1thont
.9649 3
.w
par value. There are also outstanding 13,018 shares I Clarion3River
of
Power Co. participating stock.the value of which is contingent on
additional
water power developments by that company.
y After giving effect to the proposed retirement of 35,000.000
and (or)'preferred stocks out of proceeds of the current financing. of bonds
The 496.427 shares of preferred stocks, shown above, consist of
148,499
shares of original series (33 50 dividend): 54.310 share% a $6 dividend series,
198.849 shares of 36 50 dividend series and 94,769 shares fo $7 dividend
series.
Further data regarding the properties, &c., are given in
V. 124, p. 919.
Ashland (Ky.) Home Telephone Co.
-'Bonds Offered.
Security Trust Co., Lexington, Ky., and Bacon, Whipple
Simplification Marks Epochal Year for
& Co., Chicago, are offering at 100 and iht. $400,000 1st Large Sum for New Construction in 1927. System-To Spend
mtge. 5
gold bonds, series A.
The preliminary consolidated earnings statement (belo, shows record
Y)
gross
earnings of$29.284.246, an increase of 39,833,100 or 50% as compared
with 1925, and consolidated net earnings, after operating expenses, maintenance and all taxes, &c. of $13.136.892, which is an increase of $5,681,942
or 76%. Thus for each of the 12 months of the ,year the System has shown
'
the largest gross and net earnings of any similar preceding period in its
history, the various 12
-months reports reflecting the progress of the system
since dates of acquisition of subsidiaries by the Associated Gas & Electric
Co. of New York.
It is announced that estimated expenditures for construction in 1927
will total $10,985,000. Including $2.700,000 to be expended this year for
completion of projects started in 1926 but not completed at the end of 1926.
This total compares with expenditures of 39.500.060 during 1926, and with
317,000.000 in 1925. Of the 1927 total there will be spent on New York
State properties 32.700.000: Pennsylvania, $3.900,000: Staten Island and
Long Island, $2.700.000: Massachusetts and New Hampshire, 3550,000.
and Kentucky and Tennessee. 3300.000.
The annual report for 1926 will call the attention of the stockholders to
the marked simplification of the system's corporate structure brought about
by refinancing operations within the last 12 months. This financing
Included the sale of $65,000,000 Associated Electric Co. 55i% convertible
gold bonds, sold in April 1926. and representing the largest public utility
bond issue ever floated, through which approxitnately 340.000,000 of
Earnings Years Ending December 31.
bonds and preferred stocks were paid off: sale of preferred stock of Associated
Net Avail. for Depreciation, Depree
Earnings Gas &
Net Ea tnr Spring Electric Co. through customer-ownership financing: marketing in the
r Gross
of last year approximately 30.000 shares of $6 50 divided series
Federal Taxes and
dation
Ii
preferred
Revenue.
Interest Charges.
Charges. Depreciation. 100,000 stock and 30,000 shares of class A stock: the sale last Dec. of
1925--3193.400
shares of preferred stock, and the sale last week of an issue of
390.844
$26,590
1926. - 205,875
96,961
33.025
64 954
2
$ 3; 36 $40,000.000 debentures which were oversubscribed in a
Average m t earnings after depreciation for the 2 years ended Dec. 31 Not only did these financing operations retire numerous couple of hours.
higher face-rate
1926 were 64,095, which is 2.91 times maximum annual interest charges securities of the system, but they also provided necessary funds for acquisiof422.000 on this issue.
tion of properties to round out the system and for construction purposes.
Purpose.-Proceeds will be used to defray in part the purchase price
During the last several years the management has devoted considerable
of toe properties acquired.
attention to acquiring additional new properties, rehabilitation and interCapitalizationAuthorized. Issued. connection through construction of transmission lines of properties acquired.
1st mtge. 5).4% gold bonds, series "A"
$400,000 To reap the advantage of the work already done, an intensive campaign
33.000.000
Common stock (no par value)
.
75,000 shs. 25.000 sits. for new business in the various territories served is now actively under way.
_
It is stated It is not the plan of the management during the current year to
Associated Gas & Electric Co.
-New Issue of 100,000 expend much money on large construction projects, practically the entire
being required for extensions to serve additional consumers.
Shares of Class A Stock Offered.
-A further step in the amountestimMed by officials of the company that gross earnings for 1927
It is
program of the company towards provid ng funds for the will run above 335.000.000. without taking into account any new properties
acquisition of new properties for new construction and to which it is stated it is always the policy of the Associated Gas and Electric
to
when it can be done on a basis advantageous to the common
some extent, for
....1)aied Feb. 1 1027 due Feb. 1 19. 2. Principal
.
and int. (F. & A.)
payable at National
Bank. NI, York; Harris Trust. & Sayings Bank.
Chicago, or Security Trust Co..se Lexington, Ky
trustee. Denom.
. Red. as a WI' 1e but not
$1.0000 & r5
notice
on any int, date at the following prices in part upon three meathsFeb.
and int.: 105 on or before
1
1942; thereafter, on or before Feb. 1
1947, at 102J-6; thereafter, on or
before Aug. 11951. at 101.
Data from Letter of Thomas A. Combs,President
of the Company.
providts tslephene service without competition
to a population of more than 30.003 in Ashland and Catlettsburg Ky.
As of Jan. 1 1927 tee company had 5.158 urban subscribers stations
The Southern Bell Telephone & Telegraph Co.
company
operating in the Soutneastun States, hic.uding (Bell System
Kentucky) owns 25%
of the stock of tnis company.
Security.-Secured oy a first lien on all the tangible promrty, rights and
franchises of tne Company ,and whi constitute the only fundsd debt outAs of Jan. 1 1927 J. E. Jagoe, Appraisal
ern Bell Tetephone & Telegraph Co., appraised theEngineer of the Southstanding*
real estate, buildings
and telepnone plant and property of the company as flaying a net sound
value after depreciation of $690.015.
r-Company.--Company
retirement of senior obligations has been stockholders,
taken through the offering of 100,000 shares of class A stock
Th
year.erehasbn practically a complete elimination of minority holdings
thein
past
by a syndicate headed by John Nickerson & Co. The
Consolidated Statement of Earnings and Expenses of Properties Sinte Dates of
The stock is offered at $40 50 per share. Part of the
Acquisition.
proceeds of the offering and the recent offering by Harris,
-Increase.12 Months Ended Dec. 311925.
Forbes & Co. of $40,000,000 of 5%% cony, debentures which
Amount. %
Gross earnings & other income_ _3291926
84;246 319,451.146 $9,833,100 50
2
were heavily oversubscribed, will be used to pay for the Operating exps., maint., all
taxes, &c
purchase of additional public utility properties or securities
16,147,354 11,996,196 4,151,158 35
of companies deriving their income from such properties,
Net earnings
313.136.892 37.454,950 35.681,942 78
not heretofore identified with the Associated Gas & Electric Preferred dividends of subsidiary
and affiliated companies & all
System. The balance will be used to further simplify the
7,646.327
4,086.670
interest
3.559,657 87
capital structure of the Associated Gas & Electric System
Balance
through the payment of bonds and indebtedness incurred Preferred dividends paid or accr. $5.400.565 33.368.280 32,122.285 83
1.651,778
828,673
823.105 99
in retiring bonds of the company and indebtedness and
Balance
preferred stocks of subsidiary and affiliated cos. for new con- Provision for replacements & $3.838.787 $2,539,607 $1,299,180 51
struction and for other corporate purposes. The comrenewals
1,627,193
1,036313
591,080 57
pany after this financing will have on hand approximately
$2,211,594 $1,503,494
Balance
3708,100 47
$18,000,000 of free cash.
Class a priority dividends ($2
Class A stock has priority over class B stock and common stock both
as to assets and dividends. Participating and non-callable. The class A
stock is fully paid and non-as.sessable and is entitled to non-cumulative
dividends at the rate of $2 Per share per annum, payable, when andeeeh
stom meh etb as
ee ek eas e n.
eh
declared.
In priority to the ciassBst the a ee A
e
the
current
After the full quarterly priority dividend
dividendperiod, dividends may be
declared and set apart for the
declared in the same period on the class B stock, to the extent of $2 per
share per annum and. at the option of the board of directors, on the common
stock, not exceeding in the aggregate (for both the class B stock and the
common stock) the total amount of the quarterly priority dividend on the
class A stock. Participating dividends maY_then be paid on the class A
per share)
613,000
456,496
156,574 34
Balance for class A participation, class B and common
•
31.598.524 31.046,998
dividends, and surplus
$551,526 53
The foregoing earnings available for payment of class A priority dividends
were $7 21 a share on the average shares (306.535) outstanding during 1926.
compared with similar earnings in 1925 of 36 58 a share on the average
number of shares (228.248) outstanding during that year. Of such earnings
the amount distributable as priority and participating dividends combined,
were 33 62 a share on the average shares in 1926 as compared with $3 29
per share in 1926 -V. 124, p. 919.
FEB. 19
1927.]
THE CHRONICLE
-To Transfer'Property to ConBaltimore Electric Co.
-To Retire Bonds
solidated Gas, Electric Light & Power Co.
and Preferred Stock.
-Earnings.-Cities Service Co.
12 Months Ended Jan. 31Gross earnings
Expenses
Net earnings
See Consolidated Gas, Electric Light & Power Co. of Bait, below.
Interest & discount on debentures
V. 124. p. 233.
1065
1926.
1927.
$26.682,395 $19,956,292
994.311
783.682
325.688.083 319.172,609
2,299.844
2.652,401
- Net to stock
$23,035,682 $16.872,765
Boston & Worcester Street Ry.-Application Denied.
5.273.553
6.294.188
The application of Receiver Franklin T. Miller to ISS1113 3100.000 re- Dividends preferred stock
ceiver's certificates to finance continued operation has been denied. The
$16.741,493 $11,599.211
& reserves
to the court for authority temporarily to suspend
Net to common stock
receiver has now applied
3.2
3.66
all electric railway service, with permission, however, to resume operation Number times preferred dividends earned
21.38%
15.30%
between Boston and Wellesley Hills and possibly South Framingham as Per cent earned on avge. amt.corn. stk. outstand'g
power can be made.
-V. 124, p. 642.
soon as arrangements for electric
In connection with Receiver Miller's petition, Roland W. Boyden, ap-Bond Application.
Commonwealth Edison Co.
pearing for the American Trust Co., trustee for the 32,500.000 of bonds,
The company has applied to the Illinois Commerce Commission for
said that a committee of bondholders was trying to complete arrangements
authority to issue and sell or pledge 315.000.000 1st mtge. coll. 4X%
to continue the company.
Judge Carroll said it was a serious matter for the court to take the re- gold bonds, series D. and to issue and pledge 315.000.000 1st mtge. 5%
-V. 123, p. 2653.
sponsibility of continuing a public service corporation which is being run gold bonds.
at a loss, and he suggested to certain lawyers interested in the affairs of
6 -Earnings.
Community Power & Light Co. (8c Subs.).
the railway that they try to devise a plan for the operation of the road.
1925.
Twelve Months Ended Dec. 31If they cannot agree about the matter in the course of a month the court
34.084.319 $3.522.531
abandon the service. ("Electric Ry. Journal") Gross revenues
may grant permission to
2.150.633
2.552.597
Operating expenses, maint., taxes and insurance
-V. 124, p. 504.
31.531.722 $1,371.898
Brooklyn City RR.-Earnings.Net earnings
527.525
596,275
1926-6 Mos.-1925.
-1925.
-Dee.
1926
Annual Interest charges
Period31,011.499 81,035.337 $5,806,138 $5,899,772
Gross earnings
$844,373
$935.447
4,900,749 4.852,728
841.008
869,974
Bal. avail for other int., Fed. taxes, &c
Oper. exp., taxes, &c__.
-V. 124. p. 920.
3905,389 31,047,046
3194.331
3141.525
Net earnings
325.530
280,923
-New Pres., &c.47.557
47,880
Fixed charges
. Connecticut Electric Service Corp.
Pres. J. Henry Roraback of the Connecticut Light & Power Co., has
$721,516
$624,466
$146.774
$93,645
Surplus
been elected President of the Connecticut Electric Service Corp., suo-V. 124, p. 642.
ceeding Paul Thompson, who has been acting President since the death
of Randall Morgan of Philadelphia.
- The directors on Feb. 9 authorized the expenditure of about $500.000
-To Increase Capital Stock
Edison Co., Inc.
Brooklyn
through
construction of 40 miles of electric power
stockholders will vote for theeastern and western Connecticut will betransmission lines uninter-The
No Immediate Financing.
linked to insure
which
the authorized capital stock from rupted service. The link will extend from the Connecticut Light & Power
Feb. 28 on increasing
lines at
near
$75,000,000 ($74,993,800 outstanding) to $100,000,000, Co. lines -V.Meriden to the Eastern Connecticut Power Co.
121, p.3130.
par $100. President Matthew S. Sloan says in subSiallt e: Montville.
-New Director.
Connecticut Light & Power Co.
Since practically all the present authorized capital stock is issued and
in the hands of the public. It is a matter of corporate routine to ask shareGeorge T. Kimball. President of the American Hardware Corp. has
790.
-V.124. p:
holders to authorize the creation of more stock. The proposal is being been elected a director to succeed the late Randall Morgan.
submitted to them this month to avoid calling a special meeting for the
-Applies to Compurpose later in the year. We will do some financing this year, but whether
Consolidated Gas Co. of New York.
In bonds or stocks will depend on market conditions. We probably will
Also Seek
-V. 124, p. 919. mission for Authority to Issue Stock-Subsidiaries
not initiate this financtng for another five or six months.
Authority.
-Stock Application.
Central Illinois Public Service Co.
The company has applied to the New York P. S. Commission for authorThe company has applied to the Illinois Commerce Commission for ity to issue 720,000 shares common capital stock (no par value) and 1.200.
authority to Issue 2.896 shares of common stock. On June 30 last this 000 shares of $5 cumulative preferred stock (no par value) and for authority
company had outstanding 58,939 shares of no par common with paid-in to acquire obligations of the New York Edison Co., the Astoria Light,
-V.124, Heat & Power Co., the Astoria Light. Heat & Power Co.. Westchester
value of $14.304,150, all owned by the Middle West Utilities Co.
Lighting Co., New 'York & Queens Electric Light & Power Co. and New
P. 505.
'
York & Queens Gas Co., which these companies propose to issue as follows:
(a) The New York Edison Co. 1,800.000 shares of its common stock
Central Indiana Power Co.
-Tenders.
authority to acquire 260.000 shares
The Union Trust Co., trustee, 7 South Dearborn St., Chicago, Ill., (no par value) which company seeks
Electric Light &
will until Feb. 26 receive bids for the sale to it of (a) 1st mtge. coll. & of common capital stock without par value of the United
ref. gold bonds, series A. to an amount sufficient to absorb $6.689,222. Power Co.
(b) The United Electric Light & Power Co. 260.000 shares of common
at prices not exceeding 107%.and int.; and (b) 1st mtge. coll. & ref. gold
bonds, series B, to an amount sufficient to absorb $5,296.111, at prices stock without par value. Heat & Power Co. 40.000 shares of common
(c) The Astoria Light,
not exceeding 102% and Int.-V. 122. p. 3337.
stock without par value.
(d) Westchester Lighting Co. 190,000 shares of common stock without
Charleston City Ry.-To Redeem Bonds.
par value.
The South Carolina Power Co. is notifying holders of 1st mtge. gold
(e) New York & Queens Electric Light & Power Co. 310.000.000 10-year
bonds, due 1938. of the Charleston (P. C.). City Ry.. that it will redeem 6% debentures.
all of these bonds on July 1 1927 at 105 and int. to that date. Bonds with
(f) New York & Queens Gas Co. 64,200 shares of common stock without
coupons attached are to be surrendered to the Mercantile Trust & Deposit par value.
Co. of Baltimore. Md.,for payment and redemption on the date mentioned.
Hearing in the above matters will be held by the Commission on Feb. 23..
It is further announced that at any time prior to July 1 1927 the South V. 124, p. 643. 505.
Carolina Power Co., as successor of the Charleston City By., will purchase
any of the said bonds with all unmatured coupons attached which are
Consolidated Gas, Electric Light & Power Co. of
delivered for sale at the office of the trust company at 105 and int. to date Balt.-Acquires Properties of Baltimore Electric Co.
of delivery.
-V. 115, p. 2266.
In connection with the recent financing of this company (V. 123, p. 2897)
Baltimore Electric Co.
and preferred stock of
s
Chicago NorthYShore7r& Milwaukee RR.-Notie through which bonds subsidiary, were called the redemption, the stockfor
A
-An issue of $2,500,000 3-year 51 % notes is being of Baltimore City, a
Offered.
holders of the Consolidated company and the Baltimore Electric Co.
the Baltimore Electric
offered by Halsey, Stuart & Co. and the National City Co. on Feb. 9 voted to transfer the entire property ofsimplify and strengthen
Co.to the Consolidated company. This action is to
at 99.50 and int., to7yield over 5.65%.
the Consolidated company s financial structure. (See also V. 124.1t9.
Dated Feb. 11927. due Feb. 11930. Int. payable F.=ii Ch cTre.; 234 and V. 123, p. 3181.)
and New York, without deduction for Federal income taxes not in excess
Permanent Bonds Ready.
of 2%. Denom. 31.000. 3500 and $100 c*. Red. all or part at any time
Permanent bonds are now ready in exchange for temporary 1st ref. mtge.
upon 30 days' notice at the following prices and int.: prior to Feb. 1 1928
at 101: on Feb. 1 1928 and thereafter to maturity at IOC. Company will 5% sinking fund gold bonds, series "F." due June 1 1965. at the offices of
Lee, Iligginson & Co. (For offering see V. 123. p. 2897.)
propertyhwithin
,enn. m
ta otes if
reimburse the h?lders Tf tlge nx ailc requested
n personal
r
i0 da3
c;
or
after payment, fsoe
Offers $2,000,000 6% Preferred Stock to Customers.
a
exemption tax in Connecticut. not exceeding 4-10% of the principal in any
directly to its customers 82.000.0006% Preferred
The company
year, and for the Massachusetts Income tax on the int. not exceeding 6% stock at 105 and IS offering
diva. Each subscriber is limited to 10 shares and payment
of such interest per annum.
-V. 124, 1)• 790. 643.
-Authorized by the Illinois Commerce Commission and the may be made in cash or $8 monthly a share.
Issuance.
Railroad Commission of Wisconsin.
-Annual Report.
Cumberland County Power & Lt. Co.
Data from Letter of Pres. Britton I. Budd, Chicago Feb. 11.
(Including operations of Cumberland County Power & Light Co. and
Corn pang -Owns and operates the railroad running from Evanston, Ill., Portland RR. Co. leased].)
along the shore of Lake Michigan to Milwaukee, Wis. with a branch to
1925.
1924.
1923.
1926.
Calendar YearsMundelein, Ill., all electrically operated. Through lease and traffic agree84,026.673 $3,892.442 83,857.706 $3,771,968
Gross income
ments, the company operates into the loop district of Chicago and south Operating expenses
1.672.960
1,777,049
1,752.007
1,899.369
to 63d St., and renders a complete service to its patrons. Company has
343,073
388,578
333,536
309,157
recently completed a new line extending from the lines of the Chicago Taxes accrued
370.200
356.200
328,200
265,200
. Depreciation
Rapid Transit Co. at Howard St.. Chicago, through the Skokie Valley, Other deductions
758,056
730.530
746.589
747,341
connecting with the main line near Lake Bluff, .Ill. Under lease and Preferred diva.
241,416
241,416
199.419
(6%L._
159.549
traffic agreements the Chicago Rapid Transit Co. operates trains over the Common dividends
(38)320,000 (38)257.500 ($5)139,744(8%)107.872
a rental sufficient to cover
first 5 miles of this line. to Niles Center, paying
Its proportionate share of fixed charges.
Balance, surplus
$223,942
$263,237
$283,480
$333.169
Authorized. Outstanding Shares common stock
Consolidated Capitalization$10,000,000 a$6.914,500
Prior lien 7% cumulative stock
outstanding (no par)_
40,000
x26.968
35.000
30,000
5.000.000
5,000.000 Earned per share
Preferred 6% non-cumulative stock
$1451
$1359
$1488
$1576
Common stock
5,000,000
5,000.000
a Par Value, $50.
due July 1 1936- - (Closed)
Underlying divisional 5% bonds.
c4,000,000
Balance Sheet Dec. 31 (Cumberland County Power & Light Co.).
b
0,
19,726,500
1st & ref. M.gold bds.,ser. A 67 due Jan. 11955_i,
1926.
1925.
1925, I
1926.
Series B 5%,due April 1 1956
do
12,750,000
Assets$
Liabilities
-year 53 % gold notes (this issue), due Feb. 1 190
3
5
,
2.500.000
-year non interest bearing notes, due July 1 1928
5
d2,684.208 Plant account___ _16,172,981 15,482,106 Preferred stock._ 4.024,000 4,024.000
Securities
591,228
591,778 Corn. stk. surplus_x4.404.338 3,680.310
a Includes amount now being sold on deferred payment plan. b Issuance Cash & curr. assets 798,920 1,052,977 Funded debt
9,000.000 8,253.000
of additional bonds limited by the restriction of the mortgage. c Does Unam.disc, on sec. 1,581.956
510,748
399,381
443,526 Accts. pay. dr accr
not include $5.500,000 pledged as part security for the 1st & ref. mtge, Prep'd &def.chges
27,590
21,244 Portland RR. Co
-year Special funds
bonds. d Exchangeable at maturity at, option of company for 5
484,270
37,820
construction. &c. 494,697
preferred stock.
%
5 notes or 6% non-cumulative
821,970
reserves__ 820,'75
The above table does not include $1,453,400 equipment trust certificates Total (each side)_19.172.674 17,609,452 Deprec.
35,154
29,884
Unadjusted credits
and $614,770 real estate mortgages,Interest on which is included in operating
-V. 123, p. 709.
Represented by 40.000 shares of no par value.
expenses.
Purpose.
-Proceeds will be used to retire floating debt and for capital
-Bonds OfEastern Gas & Electric Securities Corp.
expenditures for additions and betterments to the company's property.
Consolidated Statement of Earnings 12 Months Ended Nov. 30 1926.
fered.-Ilmcks Bros & Co., Bridgeport, are offering at 100
Gross revenues,including other Income
$7,843,438 and int. $200,000
collateral trust 6% gold bonds, series A.
Operating expenses, including maintenance, rentals & taxes_ _ _ - 6,080.471
Dated Feb. 11927; due Feb. 1 1947. Int. payable F. & A. without deNet earnings before depreciation
31.762,967 duction for any normal Federal income tax not exceeding 2%. Denom.
$1,000 and $500. Red. upon 60 days' notice ta 105 and int. Conn. 4-mill
Annual int. requirements on 318.976.500 mtge. bonds & int.
personal property tax refunded. Merchants' National Bank, New Haven,
bearing notes presently to be outstanding, incl. these notes,
amounted to
$1,072,340 Conn., trustee.
-V. 124, p. 789.
-The same bankers are offering
Preferred
Offered.
-Definitive Bonds Read
Colorado Central Power Co.
The Guaranty Trust Co.is now ready to deliver definitive 1st mtge.53i%
sinking fund gold bonds, due Dec. 1 1946.in exchange for interim certificates.
Bee V. 123, p. 2896, 3037.
Stock
at $100 per share 3,000 shares no par $7 preferred stock.
-F. Red. on any div. date on 30 days' intim at
Dividends payable Q.
$107 per share and div. until Feb. 1 1932, and thereafter at $1 more per
s..are for each additional year or fraction thereof until a price of $110 and
1066
THE CHRONICLE
dIv. is reached, which figure shall stand as the maximum redemption price.
Merchants' National Bank, New Haven, Conn., registrar.
Capitalization.
Collateral trust 6% bonds, this issue
$1.000.000
Preferred stock (no par value)
6.000 shs
Comm
Common stock (no par value)
25.760 shs.
Businfts and Properties.
-Corporation is a Connecticut corporation
formed to acquire and own practicady the entire common stocks, except
directors' qualifying shares, of the Rock
-ville-Willimantic Lighting Co.
and the Fulton Light, Heat & Power Co. These shares will be deposited
in the form of voting trust certificates as security for the above named
collateral trust bonds.
Rockville-Willimantic Lighting Co. was incorp. in Conn. in 1909. It
operates under perpetual franchises and supplies gas and electricity to the
cities of Rockville and Willimantic. Conn.. and electricity in numerous
towns in Windham and Tolland Counties, Conn. These communities
have been long established, contain many well known and prosperous industries and are enjoying a healtny steady growth both in business and
population. Company manufactures its gas in its own plants in Rockville
and Willimantic. It generates a portion of its electricity at its hydroelectric plants at Stafford Springs, Conn., but purchases the major portion
of its output from the New England Power Co. under an advantageous
contract.
The Fulton Light, Heat & Power Co. was organized in New York in 1902.
It supplies electricity to Fulton. Granby and Volney, all in Oswego County,
N. Y. Its franchises are either perpetual or for very long terms and are
with minor exceptions, exclusive. Company generates about half of its
current in its own hydro-electric plant and buys the remainder from the
Oswego Falls Corp. and the Syracuse Lighting Co.
The combined companies supply electricity to a population of about
76,000 and gas to about 20,000. For the year 1926 their output was about
17.665.000 k.w.h. in electricity and over 70,000.000 cubic feet of gas.
Consolidated Income Account of Operating Companies.
Years Ended Dec. 31-1926.
Average.
1925.
1924.
Gross operating revenue
$842,030 $783.466 $734,988 $786,828
Operating income
318,160 287,954 257.604 287,906
Other income_
3.525
3.155
1,758
2,813
1otal income
$321,685 $291,109 $259.362 $290.719
Int., tax., depr. & oth. prior chges_ 163.659 151.812 146,594 154,022
[VOL. 124.
A.D.Jones as Vice-President & Audit. in charge of accounting and stores.
V. 124. p. 507; V. 123, p. 581.
Laclede Gas Light Co.
-Larger Dividend.
-
The directors have declared a quarterly dividend of
a share on the
common stock placing that issue on a 812 a year basis, $3
compared with $8
regular and $2 extra previously. The dividend is payable March 15 to
holders of record March 1.-V. 124, p. 111.
Lincoln (Neb.) Telephone & Telegraph Co.
-Earnings.
1926.
1925.
1924.
1923.
Total telephone revenue_ $2,760.596 $2,644,233 $2,538.928 $2,512,580
Total telephone expenses 2,147,453
1,915,735
1,900,674
2,010,849
Net telephone earnings $613,143
3633,384
3623,193
$611,906
Sundry net earnings.._ _
43,343
62,581
44.616
43,841
Total net earnings_ ___
$685,774
E656.486
$678.000
$655,747
Deduct interest
153,336
116,648
142,665
113,850
Divs., pref. & common
415.868
471.990
429,327
469,391
Balance, surplus
$87,282
397.136
$106,008
172,506
-V. 123, p. 1762.
Kansas City Power & Light Co.
-Registrar.
-
The Chase National Bank of the City of New York
been appointed
registrar for 10.000 shares of 1st pref., series B. stock. has 122. p. 1446.
-V.
Lowell (Mass.) Gas Light Co.
-Offer Made Stockholders.
The directors announce that an offer has been received from Estabrook
& Co. of Boston for the purchase of a controlling interest in the capital stock
at a price of $80 per share. The acceptance of this offer is being recommended in a letter to the stockholders by Pres. George S. Motley, and by
the directors. If the sale is consummated the company will be
the executive management of Stone & Webster, Inc., who nowplaced under
manage the
Lowell Electric Light Corp. The offer does not apply to the class "A"
stock recently issued to employees and customers, the sale of which, under
Its terms, is restricted until Jan. 1 1930.-V. 123, p.2261.
Mackay Companies.-Ndw Trustee.
-
F. G. Osier of Oster & Hammond, Toronto, and a director In Dominion
Bank. has been elected a trustee of Mackay Companies.
President Clarence 11. Mackay stated that the consolidated current assets,
the greater portion of which is represented by readily marketable securities
and cash. aggregate 324.000,000. while current liabilities total $2,500,000.
During the past six years over 325.000.000 has been expended
and improvements to the telegraph and cable plant. all of this for additions
money being
provided from reserves and earnings.
-V. 122. p. 1917.
Available for common stock depos-$158.026 $139,297 $112,768 $136,697
The average annual earnings for the past 3 years, available for the collateral deposited as security for these bonds, have been $136,697, or 2.25
times the interest requiremeet of *60,000 of these bonds. For the year
1926 the net earnings of $158,026 were 2.6 times such interest requirements.
Purpose.
-Proceeds will be used to pay in part for the acquisition of stocks
ofoperating companies and for various other corporate needs. Incidentally,
a majority of this issue of series A bonds, one-half of the pref. stock and all
Mexico Tramways Co.
-Interest Due
of the common stock are being retianed for investment by interests identified
1920.
On and after March 1, coupon No. 28. dated Sept.111920, detached
with the management of the company.
Sept.
from the gen. consol. let mtge. 50
-year 5% gold bonds, will be paid at
the Bank of Montreal, Toronto, Montreal or London. England, or at the
Electric Bond & Share Co.
-New Vice-President.
Ralph B. Fettein has been elected a Vice-President. Mr. Feagin's agency of the Bank of Montreal, New York, at the holder's option.
principal work for the company will be in connection with public relations V. 124. p. 236.
and legal matters.
-V. 121, p. 505.
Milwaukee Electric Ry. & Light Co.
-Earnings.
12 Mos. End. Dec. 31Electrical Securities Corp.
1926.
-Tenders.
1925.
1924.
Otters will be received until 10 a. m. on Feb. 28 at the office of the Operating revenues
326,219,754 $23,992,653 $22,559,912
Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, for the sale to it Operating expenses
15,369.657 14,415,619 14,169,176
at the lowest prices offered (not exceeding 103 and int.) of collateral trust Depreciation
2,043.192
1,847.078
1,627.102
sinking fund 5% bonds of the below mentioned series, in.such amounts as Taxes
2,283,191
2,160,756
1,757,306
will exhaust the following sums: 9th series. $43,506; 10th series, $12,207;
Net operating revenues
15th series, $73.200; 16th series, $131.338; 17th series, $109,276. Interest
$6,523.714 $5,569.200 35,006.327
Non-operating revenues
on the above bonds purchased will cease on March 1.-V. 123. p. 2390.
335,349
357,675
252,884
Gross income
General Telephone Co.
36.859,063 35.926,876 35,259,211
-Definitive Notes Ready.
Definitive 1-year 5% collateral trust gold notes, dated Nov. 1 1926. due Interest charges
2,833,364
3,088,044
2,933,490
Nov. 1 1927. are now ready for delivery in exchange for outstanding interim
Net income
$4.025,699 $2,838,832 $2,325,721
certificates at the Guaranty Trust Co., 140 Broadway, N. Y. City. For
offering. see V. 123. p. 2776.
Comparative Balance Sheet Dec. 31.
1926.
1925.
1926.
1925.
Gulf States Utilities Co.
Asses
-Definitive Bonds Ready.
Liabilities$
$
$
The Chase National Bank is prepared to deliver definitive 1st mtge. & Property & plant 83,689.426 83,689,426 Preferred stock_ _ _15,357,584 14,546,891
ref. 5% gold bonds, series "A," in exchange for and upon surrender of the Capital expend. __ 7,409,146
Common stock_ _19,000,000 11,250,000
outstanding temporaries. (For offering see V. 123. p. 1875.)-V. 123. Sundry investmls 1,356,454 2,359,399 Funded debt
41,395,500 47,045,900
Reserve, sinking &
p. 1996.
Accounts payable_ 733,135
702,956
spec.
• Cash fund assets 928,981 584,078 Notes & bills pay_ 1,800,000 545,000
Hartford (Conn.) Electric Light Co.-Sto-k Increased.
1,216,774
771,799 Inter-co. accounts_ 4,589,973 4,231,713
The stockholders on Feb. 8 increased the authorized capital stock from Notre & bills rec. _
25,039
11,109 Misc. current Nab_ 1,357,150
836,792
$16,000.000 ($12,000.000 outstanding and $4.000.000 pledged for conver- Accts. receivable 1,956,592 .
2,075,313 Taxes accrued__ _
946,557
695,085
sion of notes) to 820.000.000, par $100. The company now has a bill pend- Inter-co. accounts_ 2,827,826 3,411,858 Unmat'd Int. neer. 211,492
475,515
ing
the General Assembly at Hartford. Conn., to amend Its charter in Material & suppl._ 2,506,494 2,582.279 Dividends accrued 105,576
105,070
relation to capital, making the limit 830,000.000.-V. 124, P• 791.
Prepaid accounts_
26,628
22,970 Misc.'lab. accrued
7,342
1,128
Open accounts _ - _ 1,426,894
881,026 Reserves
17,381,111 15,967,732
Helena Light & Ry.-Time Extended.
Bond & note disc 3,930,035 3,182,527 Suspense accounts 364,214
412,167
The bondholders' protective committee for the 3878.000 1st mtge.
Surplus
4.050,655 2,755.834
sinking fund 5% bonds has extended the time to March 7 1927, in which
bonds may be deposited with the depositary. American Exchange Irving
Total
107,300,28799.571,784
Total
107,300,287 99,571,784
Trust Co., 60 Broadway, N. Y.
-V. 123, p. 3038.
-V. 123, p. 2900.
Indianapolis Power & Light Corp.
-Bonds Called.
-
All of the outstanding 1st coll, trust gold bonds, series A, dated May 1
1926, have been called for payment May 1 next at 104 and int, at the Chase
National Bank of the City of New York, trustee, 57 Broadway, N. Y. City.
-V.122, p. 2948.
International Power Co., Ltd.
-Makes Offer to Porto Rico
Rys. Co.Ltd., Common Stockholders.See Port:co Rico Rys. Co., Ltd.. below.
-V. 122. p. 1609.
Interstate Power Co. (Del.).
-Debentures Offered.
-In
line with its plan for simplifying the capital structure through
retirement of previous outstanding bond issues of the company and of underlying bonds and preferred stocks of
subsidiaries, and to amalgamate the various properties into
one operating unit, the company is offering through a syndicate headed by the Chase Securities Corp. a new issue
of $7,500,000 6% gold debentures. Included in the syndicate making this offer are West & Co.; Pynchon & Co.;
Federal Securities Corp. and W. S. Hammons & Co. The
debentures are priced at 98% and int. to yield over 6.10%.
Dated Jan. 1 1927; due Jan. 11952. Principal and int.(J. & J.) payable
at Chase National Bank, New York, trustee; interest also payable at
Continental & Commercial Trust & Savings Bank, Chicago. Denom.
81.000. $500 and $100c*. Red. as a whole at any time, or In part on
any int, date on 60 days' notice at 105 prior to Jan. 11932; at 104 on said
date and thereafter prior to Jan. 11937: at 103 on said date and thereafter
at 102 on said date and thereafter prior to Jan. 1
prior to Jan. 1
1942''
1947; and at 101 on said date and thereafter prior to maturity, plus int.
In each case. Int. payable without deduction for Federal income tax
-mills and Calif. 5
-mills taxes, and Mass.6% Income
up to 2%. Penna. 4
tax on int. refundable.
The proceeds received by the company from the present financing,
including the recent sale of $20.000,000 1st mtge. gold bonds, will be used
in the retirement of previous bond issues of the company and of underlying
bonds and preferred stocks of subsidiary companies, to permit consolidation
of the properties into one operating unit, and for other corporate purposes.
Compare offering of $20,000,000 1st mtge. gold bonds in
V. 124, p. 920.
.-New President, ctc.
Interstate PublicService Co.(Del.)
Minnesota Southern Telephone Co.
-Bonds Offered.Metcalf, Cowgill & Co. and James A. Cummins & Co.,
Des Moines in Dec. last offered at 100 and int. $130,000
3
-year 6% 1st mtge gold bonds, series A.
Dated Dec. 1 1926: due Dec. 1 1929. Int. payable J. & D. Denom.
$1,000 and $500. Red., all or part, on 30 days' notice at 100 and int.
Iowa personal property taxes (other than succession or inheritance taxes)
not in excess of 6 mills refunded. Des Moines National Bank, trustee.
Company.
-Owns and operates a modern telephone system in southern
Minnesota. serving Slayton, Iona. Currie, Lake Wilson, Balaton. Avoca.
Chandler, Hadley, Wirock and Dovray. Company operates approximately
1.750 stations and serves a population of nearly 13.000 in four counties,
without competition. Company also operates over 200 miles of toll lines
which are the source of a large revenue. The lines of the company are
connected with the American Telephone & Telegraph Co. system, through
the Tri-State Telephone & Telegraph Co.'s lines, with whom satisfactory
working agreements have been maintained for many years.
The properties include exchanges in 5 cities, 4 of which are in cable;
1.050 miles of pole lines: 37.500 feet of overhead and underground cable;
200 miles of toll lines, and 1.100 miles of rural wire.
Sccurito.-These bonds will be secured by a direct 1st mtge. on all of the
m
land, buildings and equipment of the copany. The properties show are
production value as of Oct. 1 1926 of $449,205 and a sound depreciated
value of $395.350.
-Earnings of the properties have shown a stea 1 increase,
Earnings.
consistent with their growth, over a period of 20 years. Gross rnings for
the year ending Dec. 31 1926(Dec. estimated) were 333.350. Ne • arnings,
after operating expenses. were $17,047. This is over 2.18 tim
annual
interest requirements on this issue.
-Earnings.
Mohawk Valley Co.
[Including Rochester Gas & Electric Corporation.)
1925.
1926.
1924.
1923.
Calendar YearsEarnings from operation$11.658,748 $10,445,908 $9.590,189 89,098.200
5,943,345
Expenses(incl.deprec.)_ 6,367.737
5,523,376
5,354.180
1,129,257
Taxes & uncollect. bills_ 1,329.677
967,854
990.715
$3,961,334 $3,373,307 83,098,959 32,753,304
Net income
27,706
57.035
Non-operating revenue108,066
84,929
$33.989.040 $3,430,342 $33,207,025 $2,838,233
Gross income
Interest, rentals, &c_ _ -- 1,248,153
1.422.729
1,162,773
1,413,074
Divs, on subsidiary stks.
956,810
not owned
360,472
518,320
410,760
($2)1,499.360(S 40)1.049,552(12%)899616 (8)599744
Dividends
E. Van Arsdel has been appointed President. succeeding Harry Reid.
Balance, surplus
8284,716
$439.741
8715,244
$483.575
This change becomes effective March 7 at which time Mr. Van Arsdel will Shares of cap. stk. outstanding
be formally elected to the position. Other new appointments are: I. L.
3e750,000
*750,000
V75,090
y75,000
Vice-President in charge of the operation of the electric, Earn, per share on caP•
Oppenheimer as
stock
gas and water utilities; L. M. Brown as Vice-President in charge of opera$238
817 54
$1 99
$1845
x Shares of no par value. y Shares par value 3100.-V. 122. e. 1456.
tion of the railway lines; W. MarshaU Dale as Vice-President & Treas.,
FEB. 19 1927.]
THE CHRONICLE
1067
•
Capitalization Outstanding at Conclusion of this Financing.
Monongahela West Penn Public Service Co.-Ac,quis. let mtge.
$300,000
The company has acquired the Spencer (W. Va.) Water & Ice Co., Preferred 6% gold bonds, series"A"(this issue)
7% cumulative voting stock
x200.000
Which has over 1,100 consumers.
Common stock, class A
y250,000
The Mononhagela company is an operating unit of the West Penn
do
class B
150.000
Electric System, which, with this recent acquisition, now serves over
x Owned by the Pacific Telephone & Telegraph Co. y Owned by the
200.000 electric consumers in Pennsylvania, Ohio, Maryland, West Virginia Coos & Curry Telephone Co.
and Virginia.
-V. 124, p. 372.
Earnings.
-The books of all the companies now comprising the company
have
audited by Haskins and
New York Steam Corp.
-Bonds Sold.
-The National 1926.been consolidated net earningsSells, for the 12 months ending Oct. 31
available for interest upon these bonds
The
City Co. and Cassatt & Co. have sold at 96 and int. to before depreciation and Federal income tax were $60,103, or over three
times the annual interest requirements of $18,000. It is estimated by the
yield about 5.30%, an additional issue of $3,000,000 1st management that earnings for the year 1927 will be increased to a minimum
mtge.5% gold bonds. Dated May 11926; due May 1 1951 of$70,000 due to economies resulting from unified management and control.
-Proceeds from this issue of bonds together with
Purpose of Issue.
(see description in V. 122, p. 2330.)
moneys received from the sale of securities junior thereto will be used to
-Authorized by the New York P. S. Commission.
Issuance.
reimburse the company for funds expended in acquisition of these properties
Data from Letter of James D. Hurd, President of the Corporation and for other corporate purposes, including additions and betterments.
Sinking Fund.
-Under the terms of the mortgage there is provided an
Company.
-Is the largest company of its kind in the United States.
Supplies steam for heating and power purposes in the downtown financial annual sinUng fund equal to 2% of the par value of all bonds secured by
district and in extensive uptown commercial and residential sections in this mortgage outstanding at the close ofthe previous fiscal year. Of this
the City of New York. The franchise under which the corporation oper- amount one-half must be used for the purchase or redemption of 1st mtge.
ates is very satisfactory and, in the opinion of counsel, grants the right, bonds; the other half, at the request of the corporation, may be invested
'without limit as to time, to lay mains and pipes in any of the streets of by the corporation in new construction, extensions and betterments, against
the Island of Manhattan and to supply steam for power, heating and which no bonds can be issued or must be used to purchase or redeem bonds
of this issue.
-V. 123, p. 2655.
cooking.
The rates in effect during the past eight years, under a schedule ap-Acquires Line.
Pacific Gas & Electric Co.
proved by the Public Service Commission, automatiaclly fluctuate with
Hazel Gold Mining Co.. which has been distributing electricity to the
the cost of fuel to the corporation, thereby assuring a continuance of
people of French Gulch, Shasta County, Calif., has decided to confine
the satisfactory increases in net earnings as the business expands.
The corporation furnishes steam to over 1,850 buildings in N. Y. City, itself to the business of mining. With the approval of the California RR.
a number of which have no boiler equipment and have relied on the service Comm.it will sell its 4 miles of distribution line to the Pacific Gas & Electric
for upward of a quarter of a century. The cubic contents of the buildings Co., from which it has been buying current for resale. This company will
-V. 124. p. 922.
connected with the corporations' system and those for which contracts rebuild and extend the plant.
have been closed aggregate 1.025.000,000 cu. ft. Of this amount 580.000.-Stock Split-Up.
Pennsylvania Water & Power Co.
000 cu. ft. or over 56% of the total are represented by 1.400 buildings
The stockholders will vote May 10, on changing the authorized capital
which contain no steam generating equipment whatsoever and in many
instances not even smoke stacks. A comparison of these figures with stock from 135,000 shares, par $100, to 540,000 shares of no par value, four
the 389,000,000 Cu. ft. content of all buildings connected with the system new shares to be issued in exchange for each share held.
Rumors Denied.
-Before sailing on the Duilio for a business trip to France
during the heating season of 1921-22 indicates the very substantial growth
and Italy, J. E. Aldred, head of the investment banking firm of Aldred &
of the corporation's business.
Co., stated: "There is no truth in the report that the Consolidated Gas,
-Proceeds will reimburse the corporation in part for expendiPurpose.
tures in connection with the construction of the new Kip's Bay steam Electric Light & Power Co. of Baltimore will absorb the Pennsyl mnia
station, the first two units of which are now in operation, and for other Water & Power Co. Both companies are progressing satisfactorily."
Discussing th e split-up of the shares of the Pentsylvania Water &''owe
Important property additions, including the extension of the corporation's
and a possible change in dividend rate, Mr. Aldred, said: "The shares of
mains in the uptown district.
the company were paving $8 annually before they were split up four for
Capitalization upon Completion of Present Financing.
one a few days ago. There will be no change in the rate at present and each
-V. 124, p. 782. 236.
Cum. pref. stock, 66,930 shs. without par value (41.930 shs., $7
share will pay $2 annually."
div. series and 25.000 shs. $6 div. series), at minimum liquida-To Pay Notes.
Peoples Gas Light & Coke Co.
tion price of $100 a share
$6,693,000
Common stock, 30,000 shs. without par value, representing the
Notice has been given that the $5,750.000 of 3
-year 6% secured gold,
series "A." with accrued interest, will become due and payable on
balance of stated capital
7,320,000 notes, 1 1927 at the office of the Illinois Merchants Trust Co.. Chicago,
1st mtge. gold bonds
-6% series due 1947
5,693,500 March
5% series due 1951 (including this issue)
5.487,000 1:11.-V. 124, p. 648.
Earnings for Calendar Years.
-Sub. Co. Acquisition.
Peoples Light & Power Corp.
The Gas & Electric Improvement Co. of Chicago, through E. Chandler
Exp., Maint. t%
int. on
Calendar
Beach, has sold tow. B. Foshay Co. the Austin Gas Co. of Austin, Tex.,
Gross
Taxes other
Net before
Funded
Yearsan artificial gas system supplying gas fuel without competition to Austin.
Earnings.
than Fed. Federal Taxes.
Debt.
population of 50,000 and
State. The
1922
$3,409,234
$2,598,421
$810,813
$287,856 Austin has a be controlled and operatedis the capital of theTexas Corp..
as Peoples Utilities
property will
1923
3,724,097
2,787,670
936,427
310,004 a subsidiary of the Peoples Light & Power Corp., the latter being the cor1924
3,843,973
2,754,494
1,089,478
316,188 poration formed by the Foshay interests to operate its utility properties.
1925
4,334,388
3,139,537
1.194,851
347.899
1926
5,518,449
3,904,117
1,614,332
424,163 -V. 124. p. 922,;792.
1927:
5,749,694
4,033,106
1,716,587
434,568
-Notes Called.
Pittsburgh Utilities Corp.
x Twelve months ended Jan. 31 1927.-V. 123, p. 3183.
-year 5% 1st Lien Gold Notes, dated
All of the outstanding $10,000.000 2
have been called for payment April 18 next at 10035 and bit.
April 15 1926
North American Co.
-Div. Payable in Stock.
-V.123. p. 2140.
the First National Bank of the City of New York.
The directors have declared the regular quarterly dividends at 134% on at
the preferred stock and 2;i% on the common stock, both payable April 1 to
-Offer for Stock.
Porto Rico Rye. Co., Ltd.
holders of record March 5. The dividend on the common stock will be paid
Chairman W. D. Ross, in a circular letter to the common stockholders,
in common stock at par, or at the rate of 1-40 of one share for each share says in part: "I have received an offer from the International Power On.,
held. The common dividend is at the same rate as paid quarterly since Ltd., directed to the holders of the common shares of the Porto Rico Rye.
Oct. 1 1923.
Co., Ltd.. to allot and issue in exchange for every three shares of the outTreasurer Robert Sealy, Feb. 14, says: "The company will arrange, standing common stock of your company,two fully paid shares of cum.7%
upon request of any stockholder, for either the sale of dividend stock, the 1st pref. stock of $100 each (dividends accruing from Jan. 1 1927), and two
purchase of fractional scrip to complete a full share, or the sale of fractional fully paid common shares of no par value of the International Power Co.,
.
p
Ltd., or to purchase any or all of your common shares for cash at $70 per
"Heretofore it has been our practice to make purchases for account of
common stockholders on the basis of the market price at the date the order share."
[Shareholders who accept the offer are requested to forward their stock
to buy was received. In order to simplify the handling of orders, however, certificates to the International Power Co., Ltd.. 164 St. James St., MonIt has been found necessary to fix a date for determining the price of stock or treal, Canada, on or before Feb. 28 1927.1-V. 123. p. 3184.
scrip, and unless instructed by stockholders to the contrary, purchases and
sales for their account will be made on the basis of the last sale on the New
Public Service Electric & Gas Co.
-Absorb Public Service
York Stock Exchange on March 15 1927. Sales will be made at the rate of
-New Financing-Latter Co.to Be Dissolved.
24 cents per 1-40 share below such quotation and purchases at the same Electric Power Co.
rate above it.
This company, the chief operating subsidiary of the Public Service Corp.
"Unless we hear from common stockholders to the contrary by March 15 of New Jersey, has filed with the New Jersey P. U. Comml*sion an appli1927, certificates for shares of common stock or scrip representing fractions cation for permission to issue $18,712,000 1st & ref. mtge. gold bonds, 5%
of shares of common stock to which they will be entitled in payment of such series, due in 1965, at 95; $44.173,600 6% cum. pref. stock, 1925 series, at
dividend, will be mailed to them."
par, and 300.000 shares of common stock without par value at $10 per
It is proposed to use the proceeds from the sale of these securities
Consol. Income Statementfor Calendar Years (Incl. Subs.). share. purchase of the Public Service Electric Power Co., which is now
for the
x1926.
leased to the Electric & Gas Co. for a period of 999 years. The price to be
1925.
1924.
1923.
$115,850,466 $93,028,967 $80,117,255 $75,465,267 paid, as set forth in the application, is 224,960,000. When the sale is
Gross earnings
Op. Ex., Main. dc taxes_ 64,382,878 54,987,125 50,161,763 48,289,198 completed the lease is to be canceled and the Public Serfice Electric Power
Co. dissolved.
The capitalization of the Public Service Electric Power Co. is as follows:
$51,467,589 $38,041,842 $29,955,492 $27,176,o69
Net income
Other income
4,143,441
3,574,836
1,885,331
730,988 300.000 shares of common stock without par value (issued at $10 per share):
$6,000,000 of 7% pref. stock callable at 115, and $14,000,000 6% bonds
Total income
$55,611,030 $41,616,678 $31,840,823 $27,907.057 callable at 10734. To call the $6,000,000 of preferred stock will require
16,414.630 13,001.930
Interest charges
9,862,179 8,830,273 the payment of $900.000 in premiums. To call the $14,000,000 of 6%
Pref. div. of subs.
8,355,435 4,624,595
2, 69,710
1.813,414 bonds will require the payment of $1,050,000 in premiums or a total of
1,266.130
1, 30,357
Minority interests
1,369,363
1,009,917 $1.950.000. so that the total amount required to call the bonds and preReserve for depree.
9,427.912 7.795,811
11,908,094
6,867,996 ferred stock and to acquire the common stock is $24,950,000.
Fixed charges on the securities which the Electric & Gas Co. proposes
Preferred dividends
1,763,620
1,820,108
1,344,942
1,143.022
Common dividends - - - 3,932,525
3,223,819
2,815,727
3.038,653 to issue will be $935,600 and the dividend on the preferred stock, not a
fixed charge, will be $250,416 so that the total charge against income
Balance, surplus
811,810,875 $8,308,673 $6.422.096 $5,203,784 ahead of common stock, which will be owned by Public Service Corp. of
New Jersey, will be $1,186,016, as against a present fixed charge in the
Total to deprec. res.
& to sur. af. all divs.$23,718,969 $17,736,585 $14,217,907 $12,071,780 form of rental under the lease of $2,100,000. The rental was fixed to yield
an amount equal to 234 times the bond interest in order to insure the sale
She,of coin. outstanding
bonds.
(Par $10)
4,091,322
3.701,517
2,923,651
2,648,907 of the Service Since the Kearny Station enterprise was undertaken, the
Electric & Gas Co. has been formed with a financial structure
Earn. per sh.on common
$3.12
$ 3.16
$3.85
$3.11 Public
of such strength that the separate existence of the Public Service Electric
V. 123, p. 3321.
xPreliminarY
Power Co. is no longer necessary, it is announced.
-V. 124, p. 923.
Oregon Telephone Co., Marshfield, Ore.
-Bonds Offered.
-Peirce, Fair & Co., Portland', Ore., and Mercantile
offering at 100 and int.
Securities Co. of California are
$300,000 1st mtge. 6% 25-year gold bonds, series "A."
Public Service Electric Power Co.
-To Dissolve.
-
See Public Service Electric & Gas Co. above.
-V. 124. p. 237.
Quebec Power Co.
-Rights.
-
The stockholders of record March 15 will be given the right to subscribe
Date Feb. 1 1927: due Feb. 11952. Interest payable F. & A. at United on or before May 1 for additional common stock at par ($100 per share).
States National Bank of Portland (Ore.), trustee, and the American Trust Subscription will be payable at the Montreal Trust Co., Montreal. or at
Co., San Francisco, Calif., without deduction for Federal normal income tax Aldred & Co., London, England in installments of 50% each on May 1
not exceeding 2%. Company agrees to refund, Calif. personal property and July 1 next. At the latter date, there will be outstanding $10,000,000
taxes not exceeding 5 mills. Denom.$1,000 and $500 c*. Red. all or part out of an authorized issue of $15.000,000 common stock.
on any int. date on 30 days' notice at 103 and int. for first 10 years, 102
Calendar Years1923.
1926.
1924.
1925.
for next 5 years, 101 for next 5 years and 100 for last 5 years.
Gross inc.from all sources $1,238,301 $1,046,944
$544.090
$908.471
-V. 124, p. 923.
Data From Letter of Pres. Charles Hall, dated Jan. 20.
Company.
-Organized in Oregon in Oct. 21 1926. Is a consolidation of
Republic Ry. & Light Co.
-To Dissolve.
the McMinnville Telephone Co.; Hillsboro Telephone Co.; Multnomah &
The stockholders on Feb. 15
dissolution of the
Clackamas County Mutual Telephone Co.; Newberg Telephone Co.; company, to become effective approved a plan for the
March 1.
Scholls Telephone. and the Western Oregon Telephone & Telegraph Co.
At the annual meeting, which preceded
special meeting, the stockcompanies all serve without competition a rich agricultural and dairy- holders elected as directors the following: the
These
Henry L. Bogert, Jr., H. A.
ing territory in the northern part of Oregon, adjacent to Portland. with an Clarke, Herbert L. Dillon, Clarence L. Harper, John C. Harrington, Alfred
estimated population of 45,000. Company has arrangements for the inter- L. Loomis, John H. Pardee, R. P. Stevens. Landon K. Thorne, who, when.
change of toll business with the Pacific Telephone & Telegraph Co. Com- dissolution of the company becomes effective, will become liquidating
pany owns and operates approximately 4,587 miles of wires and cable* and trustees.
473 miles of pole lines. There are 12 exchanges in its system giving !service
See also letter of President R. P. Stevens in V. 124. p. 237.
to 6,341 telephones.
The properties of the company were appraised as of Nov. 1 1926, at a
-New Control.
Rockvinz-Willimantic Lighting Co.
depreciated reproduction value of $667,995.
See Eastern Gas & Electric Securities Corp. above.
-V. 116. p. 947.
1068
THE CHRONICLE
Shawinigan Water & Power Co.
-New Common Stock
Put on a $2 Annual Dividend Basis.
-
The directors have declared a quarterly dividend of 50 cents per share on
the new no par value common stock, payable April 11 to holders of record
March 25. This dividend Is equivalent to the rate paid quarterly since
• Oct. 10 1925 on the old common stock of 3100 par value, which was recently
exchanged for new stock on a basis of 4 new for 1 old. See V. 124, p. 113.
Silesia Electric Corp. (Elektrizitatswerk Schlesien
Aktiengesellschaft.)
-Listing.
The New York Stock Exchange has authorized the listing of $1,000,00
sinking fund mtge, gold bonds. 834% series, due 1946, now outstanding
with authority to admit to the list 83,000,000 additional upon official notice
of issuance in exchange for outstanding interim receipts, making the total
amount applied for $4.000.000.
Income Account for Stated Periods.
Year Ended 6 Mos.End
Dec. 31 '25. June 30'26.
Teta revenue
83.073.042 31,535.651
Total expenses
854,547
1.823,175
Taxes
187.249
254.037
Depreciation
142,857
309.524
Interest
28.844
9.311
Net earnings
-v. 123, P. 3185
.
$676.996
$322.155
South Carolina Power Co.
-Bonds Called.
See Charleston City By, above.
-V. 124, p. 649.
[VOL. 124.
Comparative Balance Sheet Dec. 31.
1926.
1925.
1926.
1925.
Assets$
ItabilUtes(Con.).
$
$
$
Plant & equIpm't_36.233,504 34,611.293 Com, stock subs._
8,353
84.878
Invest. In 0th. cos_ 4,500,319 4,537,480 5% coll. tr. bonds_ 214,000
215,000
Cash
909.044
839,519 5% 1st ref. mtge.
Mater. & supplies_ 502,297
bonds
550,183
5,203.000 5,316,000
Note9 & accts. rec. 1,065,866 1,135,143 5% gen. mtge. bds. 5.000,000
Prepaid accounts_
9,292
20.514 3-4-5% debentures 1,400,000 1,400.000
Subsc. to cap. stk_ 305.005
60.736 Okan. Val. Pr. bds.
247.700
Work In progress... 4,327,409
2-yr. 6% notes_
3,600,000
Suspended accts._ 696,192
745,094 Chelan prop.purch.
1,250.000
contract
Notes payable.-- 180.000
800.000
Total
48,548,928 42,499,964 Accounts payable_ 257.056
202.498
Divs. pay. Jan. 15 461,494
459,272
Liabilities
Accrued accounts. 665,729
645.628
6)4% pref.stock 2,360.900
Unad lusted credits 475,397
73,079
Common stock...23,091,400 23,001,500 Surplus, retirement
6I4% pref. stock
and damage res_ 7,288,154 6,380.700
subscribed
607,150
Prem. on cap. stk.
86,295
48,548,928 42,499,964
73,620
Total
-V. 123, P. 1998.
Washington Gas Light Co.
-Earnings.
Calendar Years1924.
1926.
.1923.
1925.
Operating revenues
55.283.010 $4.916.550 $4,892.881 $4,889,104
Operating expenses
3,296.685
3,504.789
3,607.081
3,543,033
Net operating revnue_ $1.675.948 31,411,761 $1,596,197 31,346,072
Other income
99,653
57,136
54.533
87.225
Total income
31.730.482 51,468.897 31,695,850 31,433,297
Taxes & uncollectibles
387.653
409.864
306.379
363.825
Interest
507,066
488.841
571.616
526.034
Amort.ofdebt disc.& exp
17,642
66.935
17.645
17.645
Other deductions
16,592
14.771
5.314
3.120
Dividends($3 60)
488,000
468.000
468.000
488.000
Southern Ice & Utilities Co.
-Tenders.
The Equitable Trust Co. of New York, trustee, 37 Wall St., N. Y. City.
Net
$88,372
$298.897
490.273
will until Feb. 21 receive bids for the sale to it of 1st mtge. gold bonds. Sharescorporate income_ $258.044
of cap. stk. outconvertible 6% series, due Feb. 1 1946. to an amount sufficient to absorb
standing (par $20)_-130.000
130.000
130.000
130.000
$40,000, at prices not exceeding 105 and int.-V. 122. p. 1764.
Earn, per share on cap.
stock
84 28
$5 .58
34 29
$5 90
Southwestern Light & Power Co.
-To Inc. Bonds &
x After setting up $70,000 to apply on income tax for the year 1925.Stocks.
V. 123, p. 2903.
The stockholders will vote Feb. 25 (a) on authorizing the issuance of
bonds from time to time by the company in an aggregate principal amount
Washington-Virginia Ry.-Sale.not exceeding $100.000.000. of which approximately $6,000,000 are to be
The property will be sold at auction in April next, the date to be fixed
Issued forthwith for the purpose of financing in part the acquisition of later. Circuit Court Judge Samuel G. Brent has named John 8. Barbour,
additional properties and retiring existing mortgage indebtedness of the Judge J. K. M. Norton and Gardner L. Boothe with Edward Hopkinson
company: (b) on increasing the authorized preferred stock from 25.000 of Philadelphia as commissioners of sale. Company has been in receivershares without par value to 75.000 shares without par value: (c) on chang- ship since Nov. 23 1923.-V. 121, p. 1791.
ing the designation of the class "B" common stock to "common stock" and
/ ng the authorized shares of said class of stock from 25,000 shares
incr
West Penn Electric Co.
-Earnings.
wit ut par value to 125.000 shares without par value. and (d) on authorCalendar Years1926.
1925.
g the sale of the increased shares In such manner and upon such terms Gross
d for such consideration as the directors may from time to t e deter- Net income after all charges, including reserves $31.472,134 $34.437.010
for
mine.
-V. 124. p. 849.
renewals & replacements
4,605,188
3.574,197
1st preferred dividend requirement
1,548.729
Standard Power & Light Corp.
-Earnings.
Class A dividend requirement
414,806
Consolidated Earnings Statement 12 Months Ended Nov. 30 1926.
[Including subsidiary and affiliated companies.l
Balance
$2,641,653
Gross earnings from all sources: (a) Philadelphia Co. system,
-V. 124. p. 376.
364.546,389: (b) Market Street By. Co.. $9.882.943: (el Ohio
Western Union Telegraph Co.
-Listing.
Natural Gas Producing & Distributing System. $569.519----$74,998,851
The New York Stock Exchange has authorized the listing of 525,000,000
Operating expenses, maint. & taxes (incl. Federal taxes)
46,339.285
25
-year 5% gold bonds, due Dec. 1 1951.
Net earnings: (a) Philadelphia Co. system, $26.605,877: (b)
The Exchange has also authorized the listing of $5.182,900 additional
capital stock, making the total amount applied for 3105,000.000 (being
Market Street Ry., $1.789,656: (c) Ohio Natural Gas Prothe total authorized amount).
ducing & Distributing System. $264.032
$28,659,566
Interest and dividend charges on securities of subsidiary and
Of the foregoing stock $182.900 is to be issued for cash at not less than
Par ($100) per share, and the proceeds used for general corporate purposes
affiliated companies now in hands of public (a), minority
outside the State of New York and not within that State.
interests' proportion of undistributed earnings, rentals and513
The 85.000.000 additional capital stock has been offered for subscripexpenses
$13.482,112
Depreciation, depletion, amortization and reserves
8.482.807 tion to officers and employees under an employees' stock subscription plan.
-V. 124, p. 376.
Balance of earnings applicable to securities of subsidiary
-Earns.
(& Subs.).
Western United Gas & Electric Co.
companies now owned by Standard Power & Light Corp..-- $6,694,647
1926.
Other income,less expenses
Calendar Years1925.
63.049
Gross earnings and other income
$6.044,053 $6,758.887
Gross income applicable to Standard Power & Light Corp---- $6.757.896 Operating expense, maintenance and taxes
3,430,808 3,633,388
Annual requirements for present funded debt and pref. stocks
of Standard Power & Light Corp.:(I) 310,000.000 Pittsburgh
Earnings from operations
$2.613,245 $3,125,499
Annual int. requirement on $24,300,000 311-yr. 534% 1st M.bds41.336,500
Utilities Corp. 5% notes. 5500.000; (2) $14.000.000 6% geld
debentures, $840.000
1.340.000
$1.788.999
Balance
454.271
Balance
$5.417.696 Annual div. requirement on $6.988.700 6)4% pref. stock
220,000 shares preferred stock at $7 per share
1,540.000
Net earnings before providing for depreciation, management
2,948.709 shares participating preferred stock at $1 per share
2.948,709
$1.334.729
fees, amortization of debt discount and Federal taxes
Balance
Note.-DepreciatIon calculated on the basis of 1234% of gross operating
$928,987
*The subsidiary and affiliated companies have outstanding witn public revenue, less actual maintenance charges, amounts to $309,080. V. 124.
$135,856.280 bonds, 363.805.810 pref. stocks and $25.208,900 common stks. P. 114.
Income Statement for 12 Months Ended Dec. 31 1926 (Corporation only).
-Earnings.
Wisconsin Public Service Corp.
Gross revenue-Dividends on preferred and comm stocks owned.
The annual report, just issuecl, gives the following comparative income
33.869.835: engineering and supervision profits, $97,000;
and expense account or the corporation and subsidiary, including new propInterest earned. $3.009: total
$3.969,845 erties for the period operated only:
1924.
General expenses and taxes
1925.
1926.
12 Mos. Ended Dec. 3136,960
Interest charges
$4.454.565 $3,980,288 $3.654.351
870.298 Gross earnings
2,452,499
Dividends on preferred stock
2,305,136
2.608.345
1,019.861 Oper. expenses, maint. and taxes _
Dividends on participating preferred stock
598,138
684,397
899.019
1.279,557 Interest
219,877
147.000
283,344
Preferred dividends
Surplus for the year
$763.168
Surplus Dec. 31 1925
3604.070
$623,515
159.564 Dal. for ret, res., com. div. am.& sur. 8663.857
Effective Feb. 1 1927 the Standard Gas & Electric Co. subscribed for
Surplus Dec. 31 1926
8922.732 83.000.000 additional common stock of the above company, subject ti/
Balance Sheet Dec. 31 1926 (Corporation Only).
authorization by the Wisconsin RR. Commission.
Under the customer ownership plan of preferred stock distribution, the
Assets,
Liabilities.
in 1926
Securities owned
886,699,29912-yr.5% 1st lien notes assum _S10,000,000 net total of sales from treasury preferredwas $1,445.700 par value. The
shareholders.
-V.124, p. 924.
Cash
948,817 30-year 6% debentures
14,000,000 company now has a total of 4,800
Accts. reedy.. subsidiary and
Cap. stk, without par value_a63,560.479
-Voting Trust.Worcester Suburban Electric Co.
affiliated companies
166,622 Accts. payable, sub. co
20,375
Dividends receivable
A voting trust has been created for the purpose of realizing not less than
874,202 Int. accrued on notes
104,167
per
Organization account
117.147; Divs. accrued on pref. stock_
198,333 $150 per share during the first five years and not less than 175 ten share
years
wil be
duration of the voting
; surplus
922,732 the next five years. Thesatisfactory offer for the trust of the stock is resale
Total
unless in the meantime a
*88.806,0971
-V. 124, p. 794.
a 220.000 shares pref. stock, 2,948.709 shares participating pref. stock ceived.
and 440.000 shares common stock.
Corporation also has outstanding a 32.700.000 note to a subsidiary comany, which has no funded debt and in which Standard l'ower & Light
INDUSTRIAL AND MISCELLANEOUS
Corp. through another subsidiary company has a stock interest of over
00;4%, Compare also V. 124. p. 793.
-On Feb. 14 Arbuckle Bros. reduced price 10 pt..
Refined Sugar Prices.
to 5.9.5c. per lb. On Neb. 15 the following companies reduced prices as
United Electric Light Co. of Springfield, Mass.
-Par follows: American, 20 pta. to 6.05c.: Fodsral. 10 pta. to 6.05c.; McCahan,
Value of Shares Changed.
20 pta. to 6.05c.: National, 20 pta. to 6.05c.: Revere, 10 Pte. to 6.05c..
The stockholders on Feb. 3 voted to change the authorized capital stook and Warner 20 pta. to 6.05c.
-Goodyear, Firestone and
Tire Prices Reduced 734% to Manufacturers.
from 40.000 shares. par $100. to 160,000 shares of no par value, four new
shares to be issued,in exchange for each share ofstock owned.-V.124,p.924, other leading tire makers reduce prices 734% to manufacturers. Dealers'
.14
prices remain unchanged.-"% all Street News" Feb. 16.
Washington Water Power Co. Annual Report.
-"Boston News
American Brass Co. Advances Prices Li* Cent per Pound.
1926.
1925.
1924.
Calendar Years1923.
Bureau" Feb. 12.
56.050.686 55,807 432 55,299 927 35,087;336
;
;
Gross revenue
Rayon Prices Advance -Viscose Co. on Feb. 14 and Du Pont Rayon Co.
1,803,690
1,679,643
1,496,833 on Feb. 16 advance price of 300 denier rayon yarns in "B" and "0" grades.
1,577,294
Operating expenses
721,379
683.837
'
628.474
632.664 New prices are: "B, $1 23 per lb., and "C," 81 20 per lb. "A" remains
Taxes, incl. income tax551,671
681,552
607,464 unchanged at $I 25 per lb. "Wall Street News" Feb. 16.
633,661
Interest
945,355
903,525
733.349
Strikers at Gera Mills and New Jersey Worsted End Year-Old Struggle.
793.756
Retirement expense__ _ _
50.454
Vote 165 against 45 to end strike through efforts of arbitration committee.
Preferred dividends
411
1.704.238
1.575.106 -New York "Times" Feb. 17. R. 12.
1.625,561
g
)
Common dividends(87 ) 1,843.160
Matters Covered in "Chronicle Feb. 12.-(a) Paper and pulp products
$154,837
$134,977
$41,181
$441,920 had record year in 1926, p. 860. (to? Settlement by Ellhu Root of dispute
Balance, surplus
230.015
230.914
205.733
201,804 between plasterers' and bricklayers unions ends long strife in building
Com.shs.out.(par$100)
-oz. loaf to
S8.08
$8.57
$8.09
$8.01 trades. p. 860. (c) A. & P. to cut bread prices: company's 13
Earns. per share on com_
Southern Berkshire Power & El. Co.
-Voting Trust.
A voting trust has been created for the purpose of realizing not less than
$100 per share for the first five years and not less than $125 per share the
next five years. The duration of the voting trust will be ten years unless
in the meantime a satisfactory offer for the sale of the stock is received.
V. 120, p. 1205.
THE CHRONICLE
FEB. 19 1927.]
1069
9 mills
not exceeding 2%. Penn., Conn. and Calif. taxes not exceedin
refundable.
-The trust agreement will provide for minimum annual
Sinking Fund.
sinking fund payments calculated to retire at least two-thirds of this
issue by maturity, and for additional payments based on consolidated net
earnings and on common stock dividends paid which it is expected will
materially accelerate the minimum rate of retirement.
Data from Letter of G. W. Reynolds, President of the Company.
-Earnings.
Air Reduction Co., Inc.
-Organized in 1902 in Now Jersey. Was one of the pioneer
Company.
1923.
1924.
1925.
3 Mos. End. Dec.31- 1926.
in this country and has
$2,529,121 companies in the field of commercial color printingthis field
53,400.475 $3,014,542 $2,309,081
Gross income
leaders in
ever since its
1.650,043 maintained its position as one cf the to-day the largest
1,559.196
2,046.637
1,845.078
Operating expenses
producer of high
255,086 organization. With subsidiaries, it is
410,851
282,550
493.048
Reserves
grade art and commercial colortype printing in the United States:. Com21.074
Bond int. & exp
23,265 pany enjoys very favorable relatims with its customers, and in many inPrem. on bonds red..stances this relationship has extended over a period of 20 years or more.
known magazines,
$579,652 Company numbers among its customers nationallycommercial
$467,335
$758,613
Bal. before Fed. tax- _ $860,789
printers.
large mail order and other mercantile houses, as well as
Shs. of corn, outstanding
An unusual degree of diversification and stability is afforded the company
173,587
201,123
191,014
208.855
(no par)
business in which its customers are engaged.
$4.12
$3.77
$2.45
$3.34 by the widely divergent lines f
:Earn. per sh. on comThe company owns and operates, either directly or through subsidiary
-V. 123. p. 2522.
x Earned per share on common before Federal tax.
companies, plants in Newark, N. J., Chicago, Ill. and Rod Oak, Ia. In
-Debentures Offered.
-An offer- New York City it operates plants on leased premises.
Allerton Corporation.
Authinzed. Outstanding.
Capitalization
150.000 shs. 120,000 shs.
ing of a new issue of $2,000,0006% sinking fund convertible Common stock
3897,300
and interest, to yield over 6(%, Preferred stock, 7% cumulative bonds (this issue) 31,000,000
gold debentures at 973'
sinking fund gold debenture
52.000.000
has been made by a banking group consisting of Parsly Bros.
None of the company's subsidiaries have any funded debt and their
except directors' qualifying shares by the
& Co., Philadelphia; Brokaw & Co., Chicago, and J. A. capital stocks are all owned one exception, where a minority interest of
American Colortype Co. with
Ritchie & Co., Inc., of New York.
37%. having a book value of $71.949 is outstanding with the public.
-The operation of company and its subsidiaries
Dated Jan. 1 1927; due Jan. 1 1942. • Principal and interest (J. & S.)
Consolidated Earnings.
payable at Central Union Trust Co. of New York, trustee. Denom. have been continuously profitable, never having shown a loss in any year
1,000 and $500 c*. Redeemable, all or part, on any interest date upon since the organization of the company in 1902. Net sales for the years
0 days' notice, to and including Jan. 11929, at 105 and interest; thereafter, ended Dec. 31 have been as follows:
1925.
1924.
to and including Jan. 11931. at 104 and Interest; thereafter, to and including
1926.
1923.
37.046,926
57,740,519
Jan. 11934, at 103 and interest; thereafter, to and including Jan. 1 1938 at
$8.260,691
36,586.640
-Proceeds will be used to retire bank loans, to defray the cost
102 and interest; thereafter, to and including July 1 1941 at 101 and interest.
Purpose.
Interest payable without deduction for any Federal income tax not in excess of an extension to the Chicago plant, and for other corporate purposes.
of 2%. Refund of the Minn., Penn., Conn., Kan. and Calif. tax, not to
Consolidated Balance Sheet Dec. 31 1926 (after this Financing).
exceed 4 mills: Maryland 4ji mills tax; Kentucky and Dist. of Colum. 5
Liabilities
Assets
mills tax; Mich. 5 mills exemption tax; Virginia 5ji mills tax, and Mass.
5553.433 Accounts payable
$693.847
Cash
exceed 6%•
Income tax not to
2.819.168 Debenture bonds
2,000.000
Accounts receivable
Data from Letter of James S. Cushman, President of the Company. Inventory
1,265.713 7% preferred stock
897.300
CorPoration.-Will own all of the capital stock of Allerton New York Deferred expense
229.361 Com. stock (no par)
2,400,000
Corp., Allerton Realty Co., and Allerton 55th Street Corp.. which own five Real estate, plants, &c.,
Minority int. in National
buildings in New York City, all being in complete and profitable operation
Art Co
1,670.493
71,949
after depreciation
Surplus
(see Allerton New York Corp. in V. 124, p. 794).
475,072
The appraised value, less depreciation and exclusive of furniture and fixtures,of the Allerton properties in New York City, is in excess of59,466.093,
Total
56.538,168
Total
56,538,168
against which there will be $5,517,500 first mortgage bonds.
There is a contingent liability for additional Federal taxes of 340.000 not
The Allerton Corp. also owns 49% of the voting stock of both the Allerton
above.
Co. of Chicago and the Ailerton-Cleveland Co., and will have an option included
to purchase sufficient stock of both these companies to acquire control.
-Report.
American Home Products Corp.
The property of the Allerton-Cleveland Co. has an appraised valuation,
Earnings Statement for the Year Ending Dec. 311926.
exclusive of furniture and fixtures, of $2,340.470, against which there are
outstanding 31,597,500 first mtge. bonds guaranteed as to principal and Net profit. 51.278,415; est. income tax, $167.899; net income__ $1,110,516
Interest by the Ailerton Corp.
Div. to minority holders in subsidiary co
1.433
C'apitalizationAuthorized. Outstanding. Dividends paid & payable
600.000
$3,000,000 32,000.000 Surplus adjustment
6% sinking fund convertible gold debentures
24.183
7% cumulative preferred stock, class B
6,000.000
1,625.400
-- _ ------------------------------- $484.901
a Class A common stock (no par shares)
150,000
Net income----a Class B common stock (no par shares)
52,951 Earned per share on 300.000 no par shares capital stock
160.000
13 70
a Now known respectively as participating stock and common stock.
Lt wl l9 6.
Balance Sheet Dec.a3 ivies2
There are authorized sufficient shares of 7% cumulative preferred stock,
Assets.
class A. the issuance of which is restricted for conversion only, par for par, Land. bldgs., MAIL. do. (less
Capital stock
of $1,1663000 notes of the corporation, for the retirement of which provision
reserve for depreciation)-- 8308..734 piviri:p.esntoyckphuroeldheargseionbti.iginatsiuobnas76,61001:.42718494
will be made.
1,344.009 Accounts payable
Cash
-Based upon appraised value, less depreciation, the equity of the Investments
Egui g.
087
Allerton Corp properties in New York City total $4,426,163. In addition,
666,691 Dividends payable
the corporation will have an investment of 31.798,582 In the Cleveland and Accounts receivable
16,538 Res. for Fed. & State taxes- 1N:817
Notes receivable
Chicago Allerton residences upon the application of certain proceeds from
306.552 Reserve for contingencies
150.000
present financing. The equity in the New York properties and the invest- Inventories
23.168 Surplus
484,901
ment in the Cleveland and Chicago properties plus other assets, thus aggre- Prepaid expense
Good-will, trade-marks, &c_ _ 4.962.659
gate $6,605,471, or over 33.300 for each $1.000 debenture to be presently
outstanding. Upon completion of the present financing, current assets will
Total
37.887.434
Total
$7,687,434
substantially exceed current and accrued liabilities.
-V. 123. p. 2393.
x Represented by 300.000 shares of no par value.
Earnings.
-The consolidated earnings of the Allerton Corp. and its
subsidiaries, for the years ended Nov. 30, adjusted to give effect to the
-To Retire Pref. Stk.
American Laundry Machinery Co.
application of'the proceeds of these debentures, are reported as follows:
The company has called for redemption all of the 31.929,500 outstanding
1925.
1926.
7% pref. stock at 125 and diva,, effective July 1 next.
• Gross revenues
51.562,097 31,696.737
The directors have declared the regular quarterly dividend of $1 Dm
Oper.exp.,maint.and taxes,other than Fed'i taxes
726.468
774.764
share on the common stock. payable June 1 to holders of record May 23.
A quarterly distribution of like amount is payable on the common stock
Balance
$835,629
$921,973
-V. 123. p. 2781.
Annual int. & sk fd. chgs. on funded debt of subs_
381.062
381,062 on March 1 next.
besold for 5 cents, marking return to pre-war level, p.861. (d)Collapse of
strike of box-makers' union, in progress 17 weeks, p.861. (e) Woonsocket
(R. I.) Worsted Mills cut wages 10%._p. 861. (f) Judge Elbert H. Gary
denies reports that he Is to retire from U. S. Steel Corp., p. 876. (g) Sales
of guaranteed mortgages in 1926 largest on record, according to New York
Title & Mortgage Co.. P. 876.
(Ltd.).-19A25n.
-Annual Report.American Metal Co. (Ltd.).
Balance
5454,567
5540.911
enses__
1926.
1924.
afte
Calendar Yearsdar
1923.
Annual interest charges on these debentures
$11S.725
Y$4.498.897
Conversion.-These debentures will be convertible into class A common Income depl., &c., res- 1,694.041 35,296,109 y$5.317.995 44,948,467
1,605.956
Deprec.,
1.285,168 a2,245,261
stock of the corporation at the following prices to and including Jan. 1 Prov.for reduc. of invest.
.
1932. $25 per share, thereafter, to and including Jan. 11937. 335 per stare;
147.548
335.287
721.781
& inventory
thereafter, to and including Jan. 1 1942, $45 per share. Debentures.
350.000
350,000
Preferred dividends,,-350,000
350,000
which may be called for redemption shall be convertible as aforesaid to and Common dividends
2,376.003
1,926.775
1.773,395
1.642,467
including the 10th day prior to the date of redemption.
($4)
rate
(s3so
do
($3)
(33)
Upon the dissolution and liquidation of the corporation, after the rights
of preferred stock have been satisfied. Class A common stock is entitled to
def$68.694 $1.077,091 51.187.651 $ 710,739
Balance, surplus
share before class 13 common receives any reimbursement.
receive $60 per
and loss surplus $10,278,989 $10,348.170 $9.264.946 38,152.175
Class A common stock may be redeemed, at the option of the corporation, Profit of common stock
Shares
upon 30 days' notice at $60 per share.
594.278
593,505
outstanding (no par)_
591.593
590.790
After payment of dividends on outstanding preferred stock, class A comshare on com
$3.88
55.06
$5.01
$3.98
mon stock is entitled to non cumulative dividends at the rate of $2 per share Earn, per
x includes approximately 90% of Cia Minera de Penoles. S. A., earnings.
dividends may be paid upon claw B common stock:
per annum before any
provision for United States and Mexican Federal
thereafter, class B common stock is entitled to non-cumulative dividends y Afterdepreciation, &c. a Includes 31.000.000 specialincome taxes, but
appropriation to
at the rate of 50c. per share per annum; and thereafter, class A common before reserve.
-V. 124. p. 651.
stock and class 13 COMMOD stock are entitled to receive dividends, share and general
American Mfg. Co. (Mass.).
-1927 Dividends,-.
share alike. The corporation will formally adopt the policy of placing
class A common stock, when and as issued, upon a dividend basis of $2 per
The directors have declared four regular quarterly dividends of 134%
share per annum.
-V. 124, p. 794.
each on the pref. stock and 1 % each on the common stock, payable
smer.
March 31, July I, Oct. 1 and Dec. 31 to holders of record two weeks preCorp., N. Y. City.
-Bonds Called.
Allerton New York
- vious. Like amounts were paid on the respective issues in 1926,
All of the outstanding 1st mtge. 6%% bonds (known as "Allerton House. addition an extra distribution of 2% was made on the common and in
stock on
. March 311926.-V. 122. p. 1173.
r
130 East 57th St. bond issue"), numbered 169 to 1.502, both incl., aggre
gating $945,000, dated March 15 1922. have been called for payment
'
American Multigraph Co.
-New Director.
March 15 1927 at' 105 and int. at the office of S. W. Straus & Co. Inc.,
E. B. Green, Chairman of the executive committee of the Cleveland
at 565 Fifth Ave., N. Y. City, or at 310 South Michigan Ave., Chicago, Ill.
Of the original issue of $1,100,000, $112,500 have been retired by serial Trust Co., has been elected a director to fill the vacancy created by the
maturities, and an additional $42,500 will mature on March 15. See also resignation of C. F. Glore of Marshall Field, Glore, Ward & Co.
-V. 122.
V. 124. p. 924.
p.
American
Brown
Boveri
Electric
Corp.
-
American Snuff Co.
1920
-Annual Report.
-
Calendar Years1926.
1925.
1924.
Three more patrol boats for the U. S. Coast Guard Service were suc1923.
pref
56.673,450 31,640.158 51,858.568 52.082.520
cessfully launched on Feb. 14 at the corporation's Camden. N. J., ship- xN e earnings (6%)
dividends
237.168
237.168
237,168
237.168
building plant. Including these vessels, 16 of the 31 "rum chasers"
ordered by the Government from this corporation at a total cost exceeding Common dividends_(12%)1.320.000(12)1320.000(12)1320.000(14)1540,000
$2,000,000 have been finished. Fifteen more are under construction
Balance, surplus
582.990
1305.352
$301,420
on the ways, and keels for the remaining two will be laid shortly.
-V. Burp. res. for wk. cap.-- 5116.282
698.274
698.274
698,274
698.274
124. p. 651, 925.
Profit and loss surplus
-Div.
- Shares of common out- $5,026,920 34.910,638 84,827.648 34,526.230
American Cellulose & ChemicalMfg. Co.,Ltd.
The directors have declared a d1v. of 1%% on the 7% cumul. 1st Panic.
standing (par $100)....
110,000
110.000
110.000
110.000
Pref. stock. issued prior to June 30 1926, payable March 15 to holders of
$13.06
$14.74
$16.78
$12.75
record March 1. A distribution of 3A % was made on the pref. stock on Earn, per share on com_
x After deducting all charges and expenses of management. including
Dec. 31 1926.-V. 123. p. 3040.
provisions for income taxes.
American Colortype Co.(New Jersey).
-Bonds Offered.
1926.
1928.
1925.
1925.
Assets
$
Liabilities-Harris, Forbes & Co., New York,.are offering $2,000,000 Real estate, ma- $
Preferred stock- - 3.052.800 3,952,800
6% sinking fund gold debenture at 99M and int. to yield
chinery & flat.
Common stock- - _11.000,000 11,000,000
trade mks., 8,0_12,298.521 12,331,762 Pref. div. payable.
59.292
59.292
about 6.05%.
Supplies, Jrc
8,807,943 6,921,384 Corn. div. payable 330,000
330,000
I. Dated Feb. 11927: due Feb. 11942. Int. payable F. & A. at Harris, Securities
1.089,887 1.042.826 Taxes, ins.. adv..
Forbes & Co., New York, or at the Harris Trust & Savings Bank, Chicago, Cash
890.566
1.198,461 1,610.835 (Mete. &e.. res. 993.509
trustee. Callable on any int. date on 30 days' notice, at 105 and int. Dills & accts. rec._ 2,076,514 1,02l,685 Depreciation res._ 1,815,457 1,687.111
through Feb. 1 1932, thereafter at 103 and int. through Feb. 11937. and
93,347
Accounts payable_
98.085
thereafter at 101 and hit. until maturity. Denom. $1,000 c*. Company
Total(each skie)23,271,325 22,928,492 Undivided profits- 5,026,921 4,910,639
• will agree to pay interest without deduction for any Federal income taxes -V. 122, p. 1173.
1070
THE CHRONICLE
FoL. 124.
American Woolen Co.
-Sells Hecla Mill.
The company has
The corporation owns, without royalty
patent covering the various features ofobligations, United States letters
this new equipment, Tests and
demonstrations have been made over the last year and a half. Manufacturing facilities have been provided at Milwaukee, where the
machine
is now being turned out in quantity. Operating headquarters
at 130 West 46th Street, N.Y.City. The company owns its ownare located
Anglo American Corp. of So. Africa, Ltd.-Report.equipment which will develop and print the films, and its own laboratory
department
will service the automatic machines under lease to advertisers.
Brakpan
Spring
West
Quarter Ended Dec. 31 1926The "'Maims" differs from the "Trans
Mines,Ltd. Mines,Ltd. Springs,Ltd.
Working revenue
in that the latter isused for "stills" while -Lux" (used largely by brokers)
£406,702
£390,672
E234,042
the former Is distinctly a motion
Working costs
239.518
197.323
137,823 picture exhibition machine. The "Vitalux" film, however, makes provision for both movies and "still" pictures. The machine has been
standWorking profit
£167.184
£193,349
£ 96,219 ardized as to details and the company expects to place in service, during
-V. 124. p. 651.
1927, not less than 2,000 machines. It can be placed in show windows,
theatre and hotel lobbies, and other public places. The new
type of film
Anglo-American Oil Co., Ltd.
-Rights, &c.
-Secretary has withstood daily
of from 150 to 300 hours, only the
A. H. Hewett, in a letter to the shareholders, says in sub- pressing of a button continuous runsto put the motion picture into play.
being necessary
sold the Reda Mill at Uxbridge, Mass., to the Cherry
Valley Woolen Co. The sale includes land, building, machinery
and
tenements. The Hecia is the only narrow loom mill owned by the American
company and is one of its small units.
-V.124.P. 510.
stance:
The directors have recently entered into a contract for
this company of the preference and outstanding ordinarythe acquisition by
shares in another
company, which carries on a considerable business in the distribution of
petroleum products in the United Kingdom.
This company already holds, a minority of the ordinary shares of said
company, and the directors consider that the acquisition by this company
of the remaining, or sufficient of the remaining shares to give complete
control of the company and its business will be beneficial to the general
interests of your company.
The consideration for the acquisition of the outstanding ordinary shares
of the other company Is the exchange of one fully paid non-voting ordinary
share of £1 in your company for every two fully paid ordinary shares of
£1 in the other company. The directors estimate that the transaction will
incur the issuing of not exceeding 160,380 new non-voting shares of your
company.
It becomes necessary before the directors can utilize the new non-voting
shares proposed to be issued in manner above prescribed, to offer them to
the present members in proportion to the existing shares held by them,
and, therefore, the offer is now being made in the terms set forth below,
but the directors ask the shareholders not to accept the offer so that they
may deal with the shares so offered in the manner hereinbefore mentioned.
The directors particularly point out that in the event of the offer being
accepted, either in whole or in part, it would frustrate the contract they
have entered into as above.
-The directors now offer to shareholders of the company 160,380
Offer.
new non-voting shares in the proportion of one new share for every 25
shares held by them in the issued capital, but where shareholders hold an
odd number ofshares the offer does not extend to the odd shares. The price
at which the new shares are offered is £4 5s. 6d. per share. or $20 74. taken
at $4 853. to the pound sterling. Applications for the proportion of the
new shares will be received on or before March 10 next either at the Guaranty
Trust Co., 140 Broadway, N.Y.City, or at the head office of the company,
36 Queen Annes Gate, Westminster, London. S. W. 1.-V. 124. p. 925.
Anglo-Chilean Consolidated Nitrate Corp.
-Plant.
-
President E. A. Cappelen Smith states that the corporation's Coya
Norte plant is now in operation, and already has treated approximately
100,000 tons of nitrate-bearing rock. The results from these first operations show an extraction of the nitrate contained in the rock of 94%.
This compares with an extraction not in excess of 55% of nitrate contained
In the ground by the old process now in universal use. The plant is
gradually being brought up to capacity production.
-V. 123. p. 2904.
Arcade Building & Realty Co., Seattle, Wash.
-Bonds
Offered.-Blyth, Witter & Co. and John E. Price & Co.,
Seattle, Wash., are offering at 100 and div. $1,200,000 1st
mtge. leasehold 6% sinking fund gold bonds.
Dated Jan. 1 1927: due Jan. 11947. Principal and int. (J. & J.) payable
at Bank of California, National Association, Seattle. Wash., trustee.
Denom. $1,000 and $500 c5 Red.. all or part, on any int. date on 20
.
days' notice at 101 and int.: also red, for sinking fund commencing July 1
1929 at 101 and int. on 20 days' notice. Int. payable without deduction
for Federal income taxes not in excess of 2%.
Data from Letter of David Whitcomb. President of Company.
Company.
-Owns the leasehold under lease expiring Dec. 31 2004 to the
entire block, 360x235 feet. known as Arcade Square. bounded by First and
Second Ayes. and Union and University Sta.. and a lease expiring Dec. 31
2005 to 40x111 feet of the property directly across First Ave. known as the
Hotel New Vendome and a traffic tunnel under First Ave. 12x17 feet,
connecting said two properties under permit from the city of Seattle and
giving access to the waterfront.
Building.
-The southerly one-half of Arcade Square is improved by a store
and office building, 4 stories on Second Ave. and 7 stories on First Ave.
The ground floor is 100% rented to responsible tenants, including Browning, King & Co., Rhodes Bros. Co., Eggert Shoe Co., E. N. Brooks & Co.
and F. W. Woolworth Co. The upper floors containing 113,737 square
feet of shops and offices are more than 95% rented. This issue will provide
a part of the funds for construction, on the northerly one-half of Arcade
Square, of a modern, reinforced concrete building which has been leased for
a period of 30years to Rhodes Department Store, one of Seattle's old and
well-established mercantile concerns. Fronting 170 feet on First and Second Ayes. and 235 feet on Union St., the building will have a height of
6 stories on Second Ave. and 7 stories on First Ave. There will be a storage
basement under the entire area and a sub-basement connecting with the
tunnel driveway under First Ave.
Security.
-Bonds are to be a direct obligaiton of company and are to be
secured by a first closed mortgage on all of the company £1 leasehold interest
in Arcade Square and the Hotel New Vendome property and Rhodes
Department Store leases and all other sub-leases on these properties and a
tunnel driveway which has been constructed under First Ave. from Arcade
Square to Post St.
Earnings.
-Net earnings, after Federal taxes and before depreciation,
for the 5 years ended Dec. 31 1925 have averaged $206,109 a year, or more
than 1.85 times maximum interest and sinking fund requirements of this
issue. Net earnings for 1926, partly estimated, were $180,486, the decrease being due to vacation of shops and offices in preparation for construction of Rhodes Department Store. Based upon ti4e minimum rental provided upon completion of Rhodes Department Store Building, it is estimated that the net earnings will be not less than $227,000 per year, or more
than 3.15 times the maximum interest requirements of tlth issue.
Arlington Mills, Lawrence, Mass.
-Buys Plant.
-
.i111
Baker-Vawter Co., Benton Harbor, Mich.
-Merger.
--
See Remington Rand, Inc., below.
-V. 123, p. 3188.
Baldwin Locomotive Works.
-New Directors.
-
The annual report for the year 1926 (see
preceding pages), discloses two changes in the under "financial reports" on
directorate: Francis
of New York, and Alva C. Dinkey of Philadelphia. succeeding M. Weld
White and Samuel F. Pryor of New York. Archibald H. Ehle Harold T.
Vice-President in charge of domestic sales. succeeding Grafton was made
Greenough-V. 124. p. 238.
(L.) Bamberger 8c Co., Newark, N. J.-Pref. Stock Sold.
Lehman Brothers, New York, have sold at 104 and div.
$10,000,000 63.% cumulative pref. (a. & d.) stock. Of the
$10,000,000 stock, $2,000,000 has been retained by the
management for themselves and employees.
Preferred as to dividends, and as to assets to
and diva. in the event of any liquidation, the extent of $110 Per share.
or Involuntary.
Dividends payable quarterly, cumulative fromvoluntary 1927.
March 1
Red., all
or part, at 110 and diva. Corporation agrees on or before
the March 1 1930
and in each year thereafter to acquire by redemption or purchase at not
exceeding the redemption price, out of surplus and net profits, at least
3% of the largest amount in par value of the pref. stock which shall
ever
have been issued and outstanding.
Listing.
-It is expected that application will be made to list this stock
on the New York Stock Exchange.
Capitalization6;i% cumulative pref. stock (par $100 per sh.)__ Authorized. Outstanding.
$12,500,000 $10,000,000
Common stock (no par value)
500.000 shs. 500,000 shs.
Data from Letter of Louis Bamberger, President of
Company.
History and Ripon:Jan.-The Bamberger store
store in New Jersey. It was founded in 1893 is the largest department
by Felix 'Fuld, Louis M.
Frank and Pres. Bamberger as a co-partnership, and
of its inception it has enjoyed remarkable success. from the very date
Building
are now in progress which will, within a period of probably operations
18
increase present space to over 1,000,000 square feet, and double months,
present
facilities. Toward the cost of this addition, estimated at
$10.000,000, the corporation has arranged a mortgage loan approximately
of $6,000.000,
out of which it will pay off the present mortgage of $1,525,000.
Sales and Profits.
-Net sales and consolidated net
corporation and its subsidiaries after interest, depreciationprofits of theincome
and Federal
taxes have been as follows for years ended Jan. 31:
Net
Net Profits Pref. Div. Req.
.
Sales,
as Above. Times Earned.
1923
521,975.361
$1,573,029
2.42
1924
26,163,936
2,079,100
3.19
1925
28,003,301
2,287,258
3.51
1926
29,952,279
2,394,457
3.68
1927 •
32.508,089
2,784.837
4.25
Consolidated Balance Sheet as of Jan. 31 1927.
[Giving effect as of that date to the recapitalization of the company.]
Assets.
Cash
$1,255,391 Accounts payable
$1,091,83T
Investments
o,011,492 Deposit accounts
1,388,978
Bills receivable
179,755 Accrued int. and expenses
293,174
Accounts receivable
4,264.942 Res, for taxes and conting. _
550,000
Inventory
4,062,127 6 % preferred stock
10,000,000
Sundry investments
299,130 Common stock
2,500,000'
Land, buildings, dm
7,309,568 Earned surplus
6,707,386
Deferred charges
148,971
Total
-V. 123, p. 3323.
$22,531,377
Autocar Co., Ardmore, Pa.
-New Directors.
-
Automatic Movie Display Corp.
-New Motion Picture
Industrial Corporation Formed with Capital of 300,000 Shares.
The incorporation in Delaware of the above corporation headed by
John R. Freuier, during the war Chairman of the Motion Picture Board
of Trade and for many years identified with some of the largest film companies of the country, has been announced. The corporation has been
formed to acquire the "Vitalux" automatic moving picture machine, an
invention of Ilerman C. Schllcker, a graduate of Ilmenau Polytechnic
Institute of Germany.
The corporation will have an authorized issue of 300,000 shares of Capital
stock, Mr. Freuler, the President, has provided over $250,000 for the
development work. Mr. Schlicker is Vice-Pres, and besides being the
inventor of the "Vitalux," which operates by electricity without the attendance of an operator and is contained in a cabinet similar to that used
for the Victrola, was associated with the Deutsche Bioscope Co. as well
as American companies of importance, since coming to the United States.
$22,531,377
Bayuk Cigars, Inc.
-Annual Report.
-
Calendar YearsGross earnings
Other income
1926.
1925.
1924.
1923.
$2.564.442 $2,122,188 $2,225,991 $2,227,995
60.632
58,323
111,805
45,193
Total income
$2,625,074 $2.180.511 $2,337,796 $2,273,188Exp., int., deprec., &c-- 1,517,563 $1,453,236 51.346,123 $1,233,936Federal taxes
153,861
93,224
129,388
136,920.
First preferred dividends
134,267
129.717
95.418
136.064
Second preferred diva.- _
86,750
86,963
87,190
98.868
Surplus
6732,633
$417,371
$639,030
$708,046
Shs, of com.outst.(no par)
77,121
77,121
77_ ,_121
77.121
Earns, per sh. on
$950
$8 29
$541
$918
Balance Sheet December 31.
Assets
1926.
Liabilities1925.
1926.
1925.
Cash
$524,720 $525,501 1st pref 7% stock_ 2,810,600 51,820,600
.
Trade debtors_ _ _ _ 1,867,625 1,417,998 8% 2d pref. stock_
3,500
5,000
Inventories
7,176,644 5,735,742 7% 2d pref. stock_ 1,234,000 1,234,000
Revenue stamps_ _
29,144
35,289 Com.stock (77,121
Rec.Zr. tob br'k'rs
shares, no par)_ 1,668,089 1,668,089
33,775
Due from officers
Notes payable_
2,555,000 2,340,000
and employees_
8,130
7,515 Trade creditors..- 383,514
45,8313.
Investments
452,875 Sundry accts. pay558,416
18,366
42,523
Land, buildings,
Accrued MUM-66,026
3,841
equipment,&c._ 1,290,185
985,908 Prey, for Federal,
Cigar machines._ &c., tax
13,440
30,080
153,861
93,224
Prepaid insurance,
Sink. fd. pref. stk.
85,211
taxes, dm
67,868 Dividends payable
75,894
70,851
53,551
Reorg., &c., exp_ - 183,423
Surplus
2,712,079 2,077,040
Commission on sale
of pref. stock.
124,105
Claim against insurance co
629
The company is reported to have purchased at auction for $30,000 the
plant, machinery and water rights of the Methuen Mills, one of the oldest
cotton plants in New England. The latter suspended operations several
months ago.
This purchase was solely a move to protect the Arlington rights. The
Methuen dam and water rights, it is stated, represent the only valuable
water rights between the New Hampshire reservoirs of the Arlington Mills
and Lawrence. The machinery is to be sold separately and does not go
with the purchase. The Arlington Mills at present has no plans whatsoever
Total
311.761,396 $9,383,509
with respect to the Methuen plant.
-V. 124,p. 651.
-V. 124. p. 511.
C. S. Newhall and R. P. Page Jr. have been elected directors, filling vacancies caused by the death in January of L. L. Woodward, President,
and the retirement of E. A. Fitts.
-V. 124. p. 510.
Total
Total
311,761,396 59,383,509
-Smaller Dividend.
Belding Heminway Co.
The directors haNe declared a quarterly dividend of 50 cents per share on
the common stock, no par value, payable April 1 to holders of record
March 21. This compares with quarterly dividends of 75 cents per share
paid previously. The directors stated that it was deemed wise to put the
dividend on a basis which could be continued through the year. It was also
announced that the company has more than $1,650,000 cash on hand
and a surplus of over $2,500,000.
Income Account Years Ended Dec. 31.
1926.
z1925.
Total income
$1.507,453 $1.697,331
Depreciation
250,624
107,869
Interest & amortization
343.037
Federal income taxes
116,500
195,100
Net profit
$797,293 $1,394,362
Preferred stock dividends
7,651
55,536
,
Common stock dividends
1,245,096
1,037,580,
Balance to surplus
6(0455,455
$301,246
x Belding Bros. & Co.
-V. 123. p. 2781.
FEB. 19 1927.]
THE CHRONICLE
Booth Mfg. Co., New Bedford, Mass.-Bal. Sheet
AssetsMobilUtes1925.
1926.
1926.
Preferred stock__ $344,100
Real estate & machinery
31,804,367 51,777,325 Common stock_ _ _ 852,800
380,341 Bonds
303,820
Merchandise
59,000
Accounts payable_
Cash and accounts
16,357
202,227 Depreciation res've 733,456
161,803
receivable
7,795 Reserve for bonds_
8,266
Prepaid insurance_
9,600 Prem. acct. (com9,600
Treasury stock
mon stock)
88,200
Total (each side) $2,287.856 $2,377,290 Profit and loss-193,943
-V. 122, p. 1174.
88,200
211,517
-Balance Sheet Dec. 31.(J. G.) Brill Co.
1925.
1926.
1926.
1925.
Liabilities$
$
Assets$
$
Properties aceountx7,670.291 7,739,993 Preferred stock__ 4,580,000 4,580,000
1 Common stock__ 4,810,200 4,810,200_
1
Patents
'
1 Accounts payable_
1
Good-will
780,075
654,85T
Adv. pay. on contr
Material, raw di in
4,000
14,250
3,839,069 3,301,928 Federal, &c.,tax__
109,178 y182,791
process
170,124 Miscell. reserves__
Bills receivable._ _ 404,842
58,086
66.589
1,707,696 1,736.538 Surplus
Accts. receivable
5.120,015 4,916,668
603,343
Marketable secure. 588,393
972,622
Misc. investments 536,630
650,333
1,411.249
Cash
50,471 Total (each side)_ .15,461,555 15.225,353
103,383
Deferred assets. _ _
x Value of properties, $12,026.729, less deprec.. $4.356,438. y This
consists of $82,791 estimated Federal and State income taxes for 1925 and
$100,000 estimated additional Federal income and profits taxes for 1919
and 1920.
The usual comparative income account appeared in V. 124, p. 926.
(P.) Burns & Co. Ltd. Calgary, Alberta.-Pref. Stock
Securities
-Dominion'
td. Montreal, are
Offered.
Corp.,i% sinking fund cumuoffering at 100 and div. $2,100,000
lative preference shares.
-F. at any branch in Canada of the Canadian Bank
Dividends payable Q.
of Commerce. Callable, all or part, at 105 and div. on any div. date on
60 days' notice. Transfer agents, National Trust Co.. Ltd., Toronto.
CapitalizationAuthorized. Outsland'o.
'
1st mortgage bonds
95,000,000 x$3,078,500
Preference shares 7% cumulative
4.000.000 y3,943,000
6,000,000
Ordinary shares
5,000.000
x First mtge. bonds to the extent of $5,000.000 have been authorized,
of which $3,500,000 have been issued. Of this latter amount $421.500
have been retired by operation of the sinking fund to Feb. 1 1927.
Y $4,000,000 preference shares (incl. this issue) have been authorized and
Issued, of which $57.000 have been redeemed to Feb. 1 1927. A further
amount will be redeemed in respect of the earnings for the year 1926.
Company.
-Is one of the oldest and most successful of the Canadian meat
packing companies. Since its inception in Calgary. Alberta, in 1890, it
has steadily developed, and with one exception during the post-war reconstruction period, the company has made satisfactory profits each year.
From a modest beginning the company has extended its operations coincident with the growth and settlement of the Western Canadian provinces,
until to-day it owns over 50,000 acres of ranch and farm lands, and owns
or controls 7 packing houses, 16 wholesale fruit depots, 95 retail stores and
more than 40 creameries. Company has, in addition, important agencies
in Europe, the 'West Indies and the Orient.
Purpose.
-Company has for some time had in contemplation the extension
of its activities, enabling it to dispose of its products throughout Canada.
Heretofore the company has disposed of large quantities of its products
obtained in the West, on a brokerage basis through established companies
in Winnipeg, Toronto and other Eastern centres. Through the recent
connections established in Eastern Canada and the acquisition of a pack1.ig plant in Winnipeg, the company now has proper facilities for handling
this substantial volume of desirable business. This present offering of
pref. stock is to reimburse the company for expenditures made in acquiring
ownership or control of these properties, and for additional working capital.
Earninos.-Based on the certificate of Peat, Marwick, Mitchell & Co.,
the company's auditors, for 4 years and 6 months ending Dec. 31 1925.
and on statement for the year ending Dec. 31 1926, supplied by the company, but not yet audited, earnings (after giving effect to the present
financing by the elimination of non-recurring interest charges and after all
operating charges, including bond interest and Federal income tax), available for dividend on preference stock,depreciation and discount on securities
would have been as follows:
Average annual earnings for 5% years ending Dec. 31 1926-$692.544
Earnings for year ending Dec. 31 1925
718.202
Earnings for year ending Dec. 31 1926
759.338
Dividend requirement on the 7% preference shares outstanding._ 276,010
The above figures do not take into consideration any benefit that may
be derived from the new connections recently established.
-V. 122, p. 2047.
Burroughs Adding Machine Co.
-Usual Cash Div.
-
The directors have declared the regular quarterly cash dividend of 75c,
a share on the common stock, no par value. payable March 31 to holders
of record March 15. The stock will be quoted ex- the 33 1-3% stock
dividend on March 2. The continuation of the regular dividend is equivalent
to a distribution of $1 a share on the old capitalization-V. 124, p. 795.
California Glass Co.
-Acquisition.
-This company has acquired the .1. A. Fraters Co., Los Angeles, Calif.,
(not San Francisco as previously reported), effective as of Jan. 1 1927.V. 124, p. 796.
Calumet & Hecla Consol. Copper Co.-Earnings.-Quar. End. Dec. 31- -12 Mos. End. Dec. 311925.
1926.
1926.
Receipts1925.
$3,849,478 $4,678,049 $14,334,979 $14,027.580
Copper sales
28,331
28,383
82.374
Custom milling & smelt_
89,468
9,186
31,900
36,670
Dividends
67,813
138,043
124.275
Interest
263.660
207,919
10,010
15,701
23,805
Miscellaneous
58,051
$4.049,738 $4,863,619 $14,741,487 $14,450,830
Total receipts
Disbursements
$3,528,556 $5.607,267 $10.130.246 $22.849,248
Copper on hand
2,601,623
9.975.183
Prod., sell.,adm. & taxes 2,537,957
9,291,390
1,261,679
Deprec'n and depletion_
3,411.629
x125,592
4,342.014
12,310
44,613
Miscellaneous
7,940
81,938
Total expenditures_ __ $6,200,045 $9.482,879 923,561,670 $36,564,592
Less copper on hand_ --- 3,372,632
4,694,745 10.320,499 21,677,086
Net expenditures,..,. $2,827,413 $4,788,134 $13,241,171 $14.887,507
Gain for period
$75,485 $1,500,317
$1.222,325
$436,676
x After deducting credit of $283.719 to make net for year agree with
-V. 124, p. 796.
amount per settlement with Federal Government.
Calvert Mortgage Co.
-Bonds Offered.'-W. W. Lanahan
& Co. and Strother, Brogden & Co., Baltimore, are offering
at par and int. an issue of 6% 1st mtge. real estate collateral
trust gold bonds, which, together with an issue offered in
July 1 1926 and identical in all respects, brings the total
outstanding up to $3,000,000.
The bonds, dated July 1 1926 and Jan. 11927, mature in 1, 2, Sand 10
years. Denom. $100. $500 and $1.000. Principal and int. (J. & J.) payable at Equitable Trust Co., Baltimore or at the office of the Calvert
Mortgage Co., Baltimore, without deduction for the normal Federal income
tax not exceeding 27 per annum. Callable upon 30 day's notice at par and
0
int., plus % of 1% for each year or fraction thereof from redemption date
to maturity. Trustees, Equitable Trust Co. and Hugh L. Pope, Baltimore, Md.
The bonds are the direct obligation of the company, which has a paid-in
capital of $350,000. The security for the bonds consists of guaranteed
first mortgages on real estate, which are made for not more than one-half
the appraised value of the properties in the case of straight mortgages and
for not more than 60% of such value in the case of mortgages which are
amortized to 50% in 3 years. All of the properties are completed and owned
1071
in
Dec.31. in fee simple by responsible borrowers. The properties are located in cities
the Middle .Atlantic, Southern and Southwestern States. The security
1925.
does not include any "specialties," such as theatres, hotels, large apart$344,100 ment buildings, office buildings, manufacturing plants and other properties
852,800 designed for a single use.
59,000
Payment of both principal and interest on all of the mortgages securing
• 29,217 the bonds is guaranteed unconditionally and irrevocably by the Maryland
733,456 Casualty Co., Baltimore. Md.
59,000
Carib Syndicate, Ltd.
-Plan for Reorganization of
-The stockholders will vote March 28 on
Capital Structure.
approving the following plan:
It is proposed to increase the number of shares from 8.000 shares to
800.000 shares, and simultaneously to reduce the par value of all such
shares from $25 each to 25 cents each, the new stock to be all of one class
and having full voting rights. This will effectuate an increase in the
number of shares and a reduction in the par value thereof without changing
the total amount of previously authorized capital stock. There are now
Issued and outstanding 5,250 shares, $25 each.
Upon effecting the change in the number of authorized shares from 8.000,
par $25 each, to 800.000, par 25 cents each, 100 shares of new stock will be
issued to the registered holders of every share of old stock.
The trustees under the sub-share agreement dated Nov. 29 1919, will
receive new shares in lieu of the shares now held by them, in the ratio of
100 shares of new stock to each share of old stock. Holders of sub-shares
will be entitled to receive from the trustees new shares under the terms of
the sub-share agreement dated Nov. 29 1919, pursuant to which the
sub-shares were issued, each sub-share being exchangeaole for one new share.
The committee (composed of Arthur H. Bunker (Chairman). Marshall
W.Pask, William B. Scarborough, James K. Trimble and James A. Wilsey
with Robert 0. Dawson of 14 Wall St., N. Y. City, as Secretary), formed
under the deposit'agreement of Dec. 13 1926, on Feb. 14 announced its
approval of the above plan. This plan also has the unanimous approval of
the board of directors and of the trustees under the sub-share agreement
of 1919.-V. 124, p. 652, 512.
Caterpillar Tractor Co.(& Sub. Co.).
-Earnings.
Calendar Years1926.
1925.
Net sales
$20,699,103 $20,859,842
Net profit before Federal tax
$5,003.095
$4,457,560
Consolidated Balance Sheet December 31.
1926.
1925.
1926.
1925.
AssetsLiabilities
$
Plant, equip., &e-x7,768,733 4,887,442 Capital stock
y8,125,000 6.500,000
Accts. payable, inCash in banks and
eluding prov.for
bank time ctfs.
1,523,000 1,439,528
of deposit
Fed. income tax 1,466,039
981,618
7,307,938 5.267,687 Capital surplus___ 6.084,697 5,501,293
Inventories
500,000
Earned surplus__ 5,306,914 2,594,968
Marketable sec
Notes & accts. rec. 3,460,037 3,452,492
275,058
275,058
Patents
2,176
38,890
Investments
216.782 Total (each side)_20,982,651 15,577,879
147.709
Deferred charges
x After deducting $3,188,393 reserve for depreciation. y Represented by
1,625.000 shares of no par value in 1926, as against 260,000 shares (par $25)
in 1925.-V. 123. p. 3324.
-Resumes Common
(J. I.) Case Threshing Machine Co.
Dividends at the Rate of 6% Per Annum.
-The directors on
Feb. 18 declared a quarterly dividend of 1
on the
outstanding $13,000,000 common stock, par 5100, placing
the issue on a $6 annual basis. This is the first common cash
dividend since the 10% distribution made on Jan. 28 1920.
On Dec. 15 1920,a stock dividend of 39,000 shares of common
stock was paid on the junior issue.
The directors also declared the regular quarterly dividend
of 14% on the preferred stock.
Both dividends are payable April 1 to holders of record
March 14.
1926.
Calendar Years$3.817,429
Net income
300,000
Reserve for contingencies
1925.
$2,793,674
500,000
1924.
$147,711
1923.
$634.633
$3.517,429
$2,293.674
$147.711
$634,633
Balance
123. p. 847.
Cathedral Apartments (California-Jones Investment
-Bonds Offered.
Co.), San Francisco, Calif.
-S. W.Straus
& Co., Inc., are offering at par and int. 00,000 1st mtge.
fee 6,4% serial coupon gold bonds, safeguarded under the
Straus plan.
Dated Oct. 15 1926; due serially. Oct. 15 1929-38. Denom. 91,000,
.
$500 and $100c5 Interest payable A. & 0. Callable at 102 and hit.
Bonds and coupons payable at offices of 8. W. Straus & Co.
-Exempt
from personal property tax in California. U. S. Federal income tax, 2%,
paid by borrower.
These bonds are secured by a direct closed first mortgage on the land
in fee and on the building now being erected, and by Straus Plan provisions
for monthly deposits to meet principal and interest payments promptly
when due. The land on which this building is being erected comprises
approximately 14.000 Sq. ft. at the southwest corner of California and
Jones Sts., San Francisco, The Cathedral Apartments building is to be
16 stories high with basement and sub-basement, of steel frame class A,
fireproof construction with exterior architectural design developed in
concrete and cast stone trim. The building will contain 333 rentable
rooms comprised in 90 apartments; 26 of five rooms each, 33 of four rooms,
-room apartments. The
11 of three rooms, 18 of two rooms, and 2 single
basement and sub-basement will contain 60 private locker rooms for
tenants, storage rooms for house supplies and equipment, receiving room,
janitor's apartment, and garage space for 50 cars.
The value of the land and completed building, the property mortgaged
as security for this bond issue, is independently appraised in excess of
91.360.000. This bond issue, therefore, amounts to less than 59% of
the value of the mortgaged property.
Net annual earnings of this property, after deductions for taxes, insurance, operation and ample allowance for vacancies, are estimated at
$101,786 available -or payments required under this bond issue. This
Is more than twice the greatest annual interest charge and is $34,567 in
excess of the greatest combined annual interest and serial principal requirements hereunder.
Certain-teed Products Corp.
-Balance Sheet Dec. 31.-
1926.
1925.
1926.
AssesLiabilities
Land, bldgs., ma1st pref.7% stock_ 4,300,000
chinery, &c....x18,201,036 17,273,876 2d pref. 7% stock_ 2,675,000
Good-will, tradeCommon stock_z12,720.000
marks, &c
1
1 Notes payable
600.000
1,087,256
Cash
973.507 Accounts payable_ 757,022
Notes receivable
254,069
343,614 Dividends payable 429.063
Accts. receivable 2,628,896 2,681,592 Accrued local and
Inventories
5.387,360 5,490,682
Federal taxes__ 344,961
by,In other cos
17,550
a5,963,860
18,372 Surplus
Exp. paid in adv... 213,736
172,968
1925.
4,490,000
2,675,000
12,720,000
785,334
432,387
139,934
5.711.957
Total
27,789.905 26,954.612
27,789,905 26,954,612
Total
x Land, buildings, machinery and equipment at manufacturing plants,
warehouses and offices, at sound va tie as determined by appraisal, plus
subsequent expenditures at cost, less reserve for depreciation, $14,522,556;
water power rights at Marseilles, Ill., at appraisal value, less amortization,
$656.979; gypsum deposits at appraisal value, plus subsequent expenditures
at cost, less depletion, $3,021.500. x Common stock. 307,000 shares of
no par value, at value declared under laws of Maryland or at issue price.
a Includes surplus of $1,360,000 applied in redemption of first preferred
stock; capital surplus of $2,888,880 and earned surplus of $1.714,980.
The usual comparative income account was given in V. 124. p. 927.
THE CHRONICLE
1072
-Dividend Rate
Chesebrough Mfg. Co. Consolidated.
-The
Increased on Common Stock from $3 to $4 per Annum.
directors on Feb. 17 declared a quarterly dividend of $1 per
share on the outstanding $3,000,000 common stock, par $25,
payable March 31 to holders of record March 10. During
1926 the company paid four quarterly dividends of 75 cents
per share on the common stock, and in addition four extra
dividends of 25 cents per share and a special distribution of
50 cents per share, making a total of $4 50 per share for the
year.
-V.123, p. 2660.
-Report.
Chicago Fuse Manufacturing Co.
1923.
1924.
Year Ended Dec. 311926.
1925.
Net sales
$2,294.953 $2.237,284 $1.878,147 $1.913.507
1,693.263
1,631,412
Cost of sales & expenses- 1,992,073
1.987,842
Net profit
Other income (net)
Federal taxes
5302.880
$249,442
$184.884
38.100
31,800
23.700
$282.095
84
35.000
$161,184
$247,179
Net earnings
8217.642
$264,780
Shares of common stock
60,000
60,000
60,000
outstanding (no par)_
60.000
$4.12
$2.69
Earn, per share on Corn..
$4.41
$3.63
Note.
-Dividends at the rate of $2.50 per annum (62)i cents quarterly)
have been paid on the outstanding 60,000 shares of capital stock since
July 1 1924.-V. 124. p. 512.
-Annual Report.
Childs Co., New York.
(Including Childs' Dining Hall Co. and Childs Co. of Providence.]
1925.
1924.
1926.
Calendar Years$26,136,540 $24,493,006 823,483,854
Restaurant sales
1.11.710
1,132,388
1,276,311
Building rentals
Total sales
Cost of restaurant sales
Cost of building rentals
$27.412.851 $25.695.393 824.675.564
22,543,021 21,166.053 20.550,396
1,074.974
781,489
1.05;,,634
$23,324.509 822,225.687 $21,625,369
Total cost of sales
3,050,195
3,399.706
Gross income from restaurants & bidgs 4,088.342
304.212
287,383
290,074
Less other departmental loss & expGross income from operation
Federal and State tax reserve
Other general expenses
Net income from operation
Other income (net)
88.642.905 81.998.432 81,817.760
Dr.132,849 Cr.364,248 Cr.578,838
Total income
Depreciation
$2,510,056 52,362,680 $2,30.598
587.629
826,726
706,786
Net profit
Previous surplus
81.683.330 81.655,894 51.808.969
5.938,808
5.782.250
5,028,910
Total surplus
Reserve account
Preferred dividends Childs Co
Pref. diva. Childs Dining Hall Co
Common dividends (cash)
Common dividends (stock)
87,622.138 $7,438,145 86,837.879
154,506
147,950
158.663
350,003
350.000
350.000
6
6
6
813,969
743,000
557,672
271.323
247.667
Profit and loss surplus
Shares of corn. outstanding (no par)_
Earned per share on common
-V. 124, p. 927.
•
$3,798.268 53,095.494 82.762,811
327.526
298.4631
945,051
827.838
798.5981
56.032.334 $5,938,808 85,782,251
$346.825
$333,909
5237.863
$3.84
$6.13
$3.91
Clinchfield Coal Co.
-No Action on Common Dividend.
The directors on Feb. 17 took no action, on the dividend due at this time
on the common stock. The previous payment was 50 cents per share made
on Dec. 15 last, while on Oct. 1 1926, a distribution of $1 per share was
made on this issue.
-V. 123. p. 2660.
Coca Cola Bottling Corp. (Del.).
-Stock Offered.Merz & Back, Cincinnati, and the N. S. Talbott Co., Dayton, recently offered At $27 75 per share 20,000 shares class
"A" stock (no par value).
Class A stock is preferred as to dividends to the extent of $2 50 per share
-J. Participates equally with class "B" after class
per annum, payable Q.
"B" has received $2 50 per share in any one year and is not callable or
redeemable under any circumstances, nor can any funded debt be created
or capitalization increased without the consent of the class A stockholders
as required by statute.
Company.
-Organized in Delaware to acquire by purchase the entire
capital stock of Cleveland Coca Cola Bottling Co. and the Cincinnati
Coca Cola Bottling Works Co. Plants located at Cleveland, 0., Cincinnati, 0. and Maysv lie. Ky. The business of the company consists of
the bottling
and distribution of Coca Cola in 27 counties in Ohio. Indiana
and Kentucky. The business is conducted under a perpetual and exclusive
franchise issued by the parent company and carrying with it all the "goodwill" accruing through the tremendous sums spent in advertising.
Capitalization to Be Authorized and Outstanding.
Class A stock
20,000 shs•
Class B stock
20.000 shs•
Purpose -This financing is for the purpose of acquiring all of the assets,
accounts and franchises of Cleveland Coca Cola Bottling Co. and to supply
necessary working capital.
Earnings.-After eliminating certain non-recurrent charges in the Cleveland plant:
•
1925.
1926.
Before taxes and depreciation
$147,538 $137,343
After taxes and depreciation (net)
88,458
86,286
Listing.
-Application will be made to list these shares on the Cincinnati
Stock Exchange.
Collins & Aikman Co.
-To Retire Preferred Stock.
-
The directors have called for the redemption on May 1 of all the outstanding 7% cumul. cony. pref. stock at 110 and dive. The privilege of
converting the preferred stock into common in the ratio of one preferred
share for two common shares may be exercised until the redemption date.
124. p. 116.
Colombia Syndicate.
-Option on Leases Approved.
-
The stockholders on Feb.7 approved a contract with the South American
Gulf Oil Co., a subsidiary of the Gulf Oil Corp., granting the Gulf company
an option to April 30 1927. to acquire leases of the Colombia Syndicate
for a substantial cash payment, plus an over-riding royalty and all percentage of net profits from operations. Under the contract the Gulf
company will pay 8500.000 to the Colombia Syndicate for the transfer of
"
eases, 4kc., also an over-riding royalty of 6% of the market value of oil
and petroleum products produced, and, in addition, 10% of the not profits
derived by Gulf from the properties it elects to operate.
The stockholders also approved an amendment to the certificate of incorporation. providing in substance "that shares of the capital stock of
the company shall at no time be held by or in the name of any Government
other than, or any official or commercial entity owned or controlled directly
or indirectly by any Government other than the Republic of Colombia.
-V. 124, P. 6..3.
South America."
(&
-Comb.Earnings.Consolidated Cigar Corp. Subs.)
Period Ended Dec. 311926-'
Profit after depreciation, interest, &c
Estimated Federal & State taxes
Preferred dividends all companies
Month.
6 Months.
$276,186 $1,966,531
35.500
272,000
21,350
140,500
Balance for common
shares_
Earnings per sh. on 250.00000 par common
-V.123, p. 2267.
$219.336 81.554,031
$0.88
$6.22
[VOL. 124.
Courtaulds, Ltd., England.
-Final Dividend.
Harvey Fisk Sz Sons announce the receipt of a cable from London stating
that Courtaulds. Ltd.. has declared a final dividend for 1926 of 16M %
on the ordinary shares, free of income tax.
-V. 123, p. 330.
Crane Simplex Co., N. Y. City.
-Receivership Sale.
-
Henry C. Johnson, auctioneer sold at auction Feb. 14, at the company's
-nt, 1 eig 2la8 City, the entire stock. Augustus G. Klages is receiver.
pla . 1 L p.Is 2 d
v
7n
Crown Cork & Seal Co.
-To Recapitalize.
Submission of a plan to the directors for the recapitalization to be voted
upon at the annual meeting of the stockholders March 2 has caused a division in the board. Five directors voted in favor of advising the adoption
of the plan and four voted against adoption. One director who was absent
has signed a letter to the stockholders in favor of the plan. Luther M. R.
Willis, Chairman of the Board, heads the faction in favor of recapitalization,
a,pd lined with him are the majority of the board, as follows: T.E. Cottman,
W. L. Norton, S. A. Russell of New York; E. J. Smead, Jr., D. M.Lyden,
President: W. W. Abell, Graflin Cook and Gates D. Fahnestock of New
York. Brth factions are seeking proxies for the annual meeting.
If the plan is adopted by the stockholders, six shares of convertible preferred stock without par value will be issued for each share of $100 par value
capital stock now outstanding. In addition to the 60,000 shares of convertible preferred stock, the plan contemplates the authorization of 190,000
shares of common stock. 90.000 of which will be issued only upon conversion
of the convertible preferred stock. The remaining 100,000 shares of common stock will be sold at $15 a share, bringing an aggregate of $1,500,000,
and by utilizing approximately this sum for the purchase of first mortgage
bonds the amount of bonds outstanding will be reduced to a point where,
under the terms of the mortgage, dividends can be paid. The convertible
"preferred stock will be entitled to a cumulative preferential dividend of
$2 523 p 5e6per annum from April 1 1927. ("Wall Street Journal.")1, 10 a sha r
.
,
8
Dalton Adding Machine Co.
-Merger Plan.
See Remington Rand, Inc., below.
-V. 124. p. 928.
Dartmouth Mfg. Co., New Bedford.
-Smaller Divs.-
The directors have declared a quarterly dividend of $1.50 a share on the
common stock and the regular quarterly dividend of $1.25 a share on the
preferred stock, both payable March 1 to holders of record Feb. 14. Previously quarterly dividends of $2 a share were paid on the common stock.V. 122, p. 1317.
Davega, Inc., New York.
-Retail Sales.
-
Period End. Jan.31- 1927
-Month-1926. 1927-11 Mos.-1926.
Retail sales
$288,780
$221,478 $2,698,531 $1,907.950
-V. 124, p. 797. 513.
Detroit Masonic Country Club.
-Bonds Offered.
Harris, Small & Co. and Watling, Lerchen & Co., Detroit,
are offering at 100 and int. $400,000 1st mtge. 6% serial
gold bonds.
Dated Jan, 11927; maturing sorially Jan. 1 1929-1938. Denom. $1,000
and $500 c*. Callable, all or part, at 102 and int, on any int, date on
30 days' notice. Int. (J. & J.) payable without deduction of the normal
Federal income tax not in excess of 2% per annum. Principal and int.
payable at the office of Detroit Trust Co., Detroit, trustee. Legal investment for savings banks in Michigan. Tax exempt in Michigan.
These bonds are secured by a 1st mtge. on 3 feet of lake frontage
02
between Jefferson Ave. and Lake St. Clair at the foot of Masonic Boulevard, over 250 acres of land west thereof and all of the buildings and fixtures
now owned by the club. This property, which is only about 7 miles north
of Grosse Pointe Shores. one of Detroits most exclusive residential suburbs;
has been appraised by Detroit Trust Co. as follows: Land, $345.705,
buildings, $500.000; total, $845,705.
There will be a monthly sinking fund. beginning Jan.20 1927, amounting
to one-sixth of the next maturing interest payment; and a monthly sinking
fund, beginning Jan. 20 1928, amounting to one-twelfth of the next maturing principal installment, both funds to be deposited with the trustee.
The membership of the Detroit Masonic Country Club, organized in
1919, is limited to members of Masonic orders and now numbers over 2,500.
The club has facilities for practically every form of outdoor recreation, and
the clubhouse, command.ng a view of the lake and considered one of the
finest in the Detroit district, is splendidly equipped for handling all types
of entertainment.
Douglas-Pectin Corp.
-Extra Dividend.
The directors have declared an extra dividend of 25c. per share in addition
to the regular quarterly dividend of 50c. per share on the outstanding
capital stock, both payable March 31 to holders of record March 1. In
each of the two preceding quarters extra dividends of 50c. per share were
paid.
-V. 123. p. 2661.
(E. I.) du Pont de Nemours & Co. (Inc.).
-Common
Stock Placed on an $8 Annual Dividend Basis.
-The directors
on Feb. 14 declared a quarterly dividend of $2 per share on
the common stock, no par value, payable March 15 to holders
of record March 1. A quarterly distribution of $1 75 per
share was made on Dec. 15 last, while on Jan. 5 this year
an extra dividend of $5 per share was paid on the common
stock. (For record of dividends paid on the common stock
since 1919 see V. 123, p. 986 and 2661.)
This company owns approximately 25% of the outstanding common stock
of the General Motors Corp. on which the directors of the latter corporation
Feb. 10 increased the dividend from $7 to $8 per share per annum (see V.124,
P.931).
Board of Directors Increased.
-The membership olhe board was increased
to 31 by the addition of 5 members, all of whom have been importantly
identified for a long time with the company's activities. They are: William
P. Allen, general manager of the paint, lacquer and chemicals department;
Jasper E. Crane, President of the Du Pont National Ammonia Co.; F. B.
Davis, President of the Du Pont Viscoloid Co.; A. B. Echols, who recently
ton, General
department.-V.tedTreasurer, and 24,1.s 7 114.
1W9 p. 8
1F. Barrington, Genal Manager of the
d yestuee
wss slffs
683.
-10% Stock Div.
Elyria (0.) Iron & Steel Co.
The directors have declared a 10% stock dividend on tho common stock.
payable March 5 to holders of record Feb. 25.-V. 123, p. 2397.
-Earnings.
Erie Steam Shovel Co.
The company reports for the six months ended Dec. 31 1926 net profits
of $884,091 after depreciation, &c., but before Federal taxes. This
compares with $717.024 before taxes in the similar period of 1925. After
deduction of taxes net income available for dividends was $761,591.
months doinvidgend4s04'eArseaernests
$i;
g
laidiant aftrefallowing
7 per soe
t
(par
lctoor 1 64 share
f $ sis
28 a
common stock outstanding. This compares with $618,644 or
share on present share basis in same period of previous year.
Sales for the period were 22% in excess of those of corresponding period
of 1925.-V. 123, p. 2397.
fl
-Annual Report.
Eastern Manufacturing Co.
[Including Katandin Pulp & Paper Co., Liberty Paper Co., LincohrPulp
Wood Co. and South Brewer Pulp Wood Co."
1924.
Calenda- Years.1925.
,903
2
,146
2
Gross revenue
$1119 4:364 510.649.017 810,066,381 $1019 7..968
Freight, disc't & ch'g's to
461,400
479,617
375,259
364.630
sales
9.324,445
8,819.487 8,444,481
8,752,670
Operating expenses
625,287
669,904
481,374
512,914
Adm. & selling exps
Cr.7,167
Other ch'g's & inc. (net) Dr.78.941 Dr.28,203 Dr.33,433
253.504
289,131
244,513
257,067
Interest
296,928
290.519
352.485
349.374
Depreciation
$103,859
Net income
2.258.131
Previous surplus
88,831
Surplus adjustments(Dr.)
8116,774
2.325,422
184,065
Profit and loss surplus $2,273.159 $2,258.131
$93,853
2,355,812
124,243
$674.845
1,828,463
147,496
$2,325,422 $2,355.812
FEB. 191927.]
THE CHRONICLE
Comparative Balance Sheet.
[Eastern Mfg. Co., Liberty Paper Co., Lincoln Pulp Wood Co., Katandin
Pulp & Paper Co.and South Brewer Pulp Wood Co.]
Jan. 1 '27. Jan. 2 '26'
Jan. 1 '27. Jan. 2 '26.
AssetsLiabilities$
8
$
$
Preferred stock_ __
39,700
39,700
Timberlands (less
2,262,683 2,275,167 1st pref. stock.... 3,014,000 3,014,000
reserve)
2d pref. stock__ 1,000,000 1.000,000
Plant account (less
4,858,954 5,003,399 Common stock.-- 785,450
785.450
reserve)
9.958 Mtge. notes & Ms. 2,728,250 2,781,750
9,958
Treasury stock_ _ _
310,485 Accounts payable_ 271,202
Cash
185,380
303.729
895.532 Notes payable_ _ _ _ 1.467.323 1,252,020
782,505
Accts. receivable
74,450 Accrued expenses_
51,271
Notes receivable
29.588
56,159
1,687,445 1,643,821 Res. for Fed. taxes 200,000
200,000
Inventory
2,490,912 2,174.684 Reserve for plant
Pulpwood & adv
433,272
spires. (net)_ __ 1,406,826 1,427,801
Miscellaneous__ _ _ 599.749
297,972 Surplus
2,273,159 2,258.131
Prepaid expenses_ 286,642
13,215,498 13,118,739
Total
-V. 122, p. 1318.
Total
13,215,498 13,118,739
Eureka Vacuum Cleaner Co.-Annua/ Report.
1926.
Year Ended Dec. 311925.
Net sales to customers and dealers
$12,023,484 $10,090,152
9,604,933
Manufacturing, administrative and selling costs
8.150,936
Miscellaneous charges against income
244,154
81,614
Provision for Federal income tax and reserves-295,000
231.000
Dividends paid
1.000.000
856,720
Premium on preferred stock retired
21,894
1073
The plant is in excellent physical conditon. It has recently been appraised
by Charles T. Main, an experienced mill engineer, as having a replacement
value, less depreciation, of over $5,000.000. The looms are all automatic.
The reputation of the mill's goods is excellent.
The product of the mill is colored yarn goods. such as shill:Jags for men's
wear and ginghams for women's wear. The cloth is made of the coarser
numbers of yarn, and is not in the fancy class. It is, therefore, open to
competition from the South, where the cost of manufacture of the class of
goods made by the Everett Mills is less. While the mill could make somewhat finer goods than it has made, it would be unduly expensive to equip
the mill to make fancy goods or to make any large production of cloth over
32 inches wide.
The Treasurer and Directors believe that the present outlook is better
than at any time in the last few years, (1) because cotton cannot continue
to fall in price to anything like the extent that it has since 1921, and a very
large part of the recent losses is due to that drop; and (2) because for the
last two years the style has tended away from ginghams towards prints and
more fancy styles, and it might be expected that the style will swing back
as it has done in the past; and (3) because the selling agents report that
the selling prospects are more favorable than at any time in the last three
years.
Unless new capital is subscribed, the directors would certainly recommend that authority for prompt liquidation be given by the stockholders.
The Treasurer and Directors are unwilling to give an opinion that the
mill can show a profit in the next year: but if conditions in the cotton
industry in New England should g'reatly improve, the investment of
further capital by the stockholders might be to their great advantage.
V. 122, p. 3459.
-Earnings (Incl. Subs.).Famous Players-Lasky Corp.
-Quarter Ended- -9 Months Ended
Oct. 2 '26. Sept. 26 '25. Oct. 2 '26. Sept. 26 '25.
$879,397
Net addition for the year
$747.988 Net profit after all chgs.
Profit and loss surplus
84.648,494 $3,769.098
& res. for Ped.,&c.,tax $1,052,830 81,408.330 $3,640.338 $3,459,863
Earnings per share on 250,000 no par shares
$7.52
$6.50 Earn$7
52
Earned per sh. on corn..
$1 73
$5 10
812 IS
-V. 124, p. 654.
Balance Sheet Dec. 31.
1925.
Liabilities1926.
1926.
-300% Stock Dividend.
AssetsFansteel Products Co.
1925.
S697,036 8505,776 Accts. payable for
Cash
The directors have declared a 300% stock dividend on the outstanding
223.926
much., &a
Marketable secur_ 223,653
8547,668 $446,562 40,000 shares of no par value, payable to holders of record Feb. 21. The
96,000
Notes & accts. rec. 3,609,019 3,036,060 Royalties
96,000
shares to be outstanding following the above distribution were
1,122,872 1,075,549 Prov. for est. Fed.
Inventories
put on a $3 annual dividend basis by the declaration of a quarterly dividend
tax & for reeves 295,000
28,075
50.729
Misc. accts.'I& adv.
231,000 of 75c. per share, payable May 17 to holders of record April 29.-V. 124.
equip.A° 1,192,110 1,159,044 Def, royalty parts 186,000
Realest.,
282,000 P. 797.
Land contracts pay
Prepaid ins., exp.,
150,000
84,374
100,129 Res. for coating
227,321
dic
175,601
Rochester, N. Y.
-Common Stock
Fashion Park,
Cap. stk. (250,000
Impt. to leased
Inc.,
-A. G. Becker & Co. are offering at $28 50 a share.
20,690
21,701
shares, no par). 1,000,000 1,000,000 Offered.
prop., lees amor.
Surplus
4,648,494 3,769,098 an issue of 30,000 shares of common stock. The offering of
stock involves no change in the control or management of'
the business. This stock has been placed on a $2 per annum
Everett Mills, Boston.
-New Financing or Liquidation.
- dividend basis, by the declaration of a quarterly dividend of'
The stockholders will vote Feb. 23,(1) on reducing by such amount as 50 cents a share, payable May 31 to holders of record May 17.
Total
87,000,483 86.150,261
-V.124, p. 654.
Total
87,000,483 86,150,261
the stockholders may determine the present stock, the reduction to be
accomplished by cancelling a pro rata part of the holdings of each stockholder without any payment by the corporation; (2) on increasing the
authorized stock by such amount as the stockholders may determine, the
increase to be either common stock or preferred stock having such preference
rights and limitations as the stockholders may determine; (3) on changing
the present shares having a par value of $100 each to shares without par
value.
The stockholders will also vote on authorizing the sale of any or all of
the assets of the corporation for cash or for property (either shares of stock
or other property), or to sell such assets partly for cash and partly for such
other property, and to authorize the directors to determine the property
to be sold and the consideration to be received therefor and all other terms
of sale and to authorize the final liquidation and winding up of the corporation.
Treasurer F. C. McDuffie in a letter to stockholders
dated Feb. 10, says in substance:
On Dec. 31 1926, according to its balance sheet, current liabilities were
$1,139,820, of which $1,120.000 was represented by notes falling due in
1927 (largely early in the year), all endorsed by Smith Hogg & Co., the
selling agents of the mill.
On the same date the current assets of the mill according to its balance
sheet were $1,333,445. The excess of current assets over current liabilities
was $193,625. This amount includes prepaid items of insurance 880,681,
interest $6,376 and taxes $19,790 amounting to $106.847.
Smith Hogg & Co. has notified the mill that if further substantial losses
in net current assets should occur then, unless new capital should be paid
in, they could not continue to endorse the mill's paper because of their
known practice never to endorse paper for any mill whose current assets
may be less than its current liabilities.
The mill is not in a position to make current borrowings without endorsement. If the endorsement were withdrawn, the mill could not continue
its business without new capital.
The Treasurer and the Directors have given most careful consideration
to the situation, and they have reached the following conclusions:
(A) If new capital is to be paid in, the amount should be about $700,000.
With that amount paid in, the selling agents would continue to endorse
the mill's notes and there would be sufficient margin oci which to continue
business.
(B) New capital would probably have to be obtained principally from the
present stockholders. If the present stockholders are to be asked to
contribute new capital, the terms should be made favorable; as,for example,
by reducing the present stock from 21,000 shares of a par value of $100
each to 7,000 shares without par value, and by offering for subscription
7.000 new shares of 7% preferred stock, each preferred share to carry with
it a bonus of one new common share (or a total of 7,000 shares of common
stock to be issued as bonus), so that the subscribers for the 7,000 shares of
preferred stock would also acquire one-half of the total common stock.
Another plan might be to reduce the present common stock still more and
then offer 7,000 new shares of common stock at $100 per share.
(C) Borrowing money through bonds secured by a mortgage on the plant,
even if such a loan could be made, would not be practical, because the
mortgage would probably prevent the mill from having sufficient other
credit.
(D) If new capital cannot be obtained, early liquidation may at any time
become inevitable.
The Directors have appointed a committee to co-operate with the
Treasurer in assembling information as to the most advantageous methods
of liquidation: whether (1) by selling for cash either the stock or assets as
a whole; or (2) by liquidating the inventory and selling the assets for cash
in different lots; or (3) by liquidating most of the assets for cash and taking
stock in some other mill, perhaps in the South, for some of the assets, such
Ws machinery and trade names; or (4) by finding some opportunity for
consolidation with another mill on a stock basis or on a basis of part stock
and part cash.
To determine whether it would be advisable for the stockholders to
contribute additional capitalthe Treasurer and Directors feel that the
following facts should be considered:
The loss of the mill, for the recent years ending March 31. according to
its books have been as follows:
1926.
1925.
1922.
1923.
1924.
x1926.
Loss.... $426,207 *$174,680 $142,968 $960,098 $559,569 8468,109
x Nie months ending Dec. 31 1926, estimated. * Profit.
In 1922 the mill was shut down for 6 months during a strike. During
most of the period from 1922 to 1926. the price of cotton was falling very
sharply.
In the period from April 1 1909, to April 1 1914, the net profits of the
mill averaged $193,846 per year. From .April 1 1914 to April 1 1921, the
net profits of the mill averaged 8484,509 per year.
Condensed balance sheet of Dec. 31 1926, is as follows:
Assets
Liabilities
Cash ds securities
851,966 Notes payable
81,120,000
Accounts receivable
241,877 Accrued items
19,820
*Inventories
932,755 Capital stock
2,100,000
Deferred charges
106,847 Surplus
810,744
Plant (after depreciation)_
2,717,119
Total
84,050,564
Total
* At cost or market whichever is lower.
84.050,564
Dividends exempt from Normal Federal Income Tax. Transfer Agents:
Continental & Commercial Trust & Savings Bank, Chicago. and Chase
National Bank, New York. Registrars: First Trust & Savings Bank,
Chicago, and National Park Bank, New York.
The pre. stock is red, all or part at any time upon 90 days' notice at 110
and div., and beginning Oct. 1 1929 10% of the par amount now outstanding
shall be retired each year through call at 100 and div. The amount of preferred stock shall not be increased nor shall any stock having preference over
or equality with the preferred stock be issued without the consent of the
of the outstanding preferred and common stocks.
holders of at least
Authorized.
Capitalization
Outstanding.
81,000,000
8% cumulative pref. stock,($100 par)---$1:000.000
200.000 shs.
Common stock (no par value)
150.000 shs.
Data from Letter of Edward Rosenberg, President of the Company.
change of name to Rosenberg Bros. & Co.:
Company.
-Is successor by
Inc., manufacturers of clothes tailored at Fashion Park. Company has for
many years been known as Fashion Park to the trade and to consumers
through extensive advertising of its trade name. Fashion Park, Inc..
located at Rochester N. Y., is an important manufacturer of clothes for
men, with wide distribution throughout the United States. The business,
established in 1867, and incorp. in New York in 1909, has been one of the
chief factors in the development of the clothing industry in Rochester.
Company's trademark "Tailored at Fashion Park" has been extensively
advertised over a period of years in principal magazines. Because of the
high character of the company's customers, credit losses have been negof 1% over a long period of years.
ligible, averaging about
-Earnings applicable to common stock in the last 4 fiscal years,
Earnings.
adjusted to give effect to a saving in interest of $12,000 a year on a mortgage
which is now being retired and to the elimination of a non-recurring interest
r the
26
charge during 1926 of $27,850, have been independently certified
ended Nov. 30 as follows:
years end
1923.
1924.
1925.
1926
Net earns, app. to corn. stock_ _ _$367,339 $383,620 $457,110 $561.989
2.44
3.04
Earnings per share
$3.74
32.55
Balance Sheet Nov. 30 1926 (after giving effect to this financing).
LiabilItiesAssets
8 332,166 8% preferred
81,000,000
Cash
732 Common (no par value)
1,500,000
Liberty bonds
126.649 Notes payable
378,535
Notes receivable
Accts, receivable, less reserve_ 2,142,154 Accounts payable
50.408
1,402,767 Accr. Accts., incl. Fed.taxes__ 238.848
Inventory
Investments, misc, notes, dm.- 385,602 Reserve for expenses
50,000
1,468,997 Surplus
Land, buildings, &s
2,676,993
1
Goodwill
35,715
Deferred charges
.
85.894,784
Total
Total
$5,894,784
First Bohemian Glass Works, Ltd.(Erste Boehmische
-Bonds Sold.
Glasindustrie A. G.).
-F. J. Lisman & Co.
and First Federal Foreign Investment Trust have sold at
973 and int., to yield over 7.20% $1,500,000 7% closed
1st mtge. secured 30-year sinking fund gold bonds, with
stock purchase warrants in the ratio
of 10 shares of common
stock or each $1,000 of principal amount.
Date Jan, 1 1927; due Jan. 1 1957. Principal and int. (J. & J.) payable
without deduction for any present or future taxes of the Republic of Czechoslovakia or any taring authority therein in U. S. gold dollars of the present
standard of weight and fineness in New York at the office of F. J. Lisman
& Co.,fiscal agent, New York; also payable at the option of the bondholder,
at the Bohemian Union Bank in Prague in U. S. gold dollars or in Czech
crowns at the current rate of exchange. American trustee, Central Union
Trust Co., New York. Foreign trustee, Bohemian Union Bank, Prague.
Denom. $1,000 and 8500 c*. Callable as a whole or in part (not less than
$50,000) at 60 days' notice on any int, date on and after Jan. 1 1928 up to
Jan. 1 1929 at 105 with successive semi-annual reductions in call price of
of 1% up to Jan. 1 1933 and thereafter at par.
-A cumulative sinking fund of 34
Sinking Fund.
semi-annually beginning July 1 1927 will be provided calculated to retire the entire issue by
maturity through purchase in the open market, or by drawings by lot at
105 up to Jan. 1 1929, thereafter with successive semi-annual reductions
of 3i of 1% up to Jan. 1 1933 and thereafter at par.
The following is a summary of a letter of Pres. Carl
Vopelius to the bankers, dated Bleistadt, Czechoslovakia,
Feb. 4 1927:
History & Business.
-The First Bohemian Glass Works, Ltd.. was
founded and incorp. in 1893; it is to-day the largest factory in the world
producing glass by the Fourcault system, with an output in 1926 of 43.000,000 sq. ft. of glass. Company's main products include window glass. demi
plate glass, photo glass, cast glass and mirrors.
The Fourcault system was adopted in 1920 by the company which has
since considerably developed and improved it. Under this system the whole
prof
-Ras of glass manufacture is done by machine, eliminating costly hand
finishing and reducing the cost of production to such an extent as to enable
the company to compete successfully in the international markets. Corn-
1074
THE CHRONICLE
pany's plant is of entirely modern construction, the greater part having
been erected during the last three years.
The company has its own hydro-electric generating plants and obtains
80% of its total fuel supply from its own coal mines.
Security.
-(1) This loan will be secured by a first lien on the proceeds
of all sales of the company's products outside of Czechoslovakia to be
collected by the Bohemian Union Bank in Prague and set aside in a special
trust account. Out of such account 1-12th of the annual service charges
of this loan will be paid monthly to the fiscal agent for account of the bondholders. The proceeds from sales of the company's products abroad in
1926. amounted to $1,584,464, equal to over 15 times maximum annual
interest charges and over 13 times annual interest and sinking fund charges
on this loan.
(2) Further, this loan will be secured by a closed first mortgage on the
company's entire real property, covering more than 340 acres at Bleistadt
near Carlsbad, Czechoslovakia. including the main plant (2634 acres) of
entirely modern construction, fixed machinery and equipment, 2 hydroelectric plants, 2 coal mines, land, buildings, and 48 dwelling houses.
The total value of the property to be mortgaged has been appraised at a
sound value of $4,161,000.
(3) As further collateral security the company will pledge with the
Foreign trustee its entire holdings in the Torgauer Glashuetten A. G.,
Torgau, near Leipzig, Germany, in the Vetreria Itallana Balzaretti Modigliani in Livorno,Italy and in the Richardhuette A. G.fuer Giasfabrikation,
Sulzbach, Saar Territory, representing a combined value of over $675,000.
The total value of property to be mortgaged and pledged (in addition to
a first lien on the company's export revenues) amounts to $4,836,000.
Barnings.-Company's net earnings after depreciation based on book
values without giving effect to subsequent appraisals of fixed assets, applicable to interest and profit taxes were as follows: 1924. $250,000: 1925.
$332.580: $1926, $471,297.
Earnings for 1926 were equal to about 434 times maximum annual interest
charges and 3.92 times annual interest and sinking fund charges on this
loan.
Company's earnings in the five pre-war years 1910-1914 inclusive after
depreciation applicable to interest and profit taxes (as furnished by the
130111pany's officials) approximated $131.000 annually.
-Business International.
-The business of the
Distribution of Output
company is mainly export and it is not dependent on any one market or
group of markets for the sale of its products. It exports to all European
countries, North and South America and every important part of the
British Empire. For the last two years approximately one-third of its
total foreign sales have been to North and South America. where its demi
plate glass is well known and widely used by builders, automobile manufacturers, carriage builders, interior decorators, &c.
The company has its selling organizations, with main office in Prague.
and branches in New York, London. Vienna, Budapest and Bucharest, and
has its agents in the principal countries of Europe, North and South
America and Asia.
Sales.
-Company's sales have shown a strong upward tendency in recent
years: in 1926 the sales of the company's products abroad were over 80%
of the total:
Thereof
ThereofSold in
Sold Abroad. No..1 So. America
Total Sales.
Excluding Canada.
$800,000
1910-1914 (average)
$212,000
$900,000
1923
$1,320,000
1,050,000
283,000
1924
1,450,000
622.190
'
1,747,338
1,505.098
1925
1.584.464
680,159
1926
1,851.690
-Company has recently introduced
Participations Outside Czechoslovakia.
the Fourcault system outisde of Czechoslovakia into the following glass
manufacturing companies, in which it owns a considerable interest:
Rorgauer Glashuetten A. G., Torgau, near Leipzig, Germany. Vetreria
Italiana Balzaretti Modigliani in Livorno, Italy. Richardhuette A. G.
fuer Glasfabrikation, Sulzbach, Saar.
The works at Sulzbach and Livorno produced over 21.000,000 sq. ft. of
glass in 1926, and paid divid%nds for 1925 of 20% and 25% respectively:
respectively;
at least equal dividends are expected to be paid for 1926. The
Glashuetten A. G. commenced production in Dec. 1926 and should reach
full capacity during the present year. The combined output of these three
plants in 1927 is expected to exceed 40,000,000 sq. ft. of glass.
Dividend Record.
-Company has an unbroken dividend record for the
30 years following its inception in 1893 up to and including 1923. For 1924
and 1925, although fully justified by earnings, the company paid no
dividends, because a large program of extension and modernization was
carried through mainly out of current earnings. A dividend of at least
10% Is expected to be paid for 1926.
Capitalization.
-These bonds will represent the company's only funded
debt. The total authorized capitalization, in addition to this issue, consists
of Kc. 15.000.000 par value common shares. 75.000 shares of Kc. 200 each,
thereof at present outstanding Kc. 10,000.000 par value common shares,
50,000 shares of Kc. 260 each.
The market value of the shares, which are listed on the Prague and
Vienna Stock Exchanges, was $18 25 per share as of Feb. 3 1927.
The net asset value of the company's shares, based on a valuation of the
real property as appraised by the American Appraisal Co., Is equal to over
$82 per share.
-The bonds will carry warrants entitling the
Stock Purchase Warrants.
holders to purchase shares of the common stock of the First Bohemian Glass
Works, Ltd., of Kc. 200 par value, on the basis of 10 shares for each $1.000
bond, at the following prices per share including commissions: During the
year 1927 at $20 per share, during the year 1928 at $21 per share, during
the year 1929 at $22 per share. Company has agreed to deposit with the
Foreign trustee 15,000 shares of its already issued stock and has agreed
not to increase its capital beyond 75,000 shares within the next three years.
-Proceeds of this issue will be used to liquidate bank
Purpose of Issue.
loans,to provide additional working capital and for other corporate purposes
Balance Sheet Dec. 31 1926 (Adjusted to Give Effect to the Present Financing).
Liabili1iesAssets
$4,161,000 7% 1st mtge. bonds
$1,500,000
Fixed assets
137,522
675,000 Accounts payable
Investments
87,824
263,598 Officials & employes
Inventories
Acc'ts rec. (less reserve)_...._
167,696 Capital, surplus and Reserves 4,146,634
Cash
367,028
Deferred charges
237,658
Total
$5,871,980
Total
$5.871,980
Conversion of Czechoslovakian to U. S. currency for 1923 at the rate of
3 U.S. cents, for 1924 at the rate of 2.92 U.S. cents, for 1925 and 1926 at
the rate of 2.9634 U. S. cents equal to Kc. 1.
First National Pictures, Inc.
-Earnings.
Nine Months Ended Sept. 30Net income after charges
-V.123. p. 2525.
1925.
1926.
$707,847 $1,628.917
Fisher Lumber Co., Marcola, Ore.
-Bonds Offered.
Freeman, Smith & Camp Co., Portland, Ore. are offering
at prices, ranging from 5.97% to 6.69%, according to maturity, $100,000 1st mtge. 04% sinking fund gold bonds.
Dated Jan. 11927; due serially. Principal and interest (J. & J.) payable
at the office of Freeman, Smith & Camp Co., Portland, Ore., without
deduction for any normal Federal income tax except in excess of 2%. and
any income tax of the States of Oregon, Wash. and Calif. which may be
hereafter deductible at the source. Company covenants to refund. Calif.
personal property taxes not to exceed 5 mills per annum. Title & Trust
Co., Portland, Ore., trustee. Red. all or part in numerical order on any
Int. date upon 30 days' notice at 102 and int. Denom. $1,000, $500 and
$100 c*. Legal investment for Oregon savings banks.
Data from Letter of Fred Fischer, Pres. of the Company.
Company.-Incorp. in Sept. 1910. to engage in the manufacture and sale
of lumber and timber and has successfully operated at its present location
properties now include
for 16 years. Company's the mortgage securing101,365.000 feet of timber,
this issue, together with
which is included under
logging railroad and equipment, logging equipment, camps sawmill, plankilns, sheds and all other necessary facilities for conducting a
ing mill, dry efficient sawmilling operation. The
complete and
sawmill plant has a
single shift. A conservative valuacapacity of 22.000,000 feet a mually,
issue is as follows: Timber and lands,
tion of the Properties securing the
(after depreciation). $142,947;
$304.095: plant, railroad and equipment
of security for each $1,000 bond, or
total, $447,042. This figure $4,470
nearly 434 to 1.
[VOL. 124.
Earnings.
-Average net earnings, before interest and income tax bu
after depreciation, for the 5 years. 1922 to 1926. both incl., are $24,995, over
3.8 times maximum interest requirements of total bond issue of $100,000.
During that period the company depreciated its properties out of earnings
to the amount of $116,599. Net earnings before interest and income tax
for 1926 amounted to $32.805.
The trust deed provides that no dividends shall be declared or paid until
$50,000 of bonds have been retired and then at not to exceed 6% per annum,
payable only in such years as the company's net earningsshall exceed $25,000.
Sinking Fund.
-The first maturity is July 1 1928, but sinking fund payments of $2 per 1,000 ft. on mortgaged timber and 50c. per 1.000 on all
other timber sawn, begin to operate from date bonds are issued and will
automatically work to call for redemption all bonds
-in their numerical
order-thereby paying off bonds long in advance of their maturities at
premium rate of 102 and int. (unless purchasable for less). Should the
company operate entirely on mortgaged timber, the $2 sinking fund would
retire total bond issue when only 50,000,000 ft.(49% of total) had been cut.
Purpose.
-Proceeds are to be used to complete purchase of additional
timber which will automatically come under the mortgage, to retire outstanding indebtedness and for other corporate purposes.
(Fred H.) Fitch Corp., Kansas City, Mo.-Bonds Offered.
-Prescott, Wright, Snider Co., Wichita, Kan., recently offered at prices to yield from 6 to 04%, according
to maturity, $225,000 1st (closed) mtge., fee and leasehold
04% serial gold bonds. Principal and interest guaranteed
by endorsement by Fred H. Fitch.
Dated Jan. 1 1927: due serially 1928-37. Int. payable J. & J. without
deduction for any normal Federal income tax not in excess ofKansas
21i mills tax refunded. Principal and int. payable at New England Na,
tional Bank & Trust Co. in Kansas City, Mo., trustee, or at First National
Bank, St. Louis, Mo. Denom. $1,000. $500 and $100. Red., all or part
(in inverse order of maturity) on any int. date upon 4 weeks' notice at par
and int. plus a premium of 34% for each 6 months or fraction thereof from
date of payment to date of maturity
The corporation, incorp. in Missouri, was organized for the purpose of
owning real estate and leases on real estate and for the erection of improvements on such real estate and leaseholds and to operate such improvements. The property is located at Kansas City, Mo.,and St. Louis. Mo.
The bonds are a direct obligation of the corporation and will be secured
by a direct first closed mortgage on the land owned in fee, the leaseholds
and the improvements thereon. The pledged property, as appraised, plus
the cost of the new improvements and the estimated cost of the St. Louis
construction, has a value of $413,650, equivalent to more than $1,800 for
each $1,000 bond of this issue.
(The) 5959 Kenmore Building (Corp.), Chicago.
Bonds Offered.-Leight, Holzer & Co., Chicago, recently
offered at 100 and int. $200,000 1st mtge. serial 634%
coupon gold bonds.
Dated Jan. 6 1927: due serially 1929 to 1937. Int. payable J. &J.
Callable, all or part, on any int. date upon 60 days' notice in reverse of
the numerical order of the bonds at 103 and int. to and incl. Jan. 6 1929:
thereafter to and incl. Jan. 6 1932 at 10234 and int.: and thereafter to and
incl. July 6 1936 at 102 and int. Principal and int. payable at office of
Leight, Holzer & Co., Chicago.
These bonds will be secured by a closed 1st mtge. on the land in fee,
fronting 50 feet on Kenmore Ave., with a depth of 150 feet. and a 6
-story
fireproof building to be erected at 5959 Kenmore Ave.. Chicago, Ill. The
mortgage is also a first lien on the earnings to be derived from the building.
The total 1st mtge. bond issue represents approximately 61% of the fair
market value of the land in fee and hording.
The Chicago Title & Trust Co., Chicago. is trustee and has issued a
guarantee policy for the full amount of the loan ($200,000). Each bond
is duly authenticated by them as trustee under the deed of trust and bears
their certification.
The value of the security upon completion, exclusive of furnishings, is
appraised at $325,000.
Fleischmann Co.
-Common Stock Put on a $3 Annual
Dividend Basis.•
The directors have declared a quarterly dividend of 75c. a share on the
common stock, no par value, payable April 1 to holders of record Mar. 14.
This compares with quarterly dividends of 50c. a share paid since and including April 1 1926. In addition, extra distributions of 25c. each were
made on July 1 1926 and on Jan. 3 1927.-V. 123, p. 2908.
Follansbee Brothers Co., Pittsburgh.
-Bonds Offered.
-Lee, Higginson & Co., New York, and the First National
Bank at Pittsburgh, are offering at 904 and interest, to
yield about 5.05%, $3,250,000 first mtge. 5% sinking fund
gold bonds.
Delivery will be made, in the first instance, of interim receipts of Lee.
Higginson & Co., carrying a coupon for interest at the rate of 5% Per
annum from March 1 1927 to June 1 1927, exchangeable for first mortgage
5% bonds of the company, when, as and if issued, bearing interest from
June 11927.
Dated June 1 1%27: due June 11947. Interest payable J. & D. without
deduction for normal Federal income tax up to 2%. Interest payable at '
offices of Lee, Higginson & Co. in New York, Boston and Chicago, and at
the First National Bank at '
Pittsburgh, trustee. Denom. $1,000 c*.
Callable on 30 days' notice, as a whole at any time, or in part on any interest
date, at 101 and interest. Free of Penn.4 mills personal property tax.
Capitalization to Be Outstanding upon Completion of Present Financing.
First mtge. 5% sink, fund gold bonds (closed), due June 11947,
this issue
$3,250.000
Purchase money mortgages (on Pittsburgh and Detroit warehouse properties not subject to this mortgage)
139,372
Notes, unsecured (for mining rights)
11,010
Capital stock (one class)
$7.306,500
Data from Letter of Wm. U. Follansbee. President of the Company.
Company.-Incorp. In Penna. In 1894. a continuation of business established in 1812. Manufactures black, blue, polished, full finished, automobile and electric steel sheets. Company has important position and high
reputation for quality in lines of product manufactured. Its plants, comprising both steel works and roiling mills, are at Follansbee, W. Va., and
near Toronto, Ohio. Coal producing property is owned adjacent to the
Toronto plant. In connection with the distribution of its products, company maintains offices in New York, Philadelphia, Buffalo, Cleveland,
Chicago and Nashville,and offices and warehouses in Pittsburgh , Rochester,
Detroit, Indianapolis, Milwaukee, Louisville and Memphis. Sales, 1926.
more than $15,000.000.
-Proceeds of this issue, together with other funds available, are
Purpose.
to be used for the retirement of the company's entire outstanding issue of
$3,400,000 20-year 7% collateral trust gold bonds, effecting a substantial
reduction in the company's annual interest charge requirements.
Security.
-These bonds are to be secured by a closed first mortgage on
manufacturing plants and properties (including 8 open hearth furnaces. 17
sheet mills,6 tin mills and tinplate department, and coal property), together
having a conservative book valuation of more than $8.000,000, after deducting reserves for depreciation, or more than 246% of this issue.
-Annual sinking fund for retirement of bonds, first paySinking Fund.
ment June 11929. sufficient to retire more than 55% of entire issue prior to
maturity.
Sales and Net Earnings Available for Interest Charges, After All Depreciation
Charges and Inventory Adjustments.
Net Earns. SalesSales
.
Net Earns.
Sales.
Year$659.712 1925
$9,970,590
$990,825
1922$14,514,198
985,324 1926
14.931.862
15.484.203
1.211.759
1923
1924
Average amnia! net earnings for the five years ended Dec. 31 1926,
available for interest, after all deprec ation charges, were $949 357, or more
than 5.5 times $169.960 interest requirement on total funded debt to be
outstanding on completion of this financing and in no year of the period
have such net earnings been less than $659.712, or 3.8 times this requirement.
FEB. 19 1927.]
THE CHRONICLE
1075
-Annual Report.
Balance Sheet December 31 1926.
General Motors Acceptance Corp.
1924.
1923.
1925.
1926.
Calendar YearsAdjusted to show condition upon completion of this financing and retireNet earnings for year.. $5,193,202 $2,356,736 $2.247.177 $1,295,789
ment of $3,400,000 collateral trust gold bonds.
229,257
1,201,085
Undivided prof. prey. yr. 3,374.998 2,368.262
1 Liabilities
AssetsPlants. wareh'ses & equip$10,715,8661First mortgage 5% bonds $3,250,000
Tot, undivided profits $8,568.200 $4,724,998 $3,448,262 $1,525,045
139,372
336,000 Purchase money mtges__
Investments
480,000
1,080,000
1.350.000
3.390,000
Dividends
422,968 Notes (for mining rights,
Cash
11.010
Accounts & notes receiv le 1,049,082
25,178.200 23,374,998 $2,368,262 $1.045,045
Balance
644,639
2.969,738 Accounts payable
Inventories
79.537 Shares capital stock out45,002 Accrued interest
Prepaid items
60.000
90.000
135,000
250,000
standing (par $100)
147,587
138.750 Accrued taxes
Deferred charges
221.59
$24.96
$17.45
$20.77
Earned per share
Reserve for depreciation
Copyrights, trade marks.
13,470 of plants, &c
1,498,805
Comparative Balance Sheet Dec. 31.
&c
Reserve for coal depletion
1923.
51,592
1924.
1925.
1926.
AssetsOther reserves
92,386 Cash in banks & on hand $37,930,068 $13,870,952 $11,424.921 $6.729.781
Capital stock
2.951.417
7.306.500 Cash in trust
3.572.406
7,944,914
2,469,448 Notes & bills receivable
215.690,876 Surplus
Total (each side)
(U. S. and Canada)_218,696,222 104,575,200 54,913,771 67,319,444
--V. 123, p. 3327.
7,051,488
7,952.255
13,428,857 11,711.559
foreign
do
809,650
328,344
1222,798
-Loses Suit.
.
Due from bits, on disc'tsl 505,410
Ford Motor Co., Detroit.
223,434
1293,419
A judgment of $362,846 against the company in favor of the Parker Accounts receivable_-_1
5,336
Rust-Proef Co. was given in a decision Feb. 14 by W. S. Sayres, Master in Int.earned not received_
331.361
353.411
341,404
943,921
1916 for infringement of patent.
& eq.(less depr.)_
Furn.
Chancery. The plaintiffs sued in
6,000
906.000
6.000
81,000
Federal Judge Tuttle decided March 27 1925 that the patents of the Investments
Parker Co. had been infringed upon and referred the matter to the Master Cash and securs. pledged
85,063
80,506
by for. custs. (contra)
In Chancery to fix a judgment. The plaintiff originally petitioned for
421,533
604.769
767,640
3.193.440
Deferred charges
$2,_000,000 in damages.
The Master in Chancery held that the infringement was unintentional.
$274,778,919 8140458.051 $79.233.569 $86,113,186
Total
The $362,846 represented the sum that the Ford company would have paid
Liabilities
the Parker company in royalties had it originally bought the rights to the
$25,000,000 $13,500.000 $9,000,000 26,000,000
Capital stock
process.
-V. 124, p. 930. 797.
50,000.000
Serial gold notes
-Bonds Notes and bills payable-165,545,623 109,975.698 61.092,761 72.012,871
Fourth & Market Realty Co., San Francisco.
Offered.-Anglo London Paris Co. and Freeman, Smith & Dealers repossession res.. 4.640.414 3.423,810
817.526
1,809.811
4,912,240
Accounts payable
Camp Co., San Francisco, are offering at 100 and bit. Cash & secs, pledged by
85.063
80,507
for'n custs. (contra)....
$1,350,000 1st mtge. 6% gold bonds.
851,883
Dated Jan. 1 1927; due serially 1931-1942. Principal and int. (J. & J.) Accrued int. on notes_._
2,361,873
1,979.135
payable at Anglo & London Paris National Bank, San Francisco. trustee, Int.& chgs.rec.in adv1,640.823
1,303,079
4,174,618 2,303,377
without deduction for normal Federal income tax not in excess of 2%. Reserves
8.225,940 4,505.167
Denom. $1,000 c*. Callable as a whole or for sinking fund upon 30 days' Unearned income
4.618.262
2.545.045
6,749,998
and int. up to and incl. Jan. 1 1932: therafter at 102 and int. Surplus & undiv. prof- 11,428.201
notice at 103
up to and incl. Jan. 11937. and thereafter at 101 and int. Exempt from
$274.778,919 $140458.051 $79,233,569 286.113,186
Total
Personal property tax in California.
-The property is situated on the east side of Fourth St., San -V.124, p. 798.
Property.
Francisco. Calif. The improvements consist of: (1) 11-story and basement
-1625,000,000 7% Preferred Stock
General Motors Corp.
class "A" building fronting 155 feet on Fourth St. with frontages of 100
-J. P. Morgan & Co. have sold at $120 per share,
feet on both Stevenson and Jessie Sts. There are 13 stores on the ground Sold.
floor, the second and third floors are designed for offices and the remaining to yield over 5.80%, $25,000,000 7% preferred stock.
upper floors are divided into large rooms suitable for occupancy by manucumulative dividends over all other stock
facturers of wearing apparel and textile agencies. (2) The rear building, ofPreferred as to assets and or part on any div. date at $125 per share.
the
5 stories and basement, is a class "B" structure and covers the balance of Divs. corporation. Red. all7% preferred stock constitutes the senior
payable Q-F. The
the real property. The 3 lower floors are occupied by a garage with a stortotal of 2130,333,200 7% preferred stock outage capacity of 800 cars. The 2 upper floors are divided into 36 large rooms security. There will be a of this additional amount, a total of $4.582,800
which are connected with the front building for elevator service. Both standing upon the issuance
of6% preferred and 6% debenture stocks, and 8.700.000 shares of common
buildings are modern in every respect and are equipped with privately
stock. The Indicated aggregate market value of the common stock, at
owned water system and heating plant.
-These bends are secured by a closed 1st mtge. on the land and current quotations, Is over $1,300.000,000.
Security.
Data from Letter of Pres. Alfred P. Sloan, Jr., Feb. 15.
buildings above described. This property is appraised at 22.250,U00.
-Philip P. Paschel, William A. Magee and L. A. Weiden-The organization of the corporation effects
Earnings.
Organization & Business.
muller state: "After carefully estimating the income and taking therefrom the operation under one central control of a number of separate units,
operating costs and 5% for vacancies, it is our opinion that the net Income manufacturing a co-nplete line of motor vehicles in each price class, as well
on this property, per annum, will be $200,000." This represents nearly as parts and accessories.
The chief products of the corporation are the Buick, Cadillac, Chevrolet,
2.34 times the maximum annual interest requirements.
-Indenture provides that there shall be paid to the trustee Oakland. Oldsmobile and Pontiac passenger cars and commercial vehicles:
Sinking Fund.
beginning Jan. 1927, and monthly thereafter to and incl. Dec. 1929, the various parts or accessories such as Delco and Remy electrical systems,
sum of $6.750 to be used solely for interest on these bonds and that begin- Hyatt and New Departure bearings, Harrison radiators, &c.; and, outside
ning Jan. 1930. and monthly thereafter to and incl. Dec. 1941, there shall of the automobile business. Delco-Light farm lighting units and the Frigidbe paid to the trustee the sum of 2,0,500 to be applied first to the interest aire electrical refrigerating machines. All the plants and other assets
employed in the manufacture of these products are owned directly by
fund requirements and the balance solely to the retirement of these bonds.
General Motors Corp. Also, the corporation now owns directly all the
-Completes Construction Program.
Fox Film Corp.
property formerly held by Fisher Body Corp. In addition to the assets
program, involving the expenditure of owned directly, the corporation owns the entire capital stock of General
Completion of a construction
approximately $1,000.000. was announced lest week by the corporation. Motors Acceptance Corp.. and 57% of the voting stock of Yellow Truck
'he expenditures were made during the past year at the Fox Film studios & Coach Manufacturing Co., which manufactures trucks, motor coaches
•I
in Hollywood and Fox Hills, Calif. The program Involved, among other or buses, and taxicabs.
-The proceeds of the present issue of 225.000.000
things, the erection of 3 new stages, each 150 by 350 ft.. which are said
Purpose of Issue.
to be the largest in the United States. Included in the other improvements 7% preferred stock will reimburse the treasury of the corporation for part
are 4 new projection rooms equipped with modern machinery. administra- of the capital expenditures made in 1926. amounting to approximately
tion buildings, and additional quarters for scenario writers as well as 2108.550.000. This replenishment of cash is in line with the corporation's
.
bungalows constructed (specially for the stars. A new 500 k.w, motor policy of maintaining a strong cash position in view of the magnitude of
generator has just been installed which when hooked up with the plant its operations.
already in operation, will supply enough illumination for a city of 150,000
Earnings Available for Dividends Calendar Years.
-V. 123. p. 3190.
population.
Pref. & Balancefor No.of Times
Net
After Fed. Debenture Common Pfd. & Deb.
Total
No. of
-Annual Report.Freeport Texas Co.
Divs,
Stock. Diss.Earn'S
Taxes.
Cars Sold. Net Sales.
1923-24.
1922-23.
1924-25.
1925-26.
Yrs. End. Nov. 30$9,422,899 $7.227,877 $4,863.743 $6,102,036 1919 ____ 391.738 509,676,694 60.005.484 4,212,513 55.792.971
Gross sales
14.2
5,041,389
3,479,826
3.930.985 1920
6.520,829
Cost of sales
6.7
393.075 567,320,603 37.750.375 5,620.426 32.129,949
944,522
805,867
1,092.275
831.615 1921 ____ 214.799 304,487,243df38,680,770 6,310.010df44.990,780
Shipp'g, sell'g & gen. exp
Nil
8.0
1922 ___ 458.763 463,706.733 51,496,135 6,429,228 45.066.907
$439.395 21.339,435 1923 ___ 798.555 698,038,947 62.067,526 6,887,371 55,180,155
$2,096,202 $1,094,213
Net profit
9.0
64,475
19,030
68,493
35.002 1924 ____ 587.341 568.007.459 45.330.888 7,272,637 38,058,251
Other income
8.2
13.9
1925 ____ 835,902 734,592.592 106.484,756 7.639,991 98.844.765
$458,425 $1,374.437 1926 ____1,234,850 1.058,153,338 176,085.144 7,645,287 168.439,857
22,164,695 $1,158,688
23.0
Gross Income
244.649
130.676
Prospecting expenses..
267.516
295.960
245.144
361,211
Res. for depreciation
Totals.4,913.023 4.903,983.609 500.539.538 52,017.463 448,522.075
140.862
243,578
110,511
112,439 Averages. 614,128 612.997.951 62.567.442 6,502,183 56.065.259
Tax reserve
2.8
The above statement of net Iwo as does not lacluie the corporation's
$750,310 def$325,762
21,808,040
2770,111
Net profit
subsidiary companies not
4,673.119
5.236.641
4,466,530 proportion of the undistributed earnings ofof Fisher Body Corp. only
Prey. sur. & dopl. res.- 4.225.479
consolidated; it includes the entire earnings
which date the corporation acquired the out$6.034.519 $5,423,429 24,910,879 25.236,641 from June 30 1926 as of
;
Total surplus
standing 40% minority interest in Fisher Body Corp.
237.759
Net loss on sale of equip..
During the 8 years covered by the above table, net income after Federal
9 times the preferred and debenture
Surplus & depl. reserve- 26,034,519 $5,423,428 24,673,119 $5.236.641 taxes has averaged annually more than per annum). In each year of this
dividends paid (averaging 26,502,183
Shares of cap. stk. out729,844
729.844
729,844 period with the exception of 1921, net income has amounted to more than
729,844
standing (no par)...
Nil
$1.03
$106 6 times the preferred and debenture dividends paid, and in 1926 amounted
$248
Earned per sh.on cap.stk
to approximately 23 times such dividend payments.
Balance Sheet Nov. 30.
The corporation's average annual net income available for dividends
1926.
1925.
1925.
1926.
during the above 8 years, was equal to more than 6.65 times the annual
$
Liabilities$
Assets$
$
dividend requirements of approximately 29.400.000 on the preferred and
77,323,022 7,323,022 debenture stocks to be presently outstanding.
Real estate
1,186,022 1,228,594 Capital stock
637,227
Plant, equip.. &a_ 9,590,279 9,278,830 Accounts payable. 654,778
Of the 2148.522.075 earned for the common stock in the 8 years ended
153,948 December 311926, the corporation reinvested 2166,989,980 in the busiaess.
291,331 Vouchers payable- 292,233
011 & sulphur wells 264,731
2,315
2.000
Sulphur deposit_ 16,155,829 17,634,172 Meter deposits......
Summarized Analysis of Asset Position Dec. 31 1926.
Cash
1,648,880 2,225,461 Accr. val. underpl.
.
507.082 sulphur deposit_16,155,829 17.634.172 Current & working assets (incl. $135,398,386 of cash and U.S.
Accounts recelv__ 1,598.741
Government securities)
$336,338,213
14,397,733 3,943,270
144,529 Reserves
85,260
Notes receivable
144.332.596
91,176 Current liabilities
Inventories
3,875,014 3,594,560 Deferred liabilities
6,034,519 5,423.428
203,683 Surplus
555,672
Deferred assets
Balance or net current assets
2192.005.617
310.481.563
34.860.429 35,108.244 Real estate, plants & equipment, less depreciation reserves
Total
34,860,429 35,108,244
0. Total
79.715.822
F x For depreciation. $3,639,849; for amortization, $249,679; for depletion Investment in companies not consolidated
70,466,167
2110,486. y 729,844 shares of no par Other assets, including good-will
of oil deposits, $397.719; for taxes.
-V. 123, p. 3190.
value.
2852.669,169
15.999,166
Deduct
-Contingent & other reserves
-Receivership.
Garod Corp., Newark, N. J.
2.420,685
Interest of minority stockholders
Judge Runyon at Newark, Feb. 1 last, appointed Isaac P. Rodman of
receiver.
-V. 122. p. 356.
South Orange.
2634.257.318
Total net assets
2109.916.000
- Preferred & debenture stocks
-Permanent Ws.
General American Tank Car Corp.
435.000.000
Permanent equipment trust certificates, series 16, are now ready for Common stock (no par value), issued, 8.700.000 shares
89,341.318
delivery in exchange for temporary certificates of this issue at the Fidelity- Surplus
Philadelphia Trust Co., Broad Street office, Philadelphia, Pa. (For
2634.257,318
Total capital stock & surplus
offering. see V. 123. p. 11201.-V. 124. P. 655.
Giving effect to the issuance of this $25.000.000 additional 7% preferred
- stock, the total net assets as of Dec. 31 1926 would amount to approximately
-Supplementary Compensation.
General Electric Co.
Supplementary compensation totaling $1,358.670 was distributed In 2663.000.000. in comparison with the 2130.333.200 of preferred stock to be
February to 30.518 factory and office employees who have been in the em- presently outstanding. These net assets are equivalent to more than $508
ploy of the company for 5 years or more. The distribution was based on per share of 7% preferred stock, of which amount $169 per share consists
5% of the employees earnings for the 6 months from July 1 to Dec. 311926. of net current assets.
The value of the corporation's real estate, plants and equipment is conPayments were made In General Electric Employees' Securities Corp.
servatively stated in its balance sheet. Liberal amounts for depreciation
-V. 124. p. 655. 241.
bonds or in cash, as the employees desired.
•
1076
THE CHRONICLE
have been charged against earnings, and on Dec.31 1926 total depreciation
reserves amounted to more than $123,892,000.
•
January Car Sales.
-President Alfred P. Sloan Jr., in a
statement regarding the corporation's January sales, says
in substance:
Our retail sales for January total 81,010 cars, as against 53,698 cars for
the corresponding month of 1926 and further with 25,593 in 1925. The
fact that the increase this year over last is 50.9% requires further elaboration in order to avoid misunderstanding. The general trend of sales has
not materially altered-our increase being accounted for by the improved
position of the corporation's Chevrolet cxr and on account of the Pontiac,
which, from the standpoint of retail sales, was not a factor a year ago,
having just come into production.
The following tabulation shows monthly sales of General Motors cars
by dealers to ultimate consumers and sales by the manufacturing divisions
of General Motors to their dealers:
-Dealers' Sales to Users- Divisions'Sales to Dealers.
1925.
1926.
1925.
1927.
1927.
1926.
January
99,367 76,332 30.642
81,010 53,698 25,593
February
91.313 49.146
64,971 39,579
March
113,341 75,527
106.051 70,594
These figures include passenger cars and trucks sold in the United States,
Domionion of Canada and overseas by the Chevrolet, Pontiac, Oldsmobile,
Oakland. Buick and Cadillac manufacturing divisions of General Motors.
-V.124, p. 931, 799.
-Acquisition.(The) Georgian, Inc. Boston.
The corporation has purchased the Charlesbank Lunch at 647 Massachusetts Ave., Cambridge, Mass. This gives the company a system of
11 restaurants, 3 of which are in Cambridge. The management, it is
stated, is now negotiating for several other locations and developments
may be expected shortly. See also V. 124, p. 379.
-Earnings.Giant Portland Cement Co.
Calendar YearsNet profit from °per.,
after prov.for deprec.,
local and State taxes__
Bank and other interest.
rents, &c
1926.
1925.
1924.
1923.
$584,912
$536,498
$458,491
$438,566
19,554
19,672
Cr12,046
Cr13,532
$452.098
$604,466
$470.537
Total income
$556,170
22,736
6.539
8.149
15,831
Deduct-Int.on bonds&c
24,179
49,461
Fed. inc. tax for year
72,957
63,929
Amount written off
148,181
237.560
Norfolk property_
Loss on dismantling
31,233
50.289
machinery, &c
Pref. divs. paid_ _ _ _(26%)486,564 (17)318,096 (14)261.892 (7)131.600
Balance, surplus
Shares of common stock
outstanding (par $50)_
Earns. per sh. on corn
$7.172
$115,706
tief$4,629
$35,023
22,152
22,108
22.121
22,126
$1.13
$16.41
$13.69
$5.71
Balance Sheet Dec. 31.
Liabilities1926.
Assets1925.
1925.
1926.
Preferred stock_ _ _31,871,400 $1,871,150
Real est., bldgs..
machinery,&c_ _$2,935,070 $2,906,666 Common stock__ - 1,105,400 1,106,050
197,208
290,565 1st mtge. 6s
100,000
121,000
Cash
Notes & acc'ts. rec. 142,259
85,839 Accounts payable_ 155,910
95,962
Cost's'credit bal.Loaned on collat.
2,381
2,119
demand notes._
50,000
200,000 Payroll and un2,252
claimedwages
Sundry debtors_ _ _
3,051
19,633
19,488
Rents & int. rec
1,309 Accr. int. & taxes_
939
76,359
67,078
Inventories
523,807
360,438 Res. for contingenDeferred charges
cies,&c
25,646
8,048
18,756
18,902
Fund for red. bds.
29,960
49_,828 Surplus
610,335
564,506
Stock & mortgages
.
owned
6,404
7,142 Tot.(each side)_$3,914,345 $3,912,083
-V. 124, p. 379.
(H. W.) Gossard Co.-Pref. Stock Reduced.The stockholders have voted to reduce the authorized preferred stock
from $693,000 to $632,000.-V. 124, p. 799. 655.
Gulf Oil Corp.
-Subs. Co. Granted Option.-
-V. 124, p. 380.
See Colombia Syndicate above.
Hamilton-Brown Shoe Co.
-Balance Sheet Dec. 31.1926.
1925.
1926.
1925.
Liabilities$
Assets$
$
$
Capital stock
Real est., bldgs. &
5,000,000 5,000,000
x936,514
954,558 Notes payable... _ 2,737,500 1,870,000
machinery
1
1Accounts payable_ 1,151,801
798,413
Lasts & dies y____
662,260
939.730 Div. pay. Jan. 2._
50,000
150,000
Cash
85,763
3,509,315 3,864,618 Due to off. & empl.
71,603
Due from oust's_
271,732 Due to depositors_ 114,104
106,342
Acc'ts St notes rec. 351,233
47,208
37,108 Federal & State inCo.stk.for empl
come taxes
107,000
6,138,375 5,001,373
50,000
Inventories
81,445 Other reserves---30,388
Inv. In sub. cos_ _ _ z255,264
30,775
94,867 Surplus
90,867
2,865,652 3,164,784
Securities owned__
67,257
Deferred charges_ _80,399
es_
Total
12,071,435 11,312,690
12,071,435 11,312.690
Total
x Real estate, incl. buildings. $1,835,341, less depreciation, $1,131,029:
machinery and fixtures, $794,739. less depreciation, $562,538. y Lasts
and dies. $152,646; less depreciation. $152,645. z Comprising investment
in and advances to subsidiary and affiliated companies.
John W.May and Charles P. Ladd have been elected directors -V. 122.
I). 618.
-Annual Report.Harbison-Walker Refractories Co.
Calendar Years1923.
1924.
1926.
1925.
Net earnings
x$4,707.545 $4,551,620 $4,171,398 $4,358,708
Deprec., deple'n, &c_ _ _ _
704,127
675,285
707,126
y708,167
Pref. dividends (6%)--164,435
159.576
160,723
179,090
Common dividends--(8%)2,765,651 (8)2,444,131 (6)1,524,849(6)1.522,761
Balance, surplus
$1,054,638 $1,238,927 $1,811,688 $1.968,098
Previous surplus
5,747,028
3.765.741 11,526,814
7,715,126
Adj.ofres.(prior yrs.)..
• Cr2,000,000
Cora.stk. div.(33 1-3%)
9,000,000
' & loss surplus- _ $4,820.379 $3,765,741 $11.526.814 $7,715,126
,
font
Shares corn. stock outstanding (par $100)....
360.000
360.000
270,000
270,000
Earned per share
$10.61
$10.22
$12.36
$12.9
x After deducting $1,305.289 expenditures for ordinary repairs, also
Federal taxes. y $550,000 charged off for depreciation of plants and equipment: $118.793 charged off for depreciation of mining and tram outfits;
$39,373 charged off for depletion of clay, coal and ganister properties.
Balance Sheet Dec. 31.
1926.
1925.
1926.
1925.
5
$
AssetsLiat4litiesProperty account-27.981,891 27,995,576 6% preferred stock 3,000,000 3,000,000
Betterments comCommon stock...36,000,000 36.000,000
4,607 383 4,591,616 Reserves
pleted
2,345,722 1,968,146
46,326
46,326 Accts. payable
Bett. uncompleted
1,198,823 1,189,184
986,972
958.931 Pay rolls
Deterred charges
217,995
224,722
2,250,653 Surplus
3.066.756
Inventories
4,820,379 3,765,741
Accts.receivable-2.951,811 3,122,274
41,705
59.374
receivable
Notes
1,710,103 2,108,991
Cash
Invest. securities 6,172.304 5.031,720 Total (each side)-47,582,919 46,147,793
-V.124, p. 242.
-Offer to Stockholders.
Hamilton Mfg. Co., Lowell, Mass.
Marden & Murphy, of Lowell, Mass., are mailing to stockholders of the
Hamilton Mfg. Co., in accordance with their contract to purchase the
properties of the company for $700.000 under a decree of the Massachusetts
Superior Court. an offer of participation in a new Massachusetts corporation
to be organized by them. This is to be organized along the lines approved
[VOL. 124.
by the court, viz.: the new corporation will be capitalized at 7,000
of no par common stock and 7,000 shares of 5% preferred stock,'parshares
$100.
The present Hamilton shareholders are offered blocks of one share of
preferred and one share of common stock at $100 per block in the ratio of
one block to every five shares of Hamilton stock now held. This offer
expires March 12.
In their letter. Marden & Murphy state that they have not completed
any financing arrangement for a cotton or textile unit in the new No. 7
mill, or elsewhere at the plant.
Minority Stockholders Object to Proposed Sale.-'
At a meeting called by five minority stockholders of the Hamilton Mfg:
Co. to oppose the proposed sale of the property by the receivers to Marden
& Murphy. Attorney Walter M.Burse stated that the offer for the purchase
of the property is grossly inadequate, and that the terms of the proposed
reorganization are unfair and inequitable to stockholders. Also that the
ostensible purchasers are to receive for their services in acting as straw men
$35,000 in cash plus an indeterminate number of shares in the proposed
new corporation. Mr. Burse declared an appeal would be made to the
allowance of the decree by the Court, and he believed this would be heard
by the Supreme Court before the end of the court year, that is, probably
in April. In reply to a question, J. F. Keating, one of the five minority
stockholders who called the meeting, said he had been informed that
$1,100,000 of notes endorsed by Frederic C. Dumaine, Jr., had been paid
off, leaving about $700,000 unpaid.
-V. 123, p. 2526.
(M. A.) Hanna Co., Cleveland.
-Annual Report.Calendar Years1926.
1925.
Net inc. after all charges $3,609,913 $1,958,016
Interest on funded debt_
409,485
408,609
Depreciation & depletion 1,419,091
1,365,242
Federal taxes
233,656
60,871
Net corporate profit_ _x$1,547,681
Previous surplus
1,614,052
Miscellaneous adj
Dr64,525
1924.
1923.
$154,596 $4,276,753
592,004
514.792
1,181,737
1,382,039
32,427
52.080
$123,294df$1,651.572 $2.327,842
1.885.542
4,693.095
3.545,004
Cr164,280
Cr42,142
Total surplus
$3,097,208 $2,173,116 $3.083,665 $5.891.147
Dividends paid by Co.:
On 1st pref. 7% cumul
395.302
810,901
826,175
On 2d cony. pref. 8%
cumul
'
51,896
207.584
201.789
Divs. paid by other co.'s
controlled (but not
wholly owned) (net)
189.370
111,867
179,638
170,088
Surplus carried to balance sheet
$2,907,838 $1,614,052 $1,885,542 $4.693,095
Shs. corn. stk. outst'd'g
(no par)
291,844
291,844
282.844
282,844
Earned per share
$1 57
nil
nil
$3 69
Note.
-Dividends have been paid to June 20 1925 on 1st preferred stock
and to March 20 1925 on the 2nd convertible preferred stock.
x Applicable to the M. A. Hanna Co. stock, $1,496,389; applicable to
other capital stock outstanding $51.292.
Consolidated Balance Sheet Dec. 31.
1926.
1925.
1926.
1925.
Assets$
$
Liabilities- .
Property accounts24,835,454 23,896,614 1st pref.7% stock_11,199,400 11,199,400
315,532
Cash
357,342 2d cony. 8% pref. 3,186.000 3,186,000
249,297 Common stock_ _a12,000,000 12,000,000
U. S. Liberty bds. 370,000
Due from cust'rs 4,858,400 4,132,363 Other capital stock
Current advances_ 1.240,285 2,159,991
out/landing_ __b3,301,062 3,340,982
Miscell. accounts_ 586,719
373,141 10-yr. 6% debens_ 6,300,000 6,649.500
Inventories
9,803,201 7,750,639 1st m. ass. S. Co. 360,000
Miscell. advances 721.202
412,398 Long-term liability 1,688,064 1.688,084
Inv. in securs. of
Accts. payable... 4,639,508 4,139,872
other cos
4,618,909 5,760,002 Accrued taxes.... 375,510
224,614
Deferred assets_
678,698
953,528 Other accr. bats... 484,465
366,562
Misc. reserves_ _
591,214
636,269
Res. gen. contIng_ 795,341 1,000,000
Total(each side)47,828,401 46,045,315 Surplus
2.907,838 1,614,052
a Represented by 291,844 shares no par value. b Minority stock of
companies consolidated in this statement.
-V. 124, p. 380.
Hare & Chase, Inc.
-Protective Committee.
A protective committee of the preferred stockholders of the company,
dealers in automobile commercial paper control of which was recently
taken over by New York interests associated with the Royal Indemnity
Co., was formed at a meeting of about 200 preferred holders held in Phlladelphia Feb. 4.
This committee, consisting of three members,from Philadelphia oone from
Baltimore and one from Richmond, is directed to investigate the affairs
of the company and make recommendations at the earliest date possible
for protecting the interests of the preferred holders.
Percy H. Clark, director of the company and Chairman of the meeting,
was made a member of the committee along with Philip L. Poe of Baltimore
and Charles Johnston of Richmond. Two other members from Philadel
,
plata will be appointed.
The difficulties of the company are the consequences of a contract for
the purchase of paper issued by the General Finance Co. of Indianapolis.
a receiver for which was appointed a few days ago, the stockholders were
told by Mr. Clark. Hare & Chase, Inc., is liable for $4,600,000 of this
paper which has been rediscounted with the banks, he said, the paper
having been issued in financing the purchase of taxi cabs.
Some of the paper purchased by Hare & Chase, Inc., from the General
j2
Financing Co. was issued by the Quaker City Cab Co. of Philadelphia and
interests affiliated with Hare &
ase are now co-operating with officials
Mr. Clark explained.
of the cab company in the conduct of the business,[The cab company was placed in receivership Feb. 10 on the application
of Hare & Chase Inc.]
Interests identified with the Royal Indemnity Co. on Feb. 11 formally
assumed control of Hare & Chase, Inc. A resolution was adopted reducing
the number of directors from 15 to 7. Two members of the old board were
retained. The directors elected are: C. E. Trinder, Milton B. Ignatius
and H. A. Portington, representing the Royal Indemnity Co.; C. S. Newhall, Vice-President and Secretary of the Pennsylvania Co. for Insurance
on Lives and Granting Annuties; H. M. Walker, of the Equitable Trust
Co. of New York, and Edward II. Lycett, Jr., and Percy H. Clark. The
last two named were members of the previous directorate. The office of
President is still vacant, and for the present, members of the executive staff
will be retained.
-V. 124. p• 7 .
99
-Stock Dividend, &c.
Hawaiian Pineapple Co., Ltd.
The stockholders on Feb. 10 increased the capital stock from $9,075,000
to $10,000.000 by the issuance of 46,250 shares, par $20, of which approximately 45.000 shares will be issued as of Feb. 28 1927 as a 10% stock
dividend to stockholders of record Feb. 18 1927, and the remainder will
be issued from time to time thereafter subject to disposition by the directors
by sale to employees of the company or otherwise as the directors may
deem for the best interests of the company.
1925.
1924.
1923.
1926.
Calendar Years2 $2,904,838 $3.176,454 $3.635,524
x Net profit on sales..-.$3.380.42
386,514
423,224
320,390
268,842
Depreciation
108.338
92.483
51,815
29,138
Interest charges
Cs.1,205
Special credits
39.356
14,617
29,401
25,928
Special charges__
505,291
391,802
551.605
456,633
Re,. for income taxes-$2.328,952 $1;994.684 $2,319,421 $2,760,000
Net income
2,282,514
4,391.767
5.434.694
4.097,124
Previous surplus
27,299
98,895
48,854
39,950
Profit & loss credits....
$6,748.018 $7.478,232 $6,456,495 $5,141,419
Total
25,000
50.000
Res. for empl. pensions_
25,000
Loss on investment
1.019,295
903,817
1,053,903
1,021,802
Divs. paid (in cash)_-2.007,560
(in stock).
do
Profit & loss, surplus_ $5,794,201 $4,391,767 $5,434,694 $4,097,124
Shares of capital stock
300 000
452,045
300 851
451,944
outstanding($20 par)$o 20
$5 15
$t 71
Earns. persh. on cap. stk
$441
-V.123, p. 3328.
x Including other incomes.
1077
THE CHRONICLE
FEB. 19 1927.]
-Earnings.
Harmony Mills, Inc.
1923.
1924.
1925.
1926.
Calendar Years-$482,719 gals$387,101
Net loss after depreciation 5106.817
5223,504
Balance Sheet as of December 31.
1925.
1926.
1925. 1 Liabilities1926.
AssetsPreferred stock___31,419,800 $1,430,000
eat estate and ma14,833,866 $4,915,326 Common stock__ 4,196,400 4,196,400
chinery
657,308
1,440,269 1,533,501 Notes 3: accts. pay. 674,834
Inventory
6,613
408,109 General reserve__
Cash dr accts. rec_ 381,619
571,525
368,747
4,910 Surplus
4,028
Marketable secure.
56,659,782 16,861,846
Total
-V. 122, p. 891.
Total
Balance Sheet Nov. 30 1926.
Assets.
Capital stock (100,000 shares,
Land, bidgs., machinery, &c.,
$1,124,000
$186,934
less depreciation
50.280
Patents, less amortization-- 453,458 Accounts Payable
65,000
106,794 Accrued taxes
Cash
62,500
U.S. Treasury, &c.. bonds... 558,447 Dividend Payable
470,935
5,290 Surplus
Accrued interest
78,073
Notes & accts. rec., less res've
383,719
Inventories
Total
$6,659,782 $6,861,846
-New Control.
Heine Boiler Co., St. Louis.
-V.117, p.1892.
See International Combustion Engineering Corp. below.
-Smaller Dividend, &c.
Hecla Mining Co.
The directors have declared a quarterly dividend of 25 cents per share,
payable March 15 to holders of record Feb. 15. This compares with
quarterly dividends of 50 cents per share paid since and including March
15 1925.
The directors approved the construction of a zinc reduction plant to cost
between 51,250,000 and $1,500,000 near Kellogg. Ida., by the Sullivan
Mining Co., in which the Heels company has a half interest. It will be
-V. 123. p. 2785.
completed in about one year.
81,772,715
81.772.71.3
Total
-400% Stock Dividend.
Island Creek Coal Co.
The directors on Feb. 15 declared a 400% stock dividend on the outstanding 118,801 8-9 shares of common stock, par $1, payable March 10 to
holders of record Feb. 24. See V. 124, p. 800, 515.
-Annual Report.
-January Sales
Jewel Tea Co., Inc.
1924.
1927.
1926.
1925.
First Four "[Weeks of5990.729
$1,086,812 51,115,701 $1,059,583
Sales
Jan. 1 '27. Jan. 2 '26. Dec. 27 '24. Dec. 29 '23.
Years Ended$14,568,258 $14,178.478 513,603,745 512,554,875
Net sales
773.8081
713,906
1,215,243
749.288
Operating profit
210,5891
207,354
228,494
Other income
-Annual Report.
(George W.) Helme Co., Inc.
Total income
Federal tax reserve
$1,443,737
185,685
$956,642
117.694
$984,397
129,321
$713,906
89,705
$624,201
$838,948
5855.076
$1,258,052
Balance
1926.
1924.
1923.
1925.
Calendar Years208,959
$2,223,920 $2,203.725 $2,199,749 $2,026.307 Bad debts res. not requir.
xNet earnings
280,000
280,000
280,000
280,000 Pref. dive. (223(%).-.-650,675 (14)463,275
Pref. divs. (7%)
(28%)1,680,000(27)1620,000(27)1620,000(19)1140,000
Common dive
5833,160
$855,076
5375,673
5607,377
Surplus
654,555 def200,520
998,414
$263,920
$303,724
$299,749
$676,307 Profit & loss, surplus_ _ _ 1,239.311
Balance, surplus
3,833,571
3,529,847
3,230,097 2,553,790 Shares of common outPrevious surplus
x120.000
x120,000
120.000
120.000
standing (no par)
$3 08
$889
$5 14
$5 00
54,097.491 $3,833,571 $3,529,847 $3,230,097 Earns, per sh. on com
Profit & loss surplusx Par 5100.
Shares of common stock
-Preferred stock dividends in arrears at Jan. 1 1927 amount to
Note.
290.000
240,000
$25)240,000
240,000
outstanding (par
$8.10
$8.02
$8.00
$7.57 14%, or 5382.200.
Earn. per sh. on common
Comparative Balance Sheet.
x After deducting all charges and expenses of management, and making
on profits, and making
Jan. I '27. Jan. 2'28.
provision for the estimated amount of Federal tax
Jan. 1 '27. Jan. 2'26.
Liabilities$
$
suitable additions to the general funds for advertising, insurance, &c.
$
Assets$
754,259 Preferred stock__ 2,730,000 3.180,000
x738.070
2909.
V. 123, p.
Land, bldgs., &c._
120.000
120,000 Common stock__ z120,000
120,000
Good-will
2,125,838 2,194,509 Letters of credit &
Hudson Motor Car Co.
-Merger Rumors Denied.
-In a Inventories
917,624
acceptances_ __ 653,783
399,017
287,322
Accts.& notes
letter to all Hudson-Essex distributors and dealers, President Investments rec_ y1,057,781 1,014,795 Accounts payable_ 105,109 188.621
86,818
62,450 Sundry accruals._ 225,364
54,528
Trust funds
R. B. Jackson on Feb. 12 said:
728
60
460.211 Pref. dlvs. uncl_ _ _
514,928
Once again the rumor-mongers have been persistent with stories as to Cash
117,694
542,358 Federal inc. taxes_ 185,685
488,100
Advances
changes in policy and management of the Hudson Motor Car Co. These
62,451
54,528
Surety deposits.,,
Other deferred
stories are all entirely without foundation.
185,908
124,749 Res. for coining_
113,182
charges
Probably the most frequent of these stories is covered in a statement
998,414
1,239,311
Surplus
made public to-day by Edsel Ford, President of the Ford Motor Co., which
said: "There is not now and never has been any foundation for the rumor
5,499,748 5,672,350
Total
5,499,748 5.672,350
Total
that the Ford Motor Co. has acquired or is seeking control of the Hudson
x Alter deduction of 5542,031 for depreciation. y Marketable securities
Motor Car Co. This rumor has persisted until in some quarters sheer
repetition has given it a status of fact. For this reason we again make include company's common stock held for employees. z Represented by
120,000 shares of no par value.
-V. 124, la• 515.
formal denial, and state that the rumor, in all its forms, is unfounded."
For our own part, we hereby assure our distributors and dealers that
-To Decrease Stock.
Kaufmann Department Stores, Inc.
there is no truth whatsoever in these reports.
-V. 124, P. 932, 783.
The stockholders will vote Feb. 21 on decreasing the authorized preferred
stock from $1,425,000 to $1,350,000, par $100. The 575,000 preferred
Hupp Motor Car Corporation.
-Earnings.
-V. 122, p. 1320.
stock has been acquired for the "special surplus fund."
Calendar Years1926.
1924.
1923.
1925.
Sales
$50,342,606 $43,847.198 $32,320,706 $38,013,014
-To Recapitalize-New Issue of
(Julius) Kayser & Co.
Net profits after taxes.... $3,507.628 $2,919,464 $1,095,160 $2,646,438
-The stockholders on Feb. 18 voted to
Preferred dividends..
37.822 Debentures Created.
Common dividends (11%) 1.037,173 (10)913,809(715)685,357(1234)786603 change the capital structure of the company and to create
Balance, surplus
-V. 124, p. 800.
$2,470,455
$2.005,655
$409,803
$1,822.013
Illinois Wire & Cable Co.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 50 cents per
share on the outstanding common stock (par $10), payable April 1 to
holders of record March 15. See also V. 124, p. 380.
Indian Motorcycle Co.
-50c. Common Dividend.
-
an issue of $7,000,000 20-year 532% debentures, as outlined
in V. 124, p. 933.
-January Sales.
(G. R.) Kinney Co., Inc.
Month of JanuarySales
-V.124, p. 515, 343.
1927.
5913.016
1926.
$991,874
Decrease.
$78,858
-To Increase Stock-Divs.Kraft Cheese Co., Chicago.
The directors have declared a dividend of 50c. per share on the outstanding 100,000 shares of no par value common stock, payable March 1 to holders
of record Feb. 21. The company has been paying 50c. per share at intervals of four months.
-V. 123. p. 2662.
The stockholders will vote in April on increasing the authorized capital
stock (par $25 per share) from 350,000 shares to 500.000 shares.
The directors have declared the usual quarterly dividend of 37Mc. in
cash and 13.6% in stock on the common stock, payable April 1 to holders of
record March 10. This rate has been paid since July 11925.-V.124, p.381
Indiana Pipe Line Co.
-Report for Years Ended Dec. 31.
-Bonds Offered.
Lake St. John Power & Paper Co., Ltd.
-Dominion Securities Corp. Ltd., are offering at 99M and
20-hear bonds,
int. $5,000,000 1st mtge. sinking fund 6
series "A."
Not income
Dividends
1926.
$817,631
700,000
1925.
$919,801
400,000
1924.
$599,433
600,000
1923.
$965,944
800.000
Balance, sur. or def_sur$117.631 sur$519.801
def$567 sur$165,944
Shares of cap. stk. out100,000
standing (par 550)- - 100,000
100,000
100,000
Earn, per share on cap.
$8 17
89 19
stock
$5 99
$9 65
Comparative Balance Sheet, Dec. 31.
1926.
1925.
1924.
1923.
Assets55,156,287 55.103,530 5.5,126,038 55.097,255
Pipe lino plant
52,978
43,380
66,647
Materials & supplies_
110.592
Cash, other investments
5,465,380
4,941,566
& sects receivable__ _ 5,848,405
4,982.731
$11,048,072 510.621,889 510,134,251 $10,190,577
Total
Liabilities
$5,000.000 55.000,000 55,000,000 55.000,000
Capital stock
Acc'ts pay., incl. res, for
taxes, fire insurance,
865,196
899,187
annuities, &c
1,040,151
1,040,710
2.363,832
2,415,659
Res. acc't for accr. depr_ 2,549.256
2,278,068
2.341.034
1.871.232
Profit and loss
2,458,664
1.871.799
Total
-V. 123.
511,048,072 510,621,889 510,134.252 $10,190,577
p. 3043.
International Combustion Engineering Corp.-Aeg.
The corporation has announced the acquisition of the capital stock of
the Heine Boiler Co., one of the oldest and leading water-tube boiler manufacturers in the United States. This acquisition gives the International
Combustion Engineering Corp. large boiler shop facilities at St. Louis,
Mo., and Phoenixville, Pa.
All types of water-tube boilers will be manufactured at St. Louis, including the new sinuous header type recently placed on the market. The
manufacture of the Ladd water-tube boilers and the new combustion steam
generators will also be centered in the St. Louis plant.
The acquisition of the Heine company will enable the International corporation to furnish to its customers complete steam generating units fired
with pulverized fuel or mechanical stokers, all of its own manufacture.
pie It Is understood this new acquisition requires no financing by the International corporation, the Heine company having been acquired through
a cash roayment. C. It. 13. Meier will remain as President of the Heine
Boiler Co.
-V. 124. p. 515.
-Annual Report.
Jaeger Machine Co., Columbus, 0.
Statement of Profit & Loss for the Year Ending Nov. 30 1926.
Earnings for the year ______ ___
_____________ 5480.522
Provision for Federal income tax
57.500
Provision for amortization of patents
50,000
IDividends for year
F Net profit
5373.022
250,000
Balance to surplus
Earned per share on 100.000 no par shares capital stock
$123.022
$3.73
Dated Feb. 1 1927; due Feb. 1 1947. Principal and int. (F. & A.)
payable in Canadian currency at Imperial Bank of Canada in Toronto
and Montreal, Can., or in New York in U. S. gold coin of the present
standard of weight and fineness, or in London in sterling at the fixed
rate of $4 8667 to the pound. Red. all or part, for sinking fund or otherwise, on any :nt. date 00 60 days' na.ce at 105 and int, to and incl. Feb. 1
1937; at 104 and int. thereafter to and incl. Feb. 1 1942, and at 103 and
int. thereafter and before maturity. Denom. $1,000 and $500 c* and r.
Int. payable without deduction for U. S. Federal normal income tax
not in excess of 2%. National Trust Co., Ltd., Toronto, trustee.
Authorized.
To be Issued.
CapitalizationFirst mortgage bonds
515.000,000
35,000,000
Mortgage debentures
7,500,000
3,000,000
7% pref.stock ($100 par value cum.from
2.000,000
July 1 1928)
2,000.000
Common stock (no par value)
100.000 she.
100,000 she.
Data from Letter of E. A. Wallberg, President of the Company.
-Has had in course of construction since July last at MistasCompany.
sini on the Mistassini River near Lake St. John, Que., a complete pulp
and newsprint paper mill, having a rated capacity of 220 tons of newsprint
paper per day. It is expected that this mill will be in operation by December 1927. Company contemplates extending the present development from 220 tons of newsprint paper per day to 440 tons per day.
Company holds under lease from the Government of the Province of
Quebec extensive timber limits on the Mistassibi and Aux Rats Rivers.
north of Lake St. John. These limits cover about 1,000 square miles,
and it has been conservatively estimated by two experienced timber
cruisers that they contain not less than 6,000,000 cords of pulpwood.
thus ensuring an adequate supply of low-cost wood for over 60 Years for
the mill now in course of construction. Company is ideally situated in
relation to its wood supply.
Company has a favorable power contract with Duke-Price Power Co.,
Ltd., ample for its requirements and extending beyond the term of the
bonds. It also holds under lease from the Quebec Government waterpower sites on the Mistassini and Mistassibi rivers, estimated to be capable
of developing 20,000 h.p. at a low cost.
On account of its exceedingly low-cost wood and power,and its thoroughly
modern mill, the company will be one of the lowest-cost paper producers
n Canada.
Satisfactory assurances have been obtained as to the construction this
year of a connecting railway line between Mistassini and the Canadian
National Ry.system, which will give the company excellent communication
with its newsprint markets.
Sale of Paper Output -Company has contracted with one of the largest
and financially strongest publishing interests in the United States for
the sale for the term of 10 years of the entire capacity output of the newsprint paper mill now under construction.
Purpose.
-Proceeds of this issue and of the sale of debentures will be
used entirely for construction of the mill, payment for properties and for
working capital.
Security.
-Secured by a specific first charge on real and immovable
property of the company. including the mill, timber leases and power
sites, and a floating charge on all other assets of the company, now or
1078
THE CHRONICLE
hereafter owned. Company will covenant to pay no dividends on is
capital stock which would reduce the net current assets of the company
below $800,000.
Sinking Fund.
-The trust deed will provide an annual sinking fund
for series A bonds sufficient to redeem 60% of these bonds by maturity.
The first payment under this sinking fund is due Feb. 1 1931.
Assets.
-The value of net tangible assets of the company, available for
the security of these bonds upon the completion of the plant has been
conservatively estimated at $13,250,000.
Earnings.
-The management estimates that the annual net earnings
of the company, based upon the present price of newsprint paper, avail
'able for interest on these bonds, depreciation and income tax will be not
less than $1,350.000. Interest charges on these bonds will amount to
$325,000 per annum.
[VOL. 124.
McCall Corporation.
-Annual Report.
-
Calendar Years1926.
1924.
1925.
1923.
Net sales
$10,735,199 $9,711,645 $9,012.449 37,912,267
Oper. exp.& deprec'n...._ 9,270,546
8,221,440
8,461,693
7,000,061
Operating profit
Other income
*1,464,653 31,249.952
41,619
77,299
$791,009
51.309
$9127206
54,196
Total income
$842,317
$1.541,952 $1,291,572
$966,402
Reserves for taxes, &c_.
145,550
186,515
218,049
215.975
Res.for doubtful sects
91,521
91.767
99,996
First preferred dividends
x211.085
337,862
2168.868
Rate on Ist pref
14%
1735%
29%
Second pref. diva
y307,859 (15)143,190
Lamson & Hubbard Corp.
-4% Accumulated Divs.- Common dividends
599.099
The directors have authorized a payment of $4 per share on account of
Balance, surplus
$394,161
$532,238
$316,949
accrued dividends on the outstanding $1,431,700 7% pref. stock. par $100,
$581.559
payable April 8 to holders of record April 1. Arrearages to date amount Shares of common stock
outstanding (no par)_
a42,300
a54.390
to 39(%.-V. 122, p. 1463.
240,000
a42,200
Earn. per sh. on common
$12.31
$16.24
$15.78
$4.82
a Consists of shares of SIM par value. x Of this amount $84,000 repreLarabee Flour Mills Corp.
-Stock Decreased.Vice-Pres. Harry G. Randall states:"The location of the principal office sents the regular current dividend on this class of stock and the balance was
applied as against arrearages on this stock. y Being 7% (866.822) for curor place of business of the corporation has been changed from Topeka. Kan. rent
year on all shares outstanding, 1j% ($16.706) for current year on
to Kansas City, Kan., and the capital stock has been decreased from shares
not exchanged for common stock and 23% (*224.331) for arrears
36.500.000 to 310,000.-V. 123, P. 333.
of dividends in full.
-V.124. p. 119.
(The) Lasalle & Koch Co.,Toledo,O.
-Bonds Offered.
Bell & Beckwith, Toledo, are offering at prices to yield from
4.57 to 5.87%, according to maturity, $750,000 1st closed)
mtge. leasehold 6% serial gold bonds.
•
Dated Feb. 11927; due serially, $50,000 each Feb. 1 1928-42. Denom.
31,000c*. Interest payable F. & A. at Toledo Trust Co.. Toledo, Ohio,
trustee, without deduction of normal Federal income tax not in excess
of 2%. Red. all or roart, on any int. date on 60 days' notice at following
rates: Up to Feb. 1 1928 at 103Ii and int.; up to Feb. 1 1929 at 103 and
int.; up to Feb. 1 1930 at 1023.5 and int.; thereafter at 102 and int.
Data from Letter of Alfred B. Koch,President of the Company.
Security.
-Specifically secured by a first mortgage on the 99
-year leases
owned by the company, namely the Scott Realty Co. lease, the Spitzer
Building Co. lease and the Smith & Baker lease.
The property of the Scott Realty Co. consists of real estate on the
southeasterly corner of Adams and Huron Sta.Toledo, Ohio, with a
frontage of 120 ft. on Adams St.and 255 ft. on Huron St.,on which property
the present building occupied by the Lasalle & Koch Co. is located. The
fee title to this real estate is in the name of the Scott Realty Co.. and
this real estate and the Lasalle & Koch Co.lease thereon are conservatively
valued at $2,000,000. There are outstanding at this time $950,000 1st
mtge. 6% serial bonds of the Scott Realty Co.
The Spitzer Building Co. 99
-year lease covers the 25 ft. on Huron St.
lying between the Spitzer Bldg. and Scott Realty Co. property and secures
to the Lasalle & Koch Co. permanent light and air for its store building.
The Smith & Baker 99
-year lease covers the real estate on the southwesterly corner of Adams and Superior Sta., Toledo, Ohio, with a frontage
of 120 ft. on Adams St. and 100 ft. on Superior St.
The company has obtained disinterested appraisals of Scott Realty Co.,
Spitzer Building Co., and Smith & Baker 99
-year leases and its leasehold
and equitable interest in the land and buildings covered thereby. This
appraisal is in the sum of $1,220.000 after deduction of the $950,000 1st
mtge. bonds of Scott Realty Co., but does not include the cost of the
contemplated additions and improvements which are to be made from
the proceeds of this issue of bonds.
Purpose.
-Proceeds of this issue of bonds will be used by the company
for the construction of three additional floors to the present Lasalle &
Koch Bldg., and the acquiring of the necessary fixtures and equipent.
The building now contains 284,160 sq. ft. of floor space and the additional
three floors containing approximately 75,000 SQ. ft. of floor space will
provide the company with much-needed room for expansion.
McCallum Hosiery Co.
-25c. Dividend.
-
The directors have declared a dividend of 25c. a share on the common
stock (no par value), payable March 8 to holders of record Feb. 26.V. 123, p. 1513.
Mathieson Alkali Works, Inc.
-Annual Report.
-
Calendar Years1926.
1924.
1923.
1925.
itTotal earnings
$2.725,559 $2.285,553 $1,521.477 $1,833.734
Deprec'n & deple'n
771,626
553,336
657,320
549,238
Income charges (net)_.,_
48.877
21,295
15,724
37.551
Federal income tax
225,570
73,780
147,476
150.000
Preferred dividends
174,563
344,634
175,567
250,549
Common dividends
588,828
147,207
Balance, surplus
3916,095 $1,142,260
$528,430
$846,394
Shs.of com.outst.(no par)
147,207
147,207
y117.714
y177.714
Earn, per share on corn_
$10.34
$4.49
$8.76
$7.19
x After deducting manufacturing, selling and general administrative
expenses. y Consists of shares of par value $50.-V. 124, p. 381.
Mergenthaler Linotype Co.
-Extra Dividend of 25 Cents.
The directors have declared an extra dividend of 25c. per share in addition
to the regular quarterly dividend of $1 25 per share on the outstanding
256,000 shares no par value capital stock, both payable Mar. 31 to holders
of record Mar. 5. One June 30, Sept. 30 and Dec. 31 1926 dividends of
like amounts were paid.
-V.123. p. 2664.
Metro-Goldwyn Pictures Corp.
-Earnings.
-
12 Weeks EndedGross profit
Operating expenses
Operating profit
Other income
Nov. 20'26. Nov. 21 '25.
$1,733,747 $1,267,027
1,297,607
1.026,459
$436,140
147,592
$240,568
71,252
Profit before Federal taxes
$583,732
$311,820
The annual report for the year ended Aug. 31 1926 [not Dec. 311 was
given in V. 124, p. 244.
Metropolitan Casualty Insurance Co. of N. Y.
-
Hervey J. Drake of the New York firm of Bonynge & Barker, attorneys,
has been appointed as Asst. General Counsel.
-V. 124, P. 933
,
Metropolitan Chain Stores, Inc.
-Annual Report.
Lawyers Mortgage Co.
-Mortgages Accepted.
Calendar Years
19241.
1925.
At a meeting on Feb. 10 the executive committee accepted mortgages Gross sales
311.006,876 $88,675,403
aggregating $9,003,550, distributed as follows: Manhattan, $440,600: Net profit
3708,209
3609.529
Bronx, $4,271,500; Westchester, $167,000; Brooklyn, $2.645.000, and Reserve for inc. tax & mgrs.' commissions
176,562
138,728
Queens. 51,479,450.-V. 124, p. 381.
Preferred dividends
122.850
122,850
Liggett-Winchester-Ley Realty Corp.
$408,797
-Bonds Called.
3347.951
- ShNet income
er
.
n tock outstanding (no par)
130.900
Certain guaranteed 7% s. f. gold bonds, due March 11942, aggregating -y common .
130,900
$3.13
$2.66
$112,000, have been called for payment March 1 next at the Bankers Trust Earned per share
esc°mm
12 p.
4,
•
-V. 120. p. 591.
Co.. 14 Wall St., N. Y. City.
Lincoln Park Vista Apartments, Chicago.
-Bonds Offered.-Garard Trust
Chicago, are offering at par and
int. $550,000 1st mtge. 6M% serial gold bonds.
Co.,
Miami Paper Co.
-Bonds Called.
All of the outstanding 3668,000 10
-year mtge. 714% s. f. gold bonds dated
Mar. 1 1921 have been called for payment Mar. 1 next at 105 and int, at
the Union Trust Co., Cleveland, 0. (See also Oxford Miami Paper Co.
In V. 124, p. 383.)-V. 124, p. 381.
Dated Jan. 3 1927: due serially Jan. 1 and July 1 1929 to 1937. Principal and bit. payable J. & J. at the office of Garard Trust Co. or Chicago
Minneapolis Heat Regulator Co.
-Bonds Offered.
Title & Trust Co., Chicago, trustee. Denom. $1,000 and $500 c*. Callable in inverse order by number on any int, payment date after 2 years, Wells-Dickey Co., Minneapolis, recently offered at prices
upon 30 days' notice at 102. Int. payable without deduction for normal
to yield from 5 to 5.30%, according to maturity, $200,000
Federal income tax up to 2%.
The bonds are secured by a closed 1st mtge. on land and building situated series "A" 1st mtge. serial gold bonds (matUring Feb. 1
at Nos. 2136-2140 Lincoln Park West, Chicago, conservatively appraised 1934-43)
and $100,000 series 13" bonds (maturing Feb. 1
upon completion at $900,000. The building. 11 stories In height, contains
100 one, two and three furnished apartments. An annual net income of 1929-33).
3110,000. over 3 times the maximum annual interest charge, may reasonably
Dated Feb. 1 1927.
for trust funds
be expected from the operation of the apartments. Monthly deposits of Denom. of 31,000 and A legal investment F. & A. withoutin Minnesota.
deduction for
Int. payable
one-twelfth of all principal and interest payments due each year will be any Federal income tax$500. excess of 2% at the office of the Minneapolis
not in
made in the office of Garard Trust Co.
Trust Co., trustee. Red., all or part, on any int date on 60 days notice
at 100 and hit.
(P.) Lorillard Co.
-Balance Sheet Dec. 31.Company.
-Was originally incorporated in lf193,succeeding to a business
established in 1885. Is the largest manufacturer of automatic heat con1926.
1925.
1925.
1926.
trohing devices in the world. The regulator, which is suitable with coal
Assets3
$
Real estate, mach.
Pref.stk.,7% cum.11,307,600 11,307,600 oil or gas, is principally used for house control, but also in many industrial
and fixtures__ __ 9,072,006 9,194,907 Common stock_ _ _32,166,175 32,166,075 fields, including refrigeration, enameling ovens, dry kilns and power staLeaf tobacco, manCom.stk.div.scrip.
770
870 tions. It is in general use throughout the United States and has been sold
in practically every country in the world. Branch offices or distributors
ufactured stock
Corn. stk. div. Ws 643.324
and over. SUPP.32,491,507 30,425,459 Gold bonds
20,275,200 20,358,950 are located at principal cities in United States.
Stock in other cos_ 2,177,500 2,187,500 Pref. dive. Jan. 3_ 197,883
Security.
-Secured by a 1st mtge. amounting to 3200.000 on all the com197,883
Tr.
-mark, brands,
Corn. dive. Jan. 3. 656,190
909,167 pany's fixed property. The property is modern in every respect. The
rke
21,228,892 21,228,892 Accr. int. on bonds 390,208
391,673 present 6 story plant, built in 1912. has 70,000 sq. ft. of floor space, and
Cash
-story addition also containing 70,000 SQ. ft. is now under construction.
6,296,417 9,195,852 Reserve funds
2,706,719 2,763,190 6
Accounts and bills
Acc'ts payable_ _ 521,220
511.019 The land and bul.dings alone, exclusive of machinery and equipment, have
receivable_
10,104,603 9,960,050 Profit and loss_ _13,406,537 13,586,233 been appraised in excess of $425,000. The series "13'• bonds are not secured by mortgage.
Total
Earninps.-Company's sales over a period of years have shown consistent
82,271,825 82,192,660
Total
82,271,825 82,192,660
and substantial gains. Net earnings available for interest after depreciaThe income account was published in V. 124, p. 933.
tion for the past 7 years have been as follows: 1920. $146,517; 1921.
192 .
4
$43,719: 1922, $166,504: 1923. 3247,390: 1924, 3257.812; 1925, $42 5846:
Louisiana Oil Refining Corp.
.
-Earnings.
-(preliminary audit).
-Quarter Ended- -Calendar Years
- 1926, 3489.000
Dec. 31 '26. Sept.30'26.
1926.
1925.
-January Sales.National Cloak & Suit Co.
Net oper. earnings
31,003.982 *1,220,021 $4,257.365 $2,571.799
1927.
1926.
Deductions
Month of January40,869,393
99,886
104,299
$2473,046 $2,832.347 $2,990,908
Interest paid
Sales_
50,606
45,207
224,671
270.760
Depletion
177,911
103,112
413,694
282,680 -V. 124. p. 658.
Depreciation
285.292
253,056
947,871
765,325
-To Change Par
National Enameling & Stamping Co.
23,002
Drilling expenses, &c__ _
62,593
176.976
128,556
Amort. of bond discount
109,667
28,000 Value of Common Shares.
9,313
Amort.of pref. stk. disc.
9,313
vote March 8 on changing the common stock from
18,626
The stockholders will
Estimated Federal taxes
96.882
129,817
the par value of $100 a share to no par value, share for share, and on reduoins the number of directors from 1510 11. The company has an authorized
$320,107
Net income
$615,530 $2.265.974
$992.179 Issue of $20,000.000 common stock, par $100, of which there is $15.591,800
-V.123. p. 2271.
outstanding.
-V. 123, p. 852.
Louisiana Pulp & Paper Co.
-Sale.
--
National Tea Co., Chicago.
-January Sales.-
1927.
ies
1926.
The company, of which P. J. Cullen of Bastrop, La., is Vice-Pros, and saMontli of January-1925.
$44,563,812 $4,544,995 83,929,127 33,244;138
9
192
Gen. Mgr., has been sold to Bond & Goodwin, Inc., New York bankers,
for more than $8,000,000, it is announced. The deal was consummated -V. 124, p. 516.
at the offices of the St. Louis Union Trust Co., St. Louis, J. L. Johnston
-Extra Div.
Neild Mfg. Co., New' Bedford, Mass.
of Bond & Goodwin, Inc., purchasing substantially all stock and outstanding securities for his firm. It is understood that the company,
An extra dividend of $1 per share in addition to the regular quarterly
which owns 160.000 acres of timber lands in Louisiana, will be soldito the dividend of $2 per share, was paid Feb. 15 to holders of record Feb. 10.
International Paper Co. of New York.
Like amounts were also paid three months ago.
-V. 123. p.2401.
FEB. 19 1927.]
THE CHRONICLE
-Earnings.Neisner Bros, Inc.
lw Calendar YearsNet sales
Net profit after taxes, &c
Preferred dividends
1926.
1925.
1924. '
$4,497,208 $2,695,697 11,907,469
292,618
218,035
87.506
54,296
19.582
11,780
Net income
Earned per share on (80,000 (no par)
shares, common
-V. 124, p. 801.
$238,321
1198,463
$75.726
$2 98
$2 48
10 95
New Bedford (Masd.) Storage Warehouse Co.
Stock Dividend.
-the outstanding stock
The stockholders on Feb. 1 voted to increase
(par $100 per share) from $450,000 to $600,000 by the issue of 1,500 additional shares, and to distribute these additional shares as a 33 1-3% stock
dividend pro rata among the stockholders of record Feb. 1. Fractional
shares will not be issued.
kw= orl~10041011
Fractional scrip, being issued to bearer, is transferable by delivery.
The scrip must be presented to Treasurer Howard 0. Dyer at the office
of the company. 152 Front St., New Bedford, Mass., on or before March 1
1927 in amounts entitling the bearer to one or more full shares.
Treasurer Dyer says: "It is expected that holders of scrip will be readily
able to purchase in the open market additional scrip needed to complete
full shares. The fractional scrip is entitled to no dividend or voting rights.'
[The company also has outstanding a total funded debt of $172,000.1
Balance Sheet Dec. 31 1926.
swars"-Liabilities.
Assets.
- $57,662 Capital stock
Cash and accts. receivable
$450,000
87,127 Notes payable
Notes receivable
100,000
10,013 Accts. payable and reserves_ _
Prepaid accounts
7,026
458 Bonded debt
Coal and lumber on hand_ --7,000
Mortgage loan
Real estate, buildings, ma165,000
928,788 Reserve for depreciation
chinery and equipment_.
155,276
503 Surplus
Investment account
200,247
$1,084,549
Total
New
Jersey
Total
$1,084,549
Zinc Co.
-Quarterly Report.-
-Qum', End. Dec. 31- -12 Mos. End. Dec. 31Period1926.
1925.
1926.
1925.
x Income
$2,074,101 $1,958,556 $7.039.358 $7.048,318
Int.on 1st mtge. bonds_
40,000
160,000
Employees profit sharing
475,000
450,000
475,000
450,000
Dividends
(2%)9S1,632 (2)981.632(12)5,889,792
(12)5889.792
-Balance, surplus__ --- 1617,469
$486,924
$674.566
$548.526
Earns per share on 490,816 shares (par $100)
$422
$390
$1434
$1402
x Income (inci. dividends from subsidiary companies) after deductions
for expenses, taxes, depreciation, maintenance, repairs, depletion and
contingencies.
1926 Qr. EndedMar. 31.
June 30.
Sept. 30.
Dec. 31.
Net income
$1,683,896 11,607,538 $1.673.823 $2,078,101
-V. 123, p. 2530.
1079
Stock Purchase Warrant.
-Each note will carry a warrant, exercisable at
any time up to Feb. 1, 1937, and detachable only after Feb. 1 1928, entitling
the holder thereof as provided in the indenture to purchase the no par common stock of the company at $20 per share, in the ratio of 20 shares for each
$1000 principal amount of notes.
Data from Letter of Lewis J. Drown, Vice-Pres. of the Company.
-Founded in 1848 and incorp. in Mich. in 1886. Has operated
Company.
successfully for 79 years in the manufacture and sale of grain threshing
machinery. From an initial investment of $25,000 the company has grown
to its present position and is now one of the three largest manufacturers of
grain separators in the world. Its present net worth of $4,376,896 has been
built up almost entirely out of earnings, the issuance of these notes being
the first public financing in the history of the company. Company's
product is distributed under the trade name of"Red River Special" through
22 factory branches and representatives located in all principal agricultural
sections of the United States and Canada.
Company's plant located in Battle Creek, Mich, comprises approximately
600,000(sq. ft. of floor space, which is adequate for contemplated increased
production.
-After depreciation, earnings available for interest and Federal
Earnings.
taxes for the year ended Dec. 31. 1926 were $617,748, equivalent to 5.14
times the annual interest charges of this issue, and compare with corresponding earnings of $427.492 in 1925, equivalent to 3.56 times such annual
interest charges. Annual earnings after depreciation for the 12 years
ended 1926 show average annual earnings available for interest and Federal
taxes of over twice the annual interest charges of this note issue, notwithstanding losses incurred in 1921, 1922 and 1924.
Financial.
-The consolidated balance sheet as of Dec. 31 1926, after
giving effect to this financing, shows net tangible assets of 16,298,101,
equivalent to $3,149 per 11,000 note of this issue. Current assets amount
to 15,326,177 as agsinst current liabilities of $528.718. a ratio of 10 to 1.
Net current assets are $4,797,458, equivalent to $2,398 for each $1,000 note
of this issue. Valuable patents and good-will are carried on the company's
books at $1.
-The trust indenture will provide for a minimum sinking
Sinking Fund.
fund, payable semi-annually, of $60,000 per annum for the first two years,
of $80,000 annually for the next two years, of $100,000 annually for the
following two years, of $120,000 for each of the succeeding two years, and
of $140,000 annually for the remaining two years to maturity. The indenture will further provide that 10% of the net earnings of the company,
available for dividends, in addition to the above shall be paid into the sinking fund. It is estimated that this sinking fund will retire over 70% of the
issue by maturity, without taking into consideration any conversion of
notes into preferred stock.
-Proceeds will be used to retire floating indebtedness and therePurpose.
by provide additional working capital for increased business.
-To Extend Facilities.
North American Car Corp.
Extensive facilities for transporting poultry will be provided by this corporation which is planning to construct shortly some 400 poultry cars.
These cars will be operated in addition to the equipment furnished by the
recent acquisition of the Palace Poultry Car Co.
President H.H.Brigham stated that although the annual report covering
the company's operations during the fiscal year ended Jan. 31 last, would
not be ready for some time yet, preliminary figures show earnings for December and January to be the largest in the company's history.
An increase of more than 25% in the car equipment operated by the North
was
New York Canners, Inc.
-May Defer Dividends on Pref. American Car Co. was reported by the president and of this, a large partconnot delivered until the last quarter of the year. New cars now under
Stock.
-White, Weld & Co., in a letter to the preferred struction total 600. The new Seaboard Export Oil Terminal of the comstockholders of the above corporation, Feb. 10, said in part: pany located at New Orleans, is now in full operation and current earnings
New York Canners, Inc.. completed its 8th fiscal year on Jan. 311927. from that source are adding substantially to the company's net results.
The annual audit and inventory is now being made and the accountants' V. 124, p. 934.
report is expected to be ready about March 25. Meanwhile no complete
-Annual Report.
Northern Pipe Line Co.
statement as to the financial results of the year's operations is possible.
It is, however, already clear that there will be a substantial loss. The
1925.
1926.
1924.
1923.
Calendar Yearsunsatisfactory conditions in the vegetable canning industry which began Net income all sources__ 1374,906
$310,748
$214.205
$308.155
to develop in the latter part of 1926 have become more acute within recent Dividends
320.000
240,000
240,000
400.000
Weeks. The unusually large aggregate packs of peas and corn throughout
x(6%)
(8%)
(6%)
x(10%)
Rate
the country following the large carry-over of the same stocks in the previous
year, have resulted in a forced liquidation by the industry and greatly
$54,906
$70,748 def$25,795 def$91.845
Balance, surplus
depressed the market for these products. New York Canners, Inc. de- Shares capital stock outliberately reduced its production in these lines in the past year, but the
40.000
40,000
40.000
40.000
standing (par $100)
general market conditions became so demoralized as to oblige the company Earned per shsre
$5.35
19.37
$7.77
$7.70
to sell a substantial part of its principal items at or below cost.
x These dividends were distributed from earnings accumulated since
In addition to the lowering of market values, this situation has strength- March 1 1913.
ened the tendency of distributors of canned foods to buy only to cover
Balance Sheet Dec. 31.
immediate needs with a retarding of both sales and shipments. This con1926.
1925.
1926. . 1925.
Assetsdition has prevented the normal liquidation by New York Canners, Inc.
$4,000.000 /4,000,000
Pipe line plant- -33,072,730 $3,015,664 Capital stock
of its seasonable indebtedness. To urge sales on the present depressed
28,973 'Accts. pay. & tax
32,711
supplies_
market would be to sacrifice high quality and non-perishable food products mans & Invest'ts
reserve, fire Ins.
Cash,oth.
and incur unwarranted losses.
annuities,
_ 606,331
488,067
& accts. receiv__ 3,489,227 3,351,706
Pending the restoration of normal market conditions through readjustAccr. depr. reserve 1,753,564 1,653,410
ment of supply and demand, the conservation of the cash resources of the
254.867
Total (each. side)_$6,594,668 $6,396,343 Profit and loss____ 234,773
company is of paramount importance to the stockholders, and we are
informed that the directors will probably consider it necessary to defer -V. 123 p. 2530
the payment of dividends on the preferred stock. [There are outstanding
-New President, &c.
Ohio Oil Co.
60,000 shares of $6 cumul. cony. pref. stock, no par value, on which the
Otto D. Donnell, Vice-President and Treasurer, has been elected Presilast quarterly dividend of $1 50 per share was paid Dec. 1 1926.-Ed.1
dent to succeed his father, James C. Donnell,'who died recently. C. L.
Notwithstanding these unfavorable developments, the management of
the company feels that there are a number of definitely encouraging factors Fleming, Secretary, has been elected a director succeeding to the vacancy
has
death. F.
in the present situation. The position of "Snider's" brand products is caused by Mr. Donnell'sbeen electedA. Billstone and been elected treasurer.
Vice-President of the
a Director
H. B. Carpenter has
satisfactory, both as to inventories and distribution, which shows steady
gains. It is hoped, moreover,to bring about substantial reduction in general Lincoln Oil Refining Co. and F. E. Hurley, a Director of the Mid Kansas
Oil & Gas Co. They fill positions formerly held by 0. D. Donnell.
costs of production during the coming year. There i justification for
believing that the abnormal conditions of the past year will, within a reason- V. 124, p. 934, 383.
able time, be corrected through a readjustment of production and the
-New Director.Pacific Mills, Lawrence Mass.
industry thus restored to a normal basis.
-V. 124, p. 802.
Wilbur E. Lowell has been elected a director.
We are closely in touch with the situation and will advise you promptly
we are devoting every effort to the
of further developments. Meanwhile
-Initial Common Dividend.
Peoples Drug Stores, Inc.
protection of the interests of the preferred stock, of which both the manThe directors have declared an initial quarterly dividend of 25c. a share
agement and ourselves are large holders. See also V. 123, p. 2787.
on the common stock, payable April 1 to holders ofrecord March 8.-V.124.
p. 934.
New York Merchandise Co., Inc.
-Earnings.
-Dec. 31
-Stock Reduced.
Philadelphia & Camden Ferry Co.
June
1925.
1925.
Years Ended1926.
1924.
The stockholders Feb. 18 approved a decrease in the total authorized
Net avail, for corn. stock $318,965
1258,263
$218,751
$195,085 capital stock from $2,000,000 to $1,600,000 and the reduction of the par
Earns. per sh.on corn_ _ _
$344
$292
$425
$260 value from $50 to $40 per share by the payment in cash of $10 per share to
the stockholders. A meeting of the directors has been called for Feb. 21 to
Balance Sheet Dec. 31 1926.
take such further action as may be necessary in the matter.
-V.124, p.802.
Liabilities
Assets-.
Cash
$310,171 Dividend payable
Pittsburgh Malleable Iron Co.
$11,107
-Rights.
-Accounts receivable
1,351,154 Accept. under commercial
The stockholders of record Feb. 1 have been given the right to subscribe
Trade accept. receivable..
letters of credit
24.587
429,958 on or before Feb. 21 for 3,000 additional shares of capital stock at par
Notes receivable
182,198 Notes payable
400.000 ($60 per share) on the basis of one share for each 5 shares held.
Life insurance policies_ _
12,939 Miscell. liabilities & accr27.382
Payments for the new stock may be made as follows: 50% on or before
Merchandise inventory__ _ 1,343,830 Due to affiliated company
12,155
on or before
Capital stock of affil. cos76.084 Res. for discount & taxes_
99,539 Feb. 21 1927: 25% 123, p. 465. March 21 1927, and 25% on or before
April 21 1927. V.
Furn. & fixt., less deprec20.942 7% 1st pref. stock
752,000
Unexpired insurance
Pittsburgh Terminal Coal Corp. & Subs.
4,500 7% 2d pref. stock
-Report.
200,000
Corn.(105.000 shs. no par) 300,000
Calendar Years1925.
1926.
$3,326,404 Surplus
Total (each side)
1,094,262 Gross income from all sources
$10,151,293 $8.819,002
-V. 124, p. 245.
Oper. cost,selling & gen. expenses & taxes
7,187,246
8,366,731
Nichols & Shepard Co., Battle Creek, Mich.
-Notes
-Eastman, Dillon & Co. and Taylor Ewart & Co.,
Sold.
and int., to yield over 6.30%,
4
Inc. ha,ve sold at 973
-year 6% sinking fund convertible gold notes
$2,000,000 10
with stock purchase warrants attached.
Dated Feb. 1 1927; due Feb. 1 1937. Int. payable F. & A. in New York
or Chicago without deduction for Federal income taxes up to 2%. Denom.
.
$1,000 and $500.c5 Red. all or part at 102M and kit, on any hit, date
upon 60 days' notice. Company will agree to reimburse residents of Penn.
and Conn. for personal property taxes not exceeding 4 mills; of the District
of Columbia, Kentucky, Kansas and Mich. not exceeding 5 mills; and of
Mass, for the income tax on the interest not exceeding 6%, if requested in
*
proper form within 60 days after payment. First Trust & Savings Bank,
Chicago, Trustee.
-Each note will be convertible at the option of the holder after
Convertible.
two years until maturity in the ratio of 10 shares of 7 o cumulatiNe preferred
stock for each $1,000 note on a basis equivalent to 2 until March 1 1929,
94 thereafter until Feb. 1 1931, and 96 thereafter until maturity. Adjustment to be made for the amount due noteholder for interest and dividends,
the balance due to be paid by the Company to the holder in cash.
Gross profit
Depletion, amortization and depreciation
Net income before deductions
Interest, mortgages, &c
Provision for Federal taxes
Balance of net income
Surplus Jan. 1
Profit and loss credit
Gross surplus
Provision for divs, on preferred stock
Miscellaneous deductions
$1.784,561 $1.631,756
1.105,652
1,151,480
$633.081
191.659
78,156
1526,104
192,214
19,100
$363.266
2,657.043
$314,790
2,621,807
200
$3,020,309 $2.936,798
232,005
215.039
90.323
47.749
Surplus Dec. 31
12,714,948 $2.657,043
Shares of common stock outstanding (par $100)--120,000
120.000
Earned per share on common
$1.24
$0.69
-V. 123, p. 2912.
-The directors on
Quaker Oats Co.
-Special Dividend.
Feb. 16 declared a special dividend of $5 per share and the
1080
VFW CHRONICLE
[Vol. 124k
now have direct contracts for the sale of its products with the customers
of each of the others. Every new contact made for any one of them establishes a contact for all of them.
Thus the bringing together of these established non-competing but related businesses should result in real economies, vital sales stimulation
and expansion possibilities which should add materially to earnings and
the intrinsic value of the securities of the new corporation.
Earnings.—Growth of business is reflected by the following net earnings
(partially estimated) after depreciation, but before Federal taxes and
interest, of the four named companies and (or) their predecessors for
the past five years:
1922.
1925.
1923.
1924.
1926.
$6,110,024
$1,990,004
$3,741,417
$3,958,798
$7,716,378
Annual interest charges on notes and bonds of the four named companies
outstanding as of Dec. 31 1926 amount to $253,161 per annum.
The new corporation is now negotiating for the acquisition of two other
An involuntary petition in bankruptcy was filed against the company
Feb. 10 by Hare & companies, either one of which would bring the net earnings for 1926,
in the United States District Court at Philadelphia
Chase, Inc., dealers in auto commercial papers and by two others. Charles on the above basis, up to at least $8,500.000.
Sinkler was named temporary receiver. See also Hare & Chase, Inc., above
Authorized Capitalization of Remington Rand Inc.
7% cumulative 1st preferred stock (par $100)
820,000,000
Quissett Mill, New Bedford.—Bal. Sheet Dec. 31.—
6,000,000
8% cumulative 2d preferred stock (par $100)
Assets—
1926.
1925.
Liabilities—
1925.
1926.
Common stock (no par)
2,500,000 shs.
Real est.& mach..52.268,879 $2,264,141 Common stock__ $2,000,000 $2,000,000
The 7% cum. 1st pref. stock is preferred as to dividends and assets
Cash, receivables
Preferred stock___ 305,000
305,000 red. in whole or in part at par and div. on any div. day upon notice as
39,004
37,003 provided in the certificate of incorporation; div. payable Q.
and Investments 1,811,632 1,731,471 Accounts payable.
-J.
74,932
80,161
Inventory
727,333
849,791 Reserve for taxes_
The 8% cum. 2d pref. stock has preference over common stock as to
Res've for deprec. 1,679,002 1,629,002 dividends and assets; red, in whole or in part at par and div. on any div.
794,238 day upon notice as provided in the certificate of incorporation; div. payable
Total(each side) $4,807,844 54.845,405 Profit and loss__ .._ 709,906
—V. 122, p. 2812.
All stock has equal voting rights. No stockholders of any class is
Rand Kardex Bureau, Inc.—Unification Plan An- entitled as of right to subscribe for any new or additional issue of stock
of any class. The board of directors may mortgage the property and
Exchange.—
nounced—Terms of
assets of the corporation with the consent of the holders of a majority
See Remington Rand, Inc., below.—V. 124, p. 935.
of the issued outstanding capital stock having voting power.
regular quarterly dividend of $1 per share on the outstanding
450,000 shares of common stock, no par value, payable April
15 to holders of record April 1. In the previous two quarters
regular dividends of $1 each were paid on this issue. A
year ago an extra distribution of $2 50 per share was made on
the common stock with the then regular quarterly dividend
of 75 cents per share. (See also record of dividend payments
since 1907 in our "Railway and Industrial Compendium" of
Nov. 27 1926, page 226.)—V. 123, p. 854.
Quaker City Cab Co.—Receivership.—
Terms of Exchange.
Rand Mines, Ltd.—Dividend on "American" Shares.—
The now corporation offers to exchange on or before March 11 1927
The Bankers Trust Co., as depositary of certain ordinary sterling shares
of Rand Mines, Ltd., has received dividend No. 47 of 50% and is paying its various classes of stock for stock in Remington Typewriter Co., Rand
to holders of its certificates for "American" shares (each such certificate Kardex Bureau, Inc., and Dalton Adding Machine Co. on the following
representing 235 deposited ordinary shares). $1 52 per "American" share, terms and conditions:
,
(1) Remington Typewriter Co.: (a) First Preferred.-1.15 shares of
the equivalent ofsuch dividend at the current exchange rate. The dividend
will be paid on Feb. 28 to holders of record of"American" shares on Feb. 21. Remington Rand Inc. 7% cum. 1st pref. stock for each share of Remington
Typewriter Co. 7% 1st pref. stock. (Equivalent to $8 05 return on each
A dividend of $1 52 per "American" share was also paid on Aug. 30 last.
share of present holdings so long as the new 1st pref. stock remains
Gold Output (In Ounces) for Six Months Ended Jan. 31 1927.
outstanding.)
Jan. 1927. Dec. 1926. Nov. 1926. Oct. 1926. Sept. 1926. Aug.1926
(b) Second Preferred.
-1.15 shares of Remington Rand Inc. 8% cum.
840.276
853,296
839,939
843,854
836,157
839,000
2d pref. stock for each share of Remington Typewriter Co. 8% 2d prof.
—V. 124. p. 384.
stock. (Equivalent to $9 20 return on each share of present holdings BO
long as the new 2d pref. stock remains outstanding.)
-41i shares of Remington Rand Inc. no par value
Remington Rand, Inc., New York.—Plan of Unifica(c) Common Stock.
Remington Typewriter Co. common stock.
tion, &c.—In a joint letter to the stockholders of (a) Reming- common stock for each share ofInc.: (a) Class A Preferred Stock.—One
(2) Rand Kardex Bureau,
ton Typewriter Co., (b) Rand Kardex Bureau, Inc., and share of Remington Rand Inc. 7% cum. 1st pref. stock for each share of
Kardex
(c) the Dalton Adding Machine Co., B. L. Winchell, Rand Common Bureau, Inc. class A 7% pref. stock.
(b)
(both classes; including 88,952 shares of common stock
Chairman of the Board, and James H. Rand Jr., Pres. of issuable on or Stock Dec. 31 1930, upon exercise of options granted in
before
January 1926 and outstanding Jan. 1 1927, entitling the holders thereof
the company, outline the plan to unify the business of the to
from the company such shares at
above companies under this new holding company. The to purchase share).—Two shares of Remingtonprices ranging from $42 50
Rand Inc. no par value
$60 per
common stock for each share of Rand Kardex Bureau, Inc., common stock
letter states in substance:
of either class.
Remington Rand, Inc.—Has been formed in Delaware for the purpose,
(a)
-1.15 shares of
(3) Dalton Adding
among other things,of effecting a unification of the businesses of Remington Remington Rand Inc.Machine Co.: pref.Preferred Stock. share of Dalton
stock for each
7% cum. 1st
Typewriter Co., Rand Kardex Bureau, Inc., and the Dalton Adding Adding
Machine Co. 7% pantie. pref. stock. (Equivalent to $8 05 return
Machine Co. Rand Kardex Bureau. Inc., is arranging to acquire the on each share of present holdings so long as the new 1st pref. stock remains
assets and business of the Baker-Vawter Co. of Benton Harbor, Mich.
Remington Typewriter Co., whose product was first placed on the market outstanding.)
(b)
in 1874, developed the first practical writing machine, and became the value,Common Stock (including 13,400 shares of common stock, $100 par
par
issuable on or before July 1
founder of the modern office equipment ndustry. During 53 years Reming- outstanding gold notes).—One-half 1941, upon conversionRandfor par of
Inc. 7%
share of Remington
ton products have expanded through successive develpments, and the cum. 1st pref.
no par value
and one share of Remington
company now has a complete typewriter line, embracing standard type- common stock stockeach share of Dalton AddingRand Inc. Co. common
Machine
for
writers, noiseless typewriters, electrical typewriters, tabulating type- stock.
writers, portable typewriters, and bookkeeping typewriters.
The amount of stock of the new corporation requisite for the exchange
The Remington product is used in every country within the confines
all of
of civilization, and there are to-day over 1,000 Remington sales offices upon the foregoing bases of First the stock of the old companies outstanding
Dec. 31 1926 would be:
pref. stock, $13,547,078; 2d pref. stock,
rendering a service which completely encircles the globe.
$5,743,100; common stock (no par), 1,401,793.9 shares.
Among the recent Remington developments of exceptional importance
Depositary.—The National City Bank of New York is depositary for
are the noiseless typewriter, the electrical typewriter and some notable
the old companies.
advances in the field of accounting devices, including the new front-feed the stock ofto exchange is conditions upon the following: If on March 11
The offer
bookkeeping typewriter. All of these machines meet demands which 1927 (or on such earlier or subsequent date not later than Juno 1 1927,
are great and growing. These developments open new and larger fields as may hereafter be designated by the new corporation) there is deposited
and promise a future growth in Remington business considerably in excess with the depositary, and (or) the new corporation shall otherwise acquire,
of what has hitherto been simply the normal expanion in the use of its stock constituting a majority of the voting stock and a majority of the
product.
comRand Kardex Bureau. Inc.,as heretofore acquired the businesses and total number of shares of all other classes of stock of each of the old
panies,
shall declare
plan effective
assets of Rand Co., Inc.; !American Kardex Co. Inc.; Index Visible, positarythe new corporation the exchange. the on March 11 and the deshall
If
1927 (or on
Inc., and Library Bureau, and is the world's leading manufacturer and such earlier orproceed withdate not later than June 1 1927 as may heresubsequent
distributor of filing, record-keeping and record-protecting devices. It after be designated by the new corporation) there is deposited with the
also distributes the products of the Safe Cabinet Co.
depositary and (or) the new corporation shall otherwise acquire, stock
Rand Kardex products include modern visible filing equipment, steel
and wood filing cabinets, office furniture, indexing systems, safes and constituting a majority of the voting stock and a majority of the total
of the
safe cabinets, guides, folders and filing supplies. Over 4,000 different number of shares of all other classes of stock of two and in old companies,
the new corporation may declare the plan effective,
that event the
items are provided to meet modern business needs.
such
stock of the
Its sales organization of trained representatives working out of 219 exchange, of thebeen depositedsaid two old companies as to which shall
majorities have
shall be made; and the depositary
branch offices in the United States and 115 agencies in foreign countries, send written
in the company as to which
notice to
constitutes one of the most complete and effective international distributing such majorities have the depositors of stock
not been deposited and (or) acquired, notifying
organizations in existence. Over 1,000,000 customers include practically tham that they may
days from the date
from
all domestic insurance companies. 25,000 banks, and Federal, State and of mailing of such withdraw stock the plan within 30
which shall not have been withdrawn
notice; any
foreign Governments.
within that time will be exchanged in accordance with the plan.
A recent survey shows that only 10% of the possible market for visible
payable to holders of record of deposited securities as
filing equipment is being supplied. Potential sales volume on this product of All dividendsto
a date prior
that when the plan is declared operative will be made
alone promisee a large and rapid growth of the present business.
available to holders of the corresponding certificates of deposit.
It is also significant to note that about 60% of present sales consist
the old companies
The
of supply and repeat business, including the manufacture of over 1.- have holders of certain blocks of common stock of to the corporation
indicated their willingness to offer their holdings
000,000,000 record cars a year.
for a cash consideration which is regarded as more favorable to the new
Dalton Adding Machine Co. was incorporated in 1902 to introduce the
new corexchange bases.
ten-key Dalton—a distinct advance in the development of high-speed corporation than the above-mentioned acquire the same by The purchase
cash
poration may deem it more desirable to
mechanical calculation.
than by an exchange of securities, which would result in a corresponding
The increasing popularity of the Dalton machine testifies to a broadening
of common stock of Remington Rand
appreciation of the four fundamentals of simplicity, speed, versatility reduction in the maximum amount as above set forth. For this purpose
and durability made possible by the ten-key principle and its touch method Inc., which would be outstanding
or for the acquisition of the securities of additional companies or for other
of operation.
additional amounts of
Dalton machines are in extensive use in such institutions as the Federal corporate purposes the new corporation may issue other securities.
or
Reserve Bank, Western Union, New York Life Insurance Co., Prudential the above-mentioned stocks or issue obligations
The boards of directors of the old companies have unanimously approved
Life Insurance Co.. American Railway Express Co.and Western Electric Co.
and recommend that all stockholders
To-day the Dalton product, of over 150 models for practically every of the foregoing bases of exchangeof the
In view
computing need of business, including adding-calculating machines, the take advantage thereof. companies have pending plan of reorganization,
not thought it appropriate at
the directors of the old
direct subtractor, multiplex ledger posting and statement machine, enjoys
this time to pay common dividends in excess of the current rates. It is
a world-wide reputation for mechanical excellence.
declared
Baker-Vawler Co., originator and one of the largest producers of loose anticipated, however, that upon the plan being promptly operative, and
will
be inaugurated
loaf ledgers, was organized in 1896, the first loose leaf ledger being put Its advantages thus assured, a dividend policy than is now provided by the
distribution
on the market by this company in 1897. The original plant in Chicago which will afford a more liberal
been augmented by seven additional factories to meet the increasing old companies.
has
Pro Forma Consolidated Balance Sheet Dec. 311926.
demand for loose leaf accounting devices and supplies. In addition to
(Prepared from preliminary statements at Dec. 31 1026 (excepting that of
the standard loose leaf ledgers and supplies the introduction of
forms for billing and order writing opens a new and added the fan-fold
Remington Typewriter Co., which are at Nov. 30 1926).1
sets_
market for
Liabilities—
Baker-Vawter products.
As
stockholders of Baker-Vawter Co. have approved of the sale of Cash
$3,887.739 Accts. and notes payable $1,878.588
The
,
for aem .k doed ia
102.156 Accr.fitxeas int prn
the entire assets of the company to Rand Kardex Bureau, Inc. but the U. S. Liberty bonds_
2,502,293
carrying out of the general plan is not dependent upon such acquisition.
Notes & accts. rec. (less
13,142,707 Dividends payable
601,242
Basic Advantages.
reserve)
sii gfi d notes (of
13,278,223 5-yr.ac , rd IRor fa
Inventories
Remington Rand Inc. through this unification will provide the most
complete service of business and office equipment yet offered to the business Miscell. investments & 2,033,627 Dalton Adding Machine 2,050,200
receivables (less res.)
world. This grouping of leading allied lines not only represents a definite
Co. 6% notes
equip,
advance in labor-saving and cost-reducing service for busines .men, but Land, buildings, depr.)_ 13.833,441 1st mtge. 6s (Baker- 1,340,000
leaseholds (less
also promises the dual advantages of reduced overhead costs and accelit
807,928
Vawter Co.)
1,000,000
Deferred charges
erated sales expansion for each of the divisions included in the new Good-will, patents, Sic
14,828,968 Min. stockholders' int.
7,437
(Rand subsidiaries)___
increase in the volume of business, the elimination
" nizael° 1,re of the
gresp et1 :
Sundry reserves
2,078,580
of duplication in overhead (such as parallel offices, warehouses, delivery
561,914,789 Net worth
x50,455,848
Total (each side)
should effect economies that will increase net profits.
service. &c.)
x Represented by capital stock to be outstanding as above outlined.
Each product will gain the immediate advantage of being represented
5
by a force of over 4,500 field representatives—the most complete inter- —V.124, 13. 93 .
organization in the world. It is the intention of
national distributing
Remington Typewriter Co.—Unification Plan Anthe management not merely to retain the trained men now selling the
products, but to increase the sales staffs. Each of the companies will nounced—Terms of Eexchange.—See Remington Rand Inc.
FEB. 19 1927.]
1081
THE CHRONICLE
Authorized.
Outstanding.
Capitalization53,000.000
1st M.6% s. f. gold bonds. due 1947-___$3,000.000
1,700.000
7% cum. partic. prof stock (par $100)-- 2,000,000
200.000 she.
200,000 shs.
value)
A new company to be known as Remington Rand Inc. (see above) has Common stock (no pax preferred stock has been subscribed for by employees
amount of the
A
been organized for the purpose of unifying the interests of several of the and large
customers of the company.
leading institutions now engaged in office appliance industries...
Earnings of Properties Acquired by the Company.
This is called an age of "big business": possibly this may be better
-Calendar Years-- 12 mos. end.
expressed as an age in which business economies are_necessary and must
1925.
Sept. 30'26.
1924.
be secured through co-ordination.
$2,862,983 $2,777,626 53,001.627
The excessive cost of selling organizations for comparatively small Net sales
institutions'is one of the marked weaknesses of the present business world, Oper. exp. incl. maint. & taxes (other
2,227,701
2.181.723
2.330,530
and this is particularly true in respect of those companies engaged in the
than Federal taxes)
sale of office appliances.
Balance before depletion, deprec.
Not only in America, but throughout the world, the concerns mentioned
$671,097
$635,283
$595,904
above in this instance, are duplicating their selling efforts to an extent
and Federal taxes
180.000
which insures good rewards for intelligent efforts made under a co-ordinated Annual interest requirement on these bonds
For the 4% years ended Sept. 30 1926 net earnings of such properties
management.
Furthermore, smaller communities can be profitably served through before depletion, depreciation and Federal taxes has averaged annually
joint agencies oS the new associated companies which none of the con- $665.689.
-The mortgage securing the bonds provides for a sinking
stituent companies have been able to profitably enter singly.
Sinking Fund.
The companies about to be so associated are all, in my opinion, in fund, beginning Jan. 1 1928. in the sum of 550,000 per year, payable
position to contribute their fair share of profits, and the proposed offer semi-annually, as a fixed sinking fund, which, beginning July 1 1929, will
has been carefully worked out in such a way that the directors have unani- be increased by an annual sum equal to 15% of the surplus profits of the
-V.124. p. 935.
company for the preceding fiscal (calendar) year remaining after deducting
mously approved the basis of exchange offered therein.
cumulative dividends upon its preferred stock and fixed sinking fund
-Dividend Ruling.
(R. J.) Reynolds Tobacco Co.
payments paid during such fiscal year. In lieu of making cash payments
The Committee on Securities early this week ruled that the common Into the sinking fund the company may tender bonds at the price thereof
and class B common stocks shall be quoted ex- the 25% stock dividend to the company but not exceeding the applicable redemption price, for
on Feb. 18. (See also V. 124, pp. 659 and 384).-V. 124. p. 936.
cancellation. Moneys in the sinking fund will be applied to the redemption
of bonds.
Balance Sheet Feb. 4 1927.
-Bonds
Rock Island Refining Co., Duncan, Okla.
Liabilities
AssetsOffer'ed.-Harris George and Lawrence McBride, Dallas, re$3,000.000
1st mtge. 6% bonds
Real estate, plant. equipcently offered at par and int. $200,000 1st mtge. 7% serial
$6,009,323 7% cum. panic. pf. stock- 1.700.000
ment, &c
500.000 Common (200,000 shares) 1.500.000
Cash
convertible gold bonds.
844.379
535,056 Surplus paid in
Inventory
Dated Jan. 1 1927, due serially Jan. 1 1928-1932. Int. payable J. & J.
at Dallas, Tex. Denom. $1,000. $500 and $100. Normal Federal income
Total
$7.044,379
$7,044,379
Total
per annum paid by the company. Callable all or
tax not to exceed 2%
-V. 124, p. 936.
part on 30 days' notice at a premium of 1% for each full year of unexpired
life. Dallas National Bank, trustee.
-New Director.
Securities Investment Co., St. Louis.
-These bonds are convertible upon 30 days notice by the
Convertible.
Isaac H. Orr, President of the St. Louis Union Trust Co.. has been
bondholder at any time during their life. after July 1 1927. into a like par elected a director. The board as now constituted has as its members
value amount of common stock of the company at par.
E. Brooker, S. L. Geist:Igor, E. N. LudingCompany.- Incorp. in Oklahoma March 7 1921. Is engaged in the Eugene H. Angert, Augustus Orr, J. F. Schlafly, Walter W. Smith (Vice
McCluney, Isaac H.
production and refining of crude petroleum, and the wholesale distribution ton, S. C. First National Bank of St. Louis), Mark C. Steinberg (of Mark
Pres. of the
of gasoline, kerosene and other o,-products of petroleum. It has been (3. Steinberg & Co.),John B. Strauch and T. C. Tupper (who several weeks
successfully operated under its present management since its inception.
Mr. Brooker as President of the company). Other officers
Security.- Secured by a first mortgage on the entire assets of the company. ago succeeded
showing total assets of $3,827 for each $1,000 bond, after giving effect to were re-elected. it is stated, enjoyed one of its most successful years in
The company,
this financing. Tangible physical assets amount to 53.145 per $1,000 bond. 1926 and earned,after taxes and preferred dividends.in excess of$5 per share
CapitalizationAuthorized. Outstanding. on its common stock.
-V. 119, p. 2540.
1st mtge. 7% gold bonds (this issue)
$200,000
$200,000
Common stock (par $1)
300,000
250,000
-Annual Report.
Sharon (Pa.) Steel Hoop Co.
Surplus
243.916
1925.
1924.
1923.
1926.
Calendar YearsEarnings.- Earnings of the company, available for interest, before
$4,194,124 $3,523.382 $3.533.630 $4,621,377
depreciation and Federal taxes, for the last three years (11 months 1926) Gross profit
1,599,836
1,463,731
1.240.260
1,357,979
Maintenance & repairs
were as follows; 1924. $79,876: 1925, $86.040; 1926, $78.758.
144.070
386,461
205,213
149,048
Idle time expense
896.144
796,866
949,334
785.409
Deprec'n & renewals
St. Louis Refrigerating & Cold Storage Co.
-Bonds Int. & discount (net).-- 270,869
308,020
357,258
462,821
Offered.
-The Equitable Trust Co. of New York and E. H. Loss from sale of prop.,
33,601
119,129
securities, &c
Rollins & Sons are offering $1,000,000 first (closed) mtge. Prov. for Federal taxes- 171,352
63,898
President B. L. Winchell, in a letter dated Feb. 14
says in substance:
aiove.
6% sinking fund golds at 100 and interest.
Dated Jan. 1 1927; due Jan. 1 1942. Redeemable as a whole on any
date, on 30 days' published notice, at 102, or on Jan. 1 of any year for the
sinking fund, at 100 and interest. Interest payable J. & J. at Equitable
Trust Co., New York, trustee. Denom. $500 and $1,000 c* Company
agrees to pay interest without deduction for any normal Federal income tax
not exceeding 2%.
Data from Letter of Robert McK. Jones, President of the Company.
Company.-Incorp. in Missouri in 1899. Is engaged principally in the
storage of perishable goods. In addition, it sells refrigeration, under a
franchise granted by the City of St. Louis, to purchasers in the entire
downtown business district of the city, including the municipal market
which is one of its largest customers. Company also sells manufactured ice
under a yearly contract to a local distributor. The plant, situated within
a few blocks of six important railroad terminals, is provided with private
sidings, thus affording excellent transportation facilities directly to its
loading platforms.
Capitalization (After Giving Effect to Present Financing).
First (closed) mortgage 6% sinking fund gold bonds (this issue)--$1,000,000
Preferred stock, 6% cumulative
500,000
Common stock (par $100)
5.000 shs.
Purpose.
-Proceeds will be used to effect the retirement of existing funded
debt, to reduce current loans and to reimburse the treasury for expenditures
incurred in the construction of additions, and for other corporate purposes.
-Indenture will provide for equal annual payments into
Sinking Fund.
the sinking fund, to be applied to the retirement of bonds by purchase or
by call,so as to retire approximately 40% of this entire issue before maturity,
even at the call price.
-12 Mos. Ended April 30-6 Mos. End
1924.
1925,
Earnings1926. Oct.30'26.
$481,483 $540.944 $456,441 $269,853
Gross operating income
350,560
Oper. exp., maint. and taxes__ _ 370,078 362,967
176,340
$111,405 $177,977 $105,881
Net
$93,513
11,215
40,161
23,432
Other income (net)
4,174
$122,620 $218,138 $129,313
Net earnings
$97,687
The average annual net earnings before deduction for depreciation and
Federal taxes for the three years and six months ended Oct. 30 1926 have
been $162,216, or over 2.7 times the interest requirements.
$511,414
$490,715 51.808,545
Profit for the year...... $1,295,542
1.688,574
1,129,952
1,560,071
3.291.340
Deficit Jan. 1
Dr.60,523 Cr.121.553
Adj. of Fed. tax pr. yrs..
Cr.76,205
Adj.of deprec. prior yrs_ Cr.86,174 Cr.187,707
x736,999
Amortization allowed
Cr.2,706
New financing
79,976
79,976
79,976
79.9741
Preferred div. (8%)
(1
Common dividends_ _-- %)143,270
Profit and loss deficit_sur$28,518 51.129,952 51.688.574 51.560.071'
Shares common stock
286,540
285,940
285,940
outstanding(par $50)285,940
$1 50
$1 43
$4 54
$604
Earned per share
x Amortization allowed by the Internal Revenue Department now cred-V. 123, p. 3195.
ited to property accounts.
-Balance Sheet Dec. 31.
Sharp Mfg. Co., New Bedford.
Liabilities1926.
1926.
1925.
Assets$1,724,966 $1,724,966 Capital stock preL$1,161,000
Real estate
4,328,063 4,324,622 Capital stook corn. 2,656,000
Machinery
607.467 1,214.043 Notes & sects pay. 2,083,498
Merchandise
544,946 Res. for deprec___ 1,401,576
Cash & debts reo_ 466,803
997
8,594 Surplus
Interest
13,974
25,005
Insurance
148,772
Deficit
$7,302.074 07.831,146
Total
-V. 120, p. 1339.
Total
1925.
$1,161.000
2,656,000
2,498,850
1,401,876
113.720
87.802,073 87,831,146
-Permanent Bds.
Sheridan-Grace Apartments,Chicago.
The Greenebaum Sons Securities Corp. announces that the permanent
bonds are now ready on the Sheridan-Grace Apartments, Chicago, and
that interim receipts may be exchanged for these bonds at the offices of
the company.350 Madison Ave.. N.Y. City. See offering in V. 124. p.385..
Shreveport-El Dorado Pipe Line Co., Inc.
-Div. Inc.
The directors have declared a quarterly dividend of 50c. a share,payable
April 1 to holders of record March 15. In addition to regular quarterly
dividends of 25c. a share paid in the last three quarters, the company on
Jan. 2 last distributed an extra dividend of 25c. a share.
-V.123, p. 2149.
-Bonds Offered.-Halsey,
Siemens & Halske (A. G.) Siemens Schuckertwerke
Sayre & Fisher Brick Co.
-Interim Receipts Ready.
Stuart & Co., Inc.; West & Co., and Graham, Parsons & (G. in. b. H.).
Dillon, Read & Co. announce that interim receipts for the issue of $24,Co. are offering at 96 and int. yielding over 6.35%,$3,000,-year 6%% sinking fund gold debentures are now exchangeable
000,000 25
000 let mtge. 6% sinking fund gold bonds.
for allotment certificates at the Central Union Trust Co., 80 Broadway,
Dated Jan. 1 1927: due Jan. 11947. Interest payable J. & J. without N. Y. City. (For offering see V. 123. p. 1644.)
deduction for any Federal income tax now or hereafter deductible at the
Announcement made last week of increased dividends on the stocks of
source not in excess of 2% per annum. Denom. $1,000. $500 and $100e*. Siemens & Halske and Slemens-Schuckertwerke automatically increased the
Red.on 30 days' notice on any Int. date at 105 and int. on or before Jan.1 interest to be received byholders of $24,000,000 of the above stated bonds,
1932. with successive reductions of 1% during each five-year period there- floated last September by an international banking group headed by Dillon,
after to maturity. Company agrees to reimburse the bondholders upon Read & Co.
proper request within 90 days after payment for the Penna. and Conn.
Siemens & Halske increased its dividend rate to 8%% and Siemenspersonal property taxes not exceeding four mills. the Calif. personal Schuckertwerke is now paying 10%. The bond provisions stipulated that
property tax not exceeding five mills, the Md. securities tax not exceeding any time the cash dividends of the two companies exceed an average of 7%
4% mills per dollar per annum, or the Mass, income tax on the int, not in a fiscal year the holder of each bond is entitled to receive $3 33 1-3 for
exceeding 6% per annum, and by separate agreement, similarly to reim- each 1% by which the 7% dividend rate is exceeded. As the dividend
burse for the Va. personal property tax not exceeding 53 mills, and the average now is 9%% the 634% coupon rate with which the bonds were
D. of C. personal property tax not exceeding five mills, per dollar per brought out will be increased to 734%.-V. 123, P. 3049.
annum.
16 East 52d Street Bldg. N. Y. City.
-Bonds Offered.Data from Letter of V.-Pres. Douglas J. Fisher, Sayreville,
Feb. 10.
The Colonial Bond & Mortgage Co., New Haven, Conn.,
'
Company.
-Incorporated in New Jersey. Has acquired the brick recently offered $500,000 1st mtge. leasehold 6%% serial
manufacturing plants and other property (exclusive of certain securities
and current assets not required in the business) of the Sayre & Fisher Co. gold bonds at par and int.
(organized in 1851) and certain real estate of Sayre & Fisher Land Co.,
Dated Dec. 1 1926: due Dec. 1 1929-1936. Mass. income tax up to 6%.
all located at Sayreville, N. J. Company owns the largest modern brick Conn. Penna. and Vt. 4.milis tax and New Hampshire income tax not
manufacturing plant in the United States ideally situated on the Raritan exceeding 3%, refunded. Int. payable J. & D. at office of the Colonial
River adjacent to the harbor limits of N. Y. City, the largest market Bond & Mortgage Co., New Haven, Conn. or at the office of American
centre for brick in the world. The extensive plant, which has a manu- Exchange Irving Trust Co., N.Y.City. Denom.$1.000,$500 and $100 c*.
facturing capacity in excess of 200,000,000 brick per year, covers an area
Building.
-The building at 16-20 East 52d St. Is being erected on a valuof 176 acres. Company also owns three miles of waterfront on the Raritan able site on the south side of East 52d St. between Madison and Fifth Ayes.
River and South River, a large part of which is improved with dock N. Y. City. The new structure now being erected on the site is a 15
-story,
facilities.
high-class, fireproof, thoroughly modern building, with light on all sides,
Company owns in fee approximately 1,800 acres of land, about 1,200 including north light. The building will be fitted for offices, showrooms
of which are underlaid with valuable clay deposits, affording a vast supply and salons and will be adapted for jewelers, modistes, milliners, perfumers.
of the various clays which are used in the manufacture of practically architects, art &alone:, drug dealers. antique dealers, insurance companies,
every kind of brick known to the building trade. This district is generally real estate agents, advertising agencies, ladies wearing apparel, &c. The
conceded to be one of the best clay regions of the United States.
ground floor will be divided into two stores, in addition to a main entrance
1082
THE CHRONICLE
and a freight entrance. At the rear will be a substantial mezzanine floor.
The upper floors will be divided to suit tenants.
Security.
-These bonds will be secured by a 1st closed mtge. on the leasehold estate of the borrower in the land comprising 7,500 sq. ft. and in the
building being erected thereon. Value of the building, when completed,
has been appraised at $750,000. The leasehold estate is considered very
valuable and should materially increase during the life of this issue.
Income.
-The present rental schedule shows gross income, allowing for
vacancies, of $217,550. The net income therefore before interest charges
and amortization should be over 3 times the annual interest charges on
these bonds.
Ownership.
-The bonds are a direct obligation of the 16 East 52d Street
Corp.
"Snia Viscosa" (Societa Nazionale Industrie Applicazioni Viscosa), Turin, Italy.
-Smaller Dividend.
The company has declared a dividend of 10% for 1926, as against 12)4%
for the previous year. Owing to the recent writing down of the shares to
150 lire from 200 lire, the yield is 15 lire, as against 25 lire.
-V.124, p. 518
Sobel-Mirken Holding Corp.
-Trustee.
-
The Chatham Phenix National Bank & Trust Co. has been appointed
trustee of an issue of $1.350.000 1st mtge. 10
-years. f.6% gold loan certificates, maturing Feb. 1 1937.
-Stock Offered.
Southern Stores Corp., Miami, Fla.
E. W. Clucas & Co. New York, are offering at $25 per
stock
share and div., 20,060 shares class A participating
(cumulative $2 dividend)
.
Cumulative dividends payable Q.
-J. The class A stock has preference
over class B stock as to assets and cumulative dividends at the rate of
$2 per share per year and participates equally share for share in all dividends declared in excess of $1 per share per year on the class B stock.
Empire Trust Co., N. Y. City, transfer agent. American Exchange
Irving Trust Co., New York, registrar.
Issued.
Authorized.
Capitalization20,000 shs.
100,000 shs.
Class A participating stock (no par)
100,000 shs.
Class B stock (no par)
100,000 shs.
Data from Letter of Robert. J. Marshburn,President of the Company.
Company.
-Will operate under the well-known "Piggly Wiggly" System,
a chain of 21 retail grocery stores on the cash-and-carry plan. This is
the most popular type of merchandising in the cities on the east coast
of Florida, where this corporation operates, namely Maimi, Miami Beach,
West Palm Beach. Ft. Lauderdale, Little River, Coconut Grove, Coral
Gables. Delray and Hollywood. The stores, which handle mainly nationally
advertised products and sell on the basis of quality rather than price
appeal, now dominate the retail grocery business in this rapidly growing
territory.
The business was originally established in 1919 with a single store on
Flagler St. in Miami with a capital of $3,000. With the exception of
an additional $40,000 put into the business in 1922, the development
of the business from inception has been financed from earnings. A liberal
dividend policy has been followed during this development.
-Years Ended May 31.
Sales and Earnings
Net Profits.
No. of Stores. Net Sales.
$12,088
$711,735
1924
7
37.788
1,135.920
1925
10
149,060
3,425.767
1926
21
149,217
3,216,444
1926 (Nov. 30)
21
The largest sales for the month of December in the history of the corporation were shown in 1926. Net profits for the past year were $7 46 per
share or 3.73 times the annual dividend requirement of this issue.
The corporation has made a profit in each year since it began business.
The above net profits include profits on sale of leaseholds, and are after
deducting depreciation, Federal income taxes, &c., certain non-recurring
charges being eliminated. No allowance has been made for the benefits
to be derived from the introduction of new capital which will effect substantial savings on the basis of present operations, and which will enable
the corporation to open new stores.
Dividends.
-Corporation's predecessors have paid uninterrupted cash
dividends on their preferred stocks. The corporation has declared a
quarterly dividend of 50c. a share on the class A stock payable April 11927.
Purpose.
-Proceeds will be applied to the acquisition of the assets and
business above mentioned, and to provide the corporation with additional
working capital for the expansion of the business.
Balance Sheet Nov. 30 1926 (After Financing)•
AssetsLiabilities
-Cash
$189.364 Accts. pay. & accr. accts- $155.123
4,614
Accts. receivable
40,526 Trade acceptance payable
15,641
Inventory
299,565 Contr. pay. for equip. pur.
2,560
Buildings & equipment__ _
138.035 Deferred income
a1,071.831
Leaseholds
125,519 Capital stock
Franchise and good-will
- 450.000
$1,249,770
Total (each side)
Prepaid expenses, &c_
6,760
a 20,000 shares class A no par value. and 100.000 shares class B no
par value.
Standard Malleable Castings Co.(Formerly Standard
Wheel Co.).
-Protective Committee for 7% Cum. Pref. Stock.
The following have been appointed a protective committee to look after
the interests of the preferred stockholders: Leo M. Rappaport, Dr. A. H.
Caffee and John P. Collett, with R. B. Sulgrove, Sec., Indianapolis, Ind.
The Terre Haute National Bank, Terre Haute, Ind., is depositary.
Paul Bogart is receiver for the company.
[VoL. 124.
Balance Sheet Dec. 31.
1926.
1925.
1925.
1926.
Assets$
$
LiabilUtes$
$
Plant, equip., &c.:25,241,263 22,517,144 Common stock _26,954,050 26,568,425
Cash
3,748,876 2,635,389 Preferred stock_ __ 4,736,400 4,711,400
Accts. & notes rec. 7,677,522 8,645,466 Accounts payable_ 3,896,622 4,764,489
Insurance deposits 135,478
115,087 Fed.tax reserves__ 1,183,179 1,345,351
Misc. securities_ 144,421
110,015 Pref, stock diviInventory
82,887
12,882,713 11,852,750
82,450
dends payable__
Empl. stk. subscr_ 2,374,182 2,079,490 Reserve for continInv.in Can.subsid. 1,000,000 1,000,000
233.302
gent liabilities_
Inv, In Pat. San.
22,215
Res,for kiln repairs
Mfg. Co
2,505,458 Surplus& reserves 16,947,848 14,395,955
Pen, fund invested 439,827
403,638
Deferred charges
178,918
236,934
Patents
1
1 Total (each side)-53,823,201 52,101,373
x Consists of: Properties purchased, $15,891,172: potteries. plants and
equipment, $2,887,554: mining properties, $200.135: branch house and
warelouse properties. $5,895,963, and furniture, fixtures, machinery at
other points than factories, transportation equipment, $366,439.-V.
123, p. 2403.
Standard Oil Co. of Ohio.-Com. Stock Split Up.
-
The stockholders on Feb. 14 voted to change the par value of the common
stock from $100 to $25 per share, four new shares to be issued in exchange
for each share of present common stock, of which there is outstanding
$14,000,000. This change will become effective March 8, when new
certificates will be ready.
The directors have declared the regular quarterly dividend of 236%.
payable April 1 to holders of record March 15.-V. 124, p. 247.
-AnStewart-Warner Speedometer Corp. (& Subs.).
nual Report.
Calendar Years1923.
1924.
1926.
1925.
Profit & inc.(see note)_ _ $5,766,629 $8,469,098 $3.898,164 $7,586.499
Federal taxes
858,380
397,057
657.744
925,000
Dividends paid
3,463,413
4,244,233
3,659.091
3,642,999
Per share
$9
$7.50
$6
$6
Surplus net income.... $1,449,794 $3,901,090
$37,694 $2,483.886
Prem.on pref stock red
25,374
Apprec'n from appraisal_
2,613,488
Good-will, &c., writ. off_
756,740 11,507,428
3,525.434
Previous surplus
5,103,339 12,709,677 13.583,929 11,098,312
Total surplus
$5,796,394 $5,103,339 $12,709,677 $13,556,824
Shares of common stock
outstanding (no par)..
474,980
599,900
599.900
599.900
Earned per share
$14.16
$8.51
$12.57
$5.83
Note.
-"Profits and income" are shown, "after deducting all manufacturing, selling and administrative expenses, including adequate provisions
for discounts and losses on doubtful accounts, depreciation on plant equipment, &c."
-V. 124, p. 805.
Studebaker Corp. of America.
-Large Order.
The largest export order for motor cars ever placed by telephone was
consummated last week by this corporation by means of the new transatlantic radio telephone service to London when L. J. 011ier, managing
director of Studebaker (Great Britain) Ltd., in London asked Paul G.
Hoffman, Vice-President of the Studebaker
Corp. of America, at South
Bend, Ind., for delivery of 1,000 Erskine Six cars. As the Erskine Six,
Studebaker's new 2 1-3 liter car, sells in England for /295 sterling, the
total amount of the order represents nearly $1,500.000 worth of business.
This order represented only the April quota of these cars for Great Britain,
where the Erskine is said to have met with remarkable success following its
initial showing at the famous Olympia Show in October. "We could deliver this entire quote of Erskine Sixes immediately if we had them,' Mr.
-mile conversation. "Business
Oilier told Mr. Hoffman during their 5,000
-V. 124, p. 122.
is opening up here wonderfully for the new car."
Tampa (Fla.) Tribune Bldg.
-To Retire Bonds.
All of the outstanding 1st mtge.6% bonds, Nos.23 to 888 incl., have been
called for payment March 11 at 103 and int. at the office of S. W. Straus
& Co., Inc., 565 Fifth Ave. N. Y. City.
Of the original issue of $500,000. $17,500 have been retired by serial maturities, leaving a balance of $482,500 to be retired at a premium.
V. 120, p. 1598.
-Annual Report.
Telautograph Corp.
Calendar YearsRentals
Paper sales
Miscellaneous income
1926.
$679,915
5,640
14,543
1925.
$584,935
5.116
9,741
1924.
$518,976
5,589
9,721
1923.
$453,432
5,716
10.508
Total income
Expenses-Aciminis_ _ _ _
Selling
Installation
Maintenance
Engineering
Depreciation
Experimental
Legal
Special
Miscellaneous taxes
Interest
$700,098
$43,795
106,124
34,564
353,592
15,193
104,946
6,931
1,312
3,863
9,286
$599,792
$40,076
89,876
33,517
138,889
15.316
91,377
6,982
1.880
3,629
6,576
$534,286
$39.325
75,891
30,296
132,681
15,463
89,963
9.198
4,245
9,574
3,343
3,120
$469,656
$38,225
72,067
28,267
115,179
14,423
81,286
7,634
2,174
3,288
3,701
27,192
$171.675
$121,185
$76,220
Prof. before Fed.taxes
$220,491
15,023
- Fed.taxes paid or accr
9,419
21.459
Standard Oil Co. of Nebraska.
-Extra Dividend of 1%.
29,766
52,920
52,500
52,500
of 1% Preferred dividends(7%)
The directors on Feb. 15 declared an extra dividend
Common dividends_ _ _ (60c.)115,200 (50c.)96.000
(25c. per share)in addition to the regular quarterly dividend
81,715
$53,242
$66,800
Net profit
$23,025
of 63c., both payable March 21 to holders of record Feb. 28.
stk.
On Dec. 20 last an extra dividend of 2% was paid while on Shares common par) out- 192,000
189,000
x97,001
192,000
standing (no
$028
$051
$0 15
$0.72
Sept. 20 last an extra distribution of 1% was made.
-V. 123 Earned per share
x Par value, 810.-V. 123, p. 2405.
p. 2532, 855.
-Stock
Thatcher Manufacturing Co., Elmira, N. Y.
Standard Oil Co. of New Jersey.
-Extra Dividend.
-An issue of 60,000 shares of convertible preference
The directors have declared an extra dividend of 1234c. Offered.
per share in addition to the regular quarterly dividend of stock (no par value) is being offered at $45 per share by
Lage & Co.,
25c. per share on the common stock and the regular quarterly Hemphill, Noyes & Co. and including the 5thNew York.
day prior to any date
to
Convertible at any time
dividend of $1 75 on the preferred stock,all payable March 15 specified for redemption, up theand
option of the holder, into the no par value
at
to holders of record Feb. 25. A similar extra dividend common stock of the company, on a share for share basis.
Transfer agent, Chemical National Bank, New York. Registrar,
was paid in the previous quarter.
-V. 124, p. 518, 386.
Central Union Trust Co., New York.
Preferred over the common stock as to assets and dividends. Divs.
Standard Oil Co.(New York).
-Listing.
-F.15. Dividends free from present normal Federal income
Payable Q.
The listing of 16,870,016 shares of the company's capital stock will be
made on the San Francisco Stock & Bond Exchange, effective March 1.
at which time certificates of stock transferable in San Francisco will be available. The Bank of California, N. A.. is acting as the company's transfer
agent in San Francisco, and the Chase National Bank in New York. The
registrar is the Bankers Trust Co.. New York.
-V. 124, p. 660.
tax. Red. all or part on any div. date, upon not less than 60 days notice,
at $60 a share and divs. Subject to the rights of the holders of the 7%
cumulative preferred stock, the convertible preference stock will be entitled
to elect four of the nine directors and common stock will be entitled to
elect the remainder, unless at the time of the election the company is in
default with respect to four quarterly dividends on the convertible preference
entitled to
stock, in
-Annual Report elect five which case the convertible preference stock shall beas provided
Standard Sanitary Manufacturing Co.
of the nine directors. Otherwise non-voting except
1923.
Calendar Years1924.
1926.
1925.
in the certificate of incorporation as amended. Upon dissolution, whether
Sales
$75,490,372 $79,291,682 $72,225,591 $69,043,094 voluntary or involuntary, convertible preference stock will be entitled to
Net profit
$9,550,780 $11,270,255 $11.193,073 $9,921,087 $50 a share and before any distribution may be made to common stock300,000
300,000
300,000
Contingent fund
300,000
Company agrees to refund the Mass,income tax, not to exceed 6%•
1,196.437 holders.
1,345,349
1,333,437
Federal taxes
1,183.179
Data from Letter of F. E. Baldwin, President of the Company.
Extra compensation to
Authorized. Outstanding.
Capitalization343.058
404,894
396.542
executive committee
306,549
$256,500
25,000 7% cumulative preferred stock ($100 par value)__ $1,000,000
25,000
25,000
Pension fd. & bad accts_
25,000
150,000shs. 132,000shs.
323,858 Convertible preference stock (this issue)
326,599
328,636
Prov.for pref. dive.(7%) 331,548
x300,000 shs. 120,000 shs.
,300(25)5984,569(25)5078.512(20)3980.325 Common stock
6,149
Common divs. paid_(25%)
x 132,000 shares reserved for conversion of 132.000 shares of convertible
$1,255,204 $2,890,160 $3,724,631 $3,752,409 preference stock.
Balance, surplusCompany.
-Is the largest manufacturer of milk bottles in the United
$14,395,956 $13,947,086 $9,087,844
Surplus and reserves __$16,947,848
805,106 States. Originally incorp. in 1889 to manufacture milk bottle caps and
823.748
1.062.736
Com.shs.outst.(par $Y5) 1.078,160
$9.64 dairy supplies. In 1905 it began the manufacture of milk bottles, its first
$8.37
$10.71
$6.87
corn_
Earns,per share on
with a capacity of 7,500,000 milk bottles
Total depreciation charges for 1926 amounted to $1,234,751, as against factory being located at Kane,
a year. At the present time the plants of the company have a capacity
81.162,487 in 1925 and $805.970 for 1924.-V. 122, p. 624.
FEB. 19 1927.]
THE CHRONICLE
or the production of over 150,000,000 milk bottles a year. A majority of
the company's sales of milk bottles is made direct to milk dealers, including
such well known organizations as the Borden Co., Sheffield Farms Co.,
Supplee-Wills-Jones Milk Co., Whiting Dairy Co., Boston, Bowman Dairy
Co., Gridley Dairy Co., &c. Company has valuable contracts under which
it has the exclusive right to manufacture milk bottles with the Owens
Bottle automatic machines and with certain of the Hartford-Empire
automatic machines.
Listing.
-Company has agreed to make application to list this convertible
preference stock and the common shares on the New York Stock Exchange.
Earnings.
-Not earnings of the company as presently constituted appli
cable to interest, taxes and dividends, during the seven years ended Dec. 31
1926, averaged 61,037,009 per annum, after maintenance charges which
per annum but without further depreciation
averaged in excess of $280,000
charges. As all of the company's funded debt contracted in 1920 and 1922
and over $850,000 preferred stock have been paid off out of earnings, the
above earnings would have been applicable to Federal taxes and dividends
on the present capitalization had it been in effect during this period. After
deducting Federal income taxes paid and accrued dividends on the preferred stock now outstanding, such earnings were as follows:
1922.
1924.
1925.
1923.
1926.
x1926.
$642,289
$979.241
$1,117,381
$598,707
$865,566
$508,910
x Six months ended Dec. 31.
Purpose.
-Of the offering of this convertible preference stock, part of
the shares are being acquired from the company for the purpose of retiring
floating debt and increasing working capital and the remainder are being
acquired from individuals.
Balance Sheet Dec. 31 1926.
[After giving effect to proposed financing and transactions incident thereto.]
Liabilities
Assets
Cash
$174,388 Accounts payable
$152,493
Notes payable
Accounts and notes receiv96.000
454,914 Accrued accounts, reserve
able, less reserve
947,593
for Fed. taxes, &c
Inventories
146,819
552,520 Common dividend payable
Investments
99,993
Real estate, plants, &c1,807,954 Miscellaneous reserves__ 76,465
615 7% preferred stock
Licenses, formulae, &c.._ 1,013/
256,500
Deferred charges
76,876 Capital
a2,520,000
Capital surplus
1,330,369
Earned surplus
349,223
1083
General.
-Company intends manufacturing a palatable high-grade lager
beer of the best quality. The malting plant (modern and efficient) is the
only one of importance in this part of Canada and should tend to stabilize
the earnings of the company, as any surplus production in this department
will be readily taken by other breweries.
-Duncan McLaren, J. J. Doran, W. A. Mackenzie, Hon.
Directors.
Gideon Robertson (Senator).
-Application will be made for the listing of these shares on the
Listing.
Toronto and Montreal Stock Exchanges.
-Trustee.
Turner Bros. Bldg. Corp.
The Chatham Phoenix National Bank & Trust Co. has been appointed
trustee of an issue of$310,0006% 1st mtge.bonds,due serially to Jan 1 1937
-Balance Sheet Dec.31.
Underwood Typewriter Co.,Inc.
1926
Assets
Pats., good-will,dze 7,995,720
Real est., bldgs.,
5,049,598
plant, &c
x Stock in 0th.cos.. 593,724
Investment spec.
surplus cap. res.
67,800
Accts. & notes rec.
(less reserve) _ _ 7.592.623
7,589,482
x Inventory
1,895.830
Cash
27,000
Mtges. receivable_
64.999
Govt. bds. & notes
Office furniture,&c 416,830
Prepaid ins., &c_. 146,020
1926.
1925.
LiaMittes7,995,720 7% cum. pref.shs. 3,400,000
Common shares_ _10,000,000
4,823,551 Notes payable.._..2,500,000
593,349 Accts. pay., curet 1,105.730
Res. for exp., pay357.816
rolls, &c
105,600
Res.forPed.,&c.,tax 455.501
7,898,061 Res.for empl. prof.
sharing plan_
6,412,786
59,500
1,767,994 Pref. div. payable_
29,500 Corn. cllv. payable 400,000
64.999 Mtges. on realty
80,000
369,278 (not yet due).
13,081,081
151,143 Surplus
bonds.
Trumbull Steel Co.
-Balance Sheet Dec. 31.1926.
1925.
1926.
1925.
AssetsLiabiltdesPermanent assets_35,051,210 35,079,749 7% cum. pref stk_ 9,998,700 9,998,700
Cash
514,549
606,595 Corn. stk. & surp c20,265,386 18,177,782
U.S. Gov't Sec.__ 2,417,489 1,001,563 Acets.pay.& accrls. 2,097,963 2,203.792
Bonds & debent
16-yr. 1st mtge.
1,788.853
Notes & accept.rec 156,428
slaking fund 69_12,794,000 13,000,000
111,263
Trustee acct.(bal.) 293,402
750.263 7% 10-yr.gold debs 5.000,000 5.000,000
Accts. rec. less
Gen.cooling
495,440
445,284
doubtful ems-- 2,198,509 2,245,310
Mdse. Inventory_ 4,423,618 4,390,495
Can. stk. owned...132,087,244 2,813,262
Total (ea. side)_50,651,488 48,825,559
Deferred charges_ 1,720,185 1,827-,060
a Sound value as appraised by the American Appraisal Co. as of July 31
1925 with subsequent additions, less depresiation. b Investment in affiliated and other companies, less reserve, special funds, &c. c Represented
by 575,118 shares of no par value.
The income account was published in V. 124, P. 937.
Toronto (Ont.) Brewing & Malting Co., Ltd.
-Stock
Offered.
-W.A. Mackenzie & Co., Ltd., Toronto, are offering at $12 per share 75,000 shares capital stock (no par value)
This offering of stock is part of an issue of 120,000 shares;
45,000 shares have already been used in part payment for
property and equipment.
230.195
611,993
188,501
61,250
300,000
80,000
12,828,899
31,439,627 30,211,982 Total
31,439,627 30.211,982
Total
x At cost or less.
was published in V. 124, p. 938.
The usual comparative income account
-Annual Report.
Union Storage Co.
1926.
Calendar Years$39,779
Net earns. bef. Fed.tax.
10,081
Depreciation
(12%)42,000
Dividends
Total
$5,027,862
Total
$5,027.862
def$12,302
Balance, surplus
a Represented by no par value stock consisting of 132,000 shares of
339.641
convertible preference stock and 120,000 shares of common stock.
- Prey. surp., adjusted.-V. 123, p. 3052.
$327,339
Profit & loss surplus
Thornycroft Apartment Building, Scarsdale, N. Y.
- Shares capital stock out14,000
standing (par $25)---S. W. Straus & Co. Inc., are offering at Earn, per sh. before taxBonds Offered.
$2.12
100 and int. $700,000 1st mtge. fee 6M% sinking fund gold -V. 122, p. 2791.
'
Dated Dec. 3 1926: due Dec. 1 1936. Int. payable J. & D. Denom.
$1,000 and $500c*. Red. for sinking fund at 101 and int. Callable
at 103 and int. on or before Dec. 1 1931: and at 102 and int. after Dec. 1
1931 and before Dec. 1 1936. H. S. Federal income tax up to 2% paid
by the borrowers. Penna., Conn., and Vt. 4
-mills taxes; Md. 4 -mills
tax; D. of C. and Va. 5
-mills taxes; N. H. State tax not exceeding 3%
of the int. per annum, and Mass. State tax note exceeding 6% of the
annum refunded.
int. per
Semi
-ft.
-This bond issue is secured by a direct first closed mortgage
on land owned in fee situated in Eastchester (Scarsdale), N. Y.; together
with a six-story apartment building now under construction thereon.
The land is situated on the west side of Belmoy Road, 330 ft. north of
Buckingham Place, fronting 318 ft. on Belmoy Road and running hack
to a depth of 268.16 ft. The plot has a ground area of approximately
64,500 sq. ft.
The building is now under construction and is expected to be ready for
occupancy about May 1927. It will be six stories in height of brick and
stone, semi
-fireproof construction, served by two automatic, push-button
elevators. It will contain 96 apartments in 3, 4 and 5 room units each
with bath and private sun porch, the smaller apartments containing kitchens
and dining alcoves. The basement will contain a restaurant and space
for maids' rooms and garages.
Earnings.
-The net annual earnings of the building after deducting all
operating costs including insurance, taxes and vacancy allowance, have
been estimated at $96,400, based on a scale of rentals lower than those
now being obtained in comparable buildings in Westchester County.
This figure which is less than the estimates made by the appraisers, is
more than twice the greatest annual interest charge and over $30,000
in excess of the greatest annual interest and amortization requirements
combined.
Borrowers.
-The borrowing corporation is the Thornycroft, Inc. of
which George F. Pelham Jr. is Pros.; George F. Pelham Sr., V.-14eS.,
and Charles Newmark, Treas.
1925.
3,500,000
10,000,000
1,500,000
911,143
1925.
$76,465
10,065
(14)49.000
1924.
678,0l11.
11,095
(12)42,000
1923.
$92,748
11,098
(12)42,000
$17,400
322.242
$24,906
297,336
$39,650
257,458
$339,641
$332.242
$297.108
14,000
$4.74
14.000
$4.78
14.000
$5.83
-Declares a 2%
United Cigar Stores Co. of America.
Cash and a 14i% Stock Dividend on Common Stock.
The directors have declared a cash dividend of 2% and a stock dividend
of 1 X% on the common stock, par $25, both payable March 31 to holders
of record March 10. Like amounts were paid on the common stock in
-Y. 123, p. 3335.
each of the 11 previous quarters.
-Plan Approved.
United States Distributing Corp.
The stockholders on Feb. 17 approved the recapitalizations plan as outlined in V. 124, p. 520.
-Extra Dividend.
United States Envelope Co.
The directors have declared an extra dividend of 2% on the outstanding
$1.750,000 common stock, par $100. in addition to the usual semi-annual
dividend of 4%, both payable March 1 to holders of record Feb. 15. .An
extra cash disbursement of like amount was made on March 1 1926.
1925.
1924.
1923.
1926.
Calendar Years$1,459,075 61,386,314 $1,035,181 $1,210,397
Net profits
67,917
57,083
84,625
101,125
Interest
363,948
311,794
394,128
44..,792
Depreciation
160.000100,000
75,000
150,000
Tax reserves
280,000
280,000
280,000
280,000
Preferred dividends(7%)
Common dividends---(10%)175.000 (8)140,000 (8)140.000 (8)140,000
836,428
$485,198
8374.450
6165.480
Surplus
$2,976,266 $2,503,873 $2,127,653 $2,129.030
Profit and loss surplus
17,500
17.500
17,500
17,500
Cora.shs. out.(Par $100)
$2939
$1008
$3772
$1745
Earns.per sh.on com.stk
-Y. 122, p. 1325.
-Balance Sheet Jan. 31
U.S. Realty & Improvement Co.
[Incl. Geo. A. Fuller Co. and Subsidiary Companies.]
1927.
1926.
1927.
1926.
Liabilities
Assets
Real est. & bldgs_44,692,035 23,456,639 Common stock_ _z26,658,280 26,658,300
Accounts payable_ 1,358,680
959,103
Real estate, inv. &
Taxes and interest
mtges. rec. and
accrued
1,163,077
601,665
invested in other
Stocks and bonds 8,889,774 7,537,377 Mtges. on co's real
18,016,500
estate
152,391
Leasehold & impts. 506,754
Rents received in
Building, plant.
advance,&c_ _ _ _ 144,154
746,837
2,368,973 1,547,850
stores, &c
7,638
347,427 Dividends payable
15,840
Deferred chgs., &c. 391,530
1,044,244 1,102,853 Reeve for possible
Bills dz accts. rec
losses, depree'n,
3,781,556 3,363;546
Cash
hotel furnish'gs,
Charges asst. bldg.
coating., &c__ _ 4,699,500
750,873
contracts, less
Minor. Interest in
payments reed
Plaza Oper. Co_ 1,316,241 1,152,958
on contract....- 1,523.682 1.001,911
Surplus
9,834,476 7,624,418
Total
63,198,547 38,509,994
63,198,547 38,509,994
Total
x Represented by 666,457 shares of no par value.
comparative income account was published in V. 124, p. 938.
The usual
Universal Pipe & Radiator Co.
-New Stock Issue, etc.The stockholders on Feb. 11 approved the proposal to reduce the authorized number of preferred shares from 90,000 to 60,000 shares and to create
a new issue of 50,000 shares of special stock, no par value, entitled to noncumulative dividends of $7 per share per annum. The special stock is to
be issued only as stock dividends on common stock at the discretion of
the directors. See also V. 124. p. 661.
Transfer agents, Toronto General Trusts Corp.; registrar, Montreal Trust
Co.
Wabasso Cotton Co., Ltd.
-Extra Div. of 50 Cents.
Purpose.
-The issue and sale of the capital shares is made in order to proThe directors have declared an extra dividend of 50c. per share in addivide funds to be used in connection with the purchase of property, rehabilition to the regular quarterly dividend of $1 per share, both payable April 2
tation of premises, purchase of equipment and for working capital.
Company.
-Has acquired the valuable property on the northwest corner to holders of record March 15. Like amounts were paid on Jan. 2 last.
of Simcoe and Dundas Streets, in the City of Toronto, and a block on St. -V. 123, p. 3336.
Patrick Street, which partly adjoins the Simcoe St. property. The site
Waldorf System, Inc.
has a total area of 65.820 sq. ft., or about 1 X acres, on which are erected
-Annual Report.
very valuable buildings, already partly equipped. On completion of this
Calendar Years1926.
1923.
1925.
1924.
financing the company will have unencumbered assets, appraised at approxi- Total sales
$13,463,264 $12,832,053 $13,552,401 $13,910,056
mately 1,450,000.
Cost of sales
11,694,936 11,205,878 11,695,652 12,201,510
Franchises and Earnings.
from the Government of the
-Company holds
Dominion of Canada licenses for the operation of a brewery and for the operaIncome from operation $1,768,329 $1.627,075 $1,856,748 $1.708,546
tion of a malting plant. These licenses are very valuable. It is unlikely, Income credits
127,404
83,200
95,668
143,435
with the policy ofGovernment control actually in effect, that the issuance
of further licenses for breweries in Ontario will be considered. The propGross income
$1.863.997 $1,770,510 $1.939,948 $1,835,950
erty of the company is being equipped with the most modern and efficient Depreciation, aniOrtlz n
appliances, including bottling and refrigeration plants and ample cellar
of leaseholds. Federal
accommodation. A completely equipped malting plant already is installed
685,407
and State taxes, &c__ _
836,939
797.633
734,657
ready for operation. The plant will have a normal capacity of 400 barrels
of lager beer per day, or 120,000 barrels per year, and this capacity can be
Net income
$1.035,853 $1,103,009 $1,150,543
$1,066,363
50,536
doubled by working two shifts.
First preferred dividends
43.080
35,631
14,832
68,882
69.246
The net earnings, after payment of operating expenses, and providing Preferred dividends......_
69.246
69,261
514,411
for depreciation, will be approximately $300,000 per annum, applicable to Common dividends
545,762
548.160
551,746
dividends on the stock issued, or at the rate of $2 50 per share.
6516.713
-Company has an authorized capital of 200,000 shares of
Capitalization.
$444,920
Balance, surplus
$382,815
$430,524
1,498,296
no par value stock. Of this capital 120,000 shares are being presently issued Profit and loss surplus_ _ 2,799,466
1,911,087
2,415,013
441,610
and the balance of 80,000 shares will remain in the treasury of the company COnl.shs. outst.(no par)
441.610
441.610
441,610
for future developments.
$2.24
$2.33
Earns, per share on com_
$2.10
$2.22
1084
THE CHRONICLE
[VOL. 124.
Comparative Balance Sheet Dec. 31.
Woodward (Ala.) Iron Co.
-Notes Offered.
-A syndicate
1920.
1925.
1926.
1925.
headed by Kidder, Peabody & Co., New York, is offering
Assets
$
Land & buildings_ 2,356,903 1,926,887 First pref. stock_
481,600 at par and int. $2,500,000 1st mtge. lien collateral trust 6 0
Equip. & furniture 6,489,223 5,041,868 Preferred stock_ _ _
866,100
866,100
y...sseholds
178.080
208,858 Common stock_ _ _x2,708,300 2,708,300 gold notes. Caldwell & Co. and American National Co.,
Cash
774,637 1,040,678 Accounts payable_ 321,155
400.324 Nashville, are participating in the offering of the issue.
Accts.& notes me_
52,486
39,654 Wages accr., exp.
Dated Feb. 1 1927; due Feb. 1 1937. Denom. 1,000 and $500 O.
Inventories
531,873
574.577
and taxes
167.188 Int. payable F.& A.at Chase National Bank of New York, trustee,
196,402
U. S. Treas. bonds
100,719 Federal taxes
206,181
251,665 deduction for any normal Federal income tax not exceeding 2%.without
Red..
MLscell. lnvestm'ts
5,000
5,000 Mtge. notes pay'le 986,500
789,000 all or part,on any int, date on 60 days'notice at 103 to and incl. Feb. 11928,
Deposits on leases_
12,875
26.665 Res. for fire losses_
20,463
the premium decreasing by 54 of I% after said date and each anniversary
Treas. stock (sink.
sink. fund 100,998
Res. for
100,970 thereof to and incl. Feb. 11936. and at 100 on or after Aug. 1 1936, together
fund require'ts).
2,557
124,462 Res. for depreen__ 2,509,645 2,237,638 with accrued interest in each case.
Deferred charges
204,454
221,308 Surplus
2,799,466 2,415,013 ,
Data from Letter of Frank H. Crockard, President of Company.
Good-wlll
1.107,121 1,107,121
! Company.
-Formed in 1911, succeeding to a business founded in 1882.
Total
10,715,210 10,417.798
10,715,210 10,417,798 Company is one of the lowest-cost pig iron producers in the United States,
Total
, due primarily to the close proximity of both coal and iron ore to its plants,
x441,610 shares of no par value.
-V. 124. P. 387.
1 the mines being located within an average distance of five'miles from the
Western Grocers, Ltd.
-Resumes Common Dividends.
- furnaces. The raw materials for its product are assembled over the comThe directors have declared a dividend of $1 per share on the new no par pany's own railroad. The plant has an annual capacity of 500,000 tons
pig iron
value common stock, payable March 15 to holders of record Feb. 28. ofSecurity. and includes five blast furnaces and 230 by-product coke ovens.
-This issue of notes is secured by the pledge with the trustee of
The only other dividends on the common stock were two quarterlies of
24.500.000
& consol. mtge. 5% sinking fund gold bonds. The pledged
21 25 per.share paid in 1913 on the old $100 par shares. Through re- bonds have1stpresent
a
market value equivalent to approximately 160% of
capitalization early last year, the outstanding stock was exchanged for new the amount of
stock on the following basis: One share of new no par value common stock secured by a this issue of notes. The 1st & consol, mtge, gold bonds are
direct 1st mtge. on all of the fixed properties of the company,
for each six shares of old common stock of 2100 par value; one share of new
including plants, lands, railroads and reserves of ore and coal .
preference and one share of new common stock for each two shares of old
Earnings.
-Average earnings after depreciation, but before charging inpreference stock (see V. 122. P. 1937).-V. 122, p. 2964.
terest, depletion and Federal income taxes,for the four years ending Dec.31
1926 (as certified to by Price, Waterhouse
Western Tablet & Stationery Corp.
-Bonds Offered.
- 1923, 1924 and 1925, and as per books for & Co., with respect to the years
the year 1926, were 81.756,313,
A new issue of $2,000,000 1st mtge. 15 .year 6% sink, fund or more than two times the combined interest requirements of the notes
of the bonds
gold bonds is being offered at 993' and mt. by a syndicate of this issue and the 1st & consol. gold bonds (exclusivethese notes). owned
by the company and pledged as collateral security for
headed by Federal Securities Corp. and including West &
Sinking Fund.
-The company has covenanted to retire annually not less
than $125,000 principal amount of these notes through the operation of
Co., Illinois Merchants Trust Co.and A. B. Leach & Co.,Ino. a sinking fund.
Date Oct. 1 1926; due Oct. 1 1941. Interest payable A.& O.at Chase
Purpose.
-Proceeds from this issue of notes will be used to reduce curNational Bank, New York, trustee. Denom. $100 and $500 cc. Red. all rent
indebtedness.
or part on any interest date on 30 days' notice on or before Oct. 1 1929.
Condensed Balance Sheet at Dec. 31 1926.
at 105; thereafter on or before Oct. 1 1932 at 104; thereafter on or before
Oct. 1 1935 at 103, thereafter on or before Oct. 1 1938, at 102: thereafter
Assets,
Liabilities.
before maturity at 101; together with accrued int. in each case. Corpora- Cash
$1,350,386 Notes payable
$450,000
tion agrees to pay Int. without deduction for any normal Federal income tax Notes receivable
38,717 Accounts payable
240,100
not in excess of 2%. Corporation will refund Penn. and Conn. 4 mills Accounts receivable
801,809 Accr. exp., incl. prov. for
taxes. Maryland 4% mills tax, District of Columbia and Kentucky 5 mills Inventories
1,406,235
Federal taxes
328,094
taxes. Virginia 53 mills tax. Michigan 5 mills exemption tax, Minn. 355 Marketable securities
16,573 Special notes payable
63,641,975
,
mills money and credits tax, Calif. taxes net exceeding an aggregate of Capital assets
*28,576,585 Operating reserves
1,004,895
Cash with sinking fund true5 mills and the Mass. 6% income tax.
Miscellaneous reserves
260,218
tee and accr. int. on bonds
Stock Purchase Warrants.
-Each $1.000 bond (and $500 bond in propor29,015 1st mortgage bonds
12,850,000
tion) will carry a stock purchase warrant, detachable after Jan. 1 1928 Workmen's relief fund
73,909 Preferred stock
3,000,000
entitling the holder thereof to purchase certificates representing the equit- Invest. In stock of company. c3,469,831 Class A preferred stock
405,000
able ownership of 10 shares of commonstock after Jan. 1 1927,as follows: Deferred charges
655,899 Common stock
c10,000,000
Prior to Jan. 1 1929. at $20 per share; on and after Jan. 1 1929, and prior
Surplus
c4.328.677
to Jan. 1 1931, at $25 per share: on and after Jan. 1 1931, and prior to
Total (each side)
536,508,959
Jan. 1 1932, at $30 per share. On and after Jan. 1 1932, such warrants
a Lands, buildings, plant, machinery and equipment, mineral rights
shall be void.
&c,
,Jess reserves for depreciation and exhaustion of minerals (as per comData from Letter of W. W.Sunderland,President of the Corporation pany's books). b Of these notes, $3,250,000 have been or will be retired
completion o present f nancing.
Company.
-A Delaware corporation. Owns and operates plants for the osostat:eomo+s
s not give effecto reduction
t
consummated.2.123,pr
1
manufacture ofstationery and paper tablets at St. Joseph, Mo., Kalamazoo, upon
by stockholders
Mich.; Richmond, Va.; Holyoke. Mass.; West Carrollton, O.; Minneapolis 1926. but not
Minn. and Green Bay, Wis. All of these plants are strategically located
for the purchase of raw materials or economic distribution of their products.
(Wm.) Wrigley Jr. Co.
-Earnings.
The main plants of the corporation were acquired from Western Tablet &
Calendar Years1926.
1925.
1924.
1923.
Stationery Co. and Kalamazoo Stationery Co. These two companies were Net profit from opr..418,113.309 218,246.397 $17.133.960 $16,572.227
among the principal and most successful manufacturers of stationery and Sell, gen. & Adm.exp.... 7,146.654
7,297.514
6.972.472
8.147,414
tablets in the country. Plants of both companies are modern, well
571,195
565.593
407,198
387.321
equipped Depreciation
and efficient manufacturing units. Corporation will continue the manu- Federal taxes
1.295.290
1,236,522
1.214,977
990,000
facture of school and writing tablest, composition books, loose-leaf ruled Common dividends ($3.50)6.276,829($4)6274.202(23)5380.414(24)4012
,422
paper, loose-leaf binders, package paper for school and commercial purposes, stationery and envelopes for commercial and social uses, a complete
Surplus
$2,823.342 42,872,566 43,158,899 43.035,070
line of greeting cards for all occasions and holiday boxes for gifts. Im- Earned pershare.1.74
$3.92
portant among its products is the widely advertised and well established
Balance S
$ Sheet Dec.Dec$. 51 8
5 0
30
..
brand of HyTONE envelopes, tablets and stationery. Its products are
1926.
1925.
1926.
1925.
favorably known to the wholesale and retail trade and to consumers throughAssetsout the country.
$
Common stock..:15.000,000 15,000,000
Sinking Fund.
-Mortgage provides for a sinking fund sufficient to retire Real estate, bldgs.,
mach.& equip_x10.733,525 11,307,592 Accounts payable_
511,527
627,499
$50,000 each year during first 5 years. $100,000 bonds each year during
y88,235
176.471 Reserve for Federal
the succeeding 5 years and $150,000 bonds each year during the last 4 Patents
6,000,000 6,000.000
taxes
1,295,290 1,238,389
years. This sinking fund, except to the extent paid in bonds, will be Goodwill
8,101,451 7.148,056 Reserve
6,297,081 6,546,315
applicable to the retirement and cancellation of bonds through purchases Cash
19,911,080 17,497,428
In the open market or call by lot at not exceeding the current redemption Acc'ts & notes rec 3,244,891 3,154,946 Surplus
6,930,852 7,068,504
prices. When additional bonds are issued, future sinking fund payments BondsInventor es
3,986,912 3,425,010
will be increased proportionately.
Purpose.
-To pay in part for the properties, retiring existing funded debt Other Investments 4,129,113 2,629,052 Total(each side)....43,014,979 40,909,631
x After deducting $2,992,317 reserve for depreciation. y Patents, $1,
and providing additional working capital.
CapitalizationAuthorized. Outstanding 560,000; less reserve for extinguishment, $1,411,765. z 1,800,000 shares,
-year 6% s. f. gold bonds (this issue) 24,000,000
1st mtge. I5
$2,000,000 no par value.
Note.
-Contingent liability, as guarantor, on notes payable of affiliated
7% Cumulative preferred stock ($100 par)
5,000.000
2,623,020
Common stock (no par)
200.000 sha. *100,000 shs. companies, $854,000.-V. 124. p. 661.
•In addition 20,000 shares have been reserved for the exercise of warrants
Yellow Cab Corp. of Minnesota.
-Lane,
-Notes Offered.
Consolidated Net Sales and Net Earnings after Depreciation but Before Federal
Piper & Jaffray, Minneapolis, recently offered at prices to
Taxes Available for Interest Years ended Nov. 30.
Net
Net
Net
yield from 5 to 6%, according to maturity, $250,000 6%
Net
Earns.
Sales.
Sales.
Earns.
1919
25.510.392 8687,951 11923
87.917.468 4433,274 serial gold notes.
Dated Jan. 1 1927; due serially 250.000 each Jan. 11928-1932. Denom.
1920
7,531,776 763,942 1924
7,847,555 396,033
1921
6,248,882 539,039 1925
8,445,855 *498,095 21,000 c*. Principal and int. J. & J., payable at Minnesota Loan & Trust
Co.
1922
6,884,538 687,261 1926a
7,855,897 759,296 tax Minneapolis, trustee, without deduction for normal Federal income
' to
up
Red. all or part upon 30 days'notice, in reverse order of
2%'
Average
87,280,295 8595.611 maturity and number, at 100 and int., plus a premium of %% for each
* These profits are before a deduction of $172,318 for extraordinary losses year or fraction thereof between date of redemption and date ofmaturity,
such premium to be not less than 1%•
through floods. a 10 months ended Sept. 30.
Willys-Overland Co.
-Record Orders Received.
-
Class A Common Stock.
-The same bankers also offered
With 22,000,000 in orders from the Northwest for immediate shipment at 822 50 per share 10,000 shares class A common stock.
of Willys-Knight sixes and four and six cylinder Whippets, placed at MinnePreferred over class B common stock as to assets and dividends. Entitled
apolis by Willys-Overland dealers, the total orders taken at a series of
to receive,subject only to the right of the 7% preferred stock if any shall be
sales conventions already has passed the $30,000.000 mark, according 16 outstanding, cumulative dividends at $2 per share per annum, and after
to
President John N Willys
providing for cumulative dividends thereon at the rate of $2 per share per
"This unusual sales record for Whippets and Willys-Knight cars, sup- annum for the current year, and for non-cumulative dividends on the class B
plemented with the regular orders mailed direct to the factory, insures a 1 common stock at the rate of 41 per share per annum for such year, any
February increase of 507 over a year ago," Mr. Willys said. "March'
further dividends in such year shall be paid equally to the outstanding
business already booked, he continued "indicates a gain of at least
on
(firstcom80% common stock without distinction as to class. Dividends on
_
over the same month of 1926 and gives every assurance that the 300.000 mon stock art, to be cumulative from an.
payable Q.
-J.
program for 1927 will be attained.
car
payment April 11927). Preferred over the class B common stock in disso"Retail sales of Willys-Overland products in cities where the auto shows lution or liquidation to the extent of $25 per share plus an amount equal to
already have been held show from 10 to 140% increase over last year." unpaid cumulative dividends at the rate of $2 per share per annum,and also
-V. 124, p. 123.
shares in remaining assets. Dividends free of present normal Federal
income tax. Transfer agent and registrar, Minneapolis Trust Co., MinWolverine Portland Cement 1Co
neapolis, Minn.
92
6TReport.Calendar YearsData from Letter of R. F. Pack, Chairman of the Board.
1925.
1924.
Net sales
$706,791
$706.995 $1,129,891
-A Delaware corporation. Upon completion of present
Company.
Cost of goods. sold
555,640
580,179
828,659 financing, will own or control and operate, through subsidiary companies
Depreciation and depletion
79.632
the Yellow Cab and Red Top taxi services in the cities of Minneapolis and
Selling and administrative expenses- 63,100
63,869
53,366 St. Paul, the Yellow Cab taxi service in the City of Duluth, and the Town
Taxi and Drive Yourself services in the cities of Minneapolis and Rochester
Operating profit
28,420
$62,948
$247.866 Minn. These services operate a total of 330 Yellow Cab and Red Top
5,616
Other income
8,951
10,411 taxicabs, 50 Hertz Ambassador sedans used in the taxicab and driveyourself services, and 52 Chevrolets, Fords and Chryslers, also used in the
$14,036
Total income
271,898
$258.277 drive yourself service.
1,997
Provision for income taxes
9,746
Corporation, upon completion of present financing, will own all of the
32,617
30,000
Dividends paid
60.000
160,000 outstanding capital stock of the Yellow Cab Co. of Duluth, the Town
Taxicab Co., Inc., and the Drive Yourself System, Inc., and will own not
def$17,961
Balance, surplus
42,152
$65,660 less than 90% of the outstanding capital stock of the Yellow Cab Co..
210,519
Previous surplus
208,367
165,161 Inc.. and not less than 90% of outstanding preferred and common stocks
212
21,650 of the Red Top Cab Co.
Income tax on profits
804
Surplus adjustment
-The consolidated statement of gross earnings reported by the
Earnings.
operating subsidiaries for the years ended Dec. 31 follows. Earnings of
$192,346
$210,519
$208,367 Red Top Cab Co. included are from date of organization in 1923 and earnProfit and loss, surplus, Dec.31_
100 000
100 000
100.000 ings of Town Taxicab Co., Inc., are from date of organization in 1925.
Shares of cap.stk. outtad'g (par $10)26.12
26.62
$2.25
1921.1922.
1923.
Earn.per share on cap.stk
1925.
1924.
2607,471
8596,584
21.043,804
-V.123. p. 2008.
$1.308,259
$1,667,750
FEB. 19 1927.]
THE CHRONICLE
For the 12 months ended June 30 1926 consolidated earnings of the subsidiary companies, applicable to the minimum amount of capital stock of
such subsidiary companies now to be owned, were as follows:
Gross earnings
$1.632,652
Operating expenses
1,373.217
Depreciation
188.138
Balance
$71.297
Income as shown for this period, after depreciation, was equal to more
than 4 2-3 times the maximum annual requirement of the notes for interest
payment..
Capitalization—
Authorized. Outstanding.
6% serial gold notes
$250,000
$250,000
7% preferred stock (par $100)
10.000shs.
None
Class A common stock (no par value)
*30,000shs. 23,529 shs.
Class B common stock (no par value)
*60,000shs. 48.529shs.
*1,471 shares of class A common stock and 1.471 shares of class B common stock are reserved for issuance in the acquisition of minority stock of
subsidiaries. (See also Twin City Rapid Transit Co. in V. 124. p. 924.1
Yellow Truck & Coach Mfg. Co.—Omits "B" Dividend.
The directors have voted to omit the quarterly dividend of 18).(c. a
share on the class "B" stock, due at this time. In Jan.. April and July
1926 quarterly dividends of 18c. a share were paid, while in Oct. 1926 and
Jan. 1927 the quarterly rate was 18%c. a share.
The directors declared the regular quarterly dividend of IN% on the
pref. stock, payable April 1 to holders of record March 15.—V. 124, p. 661.
Youngstown (0.) Sheet & Tube Co.—Larger Dividend.
—The directors on Feb. 14 declared a quarterly dividend of
$1 25 per share on the outstanding 987,606 shares of common
stock, no par value, payable April 1 to holders of record
Mar. 14. From Sept. 30 1924 to Mar. 31 1927 incl., quarterly dividends of $1 per share were paid on this issue. (See
also our "Railway and Industrial Compendium" of Nov. 27
1926, page 256.)—V. 123, p. 3336.
CURRENT NOTICES.
A
—The well known investment banking firm of Watling, Lerchen & Co.,
of Detroit, has expanded through the purchase of membership in the New
York Stock Exchange and the addition of new partners each of whom has
had long experience in handling stocks and bonds. It will be known as
Watling, Lerchen & Hayes. Membership in the New York Stock Exchange
was acquired recently and the new firm also holds membership on the Detroit
Stock Exchange. The partnership includes John W. Watling, William G.
Lerchen, Joseph J. Hayes, Joseph J. McFawn, Cloud L. Cray, Max J.
Stringer and Joseph Hinshaw. Herbert Ely, formerly vice president of
Watling. Lerchen & Company, continues in the firm as a limited partner.
John W. Watling is a director of the Merchants National Bank of Detroit,
also of Joseph N. Smith & Co., and of the C. M. Hall Lamp Co. Mr.
Watling became associated ith Parson. Leach & Co. of Chicago and Parson,
Son & Co. of Chicago in 1910. He then joined the forces of Thomas J.
Bolger & Co.. Chicago, dealers in municipal bonds and was with them and
their successor company, Bolger, Is,fosser & Willaman, until 1915 at which
time he became associated with William G. Lerchen in the firm ofiWatling,
Lerchen & Co. of Detroit. William G. Lerchen is a director of the Fidelity
Trust Co. of Detroit, the Fort Shelby Hotel Co., the Electric Refrigeration
Corporation, the Refrigeration Discount Corporation and of the Arctic
Dairy Products Co. Mr. Lerchen entered the bond business with the First
and Old Detroit National Bank of 1909, and was manager of the bond department of that institution from 1913 to 1915. He has been vice president
and treasurer of Watling, Lerchen & Co., since its organization. Joseph J.
Hayes matriculated in the University of Toronto in 1890 and later graduated
from the Detroit College of Law. In 1908 he became manager of the
Detroit office of Hornblower & Weeks and has been with that firm continuously as manager of their Detroit branch up to the present time. Joseph
Hinshaw has been associated, since 1908, with Mr. Hayes in the Detroit
office of Hornblower & Weeks. Cloud L. Cray was cashier of Watling, Lerchen & Co. from 1918 to 1921 and has been in the sales department since
that time. Max J. Stringer became associated with Watling, Lerchen &
& Co. in 1921 and has been manager of their trading department up to the
present time. Joseph J. McFawn was engaged by Watling, Lerchen &
Co., as bookkeeper in 1915 and subsequently became cashier. He has been
manager of this firm's municipal bond department since 1920.
—President Darwin P. Kingsley, in the 82d annual statement to New
York Life policyholders, announces that the total assets of the Company
had reached the huge total of over 1)1 billion dollars at the close of the
year 1926. Yet, this sum does not seem large by comparison with the
company's total amount of insurance in force, over 5% billion dollars,
because thecompany will need its accumulated reserves plus future premiums
and interest in order to pay all its insurance, endowment and annuity
claims as theyonature. The public in general Is very much interested in
this 1 si billions of assets; for the money is safely invested throughout the
country in such a way that it not only protects the policyholders but also
promotes the national welfare. The investments include first mortgage
loans on farms, homes and business properties; in bonds of the United
States, of various States, of Counties and Cities, as well as the substantial
railroads, public utilities, &c. President Kingsley's statement includes
the following figures for 1926 business: Over 900 millions of new Insurance;
over 5( billions of insurance in force; over 133 million dollars paid during
the year to policyholders and beneficiaries,including 53millions in dividends.
—The sixty-seventh Annual Statement of The Equitable Life Assurance
Society of the United States published today, shows gains in all important
items. The assets on Dec. 31st last totaled $869.604,876, an increase
$77,200.000 over 1925 which is the largest gain ever made by the company.
During the year the outstanding insurance passed the five-billion mark and
now totals $5,067.965,000. The new insurance paid for aggregated $1,017.
513,000, Including $194,233.000 of group insurance. This was the largest
amount of new business in any year in the history of the company and represents an increase of $191,000,000 over the amount paid for in 1925. During
the year the company paid $111.814,000 to its policyholders and beneficiaries. Over $38,000.000 was set aside for payment on annual dividend
policies alone during 1927. Ninety-eight per cent of all domestic death
claims paid during the year were settled within one day after receipt of due
proofs of death.
—The W. EL Barstow Management Association, Inc., of 50 Pine St.,
N. Y., operators of the General Gas & Electric Corp.. public utilities,
announces the organization of an industrial development division, under
the direction of E. D. Philbrock. As many of the leading cities in North
and South Carolina and Florida are served by the companeis owned by the
General Gas & Electric Corporation, it is felt that the newly organized
division will prove of much assistance to these communities, which are
striving for industrial expansion. Mr. Philbrick, who will direct this division, is well known throughout the South, especially by civic organizations
with which he has worked closely for several years.
—Might, Holzer & Co., Ill W. Washington St.. Chicago, announces
the change of its corporate name to Leight & Co. Management and perennial remain unchanged. The officers and directors are as follows:
1085
Officers: Albert E. Lelght, President; Henry 0. Fick. Vice-President
:
Aubrey A. Alford, Vice-President; George E. Dahlin, Vice-President;
Lowell Niebuhr, Vice-President; L. A. Hogendobler, Vice-President; R. W.
Gerding, Treasurer; J. 0. Gerding, Secretary; Walter J. Gehrs, Assistant
Treasurer. Directors: Edward A. Leight, Otte C. Kramer. Georz H.
Taylor, William F. Juergens, Patrick H.Caraher, Albert E. Leight, H.W.
Gerding, Henry C. Fick, Aubrey A. Alford.
—Charles F. Herb has been admitted as a general partner in the municipal
bond house of B. J. Van Ingen & Co., of New York and Chicago. Mr.
Herb, in recent years closely identified with the municipal bond business,
has had a broad experience in the banking business, having formerly been
Vice-President of the Mississippi Valley Trust Co. of St. Louis and VicePresident and a Director of the Hibernia Bank & Trust Co. of New Orleans.
In 1920 Mr. Herb came to New York, where he has since been prominently
identified with the municipal bond business, first in charge of the New
York activities of Caldwell & Co. and more recently as manager of the
municipal department of George H. Burr & Co.
—Hayden, Miller & Co. report the loss of two bound volumes of the
''Commercial & Financial Chronicle," beginning with July 1865.
Those
volumes were stamped with the firm name displayed where it would be
impossible to be overlooked. These early volumes of the "Chronicle"
are
very scarce. A suitable reward will be paid for information concerning
same. Any communication should be addressed to Mr. West, care o
Hayden, Miller & Co., Union Trust Building, Cleveland, Ohio.
—Organization of a new investment banking firm by H. C. Yeager,
formerly eastern sales manager of Taylor, Ewart & Company. Inc., and
Fred J. Young, who has been in charge of the retail sales and municipal bond
departments of the same firm, is announced under the name of Yeager.
Young & Co., Inc., with offices at 44 Wall Street, New York. The firm
will underwrite and distribute investment bond issues.
—J. A. Ritchie & Co.. Inc. announce the election of Curtis P. Fields
Ws
Treasurer of their company. Announcement is also made by this firm of
the association with them of Carl Eslick who will repreieat them as
General Sales Manager in the New York,Pennsylvania, and Vermont territories
with headquarters at Syracuse. In addition, J. A. Ritchie & Co. are opening an office in Erie, Pa., where Thomas I. Fritts will be Resident Manager.
—Mahlstedt-Steen Securities Corporation of New York announces that
at a meeting of the board of directors, J. W.Perry,formerly Sales Manager,
was appointed Assistant Vice-President. Ford. E. Basler, for ten years
associated with LaSalle Extension University as Director of Business
Management, was appointed Director in charge of sales of Mahlstedt.
Steen Securities Corporation.
—L. F. Rothschild & Co., members New York Stock Exchange,
120
Broadway, New York, announce the installation of a direct telephone
to
Jenkins, Whedbee & Poe, members Baltimore Stock Exchange, Baltimore.
Md. They have also announced that William D. Greenlee, formerly
with
Pynchon & Co.,has become associated with them in the trading
department.
—James Talcott. Inc. of New York has been appointed factor for
the
United States Silk Knitting Mills, Inc., of South Langhorne, Pa., and
the
Petersburg Silk Hosiery Mills, Inc., of Petersburg, Va.,
manufacturers
of silk hosiery. Both plants are operated by Harry West with
selling
offices at 259 Fifth Ave., New York City.
convention committee of the Investment Bankers
—The
Association of
America announced that the annual convention of the Association
would
be held this year in Seattle. The exact date has not yet been determined
upon but it is planned to stage the convention during the last week
of
September or the first week of October.
—The Seaboard National Bank of the City of New York has been
appointed Transfer Agent of the 8% Cumulative Preferred and the
Common
Stock of Educational Pictures, Inc. It has also been appointed
Agent to
issue Warrants and receive subscriptions for new capital stock of
The
Borden Company.
—Scudder, Stevens dr/Clark, investment counsel, of New York,
Boston
and Providence, announce the admission to partnership of Josiah 0.
Low,
who was an organizer and senior partner of the New York Stock
Exchange
firm of Low, Dixon & Co., and continued with the successor firm of
Wood,
Low & Co., until his retirement at the end of last year.
—William A. Titus Jr., who recently retired as a member of the
firm
of Berdell Brothers, and George S. Jones, formerly with Larkin &
Jenny's.
have formed a co-partnership under the name of Titus, Jones &
Co.. to
deal in public utility, railroad and other bonds, with offices at
149 BroadWay, N. Y.
—Davenport & Rich, Miami, Fla., dealers in guaranteed first
mortgage
bonds and collateral trust gold bonds on Florida property, have
opened an
office in the National City Building at 17 East 42d St., New
York, under
the management of John C. Taber.
—Bruning, Jackson & Co., members New York Stock Exchange,
have
opened an uptown office in the Farmers Loan & Trust Co. Building,
475
Fifth Ave. Axel Josephsson will be the resident partner.
—American Exchange Irving Trust Co. has been appointed
Trustee of
an unlimited issue of first & refunding mortgage 5% series
of 1957 bonds—
initial issue 810,000,000—of the Central Hudson Gas &
Electric Corp.
—Peabody, Houghteling & Co., Inc., announce that
John S. Beach,
formerly with B. W. Pressprich & Co., has become
'associated with them
in their New York sales department.
—Eastman, Dillon & Co. announce that Ralph E.
Pendergast, formerly
with Paul & Co. of Philadelphia, has been appointed
Manager of their
office in Reading, Pa.
—Charles E. Doyle & Co., 49 Wall St., New
York, has prepared an
analysis and a comparative statement of sales
for the past ten years of the
Knox Hat Co.
—A.D. Watts & CO., 1 Wall Street, New York,
sis of Imperial Oil, Ltd., and the International have prepared an analyPetroleum Company Ltd.
—Jordan, Colyer & Co..Inc., 120 Broadway, New
York, are distributing
a pamphlet descriptive of North Continent
Utilities Corporation.
—The New York Trust Co. has been appointed
transfer agent for preferred and common stock of the Florence
Mills.
—M. J. Binder, formerly with Macauley &
Co., has become associated
With Levee & Co., 115 Broadway,
New York.
—Harry Nathans is now located in his new
offices in the Mutual Trust
Building, Philadelphia.
—George H. Johnson has become
associatedjwith Lage & Co. In their
bond department.
—E, A. Kellogg has become
associated with Lege & Co. In their bond
department.
—Pask & Walbridge. members of the New
Issued a descriptive circular on International York Stock Exchange, have
Petroleum..Co., Ltd.
—Prince & Whitely, members New
for distribution, an analysis on TexasYork Stock Exchange. have prepared
& Pacific Railway.
—R. D. Hazen, formerly with
Forbee&
office at 66 Broadway, New York,Harris, in general Co., has opened an
to deal
mar:Let bonds.
1086
THE CHRONICLE
[VOL. 124.
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-DRY GOODS
-WOOL
-ETC.
PETROLEUM-RUBBER-HIDES-METALS
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. 18 1927.
spot was quiet. Santos 4s 18 to 1834c.;
COFFEE on the
Rio 7s 143 e. Rio has a stock of 231,000 bags against
4
291,000 last year and Santos 1,043,000 against 1,250,000
last year. On the 14th inst. cost and freight offers were
lower. For prompt shipment Santos they included Bourbon
2-3s at 18.20c.; 3s at 17.10 to 173'2c.; 3s at 16.85 to 17c.;
3-5s at 16.65 to 17c.; 4-5s at 16.40 to 17c.; 5s at 163; 5-6s at
163 to 16.40c.; 6-7s at 16 to 16%c.• 6s at 163c.; part
Bourbon 2-3s at 193c.; 3s at 17%; 3:11s at 17.15c.; 3-5s at
163/2 to 170.; 6s at 163c.; Santos reaberry 4s at 17c.; 4-5s at
16%c.; Rio 7s at 14%e to 15.10c.; Victoria 7-8s at 13.95 to
14.10c. Future shipment Santos up to December: Bourbon
4s at 15.80c.; up to Jan. 1928, Bourbon 3s at 163e. Spots
dull and nominal at 183 to 183/2 for Santos 4s and 143/2 to
15e. for Rio 7s.
Early on the 15th inst. cost and freight offers from Santos
were unchanged or a little lower. There were none reported
from Rio or Victoria. The Santos tenders included for
%
prompt shipment Bourbon 2-3s at 18 to 19.300.; 3s at 163
to 18.10c.; 3-4s at 16.60 to 17c.• 3-5s at 163/2 to 16.85c.;
4-5s at 16.30c.; 6s at 16.25c.• 6L7s separations at 15.90c.
to 16e.; 6-7s grinders at 15.1bc.; 7-8s grinders at 143/2c.;
%
part Bourbon 3s at 173 to 173c.; 3-4s at 17.15c.; 3-5s at
163/2 to 163/2c.; 6s at 163jc.; peaberry 4s at 163e.; 4-5s at
163. to 16.40c. For October-December shipment, Bourbon
4s were offered firm at 15.80c., for December shipment at
16.40e.and for shipment to the end of December, seller's
option, at 15.400., while Bourbon 3s for shipment to the
end of January, seller's option, were here at 16.15c. On
the 16th inst. cost and freight offers were lower. They
included for prompt shipment from Santos: Santos Bourbon
2-3s at 17% to 18.35c.;3s at 16.90c.; 3-4s at 16.70 to 17.20c.;
3-5s at 16.60 to 17c.; 4-6s at 163 to 16.70c.; 5s at 16 to
163/2c.; 5-6s at 16.10 to 16.15c.; 6s at 16.05c.; Bourbon
separations 6-7s at 14.95c.; 7-8s at 14.35c.; part Bourbon
%
2-3s at 183e.; 3s at 17.35 to 173/2c.; 3-5s at 16.35 to 16%c.;
4-5s at 163/2c.; 6s at 163/2c.; Santos peaberries 4s at 16% to
-5s at 16.30c.; Rio 7s at 14.30c.; Victoria 7-8s at
17e.• 4
13e. Future shipment October-December, seller's option;
7
%
Bourbon 4s at 15.300. To-day spot coffee was dull with
Rio 7s at 143/2 to 14%c. and Santos 45, 173 to 18c.; fair
4
to good Cucuta,183 to 21c.; Honda,233/2 to 240.; Medellin,
26 to 263/2e. Santos offers included 3s at 17.25 to 18.25c.;
3-4s at 16.70 to 170.; 4s, 16.35e. and upward.
The general drift of prices suggests to some that there is
a general distrust of the ability of producers to keep prices
up. Spot trade is dull. Some estimates still indicate
21,000
1000 bags as the total of the next Santos and Rio crops.
Optimism would be severely strained to visualize an advance
except now and then on an oversold condition and short
covering. Yet the Brazilian Government is not likely to
yield easily. Steps looking to the bracing of prices would
promptly follow measures looking to the stabilization of its
currency. Short sales at this level, therefore, are regarded
as unduly risky. The technical position is better. It is conceivable to some that an upturn, whether temporary or not,
might come at any time. Futures declined on the 16th inst.
25 to 30 points in response to the falling prices for actual
coffee through • Santos's evident anxiety to sell. March
liquidation also told. And Europe sold more distant
months. So did local longs. New England buying and
short covering steadied prices later. It is estimated by the
Defense Committee that the world's visible supply on next
July will be less than 5,000,000 bags and the interior Santos
holdings will have disappeared; this about equals that of
July 1926. Some estimates of the 1927-28 crops are about
25,000,000 bags; adding a visible of 5,000,000 bags on and with
a consumption of 22,000,000, would leave a world visible of
8,000,000 bags on July 1 1928. This is with the supposition
that the Santos receipts will be restricted. Some think there
are too many bears; that the tendency is to oversell the
market, inviting sharp upturns when least expected. Today futures closed 17 to 24 cents lower, with sales of 59,000
bahs. In other words, prices reached a new low, with cables
off and trade and long interests selling. Any advance in
Brazil of late has been temporary and due to covering of
shorts. Rio to-day opened 100 to 175 reis lower; Santos
unchanged to 100 reis higher. Rio exchange 5 31-32d.;
dollars 10 reis lower at 8$290. At one time to-day prices
were down 21 to 28 points. Shorts had largely liquidated.
Final prices show a decline for the week of 44 to 53 points.
Coffee prices closed as follows:
12.82@ ----18eptember 11.54@,11.55
Spot (unofficial)-14Mc.1May
12.151012.161December -11.150 --__
13.621July
March
SUGAR-Prompt Cuban raws were quiet early in the
week with 33/2e. asked and 3 1-16c. to 3 3-32c. bid. The
refined market was the stumbling block. Europe bought
3,000 tons of Cuba for March shipment at 15s 13/2d, c. i. f.
United Kingdom or 3 5-32c. c. & f. New York. Receipts at
Cuban ports for the week were 189,556 tons against 183,339
in the previous week, 204,257 in the same week last year and
214,001 two years ago; exports for the week 95,392 against
78,787 in the previous week, 147,885 last year and 142,003
two years ago; stock 497,398 tons against 403,234 in previous
week, 502,924 last year and 467,038 two years ago. Centrals grinding 173 against 171 in previous week, 172 last year
and 173 two years ago. Of the exports United States
Atlantic ports received 51,737 tons; New Orleans 14,792
tons; Galveston 3,213 tons; Savannah 4,800 tons; Europe
16,442 tons and China 4,408 tons. Havana cabled "Weather
favorable." Later it was reported that 75,000 bags of Cuba
and Porto Rico prompt and early March sold at 33/2e. e. & f.
or 4.90e. The market closed on the 16th inst. with bids at
33/2c.' and 3 3-16c. asked. Futures declined later. The
President of Cuba is to visit Washington. There are intimations that the Administration is opposed to the Cuban crop
.
restriction. Moreover Cuban mill owners it is said, are unable to agree on allotments under the restriction plan. This
gave rise to the suggestion that the restriction scheme might
yet be modified, but shorts covered freely enough to give support which was increased by large outside public buying.
Refined was quiet and unsettled later at 5.95 to 6.05c.,
with price cutting rumors persistent. California-Hawaiian,
it seems, is selling bulk granulated at 20 points under its list
basis. Eastern beets were quoted at 5.95c., but were said
to be obtainable at less. Brisbane, Australia, reported a
cyclone on the east coast of Queensland last week, and all
communications were interrupted. The material damage
was very heavy. It was asserted the sugar crop is damaged
to the extent of 150,000 tons. Receipts at United States
Atlantic ports for the week were 88,407 tons, against 63,594
in the previous week, 86,910 last year and 89,498 two years
ago; meltings, 51,000, against 50,000 the previous week,
68,000 last year, and 67,000 two years ago; stook, 204,259
tons, against 166,852 in the previous week, 87,810 last year
and 79,658 two years ago. Some contend that the decrease
.
in exports this year is due almost entirely to the late start
of grinding. It looks, however, it is added, as though this
deficiency will soon be more than offset by the higher price
this year. The low prices ruling all through the first six
months of the last year will be recalled. This season, with
prices /0. higher than last year, Cuban planters' position is
3
better. Some Cuban figures were: Arrivals, 211,987 tons;
exports, 108,973, and stock, 538,322 tons; centrals grinding,
173. Of the exports, 23,320 were for New York, 25,563 for
Philadelphia, 5,517 for Boston, 21,761 for New Orleans,
3,270 for Savannah, 8,498 for Galveston, 194 for interior of
United States, 13,148 for United Kingdom,2,437 for France,
857 for Sweden, and 4,408 for China. Old crop arrivals, 64;
exports, 6,740, and stock, 12,643. Of the exports, 153 were
for Canada, 5,280 for Boston, and 1,307 for New Orleans.
of
Some put the ease in this war: The influence . continued foreign competition for Cuban raws,.and its bids
at slightly higher levels than recently solicited in the United
States markets, may check any serious decline in prices.
Cuban sugars were sparingly offered, at under the Mc.
level, and European interests especially have already bought
two-thirds of the total quantity of Cuban they bought
during the entire season of 1926. The 1926 consumption
in Europe amounted to 9,500,00 tons, or 2,500,000 above
the actual production, leaving this excess amount to be
taken care of by imports. There is an increased consumption each year. It is contended Europe will find it necessary
to secure at least 1,000,000 tons from the present Cuban
crop so that should other countries enter the.same market,
there is a possibility of a shortage iduring midsummer and
a higher level of prices. Some think that with the crop
limited to 4,500,000 tons and the outturn so far only about
300,000 tons behind last year, the Cuban season may end
by the last of May, as during the corresponding period of
last year production reached 4,823,976 tons. Weather
conditions will play an important role. Some here and in
Europe feel that as a result of the change in the statistical
position and the constantly growing consumption, prices
may work higher following the season of heaviest Cuban
production. Trade interests, it is pointed out, on the
whole appear to be in a "watchful waiting" mood on the
.
assumption that as the season progresses Cuba will be inclined to lower prices in order to get rid of sugar accumulating.
Stocks, however, are being closely hedged in the futures
markets arid these hedges will have to be covered sooner or
later. The impetus given to the market by these repurchases may be notable. Support comes whenever raws
-cent level. It may be, it is argued, a merely
approach the 3
FEB. 19 1927.]
THE CHRONICLE
trading market in futures until March liquidation is finished, but after that some look for higher prices, especially
as refiners make ready for summer consumption. To-day
prices were 2 points lower to 1 point higher at the close on
futures. Of Cuba and Porto Rico, 85,000 bags have sold
within two days at 3340. and 4.900. One estimate of the
world's production is 24,347,000 tons, against 24,958,000
last year; consumption, 24,881,000, against 24,314,000 last
year. Havana reports production from Feb. 1 to 15 as
637,000 tons, against 514,000 last year. Total to Feb. 15
this season, 1,492,000, against 1,668,000 last year. London
%
reported Cuba held at 15s. 83cl. Final prices show a decline in futures of 10 points with prompt raws about the
same as last week. Refined to-day was quiet at 5.95 to
6.05c. Sugar prices closed as follows:
Spot (unofficial)_ _3 c. July
3.06c. September
March
3.18c.
May
3.31c.I December
3.39c. January
3.28c.
3.12c.
LARD on the spot was firm towards the end of the week
with prime Western 0. & f. New York, 12.95 to 13.05c.;
refined Continent, 133i9.; South America, 14%c.• Brazil,
1534c. To-day spot prices were firmer. Prime iVestern,
13.15c. Futures were 2 to 5 points higher on the 15th inst.
Packers and Eastern interests bought on the bullish stock
statement also on the steady price for hogs and rumors of a
better foreign demand. On the 16th inst. futures rose 7 to
10 points. Shorts covered and there was scattered commission house buying. The Chicago lard stocks statement
was still a factor together with the firmness of hogs and
cottonseed oil. Offerings were small. Hogs closed 10 to
15 points higher. Western hog receipts were 89,000, against
113,000 last year. Futures on the 17th inst. advanced 13 to
18 points net with Liverpool up 3d. to 6d. and the statistical
position considered strong. The mid-month Chicago lard
stock statement showed an increase of 5,792,000 lbs. during
the past two weeks, whereas the trade had looked for an
increase of between 9,000,000 and 15,000,000 lbs. Stocks
virtually on hand Feb. 15 1927, were 27,036,201 lbs., against
21,243,584 lbs. on Feb. 1 1927 and 22,083,774 on Feb. 15
1926. Lard production in January was 149,149,000 lbs.,
against 162,314,000 in January 1926 and a five year average
of 170,972,000. Exports from the principal United States
ports for the week ending Feb. 12 were 14,603,000 lbs.,
against 10,473,000 for the corresponding week a year ago.
To-day futures closed 10 points higher with cottonseed oil
up 20 to 22 points, and hogs 15 to 25e. higher with the top
$12 25. Western hog receipts it is true were 81,000, against
60,000 last year. Chicago expects'
4,000 on Saturday.
There was no pressure to sell from packers or anybody else.
Commission houses were inclined to buy. Shorts covered.
Final prices show a rise for the week of 23 points.
1087
sene was steady; water white 43-45 gravity 93‘c. refinery and
103‘e. in tank cars delivered to the trade; prime white Mc.
below these prices. Lubricating oils were in better demand
and steady. Gas oil was quiet. New York refined export
prices: gasoline, cases, cargo lots, U. S. motor specification
deodorized 27.400.; bulk, refinery 1234 to 12/0.; Kerosene,
3
cargo lots, S. W. cases, 18.650.; bulk, 41-43 90.; W. W.150
deg. cases 20.15e.; bulk 43-45 934c.; Bunker Oil, per bbl.
f.o.b. dock $1 75; Diesel oil, Bayonne, bbl. 2 40; Gas oil,
Bayonne, tank cars, 28-34 degrees 530.; 36-40 deg. 630.;
/
Furnace oil, bulk refinery 734c.; Kerosene, tank wagon to
store 17e.; bulk W.W. del., N. Y. cars 103(e. refinery 43-45
gravity 930.; prime white 41-43 del. tanks 10c.; refinery
9c.; Motor gasoline, garages (steel bbls.), up-state and New
England 22c.; Naptha,V. M.P.deodorized in steel bbls. 21c.
Oklahoma, Kansas and Texas
Elk Basin
$2.00
28
-28.9
$1.50 Big Muddy
1.85
32-32.9
1.70 Lance Creek
2.00
52 and above
2.70 Homer 35-35.9
1.85
Louisiana and Arkansas
Caddo
32
-32.9
1.70
Below 28 deg
1.40
35-35.9
1.85
32-32.9
1.70
38 and above
2.00
38-38.9
2.00
Pennsylvania
$3.40 Buckeye
$3.10 Eureka
$3.25
Corning
2.15 Bradford
3.40 Illinois
2.10
Cabell
2.10 Lima
2.21 Crichton 40-40.9 2.10
Wooster
2.25 Indiana
1.98 Plymouth
1.63
Rock Creek
1.85 Princeton
2.10 Baynesville,33 deg. 1.75
Smackover,27 deg. 1.50 Canadian
2.61 Gulf Coastal "A"_ 1.40
Corsicana heavy-- 1.15 De Soto 44-44.9 2.30
RUBBER advanced 40 to 50 points, overleaping 38c. on
the 14th inst. in response to an advance in London over the
holiday. London was braced by buying by importing and
plantation interests. The increase of 1,200 tons in the
London stock was ignored, even though the total of close to
57,000 tons there is the largest in many years. Business
here at the Exchange increased to 472 tons on the 14th inst.
against 135 on the 11th inst. Outside prices advanced %c.
At the Exchange, March closed on the 14th inst. at 38.100.;
May at 39.20c.; June at 39.50c., and July at 39.70e. Outside prices: Smoked sheets,spot and February,383 to 38380.;
/
3
March, 383.. to 485 c.; April-June, 39% to 393/Ic.; July%
September, 403/2 to 4034c.; October-Deecember, 420.
First latex crepe, 383 to 38%c.; clean, thin, brown crepe,
%
35 to 353/2c.; specky brown crepe, 35c.; No.2 amber, 363c.;
No. 3, amber, 353 to 3534c.; No. 4 amber, 350.; rolled
brown, 31 to 313/2c.; Paras, Caucho Ball-Upper, 233/2 to
240.; up-River fine, spot, 28 to 283/2c.; coarse, 22 to 22340.;
Island fine, 25 to 26e. In London on Feb. 14 the average
spot price for the current quarter to date is 18.802d. Spot
and February closed at 19 to 1930.;March at 193/2 to 19 Wid.;
April-June, 1934 to 19%d.;July-September at 20d. to 203/2d.
In London the stock gained 1,199 tons last week, the total
in the report issued by the Port of London Authority being
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. 56,939 tons, against 55,740 in the previous week, 52,484 a
'Sat.
month ago and 9,571 last year. In Singapore on the 14th
Mon.
Tues.
Wed. Thurs.
Fri.
March delivery
Holt- 12.05
12.10
12.17
12.35
12.45
prices advanced 34 to %d.;February, 18%d.; March, 183/2cl.;
May delivery
day. 12.30
12.32
12.42 12.55
12.65
July delivery
April-June, 1934d.
12.47
12.52
12.62
12.75
12.85
On the 16th inst. prices fell 20 to 30 points here and lid.
PORK steady but quiet; Mess,$37 50; family, $39 50; to
$41 50;fat back pork,$30 to $32. Ribs, Chicago,cash, 16c.; in London with trade dull. For the imports exceeded exbasis 40 to 60 pounds average. Beef, firm but quiet; mess, pectations, being 45,736 tons in January. That was an
$19 to $21; packet, $19 to $21; family, $21 to $22; extra increase over December of 12,833 tons. It is a new record.
India mess, $34 to $36; No. 1 canned corned beef, $2 50; The increase of 5,200 tons in consumption was larger than
No. 2, $4 25; six pounds, South America, $12 75. Cut most estimates, but it fell flat. It was less than the imports
meats steady; pickled hams, 10 to 12 pounds,213 to 2430.; by 14,236 tons. Stocks on hand increased 1,590 tons during
%
/
pickled bellies,6 to 12 pounds, 213 to 233 c. Bellies, clear, the month but leave about 7,000 tons unaccounted for in
%
%
dry salted, boxed, 18 to 20 pounds, 19c.; 14 to 16 pounds, the total. The afloat figures showed a decrease of 6,819
183/gc. Butter, lower grade to high scoring, 45 to 530. tons was interesting blip had no effect. At the Exchange
Eggs, medium to extra, 25 to 3234e. Cheese, 23 to 28c.
on the 16th inst. futures closed with March 37.700., May
-Linseed was in better demand and steady. For 38.700., and July 39.500. It is asserted that fully 20,000
OILS.
raw oil in carlots, cooperage basis, 10.4c. was quoted; for tons of January imports were consigned to members of the
tankers, 9.6c., and for 5 barrels and more, 11.2e. Jobbers manufacturers' pool. London's weakness was an overwere buying more freely. A good contract movement was shadowing feature. Para advanced 1 to 134c. on the 16th
reported. Cocoanut oil, domestic,barrels,spot,10 to 103c.; inst. on a good trade demand; up-river fine touched 293/2.
Ceylon, f.o.b. coast, tanks, nominal; Manila, coast, tanks, On the 17th inst., with exports decreasing, prices here rose
83/c.; spot, tanks, 834c; China wood, New York, barrels, on the outside and Exchange prices were also up. London
8
spot,18%c.;Pacific Coast,tanks,spot, 1534c. Corn,crude, advanced 34d. for Singapore reported shipments from
tanks, plant, low acid, 83ic. Olive, Den., $1 35 to $1 40. Malaya for the first half of February as 11,400 tons,ofwhich
only 7,220 tons are consigned to America. February shipSoya bean, coast, tanks, 9340.; blown, barrels, 14e. Lard, ments
are on a 70% basis. It is said that unused coupons
prime, 143/c.; extra strained winter, New York, 133e.
8
Cod, domestic, nominal; Newfoundland,63 to 64e. Turpen- are not plentiful enough to suggest exports above the retine, 74 to 80c. Rosin, $11 50 to $18 25. Estimates as to striction schedule. At the New York Exchange on the 17th
the probable consumption of refined cottonseed oil in January inst. March new closed at 38.100.; March old at 38c., May at
approximate 340,000 barrels, against 325,000 in December 39.200., and December at 41.40c. Outside prices: Smoked
%
and 369,000 in January last year. The consumption in sheets, spot and February, 385' to 383c.; March, 383/2 to
/
January was 351,651 barrels, or slightly larger than expected. 383/2c.; first latex crepe, 383/2.to 3830.; clean, thin, brown
The visible supply increase was smaller than expected, crepe,35 to 3534e.;spooky brown crepe, 35c.; Para, Caucho
totaling 2,088,400 barrels, including seed, crude and refined ball, upper, 2434 to 25c.; Up-river, fine spot, 29 to 293/2e.
oil. The visible supply in December was 2,079,000 barrels London spot and February, 19 to 193/gcl.; Singapore February,
%
and in January last year 1,570,000 barrels. Cottonseed 40 to 1834c1; March, 183 d. To-day New York advanced
oil sales to-day, including switches, 30,000 barrels. P. were 60 points with London up % to Md. The sales here
315 tons. London spot and February, 193d.; March,
Crude S. E., 834e. Prices closed as follows:
19%d. There was a better demand here. Indications seem
Spot
c 9.60a 'April
9.95a10.00 I July
10.21a10.23 to
point to a smaller surplus and a larger consumption for
February- 9.80a- May
August
10.05a
10.33a
March
9.97a 9.9§ June
10.10a10.15 September-_10.40a10.45 the season. March here
38.50e. at the close; May, 39.600.;
PETROLEUM.
-Gasoline has been easier. The Chicago July, 40.30c.
market on the 16th inst. was 34c. lower. Weakness in the
HIDES. Frigorifico were in steady demand for a time,
Gulf and Chinese markets has tended to check the demand. with sales recently of
Yet local refiners adhere to the 1234e. level for United States not quoted at above 57,000 at 173/sc. to 18 3-16c., but later
Motor at local refineries and 1334e. in tank cars delivered $39 50. Russia, it is 173/2c. Prices paid were $38 623/2 to
said,
to the nearby trade. In Chicago United States motor was at $41 75, or 19 1-16c. is. bought 12,000 Montevideo steers
& f. Stocks are said to be much
8
offered at 9/g3.; in the Gulf it was offered at 10c. while 64-66 depleted. That
gravity was quoted at 123jc. with demand small. Bunker recent big sales. would seem a natural conclusion after the
;
oil firm. A better demand was reported for diesel oil. Kero- Savanilla, 203/2c. City packers were quiet; Orinoco, 21c.
New York City calfskins 5-7s, $1 90
;
1088
THE CHRONICLE
7-9s, $1 90; 9-12s, $2 65. Packer spready steers, 150.;
native, 1434i4 butts, 14c.; Colorado, 133'c.
-A fair business was done especially
OCEAN FREIGHTS.
in coal tonnage. Cotton tonnage was wanted for Russia.
CHARTERS included coal from Hampton Roads to Buenos Aires-La
Plata, 20s.; Hampton Roads to Rio,$5, spot; same.$4 75, prompt;same to
ports
West Italy, $3 80 one and $3 90 two ports, option of some other from
-March 5. Grain
including Porto Vecchio di Piombino at $4, Feb. 25
from
Vancouver to United Kingdom-Continent, March 10-25, 365. 6d.; River
British Columbia to Shanghai, February-March, $5; from Columbia
to United Kingdom-Continent, 37s. 64.; from Vancouver to United Kingdom-Continent. 36s. 3d., March 1-25: same, 38s. 3d. and 37e.. respectively.
March; Columbia River to United Kingdom-Continent, 38s. 3d., April 1-20.
Lumber from Gulf to Plate. March, $18 for one and $18 25 two ports
1.155
from Gulf to Rosario. 1.500 standards, 1635. 9d., March. Time: 2.900
tons net, delivery South Atlantic. three months West Indies. $2 20:
dead-weight tons. prompt, 12 months South American privilege, $2.
Tankers: 6,400 tons, clean. Black Sea to United Klagdom-Continent, 40s.,
March; gas oil. Gulf to Portland, March„ at 60c.: asphalta from Atlantic
range to Hamburg, April-May. $5: cotton. 22.000 bales from Gulf to Murmansk, March, 11 Nc.; sulphur from Freeport to Antwerp, March 1-20
$3 50: from Galveston to four ports Australia, 27s. 64., March 1-15
Foreign: Cement to four or five Porto Rico and Cuban ports, $3 55; grain
from liable Blanca to United Kingdom-Continent. canceling March 15,
27s. 9d.: coal, Cardiff to Rosario, part cargo, Feb. 19 canceling, I4s.; sugar,
Mauritius to United Kingdom-Continent, March-April, 308.: grain, West
Australia to United Kingdom-Continent, March 1-25, base 43c., one port;
grain from San Lorenzo to Continent. 25s. 6d. May 20 to June 20; grain
-Hamburg, 208. 3d., early March.
from San Lorenzo to Antwerp
-Production has been rising and prices have fallen.
COAL.
The spot coal price as averaged by the "Coal Age" dropped
50. to $2 11. 'Wage reductions by the Berwind-White Coal
Co. and other producers in Pennsylvania of about 50c.
a ton were deducted from the price. Pool No. 9 coal sold
as low as about $5 17 at New York piers. Best smokeless
classed as navy standard was quoted free alongside, at $5 65.
At Hampton Roads some producers still ask $5 at the piers.
In the West, some business was done near the basis of $2 50
for smokeless run of mine, but many stick to $2 75. Hampton Roads steamer loadings on Feb. 14 totaled 102,696
tons. The miners' delegates at Miami, as was expected
here, rejected a tentative proposal for a competitive basis for
wages. Suspension of production is generally expected.
Bituminous piers: Navy standard, $5 35 navy supplementary, $4 95 to $5 25; superior low volatile, $4 80 to $4 90;
high grade, low volatile, $4 70 to $4 80. Anthracite company: Egg, $8 75 to $9 25; broken, $8 50 to $9 25; stove,
$9 25 to $9 50; chestnut, $8 75 to $9 15.
TOBACCO has been in fair demand for most descriptions
of domestic and prices have in general been reported steady.
In other words, tobacco business has been for the most part
of a routine character. The market as a whole has been
without striking features.
Ilit COPPER has been quiet of late, with an easier undertone.
Leading producers quoted 13e., but slight concessions were
made,it is said,in a few quarters. Some sellers were offering
at 12.95c., delivered to the Valley. The Copper Exporters,
ic.
Inc., advanced the price h on the 15th inst. to 13%c.
c.i.f. European ports. Smelter production in the Lake district fell off. Calumet & Hecla's shipments have dropped
from 800,000 pounds a day to 240,000 pounds. Production
by the principal countries of the world which furnished about
97% of the total in 1925, amounted to 142,140 short tons in
January. In January the production of primary copper by
the mines in the United States was 76,684 tons, against
71,026 tons in December and a monthly average last year of
72,709 tons. Spot standard in London on the 15th inst.
was unchanged at £54 10s. and futures fell 2s. 6d. to £55;
'
electrolytic unchanged at L61 5s. for spot and £61 10s. for
futures; on the 16th inst. spot standard declined 5s. to
£54 5s. and futures dropped 2s. 6d:to £54 17s. 6d.• electro'
lytic advanced 2s. 6d. to £61 7s. 6d.for spot and £61 12s. 6d.
for futures. Latterly trade has been quieter at 13c. with
rumors of some sales at 12.95c. Delivery in the Middle
West is quoted at 133/sc. Much of the recent buying was for
March shipment. That is a hint that consumers' stocks are
small. London has weakened. On the 17th inst. spot
standard there declined 7s. 6d. to £53 17s. 6d.;futures going
to £54 10s.; sales, 100 spot and 1,400 futures; spot electrolytic dropped 7s. 6d. to £61; futures off 2s. 6d. to £61 10s.
New York exports thus far this month are 10,880 tons.
TIN has been lower. On the 15th inst. there was a good
demand at the lower level, and prices recovered most of the
early loss on that day. On the following day business slowed
down and prices were unchanged. Straits tin spot and February sold at 69c.; March at 673/se. to 680.; April, 67c.;
4
May,66c., and June at 653 c. Spot standard in London on
the 15th inst. declined £4 5s. to £304; futures fell £1 15s. to
£293;spot Straits dropped £4 5s. to £312; Eastern c.i.f. London declined £4 to £303 55. on sales of 250 tons; on the 16th
inst. spot standard advanced in London £1 5s. to £305 5s.;
futures up£2to £295;spot Straits advanced£3 5s. to£315 58.•
Eastern c.i.f. London rose 5s, to £303 10s. on sales of 100
tons. Notable activity here occurred later; 1,000 tons sold
on the 17th inst. at rising prices. Straits for February sold
/
at 69343. to 693'0.; March at 68% to 68880.; April at 67%
4
to 67/c.; May at 663,1, to 663 c. Shipments from the
Straits are expected to be small for February and March.
standard advanced £1. in London to
On the 17th inst. spot up 10s. to £295 10s.; sales 100 spot
£306 5s.; futures were Straits advanced £1 to £316 5s.;
and 550 futures; spot
Eastern c.i.f. London dropped 5s. to £303 5s. on sales of
200 tons.
demand and firm. The leading
LEAD has been in good
New York. In the Middle
producer was quoting 7.40c.,
was asked. Stocks of refined
West, 7.30e.; East St. Louis
[VOL. 124.
lead increased 5,064 tons during January in the United
States and Mexico standing at 37,694 short tons. Production in these two countries was 72,882 tons, against 73,101
tons in December. Lead ore was unchanged at $90 per ton
in the tri-State district. Shipments have fallen off to about
half of last year's totals. In London on the 15th inst. prices
advanced Is. 3d. to £27 17s. 6d. for spot and £28 7s. 6d. for
futures; on the 16th inst. spot declined 10s. to £27 7s. 6d.
and futures fell 12s. 6d. to £27 15s.; sales, 150 tons spot and
1,650 futures. Later prices had a downward slant with
business quiet here and in London. The American Co.
still quoted 7.40e. New York; Central West, 7.30e. East
St. Louis. On the 17th inst. spot fell 3s. 9d. in London to
£27 3s. 9d.; futures declined 5s. to £27 10s.; sales, 300 tons
spot and 1,600 futures.
ZINC has been quiet and easier. The general quotation
was 6.55c. East St. Louis, but some tonnage was reported
available at 6.623'c. High-grade zinc sold at 83/i to 9e.
per pound New York. About 75 ore milles in the tri-State
district are closed and more will follow son,it is said. Several
of the mills which are now in operation are not mining,
but are treating tails and remilling. Spot zinc in London on
the 15th inst. dropped 7s. 6d. to £30 and futures declined
5s. to £30 3s. 9d.; sales, 1,150 tons of futures; on the 16th
inst. prices there fell is. 3d. to £29 18s. 9d. for spot and
£30 2s. 6d. for futures; sales, 150 spot and 1,650 futures.
Later New York was dull and, like London, ignored the
reduced output. World's stocks on Feb. 1 are estimated
at 50,000 tons. Belgium's big production for over a decade
past is stressed. East St. Louis was 6.65 to 6.674e. On
the 17th inst. Londoh declined 3s. 9d. to £29 15s. for spot
and £29 18s. 9d. for futures; sales, 1,250 tons of futures.
STEEL has been reported as in slowly increasing demand ,
but prices do not advance, they weaken if anything. Shipments exceed sales. Nobody is paying much attention to
the possibility of a bituminous strike. Shading of prices, it
is said, is still going on. January saw a drop of $2 to $5.
And wire nails have sold of late, it is said, at 2.50c. Pittsburgh or Sc. under the general quotation. Blue annealed
sheets are said to be selling at 2.15 to 2.25c.; black sheets
at 2.75c. to 2.85e. and galvanized sheets at 3.70 to 3.750.
Structural shapes are declared to have sold at 1.80e. to 1.85e.
or even less than 1.80c., according to current rumor. Yet
some insist that as a rule 1.900. is quoted Youngstown
quotes bars at $34 and $1 to $2 a ton less than 1.900. basis,
accepted on large lots. Tin plates have been quiet but
mills at Youngstown are said to have a good backlog. Steel
mills in this country are generally running at 81% and the
United States Corporation at 88. Operations have it is said
recently increased 2%. Cleveland reports firmer prices on
hot and cold rolled strip. Iron and steel scrap declined.
PIG IRON has tended downward in a dull market. It
does not appear that prices are really lower than last week,
but rather that the cuts then made are more generally admitted. The composite price is reported as 17c. lower than
recently. Eastern Pennsylvania is called $20 50 to $21 and
Buffalo $17 to $17 50, with soine quoting $18. The "lows"
of 1925 and even of 1922, it is said, are equalled or approximated now. Massachusetts iron of No. 2 X grade is 9uoted
at $20 at furnace. It is said that 25,000 tons of basic iron
sold in eastern Pennsylvania last week at a decline of 25
cents. Coke demand is only moderate, despite the coal
wage situation. Inquiries for iron at New York, it is said,
suggest a volume of 12,000 to 15,000 tons, but this is simply
in negotiation. Southern Ohio pig iron trade, it is said,
shows some signs of revival. Southern Ohio producers have
good back logs.
?
WOOL was in moderate demand and steady According
to some reports contracting in the West is fairly active.
Stocks of domestic wool in Boston are not excessive, especially of choice qualities. The demand has improved recently
for the medium and low grade wools. Prices on corresponding qualities in foreign primary markets show continued
strengthening. Spot stocks of the foreign low crossbeds are
as a rerestricted and prices have recently become steadier,
sult of a slight increase in demand. Nowhere is there real
activity. Wools coming from South Africa and Australia
threaten to dominate the American market, J. F. Walker, of
the Ohio Wool Growers' Association, told the two-day conmarketing associations,
ference of leading co-operative wool 38,000 wool producers,
at Washington representing about
He said these
who marketed 30,000,000 pounds last year.
wools are better graded and suited to mill requirements as a
the
class. At Melbourne on February 14 the sales reopened.
Continent and
Selection good. Demand brisk from
64-70s warp
Japan and moderate from America. The best$1 07,in this
wools cost it was said the equivalent of $1 03 to 99e. clean
market and super 64s combing wools cost about
drafts
basis, in bond,landed at Boston, on the basis of sight
were plentiful
and exchange of $4 86. Sydney good wools to $1 10 clean,
but prices called steady on the basis of $1 05
99o.
in bond, at Boston for super 64-70s, while super 64s cost95c.,
02clean basis;super 60-64s were sold for from 89 to an
to $1
according to the wool, and 58-60s, super wools brought in
average price about equivalent to 85e. clean basis, landed
lbs.
bond at Boston. Between 30,000,000 and 35,000,000 it is
have been contracted on the sheep's back to date
of wool
said.
COTTON
Friday Night, Feb. 18 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
206,770 bales, against 228,441 bales last week and 235,198
bales the previous week, making the total receipts since the
1st of August 1926, 10,292,870 bales, against 7,756,420 bales
for the same period of 1925-26, showing an increase since
Aua. 1 1926 of 2,536,450 bales.
Receipts atGalveston
Texas City
Houston *
New Orleans_
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New
Boston
Baltimore
re...,...1. 4.},k,.7,A,- I
1089
THE CHRONICLE
FEB. 191927.]
,at.
Mon.
Tues.
Wed.
Thurs.
5,436 10.608 17,162
7,267
.N'i
7.052 13,3i1 8
6.711 7.295 14,310
680
433 1,555
7Triii
9.544
1,395
9,378
7,323
.
5,888
643
37,867
7
1:0'i
1:86i
3,377 1,255
827
1.307
1,994 1,319
- 50York
--------15
1,419
465
785
4:§86
ar,6§8
1,026
339
2,491
1,014
1,282
55
From
Aug.1 1926 to
Feb. 18 1927. Great
Exportsfrom- Britain. France
Galveston_ _ _
Houston_ _ _ _
Texas City..
New Orleans
Mobile
Jacksonville_
Pensacola_
Savannah._ _
Charleston_
Wilmington _
Norfolk
Newp. News
New York__
Boston
Baltimore_
Philadelphia.
Fri.
Total.
Los Angeles_
5,983 55.834 San Diego..
5,496 5,496 San Fran_ _ _
5,955 50,307 Seattle
5,286 49.034 Portland,Ore
536 5,242
208
208
1,715 16,545
1,140 9,231
379 4,599
1,193 7,782
257
189
----
25(178 41.558 51.264 31.205 27.402 30.265206.770
* Houston statistics are no longer compi ed on an interior basis, but only
on a port basis. We are changing accordingly.
Total
Exported to
Germany.
Japan&
Russia. China. Other.
Total.
488,167 307,908 468,757 175,176 37,817 310,242 304,282 2,092,349
451,360 307,045 461,017 173,574 77,450 188.586 136.584 1.795,616
39,482
39,482
376,228 118,815 207 E152 133,16 17,506 290,707 96.500 1,240.365
.
15,699 2,353 163,053
65,700 4,365 73,936 1,000
341
341
9,716
566
4,144
5.292
80.246 28,112 696.535
211,157
"ioo 392,320 4:66
23,638 15,755 333,810
497 241,644
52,276
64,910
10,000
30,560 24,5K1
_::: 8".Li6 4,098 192,168
70,153
97,677 11,690
379
100
279
1,003 131,074 252,905
31,060 23,194 47.676 18,898
4,858
2,405
1,978
475
3,657
3.115
"ioo
142
5,215
4,507
601
100
7
89.794
881
6,773
847
37,620 9,905 33,768
4,016
4,016
76.691
"Lii 83,068
1,158
"iio 3,129 1.254
79,961
80,161
200
600
600
1,845,098 775,384 2064243 544,932 132,773 1062975 727,633 7,153,018
Total '25-'26 1,706.294 681.533 1343754444.906 103,773 768.711 610.874 5,657.845
Total '24-'25 2,070,713 704.514 1321566462,853 77,345 681,806 580.501 5.899.388
NOTE.
-Exports to Canada.
-It has never been our practice to include in the
above tables reports of cotton shipments to Canada, the reason being that v rtualiy all
the cotton destined to the Dominion comes overland and It is impossible to get returns
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, of
the numerous inquiries we are receiving regarding the matter, we will say that for the
month of January the exports to the Dominion the present season have been 29,912
bales. In the corresponding month of the preceding season the exports were 31,127
bales. For the six months ended Jan. 311927. there were 152,990 bales exported
as against 147,402 bales for the corresponding six months of 1926.
The following table shows the week's total receipts, the
In addition to above exports, our telegrams to-night also
total since Aug. 1 1926 and stocks to-night, compared with give us the following amounts of cotton on shipboard, not
last year:
cleared, at the ports named:
1926-27.
Receipts to
Feb. 18.
This Since Aug This Since Aug
Week. 1 1926. Week. 1 1925.
Galveston
55.834 2,772,353
5.496 136.426
Texas City
Houston.
50,307 3,323.006
Port Arthur, &c......
New Orleans
49,034 1,889,843
Gulfport
5,242 319,822
Mobile
208
12.736
Pensacola
617
Jacksonville
16,545 868,485
Savannah
Brunswick
9,231 428,029
Charleston
Georgetown
99,819
4,599
Wilmington
7,782 342,628
Norfolk
____
279
N'port News, &c_
25.443
50
New York
18,112
257
Boston
51,362
2,185
Baltimore
3.910
Philadelphia
Totals
On Shipboard, Not Cleared for
-
Stock.
1925-26.
1927.
1926.
42,133 2,663.956 646.970
18,084
56,180
33,194 1,372,543 893,267
589.469
17,970
Galveston
New Orleans
622,584
508.917
192,680
15,470
15,261
8
10,105 736.974
400
5.395 247,825
46,439
17.957
CharlestonMobile
Norfolk
Other ports*
610
80,454
578
70,444
70,559
51,863
1.539
7,566
102,202
400.145
20,503
122.214
31,515
135.041
350
1,468
743
37.351
18,920
30,575
9.506
196,147
1.504
1,595
5.101
49.906
2.650
1.219
6.726
44,295 1,894,528
1,608
206.770 10292870 148.404 7,756,420 2.764,127 1,484,255
*Houston statistics are no longer compiled on an interior basis, but only
on a port basis. We are changing accordingly.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at
- 1926-27. 1925-26. 1924-25. 1923-24. 1922-23. 1921-22.
28,831
15,303
20,507
948
4,729
274
920
723
4,632
25.028
8.180
29.447
1.164
9,649
Galveston -_
Houston, &c*
New Orleans..
Mobile
Savannah_
Brunswick _
Charleston
Wilmington
Norfolk
Nlaort N.,&c.
All others____
55,834
50.307
49.034
5.242
16,545
42.133
33,194
44,235
' 1,698
10.105
62,171
21.021
31,025
4.636
14.675
9,231
4,599
7.782
5,395
1,839
7,566
11.068
2,167
11,115
8,196
2,569
9.188
2,057
4,619
15,963
Total this wk_
206.770
148.404
167,066
78.924
83.536
76.269
1.298
1,963
2,188
30,073
252
15,038
1.849
7.006
50
1,987
935
3.116
Since Aug. 1.... 10292870 7.756.420 7,590,931 5,621,007 4,764,744 4.113,116
* Houston statistics are no longer compiled on an interior basis, but only
on a port basis. We are changing accordingly.
The exports for the week ending this evening reach a total
of 292,760 bales, of which 80,694 were to Great Britain,
18,839 to France, 96,282 to Germany, 28,173 to Italy,
43,640 to Japan and China and 25,132 to other destinations.
In the corresponding week last year total exports were
164,169 bales. For the season to date aggregate exports
have been 7,153,018 bales, against 5,657,845 bales in the
'same period of the previous season. Below are the exports
for the week:
Exported to
Week Ended
GerGreat
Feb. 18 1927.
- Britain. France. many.
Exports from
Galveston
Houston
New Orleans.._
Mobile
Pensacola
Savannah
Charleston
Norfolk
New York
Philadelphia.._
Los Angeles._
San Diego
San Francisco.-Total
fn.
Total 1926
Total 1925
11,582
14,401
30,745
Japan&
Italy. Russia. China. Other. Total.
5,721 20,117 14,495
7,556 25,307 6,121
4,012 9,624 7,557
850 7,324
208
18,778
815
17
2
4,520
1,540
108
27,189
9,543
4,327
10,826
10,228
4,275
700 4,081
"ioo
3.500
1;i6i
1:666
975
6,289 85,373
4,311 67,239
5,837 62,102
550 8,724
208
1:ai8 29,247
500 11,543
4,775
5,k6 10,298
2
9.126
1,540
"
LOO 2,583
80,694 18,839 96,282 28,173
43,640 25,132 292.760
46,831 22,553 25,798 21.917
73,173 28,001 38.050 8.850
22,789 24,281 184,169
32,650 25,947 206,671
Feb. 18 at-
Savannah
Great
GerOther Coast.
Britain. France. many. Foreign wise.
15,300
8,503
Leaving
Stock.
6,300
4.748
----
Total.
- ---
---4.850
2,000
5,000
8,400 50,000 9,000 89.000 557.970
5.320 21,446 4.423 44.440 578,144
2,000 5.000
800 7,800
72,654
132
132
70,427
------- -----------1,800
____ 6,650
39.789
----------------2,000 120.214
3,000 4,000 19,000 1,000 32,000 1.142.907
Total 1927.. 35,653 14,048 19,720 97,246 15,355 182,022 2,582,105
23,440 20.817 22,253 52,046 10,821 129,377 1.354,878
Total 1926
Total 1925.. 26.688 8.600 18.925 48.063 14.618 116.894 1.173.473
•Estimated.
Speculation in cotton for future delivery has latterly been
quiet, but owing to a persistent foreign trade demand prices
have advanced, with contracts none too plentiful. Russia
is said to have bought freely of July. Liverpool has bought
more or less. The foreign demand in general has been noteworthy. It has really been the backbone of the market.
Spot markets, moreover, have been in the main firm. The
basis has been strong or higher, especially on the lower
grades. A peculiar situation has arisen in regard to such
grades. They are not easy to buy, especially the better sort.
And they are wanted badly enough for the buyers to pay
prices which they consider more or less exorbitant. But
this is called a relatively low grade crop. The last yield
indeed contained a good deal of low grade cotton. And now
it is said that in the Memphis district some of the low
grades are selling at prices not much lower than those of a
year ago in spite of the fact that March here is more than
6 cents cheaper than at this time in 1926. New England
mills have been buying the low grades. So, it appears, have
mills in other parts of the country. Foreign spinners seem
more than willing to take them. There is a scarcity of certain low classes ranging from strict good ordinary to low
middling. Texas reports say that unsold stocks of the better kinds of low grades are small. And that there is a good
sized short interest in such cotton. To all appearance this
interest is feeling the pinch of an unexpected scarcity.
Meanwhile opinion leans to the idea that the actual crop
this year will turn out to be no more than 17,750,000 to
18,000,000 bales, or 600,000 to 850,000 bales below the last
government crop estimate in December.
Exports continue on a liberal scale, and the excess over
last year now is 1,495,173 bales. It is said, too, that crop
preparations are unusually backward. Floods have prevailed lately in Alabama. For a time recently the weather
was cold and rainy. Latterly temperatures have been
Springlike in the upper United States. But the forecast
for Texas on Thursday was a cold wave with temperatures
much below freezing, while in the rest of the belt it pointed
to colder weather with rains. Shorts have been cautious.
Contracts in the main have been rather scarce. But the spot
trade, the Liverpool activity, and the foreign trade demand
have been the main supports of the market. Spot sales at
the South continue to run well ahead of those of last year.
On some days they have been three times as large as on the
corresponding days in 1926. Memphis sales recently have
been 66% larger than for the same week last year. It
all tells of an insatiable demand' for the actual staple.
Liverpool spot sales have latterly been 10,000 to 12,000
bales. Consuming establishments held on Feb. 1 1,852,987
bales against 1,766,392 on Jan. 1 and 1,815,232 on Feb. 1
last year. In other words, these stocks gained in January
only about 86,600 bales and were only about 37,700 bales
larger than an the same date last year. Yet trade since
then has expanded very noticeably and the tone in the tex-
1090
THE CHRONICLE
[Vol,. 124.
tile world is distinctly more cheerful, despite some recent 1927
14.20c. 1919
26.20c. 1911
14.10c. 1903
9.80e.
20.65c. 1918
falling off in business. Manchester has been active both 1926
31.45c. 1910
14.80c. 1902
8.81c.
1925
24.70c. 1917
15.95c. 1909
9.85c. 1901
9.31c.
for cloths and yarns. India has taken advantage of the 1924
30.40c. 1916
11.55c. 1908
11.35c. 1900
8.88c.
1923
28.50c. 1915
8.55c. 1907
11.00c. 1899
6.62c
cheap prices to buy cloths very freely. German mills are 1922
18.50c. 1914
12.90c. 1906
11.25c. 1898
6.25c.
1921
13.40c. 1913
12.70c. 1905
8.15c. 1897
said to be operating at 90 to 100% against 60 to 70% 1920
7.12c.
39.00c. 1912
10.35c. 1904
13.75c. 1896
7.88c.
last August. In January they are said to have consumed
FUTURES.
-The highest, lowest and closing prices at
155,000 bales in contrast with 110,000 in August last. The New York for the
past week have been as follows:
French mills are said to be in better shape, doing more
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
business in spite of the rise in the franc, although this noFeb. 12.
Feb. 14.
Feb. 15.
Feb. 16.
Feb. 17.
Feb. 18.
ticeably interferes with foreign sales to some extent.
Feb.
On the other hand, speculation here.has been sluggish.
Range.
.
Closing_
13.5713.78- - 13.7413.67
The McNary-Haugen bill has hung over the market. Until March
13.84Range._
It is finally disposed of it will be a source of more or less
13.65-13.94 13.67-13.90 13.77-13.93 13.77-13.86 13.85-13.92
Closing.
13.67-13.69 13.88-13.90 13.77-13.79 13.84-13.85 13.89apprehension. Everybody hopes and believes that the Presi- April
Range__
14.00-14.02
dent will veto it. Secretary of the Treasury Mellon has
Closing_
13.7814.00 -13.88 -13.95 ---- 14.00 ---called it unworkable and he has estimates from the Internal May- .
Range_
13.86-14.18 13.90-14.15 13.98-14.17 13.99-14.09 14.07-14.15
Closing.
13.90-13.92 14.11-14.13 13.99-14.00 14.07-14.09 14.12-14.13
Revenue Department that it will cost the government someJune-thing like $790,000 a year and call for an army of experts
Range__
14.23-14.23
Closing_
14.01 14.2214.1114.18-14.23to execute it under its intricate and more or less confusing
Rnge__ HOLI- 14.09-14.37 14.10-14.34 14.21-14.35 14.21-14.30 14.29-14.37
provisions. It is recognized that if the bill should escape Iulya
Closing_
DAY
14.12-14.14 14.33-14.34 14.23-14.24 14.29-14.30 14.33-14.34
a veto it would tend to cause an increased acreage. New Aug.
Range__
14.38-14.38
- Closing_
England spinners are opposed to the measure. So are North14.2314.4414.3814.4114.44Sept.
Western grain interests. The futility and mischievous naRange._
14.30-14.50
14.41-14.41
Closing_
14.32 ---- 14.51 ---- 14.43 ---- 14.48 ---- 14.50ture of the bill are widely recognized. Latterly the New Pd.---Range..
14.29-14.63 14.31-14.54 14.43-14.57 14.43-14.52 14.51-14.59
York cotton market has given it less attention, although it
Closing_
14.34-14.35 14.53-14.54 14.43-14.45 14.51-14.52 14.52 -,--has had the tendency, as already intimated, to curtail trad- Woo.Range._
ing until it is out of the way once and for all. The technical
Closing.
14.42 ---- 14.01 ---- 14.51 ---- 14.59 ---- 14.60 ---position here is said to be weaker. A good deal of covering Dec.Range__
14.46-14.79 14.50-14.70 14.59-14.72 14.60-14.68 14.68-14.75
Closing_
14.51-14.53 14.70-14.59has recently becn done, largely for Southern interests. The Jan.
14.68-14.68-14.71
Range..
price has hesitated to go back to the recent high points.
14.52-14.75 14.53-14.77 14.64-14.77 14.66-14.72 14.74-14.80
Closing.
14.54
14.77
14.65
14.72
14.74-14.77
Some South Carolina advices at one time reported the spot
Range of future prices at New York for week ending
basis rather easier. The New York certificated stock is
steadily increasing. It is rumored that 40,000 bales will be Feb. 1,1927 and since trading began on each option:
shipped hither for tender on contracts. The notices due next Option forRange for Week.
Range Since Beginning of Option.
Wednesday it is believed will reach a large total. Some Feb. 1927
11.95 Dec. 3 1926 18.10 Dec. 1 1926
have been a little nervous on this matter, both here and in Mar. 1927.. 13.65 Feb. 14 13.94 Feb. 14 11.80 Dec. 4 1926 18.50 Sept. 8 1926
April 1927.. 14.00 Feb. 14 14.02 Feb. 14 12.60
1926 16.10 July
1926
New Orleans. The certificated stock here has risen to May 1926._ 13.86 Feb. 14 14.18 Feb. 14 12.02 Oct. 22 1926 18.65 Sept. 6 1926
Dec. 4
8
June 1927._ 14.23 Feb. 14 14.23 Feb. 14 12.92 Oct. 27 1926 16.00 Sept.23 1926
156,200 bales. The impression is that it may rise to 200,000 July 1927._ 14.09 Feb. 14 14.37 Feb. 14 12.25
Dec. 4 1926 18.51 Sept. 2 1926
Aug.
bales within a month or sooner. The census report of con- Sept. 1927 14.38 Feb. 16 14.38 Feb. 16 13.03 Jan. 4 1927 14.44 Feb. 7 1927
1927 14.30 Feb. 14 14.50 Feb. 14 12.00 Dec. 4 1926 14.50 Oct. 15 1926
sumption in this country in January was disappointing. Oct. 1927_ 14.29 Feb. 14 14.63 Feb. 14 12.46 Dec. 4 1926 14.63 Feb. 14 1927
Nov. 1927
12.75 Dec. 6 1926 14.09 Jan.
1927
The total was even a little smaller than in December.
Dec. 1927 14.46 Feb. 14 14.79 Feb. 14 13.36 Jan. 3 1927 14.80 Feb. 13 1927
9
Jan. 1928... 14.52 Feb. 14 14.80 Feb. IR 14.13 Feb. 2 1927 14.83 Feb. 9 1927
Many are skeptical as to the likelihood of any sustained
advance at this time. They think the market has too much
THE VISIBLE SUPPLY OF COTTON to-night, as made
cotton to face. Some reports estimated the possible de- up by cable and telegraph, is as follows. Foreign stocks, as
crease at 15 to 16%, but few people credit such figures. well as afloat, are this week's returns, and consequently
The more general impression is that the decrease will not all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
be over 10% and may be less.
(Friday), we add the item of exports from the United States,
To-day prices advanced less than 10 points and lost some including in it the exports of Friday only.
Feb. 18of that before the close, although the cables were stronger
1927.
1926.
1925.
1924.
Stock at Liverpool
bales_1,313,000 853.000 909,000 881,000
than due. Uncertainty as to the action of the President on Stock at London
2.000
4,000
162.000
73.000 116.000 114.000
the farm relief bill tended to keep down trading. The Stock at Manchester
Total Great Britain
1.457,000 926.000 1,027,000 999,000
weather was bad in Mississippi and Louisiana. Spot marStock at Hamburg
4,000
kets were firm or slightly higher. The trade and Liverpool Stock at Bremen
556,000 281.000 222.000
79,000
Stock at Havre
279.000 216.000 204.000 144,000
bought; also Russia, it was said. March notices may reach Stock at Rotterdam
15,000
15,000
4,000
14.000
Stock at Barcelona
117,000
62,000
83,000
200,000 to 210,000 bales on the 23rd inst. Some March liqui- Stock at Genoa
87,000
33.000
42.000
53,000
69.000
dation was noticed. It had no marked effect. The weekly Stock at Ghent
2,000
2.000
Stock at Antwerp
7.000
5.000
figures attracted little attention. Spot markets were
Total Continental stocks
1,036.000 641.000 573.000 345,000
slightly higher. There is a sharp demand for the better
Total European stocks
.
class of low grade cotton and it is not freely offered. There
2, 04 000 1. 82 00 1,600,000 1.344,000
16 . 0
,
511:000 5 7 00
India cotton afloat for Europe
137,000 275,000
was some hedge selling, but it had no effect. Final prices American cotton afloat for Europe 705.000 432,000 622.000 349,000
Egypt,Braz11.&c.,afloat
84,000
79.000
show an advance for the week of 6 to 11 points. Spot cotton Stock in Alexandria. for Europe 89.000 111,000 227.000
236,000
Egypt
427.000 401
Stock in Bombay, India
712,000 760:000 550;10 0 778,000
80
ended at 14.20c for middling upland, a rise for the week
00
of Stock in U. S. ports
2,764.127 1.484.255 1.290,367 819,120
10 points.
ts . lnterior towns_ _ _.1,305,550 1.893,049 1,170,855 823,836
S to„iay
u.s. einxptior.
S.
The following averages of the differences between
Total visible supply
8,617,707 6.730,304 5,689,322 4.703.956
as figured from the Feb. 17 quotations of the ten grades,
markets
Of the above, totals of American and other descriptions are as follows:
designated by the Secretary of Agricultur
American
e, are
ences from middling estabLshed for deliveries the differ- Liverpool stock
bales_ 994.000 589.000 738.000 614,000
in the New Manchester stock
147,000
62.000
96.000
91,000
York market on Feb. 25:
Continental stock
993.000 589.000 521.000 269.000
I
Middling fair
1.39 on 'Middling "yellow" stained
3.45
Strict good middling
1.15 on "Good middling "blue" stained_2.10 off
Good middling
.91 on Strict middling "blue" stained-__2.85 off
yfl
Strict middling
.65 on 'Middling "blue" stained
3.73 oil
Middling
Bashi Good middling spotted
.23 on
Strict low middling
1.03 off Strict middling spotted
.05 oil
Low middling
2.25 off Middling spotted
*Strict good ordinary
3 50 off "Strict low middling spotted--2.20
88() ;
of
f
*Good ordinary
4 63 off 'Low middling spotted
3.53 off
sup., good mid."yellow" tinged_ 08 off Good mid. light
yellow stained__1.35 off
Good middling "yellow" tinged__ .70 off *Strict mid.light yellow
&mut middling "yellow" tinged..1.13 off *Middling light yellow stained__1.85 of
*Middling "yellow" tinged
2.25 off Good middling -gray" stalned___2.93 off
of
*Strict low mid."yellow" tinged_3.55 off "Strict middling "gray"
1 1788 off
*Low middling "yellow" tinged_ _4.93 off *Middling "gray"
1.98 off
Good middling "yellow" inalned_2,15 off
*Strict mid. yellow stained_ 68 o
• Not deliverable on future contracts
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
705.000 432.000 622.000
2,764,127 1,484,255 1,290.367
1,305,580 1,893.049 1,170,855
8,100
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Euroe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
6,908.707 5,049.304 4,446,322 2.965,956
Total East India, &c
319,000
264,000
15.000
43.000
104,000
88,000
427,000
712.000
11.000
52,000
182,000
111,000
301,000
760.000
171.000
2,000
20.000
52,000
137,000
84.000
227.000
550.000
349.000
819,120
823,836
267.000
4,(00
23,(00
76400
275.000
79,0(0
236,000
778,000
1.709.000 1,681.000 1,243,000 1.738,000
Total American
6,908.707 5,049,304 4,448,322 2.965.958
IP The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Total visible supply
8,617,707 6,730,304 5,689,322 4,703.956
7.76d. 10.57d. 13.66d. 17.65d.
Feb. 11 to Feb. 18Sat. Mon. Tues. Wed, Thurs. Fri
. Middling uplands. Liverpool_ Middling upland
Ho!. 14.00 14.20 14.10 14.15 14.20
Middling uplands, New York_ _ _
Egypt. good Sake'. Liverpool---
14.20c.
15.45d.
20.75c.
19.600.
24.50c.
37.05d.
30.40c.
22.456•
Peruvian, rough good, Liverpool_ 11.50(1. 23.00d. 20.75d. 24.50d•
NEW YORK QUOTATIONS FOR 32 YEARS.
Broach, fine, Liverpool
6.95d.
9.15d. 12.10d. 15.25d,
The quotations for middling upland at New York on Tinnevelly, good, Liverpool
7.40d.
9.55d. 12.85d. 16.40d,
Feb. 18 for each of the past 32 years have been as follows:
Continental imports for past week have been 147,000 bales.
TELE CHUONICLE
FEB. 19 1927.]
The above figures for 1927 show a decrease from last
week of 50, 15 bales, a gain of 1,P87,403 over 1926, an
ir crease of 1 928,3 5 bales over 1925, and al inciease of
3,913,451 bales over 1924.
MARKET AND SALES AT NEW YORK.
Saturday--Monday --Tuesday -- Wednesday_
Thursday -Friday
SALES.
Futures
Market
Closed.
Spot Market
Closed.
Spot.
HOLIDAY
Quiet, 10 pts. dec- _ Steady
Steady, 20 pts. adv_ Very steady_ _ _
Quiet, 10 pts. decline Barely steady_ _
Quiet, 5 pts. adv... Ftoady
Steady, 5 pts. adv.. Steady
Contr'a Total.
Recetrtz.
I Week. I Season.
1
200
200
200
700
700
84.336
Ala.,Birmingni 1,291
103 24.368
Eufaula
425 114,648
Montgomery 229 85.317
Selma
970 86.724
Ark., Helena._
Little Rock._ 1,895 192.325
Pine Bluff._ 2.215 171.476
8.716
_ _
Ca.. Albany._ _
1.012 45.041
Athens
3.448 230.110
Atlanta
Augusta --- 8.337 311.733
494 43.581
Columbus
2.046 89.112
Macon
532 48.271
Rome
La.. Shreveport 3.413 158.814
316 40.718
Mias.,Columbus
Clarkedale... 3.779 164.957
Greenwood.. 3,301 169.017
431
Meridian....
50.141
Natchez
188 37.017
Vicksburg
33.024
761
747 43.480
Yazoo City._
Mo., St. Louts. 15,223 437.817
N.C.,Oreensb'ro 1.46233.576
174
Raleigh
17,768
Okla., Altus... 3,958 176.690
3.916 155,454
Chickasha. _
Oklahoma.... 3.293 147.11
S.C.. Greenville 7.697 247.97
Greenwood ------7.773
Tenn.,M emphis 62,776 1.657.944
Nashville.._
5.94
2s0
Texas, Abilene_
592
73.49
Brenham___.
275
25,28
Austin
158 32.94
Dallas.. _ ___ 2,495 162,37
Houston
•
•
Paris
298 55,24
San Antonio. 1,040 59.56
883 110.43
Fort Worth-
Movement to Feb. 19 1926.
Receipts.
I Ship- Stocks
ments. Feb.
Week. Season. I Week. 19.
Ship- Stocks
ments. Feb.
Week. 18.
2,326
162
998
1.179
2.213
3.833
9.58
60
13.197
12,215
43.128
33.804
34,523
57.943
53.699
3.598
22.216
7.162 76.307
4.897105,634
1,043 3,670
4.549 10,988
80 27.611
4.960 59,649
.065
5.51 71.914
6,744 74.853
12,331
7
10,207
1.0
978 17,271
1.546 22,847
14,039 8.716
74 21,561
51
8.595
5.666 13.836
4.764 13,759
5,26 20.917
8.1
82.251
3.251
73:259 71.373
1.317
1.4
1,358
25
6,914
38
3,195
3.575 51.081
•
•
708 1,763
26
3.850
2,350 15.173
Bales.
Since Aug. 1233.111 1924-25
110,960 1923-24
90,902 1922-23
Bales.
12,458.434
9,598.652
9,179,904
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
-
200
below:
Towns.
1091
Movement into sight in previous years:
Week1925
-Feb. 19
-Feb. 20
1924
-Feb. 21
1923
Week Ended
Feb. 18.
Galveston
New Orleans..._
Mobile
1,100
1.00 Savannah
Total for wk
352.467 374,200 726.667 Norfolk
Since Aug. 1
Baltimore
Augusta
-that is, 'Memphis
AT THE INTERIOR TOWNS the movement
the week and since Aug. 1, the shipments for Houston
the receipts for
the week and the stock to-night, and the same items for the Little RockDallas
corresponding periods of the previous year, is set out in detail Fort Worth_ _
Movement to Feb. 18 1927.
-
1
84.716
2
21.096
48
92.798
785 85.113
2.291
90,642
4,586 214.152
2.93
164.701
7,865
1.01
25.504
3,32
182.739
4.791 311.092
1,85
70.500
61.915
1.73
418 48.942
1.33
168.742
43,518
90
200.422
6,00
3,918 203.098
929 60.8.59
975 55,864
833 50.816
51,8411
326
15.002 548,325
3.358 50.990
15.638
187
2.270 131.9791
171,723
5,50
159.534
1,86
12,89 231.244
4.912
49.55 1.508.287
1
3.279
82.662
5.561
111
6
11.776
717 143.428
53,881 4.329.284
392 110.67
25,19
85.94.5
1.341
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
13.65
13.70
13.05
13.54
13.69
HOLI- 14.00
DAY 13.38
13.25
13.55
13.20
12.75
12.75
13.85
13.94
13.40
13.75
13.88
14.00
13.56
13.25
13.75
13.35
12.95
12.95
13.75
13.78
13.25
13.63
13.75
14.20
13.50
13.25
13.65
13.35
12.85
12.85
13.80
13.87
13.25
13.69
13.71
14.00
13.56
13.25
13.75
13.35
12.90
12.95
13.80
13.87
13.25
13.74
13.88
14.10
13.63
13.25
13.80
13.35
13.00
13.00
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
sagueday, Monday.
Tuesday, Wednesday. Thursday,
Friday.
Feb. 16.
Feb. 15.
Feb. 14.
Feb. 17.
Feb. 12.
Feb. 18.
8,130
6.458 February.
775 23.622 March_ _ _ _
13.68-13.71 13.91-13.92 13.7813.86-13.87 13.89-13.90
1.050 21,618 April
'
1,6871 35.374
13.87-13.88 14.11-14.12 13.98-14.00 14.06-14.07 14.09-14.10
May
3.1271 64.720 June
3.086 67,035 July
14.03-14.05 14.28-14.29 14.15-14.16 14.22-14.23 14.27-14.28
-__
2.364 August _ _ _
970 13.122 September
HOLT
3,823 53.882 October
14.1914.41-14.43 14.28-14.29 14.36-14.37 14.42DAY
6.485100.318 November
2,575 6.010 December_
14.32-14.33 14.52-14.53 14.42-14.44 14.51-14.52 14.60-14.57
1.4511 24.323 January
14.37 bid 14.57 asked 14.44 asked 14.54 bid 14.60 bld
1,200 15.286
Tone
3.219; 25,165
Steady
Steady
Steady
Steady
Spot
Steady
1.623 7.896
Antinna
Barely sty Steady
Steady
Steady
Stead",
3,000 71,919
2,953 65,896
CENSUS REPORT ON COTTONSEED OIL PRODUC1,312 14.719
695 14,483 TION DURING JANUARY.
-Persons interested in this
595 17,975
855 16.804 report will find it in our department headed "Indications of
14.809, 15.597 Business Activity," on earlier pages.
1,609, 17,306
7081 12.289
CENSUS REPORT ON COTTON CONSUMED AND
2.900 19.047
JANUARY, &c.
-This report, issued on
4.8251 18.535 ON HAND IN
4,219 28,071 Feb. 14 by the Census Bureau, will be found in full in an
8.6441 59,612 earlier part of our paper under the heading
"Indications of
----I 3.705
47.878294,237 Business Activity."
29
762
COTTON SLEDDING BECOMING IMPORTANT
1,057
875
114 4,345 HARVESTING METHOD.
-Low cotton prices this season
932
1,239 20,462 have stimulated in Texas and Oklahoma a great increase in a
74,307701.786 low-cost method of harvesting cotton which was f rst prac1,020 4.119
118, 1.546 ticed about 10 years p.go. This is the use of sleds or strippers
2.2271 13,433 for pulling or snapping cotton from the stalks. Two main
2.000
typos of sleds are in general use, says the United States
Department of Agriculture, in their report issued on Feb. 18.
One type is adapted for harvesting small cotton (the kind
The above total shows that the interior stocks have de- usually grown in the Staked Plains area) and the other for
creased during the week 44,599 bales and are to
-night harvesting cotton where the plant has a more vigorous
587,469 bales less than at the same time last year. The growth. The latter type is used chiefly in the bottom lands
receipts at all towns have been 48,028 bales less than the of the plains area, and in some areas farther east. The
Department then goes on to say:
same week last year.
Although this method
often leaves
or more or
OVERLAND MOVEMENT FOR THE WEEK AND the crop in the field, it isof harvesting cottonthan picking.15% is considerimmensely cheaper
It
-We give below a statement showing the ably cheaper than snapping cotton by hand. It is obviously advantageous,
SINCE AUG. 1.
present one, when cotton prices and labor rates
such
overland movement for the week and since Aug. 1, as made in seasons like thehardly stand the expense of harvesting by picking aresnapthat the crop will
or
up from telegraphic reports Friday night. The results for ping. Indeed, it is generally believed by the cotton farmers that sledding
the week and since Aug. 1 in the last two years are as follows: is only an emergency method of harvesting. Nevertheless, some producers
contend that sledding has come to stay, and that great improvement will
Total, 40 towna 140.451 5,640,328183,4681305580 188,4799.917.069208.6071893049
* Houston statistics are no longer compiled on an interior basis, but only
on a port basis. We are changing accordingly.
-1926-27Since
Week. Aug. 1.
14,039 445.269
9,200 246.150
15.642
310
39.274
1,036
5,515 173.961
17.174 381,407
---1925-26---Since
Week. Aug.!,
14.809 545.243
6.150 233,772
1.722
33.984
1,008
47.861
5,444 151.516
10.688 306.387
be made in this harvesting method. Miners say that cotton sledded under
ideal conditions is of about the same quality as the usual run of snapped or
pulled cotton. But where fields are grassy or where badly constructed
sleds are used, the method may give poor results.
Other conditions besides low cotton prices may favor the spread of cotton
sledding. Among them are scarcity of labor and early frosts. In the
newer cotton areas of Texas and Oklahoma, where machine methods enable
cotton to be produced on a more extensive scale than in other parts of the
Cotton Belt,farm families can cultivate much more cotton than it is possible
for them to harvest without additional labor. Thus the problem of harvest
47,274 1,301,703
Total gross overland
39.821 1.318.743 labor in the cotton fields arises. Furthermore, the picking operation beDeduct Shipments
comes too difficult after killing frosts, because the burrs then break off the
90,720
2,492
Overland to N. Y., Boston, &c
2.561
96.987 stalk at a touch. Sledding partially solves the double problem of econo16,091
Between interior towns
577
569
16.339 mizing harvest labor and saving cotton that has been caught by early frosts.
Although sledding cotton has been described as simply a mechanical
Inland, &c., from South
31,509 590.026
23,029 442,614
means for snapping or pulling cotton, the operation is not really adequately
Total to be deducted
34,570 696.837
26.167 555.940 described by the terms snapping and pulling. The sleds have toothed
arrangements, not unlike mower guards. They strip all bolls from the
Leaving total net overland *
13.654 762,803 stalks, regardless of their state of maturity. Naturally considerable foreign
12,704 604,866
material Is harvested at the same time. This at first caused some glnners
•Including movement by rail to Canada.
to oppose the use of the sled, but recently they have shown less opposition.
Sledding was used on an enormous scale in the
The foregoing shows the week's net overland movement area the past season. Data are being compiled western part of the cotton
by the
this year has been 12,704 bales, against 13,654 bales for the amount of cotton harvested in this way. Estimates department as to
of the amount of
and sledded cotton in
the week last year, and that for the season to date the snappedbales, which is a good Texas and Oklahoma run from three to four
million
proportion of the western crop. Probably
aggregate net overland exhibits a decrease from a year ago more than half of the cotton in the semi-arid regions of Texas and Oklahoma
was harvested by sledding. The method is most applicable in areas where
of 157,937 bales.
the height of cotton is rather uniformly from 12 to 15 inches. Small,
-----1926-27
-1925-26
dwarfed cotton stalks are universally found in the semi
-arid regions. A sled
Since
In Sight and Spinners'
Since
has been devised for harvesting cotton from the taller stalks, but this is not
Week.
Aug. 1.
Takings.
Aug. 1, the demonstrated
Week.
success that the ordinary sled has been on the shorter
Receipts at ports to Feb. 18
206,770 10.292.870 148,404 7.756,420 cotton.
Net overland to Feb. 18
13.654
604.866
12.704
762,803
Southern consumption to Feb. 18_111.000 2,942,000 110.000 2.550,000
WEATHER REPORTS BY TELEGRAPH.
-Reports to
Feb. 18ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total marketed
330,474 13,839,736 272,058 11.069,223
Interior stocks in excess
774.245 *19,948 1,737,627
'24,599
Excess of Southern mill takings
over consumption to Feb. 1
663,972
702.398
Came into sight during week..-_285,875
252.110
Total in sight Feb. 18
15,277,953
13,509,248
Nor, spinners' takings to Feb. 18- 36,180
* Decrease.
1.361.931
37.389
1,392.426
us by telegraph this evening indicate that the weather during
the week throughout the cotton belt has been as a rule
unfavorable. Rains and wet soil delayed picking in th se
parts of the Cotton belt where cotton remains in the fields,
and retarded preparation of land for a new crop in other
sections.
Mobile, Ala.
-Heavy rains in the interior have retarded
land preparation.
1092
THE CHRONICLE
[VOL. 124.
56,000 bales. Exports from all India ports record a decrease
of 22,000 bales during the week, and since Aug. 1 shoe a
decrease of 423,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria. EON,
February 16.
1926-27.
1925-26.
1924-25.
Receipts (cantars)-
This week
Since Aug. 1
135.000
6.011.156
200,000
6,228.364
110.000
6.488,722
Exports (bales)
-
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
To Liverpool
132,662 9,000 151,143
8.000 144.872
To Manchester, &c
114.411
100 169.939
130.054
To Continent and India_ 11.000 223.349 6:186 222.018 9.750 256,647
To America
1.000 74.642
500 97,304
105.146
Total exports
20.000557,274 6,750 589,880 19,350 675.033
Note.
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Feb. 16 were
135,000 canters and the foreign shipments 20.000 bales.
Receipts at Forts.
Week
Butte 1926. 1925. 1924.
Stocks at Interior Towns. Ilteetiptsfrom Plantatiens
1926.
1925.
1924, I 1926.
1925.1 1924.
Nov.
19_. 516.711 817.9831432.208 1.415.095 1.677,442 1.486,392583.298 409,2471487.583
26.... 470,442 311.3841370.0241i.456,381 1.784,345 1.545,601,511.728 18,2871429,233
Dee.
S..- 82.95 396.2731370.752h1,490.161 1.836.5251,583,9551516.73 448,455409,106
10__ 51,084 330,550 333.821 1,528,55 1.902.01 1,565.764 989,478 396.043315.636
351,485330.647 1.552.30 1.924.002 1.558.379 424.47 373.469323.262
__
23-- 339,577 224.398 232,346 1,561.960 2,000.037 1,577.997345.938 299.671 231.964
30._ 323,796 213.200306.967 1,562.881 2.034.90511.514.450325,197247.971,246,118
1926.
1925. 1 1927. 1926. 1 1925.
Jan. 1927. 1926. 1925. I 1927.
7-238.809 151.454 234,091 1429,30 2.023.364 1.474,156 205,252 160.090198,591
14...264.749 178.734231.584 1 509,83.3 1,999,693 1 441.041 284,220 155.091 198 469
. 201.802 1,487,991 1.979,1611,383.626 274,402 182.628 144,187
21...
,
171,15 200,371 1,467.42 1.966.783 1,306.792238,380
158.7781123.637
Feb.
1
1
.
173.227 179,899 1,404. 89 1.930.287 1.248.011 171,958 136.731 121.118
11- 228.441 148,354 204,982 1,350,179 1,912.997 1,199,953 174,431 131.064 156,924
18 _ _ 206,770148,4041167,066 1,305,5801,893.776 1,170,855 162,171 128,456137,968
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloth is firm. Demand for India is good.
We give prices to-day below and leave those for previous
weeks of this and last year for comparison:
1928-27.
32e Cop
Twist.
Nov.
19
26.
Dec.
1925-26.
834 Lbs.Shirt- Cotton
*sus, Common Middrg
to Finest.
Uprds
32s Cop
Twist.
Cotton
ing,. Common Middri
to Finest.
Uprds
834 Lbs. Shirt-
d.
d. s. d.
s.d. d.
d.
d. e. d.
e. d. d.
12li@14 12 0 C012 2
7.03 17M©18,4 14 2 014 6
10 60
12Aig13% 12 0 ig12 2
6.92 17 @l8H 14 2 614 6
10.74
12 0
11 6
11 7
11 7
11
Jan.
012 2
012 0
012 1
012 1
612 0
6.42
6.46
8.82
6.81
6.89
1654018% 14 2
1654018 14 1
16 @1734 14 0
16 @1734 14 1
1634017M 14 3
614 6
@17 4
(014 4
014 5
014 5
10.42
10.17
9.81
9.92
9.27
115401251 11 6
11%013 11 7
12
12 1
012 0
012 1
612 2
012 3
6.98
716
7.30
7.26
165461734 14
16%017% 14
175401834 14
1654401734 14
614 5
014 5
014 8
10.54
10.84
10.76
10.63
21___. 11%013
28- 12 013
Feb.
-
3
3
4
4
The above statement shows: (1) That the total receipts
@i14 6
from the plantations since Aug. 1 1926 are 10,862,149 bales:
7.47 165401754 14 0
4
115 01354 12 1 012 3
14 4
10.80
11 _ _ 12 013% 12 2 012 4
7.69 163401754 14 0 1514 3
in 1925 were 9,419,827 bales, and in 1924 were 8,574,989
10.52
17._. 1254014 12 3 012 6
7.76 1634151734 14 0 614 3
10.57
bales. (2) That although the receipts at the outports the
past week were 206,770 bales, the actual movement from
SHIPPING NEWS.
-As shown on a previous page, the
plantations was 162,171 bales, stocks at interior towns exports of cotton from the United States the past week have
having decreased 44,599 bales during the week. Last year reached 292,760 bales. The shipments in detail, as made
receipts from the plantations for the week were 28,456 up from mail and telegraphic returns, are as follows:
bales and for 1925 they were 137,968 bales.
Bales
-To Havre-Feb. 11-Vincent, 100--_Feb. 16
NEW YORK
-De
Grasse, 600
700
WORLD SUPPLY AND TAKINGS OF COTTON.
To Bremen-Feb. 8
-President Roosevelt, 3,531---Feb. 11
Bremen, 550
The following brief but comprehensive statement indicates
4,081
To Barcelona-Feb. 8
-Manuel Arnus, 2,000---Feb. 15at a glance the world's supply of cotton for the week and
Skaneland. 200
2.200
since Aug. 1 for the last two seasons, from all sources from
To Bombay-Feb. 11-Kaseoga, 3,300
3.300
To Liverpool-Feb. 11-Cedric, 17
17
which statistics are obtainable, also the takings or amounts NEW ORLEANS
-To Liverpool-Feb. 10
-Historian, 10.822
gone out of sight for the like period.
-West Modus,6,839__Feb. 15-Dakarlan, 9,947 27,608
Feb. 14
Cotton Takings.
Week and Season.
1926-27.
Week.
Season.
1925-26.
Week.
Season.
Visible supply Feb. 11
8,668,422
6.764.781
Visible supply Aug. 1
2,342,887
3,646,413
American in sight to Feb. 18...... 285,875 15,277,953 252,110 13,509,248
Bombay receipts to Feb. 17-- 133,000 1.712,000 189,000 1,947.000
Other India shipm'ts to Feb. 17
39,000
230.000
35.000
356,000
Alexandria rceipts to Feb. 16 -27,000 1,204,400
40,000 1,248,200
Other supply to Feb. 16..*-b--.
535,000
10,000
10,000
488,000
Total supply
Deduct
-
Visible supply Feb. 18
9,163,297 22,558,766 7,290,891 19,938,335
8.617,707 8,617,707 6,730,304 6,730.304
Total takings to Feb. 18_a
545,590 13,941,059 560,587 13.208,031
Of which American
382,590 10.607,659 344,587 9,502,831
Of which other
163,000 3,333,400 216,000 3.705,200
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consi mptton by
Southern mills, 2,942,000 bales in 1926-27 and 2,550.000 bales in 1925 -26
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners 10,999.059 bake in 1926-27 and 10,658,081 bales in
1925-26, of which 7.665.659 bales and 6,952.831 bales American.
b Estimated.
To Manchester-Feb. 10
-Historian, 1,799---Feb. 15Dakarian, 1,338
3,137
To Vera Cruz-Feb. 10-Sinaloa, 1,000
1,000
To Genoa-Feb. 11-Monviso, 7,557
7,557
To Havre-Feb. 15-Coldbrook, 4,012
4,012
To Antwerp-Feb. 15-Coldbrook, 150
150
To Ghent
-Feb. 15-Coldbrook, 2,560
2,560
To Hamburg-Feb. 14
-Arta, 1.469: Davenport, 108
1.577
To Bremen-Feb. 14
-Arta, 4,396: Davenport, 3,651
8.047
To Rotterdam-Feb. 12
-City of Weatherford. 1,102
1.102
To Passages
-Feb. 12
-Olen 100
100
To Oporto-Feb. 12
-Olen, 25
725
To Japan-Feb. 14
-La Plata Mani, 2,327; Ferndale, 2,000
4,327
To Porto Colombia-Feb. 16-Atenas, 200
200
HOUSTON-To Liverpool-Feb. 11-Cripple Creek. 3,665---Feb.
17-Craftsman, 7,695
11.360
To Manchester-Feb. 11-Cripple Creek, 1,741.-Feb. 17
Craftsman, 1,300
3,041
-Mount Evans,
To Genoa-Feb. 10
-Ida Zo, 1,100---Feb. 12
4,950
3,850
To Venice-Feb. I2
971
-Mount Evans, 971
To Trieste-Feb. 12
200
-Mount Evans, 200
To Japan-Feb. 11-Steel Engineer. 4,125---Feb. 15-Frogner, 5,418
9,543
To Havre-Feb. 14
-Chester Valley, 7.556
7.556
-Chester Valley, 490
To Antwerp-Feb. 14
490
To Ghent
-Chester Valley, 325
325
-Feb. 14
To Rotterdam-Feb. 14-Chester Valley, 1,550
1,550
To Bremen-Feb. 11-Corner Brook, 13.956---Feb. 14
Emergency Aid. 9,985
23,941
INDIA COTTON MOVEMENT FROM ALL PORTS.
To Hamburg-Feb. 11-Corner Brook, 1,366
1,366
To Barcelona-Feb. 16-0gontz, 1,946
1,946
-Dania, 1,250
GALVESTON-To Copenhagen-Feb. 10
1.250
1926-27.
1924-25.
1925-26.
Meru, 9,500---Feb. 15
February 17.
-Steel
To Japan-Feb. 11-Lisbon
Receipts at
Engtheer, 8.985; Tafuku Meru, 8,704
Since
27,189
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
2299-- 5.721
To Havre-Feb. 12-Cliffwood, 3,422; Skipton Castle, 2299
'
264
To Antwerp-Feb. 12-61doton Castle, 264
133,000 1,712.000 189,000 1,947,000 159.000 1.657,000
506
-Feb. 12-Skipton Castle, 2,819: Cliffwood, 506-- 3.325
Bombay
To Ghent
1,
,1
--CI
.450
To Rtedm Fb 12 -I w
o Rotterdam-Feb. 2
-Mount Evans, 3,190: Ida Zo, 4.505
7,695
To Genoa-Feb. 12
For the Week.
Since August 1.
-Mount Evans. 3,050
3,050
To Venice-Feb. 12
Exports.
-Mount Evans, 1,250
1.250
To Trieste-Feb. 12
-JO
Great Conti 1pan&
Great
from
Conti- 'Japan &
-Ida Zo, 2.500
-Feb. 12
2,500
To Naples
Britain. now. China. Total. Britain.
n
now.
China.
Total.
-Cripple Creek. 10.287
10,267
-Feb. 14
To Liverpool
r pple Creek, 1,275
1.275
To Mane ester--Feb. 1
Bombay-West Tacook, 10,724; Rio Brano, 3,485;
To Bremen-Feb. 14
4,
_ 15,000, 24,000 39,
, •1926-27.168,000I 727,000 899,000
18,777
Corner Brook, 4,568.II 1925-26- 1:000 4,000, 60,000 65,000 24.000 291,0001 886,0001,201,000
-West Tacook, 100; Rio Brano, 1,240- 1,340
To Hamburg--Feb. 14
27,000 229,000, 908.0001.164,000
14,0001 73,000 87,
1924-25_
-Belfast Maru, 500
-To China-Feb. 14
500
NORFOLK
OtherIndl
4,275
To Bremen-Feb. 16-A1tmark, 4.275
23,
207,000
6,000 33,0001 --- 39,
1926-27....
230,000 SAVANNAH
-To Bremen-Feb. 12-Annavore, 6,751_.._Feb.
35,00
62.000 294.000
1925-26.. 1,000 34,000,
356,000
1
15-Schoharle,3,850
10.601
24,000 154,000,
-- 22,
22,000,
_
178.000
1924-25-To Rotterdam-Feb. 12-Annavore, 110_ -Feb. 15-Scho--------------------------745
bade, 635
Total all
---------------- ."6
50
-Feb. To Stavanger ----27,000 375.000 727.0001,129,000
-27_ 6,000 48,009 24,000 78.
1926
750
'To Barcelona-Feb. 12-Cardonia, 750
go,
585,000, 886,000 1,552,000
8111925-26__ 2,000 38,000 60.000 100,
-WoodTo Liverpool-Feb. 15-Shicicshinny, 6,593; Feb. 15
51.0
383,000' 908,000 1.342,000
36,000 73,000109.0
2 5
Pi19 4-2
-- 14,003
field, 7,410
--------To Manchester-Feb. ff.tilifcksliinny,---------------------- M.. 2,773
According to the foregoing, Borpbay appears to show a
100
To Antwerp-Feb. 15-Schoharle, 100
225
decrease compared with last year in the week's receipts of
To Hamburg-Feb. 15-Schoharie, 225
FEB. 19 1927.]
THE CHRONICLE
Bales •
815
1093
last week of 759,000 bushels. In the same week last year
there was a decrease of 1,167,000 bushels. The total now
,
is 55,354,000 bushels,against 42,831,000 a year ago. Kansas
and Nebraska got needed mosture. That fact was stressed.
850
were rather large. There was an
7,324 Southwestern receipts
550 increase in the total on passage to Europe of nearly 5,000,000
4,520 bushels, as against a decrease in world's shipments of some
1,106
3,500 2,000,000. Export sales over the week-end were 600,000
108
Manitoba. In the United States export business
500 bushels of
1,000 was dull. Covering and buying against bids checked the
975 decline on the 14th inst. On the 16th inst. prices gave way
2
appearing
1,540 for a time with Liverpool Md. lower, stop orders
208 and export sales only 300,000 bushels, so far as reported.
292,760 But considerable Manitoba was said to have been sold to
Total
-Current rates for cotton from Europe and Winnipeg was firm. This, with a sudden rise
COTTON FREIGHT.
New York, as furnished by Lambert & Burrows, Inc., are of 2c. in rye, infused some strength into wheat. It ended
as follows, quotations being in cents per pound:
on that day with May Yo. higher and July unchanged.
High SandHigh StandHigh StandOne comment on the situation was that the way in which
Detssity. era.
Density. ard
Density. ard.
.500. .600. Shanghai .700. .850.
Liverpool .40e. .550. Oslo
Liverpool ignored advances on this side indicated plainly
Manchester.40o. .550. Stockholm .60o. aso. Bombay .75o. .90o.
.600. .750. Bremen
.50o. .650.
enough that the world's situation is not so strong as had
Antwerp .4150. .600. Trieste
.600. .750. Hamburg .60e. .65o.
.52360. .67340. Flume
Ghent
been supposed. Southern hemisphere cargoes will begin
.50c. .650. Piraeus
.85e. 1.00e.
.500. .650. Lisbon
Havre
.65e. .80c. Salonlea .860. 1.00o.
Rotterdam .600. .750. Oporto
to reach Europe in numbers next week and may,it is suggested
.550. Venice
Barcelona .40c.
.600. .750.
.45e
.60e.
Genoa
Japan
.67340. .82340.
make Europe rather independent of North America for the
-By cable from Liverpool we have the fol- remainder of the crop year. The shipment from this contiLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port: nent between now and July 1 it is taken for granted will
Jan. 28.
Feb. 4. Feb. 11. Feb. 18.
conditions are
46,000
62.000
68.000 be largely Canadian wheat. Growing crop
55.000
Sales of the week
28.000
41.000
50.000 satisfactory and a large increase in the acreage is expected.
32,000
Of which American
2.000
1,000
exports
3,000
3.000
Actual
82,000
73,000
Forwarded
72,000 • 72,000 The domestic situation is called weak. The March 1 farm
1,272,000 1,310,000 1,321,000 1,313,000
Total stocks
919,000 987,000 999,000 994.000 reserves will show an abundance of wheat for all home needs
Of which American
62.000
99,000 107.000 102.000
Total imports
and carryover. Some have been
70,000
48,000 and surplus for export
80,000
Of which American
81.000
Amount afloat
273,000 258,000 215,000 268,000 buying on the theory that wheat is on a domestic basis and,
Of which American
202.000 193.000 153.000 194,000
exports do not matter. But domestic demand is
The tone of the Liverpool market for spots and futures therefore,
small. The cash basis at Chicago is the lowest of the season
each day of the past week and the daily closing prices of
as compared with May. No. 2 red and hard winters are
Spot cotton have been as follows:
at a discount as compared with the future. On Feb. 1
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Saturday. leading exporting countries, it appears, had about 528,Market,
000,000 bushels available for the needs of importers without
Good
Good
Good
Good
Good
Good
12:15 {
allowing for carryover. Clearances from July 1 to Jan. 31
demand, demand, demand, demand, demand. demand.
P. M.
were 427,000,000 bushels. That is, 60,000,000 bushels a
7.69
7.72
7.81
7.68
7.76
7.76
Mid.Uprds
month. Exports for the remaining five months at a similar
12,000 14,000
10,000
12,000
10,000
Sales
10.000
ratio would mean 305,000,000 bushels, or a total for the
Quiet.
Quiet at Steady at Steady at Steady at
Futures.
Steady,
bushels. The
Market .1 4 to 8 pta. 1 to 2 pts. 4 to 6 pts. 5 to 7 pts. 2 to 5 pts. 1 to 2 pts. world for the 1926-27 season of 732,000,000
decline.
decline, advance, decline.
decline,
opened( advance,
world's carryover would thus be 223,000,000 bushels on
Market, f Steady, Barely sty Very st'dy, Barely st'y Very st'dy, Baly st'dy, July 1 1927, or 84,000,000 more than in 1926.
4
10 to 9 pts. 3 to 4 pts. 1 to 3 pts. Unch'd to 1 to 4 pts. unch'g'd to
advance. 2 pts. adv. advance. 4 pts. dec.
decline.
P.M.
advance
The world wheat crop is estimated at 3,441,000,000 bushels
Prices of futures at Liverpool for each day are given below: this season as against 3,400,000,000 last year, showing an
increase of about 1.2%. In Minneapolis the cash demand was
Wed.
Thurs.
'rues.
Fri.
Sat. I Mon.
better and offerings were small:even with prices about one
Feb. 12
to
123 12M 12341 4:00 1234 4:00 1234 4:00 1234 4:00 1236 4:00 cent higher for medium and top grades. World's shipments
p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.
Feb. 18,
of wheat for the week were 19,035,000 bushels, of which
d. d.
a. d.
4.
d. I d. d. d. d.
d.
d.
February ---------7.33 7.40 7.34 7.33 7.3 7.46 7.39 7.37 7.40 7.41 7.48 7,897,000 were from North America. Last week exports
7.43 7.40 7.39 7.38 7.42 7.51 7.44 7.43 7.47 7.47 7.53
March
year 16,231,000. Moscow
7.46 740 7.43 7.42 7.46 7.55 7.48 7.47 7.51 7.52 7.58 were 21,412,000 bushels and last
April
7.54 7.68 7.50 7.4 7.53 7.62 7.54 7.54 7.57 7.60 7.65 Russia reports new difficulties in mobilizing the Russian
May
7.58 7.61 7.54 7.5 7.5 7.65 7.57 7.58 7.61 7.64 7.69
June
7.65 7.69 7.61 7.6 7.6 7.72 7.64 7.64 7.67 7.71 7.76 crop of 1926, particularly in Siberia, owing to transportation
July
August -----------7.68 7.72 7.63 7.62 7.66 774 7.66 7.66 7.69 7.73 7.78
only 74.6% of the
September.... -_-- 7.70 7.74 7.66 7.65 7.68 7.76 7.69 7.68 7.71 7.76 7.80 obstacles and bad weather. In January
October ----------7.72 7.76 7.69 7.67 7.70 7.78 7.71 7.70 7.73 7.77 7.82 grain collection program was fulfilled. Yet between July 1
November --------7.75 7.79 7.72 7.70 7.73 7.81 7.74 7.73 7.76 7.80 7.85
December --------7.77 7.82 7.74 7.73 7.7. 7.83 7.76 7.75 7 78 7.82 7.87 1926 and Feb. 1 the actual total collection of grain amounted
. 7.78 7.81 7.86 7.90
January ----------7.80 7.85 7.77 . 7.78 .
___. 7.80 7.85 7.77 7.76 7.78 7.86 7.79 7.78 7.81 7.85 7.90 to 514,097,000 poods(36% lbs. each), as against 382,689,000
Iwprusryli
in the corresponding 7 months of the preceding business year.
On the 17th inst. Liverpool reported sales of 2,400,000
BREADSTUFFS
bushels of Manitoba to Portugal. Argentina shipments for
Friday Night, Feb. 18 1927.
the week fell off to 5,160,000 bu3hels. Export business as
Flour has shown no new feature. The demand is un- reported here was 300,000 to 400,000 bushels. The Continsatisfactory. Competition for business is sharp. It does ent wants some American hard and red winter. To-day,
not appear that the Northwestern mills are having a slow prices ended % to 3 c. lower here, unchanged, to
lower
A
trade. Buyers simply adhere tenaciously to their old policy in Winnipeg and with Minneapolis and Chicago practically
of buying for only a short time ahead. Export trade in the unchanged. Trading was restricted owing to the uncertainty
face of so much competition from other countries has apas to the final disposition of the McNary-Haugen bill by the
parently been quiet. Reports from ,the Southwest say that President. Reports to-night are that he will certainly veto
the flour production in Kansas City is easily 10% greater it. Receipts were moderate. The weather was unsettled.
than the 5 to 10 year average. The "Southwestern Miller" That may check marketing of the crop. North American
said:"Improvement was apparent in practically every milling receipts dropped to something less than 5,000,000 bushels
section. The belief among many buyers that the passage for the week. Other shipments reached 10,500,000. World
of the McNary-Haugen bill would exert a bullish influence shipments may total 15,500,000. These figures are a
on prices provided the chief contributing force to the more surprise. Minneapolis was the steadiest market. Export
active demand. Mill sales in the Southwest exceeded 70% trade was light.
Argentine shipments in the latest figures
of capacity, many points booking materially more than
to have been 6,248,000; Australia, 3,664,000.
average was around 40 to turn out
100%. In the Northwest the
Cables were disappointing. Final prices show a decline
45%. Soft wheat plants booked about 40%. Export sales
for the week of
to
were mostly of small lots, making a small total in the aggreCLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
gate."
Sat. Mon. Tues. Wed. Fhurs. Fri/
Wheat on the 14th inst. declined % to 10. despite a rise May delivery
cts_ Roll- 14334 143g 14336 14374 143g
13854 13834
day 13834 13836 138
weather was better, July delivery
1
in Liverpool of % to %El. For the
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
snow fell in the wihisr wheat belt and there was a disSat. Mon. Tues. Wed. Thurs. Fri.
14336 14334
appointing increase in the United States visible supply May delivery
cts_ Hol. 14234 14234 143
-Woodfield, 815
-Feb. 14
CHARLESTON-To Liverpool
-Engle-Woodfield, 275_Feb. 16
To Hamburg-Feb. 14
wood, 100
-Englewood, 9,853
To Bremen-Feb. 16
-Englewood, 500
To Rotterdam-Feb. 16
-Mis-Hastings, 100Feb. 11
-Feb, 4
YOBILE-To Havre
souri,750
To Bremen-Feb. 11-Federal, 7,324
To Barcelona-Feb. 11-0gontz, 550
SAN pEofto--To Lfverpool-Feb.9-Lochgoll,1,511- --Feb. 12
Selma City,3,009
-Feb. 11-Silver Pine, 1,106
To Japan
-Feb. 11-Grootendilk. 3.500
To Bremen
-Feb. 7-Lochgoil, 108
SAN FRANCISCO-To Liverpool
-Indiana, 500
Antwerp-Feb. 10
To
-Feb. 10-Grootendlik, 1,000
To Bremen
-Feb. 11-President Van Buren. 500 .,Feb, 14To Japan
Tanyou Maru,475
-London Commerce, 2-To London-Jan. 28
PHILADELPHIA
-Feb. 12
-Selma city, 1,540
-To Liverpool
SAN DIEGO
-Feb. 17-Afoundria, 208
PENSACOLA-To Liverpool
375
9,853
500
1094
THE CHRONICLE
[VoL. 124.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ Hol. 149
148% 149% 349% 149%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ Hod- 140
140% 140% 140
140%
July delivery in elevator
day 134
134
134
134
134%
September delivery in elevator
132
131% 131% 131% 132
138c. Reports were rife that the New York stock of rye and
/
also that at some of the Canadian points had been sold to
Europe. Rye helped wheat to pull up. Rye cut a channel
for itself. On the 17th inst. 100,000 bushels more sold for
export and a net rise occurred of N to 3.c. Today prices
A
closed 3.1, to /c. lower partly on profit taking. There was
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG also some other selling. Norway was said, however, to have
Sat. Mon. Tues. Wed. Thurs. Fri.
taken 60,000 bushels. It was not absolutely confirmed.
May delivery in elevator
cts_ Holt- 137% 137% 138
6
138% 138% But it looks as though
July delivery in elevator
some of the trading was against export
day 136% 136% 136% 137% 137
October delivery in elevator
business. Commission houses were buying. The seaboard
128
128
128% 128% 128
was inclined to buy on declines. This with other things preIndian corn declined early in the week
to /0. with
wheat lower and liquidation a feature. The United States vented any marked recession. Final prices show a rise for
visible supply increased last week 1,290,000 bushels, against the week of M to /c.
DAILY CLOSING PRICES OF RYE FUTURES IN CFIIGAGO.
1,362,000 in the same week last year. The total is now
Sal. Mon. Tues. Wed. Thurs. Fri.
42,659,000 bushels, against 31,180,000 a year ago. In the May delivery in elevator
ets- Roll- 105% 105% 107% 107% 107%
cash trade offerings were large and No. 4 declined. Choice July delivery in elevator
104% 105% 1045
day 102% 103
99% 99'2
98% 98% 99
corn, however, was steady. In general, shipping demand September delivery in elevator
showed no increase. Stocks are steadily mounting. ChiClosing quotations were as follows:
cago wired: "Contract stocks now total 6,742,000 bushels,
GRAIN.
compared with 6,134,000 a year ago. Stocks in all positions Wheat, New York. ,
Oats, New York
No. 2 red f.o.b
54
1 49%
No. 2 white
at Chicago close to 23,000,000 bushels." Large traders were
No. 1 Northern
4
1 f'5 7
No. 3 white
52©52%
bullish. Prices declined on the 16th inst. but rallied later
No. 2 hard winter. Lo.b____I 54% Rye, New York
118
with wheat and rye, though not so much, but final prices Corn, New YorkNo. 2 f.o.b
No. 2 yellow
91% Barley, Now York
showed a net decline of N to Y
3o. Discouraged bulls sold No. 3 yellow
87%
Malting as to quality__88%@90%
out. This told plainly. Receipts, too, were large, despite
FLOUR.
bad weather. They surprised the trade. Shipping demand Spring patents
$7 15037 40 Rye flour patents
$6 50436 75
spring
lags. Chicago receipts are not matched by the local demand. Clears, first straights_ 6 754 7 10 Seminola No. 2. pound.. 5%
Soft winter
6 154 6 40 Oats goods
3 050 3 10
Worse still, Eastern markets undersell Chicago. Later cash Hard winter straights 7 000 7 40 Corn flour
2 154 2 20
Hard winter
7 904 7 80 Barley goods
demand was still light and colder weather points to larger Hard winter patents
5 90a 6 05 Coarse
3 75
receipts. To-day prices closed 3. to Mc. lower after a Fancy Minn.clears
patents_ 8 90A 9 7i
Fancy pearl Nos. 2, 3
9 osig 9 75
fair amount of trading. The weather was unsettled. Re- City mills
7 on
and 4
For other tables usually given here, see page 1032.
ceipts were moderate. Country offerings were light.
Country roads will be in bad condition owing to a snowfall.
The Visible supply of grain, comprising the stocks in
But there were drawbacks in the shape of depressed cash granary at principal points of Eccumulation at lake and
markets, realizing sales, and uncertainty as to the final fate seaboard ports Saturday, Feb. 12, were as follows:
of the farm relief bill. The drift in the end was downward.
GRAIN STOCKS.
Final prices show a decline for the week of 13' to 21
Wheat.
/0.
Corn.
Rye.
Barley.
Oats.
No. 2 red
United States
-bush,
bush,
bush,
bush.
bush.
New York
674,000
89,000
585.000
88,000
468,000
Boston
4,000
29,000
5,000
Philadelphia
335,000
26,000
175,000
102,000
62,000
Baltimore
1,208,000
130,000
101,000
199,000
6.000
New Orleans
648,000
357,000
110,000
206,000
Galveston
1,280,000
47,000
36,000
Fort Worth
1,717,000
197,000 1,478,000
55,000
3,000
Buffalo
3,120,000 2,848,000 3,922,000
341,000
179,000
afloat
2,107,000
838,000
•
-..-Oats declined
2,167.000
316.000
322.000
to %c. with other grain last Monday. Toledo
3.000
5,000
141,000
680,000
Good quality was in demand at Chicago. The United States Detroit afloat
295,000
22,000
138,000
5,000
visible supply decreased last week only 296,000 bushels, Chicago
2,717,000 22.011,000 6,587,000 1,306,000
183,000
'
afloat
907,000
against 1,222,000 in the same week last year. The total to Milwaukee
81.000 1,657,000 2,002,000
476,000
129,000
be sure is only 44,812,000 bushels, against' 61,495,000 a
" afloat
696,000
318,000
255,000
7,727,000
16,000 7,680.000 5,832,000
year ago. Prices declined
445,000
to Mc. on the 16th inst. when Duluth afloat
"
393,000
rye rose about 1 Mc. net. For oats were largely neglected. Minneapolis
10,476,000 1,452,000 14,590,000 3,770.000 2,472,000
Sioux City
419,000
The weakness of corn had some effect. Shipping demand too St. Louis
472,000
280,000
1,000
14,000
2,621.000 2,241,000
527.000
17,000
82,000
was poor. Receipts were of fair size. The supply of medium Kansas City
10,127,000 4,173,000
850.000
14,000
153,000
and low grades is large enough to weigh on the market in Wichita
3,202,000
35,000
24,000
St.Joseph, Me
873,000
951,000
21.000
28,000
sharp contrast with the excellent demand for choice oats. Peoria
12.000
606,000
536,000
Indianapolis
To-day prices closed
784,000
639,000
443,000
to 3.4c. lower with only a moderate Omaha
2,534,000 2,818,000 2,174.000
69,000
40,000
amount of business. The cash demand showed no snap. On Canal and River
85,000
107.000
No export demand appeared; certainly none of any imTotal Feb. 12 1927
55,354.000 42,659,000 44.812,000 13.355,000 3,858,000
portance. Bad weather will curtail receipts. For the
Total Feb. 5 1927._54,595,000 41,369,000 45,108,000 13,286,000 3,946,000
moment they are of fair size, however. There was no agTotal Feb. 13 1926
42,831,000 31.180,000 61,495,000 13,790,000 6,398,000
Note.
gres ive buying. The uncertainly about the farm relief bill
-Bonded grain not included above: Oats, New York, 5,000 bushels; Bur
179,000
paralyzed business and speculation. Final prices show a falo, 151,000; Duluth, 23,000; total, bushels; bushels, against 1,470,000 bushels in
1926. Barley, New York, 1,403,000
Baltimore, 255.000; Buffalo, 239.000;
decline of 4c.
Buffalo afloat. 42,000: Fairport afloat, 122,000; total, 2,061,000 bushels, against
7
2,719,000 bushels in 1926. Wheat, New York, 1.448,000 bushels; Boston, 580.0001
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Philadelphia, 1,321.000; Baltimore, 1,208,000: Buffalo, 3,575,000; Buffalo afloat,
Sat. Mon. Tues. Wed. Thurs. Fri.
914,000: Duluth, 259,000; Toledo afloat, 607,000; Erie, 314,000; Fairport, 314,000;
May delivery
cts_ Hol. 4934$49% 49% • 40% 49%
total. 10.540,000 bushels, against 13,383.000 bushels in 1926.
,
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK.
Barley.
Rue.
Wheat.
Oats.
Corn.
Sat. Mon. Tues. Wed. Thurs. Fri.
Canadianbush.
bush,
bush.
bush,
bush,
No. 2 white
Montreal
ets- Dol."54 r 54 .1 54
54
54
379,000 1,277,000
1,773,000
2,405,000
Ft. William & Ft. Arthur_38,942,000
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
3,018.000 2,070.000 4,079.000
" afloat
121.000
102,000
7,745,000
Sat. Mon. Tues. Wed. Thurs. Fri.
401,000
2,743,000
May delivery in elevator
564,000
7,786,000
cts_ Holt- 46 ° 45% 45% 45% 45% Other Canadian
July delivery in elevator
day 46% 46
46
46% 46%
Total Feb. 12 1927____54,246,000
8,166.000 2,971,000 6.022,000
September delivery in elevator- _
45%'
44%
45 j44% r 45
Total Feb. 5 1927_ _54,198,000
8,231,000 2,924,000 6,149.000
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Total Feb. 13 1926____58,008.000
156,000 11,015,000 1.960.000 8,531,000
Summary
Sat. Mon. Tues. Wed. Thurs. Fri...
May delivery in elevator
cts_ Holt- 57% 57% 57% 58% 58% American
55,354,000 42,659,000 44.812,000 13.355,000 3,858,000
July delivery in elevator
8,166,000 2,971,000 6,022,000
day 56
54,246,000
56
56% 56% 56% Canadian
October delivery in elevator
51% 51% 51%
51% 51
Total Feb. 12 1927_109,600,000 42.659,000 52,978,000 16,326,000 9.880,000
Rye like other grain was weak on the 14th inst., falling 1 to
Total Feb. 5 1927...108,793,000 41,369,000 53,339.000 16,210,000 10,095,000
1 8c. A little export business was reported. The trouble
Total Feb. 13 1926_100,839,000 31,336.000 72.510,000 15,750,000 14.929.000
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_ Hol. 92% 92% 92%.* 92
91%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
eta_ Holt- 80% 80% 79% 7
9% 79
July delivery in elevator
day 84% 84
.
83% 83183%
September delivery in elevator,
86% _ 86% so% 8685
3
34
was it was not large enough to give the market support.
Later it was a different story. Exporters bought and prices
leaped 2c. The United States visible supply increased 69,000
bushels against an increase in the same week last year of
262,000 bushels. The total is now 13,355,000 bushels
against 13,790,000 a year ago. The position of rye and its
sharp rise on the 16th inst. due to large export purchases
excites general comment. Chicago wired: Rye is one grain in
the United States that has increasing popularity. The
world .crop was short this year, even the United States being
credited with little more than 40,000,000 bushels against
46,456,000 in 1925 and 65,466,000 in 1924. For various
reasons, political as well as economic, foreign countries are
not in a position this year, to share among each other as
much rye as they probably would under different circumstances. Germany and Poland have ended trade treaty
negotiations, Russia it is reported has only a few cargoes to
spare, Argentina raised a crop of less than 3,500,000 bushels
and Canada produced little above its home requirements.
On the 15th inst. prices advanced 2c. from the low of the
morning when a sharp foreign demand appeared. The sales
were stated at 300,000 bushels. The net rise for the day was
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, leb. 11, 1b27 and since July 1 1926 and
1b25 bre shown in the following:
Wheat.
1926-27.
Week
Feb. 11.
Since
July 1.
Corn.
1925-28.
Since
July 1.
1926 27.
Week
Feb. 11.
Since
July 1.
I 1925 26'
Since
July 1.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
North Amer_ 7,897,000 329,810,000255,658,000 142,000 2.582,000 7,3lii
00
Black Sea_
976,000 35,412,000 18,016,000 527,000 19,900,000
Argentina___ 6.834.000 36,692,
43,771,000 5,364,000158,176,000102,5-is ,o:••)
Australia ___ 2,688,000 35,024.000 40,647,000
India
4,416,000 5,768,000
0th. counte
640,000 16,425,000
96,000 1,897,000 33,842,000
Total
l9,036.000457.779.000'363,860.000 6,129,000182,555,0001161,649,00
0
WEATHER BULLETIN FOR THE WEEK ENDED
FEB. 15.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Feb. 15, follows:
The week was rather stormy, especially the latter part.
At the beginning of the period an extensive high pressure area, accompanied
by much
Full. 19 1927.]
THE CHRONICLE
colder weather, had overspread the Northwestern States, and this "high"
drifted southward to the southern Great Plains and then southeastward.
There was, however, a considerable moderation of temperature conditions,
although a sharp fall occurred in the Southwest about the 10th when freezing
extended well southward over Texas. In the meantime an extensive "low"
appeared in the far Northwest and advanced rapidly eastward over the
more northern States and southern Canadian Provinces, with a general rise
in temperature throughout the interior valleys.
Rainfall during the first part of the week was more or less localized, and
occurred iwincipally in the Southeast and Southwest. By Saturday. the
12th, a depression was charted over the southern Plateau and southern
Rocky Mountain States, and this moved northeastward during the latter
part of the week, with secondary depressions continuing in the Southwest.
As a result of this distribution of pressure there was widespread rain or
snow, covering much the greater part of the country, with some heavy falls
In the South and Southeast during the latter part of the week, except in the
Florida Peninsula. On the morning of the 14th a 24-hour rainfall of 4.22
Inches was reported from New Orleans, and falls exceeding 2 inches occurred
at several southeastern stations.
Chart I shows that the temperature for the week averaged above normal
in practically all districts of the eastern half of the country and also in local
areas of the far Southwest and far Northwest. It was especially warm from
the Ohio Valley southward and eastward where the temperatures average
from 6 degrees to as much as 12 degrees above normal. The weekly
means were substantially subnormal in the Northwest. the deficiencies
ranging from 6 degrees to 8 degrees in some sections, while in most of the
Pacific Coast States and the Southwest it was moderately cold. No unusually low temperatures occurred during the week. In the East. freezing
did not extend farther South than Southwestern Virginia and central
Tennessee, but in the Central-West readings as low as 32 degrees were
reported from as far south as south-central Texas. Over the Great Plains,
subzero weather occurred to northwestern Kansas, but east of the Mississippi River it was confined to the more northern districts.
Chart II shows the weekly totals and geographic distribution of precipitation. Rainfall was substantial in the interior of the Southeastern States
and heavy to excessive in central Gulf districts. Elsewhere the totals were
generally moderate, except that heavy rains occurred in south Pacific coast
sections.
Moderate to substantial rains in most parts of the heretofore dry Southeastern States were very beneficial in conditioning the soil, and at the
same time the abnormal warmth promoted rapid advance of vegetation
for the season. More rain is needed in a few sections. but, in general,
soil conditions have very much improved. At the same time the continued
warm weather has advanced fruit trees too rapidly throughout the South
Atlantic and Gulf States, with the earlier varieties blooming quite generally
In Gulf districts, and some blossoms reported as far north as South Carolina.
In the Southwest. including the Gulf area, additional rains further
layed farm work, with plowing and early spring seeding backwarddein
most sections. Some corn was planted in the extreme Southeast, with
local seeding of cotton in Florida, while some potatoes were put in locally
as far north as the eastern shore of Virginia. In the northwestern cotton
belt the continued wet soil was unfavorable for field work, and very
little
of the outstanding cotton was secured.
Snows in the northwestern wheat belt were beneficial, but
of the week most of the central valleys were free of snow, with at the close
the soil too
wet to plow quite generally. In the Northwest, conditions
less favorable for livestock than recently, but snow or rain were somewhat
over
western grazing districts materially improved range conditions. the more
SMALL GRAINS.—Beneficial precipitation occurred in the western
wheat belt, with the generous snowfall over the northwest portion
being
especially welcome as moisture was needed in that area. In the central
and eastern portions of the belt there is still little or no snow cover, except
in the extreme northern districts, and some complaint of unfavorable freezing and thawing conditions was received. The wheat crop, however, in
general, continued in fair to good condition in most sections. In the
South the warm weather and general precipitation promoted rapid growth
of winter cereals, though fair weather, with more sunshine, is needed in
parts of the Southwest. In the Rocky Mountain and Plateau
snows of the week were beneficial, while precipitation in the areas the
southern
Pacific Coast sections was helpful. In the far Northwest there was a lack
of snow cover on some fields with local freezing sad thawing, but
conditions there in general continued satisfactory.
1095
THE DRY GOODS TRADE
New York, Friday Night, Feb. 18, 1927.
A firm undertone prevailed throughout the textile markets during the past week. For instance, in the cotton goods
division, despite some decrease in the volume of sales, the
fact that stocks were unusually low, and prompt shipments
increasingly hard to get, resulted in an optimistic feeling,
conveying the impression that at last the turning point had
arrived for the mills and that it would only be a question
of time before it would be a "sellers'" and not a "buyers'"
market. Raw cotton has also ruled firm under the stimulus
of the idea that the McNary-Haugen bill might result in a
further advance in prices. Therefore factors, especially
middlemen, bought rather freely and covered commitments
running some time ahead at current prices. In regard to
the woolen division, although new business on the Fall staple lines recently opened has not equaled expectations, a
steady increase in orders for Spring goods was an encouraging feature. On Monday the American Woolen Co. will
open their men's lines of fancy woolen and wprsted suitings
and topcoatings for Fall 1927, which, it is hoped, will stimulate belated business. As to the silk division, many factors
now believe that the prolonged hesitation in buying of silk
goods has about ended. This belief was prompted by the
constant reports of a steadily Increasing business being received on Spring goods. Retail buying has been more active
lately, especially of prints. As to its closely allied industry,
rayon, price advances of two apd one-half cents per pound
for rayon yarn by one of the leading producers to become
effective within the week resulted in a much better feeling
in the rayon goods market.
DOMESTIC COTTON GOODS.—While markets for domestic cotton goods were not quite as active as the week
previous, a fair amount of business continued to be done
and prices were firm. Although the size of repeat orders
has been slightly smaller, they have been coming from all
over the country. Reports from Western sections were especially good, stating that there had been a favorable • nd
healthy movement of fabrics. In view of the fact that consumers have been buying a wide variety of merchandize
and not stocking up in any one particular direction, it was
further expected that a good repeat business would be received. Considering the growing stability of prices, scarcity
of goods and confidence among distributors, it was generally believed that cotton mills have reached the turning
point in their favor. It appears that consumers have been
absorbing a great deal more cotton goods lately, stimulated
by their attractiveness and cheapness which in turn has
The Weather Bureau also furnishes the following resime prompted factors to expect a continuance of good business
of the conditions in the different States:
far into the Spring months. In the meantime, a satisfacVirginfa.—Richmond: Temperatures considerably above normal;
volume of orders has been transacted in both finished
cloudiness with moderate rainfall. Favorable for winter grains and much tory
truck
In southeast; also for marketing tobacco. Good progress in preparation for and unfinished goods. It was noticed that, owing to the
early potato crop on eastern shore and planting done in a few localities. unusually low condition of stocks, it is becoming increasFruit lauds reported in gocd condition.
North Carolina.—Raleigh: Temperatures about 10 degrees lower than ingly difficult to procure prompt deliveries—almost impospreceding week, but still above normal; light to moderate rainfall beneficial, sible on certain lines—while on others, premiums were paid
but more needed. Small grains and hardy truck doing well. Preparing
ground for potatoes, and some planted.
for early April delivery. On Monday the Census Bureau
South Carolina.—Columbia: Abnormal heat advanced vegetation rather issued its January consumption report, which totaled 604,too rapidly and many peach, pear, and cherry blooms observed.
Beneficial 584 bales of lint and 55,149 of linters, compared with
rains improved plowing conditions. Winter cereals, truck, and
tobacco
and tomato beds in good condition. Pastures improved, while
of lint and 54,016 of linters during December,
ing continues along coast. Carrots and lettuce laeing planted potato plant- 605,217 bales
and cabbage and 582,315 of lint and 62,236 bales of linters during Janudoing well.
Georgia.—ettlanta: Another very warm week with abundant
cloths 28-inch 64 x 64's construction
except on coast, plachag soil in good condition for plowing. precipitation. ary last year. Print
peach, plum, and pear trees unchecked and trees mostly inBlooming of are quoted at 54c, and 27-inch 64 x 60's at 4%c. Gray
full bloom
everywhere. Tobacco seed beds, cereals, and truck doing well.
Consider- goods in the 39-inch 68 x 72's construction are quoted at
able progress in plowing, although work delayed by rains at close.
7%c, and 39-inch 80 x 80's at 10c.
Florida.—Jacksonville: Showers and moderate rains in north and west
ard
locally; elsewhere improved soil and germination generally. Oats, early
WOOLEN GOODS.—An improved undertone was noticemelons, strawberries, citrus trees, and truck advanced. Early potatoes
doing well; planting continued. Shipping tomatoes in car lots from
able in the markets for woolens and worsteds. This was
plants doing well in cental. Shipments of cabbage, lettuce, and south:
other
truck and citrus fruits increased. Early corn up in south and central. especially true of buying operations for Spring goods and
Some cotton planted in Sumter County. Mild temperatures and showers It was reported that desirable fabrics were becoming quite
Improved ranges.
claimed that they could readily sell odd
Alabama.—Montgomery: Another unseasonably warm week; general scarce. Agents
rains on four days, heavy in most sections, and lowlands along lower lots, as most of them have not accumulated stocks, and it
Coosa, upper Alabama, Black Warrior, and Tombigbee being inundated
further stated that assortments were badly broken owfrom overflows. Rains interrupted farm work. Vegetation which had was
been planted made rapid growth. Planting potatoes progressed in coast ing to the fact that mills have not produced much in adregion. Oats fair to excellent condition. Pastures mostly much improved. vance of actual demand. The recent betterment
was attribPeach, plum, and pear trees blooming in south and some central sections.
uted to reports of increasing sales of clothing to retailers
Satsuma orange trees dormant.
Mississippi.—Vicksburg: Unseasonably warm throughout; light pre- and a call for additional lines. However, on Fall lines
cipitation in extreme north, but mostly heavy to excessive Saturday to
Monday elsewhere. Farm work generally good progress until stopped by recently opened aggregate orders have been rather disaprains. Pastures and truck mostly good progress.
pointing. Nevertheless, this was considered temporary as
Loufsfana.—New Orleans: Considerable plowing and other outdoor
work accomplished before flooding rains latter part of week stopped all the market was generally awaiting the opening of fancy
farm work. Mild temperatures causing rapid development of vegetation. goods next week. On Monday
the American Woolen Co.
Much land ready for corn and rice. Planting cane: well sprouted and
condition generally excellent. Strawberries developing rapidly:early will show their all fancy woolen and worsted suitings and
shipments in prospect with favorable weather.
top coatings for all 1927.
7'exas.—liouston: Moderate to heavy rains further delayed farm work
and plowing is backward, except in extreme south and extreme northFOREIGN DRY GOODS.—A generally firm undertone
west. In extreme south, potato planting well advanced and corn plant- prevailed in
the linen markets despite the fact that the bulk
hag started. Condition of pastures, wheat, oats, strawberries, and truck
mostly good, but these crops need more sunshine. Fruit trees and gran of business was mostly confined to small lots covering imabnormally advanced. Truck shipments large.
mediate and nearby needs. It was reported that orders
Oklahoma.—Oklahoma City: Seasonable temperatures: moderate to
heavy rains unfavorable for farm activities. Soil too wet for plowing and were mostly of the filling-in variety. As to buying interest,
preparation of ground for spring crops, except in northwest portion. little change
was noted from the previous week, when the
Seeding oats delayed. Some cotton picked. Winter grains satisfactory
progress and in generally good condition. Pastures fair.
majority of business was placed for such items as dress
Arkansas.—Little Rock: Soil very wet due to continued rainy and linens,
handkerchiefs, and household linens, particularly
cloudy weather. Plowing in some localities impossible and most portions
badly delayed. Favorable for winter grains and all in good condition. napkins, tablecloths, luncheon sets, pillow cases, sheets and
Strawberry plants growing. Fruit buds swelling. Dirt roads impassable towels.
Knicker and suiting linens have been receiving
In many places.
Trnnessec.—Nashville: Prevailing warm weather and rains caused rapid better consideration lately with the approach of Summer.
growth of all grains; oats, rye, and barley making excellent progress, while Inquiries
are reported to have been increasing and a volwheat coming so rapidly that early-sown in some sections too far advanced
ume of orders placed proportionately. Burlaps continued
for season. Many fruit trees budding. Livestock in good condition.
Kentucky.—Louisvtile: Moderate temperatures. Grass and grains grow- quiet except
for some sales of heavyvreight goods put
ing slowly and look well; few freezes had some checking effect. Light
showers and still too wet to plow. Some improvement in roads. Good through at slight concessions. Lightweights are quoted at
progress in marketing tobacco.
6.35c, and heavies at 8.70c.
1096
THE CHRONICLE
[Vol.. 124.
Further information regarding this loan may be found in
our Department of "Current Events and Discussions" on
a preceding page.
New York (State of).
-818,5002000 Bill Aiding Schools
NEWS ITEMS
Passed by Senate.—The Senate unanimously passed on MonArkansas (State of).—Gasoline Levy to Pay Road Taxes.— day night the Friedsam Educational Commission Bill, ap"Bond Briefs," published by the bond department of the propriating $18,500,000 for State aid to schools. ConcernNorthern Trust Co. of Chicago, points out that a law has ing this bill the New York "Herald Tribune" of Feb. 14 said:
This appropriation increases the regular State quota to teachers, amountjust been passed by the State Legislature of Arkansas, pledg- ing to 854,000.000, to
a total of $72,500,000. Its purpose is to equalize
ing the State to appropriate out of its present automobile, educational opportunities throughout the State. About $14,000,000 of
gasoline and motor oil taxes the sum of approximately the increase will go directly to the schools of New York City. in
Senator Seabury C.
sympathy
of Westchester
$6,500,000 annually for the purpose of paying principal and with the measure, feltMastick was putting theCounty, while horse until
cart before the
that it
interest on all road district bonds within the State. It is it was definitely learned where the money was coming from. He feared the
total appropriations now being pressed
estimated that this appropriation will exceed the principal for the year by several million dollars. would exceed the State's revenues
and interest requirements on all Arkansas road distnct
Ohio (State of).—$100,000,000 Bond Issue Proposed for
bonds outstanding by a margin of about $400,000 annually:.
The effect of the law means, it is stated, that the State is Elimination of Statewide Grade Crossings.—Ralph W. Emmons (Rep.), Columbiana County Representative, introindirectly taking over payment of the bonds. It is added:
This step on the part of Arkansas emphasizes the theory advanced by duced a resolution in the House proposing submission to
economists that road building is primarily a State function and that the Ohio voters next November of an amendment to the Ohio
only way to integrate properly the construction of adequate State high- constitution to be effective Jan. 1 1928, authonzing the State
ways is through 'centralization of control in State departments.
At the present time approximately 51% of the total taxes of Arkansas Legislature to provide, by law, for the issuance of not exare paid by road districts. The removal of this burden from the tax payers, ceeding $100,000,000 in bonds to finance a program in
thus relieving real property of approximately one-half its present tax obligaeliminating railroad grade crossings throughout the State.
tions, should place other Arkansas districts bond in an improved position.
The State would bear 25% of the cost of eliminating the
Baltimore, Md.—City Loan Program Is Increased to crossings, the railroads 50% and the remainder would be
$46,000,000.—We quote the following from the Baltimore borne by the cities or counties.
"Sun" of Feb. 11:
Oregon (State of).—Irrigation Relief Measure Passed by
Mayor Jackson yesterday increased the amount of his proposed public
improvement loans from $42.000,000 to $43,000,000 by adding $1,000,000 Oregon House.—Relief for irrigation districts of the State
to% the $1,500,000 heretofore set apart for additions to Baltimore City now hard pressed is the aim of
House Bill 1151 by Hazlett,
hospitals.
The Mayor announced the loan for a new central building for the Enoch that the House passed Tuesday. It will, if it becomes a
loan) had law, create the State Reclamation Commission, into which
Pratt Free Library (not classified as a city public improvement
been fixed at $3,000,000, but that it would not be submitted to the voters
will be merged the desert land board. It will have charge
at the municipal election next spring.
The library loan makes a total of $46,000,000 that the city administration of State reclamation matters. .Machinery is provided for
will ask the Legislature to authorize.
remedial steps for irrigation districts, for the issuance of rePlans to Offer Bills Next Week.
The Mayor said he planned to send all the city's bills to the Legislature funding bonds and for placing the districts on a sound
neat week.
financial basis.
Albert G. Towers, President of the Supervisors of City Charities, told the
Mayor yesterday that the program of the Supervisors for additional buildTexas (State of).—Validity Test in Texas Road Bonds
ings and facilities at Bay View would require a loan of $2,500.000. Mr. Sought.—We quote the following from the Dallas
"News"
Towers said the program included adequate provision for the care of the
of Feb. 10:
Insane and the treatment of patients suffering from tuberculosis.
fate an Tidy gepartmen
The fund for Bay View is to be included in a $4,000.000 building loan.
"I have increased the building loan from $3,000,000 to $4,000,000," the
Mayor explained, "to take care of the insane and the tuberculous patients
because of information given me to-day by Mr. Towers and further because
of the fact that there is no definite plan on the part of the State to relieve
Bay View of the insane and the tuberculous patients.
Calls Bay View Need Apparent.
"It is my opinion that if at any time in the future the State should relieve
Bay View of these patients the growth of the city will require additional
facilities at Bay View for hospitalization and the care of the indigent poor.
The need, therefore, of the additional facilities the Supervisors of City
Charities recommend is apparent and should be provided for at this time.
The additional allowance for the hospitals was agreed to at a conference
the'Mayor had with Mr. Towers and Charles C. Wallace, City Solicitor.
Under the provisions of the bill the plans for the additions to the hospitals
will be submitted to and approved by the Supervisors of City Charities.
Mr. Towers submitted to the Mayor a report showing that it would
require $6,965,000 to rebuild at some place in the country near Baltimore
the structures at Bay View and provide the facilities that now exist there.
The report gave the result of a survey of the institution by Edward L.
Palmer, architect, made after Frederick A. Dolfield, CitRegister, suggested that the city sell Bay View. establish a "poor farm" in the suburbs
and concentrate the city's hospital facilities at Sydenham,Lake Montebello.
Appraisers Make Report.
Mr. Dolfield received a report from appraisers yesterday fixing the value
of the land at Bay View (approximately 320 acres) at $517,250. The
appraisers—Harry E. Gilbert and Oregon Milton Dennis, special assessors
for the Appeal Tax Court—said however, that the land might be worth
81.000.000 if divided into building lots. No account was taken of the
buildings.
Mr. Palmer said in his report to Mr. Towers that if such a move as that
suggested by Mr. Dolfield was made "it is proper to assume that the form
of the new buildings would, of course, not be that of the present ones,
but would be such as would afford equivalent facilities."
Serious Overcrowding Noted.
"The existing buildings at Bay View," Mr. Palmer went on to say,
"provide 1,700 beds and the necessary contributory service. Virtually
all of the floor space now existing is in use. In order to maintain 1,700
beds there is often at the present time serious overcrowding. For the
purpose of this estimate, therefore, I have assumed that any new constructions would have to contain as much floor space as the present buildand probably more."
Mr. Palmer allowed 8125,000 for the purchase of land for the proposed
poor farm and $4,300,000 for buildings. With other items the total would
be $5.465,000, and is based on a capacity of 1,700 beds as at present,
Mr. Palmer pointed out.
Mr. Dolfield said in a letter to Mr. Towers that he still thought the sale of
Bay View and the establishment of a poor farm in the suburbs was worth
consideration.
Mayor's Loans Program.
The Mayor's loans program calls for the following loans, in addition to
the buildings loan of $4,000,000:
Schools
810.000,000 Paving and bridges ____ $8,000,000
Water
10.000,000 Electrical conduits
1,000,000
Sewers
10,000.000
Of the school loan, $1,000,000 is for additions to Polytechnic Institute
and $1,800,000 for Negro schools.
In the building loan the Mayor set apart $500,C00 for fire-engine houses,
$500,000 for additional units at Sydenham and $500,000 for new police
station buildings in East Northeast and Northwest Baltimore.
Cordoba (City of), Argentine Republic.—$4,669,500
Gold Bonds Floated.—On Wednesday Feb. 16 White, Weld
& Co. and Blyth, Witter & Co., both of New York, jointly,
offered and quickly sold (the issue being over-subscribed)
$4,669,500 7% external sinking fund gold bonds of the
city of Cordoba, Argentine Republic, at 98% and accrued
interest, to yield over 7.10%. Date Feb. 1 1927. Coupon
bonds in denominations of $1,000 and $500, registered as to
principal. Principal and interest (F. & A.) payable at the
office of White, Weld & Co., New York, fiscal agents, in
United States gold coin of the present standard of weight and
fineness, without deduction for any Argentine national or
local taxes present or future. Due Aug. 1 1957. Sinking
fund calculated to retire issue by maturity through purchase
up to 100 and interest or redemption by lot at that price.
Sinking fund may be increased at the option of the city.
The validity of the general road bond validating law enacted by the first
called session of the 39th Legislature last fall is to be passed on by the Supreme Court. The Court Wednesday granted the motion of Anderson
County Road District No. 8 for leave to file a mandamus to compel the
Attorney-General to approve $500,000 in road bonds authorized to be
Issued by the qualified voters in the district. The Court also granted a
motion to advance submission of the case.
The Attorney-General had refused to approve the bonds because, in his
opinion, the decision of the U. S. Supreme Court in the Archer County
case declared that the Act under which the bonds were voted is void by
reason of its alleged conflict with the due process clause of the Fourteenth
Amendment to the Federal Constitution. He also contended that the 39th
Legislature was without power to enact the general law at its first called
session validating all road bonds heretofore voted by any political subdivision or road district under Section 52 of Article 3 of the State Constitution and which bonds have not been issued and sold.
It is virtually agreed between the parties that if the Legislature had
the power to enact these legalizing or validating statutes the writ of mandamus should be awarded, but if such Acts bo unconstitutional and the Legislature did not have such power, then the writ should be denied. There is
no dispute in regard to the facts in connection with the authorization,
execution or issuance of any of the bonds involved in the Anderson County
case.
In the brief filed with the motion for leave to file a mandamus petition,
It is stated that "the decision of this honorable Court in the case of Tom
Green County vs. Moody, Attorney-General (decided Dec. 23 1926), upheld the power of the Legislature to enact the special law which legalized
and validated the county roads bonds involved in that suit. The Attorney-general, however, contends that it is manifest trom the opinion in that
case that this Court would have upheld the validity of the county road
bonds of Tom Green County, even though the Legislature had not passed
the validating Act: hence, the language used by the Court in respect of the
power of the Legislature to pass the Tom Green County validating Act was
not necessary to the decision rendered in that particular case.'
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ABILENE, Taylor County, Tex.—BONDS REGISTERED.—The State
Comptroller of Texas registered on Feb. 10 an issue of $250,336 5% refunding bonds. Due serially.
ALBANY, Albany County, N. Y.—BOND OFFERINO.—LaWrence J.
Ehrhardt, City Comptroller, will receive sealed bids until 2 p. m. March 1
for the following four ,ssues of 41 % public improvement coupon or regis4
tered bonds aggregating $683,000:
$400,000 Series A bonds. Denom. $1,000. Due $10,000 March 1 1928
to 1967 incl.
168,000 Series B bonds. Denom.$1,000 and $400. Due $8,400 March 1
1928 to 1947 incl.
60,000 Series C bonds. Denom. $1,000. Due $4,000 March 1 1928 to
1942 incl.
55,000 Series D bonds. Denom. $1,000 and $500. Due $5,500 March 1
1928 to 1937 incl.
Dated March 1 1927. Prin. and int. (M. & S.) payable in gold at the
National City Bank, N. Y. City. Legality will be approved by Gilbert V.
Schenck, Corporation Counsel, Albany, and Reed, Dougherty, Hoyt &
Washburn, N. Y. City. A certified check for 2% of the face value of the
bonds bid for, payable to the city, is required.
Financial Statement (as of Jan. 311927)
Total bonded debt (not including proposed
$18,394,109 98
bonds)
Water bonds (of which $5,000 bonds were is$3,011,000 00
sued prior to Jan. 1, 1908)
Sinking funds for bonds other than water
1,241,336 89
bonds
4,252,33689
Total deductions
Net bonded debt
Real estate, assessed valuations, 1927
Personal property valuations, 1927
Special franchises, 1927
Shares of bank stock
$14,141,773 09
$180,773,131 00
1,372,000 00
5,186.580 00
12,041,753 34
$199,373,464 34
ALLEN COUNTY (P. 0. Fort Wayne), Ind.—BOND OFFERING.—
Thos. J. Connelly, County Treasurer, will receive sealed bids until 10 a. m.
Feb. 28 for $34.000 4 34% coupon road bonds. Dated Feb. 15 1927. De
nom. $850. Due $1.700, May and Nov. 15 1928 to 1937 incl.
SALE.—The State of
AMHERST, Buffalo County, Neb.—BOND
Nebraska, purchased during January, an issue of $9,500 534% refunding
bonds. Date Dec. 1 1926. Due Dec. 1 1940, optional Dec. 1 1927
FEB. 19 1927.]
THE CHRONICLE
1097
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
-BOND OFAMHERST (P. 0. Williamsville), Erie County, N. Y.
FER/NO.-Howard B. Long, Town Supervisor, will receive sealed bids The Brockton National Bank has been awarded a $500,000 temporary
until 2 P.in. Feb.24 for the following four issues of not exceeding 5% coupon loan on a 3.63% discount basis plus a premium of $3. Due Nov. 10 1927.
or registered bonds aggregating $2.643.000:
-BONDS OFFERED.
BROWNSVILLE, Cameron County, Tex.
$57,000 highway bonds. Due March 1 as follows: $5,000, 1928 to 1937
Sealed bids were received by the City Secretary on Feb. 18 for the following
incl., and $7.000. 1938.
three issues of bonds, aggregating $500,000:
725,000 boulevard bonds. Due March 1 as follows: e2.000, 1928;
bonds.
•
$24.000. 1929 to 1937 incl.: $22.000, 1938; $29,000. 1939 to 1941 8300.000 street bonds.
100,000 sewer
incl.; $25,000, 1942 to 1956 incl., and $3,000. 1957.
100,000 water and light extension bonds.
1,279,000 paving bonds. Due March 1 as follows: $85,000, 1928 to 1941
incl., and $89,000. 1942.
-BONDS REGISBURLESON COUNTY (P. 0. Caldwell), Tex.
-The State Comptroller of Texas registered on Feb. 10, an issue
-Calvert & TERED.
-BOND SALE.
ANADARKO, Caddo County, Okla.
serially.
Canfield of Oklahoma City, have purchased the following two issues of of $98,000 54% road and bridge funding bonds. Due
bonds aggregating $100,000:
BUTTE SCHOOL DISTRICT, Boyd County, Neb.-BOND SALE.$60,000 451% school bonds. Due $4,000 in 8 to 22 years.
The United States Trust Co. of Omaha purchased during January an issue
40,000 54% electric light bonds. Due $5,000 in 2 to 19 years.
of $25,000 44% school bonds at 98.42.
•
-BOND OFFERING.
-J. H.
ASHTABULA, Ashtabula County, 0.
-BOND SALE.
-The $2,500,000 44%
CALIFORNIA (State of).
Shaw, City Auditor, will receive sealed bids until 12 M. Mar. 1, for the Veterans welfare bonds offered at public sale on Feb. 10-V. 124, D. 540
following eight issues of 5% coupon bonds aggregating $1172,000:
were awarded to a syndicate composed of the First National Bank, Eldredge
$10,000 Lake St., impt. bonds. Denom. $500. Due $500. Oct. 1 1927 to & Co., the Detroit Co., and Redmond & Co. all of New York City, the
1946. incl.
Anglo-London Paris Co. and the Bank of Italy, both of San Francisco, at
16,000 Main sanitary sewer, East Side city's portion bonds. 'Denom. a premium of $103,400, equal to 104.136, a basis of about 4.09%. Date
$1,000. Due $1,000 Oct. 1 192 to 1942, incl.
Feb. 1 1927. Due Feb. 1 as follows: $95.000, 1931: 8100,000, 1932:
9,000 Main sanitary sewer, East Side, special assessment bonds. De- 3105,000, 1933; $115,000. 1934: 5120.000, 1935: 8130.000. 1936; 8135.000,
nom. $900. Due $900 Oct. 1 1927 to 1936, incl.
1937; 3140,000, 1938: $150,000, 1939 and 1940: $160.000. 1941: 8165,000,
20,000 Main St., impt.. city's portion bonds. Denom. $1,000. Due 1942:8175.000. 1943 and 1944;5185,000, 1945;3195,000, 1946 and $205.000.
$2,000 Oct. 1 1927 to 1936, incl.
25,000 Bell St., impt., special assessment bonds. Denom. $1,000. Due 1947.
Other bidders were:
Premium.
Oct. 1 as follows: $3,000 1927 to 1931, incl., and $2,000 1932 to
Bidders1936, incl.
$7 2
7
8 0
5
0
National City Co., New York City
49,000 Main St., impt., special assessment bonds. Denom. $1.000. Wells Fargo bank, New York City
follows: $4,000 1927 and $5000 1928 to 1936 ,incl.
Due Oct. 1 as
88.000
A. B. Leach & Co., Chicago
11,000 Ontario St., impt., special assessment bonds. . Denom. $1,000. Peirce, Fair & Co., San Francisco
Due Oct. 1 as follows: $2,000 1928 to 1931 incl. and $3000 1932.
89. 00
4.
0
5
E. H. Rollins & Sons, Boston
32,000 Ontario St.. impt., city's portion bonds. Denom. $1,000. Due Blyth, Witter & Co • San Francisco
80,500
Oct. 1 as follows: $6,000 1928 to 1931 incl. and 58,000 1932.
74.000
Drake, Riley & Thomas, Los Angeles
A. & 0. A. certified check for 2% of the amount of bonds E. R. Gundlefinger. Inc., San Francisco
Int. payable
65.000
bid for, payable to the City Treasurer, is required.
103.325
R. H. Moulton, San Francisco
-BOND OFFERATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-Enoch L. Johnson, County Treasurer. will receive sealed bids until
ING.
a. m. March 5 for the following two issues of 44% coupon or registered
11
bonds agregating $642,000:
$582,000 bridge bonds. Due March 1 as follows: $20,000, 1929 to 1956,
incl., and $22,000, 1957.
60,000 building bonds. Due $2,000, March 1 1929 to 1958, incl.
Date March 1 1927. Denom. $1,000. Prin. and int. M. & S. payable
at the County Treasurer's office. No more bonds to be awarded than
will produce a premium of $1,000 over each of the above issues. Legality
will be aproved by Clay, Dillon & Vandewater, New York City. A
certified chock for 2% of the bonds bid for, payable to the County Treasurer,
is required.
BASTROP, Morehouse Parish, La.
-BOND OFFERING.
-Mabel
McCreight, Town Clerk, will receive sealed bids until 10 a. m. March 22
for $50,000
% public park bonds. Date March 1 1927. Denom.
$1,000 and $500. Due as follows: $2,000. 1928 and 1929; $1,000. 1930
and 1931: $2,000, 1932 to 1937, incl.; pop),1938 to 1944, incl.: $4.00,
1945; $um, 1946; and $4,000, 1947. Prin. and int. (M.& S.) payable
at the Hanover National Bank, New York City. A certified check payable
to the TownTreasurer, for $1,000, required. Legality, proved by Wood
& Oakley of Chicago.
-BONDS REGISTERED
BASTROP COL NTY (P.O. Bastrop), Tex.
The State Comptroiier of Texas registered the following two issues of 54%
bonds aggregating $86,000 on Feb. 11:
$62,000 road and bridge bonds.
24,000 road and bridge bonds.
Due serially.
BAYARD, Morrill County, Neb.-BOND SALE.
-The State of Nebraska, purchased during January, an issue of $13,000 4%% refunding
bonds. Date Nov. 1 1926. Due Nov. 1 1946, optional Nov. 1 1932.
BELLEFONTAINE, Logan County, 0.
-BOND SALE.
-The follow
tag two issues of 5% special assessment street improvement bonds aggregating 536,652 88 were awarded to Seasongood & Mayer of Cincinnati
at a premium of $623, equal to 101.69, a basis of about 4.63%:
$23,119 79 bonds. Due March 1 and Sept. 1 as follows: $1,119 79 and
52,000. 1928. and $500 and 32,000, 1929 to 1936 incl.
13,533 09 bonds. Due March land Sept. 1 as follows:$533 09 and $1,000,
1928. and $500 and $1,000, 1929 to 1936 incl.
Date Jan. 1 1927.
BERRYVILLE, Clarke County, Va.-BOND SALE.
-The $55,000 5%
water bonds offered on Feb. 14-V. 124, p..539
-were awarded to the First
National Bank of Berryville at a premium of $550 equal to 101 a basis of
about 4.94%. Dated Jan, 1 1927, Due Jan. 1 1957.
BILOXI, Harrison County, Miss.
-BOND OFFERING.
-M. S.
Michell, City Clerk, will receive sealed bids until Feb. 21 for $223,000
street bonds.
BILTMORE, Buncombe County, No. Caro.
-BOND OFFERING.
R. J. Jones, Town Clerk, will receive sealed bids until 8 p. in. March 1 for
the following three issues of not exceeding 6% bonds aggregating $75,000:
improvement bonds.
$40,000 street
20,000 electric light system bonds.
15.000 Municipal building and land acquisition bonds.
Dated March 11927. Denom. $1,000. Due March 1 as follows: $3,000.
1930 to 1942 incl., and $4,000. 1943 to 1951 Incl. Bidders to state rate of
Interest, which must be in multiples of 3. of 1%. Prin. and int.(M.& 8,)
payable at the National Bank of Commerce, N.Y. City. A certified check,
payable to the Town Treasurer for $1,500. required. Legality approved
hY Storey, Thorndlke, Palmer & Dodge of Boston.
BLYTHE CONSOLIDATED SCHOOL DISTRICT (P. 0. Blithe),
-The Bank of Commerce, New
-BOND SALE.
Union County, Miss.
Albany, has purchased an issue of $2,500 6% school bonds at par. Due
serially in 1 to 20 years.
-BOND OFFERING.
BOONE COUNTY (P. 0. Fowler), Ind.
-Clay
Thomsor. County Treasurer, will receive sealed bids until 10 a. in. Feb. 22
for $10,000 44% road bonds. Due semi-annually in 1 to 10 Years.
-BOND OFFERING.
BOYD COUNTY (P. 0. Catlettsburg), K.
J. S. Secrest, County Clerk, will receive sealed bids until 12 m. March 2
for $100,000 not exceeding 4% Series F road and bridge bonds. Dated
Mar. 1 1927. Denom. 31,000. Due Mar. 1 as follows: $2,000, 1933 to
1938 incl.,• $3,000. 1939 to 1941 incl.; $4,000. 1942 to 1947 incl.; $5.000,
1948 to 1952 incl., and $6,000, 1953 to 1957 incl. Prin. and int.(M.& S.
payable at the Kentucky Nationad Bank. Catlettsburg. A certified check
payable to the County Treasurer, for $2,000, required. Legality approved
133 Chapman, Cutler & Parker, Chicago.
,
-BOND OFFERING.
BOYNTON, Palm Beach County, Fla.
-R. L.
Winchester, Town Clerk, will receive sealed bids until 7 p. m. Feb. 23 for
$3.85_,0 000 8% coupon street impt. bonds. Dated Oct. 1 1926. Denom.
31.000. Due $35,000 Oct. 1 1927 to 1936, Incl. Prin. and int. (A. & 0.)
Payable at the Seaboard National Bank, New York City. A certified check
for 2% of the bid required. Legality approved by Caldwell ec Raymond,
New York City.
Financial Statement.
Estimated actual value of taxable property
$15,500,000
Assessed valuation, 1926
7,477,427
Bonded debt, including this issue
$620,000
60,000
Water bonds
Assessment bonds
435,000
Net debt
125,000
Present population eat
2600
BRENHAM INDEPENDENT SCHOOL DISTRICT, Washington
-BOND SALE.
County, Tex.
-The 8180,000 54% coupon school bonds
offered on Feb. 15-V. 124, p. 953
-were awarded to the Brown-Crummer
Co. of Wichita, at a premium of $15,698 equal to 108.72, a basis of about
4.90%. Dated Feb. 11927. Due Feb. 1, as follows: $2,000, 1928 to 1937,
incl.; $3,000 1938 to 1947, incl.; $5,000 1948 to 1957,incl.; and $8,000, 1958
to)1987,
-Smith. Moore &
CAMPBELL, Dunklin County, Mo.-BOND SALE.
Co. of St. Louis have purchased an issue of $35,000 53.2% sewer bonds.
Due in 19 years.
-The Brown-BOND SALE.
CANYON, Randall County, Tex.
Crummer Co. of Wichita, has purchased an issue of 324,500 5% funding
bonds at par. Date Jan. 1 1927. Denom. $1,000, except one for $500.
Due March 1 as follows: 3500. 1927, and $1,000. 1928 to 1951, incl.
Interest payable M. & S.
-The CitiCARL JUNCTION, Jasper County, Mo.-BOND SALE.
zens' Bank of Carl Junction has purchased an issue of $3,500 water works
bonds at par.
-BONDS REGISCARSON COUNTY (P. 0, Panhandle), Tex.
-The State Comptroller of Texas registered on Feb. 10. an issue
TERED.
of $300.000 54% special road bonds. Due serially.
-BOND OFFERING -Kyle
CELORON, Chautuqua County, N. Y.
D. Faulkner, Village Clerk, will receive sealed bids until 8 p. m. Feb. 24
for 322.000 not exceeding 6% street improvement coupon or registered
bonds. Dated March 1 1927. Denom. $1.000. Due $1.000 Sept. 1 1927
to 1948 incl. Prin. and int. (M. & S.) payable at the Farmers' & Mechanics' Bank, Jamestown. Legality will lcie approved by Thomson, Wood
& Hoffman, N. Y. City. A certified check for $1,000, payable to the
Village Treasurer, is required.
-The State of
CHADRON, Dawes County, Neb.-BOND SALE.
Nebraska, purchased during January, an issue of $19,000 5% paving
bonds. Date Feb. 1 1925. Due Feb. 1 1934, optional 1930.
-BOND .SALE.
CHARLESTON, Charleston County, So. Caro.
on Feb. 1 (V. 124. p.540),
The 849.0005% series L paving bonds of
were awarded to the Peoples Securities Co. of Charleston at 101.89. a basis
of about 4.68%. Date Feb. 1 1927. Due Feb. 1 as follows: $5,000, 1929
to 1937 incl., and $4,000, 1938.
-TEMPORARY LOAN.
-The
CH1COPEE, Hampden County, Mass.
-was awarded
$200,000 temporary loan offered on Feb. 16-V. 124, p. 953
Commercial Trust Co. of Chicopee on a 3.64% basis plus a premium
to the
of $2. Date Feb. 16 1927. Due Nov. 211927.
-BONDS REGISTERED.
-The
CLARENDON, Donley County, Tex.
State Comptroller of Texas registered on Feb. 8, the following two issues
of 5Y,% bonds aggregating $135,000:
8110.000 refunding (series 1927) bonds.
25.000 water works bonds.
Due serially.
CLINTON INDEPENDENT SCHOOL DISTRICT, Clinton County,
-Theodore Carstensen, Secretary. Board of
-BOND OFFERING.
Iowa.
Directors, will receive sealed bids until 7:30 p. m. Feb.25 for $65.000 4%.%
or 44% school bonds. A certified check payable to the School District
for $500 required.
-BOND SALE.
-The
COLUMBIA, Richland County, So. Caro.
following two issues of bonds, aggregating 8500.000, offered on Feb. 15
were awarded to C. W. McNear & Co. of New York City
(V. 124, p. 953).
as 44s at a premium of 85,294, equal to 101.05:
$300.000 sewer bonds.
200,000 street bonds.
COLUMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT (P. 0.
-BOND DESCRIPTION.
-The $121,000 6% coupon
Lake City), Fla.
school bonds awarded to John Nuveen & Co. of Chicago at 105.336-V.
124, p. 953-a basis of about 5.47% are described as follows: Date Nov. 1
1926. Denom.$1,000. Due Nov. I as follows: $4,000, 1927 to 1954, incl.,
and $9,000. 1955. Interest payable M. & N.
-BONDS REGISTERED.
CONROE, Montgomery County, Tex.
The State Comptroller of Texas registered on Feb. 11, an issue of $55.000
5% sewer bonds. Due serially.
CORNELC SCHOOL DISTRICT NO. 48, Cass County, No. Dak.-The State of North Dakota, purchased during January, an
BOND SALE.
issue of $9,600 5% school bonds at par. Date Nov. 1 1926. Due Nov. 1
1936. The above bonds are not optional, but may be redeemed two years
from date of issue.
COTTONWOOD COUNTY (P. 0 Windom), Minn.
-BOND OFPERING.-S. A. Brown, County Auditor. will receive sealed bids until
1:30 p. m. March 2 for 595.000 not exceeding 4i% refunding bonds.
Dated March 11927. Denom. $1,000. Due March 1 as follows: $7,000.
1930 to 1938 incl.. and $8.000, 1939 to 1942 incl. Prin. and int.(M.& S.)
payable at the First National Bank, Minneapolis. A certified check, payable to the County Treasurer, for $1,000, required. Legality approved by
Lancaster, Simpson, Junell & Dorsey of Minneapolis.
CROOKSTON, Cherry County, Neb.-BOND SALE.
-The State of
Nebraska, purchased during January, an issue of $5,000 54% refunding
bonds. Date July 1 1926. Due July 1 1946.
CUDAHY SCHOOL DISTRICT NO. 1 (P. 0. Cudahy), Milwaukee
County, Wis.-BOND SALE.
-The $190,000 4),% school bonds offered
on Feb. 18(V. 124. p.674) were awarded to Blyth, Vitter & Co.of Chicago
at a premium of $2,227 30, equal to 101.11. Dated Feb. 1 1927. Due
serially 1928 to 1942 incl.
-BOND OFFERING.
DEFIANCE COUNTY (P. 0. Defiance), 0.
J. T. Miller, County Auditor, will receive sealed bids until 12 m. Feb. 24
for $6,961 65 5% road Improvement bonds. Date March 1 1927. Denom.
$1.000, except one for $961 65. Due Sept. 1 as follows: $961 65. 1928 and
$1,000, 1929 to 1934, incl. Prin. and int.(M.& S.) payable at the County
Treasurer's office. A certified check for $500, payable to the County
Treasurer is required.
-BOND OFFERING.
DE KALB COUNTY (P. 0. Auburn), Ind.
Ward Jackman, County Treasurer, will receive sealed bids until 10 a. m.
March 8 for 513.700 44% coupon road bonds. Dated March 1 1927.
Denom. $685. Due $685 May and Nov. 15 1928 to 1937 incl. Prin.
and int.(M.& N.) payable at the County Treasurer's office.
-BOND SALE.
-The
DENNISON, Tuscarawas County, Ohio.
$13,992 06 53% special assessment street impt. bonds offered on Aug. 28
1098
THE CHRONICLE
-V. 123, p. 740
-were awarded to Seasongood & Mayer of Cincinnati
at a premium of $364 15, equal to 102.60. Date April 1 1926. Due
serially, April 1 1927 to 1936 incl.
[VOL. 124.
Prin. and int. M.& S. payable at the City Treasurer's office. A certified
check for 2% of the amount of bonds bid for, payable to the City Treasurer,
is required.
FLINT UNION SCHOOL DISTRICT, Genesee County, Mich.
DENTON, 'Denton' County, Tex.
-BONDS REOISTERED.-The
State Comptroller of Texas registered on Feb. 8, an issue of $25,000 5% BOND OFFERING-J. W. McCue, Secretary?, Board of Trustees, will receive sealed bids until 11 a. in, Mar.2 for the following three issues of 43 %
bridge bonds. Due serially.
bonds, aggregating $980.000:
-The First N a $825,000 junior high school bonds. Due Mar. 1 as follows: $41,000. 1928
DETOUR, Chippewa County, Mich.
-BOND SALE.
to 1942 incl., and $42.000, 1943 to 1947 incl.
tional Bank of Sault Ste. Marie has been awarded an issue of $9,000 elec100,000 Zimmerman school addition bonds. Due 915,000 Mar. 1 1928 to
tric light bonds.
1947 incl.
-BOND
55,000 school sites bonds. Due Mar. 1 as follows: $2,000, 1928 to 1932
DUMONT SCHOOL DISTRICT, Bergen County, N. J.
incl., and 33,000, 1933 to 1947 incl.
SALE.
-The $57.000 5% school coupon or registered bonds offered on
Dated Mar. 1 1927. Prin. and int. (M. & S.) payable at the District
Feb. 11-V. 124, p. 674-were awarded to R. M. Grant & Co., Inc., N. Y.
City, at a premium of $381 20, equal to 100.66. a basis of about 4.94%• Treasurer's office. Legality approved by Wood & Oakley, Chicago. A
Date Feb. 1 1927. Due Feb. 1 as follows: $1,000, 1928 to 1933 incl., and certified check for $5,000 is required.
$1,500. 1934 to 1967 incl.
FOLEY,Baldwin County, Ala.
-BOND OFFERING-Sealed bids will
-BOND OFFERING-T. K. be received by the City Clerk, until Feb. 23, for $29,500 534% municipal
DUNNELLON, Marion County, Fla.
North. Town Clerk, will receive sealed bids until 8 p. In. March 10 for improvement bonds.
$13,000 6% sidewalk impt. bonds. Date Jan. 1 1927. Denom. $1,000.
FREMONT TOWNSHIP SCHOOL DISTRICT (P. 0. Fremont),
Due Jan. 1 as follows: $2,000, 1928 to 1930, incl., and $1,000, 1931 to
-Lonnie M. Saylor, Mini
-BOND OFFERING.
1937,incl. A certified check for 5% of the bid,required. Legality approved Steuben County, Ind.
ship Trustee, will receive sealed bids until 10 a. in. Mar. 5 for $8,336 37
by Caldwell & Raymond, New York City.
434 % school bonds. Dated Mar. 11927. Denom. $1,000 except one for
-NOTE SALE. $336 37. Due Mar. 1 as follows: $1,000, 1929 to 1935 incl., and $1.336 37,
DUPONT SCHOOL DISTRICT, Putnam County,0.
-The Bank of Ottawa County, Ottawa, was awarded on Dec. 27 $2,569 41 1936.
6% net deficiency notes at 100.62. Dated June 1 1926.
FRUITDALE SCHOOL DISTRICT (P. 0. Golden), Jefferson
-BOND SALE.
-Gray, Emery Vasconcells & Co. and
-0. B. County, Colo.
DURHAM, Durham County, No. Caro.
-BOND OFFERING.
.
Alston, City Clerk, will receive sealed bids until 7:30 p. m. Feb. 21 for the Boettcher & Co. both of Denver, jointly, purchased an issue of $18.000
aggregating 31,900,000 school bonds.
following three issues of not exceeding 5% bonds,
$1,000,000 street impt. bonds. Due Jan. 1 as follows: $55,000, 1929 to
-BOND OFFERING.
FULTON COUNTY (P. 0. Rochester), Ind.
1938, incl. and $50,000. 1939 to 1947, incl.
I. A. Bats, County Treasurer, will receive sealed bids until 10 a. in. Feb. 28
800,000 water works extension bonds. Due Jan. 1 as follows: $12,000, for $34,920 5%.road coupon bonds. Dated March 15 1927. Denom.
1930 to 1934, incl., $15,000, 1935 to 1942, incl., $20,000. 1943 $582. Due $1.746. May and Nov. 15 1928 to 1937 incl. Prin. and int.
to 1951, incl., $25,000, 1952 to 1959 incl., and $30,000. 1960 (M.& N.) payable at the County Treasurer's office.
to 1967, incl.
GALLATIN COUNTY SCHOOL DISTRICT NO.44(P.O. Belgrade),
100,000 street widening and extension bonds. Due Jan. 1 as follows:
Mont.
-BOND SALE.
-The Belgrade State Bank, Belgrade, purchased on
32,000, 1930 to 1973, incl., and $3,000, 1974 to 1977, incl.
Date Jan. 1 1927. Denom. $1,000. Coupon bonds registerable as to Jan. 11 an issue of 313,5005% school bonds.
and int. (J. & J. 1)
principal, and as to both principal and interest. Prin.
-Little, Worten
GLEASON, Weakley County, Tenn.
-BOND SALE.
payable in New York City. The bonds will be prepared under the super- & Co. of Jackson have purchased an issue of $30,000 water works bonds.
vision of the United States Mtge. & Trust Co., New York City, which will
GLEN RIDGE, Essex County, N. J.
-The Glen Ridge
-BOND SALE.
certify as to the genuineness of the signatures of the officials and the seal
Impressed thereon. A certified check payable to the City Treasurer for Trust Co. has been awarded the following two issues of temporary bonds
338.000. required. Legality approved by Chester B. Masslich of New aggregating $4,810:
$2,310 sanitary sewer bonds.
York City.
2,500 Prescott Ave. curbs and pavement bonds.
Financial Statement.
$71,721,785 00
Assessed valuation (1926)
GLOVERSVILLE,Fulton County, N. Y.
-BOND OFFERING..
-EA.
135.000,000 00 James, City Chamberlain, will receive sealed bids until 2 p. in. Mar. 8 for
Actual valuation (est.)
9,095,700 00 $18,500 434% street impt. registered bonds. Dated Mar. 15 1927. DoTotal bonded debt (including this issue)
Less: Water bonds
$3,743.666 66
nom.$1,000. except one for $560. Due Mar. 15 as follows: 35.000, 1928 and
Market house bonds
12.000 00
1929: $3,000, 1931) and 1931. and 32,500. 1932. Prin. and int. (M. & S.)
Sinking funds (exclusive of funds for water
payable at the City Chamberlain's office or at the Mechanics & Metals
and market house debt)
646.569 04
Bank, New York City. A certified check for 2% of the amount of the bid
Uncollected special assessments actually
is required.
levied applicable to street bonds
385,466 70
HAMILTON COUNTY (P. 0. Wells), N. Y.
-BOND SALE.
-The
Special assessments about to be levied, ap$70,000 5% highway bonds offered on Feb. 17-V. 124, p. 954- were
plicable to street bonds outstanding and
awarded to the First National Bank of Glen Falls at 109.28, a basis of about
now offered
508,000 00
5.295,702 40 4.20%. Date Jan. 1 1927. Due 35.000 Jan. 1 1937 to 1950 incl.
-TEMPORARY
HAMPDEN COUNTY (P. 0. Springfield), Mass.
Net indebtedness
33,799,997 60 LOAN.
-The Commercial Trust Co. of Springfield has been awarded a
Population (special United States census, 1925), 42,258.
$300,000 temporary loan on a 3.66% discount basis plus a premium of $4
DYERSBURG, Dyer County, Tenn.
-BOND OFFERING-N. F.
-Harris.
-TEMPORARY LOAN.
HAVERHILL, Essex County, Mass.
Norton, City Recorder, will receive sealed bids until Feb. 28 for $24,000 Forbes & Co. of New York have been awarded a 3400,000 temporary loan
5% street paving bonds. Dated March 1 1927.
on a 3.55% discount basis. Date Feb. 17 1927.
EARLTNG, Shelby County, Iowa.
-The Farmers'
-BOND SALE.
HELENA CONSOLIDATED SCHOOL DISTRICT (P. 0. HattiesTrust & Savings Bank of Earling has purchased an issue of $4,000 water burg), Forrest County, Miss.
-The National Park Bank
-BOND SALE.
works bonds at a premium of $30, equal to 100.75.
of New York City has purchased an issue of $25.000 534% school bonds at
EAST BAY MUN'CTPAL UTILITY DISTRICT (P. 0. Oakland), a premium of $80, equal to 10032. Legality approved by Charles & RuthAlameda County, Calif.
-BOND SALE.
-The $1.000.000 water works erford of St. Louis.
bonds offered on Feb. 11-V. 124. p. 540
-were awarded to R. H. Moulton
-BOND SALE.
-The $1674
HYSHAM, Treasure County, Mont.
& Co. of San Francisco as 5s at a premium of $75,113, equal to 107.511, a coupon water works bonds offered on Feb. 1-V.124, p. 137
-were awarded
basis of about 4.49%. Due $25,000 Jan. 1 1935 to 1974 incl.
to Benwell & Co. of Denver at a premium of $60, equal to 100.37. Dated
Financial Statement.
.1
incl. (Rate not given.) al
Assessed valuation
$366,854,528 Feb. 11927. Due serially 1928 to 1947
INDIANAPOLIS SCHOOL DISTRICT, Marion County,. In-.
Total debt (including this issue)
11,000.000
Business Director Board of EducaPopulation (1926 estimated)
470,000 BOND OFFERING.-Ure M. Frazer,
11 a. m. March 7 for 3970.0004% school
EAST SPARTA SPECIAL SCHOOL DISTRICT, Stark County, tion, will receive sealed bids until March 10 1927. Denom. $1.000. Due
0.
-BOND OFFERING-J. J. Rice, Clerk Board of Education, will building coupon bonds. Dated1932, and 338.000, 1933 to 1956 incl. A
March 10 as follows: $58,000.
receive sealed bids until 12 in. March 5 for $55,789,20 5% school building certified check for 3% of the face value of the bonds bid for, payable to the
bonds. Date March,1 1926. Denom. $1,000, except one for 3789 20.
Due March 1 as follows: $3.789 20. 1928 and $4,000. 1929 to 1941, incl. Board of School Commissioners, is required.
-BOND SALE.
Int. payable semi-annually. A certified check for 234% of the amount of
JACKSON COUNTY (P. 0. Pascagoula), Miss.
bonds bid for, payable to the Board of Education, is required.
The $65,000 6% highway bonds offered on Feb. 8 (V. 124, p. 541) were
$4,337, equal to
ELIZABETH, Union County, N. J.
-The Sinking awarded to Caldwell & Co. of Nashville at a premium of
-BOND SALE.
Fund has purchased the following seven issues of bonds, aggregating $95,- 106.70.
JACKSONVILLE, Duval County, Fla.
-BOND OFERING-M77.
067 46:
Bishop, Secretary City Commission, will receive sealed bids until 3.30
35.600 00 Irvington Ave.sewer bonds.
$760p. m.
10,465 00 Pennington Street sewer bonds.
23 for the following two issues of 5% coupon bonds aggregating
15,435 58 Grier Avenue resurfacing bonds.
,
$660,000 water works and impt. bonds. Due Jan. 1 as follows: $100,000
10.000 00 water, sewer and gas connection bonds.
33,766 88 Lincoln Avenue paving bonds.
•
1929 to 1934, incl.; and $60,000, 1935.
5,800 00 Sayre Street resurfacing bonds.
100,000 water works and improvement bonds (third series 1926). Due
14,000 00 fire engine purchase bonds.
350,000. Jan. 1 1935 and 1936.
Date Jan. 11927. Denom. $1,000. Prin. and int. (J. & J.) payable in
ELLISTOWN CONSOLIDATED SCHOOL DISTRICT (P. 0.
Jacksonville, or
fiscal agency in New York City. A certified check
Ellinown), Union County, Miss.
-BOND SALE.
-The Bank of payable to the at theTreasurer, for 2% of the bid required. Legality
City
New Albany. New Albany, has purchased an issue of $4,000 6% school.
approved by Thomson, Wood & Hoffman, New York City._ t
bonds at par. Due serially in 1 to 20 years.
-BOND OFFERING.
JAMESTOWN, Newport County, R. I.
ESSEX COUNTY (P. 0. Newark), N. J.
-BOND OFFERING.
- Ralph
G. P. Hull, Town Treasurer, will receive sealed bids until 8 p. m.
Philip Lindeman, Chairman of the Finance Committee of the Board of
Feb. 28 for $25,000 434% coupon beach loan bonds. Date March 1 1927.
Freeholders. will receive sealed bids until 12 in., March 1 forth° following
Denom. $1,000. Due $1.000 March 1 1928 to 1952 incl. Prin. and
two issues of 431% _park bonds, aggregating 31,400,000:
Treasurer's office, or at the First
$1.000.000 bonds. Denom. $1,000. Due Feb. 1 as follows: $16,000, 1928 int. (M. & S.) payable at the TownThe bonds will be prepared under
National Bank of Boston, Boston.
to 1952, incl. and $24,000. 1953 to 1977, incl.
the supervision of and certified as to genuineness by the First National
r 400,000 bonds.
Denom. $1,000. Due Feb. 1 as follows: $7,000, 1928
to 1947, incl., $8,000, 1948 to 1957, incl., and $9,000, 1958 to Bank of Boston. Legality will be approved by Ropes, Gray, Boyden
& Perkins, Boston.
1977, incl.
Finacial Statement Jan. 31 1927.
F Date Feb. 1 1927. Prin. and semi-annual int. payable in gold at the
$4,025,454 00
Paluation 1926
United States Mortgage & Trust Co. New York City. No more bonds to /
282,650 00
be awarded than will produce a premium of 31,000 over each of the above Ferry bonds, $180,000: other debt.. $102,650: total debt
'
35,899 04
Sinking funds
issues. The bonds will be prepared under the supervision of the United
States Mortgage & Trust Co., New York City, which will certify as to the
$246.750 96
Net debt
genuineness of the signatures of the officials and the seal impressed thereon.
I.•-novo*
Population, 1,700.
Legality will be approved by Thomson, Wood & Hoffman, New York City.
47-A certified check for 2% of the amount of bonds bid for, payable to the
JEFFERSON COUNTY (P. 0. Monticello), Fla.-730ND79..M
County Treasurer, is required.
The $250,000 5% road bonds offered on Feb. 15 (V. 124, p. 541) were
Atlantic National Bank, Jacksonville, at 96.51, a basis of
awarded to the
WESSEX COUNTY (P. 0. Salem), Mass.
-NOTES OFFERED.
-Sealed
1925. D ue as follows: $10,000, 1931 to
Dated Nov.
bids were received until Feb. 8 for the purchase on a discount basis of the about 5.40%. $20,000, 1936 1
to.1945 incl. •
:
1935 incl., and
following notes, aggregating $55,000
-BOND SALE,
$50,000 hospital maintenance bonds.
JEFFERSON COUNTY (P. 0. Oskaloosa), Kan.
5,000 Water River bridge bonds.
The Columbia Title & Trust Co. of Topeka has purchased an issue of
Due July 15 1927.
$130.000 road bonds.
-BOND SALE.
-The $5,100,-BOND SALE.
EUGENE, Lane County, Ore.
JERSEY CITY, Hudson County, N. J.
-The $90,000 sewer
bonds offered on Jan. 10 (V. 124, p. 261) were awarded to Ferris & Hard- 000 tax revenue coupon or registered bonds offered on Feb. 18-V. 124.
y:rove of Portlana as 5s at 101.00, a basis of about 4.94%. Due in 30 years. p. 954
-were awarded to a syndicate headed by the Guaranty Co. of New
Date Feb. 1 1927..„„ Due Aug. 1 1930.
-BOND SALE.
EVAN, Brown County, Minn.
-The State of Minne- York as 4s and 43.15.
JEWELL JUNCTION (P. 0. Jewell), Hamilton County, Iowa.
sota has purchased an issue of $6.000 431% electric distributing system
-The $10,500 coupon water works bonds offered on Feb. 11BOND SALE.
bonds at par.
-were awarded to George M. Bechtel & Co. of Davenport,
V. 124, p. 675
-BOND -OFFERING-Jos.
IP FINDLAY, Hancock County, Ohio.
as 434s at a premium of $95 equal to 100.90, a basis of about 4.39%. Date
Reser, City Auditor, will receive sealed bids until 12 in. (eastern standard March 1 1927. Due Nov. 1 as follows: $500, 1933; and 31,000, 1934 to
time). Mar. 15, for the following two issues of 431% bonds aggregating 1943. incl.
1"..7911.
$51,275:
-Little
-BOND SALE.
JONESBORO, Washington County, Tenn.
$32,500 city's portion sewer bonds. Denom. $1,000 except one for $500.
Due Sept. 1 as follows: $3,500 1928, $4,000 1929 and 1930, and Wooten & Co. of Jackson, have purcnased an issue of $20,000 refunding
alDate Dec. 11926. Due serially 1931 to 1954, incl.
1931 and 1937 incl.
bonds at par.
$3.000
to
P8,775 city's portion.,Limprovement bonds. Denom. $1.000 except one ity approved by Charles & Rutherford of St. Louis. Purchasers a
pay all expenses.
for $775.
FEB. 19 1927.]
THE CHRONICLE
KANSAS CITY SCHOOL DISTRICT, Jackson County, Kan.
BOND SALE.
-The $1,000,000 434% school bonds offered on Feb. 15
(V. 124. p. 541) were awarded to a syndicate composed of the Equitable
Trust Co., Kean, Taylor & Co. and Lehman Bros., all of N. Y. City, and
the Peoples Trust CO. of Kansas City at 104.55, a basis of about 4.16%.
Dated Jan. 1 1927. Due Jan. 1 1947.
Financial Statement (as Officially Reported).
Assessed valuation (1926)
5575,840.290
Total bonded debt (including this issue)
20,371,500
Sinking fund
5,283,454
Net bonded debt
$15,088,046
Population, 1927 (estimated), 455.728.
KEANSBURG, Monmouth County, N. J.
-NOTE OFFERING.
Edward R. Crear, Borough Clerk, will receive sealed bids until 2 p. m.
March 1 for $133,816 04 sewer assessment impt. coupon br registered notes.
Date April 1 1927. Denom $1,000. Due Dec. 31 as follows: $26,000,
1927 to 1930, incl., and $29,816 04. 1931. Prin. and hit, payable at the
Keansburg National Bank, Keansburg. A certified check for 2% of the
amount of notes bid for is required.
KIRKLAND UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
-BOND SALE.
Clinton), Oneida County, N. Y.
-The $9,000 5% school
-were awarded to the Hayes
bonds offered on Feb. 10-V. 124. P. 954
National Bank of Clinton at a premium of $111 50. equal to 101.23, a basis
ofabout 4.70%. Date Oct. 1 1926. Due 51,000, Oct. 1 1927 to-1935,incl.
LAGUNITAS SCHOOL DISTRICT (P. 0. San Raphael), Mann
-The $20,000 5% school bonds offered on
-BOND SALE.
County, Calif.
Feb. 8-V. 124 p. 541-were awarded to the Bank of Italy of San Francisco, at a premium of $898 equal to 104.49.
LAKE TOWNSHIP (P. 0. Fort Wayne), Allen County, Ind.
-Sealed bids will be received until 10 a. m. Feb. 24 for
BOND OFFERING.
% road bonds. Denom. $850.
834.000
LAKEWOOD. Chautauqua County, N. Y.
--BOND OFFERING.
Harry A. Sales, Village Clerk, will receive sealed bids until 7 p. m. Feb. 24
for $20,000 not exceeding 6% street improvement coupon or registered
bonds. Dated March 11927. Denom.$2,000. Due $2,000. Sept. 1 1927
to 1936 incl. Prin. and int.(M.& S.) payable at the Bank of Jamestown,
Jamestown. Legality will be approved by Thomson, Wood & Hoffman,
N.Y. City A certified check for $1,000, payable to the Village Treasurer.
.
Is required.
LAMON [INDEPENDENT SCHOOL DISTRICT, Decatur County,
-BOND SALE.
Iowa.
-George M. Bechtel & Co. of Davenport have purchased an issue of $8,000 school building bonds.
LANCASTER, Fairfield County, Ohio.
-BOND SALE.
-The
839 95 5% paving special assessment bonds offered on Jan. 18-V.$3,124
-were awarded to the Sinking Fund. Date Oct. 1 1926. Due Oct.
p. 138
1 as follows: $239 98, 1928 and $400, 1929 to 1937, incl.
L'ANSE TOWNSHIP SINGLE SCHOOL DISTRICT (P. 0. L'Anse),
Barrage County, Mich.
-BOND OFFERING.
-Thos. D. Tracy, Secretary Board of Education, will receive sealed bids until 12 m. March 10 for
$300,000 5% school bonds. Date Jan. 1 1927. Denom. $1,000. Due
$15,000, Jan. 1 1928 to 1947, incl. A certified check for 1% of the amount
of the bid, payable to the school district, is required.
LANSING, Ingham County, Mich.
-BOND OFFERING.
-11. E. Sanderson, City Comptroller, will receive sealed bids until 8 p. m. Mar. 14 for
8200,000 4si% paving coupon or registered bonds. Dated Mar. 15 1927.
Denom. $1,000. Due 540,000 June 15 1928 to 1932 incl. Prin. and int.
(M• & S.) payable at the Guaranty Trust Co., N. Y. City. A certified
check for $2,000 is required.
Financial Statement.
Assessed valuation, 1926
5146,299.075 00
Total bonded debt (including this issuer)
7.828.900 00
Floating debt
68,852 00
Tax rate (per 81.000) Dec. 1926
15 20
Present population (estimated), 73,300.
LEOMINSTER, Worcester County, Mass.
-TEMPORARY LOAN.
The $100,000 temporary loan offered on Feb. 14-V. 124, p. 954
-was
awarded to the Merchants' National Bank of Leominster on a 3.59%
discount basis. Duo Nov. 15 1927.
•
LENOX UNION FEE SCHOOL DISTRICT NO.9(P.O. Canastota)
Madison County, N. Y.
-BOND SALE.-Geo. B. Gibbons St Co. Inc.,
of New York. purchased on Feb. 15 an issue of 5180.000 5% school bonds at
108.07, a basis of about 4.28%. Due serially in 1928 to 1960 incl.
LEXINGTON, Fayette County, Ky.-BOND SALE.
-The Police and
Firemen's Pension Fund purchased on Feb. 2 an issue of $8,050 29 street
improvement bonds at par. Due serially in 1 to 10 years.
LODI, Bergen County, N. J.
-BOND SALE.
-The Lodi Trust Co. has
been awarded the following two issues of 6% bonds aggregating $10,000:
$6,000 pump house bonds.
4,000 street improvement bonds.
Due in one year.
LOGAN COUNTY (P. 0. Bellefontaine), 0.
-BOND SALE.
-The
$48,000 5% ditch bonds offered on Feb. 11-V. 124, p. 675
-were awarded
to Otis & Co.. Cleveland. at a premium of $682, equal to 101.42, a basis
of about 4.85%. Date April 1 1927. Due as follows: $5,000, March
and Sept. 1 1928 to 1930 incl.; 86.000. March and Sept. 1 1931. and $6,000,
March 1 1932.
-BOND SALE.
LULA, Coahoma County, Miss.
-An issue of $18,000
54% water works bonds has been sold. Dated Feb. 1 1926. Denom.
$1,000. Due $1,000 Feb. 1 1927 to 1944 incl.
-LOAN OFFERED.
LYNN, Essex County, Mass.
-The City Treasurer
received sealed bids until Feb. 18 for the purchase on a discount basis of a
$200,000 temporary loan. Due Nov. 1 1927.
-BOND SALE.
MeALLEN, Hidalgo County, Tex.
-The BrownCrummer Co. of Wichita has purchased an issue of 5180.000 6% refunding
bonds. Dated Dec. 15 1926. Denom. 51.000. Due serially 1928 to 1966
incl. Prin. and I. (J. & D.) payable at the Seaboard National Bank,
N. Y. City. Legality approved by Clay ac Dillon of N. Y. City.
McCOOK, Redwillow County, Neb.-BOND SALE.
-The State of
Nebraska, purchased during January, the following four issues of bonds
aggregating $55,000:
$28,000 5% paving bonds. Date Oct. 15 1028. Due Oct. 15 1936.
11,000 5'4% paving bonds. Date Dec. 11926. Due Dec. 1 1935.
9,000 5% refunding bonds. Date Oct. 1 1926. Due Oct. 1 1946, optional Oct. 11944.
7,000 5 % paving bonds. Date Dec. 11926. Due Dec. 11936.
MALDEN, Middlesex County, Mass.
-LOAN OFFERED.
-The City
Treasurer received sealed bids until Feb. 18 for the purchase on a discount
basis of a $500,000 temporary loan. Due Nov. 1 1927.
MANSFIELD, Richland County, Ohio.
-BOND OFFERING.
-P. L.
Kelley, City Auditor, will receive sealed bids until 1 p. m. Mar. 14 for $100,000 6% street paving special assessment bonds. Dated Mar. 1 1927.
Due $10,250 Mar. 1 and $10,000 Sept. 1 1928 and 1929, 510,250 Mar. 1
1930 and $9,950 Sept. 1 1930, and 59,950 Mar. 1 and 59.700 Sept. 1 1931
and 1932. A certified check for 2% of the amount of the bid, payable to
the City Treasurer, is required.
MARGATE CITY, Atlantic County, N. J.
-BOND SALE.
-The following two issues of 414% coupon or registered bonds aggregating $159,000.
offered on Feb. 10-V. 124, p. 823
-were awarded to R. M. Grant & Co.
of New York at par.
$101,000 sewer bonds. Due Feb. 1 as follows: 53.000, 1928 to 1950 incl.,
and 52.000. 1951 to 1966 incl.
58.000 drainage bonds. Due $2.000, Feb. 1 1928 to 1956 incl.
Date Feb. 1 1927.
1099
MARION, McDowell County, No. Caro.
-BOND SALE.
-The Clinchfield Manufacturing Co. of Marion has purchased an issue of $50,000 536%
street improvement bonds at a premium of $528, equal to 101.05. Dated
Feb. 1 1927. Due serially 1928 to 1957 incl.
MART, McLennan County, Texas.
-BONDS REGISTERED.
-The
State Comptroller of Texas registered on Feb. 7, an issue of $35,000 5 %
funding bonds. Due serially.
MEMOKEN SCHOOL DISTRICT NO. 33, Burleigh County, No.
Dak.-BOND SALE.
-The State of North Dakota, purchased during
January, an issue of $14,000 5% school bonds at par. Date Nov. 11926.
Due Nov. 1 1946. The above bonds are not optional but may be redeemed two years from date of issue.
MERCHANTVILLE, Camden County, N. J.
-BOND SALE.
-The
570.000
% temporary street impt. bonds offered on Feb. 17-V. 124,
p. 954
-were awarded to the First National Bank of Merchantville at a
premium of $322, equal to 100.46. a basis of about 4.64%. Date March 1
1927. Due March 1 as follows: $12.000. 1929: $8,000, 1930: $6,000, 1931:
$4,000, 1932 to 1935. incl., 33.000, 1936, and $25,000, 1937.
METUCHEN SCHOOL DISTRICT, Middlesex County, N. J.
-BOND
-0. R. Drews, District Clerk, will receive sealed bids until
OFFERING.
8 p. m. March 1 for $75,000 5% school coupon bonds. Date Feb. 11927.
Denom. $1,000. Due Feb. 1 as follows: $2.000. 1929 to 1940, incl., and
53.000. 1941 to 1957,incl. Prin. and hit.(F.& A.) payable at the Metuchen
National Bank. Legality will be approved by Clay, Dillon & Vandewater.
New York City. A certified check for 2% of the amount of bonds bid for,
payable to the Board of Education is required.
MIDLAND TOWNSHIP (P. 0. Rochelle Park), Bergen County,
N. J.
-NOTE SALE.
-An issue of $2,000 sanitary sewer system notes was
sold on Jan. 7. Due in 1 year.
-BOND SALE.
MONROE COUNTY (P.O. Key West), Fla.
-The following two issues of 5;4% road and bridge bonds aggregating $340.000
-were awarded to R. Si. Grant & Co.
offered on Jan. 29-V. 124. p. 404
of New Yosk City at 95, a basis of about 5.89%:
$202,000 road bonds. Due June 1 as follows: $5.000. 1936 to 1945 incl.;
57.000, 1946 to 1954 incl., and 589,000. 1955.
138,000 bridge bonds. Due June 1 1955.
Dated June 11925.
MOORPARK SCHOOL DISTRICT, Ventura County, Calif.
OFFERING.
-L. E. Hallowell, County Clerk, will receive sealed
bids until 11 a. m. March 1 for 550.000 5% school bonds. Date March 1
1927. Denom. $1,000. Due March 1 as follows: 52.000. 1928 to 1942.
incl., 83,000. 1943 and 1944: 54.000. 1945: and 55.000, 1946 and 1947.
Prin. and int. (M. & S.) payable at the County Treasurer's office. A
certified check payable to the above-mentioned official for 2% of the bid.
required.
Financial Statement.
51.030,400
Assessed valuation
50,000
Bonded debt (including this issue)
Population (est.), 1,000.
MOTLEY COUNTY INDEPENDENT SCHOOL DISTRICT (P. 0.
-BONDS REGISTERED.
-The State Comptroller of
Matador), Texas.
Texas registered on Feb. 8, an issue of $18,000 5% school bonds. Due
serially.
BOND
NELSONVILLE, Athens County, 0.
-Sidney
-BOND OFFERING.
A. Cook, City Auditor, will receive sealed bids until 12 m. Feb. 26 for
59.600 6% fire department improvement bonds. Date Dec. 31 1926.
Denom. $1.200. Due 51.200 March and Sept. 1 1928 to 1931, incl. A
certified check for 2% of the amount of bonds bid for, payable to the City
Treasurer, is required.
NEPTUNE CITY (P. 0. Avon-by-the-Sea), Monmouth County,
-BOND SALE.
-The 5190.0006% local sewerage improvement bonds
N.J.
-were awarded to M. M.Freeman &
offered on Feb. 16-V. 124. p. 955
Co. of Philadelphia at a premium of $100 equal to 100.05. a basis of about
5.99%. Date Jan. 1 1927. Due $19,000 Jan. 1 1928 to 1937, incl.
NEWARK, Essex County, N. J.
-The following five
-BOND SALE.
issues of 445% coupon or registered bonds aggregating 55.300.000. offered
-were awarded to a syndicate composed of
on Feb. 17-V. 124, P. 823
Eldredge & Co.. Eastman. Dillon & Co., Stone & Webster and Blodget,
FreeInc.. the Detroit Co. and Old Colony Corp., all of New York: M. M.
man & Co. of Philadelphia and West Side Trust Co. of Newark, at 102 24.
a basis of about 4.07%:
$1.000,000 Port Newark impt. bonds. Due March 1 as follows: $20.000.
1928 to 1947 incl.. and $30,000. 1948 to 1967 incl.
1,000.000 public impt. bonds. Due March 1 as follows: $20.000. 1928
to 1947 incl., and $30.000. 1948 to 1967 incl.
500.000 water bonds. Due March 1 as follows: 510.000. 1928 to
1947 incl., and $15.000. 1948 to 1967 ind.
500,000 Passaic Valley sewer bonds. Due March 1 as follows: $10.000.
1928 to 1947 Incl., and 515.000, 1948 to 1967 incl.
2,300,000 school bonds. Due March 1 as follows: 548,000, 1928 to
1937 incl., and $70.000, 1938 to 1963 hid.
Date March 1 1927.
Financial Statement.
Assessed valuation, 1927
5838,785.639
Net bonded debt
52,702.879
Population, 1920 census, 414.524.
-BOND SALE.
-The folNEW BEDFORD, Bristol County, Mass.
lowing four issues of 4% coupon bonds aggregating $699,000 offered on
-were awarded to the Old Colony Corp. of Boston
Feb. 16-V. 124. p. 955
at 100.824. a basis of about 3.89%:
3249,000 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 to 1947 incl.
150,000 sewer bonds. Due Feb. 1 as follows: $8,000. 1928 to 1937 incl.
and 37,000, 1938 to 1947 incl.
60,000 water supply bonds. Due $2,000 Feb. 1 1928 to 1957 incl.
Date Feb. 1 1927.
NEW MADRID, New Madrid County, Mo.-BOND SALE.
-The following two issues of bonds aggregating $50,000 have been disposed of
recently:
331,000 sanitary sewer bonds.
19,000 water works system bonds.
NEWPORT, Newport County,. R. I.
-NOTE SALE.
-S. N. Bond &
Co. of Boston, have been awarded $200,000 notes on a 3.66% discount
basis plus a premium of $4.
NOBLE COUNTY (P. 0. Albion), Ind.
-BOND SALE.
-The $5.378 10 5% drainage bonds offered on Feb. 11-V.
were
awarded to the Farmers' State Bank, Albion, at par. 124. P. 955 1926.
Date Nov. 1
Due $537 81 Nov. 1 1927 to 1936, incl.
NORDHOFF UNION GRAMMAR SCHOOL DISTRICT (P. 0.
Ventura), Ventura County, Calif.
-L. E. Hallo-BONDS OFFERED.
well, County Clerk, received sealed bids on Feb. 15 for 548.000 5% school
bonds. Dated Feb. 1 1927. Denom. $1.000. Due Feb. 1 as follows:
$3.000, 1928. and $5,000. 1929 to 1937 incl. Prin. and int. (F. & A.)
payable at the County Treasurer's office.
NORTH CHARLEROI (P. 0. Lock No. 4), Washington County,Pa.
-BOND SALE.
-The $30,000 4l5% grading and curbing coupon bonds
offered on Feb. 14-V. 124. p. 823
-were awarded to Prescott. Lyon & Co.
of Pittsburgh at a premium of $1,055, equal to 103.51, a basis of about
4.22%. Date Jan. 1 1927. Due 53,000. Jan. 1 1942 to 1951 incl.
NORTH LIMA RURAL SCHOOL DISTRICT (P. 0. North Lima),
Mahoning County, 0.
-The 53.500 5% school bonds
-BOND SALE.
offered on Aug. 28-V. 123, p. 1009
-were awarded to the Citizens' Savings Bank. Columbiana. Dated Aug. 1 1926. Due $700, Sept. 15 1927
to 1931 incl.
MARIANNA WATER WORKS IMPROVEMENT DISTRICT NO. 2,
NUTLEY, Essex
-BOND SALE-The following four
-BOND SALE.
Lee County, Ark.
-The W. B. Worthen Co. of Little issues of temporary County, N. J.
aggregating $32.700 have been
Rock has purchased an issue of $125,000 6% water works bonds at 106.815, awarded to the Bank improvement bonds
of Nutley and the First National Bank, both of Nuta basis of about 5.47%. Due in 20 years.
ley, jointly:
1100
THE CHRONICLE
$12,000 sanitary sewer bonds.
3,200 water service connection bonds.
16.000 Raymond Ave. improvement bonds.
1,500 water main bonds.
-The
-BOND SALE.
OAKLAND CITY, Gibson County, Ind.
Peoples State Bank, Indianopolis, has been awarded an issue of $90.000
6% Oakland City College bonds at par. Date Jan. 20 1927. Denom.
$500 and $1000. Due April 20 and Oct. 20 as follows: 1929 to 1934, incl.,
$3,000. 1935 to 1938, incl., $3,500, 1939 and 1940, and $10,500, 1941.
Int. payable A. 20 & 0. 20.
OMAHA, Douglas County, Neb.-CORRECTION.-We are now informed by the City Comptroller that the sale of $28.000 4 X% paving bonds
to the Peters Trust Co. of Omaha reported in V. 124, p. 955, is erroneous.
'
[VOL. 124.
ST. JOSEPH, Buchanan County, Mo.-BOND SALE.
-The $420,000
434% coupon parkway paving bonds offered on Feb. 15-V. 124. p. 824
were awarded to Howe,Snow & Berties of Chicago at a premium of $10,611,
equal to 102.52, a basis ofabout 4.21%. Dated Sept. 11926. Due $28,000
Sept. 1 1931 to 1945 incl. Purchasers agreed to furnish printed bonds.
SACO, Phillips County, Mont.
-BOND SALE.
-The 10,000 electric
-were awarded to the State
light bonds offered on Feb. 9-V. 124, p. 139
Land Commission, as 6s at par. Date Jan. 1 1927.
-L. R.
-BOND OFFERING.
SANFORD, Seminole County, Fla.
Phillips, City Clerk, will receive sealed bids until 2 p. m.Feb.25 for $470.000
534% street improvement bonds. Dated Jan. 1 1927. Denom. 81.000.
Due $47,000 July 1 1928 to 1937 incl. Alternative bids may be submitted.
based upon a lower rate of interest. Prin. and int. (J. & J.)'Payable at the
Chase
Cha National Bank, N. Y. City. A certified check for 2% of the bid
DISCRIPTION. required. Legality to be approved by Caldwell & Raymond, N.Y.City.
-BOND
OSAGE COUNTY (P. 0. Pawhuska), Okla.
-The $100.000 5349' coupon road bonds purchased by R. J. Edwards.
-are describe as follows: Date
Inc. of Oklahoma City-V. 124, 13. 823
SARASOTA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
Feb. 10 1927. Denom. $1,000. Due serially. Interest payable F. & A. (P. 0. Sarasota), Fla.
-BOND SALE.
-The $50,000 school bonds offered
on Feb. 14 (V. 124, p. 543) were awarded to Seasongood & Mayer of Cin-BOND cinnati as 534s at a premium of $515, equal to 101.03, a basis of about
Kan.
OTTAWA SCHOOL DISTRICT, Franklin County,
-Taylor, Ewart & Co. of Chicago. have purchased an issue of 5.49%. Dated July 1 1926. Due July 1 as follows: 82.000. 1929 to 1950
SALE.
$210.000 434% school building bonds. Date Jan. 1 1927. Denom. incl., and 81,000. 1951 to 1956 incl.
$1.000. Due semi-annually as follows: $5.000. Jan. and July 1 1928 to
Financial Statement.
1932. incl.: $6,000. Jan. 1 and $5,000. July 1 1933 to 1946, incl., and
$34.295.870 00
86.000,Jan. 1 1947. Prin.and in (J.& J.) payable at the State Treasurers Actual valuation (approximate)
office. Legality. Approved by Chapman. Cutler & Parker of Chicago.
7,888.050 00
Assessed valuation
Total bonded debt (including this issue)
750.000 00
OYSTER BAY UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Sinking fund
20.222 59
-The
-BOND SALE.
Glenwood Landing), Nassau County, N. Y..
Population (estimated). 17,500.
$315.000 44% school coupon or registered bonds offered on Feb. 16-V.
& Co. and Pulleyn & Co., both of
-were awarded to Redmond
124, p.823
SAULT SAINTE MARIE SCHOOL DISTRICT, Chippewa County,
New York, jointly, at a premium of $8,221 50, equal to 102.61, a basis of Mich.
-Chas.(1. Clarke, Secretary Board of Trustees,
-BOND OFFERING.
about 4.27%. Date Feb. 1 1927. Due Feb. 1 as follows* $5.000, 1928 and will receive sealed bids until 12 M., Mar.1,for 3190.000 4 X% school bonds.
1929; $7,000. 1930 and 1931: $8.000. 1932 to 1934. incl.: $9,000, 1935 to Dated Jan. 15 1927. Denom. 81,000. Due $10.000 Jan. 1 1933 to 1951,
1937.incl.:$10,000, 1938 to 1940,incl.:$11.000. 1941 to 1943,Incl.;$12,000, incl. lot payable J. & J. A. certified check for 5% of the total amount of
1944 to 1946. Incl.: $13,000, 1947 to 1949, incl.; $14,000, 1950 to 1952, bonds is required. •
incl., and $15,000. 1953 to 1956, incl.
-The
-BOND SALE.
SEDGWICK COUNTY (P. 0. Wichita), Kan.
Financial Statement.
$3.933.775 Guarantee Title & Trust Co. of Wichita purchased on April 1 as issue of
.ctual value
A
1,258.808 $20,000 434% road improvement bonds at 99.81.
valuation
Assessed
315.625
Total bonded debt
SEDGWICK COUNTY SCHOOL DISTRICT NO. 35 (P. O. Jules.
Population (present estimate) 1,000.
burg), Colo.
-BOND SALE.-Benwell & Co. of Denver have purchased
-INTEREST RATES- an issue of $8.000 5% school bonds at par. Due $2,000. 1928 to 1931 incl.
OXFORD, LAFAYETTE COUNTY, Miss.
paving bonds purchased by Caldwell Legality approved by Charles & Rutherford, St. Louis.
.-The $30,000 coupon
DISCRIPTIO1V
-boar interest at the rate of 534% and
-V. 124. p. 823
& Co. of Nashville
-BOND OFFERSEYMOUR SCHOOL CITY, Jackson County, Ind.
are described as follows: Date Feb. 1 1927. Denom.$1,000. Due $3,000,
ING.
-C. E. Loertz, Secretary Board of School Trustees, will receive
Feb. 1 1928 to 1937, incl. Interest payable F. & A.
sealed bids until 7 p. m. Feb. 25 for $45.000 434% arade school building
-The bonds. Denom. $500. Due $2.000 July 11028; $2.500 Jan. 1 and July 1
-BOND DESCRIPTION.
PHENIX CITY, Lee County, Ala.
$25,000 coupon paving bonds purchased by the Barlow-Gordy Co. of 1929 to 1936, incl. and $3,000 Jan. 11937. Prin. and int. (J. & J.) payable
-at par bear interest it the rate of 6% and are to the Treasurer. Board of School Trustees' office.
Columbus
-V. 124. P. 677
described as follows: Date Feb. 1 1927. Denom. $1,000. Due Feb. 1
-BOND DESCRIPTION.
SHELBYVILLE, Shelby County, 111.
1937, optional any interest date. Interest payable F. & A.
The $7,600 6% street paving registered bonds reported sold to the Shelby
-were awarded at par.
-V. 124, p. 825
PITT COUNTY FOUNTAIN SPECIAL SCHOOL DISTRICT (P. 0. Loan & Trust Co.. Shelbyville
-BOND OFFERING.
-J. C. Gaskins, Register of Date Sept. 1 1926. Denom. $1,000. Due serially in 8 years.
Greenville), No. Caro.
Deeds, will receive sealed bids until March 11 for $16,000 8% school bonds.
-BOND SALE.
-Calvert & Canfield
SHIDLER, Osage County, Okla.
Denom. $1,000.
of Oklahoma City. have purchased an issue of $20,000 5% school bonds at
PITTSFIELD, Berkshire County Mass.-TEMPORARY LOAN.- par. Due in 10 years.
The First National Bank of Boston has'been awarded a $300,000 temporary
-The following
-BOND SALE.
SLIDELL, St. Tammany Parish, La.
loan on a 3.61% discount basis plus a premium of $9. Due Nov. 7 1927.
two isues of coupon bonds aggregating $175,000 offered on Feb. 4-V. 124,
-BOND OFFERING.
PORTLAND. Multnomah County, Ore.
-were awarded to C. P. Ellis & Co. of New Orleans as follows:
p. 677
George R. Funk. City Auditor, will receive sealed bids until 11 a. m. $105.000 Sewerage District No. 1 bonds at a premium of $1,147. equal to
March 1 for $100,000 434% roolice traffic signal and police communication
101.09. Due April 1 as follows: $1,500. 1928: $2,000, 1929;
bonds. Dated March 1 1927. Denom. $1,000. Due March 1 as follows:
$3,500. 1931; $4,000. 1932 and 1933: $4,500, 1934 and 1935;
$10.000. 1930. and $15.000, 1931 to 1936 incl. Alternative or separate bids
$5.000. 1936 and 1937; $5,500. 1938 to 1940, incl.; $6,000. 1941:
are requested, based upon point of delivery. If delivery is to be effected
86,500.000, 1942; $7,000, 1943 and 1944: $7,500, 1945: $8,000,
outside of Portland. all expenses are to be paid for by the successful bidder..
1946 and $8,500, 1947.
Prin. and in (m. & S.) payable in gold at the City Treasurer's office or
70,000 water works bonds at a premium of $402. equal to 100.57. Due
at the fiscal agency in New York City. A certified check, payable to the
April 1 as follows: 52,000, 1929: $2,500, 1930 to 1933 incl.;
Mayor for 5% of the bid, required. Legality approved by Storey, Thorn$3,000, 1934 to 1936. incl.; $3,500, 1937 to 1939, incl.; 14,000,
dike, Palmer & Dodge a Boston.
1940 and 1941: $4,500, 1942 and 1943; 85.000, 1944 an 1945;
55.500, 1946 and $6,000, 1947.
-Sealed
-LOAN OFFERED.
PORTLAND, Cumberland County, Me.
Date April 1 1927 (rate not given).
basis of
bids were received until Feb. 15 for the purchase on a discount
a $300,990 temporary loan. Date Feb. 18 1927. Legality approved by
-BOND
SPARKS SCHOOL DISTRICT, Doniphan County, Kan.
Ropes. Gray, Boyden & Perkins.
-The Fidelity National Bank & Trust Co. of Kansas City has purSALE.
- chased an issue of $13,000 school bonds.
-BOND OFFERING.
PUTNAM COUNTY (P.O. Greencastle), Ind.
Wither 0. Clodfelter, County Treasurer, will receive sealed bids until 2P• m•
-BOND
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
Feb. 21 for the following three issues of 414% road coupon bonds aggre- OFFERING.
-J. L. Williams, Clerk County Board, will receive sealed bids
gating $123.200:
Due $2,240, until 11 a. m. March 3 for 8600,000 434% coupon funding bonds. Dated
$44,800 Greencastle Township bonds. Denom. $1,120.
March 1 1927. Due March 1 as follows: $19.000, 1928: $20,000. 1929
May and Nov. 15 1928 to 1937 incl.
33,000. 1932: $25.000, 1933; 826,000, 1934
38,400 Greencastle Township bonds. Denom. $960. Due $1,920, May $21,000, 1930 822.000, 1931: 12
$27.000. 1935 828.000. 1936: 29.000, 1937; 831,000. 1938: 832.000, 1939
and Nov. 15 1928 to 1937 incl.
1944
1941; 5,000. 1942; 837.000, 1943;
40,000 Greencastle Township bonds. Denom.$1,000. Due $2,000, May $33,000, 1940 $34,000, 1946, and $41,000. 1947. Prin. and $38,000. & S
int.(M.
839.000. 1945 $40,000,
and Nov. 15 1928 to 1937 incl.
check,
New York
payable
Dated Feb. 15 1927. A certified check for 2% of the amount of bonds payable at the Hanover National Bank, of the bid.City. A certified
required. Legality apto the County Board, for 2%
bid for is required.
proved by Reed, Dougherty, Hoyt & Washburn, New York City.
-Arthur Perry &
-BOND SALE.
REVERE, Suffolk County, Mass.
-TEMPORARY LOAN.STAMFORD, Fairfield County, Conn.
Co. of Boston have been awarded the following two issues of 434% bonds
The $150.000 temporary loan offered on Feb. 15 (V. 124, p. 957) was
aggregating $64.000:
awarded to the First Stamford National Bank on a 3.69% discount basis
$45,000 Macadam bonds.
plus a premium of $7. Due Nov. 151927.
19,000 Chelsea Bridge South bonds.
-BOND OFRIVERSIDE (P. O. River Edge), Bergen County N. J.
STRATFORD INDEPENDENT SCHOOL DISTRICT, Hamilton
sealed bids County, Iowa
'
FERING -Waiter E. Chapman, Borough Clerk, will receive
.-INTEREST RATE-DISCRIPTION The $50,000
until 8.30 p. m. Mar. 7, for an issue of 5% street improvement coupon or coupon school bonds purchased by George M. Bechtel & Co. of Davenport
registered 13ond;not to exceed $25.000, no more bonds to be awarded than at I01.422
at the rate of 434_% and are
-bear interest
-V. 124, p. 957
will produce a premium of $1,000 over $25,000. Dated Dec. 1 1927. described as follows: Date March 11927. Denom. $1,000. Due serially
Denom. $1.000 and $500. Due Dec. 1 as follows' $2,500, 1927 to 1930, 1931 to 1947, incl. Interest payable M. dz S.
will be approved by Thomincl., and $33,000, 1931 to 1935 incl. Legality
-The State Comptroller of
son, Wood & Hoffman, New York City. A certified check for 2% of the
TEXAS (State of).
-BONDS REGISTERED.
amount of bonds bid for, payable to the Borough Collector, is required.
Texas registered for the week ending Feb. 12, the following two issues o
school bonds aggregating $3,400:
-BOND OFFERING.
ROCKY RIVER, Cuyahoga County, Ohio.
Amt.
Int. Rate
Due
NameFrank Mitchell. Village Clerk, will receive sealed bids until March 15
serially
534%
1927 for $2.560 5% bonds. Date March 1 1927. Denom. $256. Due Scurry. Borden and Mitchell Cos. S.D.,No.9..31.900
1,500
20 years
5%
certified Leon County School District
8256. Oct. 1 1928 to 1937. incl. Interest payable A. & 0. A
check for 10%.of the amount of the bonds bid for, payable to the Village
-BOND SALE.
-The $16.000
TITUSVILLE, Crawford County, Pa.
Treasurer, is reqwred.
434% general improvement, Issue No. 5 bonds offered on Feb. 6-V. 124,
Mellon National Bank of Pittsburgh at a
-were awarded to the
ROME RURAL SCHOOL DISTRICT (P. O. Proctorville R. F. D.) P. 678
-BOND OFFERING.
Lawrence County, 0.
-Arnold Pigman, Clerk premium of $378 77, equal to 102.36, a basis of about 4.209'. Date
Board of Education, will receive sealed bids until 12 m.(Central standard Aug. 11926. Due Aug. 1 as follows: 85,000, 1931 and 1936 and $6,000,
time) Feb. 25 for $1,053 42 6% bonds. Date July 15 1926. Denom. 1941.
$10534 and $105 36. Due March 1 and Sept. 1 as follows: $105 34.
-BONDS OFFERED.
-Frank L.
TOPEKA, Shawnee County, Kan.
1927 and $105 36. 1928 to 1931, incl. Prin. and int.(M. & S.) payable at
Commissioner, received sealed bids until Feb. 15 for
the First National Bank of Ironton. A certified check for not less than 2% Stevens, Finance
years.
1
$70,0004J4% viaduct bonds. Due serially in to 10
bid upon, payable to the Board of Education.
of the amount
-BOND.SALE
.-Prudden
UNICOI COUNTY (P. 0. Erwin), Tenn.
ROODHOUSE, Greene County, III.
-The
-BOND DESCRIPTION.
highway bonds.
-were & Co. of Toledo, have purchased an issue of $25.000 534% I'rin. and int.
$5,000 street oiling coupon bonds reported sold in V. 124. p. 824
Date May 1 1926. Denom. $1,000. Due May 1 1956.
awarded to the First National Bank, of Roodhouse, bear interest at the (M. & 1%T.) payable at the Chemin' National Bank, New York City.
rate of 7%, and are described as follows: Date March 17 1926. Denom. Legality approved by Charles & Rutherford of St. Louis.
$500 Due March 17 1927.
-BOND OFFER
VANDERBURGH COUNTY (P.O. Evansville), Ind.
-How-BOND OFFERING.
RUSH COUNTY (P. 0. Rushville), Ind.
-Chris Kratz, County Treasurer, will receive sealed bids until 10
/NO.
Treasurer, will receive sealed bids until 10 a. m.
ard Ewbank,County bonds. Due semi-annually in 1 to 10 years.Feb.21 a. m. Feb. 28 for $7,600 434% Pigeon Township road bonds. Due $380.
for $29,160 434% road
May and Nov. 15 1928 to 1937, incl.
-BOND OFFERING.
County, Fla.
-George M.
ST. CLOUD, Osceola
VERMILION COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Hoopesreceive sealed bids until 2 p. m. March 2 for
Mitchell, City Manager, will
-The $115.000 5% school bonds offered on Jan.
-BOND SALE.
bonds. Dated Feb. 1 1927. Denom. $500. A ton), III.
$120,000 6% street impt.the bid required.
28 (V. 124, p. 543) were awarded to the Illinois Merchants' Trust Co. of
certified check for 5% of
Chicago at a premium of $9,822, equal to 108.54, a basis of about 4.27% •
-BOND OFFER
0. St. Augustine), Fla.
Date Jan. 1 1927. Due July 1 as follows: $5,000. 1939; $10,000, 1940 to
ST. JOHNS COUNTY (P.
Board of County Commissioners, will receive 1942 incl. , and $20.000, 1943 to 1946 incl.
.-0be P. Goode, Clerk
ING
March 15 for 8400,000 5% coupon series 13 impt.
-The $35.000 wear
-BOND SALE.
sealed bids until 10 a. m.
VERNAL, Unitah County, Utah.
Due Jan. 11946. Prin. and int. (J. & J.)
bonds. Dated Jan. 1 1926. Bank, St. Augustine, or at the Chase Na- works refunding bonds offered on Feb. 16-V. 124. P. 678- were awarded
at the First National A certified check, payable to the County to the Ashton-Jenidns Co. of Salt Lake City, as 434s, at a premium of
payable
York City.
tional Bank, New
81,020 equal to 102.91. Due serially over a period of ten years.
required.
Commissioners for 1% of the bid,
•
•
1101
THE CHRONICLE
FEB. 19 1927.]
Other bidders were:
-Of the two
-BOND SALE.
VERO BEACH, St. Lucie County, Fla.
Premium.
Nameon Feb. 8lames of 6% coupon bonds aggregating 8471,000 offered the Lawrence Salomon Bros. & Hutzler, the First National Bank pf New York,
V. 124, p. 678-$321,000 6% city bonds were awarded to 1 1927. Due
$27.885 00
Phelps Fenn St Co. Redmond & Co
at 95, a basis of about 7.09%. Date Feb.
Construction Co.
& Co.. Geo. B. Gibbons &
Feb. 1 as follows: $6,000. 1928; and 335.000. 1929 to 1937, incl. &M. W. Roosevelt & Son, Remick. Hodges
27.574 50
Co.
Co. of
Elkins & Co. of Little Rock and Walter. Woody & Heimerdinger 6% city Guaranty Inc
Co. of New York, Equitable Trust Co. of New York,
a bid of 95.50 for the $150,000
Cincinnati, jointly, submitted
26,238 00
Eldredge & Co., Barr Brothers & Co
bonds, which was rejected.
Chase Securities Corp., H. L. Allen &
Batchelder, Wack &
23.535 00
Co..
-0. V. Savidge,
Co., A. B. Leach & Co., George H. Burr & Co
BOND OFFERING.
WASHINGTON (State of),
Forbes & Co. 20,398 50
State Capitol Committee will receive sealed bids until 10 a. m. The National City Co., Bankers Trust Co., Harris,
Secretary
nc
on date of
March 7, for $1,700,000 4%% capitol building bonds. Dated payable at Estabrook & Co., W.A. Harriman & Co..Ames, Emerich & Co.. 20.250 00
Prin. and int.
Kean. Taylor & Co., Lehman Brothers,
issuance. Denom. $5,000. Due in 20 years.
19.335 00
Guardian Detroit Co., R. M.Schmidt & Co
the State Treasurer's office. These bonds are part of an authorized issue of
$4,000,000, the remaining $2,300,000 having been sold to the State.
-BOND SALE.
WASHINGTON COUNTY(P.O. Washington), Pa.
The $350,000 4%% road impt. bonds offered on Feb. 15-V. 124. p. 678
of 510.010,
were awarded to the Onion Trust Co.of Pittsburgh at a premium1926. Due
-The 599.801 46 5% coupon
BROCKVILLE, Ont.-BOND SALE.
102.86, a basis of about 4.07%. Dated Dec. 30
equal to
offered on Feb. 10-V. 124, p. 826-were awarded to
Dec. 30 as follows: $5.000, 1942 to 1949 incl.; $35,000, 1952:$70,000. 1953: Improvement bondsCo., Toronto, at 99.92, a basis of about 5.02%. Date
Mitchell &
Brouse,
855,000. 1954, and $75,000, 1955 and 1956. A certified check for $2,500 Jan. 4 1927. Denom. $1,000. Due in 10 annual installments.
is required.
-The following I. a complete
-BIDS.
BURNABY DISTRICT, B. C.
-The
-TEMPORARY LOAN.
WELLESLEY, Norfolk County, Mass.
-year coupon local improvethe bids received for the 867,000 5% 30
First National Bank of Boston has been awarded a $100,000 temporary list ofbonds reported sold in V. 124, p. 958:
ment
loan on a 3.63% discount basis.
Rate Bid.
Bidder98.577
WHARTON COUNTY HIGHWAY DISTRICT NO. 12 (P. 0. Whar- Royal Securities Corp
98.57
SALE.
-The $100.000 53 % coupon road bonds offered Fry, Mills, Spence & Co
-BOND
ton), Tex.
98.53
Mercantile Trust & Savon Feb. 14 (V. 124, p. 825) were awarded to the to 106.08, a basis of about McDonald, Jukes & Graves
98.53
Pemberton & Son
Dallas at a premium of $6,080, equal
ings Bank of
98.082
10 as follows: $3,000, 1938 to Royal Financial Corp
4.92%. Dated Mar. 1 1927. Due April
98.053
V. W.Odium & Co
incl., and $4,000. 1948 to 1957 incl.
1947
97.74
British Columbia Bond Corp
-BOND OFFERING.
WICHITA COUNTY(P.O. Wichita Falls), Tex. bids
-We
-CORRECTION.
B. C.
until
BURNABY DISTRICT(P.O. Edmonds),
-E. P. Walsh, County Auditor, will receive sealed 10 1927. 10 a. m.
Denom. are now informed that the reported sale of the three issues of bonds aggre% County bonds. Date July
April 11, for 8500,000
810,000, 1930 to 1937,incl. gating 8431,008-V. 124, p. 958-is erroneous.
31,000. Due as follows: $5.000, 1928 and 1929;
$25.000, 1950
$15,000, 1938 to 1945, incl.; $20,000. 1946 to 1949, incl.; (J. & D.) pay
-The following two issues of 5%
MIDLAND, Ont.-BOND SALE.
to 1955, incl.; and $30,000, 1956 and 1957. Prin. and int. designated by bonds aggregating $141,600 offered on Feb. 11-V. 124, p. 958
-were
able at a financial institution located in New York City, the bonds and awarded to Dyment, Anderson & Co. of Toronto at 100.068. a basis of
Successful bidder to pay for the printing of
the County.
scheduled for sale on Feb. about 4.99%.
attorney's fee. These are the bonds originally
$117.600 pavement bonds. Due in 20 equal annual installments.
14.-V. 124, p. 825.
24.000 sewer bonds. Due in 30 equal annual installments.
-BOND SALE.
-The
Tex.
Date Dec. 1 1926.
WILBARGER COUNTY (P. 0. Vernon),
-were
8850,000 special road bonds offered on Feb. 16-V. 124, p. 825
-Following ls& complete
-BIDS.
NEW BRUNSWICK (Province of).
the Taylor-White Co. of Oklahoma City, as 434s at a premium
awarded to
% provincial bonds awarded on
received for the 8640,000
of $9,351 equal to 101.10, a basis of about 4.66%. Dated March 15 1927. list of the bids Dominion Bank of Canada, Toronto, at 99.68. a basis of
March 15 as follows: 815,000, 1928 to 1937, incl.; $25,000, 1938 to Feb. 8 to the
Due
958):
1947 incl.• $35,000, 1948 to 1951, incl.; $45,000, 1952 and 1953; $50,000, about 4.77% (V. 124, p.
-Rate Bid$so.doo, 1954 and 1955, and $60,000. 1956 and 1957.
10 Years. 20 Years.
Bidder99.67
-BOND Bank of Montreal
County, Ind.
W1NAMAC SCHOOL. DISTRICT, Pulaski
99.67
-The Clerk Board of Trustees will receive sealed bids until A. E. Ames St Co. Ltd
OFFERING.
99.61
99.42
7 for 826,000 4%% school bonds. Dated March 1 1927. Wood, Gundy & Co
7:30 p.m. March
99.41
99.41
Spence & Co
Denom. 8866. Due $886 July 1 1928 and $866 Jan. and July 1 1929 to Fry, Mills,
The Dominion Bank are now offering the bonds at 100.64 to yield 4.70%.
1942 incl., and 8866 Jan. 11943. A certified check for $200 is required.
-year
-The $85,800 5% 25
POINTE CLAIRE, Que.-BOND SALE.
-BONDS REGISTERED.
WISE COUNTY (P. 0. Decatur), Tex.
E. Ames
-were awarded
The State Comptroller of Texas registered on Feb. 8 an issue of $100.000 serial bonds offered on Feb.7-V.124, p. 826 4.98%. Datedto A. 2 1927.
Jan.
& Co., Toronto, at 99.36, a basis a about
Due serially.
% road and bridge funding bonds.
Due in 25 years.
-TEMPORARY LOAN.
The following is a complete list of the bids received:
WORCESTER, Worcester County, Mass.
Rate Bid.
Rate Bid. BidderBidderThe First National Bank of Boston has been awarded a $1,200,000 tem99.36 Wood, Gundy & Co
98.85
porary loan on a 3.58% discount basis plus a premium of $26. Dated A. E. Ames & Co
93.31 L. G. Beaubien & Co
98.75
$25,000 and 810.000. Due Nov. 3, 1927. Rene T. Leclerc
Feb. 17 1927. Denom. $50.000,
99.14 Versailles. Vidricaire, Boulais_98.83
Credit Anglo Francais
Legality approved by Storey, Thorndike, Palmer & Dodge, Boston.
Hanson Bros
97.57
Mead & Co. and Dominion
99.07 Brouse, Mitchell & Co
98.882
Securities Corp
YALOBUSHA COUNTY SUPERVISORS DISTRICT NO. S (P. 0.
-W. B. Hunter, Clerk Board of
-BOND OFFERING.
Coffeeviiie), Miss.
-BOND BALE.
-Wood, Gundy &
road
POINT GREY DISTRICT, B. C.
Supervisors, will receive sealed bids until Mar. 7 for $140,000 5%
Co., Toronto, and Pemberton & SODS, Bancouver, have been awarded an
bonds.
issue of $586,000 5% bonds at 99.02.
-The fol-BOND SALE.
YONKERS, Westchester County, N. Y.
-BOND SALE.
-The 8100,000 555%
PORTAGE LA PRAIRIE, Man.
lowing five issues of 4%% bonds aggregating $1,500,000 offered on Feb. 15
-were awarded to
-were awarded to a syndicate composed of E. H. Rollins water works bonds offered on Jan. 31-V. 124, p. 679
-V.124. p. 826
& Sons. Stone & Webster and Blodget, Inc., and Pulleyn & Co., all of New McDonagh, Somers & Co., Toronto, at 104.80. Date Jan. 2 1927.
York, at 101.02, a basis of about 4.03%:
-BOND SALE.
-Pemberton
WEST VANCOUVER DISTRICT, B. C.
8700.000 school, series A bonds. Due March 1 820,000, 1928 to 1947 Ind.,
& Sons of Vancouver have been awarded an issue of 8115,000 5% bonds
and 815,000. 1948 to 1967 incl.
98.45.
incl.
at
200,000 water bonds. Due $10,000 March 1 1928 to 1947
180,000 public building bonds. Due 89,000 March 1 1928 to 1947 incl.
-Pry, Mills, Spence & Co. and the
WINDSOR, Ont.-BOND SALE.
300.000 refunding bonds. Due $15,000 March 1 1928 to 1947 incl.
Canadian Bank of Commerce, both of Toronto, have been awarded jointly
120,000 school, series B bonds. Due $8,000 March 1 1928 to 1942 incl.
-year installment bonds at 102.26.
30
an issue of $250,000 5%%
Date March 1 1927.
CANADA, its Provinces and Municipalities.
FINANCIAL
PINANCIkL
We Special& in
FINANCIAL
BONDS
City of Philadelphia
3s
1
/
32s
4s
/
41 49
25
41/
5s
1
/
54s
/
51 2s
Biddle & Henry
MUNICIPAL
and
CORPORATION
THE DETROIT CCIMPANY
Incorporated
51
A%
Correspondent of
Municipal Trust
DETROIT TRUST COMPANY
DETROIT, MICH.
Adrian H. Muller & Son
AUCTIONEERS
Domestic Bonds
Foreign Bonds
J. E. W.THOMAS &CO.
Fidelity Union Building
DALLAS, TEXAS
Telephone X-8332
Ownership Certificates
Secured by
Tax Liens on Improved Property
OFFICE NO. 65 WILLIAM STREET
-et
Corner Pine Str.
Southern Municipal Bonds
Exempt
From Federal Income Taxes
CHICAGO
NEW YORK
BOSTON SAN FRANCISCO
1522 Locust Street
Philadelphia
Prirate Wire to New York
Call Canal 8437
$500,000
St. Louis, Mo.
Oklahoma City, Okla.
To Yield 5.50%
HERBERTC.HELLER&ft
ineoRPORATED
Sixty Wall Street
New York
Tel. Hanover OM
Regular Weekly Sales
OF
Stooks and Bonds
EVERY WEDNESDAY
EZ43111111140
SalOSTOOnill
Vesey Street
WHITTLESEY
McLEAN &CO. ,
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
1102
THE CHRONICLE
[VoL. 124
COTTON GRAIN. SUGAR aND COFFEE MERCHANTS AND BROKERS
Paul Schwarz
A. Schierenberg
P. Manfred Schwarz
Corn, Schwarz & Co.
Geo. H. McFadden & Bro.
COMMISSION MERCHANTS
15 William Street
Now York
COTTON MERCHANTS
PHILADELPHIA
NEW YORK
-
The New York Cotton Exchange
Dealers in American, Egyptian and Foreign Cottons
MEMBERS OF
New York Cotton Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York Coffee & Sugar Exchange
Chicago Board of Trade
New York Cocoa Exchange, Inc.
FOREIGN CORRESPONDENTS
Hibbert, Finlay 8c Hood, Liverpool
Societe d'importation et de Commission
. Havre
N. V. McFadden's Cie., Rotterdam
Geo. H McFadden & Bros. Agency.
Gothenburg
Johnson & Turner. Ltd.. Lisbon
Juan Par y Cia., Barcelona
Fachiri & Co., Milan
Zellweger & Co., Zurich
Geo. H. McFadden South American
Geo. H. McFadden & Bro.'s Agency,Company, Inc., Lima, Peru
Central P. 0. Box 55, Osaka, Japan
ASSOCIATE MEMBERS OF
Liverpool Cotton Association
Established 1856
H. Hentz & Co.
N. Y. Cotton Exchange Bldg.
Hanover Square
NEW YORK
BOSTON DETROIT SAVANNAH PARIS
COMMISSION MERCHANTS
AND BROKERS
Members
New York Stock Exchange
New York Cetton Exchange
New York coffee & Sugar Exchange, Inc.
New York Produce Exchange
New York Cocoa Exchange. Inc.
Rubber Exchange of New York, Inc.
Chicago Board of Trade
New Orleans Cotton Exchange
Winnipeg Grain Exchange
Associate Members
Liverpool Cotton Association
ROBERT MOORE & CO.
W. R. CRAIG & CO.
44 Beaver Street, New York
COTTON MERCHANTS
Members New York Cotton Exchange
Iferchants and Brokers
New York Coffee OE Sugar Exchange. Inc.
New York Produce Exchange
COTTON
3/milers New York Cotton &Mang.
Bowling Green 0480
60 Beaver St.,
New York
F. O. KSICCH Se COMPANY
52 154210/1132WAY. NSW YORE
Cotton Department
Under the management of Ed ward M. Weld
and Bulkeley L. Wella, formerly partugni of
Stephen M. Weld & Co.
Hubbard Bros. & Co. Chicago
Washington
Providence
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the Classified De partmen1 of
the Financial Chronicle.
Coffee Exchange Building
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NEW YORK
COTTON MERCHANTS
Liberal Advances Made on
Cotton Consignments
Hopkins, Dwight & Co.
COTTON
and
COTTONSEED OIL
COMMISSION MERCHANTS
1307 COTTON EXCHANGE BLDG.,
NEW YORK
Aiming engtneers
H.
L. F. DOMMERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
General Offices, 254 Fourth Avenue
NEW YORK
Established Over 85 Yens
M. CHANCE & CO.
Mining Engin•er• and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Orex•I Building
PHILADELPHIA
INDIANAPOLIS
Thomas D. Sheerin & Company
CORPORATION
BONDS
INDIANA MUNICIPAL
BONDS
idler Sayings & Trust Bldg.
INDIANAPOLIS
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