Full text of Commercial and Financial Chronicle : February 25, 1928, Vol. 126, No. 3270

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financial

The
Oflflnrrcttt
Railway&Industrial Compendium
State & Municipal Compendium
VOL. 126.

mule

Public Utility Compendium
Railway Earnings Section

Bank and Quotation Section
Bankers' Convention Section

NO. 3270.
SATURDAY,FEBRUARY 25 1928.
party on the prohibition question and the repeal of

financial Chronicle

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going on for a long time. The great need of the hour
Ostcatio Orrics—in charre of Fred. H. Gray, Western State 01113. ive.
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E. C. is tax reduction, more especially reduction in the
LONDON Omen—Edwards & Smith. 1 Drapers Gardens. London.
WILLIAM B. DANA COMPANY, Publishers,
corporation taxes and in the lower brackets of the
Front, Pine and Depeyster Streets, New York
surtaxes, and that is just what the business commuPublished every Saturday morning by WILLIAM B. DANA COMPANY. nity is not getting. In fact, there is interminable
D.
President and Editor, Jacob Seibert: Business Manager, William Office Riggs:
of Co.
Treas., William Dana Seibert: Sec.. Herbert D.Seibert. Addreesa9 of all.
delay about providing any tax reduction at all. Both
Congress and the Administration are dilly-dallying
The Financial Situation.
with the subject, not only in a most tantalizing and
in Jersey City provoking fashion, but in a way such as to furnish
Speaking at a Republican meeting
and even alarm.
on Wednesday night, Dr. Nicholas Murray Butler occasion for the gravest anxiety
Business is not what it should be and the underof Columbia University expressed the belief that
the tax relief which
either Governor Alfred E. Smith of New York or lying cause is the failure to get
During January the steel in- •
Governor Albert C. Ritchie of Maryland would be is so urgently needed.
s of a revival of
nominated for President by the Democrats at their dustry showed gratifying evidence
in activity after a prolonged period of depression and
National Convention and warned his hearers that
well maintained during
such an event blundering on the part of the Republi- the higher pace has been
tic most of February, but within the last few days
cans might give the presidency to the Democra
y and the excandidate. There are many people throughout the there have been indications of hesitanc
would again begin to
country who would not regard the nomination and pression of a fear that trade
te future of busielection of either of these men as an unspeakable ca- lag. Views regarding the immedia
is by no means
lamity. And as to Governor Smith in particular, ness are rather mixed and the outlook
Apprehensions exsuch is his popularity and such the record he has regarded as altogether assured.
happened last year, namemade in office that there are hosts of Republicans ist of a repetition of what
in the steel industry after the
who would be willing to give him their votes, along ly, a rapid decline
immediate orders have
with the solid phalanx of the Democrats, were it not coming month when pressing
the trade is once more faced with a
for fear of Tammany influence and Tammany dom- been filled and
ination with the profligacy and vicious political dearth of new orders.
And we wish again to emphasize what we have said
methods so inseparably connected with that organion a previous occasion, that the reaction in the steel
zation. If the recklessness in expenditure that has
concharacterized the New York City Government in re- trade, which began in March last year and which
to Washington and seize tinued at a progressive rate until it eventuated in
cent years should extend
December,
possession of the National Government, an ominous pronounced depression in November and
Congress to prosituation would confront the country after March 4 was directly due to the failure of
burdens which have
1929. In these circumstances it is certainly impor- vide relief from the onerous tax
on the country's industries.
tant that the dominant party should be careful to been weighing so heavily
November 12 last enavoid any "blundering" such as might give the Demo- In an article in our issue of
s?—Tax Reduction the
crats any advantages beyond what they now possess. titled "What Ails Busines
d incontrovertible
We do not think, however, that the "blundering" Great Desideratum," we furnishe
of these conclusions. Within a few
from which the Republicans have most to fear, is the proof in support
Congressional elections in November.
kind of blundering that Dr. Butler has in mind. He days after the
dominant party fared so badly.
seems to be most concerned about the attitude of his 1926, at which the




1082

FINANCIAL CHRONICLE

[VoL. 126.

Mr. Coolidge came out with a proposition for a flat prise, would the country
have suffered the trade decut of 10@15% in the income taxes payable during prssion which it had to
endure the remainder of the
1926 and based, of course, upon the incomes of 1925, year 1927 and from which
it has not yet entirely rethe cut to apply to the tax on corporations and indi- covered even to-day? The
question obviously carviduals alike.
ries its own answer.
The proposition did not, however, meet with any
Decidedly the most importantthing now,therefore,
degree of public favor. The objection to the pro- is that the experience of 1927
shall not be repeated.
posal was that the reduction would have applied The new Congress met in
December 1927 and the
merely for that single occasion, whereas what is House of Representatives got
expeditiously to work.
wanted is permanent relief. However, the sugges- Before the end of the month it
had passed a new tax
tion had an immediate favorable effect on business, reduction measure. It was
not what had been hoped
since it was supposed that with the President him- for or desired, but at least it
was one step in the
self committed in favor of a large temporary reduc- tax reduction process and the
Senate could, of
tion, Congress would proceed to amend the existing course, cure its defects. There had
been every realaw so as to provide permanent reduction even if not son to suppose that the upper house
of the legislative
as large in extent as the one year reduction which body would speed the measure along with equal
exthe President had in mind. The business community pedition. On this expectation trade revived
once
had fared badly under the Revenue Act of 1926. This more,just as it had the previous year,
under the same
Act had reduced taxes in the enormous sum of $387,- incentive and stimulus. As on the former occasion
000,000, according to the estimates then made, and the steel industry particularly responded
to its
yet the corporation tax had actually been raised quickening influence. Note some of the evidences of
from 121 2%, already far too high, to 131 2%. With this. The unfilled orders on the
/
/
books of the subthe New York State Corporation Tax of 41 2% added, sidiary corporations of the U. S. Steel
/
Corporation
this mach 18% of their entire net income that cor- increased from 3,454,444 tons on November
30 to
porations organized under New York law are obliged 3,972,874 tons on December 31 and further
increased
to pay over to Government, Federal and State. Not to 4,275,947 tons Jan. 31. Pig iron production
inonly that, but though the surtax schedules were sub- creased from 2,695,755 tons in
December to 2,869,761
stantially scaled down, the reduction was entirely in tons in January and the
production of steel ingots,
the so-called higher brackets, with little or nothing after having fallen from
4,499,092 tons in March to
in the lower brackets in which fall the ineomes of 3,101,764 tons in
November and 3,150,345 tons in De
persons with moderately large incomes. The House cember, jumped to 3,959,904
tons in January
bill had made no reduction at all in the surtaxes on
But within the last few weeks new difficulties
amounts of income running from $10,000 a year to have arisen.
The U. S. Senate, acting at the request
$44,000 a year, comprising the vast bulk of the busi- of the Coolidge
Administration, has refused to take
ness community—the small proprietors, the great up the tax
reduction measure for consideration and
middle class with moderately large incomes, as al- in fact has announced
its purpose not to act upon
ready said. Moreover, while the maximum of the it until after
March 15 when the first installment
surtax was reduced from 40% to 20%,the maximum of the 1928 tax
payments, based upon the incomes of
is now reached on incomes beginning with $100,000, 1927, will have to
be made. There have even come
where the previous 40% rate did not apply- ex- intimations .that tax
reduction might have to be
cept on incomes above $500,000.
abandoned altogether. This dawdling is now beginThese were the grievances of the business com- ning to have a very depressing
effect on business
munity, but with the President suggesting a rebate just as it did at the same time
last year and for the
of 10(4)15% it was hoped that Congress could be pre- same reason. The iron and
steel industry shows
vailed upon to give the suffering tax payers endur- signs once more, as already stated,
of a lagging tening relief as already stated even if of less striking dency, and as a matter of fact
the iron and steel inproportions. The business world kept hoping against dustry is the only one that has had
much of a revival
hope that these expectations of a lowering of tax of activity, though the
importance of this consists
schedules would be realized, but Congress adjourned in the circumstance that this industry always constion March 4, 1927, without having done anything, the tutes a sort of industrial barometer
and is so recogbusiness community thus losing even the temporary nized. If tax reduction is not quickly effected or is
reduction it would have received under Mr. Cool- not of proper proportions, there is reason fear that
to
idge's plan. Buoyed up by these hopes, business had all the advantages thus far
gained in a revival of the
remained active with the volume of trade large. It steel trade will be speedily lost and
the country will
now began to fall off and the shrinkage continued at then lapse into a state of extreme prostration from
an accelerated pace aided by a number of adverse which it may be difficult to arouse
it for a long time
developments until the end of 1927.
to come.
When the Government fiscal year ended on June
The reason given for delaying action on the tax
30 1927 it appeared that the President had been well bill is that after March 15 the
Government will have
advised when in November 1926 he suggested that a better idea of • what current
income is to be and
a tax rebate of 10@15% could safely be made, for thus of the probable extent of the surplus available
the surplus turned out to be $635,809,921, making a for tax reduction. There is, course, considerable
of
total debt reduction for the year of no less than $1,- force in this argument and it
is in the highest de131,309,383 after including the reductions provided gree desirable that appropriations by Congress
through the sinking fund and foreign debt pay- should be kept well in hand. And yet it is not well
ments. We will repeat, therefore, the query we put to split hairs too closely in this matter of surplus
in our article of Nov. 12 last by saying: Suppose the and tax reduction. A deficit in the sense that Govlarger part of this $635,809,921 had been remitted to ernment deficits ordinarily are understood cannot
the taxpayers, or never been exacted from them, arise in the United States excepting a commercial
thereby permitting its use in reproductive enter- crisis should supervene, in which event the jig would




FEB. 251928.]

FINANCIAL CHRONICLE

be up anyway with the party in power, since experience teaches that at such times control passes to the
opposition party. A deficit could not arise, we say,
because—and this fact should be well noted—owing
to the huge amounts of debt redeemed during the
last ten years in excess of sinking fund requirements,
the sinking fund requirements of many years to
come have been anticipated. In applying, for instance, the $635,809,921 surplus for the year ending
June 30, 1927, to debt reduction the sinking fund
requirements for subsequent years were anticipated
to that extent and the amount given is alone far in
excess of what would be required in any one year.
The great thing needed, therefore, is to speed tax
reduction along if business prostration is to be
avoided. If this is not done, the party in power will
have to bear the consequences. Nothing would serve
as a rallying cry for business revival as real substantial tax reduction. The alternative of a commercial and financial crisis is too serious to contemplate. And as to the political effects, Governor
Smith is already engaged in undertaking to provide
relief for the apparently rapidly growing army of unemployed and if this army should assume still larger
dimensions and keep expanding until next November the chances are that the opposition party would
win the election anyway no matter who its candidate might be. It hence behooves Congress to take
time by the forelock and push tax reduction through
at the earliest possible moment.

1083

which holdings of U. S. Government securities were
reduced from $408,433,000 to $401,512,000. Total
bill and security holdings declined during the week
from $1,244,810,000 to $1,216,283,000. At the latter
figure, however, the amount is still far in excess of a
year ago, when the total was no more than $985,326,000. Member bank reserve accounts fell during
the week from $2,391,154,000 to $2,357,083,000 and
deposits (made up almost entirely of these member
bank reserves) declined from $2,443,763,000 to $2,404,853,000. The amount of Federal Reserve notes
in circulation, on the other hand, increased from $1,586,195,000 to $1,591,898,000. Gold holdings, however, also increased from $2,813,632,000 to $2,819,786,000. It remains only to add that the whole of
the' reduction in the holdings of bills and securities
by the twelve Reserve institutions occurred at the
Federal Reserve Bank of New York, where the total
of these bill and security holdings declined from
$330,824,000 Feb. 15 to $266,561,000 Feb. 21.
Examination of last Saturday's statement of the
New York Clearing House banks and trust companies does not present the same reassuring aspect.
Again this statement showed a deficiency in the required legal reserve, the deficit, however, being only
$5,534,690, as against $18,100,510 the previous Saturday and $20,283,840 on Feb. 4. Out of the last
eight Saturdays deficits have appeared no less than
seven times; further emphasizing what we said in
our previous issue that impairment of reserves in
these Saturday Clearing House returns has reached
a chronic condition. It will not do to belittle these
recurring deficits, or to say that they are of no account. They are of real account and show truly the
position of this important body of financial institutions on the preceding day, Friday. Of course, such
deficits do not possess the significance and importance they carried before the establishment of the
Federal Reserve System, since a deficiency can always be made good by having recourse to the facilities of the Federal Reserve Bank, but the very fact
that there is a disinclination to avail of these facilities to the additional extent needed is in itself a circumstance of no little moment. We have shown further above that the member banks of the Federal Reserve Bank of New York have diminished their borrowings at the Federal Reserve institution, but obviously they did that by leaving their reserve position impaired just as it had been for many preceding
weeks. To get the full picture, therefore,it is always
necessary to consider not alone the Federal Reserve
statement, but in addition also the Clearing House
statement. The two are complements of each other
and neither is complete without the other.
During the week ending last Saturday the Clearing House institutions reduced their loans and discounts $50,564,000 and this carried with it a reduction in the deposits—M844,000 in the demand deposits and $10,382,000 in the time deposits. They
also added $6,223,000 to their reserves with the Federal Reserve Bank of New York, but this was not sufficient to wipe out entirely the deficit in reserves
shown the previous Saturday. U. S. Government deposits, against which no reserves are required, were
further drawn down during the week from $10,272,000 to $9,256,000.

Brokers' loans this week show a further, and this
time a much more substantial, reduction. Last week,
'it will be recalled, the grand total of these loans to
brokers and dealers secured by stocks and bonds by
the 49 reporting member banks in New York City
had shown a reduction only from $3,835,020,000 to
$3,819,385,000 and this from the very largest figure
on record. The present week there has been a further reduction from $3,819,385,000 to $3,728,316,000
and it should be noted that the compilation this time
is brought down to Tuesday night, Feb. 21, instead
of Wednesday night, Feb. 22, this last having been
Washington's Birthday and a holiday. For the two
weeks together, therefore, the reduction has been
$106,704,000. The change, of course, is a welcome
one, and had been foreshadowed by the extensive
liquidation that has been in progress of late on the
Stock Exchange. There is, of course, much room for
still further contraction, since at $3,728,316,000 for
Feb. 21 1928 comparison is with only $2,762,154,000
on Feb. 23 1927, leaving the amount at present still
nearly a billion dollars in excess of what it was
twelve months ago. The present year's total, too,
remains larger under each of the different categories,
the amount loaned by the 49 reporting banks on their
own account standing at $1,093,565,000, against
$856,066,000 on Feb. 23 last year; the amount loaned
for account of out-of-town banks at $1,495,218,000
against $1,106,654,000, and the amount loaned "for
account of others" at $1,139,533,000, against $799,434,000.
There has also been during the week some reduction contrary to the experience last week, in the
amount of Federal Reserve credit employed. The
discount holdings (which reflect direct borrowing
on the part of the member banks) for the twelve Reserve Banks combined have fallen frqm $481,090,000
Feb. 15 to $461,044,000 Feb. 21, and holdings of acLiquidation has been the order of the day on the
ceptances from 4354,787,000 to $353,227,000, besides Stock Exchange during the week, though the market




1081

FINANCIAL CHRONICLE

has never been demoralized and has often displayed
strong rallying tendencies. It has also been discriminating, many stocks displaying considerable
strength at a time when others were weak and depressed. The sharpest declines have occurred in the
stocks which during the period of unrestrained speculation were pushed up with the greatest rapidity. The
rubber and rubber tire stocks have been one of the
weak features of the week, just as they were in the
preceding week, on account of the drop in the price
of crude rubber, and that the low price of petroleum
and its products is having its effects on the earnings
and prosperity of the oil stocks, has been made apparent by some further dividend reductions by oil
companies—the Phillips' Petrolet= Company, for
instance, having cut its dividend in two by declaring
/
a quarterly dividend of only 371 2 cents a share
against the previous 75 cents a share.
A few of the railroads have also had weak spells,
though the returns of earnings for the month of January which have thus far come to hand do not in
many cases make quite such unfavorable comparisons as did those for November and December. The
Seaboard Air Line stocks have sharply declined on
recent heavy falling off in the earnings of the company and the different bond issues of the company
have also been very much depressed, though for the
calendar year 1927, notwithstanding the great falling off in traffic and revenues, the company earned
its fixed charges in full and also the interest on the
adjustment incomes. Most railroad stocks, however, are higher for the week notwithstanding the
break in the general list. Atchison closed at 186
%
against 1831 on Friday of last week; Canadian Pa/
/
cific at 2031 2 against 1991 2; New York central at 159
/
against 1561 8; Chesapeake & Ohio at 190 against
4;
/
188%; Del. - Hudson at 1671 2 against 1633 Union
Pacific at 195 against 190.
Among the specialties International Nickel closed
/
%
yesterday at 763 against 8614; A. M. Byers at 98
1
/
against 104½; American Express at 1802 against
/
/
Ward at 13412 against 13818;
%
1891 ; Montgomery
/
Products pref. at 20212 against 212%
Midland Steel
Many of the standard stocks show comparatively
/
slight declines. U. S. Steel closed yesterday at 13978
/
against 14078 and Bethlehem Steel at 56% against
%. Several of the copper stocks actually show
581
slight gains for the week and Greene-Cananea
%
closed yesterday at 121% against 1181 the previous Friday. The same is true of the motor stocks.
General Motors closed at 136 against 133%; Hud%
/
son at 81% against 791 and Nash Motors at 8418
against 82. The rubber shares as already stated
have been weak and U. S. Rubber closed yesterday
2
1
/
at 46 against 5138 and the pref at 94 against 100 .
/
Interest in the international movement toward
peace and disarmament shifted to Geneva early the
present week, Monday marking the opening day of
the sessions of the Security and Arbitration Commission of the League of Nations. This Commission
was appointed during the December meeting of the
League Council as a subsidiary body of the Preparatory Disarmament Commission. It was announced
at the time that means would be sought by the Security and Arbitration Commission to resolve the
perplexing problem of whether security is to precede disarmament in any general League convention that may be arrived at, or whether disarmament is to precede security. The French contention




[VOL. 126.

that a general European accord for security must
be reached as a preliminary to any disarmament,
and the opposite contention of Germany that disarmament itself constitutes security were regarded
as the chief stumbling blocks to the League disarmament efforts. The Security and Arbitration Commission, with Foreign Minister Edouard Benes of
Czechoslovakia as its Chairman, considered this
problem and delegated three rapporteurs to submit
a report. This was done, the three rapporteurs preparing a special memorandum in which the negotiation of regional pacts of non-aggression among nations in the same geographical area was advocated.
A general security compact to cover all nations in
the League was, however, discarded as impossible
at the present time. The report maintained further
that aggressive war must be outlawed, but that war
for legitimate defense in the application of the Covenant of the League of Nations, or in the execution
of a League decision, is justifiable. Considerable
importance was attached by observers to this report
as it was said that the discussions of the Arbitration and Security Commission and of the parent
Preparatory Disarmament Commission would to a
large extent be based upon it.
Several surprise moves were reported as having
taken place in the opening session of the Security
and Arbitration Commission last Monday. The
first of these was furnished by the Soviet observer,
Boris Stein, when he called at the office of the Secretary-General, Sir Eric Drummond, and deposited
the text of a draft disarmament convention based
on the proposals made by M. Litvinof, the Soviet
Envoy, at the meeting of the Preparatory Disarmament Commission last November. M. Stein, according to a Geneve dispatch of Feb. 20 to the New York
"Times," explained that the draft convention contained nothing outside the Litvinof proposals and
that they had been submitted merely to give the necessary time to the League to distribute them among
the Governments before the March meetings, when
M. Litvinof will be present to urge the case. The
Russian project, it was stated in a summary issued
by Tess, the Soviet news agency, provides for disarmament to be brought about in such a way as to
limit the possibility of armed conflicts within the
first year of its being put into effect. The proposed
convention was said to be drastic, provision being
made for the abolition of organized land, sea and air
forces, their material part, and those branches of
industry connected with the production of armament. The demobilization of personnel and the abolition of the material part of the machinery for war
are considered in detail in separate chapters of the
Russian proposal. A startling feature of the Soviet
draft for a disarmament coavention was a proposal
to divide all the seas and oceans into sixteen zones
with the designation of certain nations to undertake their protection. The tendency to scoff at the
Soviet proposals, so prominent when M. Litvinoff
first announced them last December, was noticeably
absent among the delegates at Geneva in the past
week. On the contrary, serious consideration was
urged. Lord Cushenden, the British delegate, remarked of the Russian draft Wednesday,"It must be
treated with every consideration and not dismissed
merely because it comes from Moscow."
A second surprise in Monday's session of the Security and Arbitration Commission was furnished
by Lord Cushenden, the newly appointed British del-

FEB. 25 1928.]

FINANCIAL CHRONICLE

egate to League disarmament activities. He declared unexpectedly that his Government intended
to support the plan presented by Finland at the last
Assembly meeting calling for mutual financial support during war crises. "We consider," said Lord
Cushenden, "that such a plan not only offers great
inducements for nations to keep the peace, but is
also an effective aid to any nation against unprovoked aggression." This decision, a New York
"Times" dispatch said, was considered by the delegates as a complete reversal of the British attitude
of six months ago, which it was expected would be
maintained at the present sessions. Lord Cushenden, in an address to the committee members, urged
extension of the Locarno agreements among States
in the same geographical area, but insisted that the
new rules and regulations should not be too specific,
inasmuch as the British Government considered the
League Covenant itself sufficient to prevent war in
the majority of cases. He also suggested that the
committee draw up two forms of draft treaties, one
covering multilateral and the other bilateral agreements. Concerning arbitration and conciliation he
cited the hundred years of peace between Britain
and the United States, during which, he said, many
grave incidents had arisen which might have resulted
in war, but all were amicably settled by these means.
Therefore, he asked that the British be regarded as
experts in such matters and that other States follow their example. Another notable point in Lord
Cushenden's speech was said to be a contention that
security and disarmament are interdependable.
Still another startling proposal was advanced in
Monday's session of the Security and Disarmament
Comission, this time by Japan. Viscount Saito,
speaking for the Tokio Government, suggested a revision of Japanese arbitration treaties so that they
will provide for the submission to justiciable action
of disputes having to do with Japanese territorial
integrity and political independence and with vital
interests and national honor. As the present Japanese arbitration treaties exclude all such questions
from consideration by any tribunal, the suggestion
was accepted by the delegates in Geneva as an important advance in the acceptance,of the principle
of arbitration. The delegates are wondering, an Associated Press dispatch said, "whether Japan will
go a step further than the United States and France
did, when they negotiated the recent compact of arbitration and outlawry of war."

1085

ican frontier. This, he said, was an indication of the
force of informed public opinion. "The Canadian
Government," he declared, "considers that at the
present time security can be more effectively advanced through disarmament than through the
pledge of armed assistance." The Canadian spokesman, discoursing on the obligations of League members, urged the League to advance cautiously in increasing such obligations until "the problem of the
possible attitude of the neutral States and non-members of the League can be ascertained." Dr. Riddell
made it clear that he was referring especially to the
United States.
An undercurrent of general European politics,
common to all League meetings, was apparent also
at the present meeting of the Security and Arbitration Commission. Prominent among the subjects
discussed was the possibility of a move by Russia
toward resumption of diplomatic relations with
Great Britain. M. Litvinof and Sir Austen Chamberlain will be at Geneva together during the March
session of the League Council and there was said
to be evidence of a more lenient attitude by the British Government toward the Soviet than was evinced
when M. Litvinof made his futile overtures to Sir
Austen last December. London dispatches made it
plain that there has been no change in the AngloSoviet situation in recent months, but in official
circles it is learned, a report of Feb. 21 to the New
York "Times" said "that Britain believes there has
been a hopeful change in Russia itself since November."
The "St. Gothard incident," which concerns the
seizure of five carloads of machine guns at that station while en route from Italy to Hungary, also
came into prominence in informal League discussions, largely because Hungary appeared Tuesday to
have issued summary orders for the destruction of
the 2,000 machine guns. The act is regarded in Geneva, a dispatch to the New York "Times" said, "as
deliberately flaunting the authority of the Council,
as well as being a fair indication that the arms were,
indeed, destined for Hungary, in violation of the
Treaty of Trianon, instead of for Poland or elsewhere." According to League leaders now in Geneva,
a subsequent report said, "it is likely that Hungary
as a result of the recent machine gun episode will be
haled before the Council in the role of a culprit and,
despite the fact that the great powers may feel inclined toward clemency, the March Council meeting
must end in some farm of strong moral condemna-.
tion of that recalcitrant nation." The destruction
of the machine guns was confirmed by a Budapest
announcement which said that the war material had
been reduced to scrap iron and would shortly be
disposed of as uncalled-for-goods. This act was
viewed by League authorities, dispatches said, as a
direct defiance of the League Council which, when
it meets on March 5, will have before it a complaint
by Rumania, Czechoslovakia and Yugoslavia against
the shipment of arms. Accordingly, Cheng Loh, the
Chinese Minister to Paris, and President of the
League Council, caused a telegram to be sent Thursday by the League Secretariat to the Hungarian
Government calling on Budapest to delay the sale of
the alleged destroyed machine guns.

The general debate on security and arbitration
at Geneva proceeded quickly and with every indication of outward harmony. The rapporteurs began
work on the draft conventions Tuesday afternoon
and it was suggested in a dispatch to the New York
"Times" that these will be ready for the consideration of the full committee by the present week-end.
The "technical work" is the real reason for its assembling, M. Paul-Boncour reminded the committee.
The rapporteurs, under the direction of Chairman
Benes, were said to be preparing four texts of multilateral and bilateral agreements covering both security and arbitration and a fifth text covering
guarantees. An additional point of view on the relation between security and disarmament was put
before the commission Wednesday by Dr. Walter A.
Riddell, of Canada. Dr. Riddell declared that seThe sixth Pan-American Conference, in session at
curity is no longer synonymous with sanctions and Havana since Jan. 16, was formally closed last Moncited as an example the defenseless Canadian-Amer- day after a week-end in which several important




1086

FINANCIAL CHRONICLE

decisions were taken and in which the subject of intervention once more flared into acrimonious discussion. Complete harmony appeared to prevail on
Feb. 17 among the delegations from the twenty-one
American States. The approaching end of the meeting made hasty consideration of some of the proposals necessary, and the less important ones were
dropped. The delegates nevertheless were described
as smiling and complimentary, with bitterness and
dissension notably absent. The important committee on Public International Law held its final session and adopted two resolutions in which much of
the work of the Conference was epitomized. In the
first, the question of compulsory arbitration of disputes between American States was considered and
referred to a commission of jurists which is to meet
in Washington within the next year in order to draft
an arbitration convention. The resolution gave expression to the desire of the American republics to
condemn war as an instrument of national policy
in their mutual relations and to contribute in every
possible way to the development of arrangements
for the pacific settlement of disputes. It was resolved, accordingly, that the republics of America
adopt obligatory arbitration as the means which
they will employ for the solution of their international differences of a juridical nature. For the
realization of this principle it was decided further
that the meeting of jurists shall take place in Washington within a year, this "conference of conciliation and arbitration" to draw up a convention defining the principle and noting the exceptions considered indispensable to safeguard the independence
and sovereignty of the States.
The second resolution adopted by the committee
on Public International Law bore directly on the
problem of United States intervention in the affairs
of small nations in the Caribbean region. No direct
reference to United States policy was made, the resolution dealing with suggestions made by Dr. Maurtua of Peru for the codification of international
law. It was on these suggestions that a serious
schism developed in the committee several weeks
ago, a number of delegates, led by Dr. Pueyrredon
of the Argentine, holding that all intervention
should be condemned outright, Dr. Maurtua maintaining, on the contrary, that nations had duties as
well as rights and should be free of the possibility
of intervention only if recognized international obligations were lived up to. Mr. Charles Evans
Hughes, former Secretary of State and leader of
the United States delegation, gave hearty support
to the findings of Dr. Maurtua. The question was
finally referred to a subcommittee which reported on
Feb. 17 that after long and earnest examination of
these questions it found it impossible to reach an
agreement. The report, in which the full committee
concurred, said further: "Recognizing that in dealing with the codification of international law, the
making of a declaration which is wanting in the accord which gives weight to international law would
fail of its purpose, the subcommittee recommends
that the subject be given further study and that its
consideration be postponed until the next conference
of the American republics." The whole question of
intervention, in the light of this resolution, was considered postponed until the Pan-American TJnion
convenes again at Montevideo, in 1933. The United
States Government, meanwile, through Mr. Hughes,
several times reaffirmed its intention of avoiding




[voL. 126.

anything in the nature of aggressive action in the
Caribbean region. Mr. Hughes, after the meeting
of the committee, expressed gratification over the
spirit of co-operation that had been manifested.
Referring specifically to the achievement of the
Conference in furthering the pacific settlement of
American international disputes, Mr. Hughes remarked, "I count this day as one of the happiest of
my life."
The meeting of the Conference on the following
day (Feb. 18) was a plenary one and it was expected
that only routine matters would come up for consideration. Instead, the session turned out to be
the most dynamic of the whole Conference, with the
feelings of the Latin-American delegates betraying
them into caustic comments and attempted resolutions aimed at United States intervention. The report adopted on the previous evening was apparently
not satisfactory to Dr. Guerrero, Foreign Minister
of Salvador. After the matter of rights and duties
of nations had been discussed for some time, he arose
and said, "As Chairman of the commission which
had this matter in charge I believe I may say we
were nearly all in practical agreement for a declaration against intervention. We didn't arrive at a
conclusion. I suggest that the matter of intervention be submitted to the Conference for a vote." This
statement by the Salvadorean Minister was greeted
by an outburst of applause, generously augmented
from the galleries. Adjournment was quickly taken
until the evening, after which little groups gathered
about, heatedly discussing the matter which, a dispatch to the New York "Times" said, nearly all
wished had been avoided.
When the Conference was resumed late last Saturday there was a recurrence of the intervention debate. In more than a dozen speeches, said Carter
Field, correspondent of the New York "HeraldTribune," the United States was the target with references but scantily veiled. The plight of the "little
countries without battleships" and "peoples whose
necks are in yokes," was held up, and though there
was no reference to the "Colossus of the North," debate degenerated into the most caustic attack on
the United States made during the whole Conference. "The small State must be respected because
it is weak, because it has the right on its side," said
Senor Eduardo Alvarez, junior delegate from Salvador. "We cannot postpone consideration of this
question," he added. Loud applause again greeted
this pronouncement, dispatches said. Mr. Hughes
was described as increasingly restive under the continued attacks on United States policy. Rising finally to reply, the leader of the United States delegation denounced the suggestion of Dr. Guerrero as
the "seductive simplicity of impossible formulas
which only express one-tenth of the law," and asserted that the United States had "given its arms
and blood for the independence of the American republics and will always be ready to do so." Cogently reviewing the steps taken at Havana in consideration of the problem of intervention, Mr. Hughes asserted his right, speaking on behalf of the delegation
from the United States, to declare the policy of his
country. "We want non-aggression against ourselves," he said, "and we cherish no thought of aggression against anybody else. We desire tb respect
the rights of every country and to have the rights of
our own country equally respected. We do not wish
the territory of any American republic. We do not

FEB. 25 1928.J

FINANCIAL CHRONICLE

wish to govern any American republic. We do not
wish to intervene in the affairs of any American republic. We wish simply peace and order and stability and recognition of honest rights properly acquired so that this hemisphere may not only be the
hemisphere of peace but the hemisphere of international justice." Mr. Hughes frankly discussed the
situation in Nicaragua and urged the assembled delegates to confer with the Foreign Minister of that
country, who sat near him. "He can tell you the situation in Nicaragua," Mr. Hughes added, "and he
can tell you that we desire nothing more than the
independence and peace of his country and that we
are there simply to aid them in obtaining free elections, so that they may have a sovereign and independent government." Discussing again the juridical
principles involved in the question of intervention,
Mr. Hughes finally urged the provision of a "code
which would represent, not an isolated doctrine, or
a mere preachment for political purposes, but the
real principles of justice which we are all trying to
codify in this effort."
When Mr. Hughes finished his speech a hush fell
over the Great Hall of the University of Havana
where the plenary sessions were held. After a moment, Dr. Guerrero arose and withdrew his resolution for a vote on intervention. Dr. Maurtua of
Peru thereupon took the floor and assailed the Salvadorean delegation even more vigorously and with
no such desire to preserve good feeling as did Mr.
Hughes. The Peruvian delegate charged that the
resolution introduced by Dr. Guerrero had been inspired by political motives. He described it as impressionistic and finally said that it was not even
civilized. The Chairman of the Nicaraguan delegation then obtained recognition and spoke eulogistically of the conduct of the United States in its relations with his country. "No Liberal or Conservative in my country doubts," he said,"that the United
States will withdraw from Nicaragua once free elections have been held." Dr. Bustamente, President
of the Conference, closed the discussion by proposing
that for the sake of concord, all offensive remarks
made by the delegates should be erased from the records.
Formal adjournment of the Conference was arranged Monday without a recurrence of the unpleasantness that marked the last general session. All
delegations signed the general acts of the meeting
which were embodied in a single document. In a
statement issued after the close of the Conference,
Mr. Hughes said that much good had been done. The
specific accomplishments of the meeting were described by the former American Secretary of State
as follows:
"The discussion with regard to the Pan-American Union
has resulted in a general consensus of opinion as to the
appropriate organization and functions of the Union and
it is on a firmer basis than ever before.
"An important convention has been adopted with respect
to private aircraft. Gratifying progress has been made in
the codification of international law.
"A sensible procedure has been established with respect
to the perfecting of plans of conciliation and arbitration,
which promises more for progress in this important field
than any action heretofore taken in this hemisphere.
"Numerous resolutions have been adopted on subjects affording welcome opportunities for Pan-American co-operation. Above all, the delegates have been associated for
weeks in fraternal contacts and warm friendships have
been formed.
"The delegates will return to their countries with clearer
views of the conditions of successful collaboration, and the




1087

understanding and good-will which are of the essence of PanAmericanism have been promoted in a notable degree."

The concern of the United States Government over
the terms of the projected oil monopoly of the French
Government was conveyed to the Quai d'Orsay Monday by American diplomatic representatives in
Paris. The bill providing for the monopoly has received the approval of the Petroleum Commission
and is before the Chamber of Deputies for final
consideration. As amended by the Socialists two
weeks ago, it provides that all foreign oil companies
doing business in France shall receive licenses to
import an amount of oil annually not greater than
the average brought in during the last three years.
This average, it was stated, would be less than the
total sales of the present time, and the measure was
considered also to take no account of the very large
outlay of capital made by American companies in
anticipation of greatly increased future sales. Supplementary licenses would be sanctioned under the
bill, a report to the New York "Times" said, but
"since it is the purpose of the bill to favor purely
French corporations wherever possible, the best the
Americans could expect would be a regime of
anxious uncertainty, depending upon how the Government Oil Commission chose to act." In the diplomatic representations mentioned, no question of
the right of France'to adopt such a measure was
raised, dispatches said. The point was emphasized,
however, that the operation of the monopoly, as the
bill is now written, would work out to the distinct
disadvantage of American oil interests by limiting
their present business and depriving them of millions of dollars worth of future sales. The diplomatic discussions, according to dispatches, have not
yet reached the official and formal stage.
Some anxiety was also expressed by American
business interests in France this week over the
French Government's decree restricting the showing
of foreign films to a nine-to-one basis. The decree
will be effective March 1, and was said to be aimed
particularly at American films which supply more
than 60 per cent. of the total consumption in the
French market. The decree provides, briefly, that
one French film must be shown in French theatres
to every nine films of foreign origin. Hitherto,
American films are said to have enjoyed a practical
monopoly of the French market and the effect of the
decree was said to be that the showing of American
films will be cut down at least 25 per cent. A Commission, headed by Minister of Education Herriot,
promulgated the decree.
Italian finance and business were pictured with
great optimism on Feb. 17 by Count Volpi, Minister
of Finance, in an address before the Senate in Rome.
The discussion in'the Senate concerned the bill providing for the return of the lira to the gold standard.
It would be a great error, said Minister Volpi, to believe that the mere fact that the Italian currency
had now returned to the gold standard eliminated
all difficulties. But, he added, real progress in that
direction has been made. All signs available so far
were described as hopeful. Though unemployment
had increased it had not reached any alarming total.
The trade balance had greatly improved and the
State budget had been placed on an unshakable
basis. As for the internal public debt, it was being
slowly but steadily reduced. Credit conditions were
fairly easy and confidence had been restored.

1088

FINANCIAL CHRONICLE

[Vol.. 126

Count Volpi was reported in a dispatch to the members will vote for the Minseito, it was said,
New York "Times" to have paid a handsome tribute giving it 233 votes in the full House. The Governto the American and English bankers who had ment was said to count on eight Independents, the
played such an important part in bringing about Business Party and the five remaining seats. The
results so vital to Italy. The whole Senate cheered, election, by virtually abolishing the smaller groups,
the dispatch said, as the Finance Minister expressed leaves Baron Tanaka without the usual materialfrom
grateful thanks to the Governors of the Bank of which a working majority can be constructed as the
England and of the Federal Reserve Bank for their Opposition Bloc was declared to be solid. Three
share in the negotiations which had resulted in $125,-, courses were said to be open to Baron Tanaka, first000,000 credits being placed at Italy's disposal. He ly, continuance of the Government with a non-conrendered special thanks to Governor Strong who troversial program and a tacit understanding with
journeyed from the United States to England for this the Opposition; secondly, resignation, leaving Prince
specific purpose. The Minister added that he hoped, Saionji, the elder statesman, to recommend an Oppoindeed felt sure, that the credits would never be sition leader to the throne; thirdly, dissolution of
used, nevertheless they would be most helpful in de- the Diet and the ordering of another general electerring any one who might be tempted to speculate tion. It was stated to be likely, however, that the
in Italian currency.
Government would remain, not in power but in ofAn announcement that the restrictions now placed fice, and follow the line of least resistance until the
on the purchase of foreign currencies would shortly next turn of the political wheel.
be loosened was also made by the Finance Minister.
He declared, however, that permits for new loans
No changes have been announced this week in
abroad would only be granted with a very sparing discount rates by any of the central banks of Europe.
hand after the Finance Ministry had been fully satis- It appears that the statement in our issue of Jan. 21
fied that the proceeds of such loans would only be that the Bank of Belgium had raised its rate of disused for productive and remunerative purposes. No count from 44 to 5% was an error. The statement
authorizations for loans would be granted to munici- was based on cablegrams appearing
in the daily
palities or to provinces, he said. Count Volpi seized papers. Samuel Montagu dr Co. of London advise
us
the occasion to urge the greatest economy on all that no change was made and that the
Belgian rate
local Governments, warning them that help from the has remained unchanged at 44%
since Nov. 16 last.
State coffers would be given only under the most Rates now are 7% in
Germany and Italy; 6% in
exceptional circumstances. He spoke also about the Norway
and Austria; 5% in Denmark and Madrid;
payments Italy is making to America and England 44% in
London, Belgium and Holland, and 332%
in accordance with the war debt settlements con- in
France, Switzerland and Sweden. In London
cluded by himself. The Count assured the Senate
open market discounts are 44% for both short and
that the total present payments are covered by Gerlong bills, which compares with 434@44% for short
man reparations. He declared, moreover, that Italy
A
and 43 %for long on Friday of last week. Money on
would never pay more than she received from Gercall in London was quoted at 34% on Thursday,
many. "I do not know what fate history reserves
but was 34% yesterday, against 34% on Friday
for the Washington-London settlements during the of
last week. At Paris open market discounts remain
nex, sixty years," he said. "What is certain," he
at 33%, but in Switzerland there has been a drop
added. "is that no further sacrifice can be asked from
34% to 3 1-16%.
.ation than the giving up of the whole
of the Italial. of her German !-:-;-::rations to paying off her war
In its statement as of Feb. 22, the Bank of France
debts."
showed a decrease in note circulation of 250,267,000
francs, reducing the total of that item to 57,701,907,Japan's first manhood suffrs.L”. election was held 300 francs, as against
51,696,645,860 francs last year
being added
Monday, approximately 9,000,000 vo:
and 50,991,063,485 francs the year before. Gold
to the electorate, making a total of 12,000,600. Tax- holdings and silver remained
unchanged. Trade adpayers only could vote at the last election, but last vances decreased 5,975,000 francs,
treasury deposits
Monday all male citizens 25 years of age who could 44,372,000 francs, advances to
State, 150,000,000
read and write and fulfill residence qualifications
francs and divers assets, 197,526,000 francs. Bills
were privileged to take part in the polling under an
discounted rose 290,527,000 francs and general deimperial edict. Interest in the election was said
posits 68,538,000 francs. Below we give a comto be intense throughout the nation, with business
parison of the various items of the Bank's return for
virtually at a standstill during the last few days
the past 3 years:
of the campaign. Early estimates indicated that
BANK OH FRANCE'S COMPARATIVE STATEMENT.
more than 75% of the newly enfranchised voters acStatus as of
Changes
Feb. 22 1928. Feb. 23 1927. Feb. 24 1926.
for Week.
tually cast their ballots. The dissolution of the Cold Holdings—Franca.
Francs.
Francs.
Francs.
Unchanged 3,080.510,414 3.683.507.443 3,683.907.900
Diet last month necessitated the general election, In France
462,771.478 1.864,320.907 1,864,320,907
Unchanged
Abroad—available
but returns late in the week showed that little was Abroad—non-avall
Unchanged 1.401.549.425
gained by it, the position of the parties remaining Total
Unchanged 5,544,831,317 5,547.828,350 5.548.228.808
342.937,332
Unchanged
328,693.009
341,916,860
almost the same. The result, indeed, was said to be Silver
Bills discounted _ _ _Inc. 290,527,000 1,691,926,451 3.227.800.309 3,371.954,196
a mathematically balanced stalemate, with the Gov- Trade advances_ _ _ Dec. 5.975.000 1,715,757,277 1,966,848.659 2,462.888.779
Note circulation_ Dec.
ernment, or Seiyukai, and the Opposition, or Min- Treasury deposits.Dec. 250.267,000 57.701.907,300 51.696.645.860 50.991,063.485
44,372.000
79,802.080
53,076,899
93,341,988
seito Parties, each controlling 233 votes, or exactly General deposits_ _Inc. 08,538.000 8.292.284,074 4,752,080,590 2,960,298,823
Advances to State_ Dec. 150.000.000 22,406.000,000 29.600.000.000 34,500.000,000
half of the House. The position of the parties was Divers assets
Dec. 197,576,000 26,369,804,000 9,075,134,273 3,529,061,114
given in a Tokio dispatch to the New York "Times"
as follows: Seiyukai, 216; Minseito, 215; IndepenThe Bank of England, this week, reported a loss
dents, 14; Labor, 8; Kakushin,4; Business Party, 4. in gold of £78,819, while notes in circulation declined
The Labor, Bakushin and six of the Independent £214,000. The addition to reserve therefor amounted




FINANCIAL CHRONICLE

FEB. 25 1928.]

1089

a further $30,000,000 yesterday. Surprise was
again expressed early in the week over the deficit in
reserves shown in last Saturday's Clearing House
statement of the condition of Associated banks. The
deficit on this occasion amounted to $5,534,690, and
impaired reserves appear to have become almost
chronic. An advance in the rediscount rate of the
Federal Reserve Bank of St. Louis from 332% to
4% was announced Monday but caused no comment
as the action was expected. The Cleveland bank is
/
%
now the only one maintaining the 31 2 rate and the
belief was expressed that an advance there also would
shortly be announced, making the rate uniform
throughout the country. Brokers' loans against
stock and bond collateral showed a substantial decline in Thursday's statement of the Federal Reserve
Bank, covering the 49 New York reporting member
banks. The decrease for the week of $91,069,000
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1925.
1926.
1927.
1928.
was the most substantial that has taken place in
Feb. 27.
Feb. 25.
Feb. 24.
Feb. 23.
Feb. 22.
several months and was considered a reflection of
b134,068,000 136,603.685 141,138.190 124.803,000 125.579,195 severe liquidation on the stock market. It may be
Circulation
15.032.000 17.833.762 16.065,199 16,143,995 13.106.064
Public deposits
94.536.000 98.477,824 106.176.402 105.542.656 110,436.459 remarked, however, that the loan total is still nearly
Other deposits
Govermn't securities 31.902.000 29,964.848 38.242.828 41.926,830 51,197,182
000 higher.than that of a year ago,and the
Other securities.... 52,275,000 71.250.879 79.056,415 74.399,631 68.221,849 $1,000,000,
33.294.252 23,105.278 23,534.092 22,277.130
Reserve notes & coin 43.599.000
decrease, therefore, will be significant only if folCoin and bullion_ _•157,917,763 150,147,937 144.493,468 128,587,157 128,106,600
lowed by others in coming weeks. A shipment of
Proportion of reserve
18.89%
1954%
28.54%
18.03%
39.79%
to liabilltlea
in Russian Soviet gold reached New York
4% $5,000,000
4%
5%
5%
454%
Bank rate
early in the week and attracted a good deal of attena Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
as a factor
previously held as security for currency notes issued and which was transferred to the tion, although it was without importance
Bank of England on the British Government's decision to return to the gold standard.
market.
the domestic money
b Beginning with the statement for April 29 1925 includes £27,000,000 of Bank in

to £135,000. The ratio of reserve to liabilities again
advanced, this time to 39.79% from 38.09% last
week, this ratio has been climbing rapidly since the
first report of the year (Jan. 4) when it stood at
21.96%. At this time last year the ratio stood at
28.54% and in 1926 at only 18.89%. In the deposit
items, public deposits the past week gained £2,062,000, but "other" deposits declined £6,602,000. Other
securities decreased £232,000 and Government securities £4,393,000. The Bank's gold holdings now
amount to £157,917,763, as against £150,147,937
in 1927 and £144,493,468 two years ago. Notes in
circulation now aggregate £134,068,000, against
£136,603,685 last year. The Bank's official discount
rate remains the same. Below we furnish comparisons of various items of the Bank of England returns
for five years:

of England notes issued In return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.

Dealing in detail with the rates from day to day,
the renewal rate for call loans on the Stock ExIn its statement of Feb. 15 the Bank of Germany
and all other loans
showed a decrease in note circulation of 253,416,000 change on Monday was 43.'%
were at the same figure. On Tuesday the renewal
marks, reducing the total of that item to 3,784,432,to 43'% and some other
000 marks as against 3,059,392,000 marks in the cor- rate was marked down
4%. Wednesday was
responding week last year and 2,419,906,000 marks in loans were negotiated at
and a holiday. On Thursday
1926. Other daily maturing obligations rose 23,- Washington's birthday
were at 43.% including re572,000 marks and other liabilities 7,637,000 marks. and Friday all loans
rates hold firm and quotations
On the asset side gold and bullion decreased 231,000 newals. Time loan
for thirty days, 41/2%
marks, reserve in foreign currency 29,000 marks and yesterday were 49@43'%
43@4%% for ninety days and
bills of exchange and checks 379,721,000 marks. for sixty days, and
months. The market for
Deposits abroad remained unchanged,the total stand- for four, five and six
paper also remains firm, and the preing at 83,532,000 marks. Silver and other coin in- commercial
four to six months' names of
creased 10,779,000 marks, notes on other German vailing quotation for
choice character remains at 4%. For names less
banks 4,338,000 marks, advances 35,648,000 marks,
is now 43@4%%. For
investments 1,133,000 marks and other assets well known the quotation
paper the quotation is 4@431%.
5,876,000 marks. Below we give a comparison of New England mill
In the market for banks' and bankers' acceptances
the various items of the Bank of Germany's return
the posted rate of the American Acceptance Council
for the past 3 years:
for call loans against acceptances has continued to
REICnSBANKS' COMPARATIVE STATEMENT.
Changes for
rule at 33'%. The posted quotations of the AcFeb. 15 1928. Feb. 15 1927. Feb. 15 1926.
Week.
Reklumarks, Reichsmark.
Retclubasts. Rstehsmarks.
ceptance Council for prime bankers' acceptances
Assets—
231,000 1,886,389.000 1,834.285.000 1,307,236.000
Dec.
Gold and bullion
Federal Reserve banks
83.532.000
Unchanged
92.868.000 168.004.000 eligible for purchase by the
Of which depos. abr'd_
29,000 292.822.000 201,110.000 432,397.000
Reeve in torn curl'. _.Dec.
at 3% bid and M.% asked
also remain unchanged
Bills of exch. & checks Dec. 379,721,000 1,869.868.000 1,267.771.000 1,320.752.000
% asked
78.153.000 136,044.000
90.333.000 for bills running 30 days, 332% bid and 3 8
Silver and other coln Inc. 10,779.000
22,660.000
11,944,000
28.154,000
Notes on oth.Ger.bks_ Inc. 4.338.000
for bills running 60 days, 3%% bid and 33'% asked
58,424.000
16.141.000
9.269,000
Inc. 35.648.000
Advances
94.257.000
88,885,000 233.887.000 for 90 days, 3%7 bid and 3%% asked for 120 days,
Inc. 1.133,000
0
Investments
Inc. 5,876,000 577,167,000 609,739,000 784,115,000
Other assets
and 3%% bid and 3%% asked for 150 and 180 days.
LtablIniss—
3.784,432,000 3,059,392,000 2,419,906.000
Notes in clrculation__Dec. 253.416,000
Open market rates are likewise unchanged as follows:
23.572.000 532,571,000 553.252,000 872,617,000
Oth.dalW matur.oblig.Inc.
Ina.
Other liabilities

7,637,000

288,448,000

209,614,000

605,02.5.000

SPOT DELIVERY.
-—180 Days---- —150 Days— —120 Days
Asked.
844.
Bid,
Bid.
Asked.
Asked.
354
3%
354
35j
354
354
—90 Days— —60Days— —30Days—
Asked.
Bid.
Asked,
Md.
Bid.
Asked,
ag
3%
854
334
334

Prime eligible blifs
Rates and conditions in the New York money market in the short week just ended have continued vir- Prime eligible bills
tually unchanged. Call funds were reported in good Eligible memberFOR DELIVERY WITHIN THIRTY DAYS.
3% bid
banks
3% bid
supply early in the week at 4% and 43%,with some Eligible non-member banks4
available in the "Street" market at 33 %
money
The Federal Reserve Bank of St. Louis this week
and 4%. After the mid-week holiday a slightly
firmer tendency was noted, all demand loans Thurs- increased its discountrate from 33 % to 4% on all
21.
day and Friday being made at 431%. The banks classes of paper of all maturities, effective Feb.
of the change by the
called about $25,000,000 of loans on Thursday and Announcement of the approval




1090

FINANCIAL CHRONICLE

Federal Reserve Board was made on .Feb. 20. The
Federal Reserve Bank of Cleveland is the only one
at which the 332% rate is still maintained. The
following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:

[Vol.. 126.

to the London short-term market, since despite the
higher nominal quotations of collatertil loan rates in
New York,.the demand has fallen off considerably,
owing to what seems to be a concerted effort of
banking authorities here to reduce the volume of
brokers' loans outstanding. Bankers say that the
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES volume of sterling bills on offer is conspicuously small
AND MATURITIES OF ELIGIBLE PAPER.
and selling at rates which from the New York point
Rate in Effect
Date.
Previous of view seem to be altogether too high.
There
Federal Reserve Bank.
on Feb. 24.
Established.
Rate.
is a shortage of spot sterling, attributed to the
Boston
4
Feb. 8 1928
3l.
New York
buying of spot sterling and selling of futures by
Feb. 3 1928
4
334
Philadelphia
4
Feb. lb 1928
314
Cleveland
London banking interests acting in accordance with
314
Aug. 6 1927
4.,
Richmond
Jan. 27 1928
4
33
Atlanta
4
Bank of England policy aimed at an increase in
Feb. 11 1928
334
Chicago
4
Jan. 25 1928
314
St. Louis
4
Feb. 21 1028
314
the level of sterling and the ultimate attraction of
Minneapolis
4
Feb. 7 1928
311
Kansas City
4
Feb. 10 1928
314
gold from New York to London. The market gains
Dallas
4
Feb. 8 1928
314
San Francisco
4
Feb. 4 1928
314
further .support from the fact that from now until
about the end of June as a seasonal matter exchange
Sterling exchange this week has been more active begins normally to stiffen in favor of London
as
than at any time since December. Demand was against New York. It is a generally accepted
belief
strong throughout the week and the rate steadily in banking circles here that the Bank of England,
with
advanced, the rate for cable transfers passing 4.88 the aid of the London banks, is manipulating
the
for the first time since early in January. Yesterday market so as to attract gold. It is undoubted
ly a
there was a slight reaction. The range this week fact that the Bank of England expects large
withhas been from 4.87 1-16 to 4.87 11-16 for bankers drawals of gold by the Bank of France at no
distant
sight, compared with a range last week of 4.86 15-16 date. In view of these expected withdrawals and
the
to 4.873'. The range for cable transfers has been plans under way for the amalgamation of the
British
from 4.873/i to 4.88 3-32, as compared with 4.873 currency when larger gold reserves will
%
be required
to 4.87 9-16 a week ago. The firmness began last by the Bank of England, the idea of
manipulation
Saturday when the market was unusually active in London seems quite plausible.
Certainly New
for a short session. This week's high of 4.88 3-32 York bankers seem satisfied that
there will be a
for cable transfers compares with a low of 4.86 29-32 considerable gold movement from
New York to
touched the first week in February, immediately London within a short time, whether
or not the
after the upward revision of the New York Federal theoretical gold point is reached.
Reserve Bank's rediscount rate. Following the
This week the Bank of England shows a loss in
marking up of the rediscount rate, it will be recalled, bullion holdings of £78,819.
On Monday the Bank
the market became extremely dull, as bankers both sold £5,000 in gold bars, and on Tuesday,
£127,000
here and on the other side became doubtful of the in gold bars, to unstated designation
s. On Wednesprobable course of both sterling and money market day the Bank again sold £5,000 in
gold bars to an
rates. In the first weeek of February it was freely unstated designation. At the Port
of New York the
predicted that sterling would sell below parity of gold movement for the week Feb. 16-22,
as reported
4.8665. Such a prediction, coupled with numerous by the Federal Reserve Bank of New York,
condoubts relating to the future course of money rates, sisted of imports of $218,000, chiefly from
Latin
had a demoralizing effect upon the technical trading America. Exports were ,615,000, of which $3,000,positions assumed by the foreign exchange operators 000 was shipped to Uruguay, and $1,500,000
to
for the banks on both sides of the water. Until Argentina. The shipment to Uruguay was accounted
doubts could be dispelled the market was hesitant for here last week. To-day the National Bank of
and sterling quotations showed comparative weak- Commerce is shipping $2,000,000 in gold coin to
ness pending future events.
Buenos Aires on the Pan-American. The FrenchLast week it became evident that the higher re- American Banking Corp. will send $250,000 to
discount rates on this side were having no material Argentina to-day. It was reported that Louis
effect on the borrowing rates, and sterling grew firmer Dreyfus Sc Co. had also engaged $4,000,000 gold
with some noticeable transfers of funds from New for shipment to the Argentine either to-day or
York to London. This assurance that the under- on an early steamer. On Thursday a Paris
dislying basis of exchange rates existing before Feb. 3 patch stated that 186,000,000 francs in gold
had
was not to change materially became universally landed at Havre, believed to be from ear-m
arked
accepted in the market last Saturday. Hence this stock in the United States. The Federal
Reweek's activity and upward swing of rates. Under serve Bank's report on the gold movement
does
the present relation between money rates here and in not mention the receipt at New York of $5,000,000
London and the rates on future sterling, there seems of Russian gold, the first sent here by that
country
to be no advantage for either market to place short- since the Soviet Government gained control. This
term funds in the other. Money rates .in London shipment, which came on the Hamburg,
of the
have become easier and bankers assert that there has Hamburg-American Line, was consigned
to the
been a conspicuous flow of Continental money to Chase National Bank and to the Equitable
Trust
London from several capitals. Amsterdam and Co. The Reserve Bank reports
a movement of
Zurich have been especially prominent, it is stated, $4,700,000 gold from Canada. This receipt
was
in transmitting to London, while Paris has been a accounted for here last week. Canadian exchange
heavy buyer of sterling bills since the removal continues at a discount. Montreal funds are
on
of the French embargo on capital exports. How- average 3-16 of 1% discount.
ever, the strong demand for sterling all week would
Referring to day-to-day rates, sterling on Saturday
ndicate a relatively large transfer of American funds last was firm and in demand. Bankers' sight was




FEB. 251928.]

FINANCIAL CHRONICLE

4.87 1-16@4.87 3-16 and cable transfers 4.87%@
4.87 9-16. On Monday the demand continued.
The range was from 4.87 3-16 to 4.87% for bankers'
sight and from 4.87% to 4.873 for cable transfers.
%
On Tuesday the rate continued to advance. The
range was 4.87 5-16@4.87 7-16 for bankers' sight
and 4.87 11-16(4)4.87 27-32 for cable transfers. On
Wednesday there was no market because of the holiday. On Thursday sterling moved , still higher.
Bankers' sight was 4.87%@4.87 11-16 and cable
transfers 4.87 15-16@4.88 3-32. On Friday the range
was 4.87%@)4.87% for bankers' sight and 4.87 25-32
@4.88 for cable transfers. Closing quotations yesterday were 4.87 7-16 for demand and 4.87 13-16 for
cable transfers. Commercial sight bills finished at
-day bills at 4.83%,90
4.87 5-16, 60
-day bills at 4.82,
documents for payment(60 days) at 4.83% and 7
-day
grain bills at 4.86%. Cotton and grain for payment
closed at 4.87 5-16.
The Continental exchanges show a firmer tone,
largely resulting from sympathetic relation to the
sterling quotations. German marks have been in
demand and exchange on Berlin has been more
active than any of the others, although the Italian
unit is also in demand. The demand for marks,
as frequently stated here, is due almost altogether
to the transfer of funds to supply the German
money markets and to transfers of the proceeds
of loan issues. Short-term money is becoming
increasingly plentiful in Berlin. There has been
a considerable increase in savings deposits during
the past two years in the German banks and this
re-accumulation of capital is helping to bring the
German money markets to a lower rate basis.
There is no news of importance affecting Italian
lire, which continue in demand through the transfer
of immigrant remittances and of funds for investment in Italian securities, as a result of the restoration of confidence since legal stabilization. There
is hardly any prospect of an important variation
in the lira quotation as the whole matter of foreign
credits and exchange is under strong Government
control. The volume of capital employed by 799
leading banks in Italy has increased nearly 1,000,000,000 lire in the past three years, according to
Giuseppe Bianchini, President of the General Confederation of Italian Bankers and a financial expert
of the League of Nations. Deposits of Italian
banks have increased, he says, from 8,074,000,000
lire in 1924 to 8,945,000,000 lire at the 367 jointstock banks, while for the 432 co-operative banks
the total deposits have increased from 4,957,000,000
lire to 5,174,000,000 lire, and ordinary savings
deposits now total 12,132,000,000 lire, against
10,593,000,000 three years ago.
French francs continue firm, although trading
is extremely dull in New York. A few days ago
Governor Moreau of the Bank of France visited
London, where he conferred with Montague Norman,
Governor of the Bank of England. Bankers here
and in Europe attach special importance to such a
conference at this time, as it is believed that the
two central banks are negotiating arrangements to
transfer large quantities of gold from London to
Paris in such a manner as not to disturb either
foreign exchange rates or the money market. The
transfers will be made, of course, with a view to
furthering the legal stabilization of the franc.
As already noted under the discussion of sterling,




1091

186,000,000 francs gold were received in Havre
this week, allegedly from earmarked stock of Bank
of France gold in New York. Exchange on Vienna
is always an inactive one in the New York market,
but it is of interest in passing to note that official
quarters at Washington let it be known this week
that the United States Government is ready to
subordinate its liens against Austria, in order that
the Austrian authorities may be able to float a
$100,000,000 reconstruction loan. Details with regard to this loan and Secretary Mellon's comments
will be found in another column. Antwerp belgas
are firm. An error in London cables to the New
York newspapers a few weeks ago stated that the
Belgian rate had been advanced to 5% on Jan. 18.
This erroneous statement was accepted and printed
as fact in these columns on Jan. 21. Samuel Montagu
& Co. of London kindly call our attention to the error.
The Bank of Belgium rate of rediscount has continued unchanged at 432% since Nov. 16 1927.
The London check rate on Paris closed at 124.02
on Friday of this week, against 124.02 on Friday of
last week. In New York sight bills on the French
centre finished at 3.933', against 3.927 a week ago;
A
/
cable transfers at 3.938 s, against 3.933, and commercial sight bills at 3.92%,against 3.92%. Antwerp
belgas finished at 13.91% for checks and at 13.92%
for cable transfers, as against 13.913/i and 13.923/i on
Friday of last week. Final quotations for Berlin
marks were 23.86 for checks and 23.87 for cable transfers, in comparison with 23.85 and 23.86 a week
earlier. Italian lire closed at 5.293.I for bankers' sight
bills and at 5.293/i for cable transfers, as against
5.293 and 5.29% last week. Austrian schillings have
A
not been changed from 143/ Exchange on Czecho8
.
slovakia finished at 2.96%, against 2.963v; on Bucharest at 0.613, against 0.613; on Poland at 11.20,
against 11.20, and on Finland at 2.52, against 2.52.
Greek exchange closed at 1.32% for checks and at
1.323/b for cable transfers, against 1.323' and 1.323
%
a week ago.
In the exchanges on the countries neutral during the
war trading is in very light volume. In fact, the
"neutrals" are all extremely dull, but have been inclined to firmness, due to sympathetic relation to the
higher sterling quotations. Swiss francs responded
to this movement more noticeably than the other
units. Holland guilders moved within the narrowest
limits, but were somewhat lower. London advices
state that a reduction in the Netherlands Bank rediscount rate is to be looked for soon. The Netherlands rate was increased to 43/2% on Oct. 13. The
Norwegian rate finished much stronger than a week
ago. London advices on Thursday stated that the
Norwegian Government has invited tenders on a
$30,000,000 loan. Spanish pesetas, which have
fluctuated rather widely in recent months as a result
of speculative operations, have been practically neglected this week, with the result that the closing
quotations are only slightly changed from those of a
week ago. The Spanish Government seems very
little concerned as to the attitude of the outside
world toward its exchange. The Minister of Finance
recently announced that the result of the general
subscription to the 500,000,000 peseta 43/2% public
debt stock at 98 had exceeded expectations. The
subscription reached 2,294,000,000 pesetas, and the
debt was consequently covered 43/i times. The proceeds of the issue will be employed in public works.

1092

FINANCIAL CHRONICLE

With the new issue the public debt of Spain will total
18,304,000,000 pesetas.
Bankers' sight on Amsterdam finished on Friday
at 40.21, against 40.23 on Friday of last week; cable
transfers at 40.23, against 40.25, and commercial
sight bills at 40.17, against 40.19. Swiss francs
closed at 19.249' for bankers' sight bills and at
19.253/ for cable transfers, in comparison with
2
19.223 and 19.233/ a week earlier. Copenhagen
4
2
checks finished at 26.79 and cable transfers at 26.80,
against 26.76 and 26.77. Checks on Sweden closed
at 26.84 and cable transfers at 26.85, against 26.83
and 26.84, while checks on Norway finished at
26.633/i and cable transfers at 26.643/, against 26.60
2
and 26.61. Spanish pesetas closed at 16.93 for
checks and at 16.94 for cable transfers, which compares with 16.91 and 16.92,a week earlier.

[vol.. 126.

633 ,against 634@633/ Manila at 49 9-16, against
%
2
;
49 9-16; Singapore at 56%@573/s, 573'@573'1;
Bombay at 36%, against 369.', and Calcutta at
369/s, against 369/
8
.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANES TO TREASURY UNDER TARIFF ACT OF 1922,
FEB. 18 1928 TO FEB. 24 1928. INCLUSIVE.

Country and Monetary
Unit.

Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Feb. 18. Feb. 20. Feb. 21. Feb_ 22. Feb. 23. I Feb. 24.

EUROPE$
$
Austria. schliling
.140752 .140762 .140742
Belgium. belga
.139202 .139188 .139203
Bulgaria. ley
007195 .007204 .007204
Czechoslovakia, krone 029624 .029625 .029623
Denmark, krone
267711 .267721 .267766
England. pound titerfuelling
874914 4.876363 4.877484
Finland. markka
.025170 .025182 .025178
France. franc_ ....,
.039304 .039313 .039321
Germany. relchsmark. .238647 .238679 .238698
Greece, drachma
.013231 .013236 .013227
Holland. guilder
402459 .403375 .402304
Hungary. pengo
.174656 .174605 .174690
Italy, lira
.052951 .032949 .052961
Norway. krone
.266100 .266120 .266175
Poland. zloty
.112327 .112327 .112283
Portugal. escudo
.017239 .017275 .947291
Rumania,ieu
006144 .006142 .006145
Spain, peseta
169250 .169428 .169897
Sweden. krona
.268352 .268351 .268372
Switzerland. (rano
.192336 .192323 .192374
Yugoslavia. dinar
.017592 .017594 .017593
ARIAChina
Cherie tael
656011 .656458 .656666
Hankow tael
645625 .646041 ''.845416
Shanghai tael
631875 .632767 .632878
Tientsin tael
665208 .668541 .665416
Hong Kong dollar... 499107 .499196 .499285
Mexican dollar.... 454250 .454250 A54259
Tientsin or Peiyang
dollar
453750 .453750 .453769
Yuan dollar
.450416 .450416 .450116
India. rupee
364814 .364887 .364714
Japan. yen
468825 .468768 .46897$
Singapore(A.S.)dollar_ 567500 .667083 .586875
NORTH A M ER.
Canada. dollar
998120 .998059 .998097
Cuba. peso
1.000562 L000625 .000562
Mexico. peso
...._._ .487166 .487500 .487833.
Newfoundland, dollar. .995763 .995760 .995531
SOUTH AMER.Argentina. peso (gold) 071515 .971683 .971546
Brazil, milrela
120127 . 0/10 .120090
12
Chile. peso
122048 .122060' .122080
Uruguay, peso
1.010930 1.031250 1.031430
Colombia. peso
978000 .978000 .978000

.140689
.139232
.007195
.029625
.267940

.140847
.139215
.007213
.029626
.267957

.879957
.025175
.039345
.238703
.013224
.402476
.174660
.052967
.266317
.111938
.017260
.006142
• :169501
.288452
HOLI- .192548
DAY. .017591

4.878863
.025183
.039342
.238705
.013230
.402298
.174640
.052950
.266337
.112327
.047112
.006140
.169519
.268443
.192511
.017593

The South American currencies continue firm,
with every prospect of remaining so for an unpredictable period, owing to currency reforms, the large
receipts of gold from successful loan flotations, and
.658333 .658750
.648333 .647916
to the steady improvement in economic conditions.
.634921 .634917
.667083 .667916
Gold shipments made this week to Uruguay and
.499732 .498928
.454750 .454750
Argentina, as noted in commenting on the gold
.454583 .454583
.451250 .451250
movement in the discussion on sterling, were ac.365037 .365091
.468768 .468937
counted for here last week. But in addition, the
.566666 .566668
National Bank of Commerce in New York, is to-day
.998012 .998003
1.000625 1.000626
shipping $2,000,000 in gold coin to Buenos Aires.
.487333 .487500
.995625 .995531
The French American Bankirg Corp. is sending
.971807 .971784
$250,000, and it was stated that Louis Dreyfus & Co.
.120172 .120109
.122100 .122091
have engaged $4,000,000 for shipment by an early
.033540 1.034510
.979200 .979200
boat. Current reports state that the Province of Buenos
Aires is arranging a refunding operation of from $40,Owing to a marked disinclination on the part of two
000,000 to $70,000,000 in New York. Details reor three leading institutions • among the New York
garding this projected issue will be found elsewhere.
Clearing House banks to keep up compiling the figures
It is of passing interest to note in connection with for us, we find ourselves
obliged to discontinue the
the stabilization program of the South American publication of the table we have been giving for so
countries that Mr. Frederick I. Kent, of the Bankers many years showing the shipments and receipts of
Trust Co. of New York, has accepted an invitation currency to and from the interior.
As the Sub-Treasury was taken over by the Federal
from the Reserve Bank of Peru to visit that country
study and report upon Peruvian exchange. Reserve Bank on Dec. 6 1920, it is also no longer
to
possible to show the effect of Government operations
Argentine paper pesos closed yesterday at 42.71 for on the
Clearing House institutions. The Federal
checks, as compared with 42.71 on Friday of last Reserve Bank of New York was
creditor at the Clearweek, and at 42.76 for cable transfers, against 42.76. ing House each day as follows:
Brazilian milreis finished at 12.04 for checks and at DAILY CREDIT BALANCES OF NEW YORK
FEDERAL RESERVE BANK
AT CLEARING HOUSE.
12.05 for cable transfers, against 12.04 and 12.05.
Chilean exchange closed at 12.19 for checks and at Saturday. Monday, Tuesday, Wednesd'y,1 Thursday,
Friday.
Aggregate
12.20 for cable transfers, against 12.19 and 12.20, Feb. 18. Feb. 20. Feb. 21. Feb. 22. Feb. 23. Feb. 24. for Week.
$
$
$
$
and Peru at 3.90 for checks and at 3.91 for cable 125,000.000 102000,000 111,000,000 Hothlay I 114,900,000 90,000.000 Cr. 511.000.000
transfers, against 3.90 and 3.91.
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit
balances.

the
the Clearing
The Far Eastern exchanges are quiet, showing however, reflect only a part ofItems Reserve Bank's operations withrepresented In
House institutions, as only the
payable in New York City are
The large volume of checks
institutions located outside M
practically no change from a week ago. The out- the daily balances. accounted for In arriving at these balances, as such cheeks do
New York are not
not pass
are deposited with
standing matter of interest with respect to Far Bank for through the Clearing House butlocal Clearing House the Federal Reserve
collection for the account tithe
banks.
Eastern exchange is the ultimate fate of the Indian
The following table indicates the amount of bulReserve Bank bill. At present, owing to the high
state of political feeling throughout India focussed lion in the principal European banks:
for the present on the British Statutory Commission
Feb. 23 1928.
Feb. 24 1927.
on Indian Reforms headed by Sir John Simon, there Banks of I Cold.
Siker. I
Total.
Total.
Siker. I
Gold.
seems to be very little chance that the Government
E
I
f
i
1
4
England J157.917.763
150,147,937
157,917,763 150.147.937
will again present the bill before the legislature at France.a_ _ 221,753,269 13,717.023 235.470.292 147,340.268 13.640.000 160,980.268
Germany
90.142.850
c994.600 91,137.450 87.070.850
994.600 88,065,450
Delhi for some time to come. London authorities Spain_ b 104,298, 27.704.000 132.002,000 103.049,000 27.386.000 130,435.000
_
49,288.000
4.215.000 49,960,000
.288.000. .
Reserve Bank measure, Italy
Neth'lands 36.268,000 2.364.000 38,632.000 34.520.000 2.350.000 36.870,00
seem quite confident that the
Nat. Bela_
1.243.000
17.816.000 1,120.000 18.936,000
SwItzland 17,315.00
which was the core of the proposals made by the Sweden 21,217,000 2.514,000 22.460,000 17.791.000 3.081.000 20.872.000
19,829.000
12.400.000
12,979,000
I 12.979.000 12.409.00
Royal Commission on Indian Currency, is at most Menmark _ 10.109,0
641.009 10.750.
843.000 12.047,000
11.204.000
0.180.000
Norway
8.180,
I 8.180.11. 8.180.011
only delayed. Closing quotations for yen checks Total week 729.467.882 49.177,623778,645,505635,264,05.53.629,60 688.893,656
0
yesterday were 46.85@47 1-16, against 46.85@473/ P5ey. week 733.820,851 40,208.623783,029.474634,339.129 53,579,600687.918.729
a
of
on Friday of last week; Hong Kong closed at 50@ the Gold holdingsto the Bank of France are exclusive of gold held abroad, amounting
present year
£74,672,866. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year Is 14.1713.600.
,
503/ against 50 1-16@50.10; Shanghai at 6332@ sae of Oct. 7 1924.
8
/




on

FM. 25 1928.]

FINANCIAL CHRONICLE

1093

the principle of non-intervention had never been recMr. Hughes and the Pan-American
ognized by the nations of the world, and not only
Conference.
formed no part of international law, but could not
The sixth Pan-American Conference at Havana be made a part of international law even if the Conadjourned on Monday, after a session of five weeks, ference voted it. It would be useless, they insisted,
in an atmosphere of at least external friendliness for the Conference to demand the inclusion in a pro.
and even cordiality. The sharp differences of opin- posed codification of international law of a principle
ion which several times threatened to wreck the which none of the great Powers would admit, and
Conference were not pressed to the point of rupture, in the face of such a declaration as that of Sir Ausand the withdrawal of one of the most prominent ten Chamberlain, who had asserted in the House of:
delegates did not prevent the Conference from going Commons that Great Britain proposed to protect ita
on with the business in hand.
nationals in China and elsewhere throughout the
For this gratifying outcome the chief credit is to world.
be given to Charles E. Hughes, head of the AmeriThe task of breaking this opposition devolved upon
can delegation and the outstanding personality at Mr. Hughes. In a speech on Feb. 13 he pointed
out
all the critical moments of debate. But for the diplo- that "the right to protect,the people of a country
in
matic skill with which Mr. Hughes met the irritat- determining what goods shall enter a country, what
ing and explosive issues that were raised, his uni- duties shall be imposed, or what export
taxes shall
form patience and courtesy toward supporters and be imposed is of the essence Of. sovereignty. . .
.
opponents alike, and his bold and eloquent insistence To introduce the Pan American Union into these
upon the non-aggressive attitude of the United most delicate of all subjects, relating to theexerStates, there is only too much reason to fear that ci e by independent and. sovereign States of their
the Conference might have met shipwreck, and that will with respect to the articles coming in or
leaving
such good understanding as has been slowly devel- their boundaries, would
be simply to invite the deoped through many years between the United States struction of the Pan-America Union
n
by making it
and Latin America might have received a decided the center
of controversies which it could not reand regrettable check. The praise which Mr. Cool- solve and to
put it in opposition to the parliaments
idge and Secretary Kellogg have given to Mr. Hughes and
congresses of the various States.. . . . Let
might well have been made even more enthusiastic, us continue
our cultural work, our co-operation in
for a failure at Havana would have been interpreted those lines
where we 'feel we have a community of
everywhere as a rebuff to the Administration, and to interest,
where we realize that good can be accomthe personal effort of Mr. Coolidge to give the Con- plished, and
let us not destroy the Union by attemptference a good start. Mr. Hughes saved the day, and ing to
make it a tariff commission, or a commission
for the service which he rendered he is entitled to for the
purpose of impinging upon our respective authe thanks of the American people.
thority as independent States." It had already been
What appeared to be the culminating crisis of the rumored
that Dr. Pueyrredon had resigned both as
Conference was reached on Feb. 9, when a subcomAmbassador and as delegate to the Conference, and
mittee which had been considering the question of on
Feb. 16 the rumor was confirmed.
a reorganization of the Pan-American Union found
Feb. 16 brought another speech by Mr. Hughes,
itself unable to agree as to whether the reorganiza- this
time before the Committee on Public Internation should be effected by a formal treaty between tional
Law, in which he declared that the United
the twenty-one countries represented in the ConferStates "would join most heartily in a declaration
ence, or by a resolution in which the provisions of
that there shall be no war of aggression in Amersuch a treaty should be embodied. The only reason
ica." "I desire to show you," he said, after a somefor this failure, it was generally understood, was the what
extended discussion of .the methods of arbitrainsistence of Dr. Honorio Pueyrredon, Argentine
tion, "the sincere co-operation of the United States,
Ambassador at Washington and head of the Argenwhich is opposed to any act of aggression, which detine delegation, that the Conference should declare sires
to see force eliminated from this hemisphere,
itself in favor of the removal of economic barriers
which is seeking nothing but the good order, the imbetween the American Republics, a proposal whose
portance and the prosperity of all the American
target was the United States tariff. On the same
States." What was said on this occasion was clinched
day it was announced that a subcommittee of the two
days later in a speech which took on special
Committee on Public International Law, over which
significance because of its broad and emphatic enunMr. Hughes presided, had reached a deadlock over ciation
of the policy of the United States. Replythe demand of Dr. Pueyrredon, Dr. Gustavo Guer- ing to the
proposal of Dr. Guerrero of Salvador, the
rero, Minister of Foreign Affairs for Salvador, and champion
of a declaration against intervention, that
Aquiles Elordoy of Mexico, for an unqualified con- the
question of intervention be submitted to the
demnation of intervention of every kind by one
Conference for a vote, and spurred on, apparently,
nation in the affairs of another.
by open signs of anti-American feeling in the galOver these two issues, which cast into the shade leries of
the assembly hall, Mr. Hughes not only deall the other items on the program, the Conference clared that he had at no time
wished to avoid a disstruggled daily until close to the end of its sessions. cussion of
the question of intervention, that "there
It was clear from the first that the American dele- is nothing to conceal" and that "there are no hidden
gation could not allow the tariff policy of the United conditions," but reaffirmed unequivocally the nonStates to be called in question, and that some other aggressive policy of the United States. "We want
States, like Chile, which have adopted less elaborate no aggression. We want no aggression against ourprotective tariffs, would be likely to take the selves. We desire no territory and have no
thought
same view. On the question of intervention the of aggression against anybody else. We desire to
American delegation, backed by Brazil, Peni and respect the rights of each country and to have,
the
several other Governments, took the position that rights of our own country equally respected. We do




1094

FINANCIAL CHRONICLE

[VOL. 126

not wish the territory of any American Republic. sense speculative issues. They are not instituted to
We do not wish to govern any American Republic. be "traded in." The element of rapid advance upon
We simply wish peace and order and stability and which "speculation" is based is absent. They appeal
recognition of earnest rights properly acquired, so to the permanent investor because of their stable
that this hemisphere may not only be the hemisphere worth and regular earning rate. The expectation
of peace but the hemisphere of international jus- of consolidations, which so often invites speculative
tice."
investments in other stocks for a rise in price, is
The net result of Mr. Hughes's diplomacy appears partly responsible for recent speculative features in
to have been to leave the Latin American States di- bank stocks, together with the spectacular increase
vided into three groups, distinguished by their dif- in a few institutions that have embarked upon novel
ferent attitudes toward the United States. In Bra- careers. But whatever the cause, the practice of
zil, Chile, Peru and some of the other larger and buying and selling bank shares upon the Exchange
more important States, friendship for the United brings an element of weakness to the entire banking
States appears to have been appreciably strength- structure, slight as it is. If there is anything which
ened. A number of the smaller States, on the other should be sacred from the operations of the "bulls
hand, including some of those of Central America, and bears" it is our banks. The speculation fever
were inclined to see in the Nicaraguan imbroglio which has flamed to excess during the last few years
evidences of an American policy somewhat at vari- is responsible for a degree of apprehensive fear that
ance with Mr. Hughes's altruistic statements. Ar- should not attach to our banks. In time of trouble
gentina, apparently,stands for the moment in a class they have always been our last stand against adverby itself. To what extent Dr. Pueyrredon's demand sity, and should remain so.
for the removal of tariff barriers represents public
The vital difference between investment and specopinion in Argentina is difficult to say. It has been ulation appears distinctly in this recent departure.
rumored that Dr. Pueyrredon was likely to be a A safe investment promises a safe and steady recandidate of the Radical Party in the approaching turn. A speculation, if it be a bona fide investment,
Presidential election, in which case his championship promises an unusual and rapid return, provided of
of free trade may not have been without political course it is not one of selling short which of course
significance, but the immediate effect of his course is no investment at all but a gamble. There is no
seems to have been the opening of a breach between way by which banks may make unusual or excessive
the two countries, possibly not of great importance, profits in any given year. It is true interest rates
but one which it will nevertheless take time to heal. may advance; it is also true that security investBe this as it may, Mr. Hughes has committed the ments bought by banks in a time of rapid advance in
Administration and its successors to a course of con- prices may be again sold at a profit, but if not so
duct on a high plane, and the United States cannot sold, if held during a declining market, may evendeviate from the line which he has marked out with- tually constitute a loss. Hence the best bank pracout endangering the prestige which he, more than tice in security holdings for the utilization of temanyone else who took part in the Conference, suc- porary surpluses is the purchase of stable and nonceeded in preserving for it.
speculative issues. This is only an alternative to
The accomplishments of the Conference, consider- commercial loans. In general a bank can earn no
ing the acute controversies which developed, were higher rate on its loans than the average earnings
considerable. The most important, perhaps, was the safely conducted business as a whole can pay. This
unanimous adoption of a resolution for the arbitra- fact precludes the expectation of unusual dividends
tion of justiciable disputes, and provision for anoth- bringing with them elastic or speculative market
er Conference at Washington within a year to draft prices for their shares.
a treaty making arbitration compulsory. The PanThe danger of this condition of common speculaAmerican Union is to be reorganized, but without tion in bank stocks is the possible reaction upon the
the inclusion of any political functions. A series banks themselves. Due to pools and pressure, let us
of treaties dealing with the rights and duties of say, a bank's stock rises to unprecedented heights.
neutrals, commercial aviation, aliens, the right of The pressure withdrawn, the shares drop. Why?
asylum, international co-operation for the preven- The uninitiated buyer, ignorant of the pool, may
tion of revolutions, and maritime neutrality were spring to the conclusion there is something wrong
drawn up, a sanitary code and a code of private in- with the bank. Lesser suspicions have had disasternational law were adopted, and approval was trous effects. It is of course a wrongful suspicion—
given to plans for the Pan-American Railway and for the conduct of the bank has nothing to do with
a proposed highway to link the United States with the conduct of the speculation in its shares. Furthe entire west coast of South America. To some thermore, if this practice continues, speculation will
of the treaties the American delegation made formal cause sharp changes in the prices of the shares.
reservations, but the discussion of these and other This atmosphere is foreign to banking. It is even
matters that call for later action will give oppor- depressing to the conduct of the bank. Incidents
tunity for the further development of international connected with the regular business of the bank may
co-operation among the American Republics, and for be seized upon by unscrupulous traders to bull or
further proof of good-will and disinterestedness on bear the market in shares, and distorted by repetithe part of the United States in its dealings with tion in the common talk on the Exchange may result
its southern neighbors.
in harm to a rightful standing.
Legitimate banking is enough affected already by
Speculation in Bank Stocks.
the great wave of speculation in stocks without addThe action of the National City Bank and Chase ing the evil effect of speculation in its own stocks.
National Bank in withdrawing the listing of their And it is not likely that removing these stocks from
shares on the New York Stock Exchange is in ac- the Exchanges will result in throwing them among
cord with sound banking. Bank stocks are in no the unlisted aecurities traded in on the open, or if




FEM. 25 1928.]

FINANCIAL CHRONICLE

1095

to send him the chief engineer and told him to make
a map of the United States and put the Philippines
upon it; and "there they are and there they will stay
while I am President." Our difficulties began then.
Spain had taken possession of the islands 300
years before. Rebellion chiefly against the rule and
conduct of the friars had broken out at the time of
the fall of Queen Isabella and the change of-government in Spain. A new constitution was-proclaimed
in 1869 and an effort made to throw off the Spanish
yoke. It did not succeed, but the struggle persisted
and insurrection against Spain under a Filipino flag'
confronted Dewey on his arrival. When later we
advanced and captured Manila with no recognition
of independence for them, they felt they were deceived, and our subsequent fight with Aguinaldo
was the result. We were ill-advised as to the real
situation and in the treaty of Paris in 1898 the
United States was induced to purchase the islands
for $20,000,000, while President McKinley was
cabling that we should acquire title by conquest.
Some thirty years of troubled and perplexing experience have followed. There has been a varied
series of military and civil Governors-General, with
much warfare, in which many of our leading army
officers were engaged; very heavy outlay of money;
unsettled political and commercial relations; and
no little confusion of thought as to our permanent
policy. Progress seemed at last well under way, the
Filipinos and the resident Americans were settling
themselves to secure that result, confident of the
form that would normally appear, when the unfortunate appointment of a Governor-General who undertook to hasten that end by undoing much that had
been accomplished and by an unwise attitude gnd illconsidered measures, however well intended, created
false hopes and threw open the doors to designing
self-seekers and to ignorant and ill-prepared men of
good-will, their all too easy disciples.
In this deplorable emergency which threatened to
injure our good name, no less than the welfare of
the dependent people, our Government called General Wood to the charge. In addition to his distinguished and highly successful military and administrative experience, he had served in early days in
the Philippines, and was peculiarly fitted for the
new task. At a great sacrifice, for he had just accepted the Chancellorship of the University of Pennsylvania, and looked forward in it to a worthy finishing of his career of public service, he accepted the
appointment and went at once to Manila. With what
The Question of the Philippines.
patient and whole-hearted devotion he performed
In relation to the United States the Philippines his task is known of all.
may be regarded as standing midway between Cuba
Greatly worn, he came home to set before the counand Latin America. Cuba so far as concerns our try in its larger and most promising aspects the outimmediate responsibility represents our finished look for those islands, was taken ill, and died, leavwork; with Latin America our connection is wholly ing his place to be filled in the hour of it new hopes,
a matter of debate; the Philippines lie between in and because so enlightened and far-reaching, its still
a condition pressing for determination.
difficult prospects. His friend, Mr. Henry L. Stim,
When Spanish posse:_ sion in 1898 gave place to son, a prominent lawer of New York, sometime SecOUTS in the Philippines, all eyes turned to their ulti- retary of War, having also served in the army in
mate independence. We had no experience in hold- France, and recently at the request of General Wood
ing foreign colonies. When Aguinaldo, who was been for several months with him in Manila, was inleading a successful revolt, appeared before Dewey, vited by President Coolidge to succeed him and at
putting into his hands full plans for independence, much personal sacrifice, and as a call which under
Dewey did not know what to do with them; and the circumstances he felt he could not decline, has
President McKinley said that when news came to accepted, and is now on his way to Manila.
The policy of the Government is reasonably fixed,
him that the Philippines had dropped into our lap
mot know what to do with them." After but there is much discussion as to the method of its
he also "did
much perplexity he called to the War Department application. The desire of successive Presidents

that does make a limited market, surely no real investor would buy save through a reputable broker
or banker capable of advice. But the most potent
reason for the discountenancing of this speculation
is the fact that constantly changing stockholders are
no advantage to the conduct of the bank. Shares
held for speculative purposes only induce a cursory
examination of the bank itself. These stockholders
are not prepared to vote intelligently for directors,
if indeed they care who is chosen. This aggravate.:
the condition, already, perhaps, too common, of
granting proxies to officers—we mean by granting
proxies without studying the fitness of those to
whom granted, and by such aggravation of a necessary practice by those who don't know and don't
care to know, lowering the whole bank standing.
There is this difference between bank stock and
that of industrials and public utilities. The latter
are not operating on money voluntarily granted
them in trust. For while legally the relation of
debtor and creditor exists between the bank and its
depositors, there is the implied trust also that that
money so intrusted will be reloaned safely and wisely and that nothing will be done or permitted to be
done with it that will imperil the standing of the
bank. It is possible to pledge the bank shares to buy
more bank shares, as matters now stand, for speculative purposes. One president of a large instituthin, the shares of which are extensively traded in
on the stock exchange in a speculative way (it is
presumed), has advised that holders pay for their
shares and refrain from buying them on borrowed
money. The possible effect of a panic in stocks
upon this form of buying is obvious, and the dumping of bank stocks on a falling market in time of
panic cannot benefit the banking system.
City central banks should frown on this new form
of speculation in consideration of the trust imposed
in them by depositors. Our banks are the bulwarks
of business. They are indispensable. They are conducted on the whole with integrity and ability of the
highest order. Themselves, they must sustain their
standing against the effects of that kind of speculation which is near to gambling. Therefore they
should be apart and aloof from these methods. Business depends upon their impregnability. To allow
or sanction or condone speculation in their own
shares, in so far as they can prevent it, is a neglect
of the trust imposed by depositors and a danger to
business stability.




1096

FINANCIAL CHRONICLE

[voL. 126.

to do in the matter only what will promote the wel- the country being the subject of conquest when occafare of.the United States and equally the welfare of sion arises.
the Philippines may be accepted as the desire of the
For these reasons, and much more which he precountry. The immediate and constant need is such sents in detail, he urges that the fate of this promistrustworthy information as is within reach concern- ing and largely helpless people is closely joined to
ing the underlying conditions, as will fix the goal our own destiny, and that whatever form the conand as far as possible settle the measures by which nection may ultimately take, it should be continued
it may be reached, and will carry conviction at home in our union with them while some arrangement
and Abroad. Happily, there are two bookq by first- shall be brought out to the benefit of both.
hand authorities, recently published, to which we
On the other hand, F. C. Laubach in The People
would call attention. While agreeing substantially of the Philippines (Doran), after prolonged and disas to the goal to be reached and the present situa- tinguished missionary service, urges a larger and
tion, the authors differ as to the steps to be taken, more immediate recognition of the readiness for inand are alike instructive and sincere, while deeply dependence. He testifies to the value of the Indeconcerned, in pressing their opinions. They agree pendent Catholic Church with its present memberalso as to the difficulty of the problem; the great ship of 1,400,000, existent at the time of the arrival
mixture of the ten millions of the people composing of the first Protestant missionaries, as heroic sacrithe inhabitants, several hundred varieties in speech, fice and great suffering on the part of its founder
and race, and religion, extending from Christians at and also of its members. In poverty and under conthe north to Mohammedans at the south, with a mil- stant oppression, they had spread with their little
lion and a half still wild and pagan, or followers of churches. The Spaniards also had left a university,
the Prophet; the general situation caused by three the oldest in the America of to-day, with 86 in its
centuries of alien oppression and the quickened na- faculty and 1,100 students. The Protestant missions
tional consciousness aroused by its expulsion; the have aided in gathering over a million pupils in pubpresence and intermixture of other Asiatics, coupled lic schools with 25,000 teachers and a high grade of
with the arrival of a new group of Americans coming instruction, and have made an advance, showing
with equally selfish interests; the rapid spread of such ability that the Filipinos may be regarded on
a new education, a new speech supplying new de- their way to a place among the highly educated nasires and intercommunication and a new unity of tions. Many other evidences of progress may he
thought; and a rapidly increasing number of more seen in sanitary, industrial and social directions.
or less educated young people having little other ap- Their young people are leading in the acceptance of
plication for their new knowledge and their new am- the ideals of nationalism, democracy and internabitions than in public affairs; all this and much tionalism. They put nationalism first, but their
more in connection with the whole Eastern situa- internationalism is eager, and they claim that relition, as representing in its wise handling the task of gion as they now grasp it makes them citizens of the
an Administration coming from afar and of neces- world, and they want to prove it. He says that tosity frequently changed. Both writers agree as to day for the first time in history, the four greatest
the responsibility that rests upon us because of the streams of civilization in Northern and Southern
deliberate act by which practically without dissent Asia and in Northern and Southern Europe have
and by a non-party vote we accepted the task in the merged in one nation, and the Filipino people are
eyes of the world. Whether or not that was in our in a position to harmonize them, as the President of
minds at the time, it is the fact to-day. That it their National University declares.
should have become mixed up in party politics, dealt
They are also the only nation in all the Orient
with in heated discussion, and generally set aside be- that calls itself Christian. With the advantage in
fore domestic interests only emphasizes the responsi- this and their geographical position they will have,
bility and adds to the obligation.
he anticipates, no rivals for generations to come,
Mr. W.R. Williams, in his The United States and and may well look for leadership in Orientalizing
The Philippinee (Doubleday Page & Co.), believes Christianity. Requests have already come to them
that the demand for,immediate and absolute indepen- from China for instructors, and they are sending
dence is the natural result of our "Declaration" that out missionaries of their own to the Pacific islands.
"all men are created free and equal," and that "gov- They need primarily guidance and opportunity for
ernments derive their just powers from the consent developing their own resources. That should be the
of the governed," which we have held up to them. aim of all who would aid them; and these Are the
The circumstances under which we adopted this and critical hours for giving it. The missionaries, while
the steps by which we had to advance in applying it, neutral on the question of independence, are personhave as yet made little impression. After living ally in sympathy with the national aspirations of the
for twenty years in the Philippines, Mr. Williams people. Their one wish is for what is best for the
points to the abundant,evidences that they are not Filipinos, in the assurance that it will also be best
ready for it, and what a wrong it would be to them, for the Americans.
and also to ourselves if it be attempted. He refers
That may be accepted as the common desire of
to the experience of other lands, not excepting those us all. To determine what are the steps that will
nearest to ourselves, as Mexico and Cuba, and to the secure it is now the task before us.
testimony of intelligent historians, like Bryce, who
have carefully studied the subject, to show how nec- Annual Production of Electricity and Consumption of
essary is proper preparation if it is to succeed, and
Fuels by Public Utility Power Plants in 1927—
Continued Improvement in Utilization of Fuel.
how without that it fails. He refers to the immediPreliminary figures of the total annual production of elmate danger,should it be tried, of the government falltricky by
ing into the hands of self-seeking men and their syc- indicate anpublic-utility power plants in the United States
output of 79,724,000,000 kilowatt-hours in 192',
ophant followers, justified by events that have al- an increase of 8% over the output for 1926, according to thti
ready happened; and also the very certain peril of Department of the Interior, Geological Survey. Of ttds




FEB. 25 1928.]

FINANCIAL CHRONICLE

quantity 37% was produced by the use of water power, an
increase of 1.6% over the proportion for 1926. In kilowatthours the cdectricity produced by the use of fuel increased
%
/
1
about 52 and the electricity produced by water power
increased about 13%. It would have required about 27,000,000 tons of coal to generate the electricity which was
produced by the use,of water power, states the Survey, which
also adds:
The improvement in the average utilization of fuels that has been brought
about by improvements in plant design and operation during the last few
years continued in 1927. The operators of public-utility power plants
performed the remarkable feat of generating about 2% billion more kilowatt hours of electricity by the use of fuel in 1927 than in 1926 by the consumption of about 150,000 tons of fuel less than was used in 1926.
From 1919 to 1927 the average quantity of coal required to produce a
kilowatt-hour of electricity has decreased from about 3.2 to about 1.8
pounds. This is a notable performance, not only in the total amount of
the reduction during the eight-year period-1.4 pounds, or a reduction
nearly as great as the present average rate of consumption per kilowatthour—but especially in the continuation of the improvement during recent
years, when the limit of achievement in utilization of fuel under present
conditions of generation of electricity has almost been reached. The reduction in the average fuel rote from 1926 to 1927 was about 0.12 pound,
or almost 2 ounces, per kilowatt-hour generated. With coal costing $4 a
ton it would require the savings on the generation of about 4,000 kilowatthours of electricity to amoant to $1 in fuel. The total consumption of
electricity by 10 average domestic customers in 1927 about equaled 4,000
kilowatt-hours. The apparently insignificant saving of 0.12 pound of coal
per kilowatt-hour amounted to about 3 million tons of coal for the year,
or, at $4 a ton, $12,000,000.
A final report which will give the total output of each State for 1927
will be published sometime in April and will include revisions of previously published figures due to the receipt of data after the release of
the monthly reports. The revisions for the most part are slight, and
the change in the totals for the entire United States generally amounts
only to a small percentage.

1097

General business and financial conditions, as well as consideration of a
number of internal Federal Reserve problems, were before the gathering.
Members professed to be encouraged over the industrial and commercial
outlook for the United States during the year.
That the Council considered the rapid increase in the volume of brokers'
loans, an incident which has been threatening to bring about a Congressional investigation, was the understanding. The Council feels that the
increase in rediscount rates and other actions of the Reserve banks will tend
to curb undue speculation and automatically correct any condition which
appearo to be dangerous.
Members pointed out that the last report of brokers' loans showed a
material decline. The opinion was expressed that the greater demand for
liquid capital was the pick-up of agriculture and industry in the spring will
automatically attract funds away from New York and tend to remove a
considerable amount of money from speculation.
Other members of the Council present were: Arthur M. Heard. of Boston;
P. D. Houston, of Atlanta; Theodore Wold, of Minneapolis; Peter W.
Goebel, of Kansas City; B. A. McKinney, of Dallas. and F. L. Lipman. of
San Francisco.

Helping the Farmer—the Recommendations of
the Business Men's Commission on
Agriculture.
(CONCLUDING ARTICLE.”
Contributed by William D. Selder, Santa Monica, Cal.

Land values are already too high; they should come down.

4VaC.0 ^^.1..04
,
Ca
4. 4...1 0 30
ti
0
,•
41 z0 = =6a
.1. ..
s4 0.4

Rents and all overhead should come down. Business should
reduce its costs to correspond with reduced land values.
The overconfident and debt-creating farmer met deflation
several years ago and Is still taking his enforced losses as
was inevitable. Other activities in greater numbers are
doomed to go through this same experience as a result of
ANNUAL PRODUCTION OF ELECTRICITY AND CONSUMPTION OF FUEL
their inflated ideas. How well they are gong to do it
BY PUBLIC UTILITY POWER PLANTS IN THE UNITED STATES, 1927.
remains to be seen, and it is no more than mildly prophetic
Output.
Total.
Water Power.
to intimate that in due corse, when that happens, numerous
Fuel Power
(K.w.h.)
(K.w.h.)
(K.w.h.)
agencies will again initiate the "back to the farm and inNew England
5.465.463,000
1.982.996.000
3.482.487.000
Middle Atlantic
21.612,468,000
6,184.055.000 15.428.413.000
dependent life" propaganda. Land values will need to come
East North Central
18,825.717,000
2.418.711,000 16,407.006,000
West North Central
4.832,208,000
1.649.814,000
3,182.394.000
down before there can be a back to the farm movement of
South Atlantic.
8.422,140.000
2.707.848.000
5,714.292.000
East South Central
3.409.054.000
2,213.113.000
1.195.941,000
any consequence in the future.
West South Central
3.318,198.000
66.737.000
3,251.459.000
Mountain
3.508,690,000
3.025.308.000
483.384.000
The Committee recommends "The extension of research
Pacific
10.329.830.000
9,304.847,000
1,024.983.000
work on the part of the Federal Government." This has
Total United States
79.723,766,000 25,553.427.000 50.170,339,000
already been had in the most extravagant manner during
Fuel Consumption.
Coal.
Oil.
Natural Gas
the more than forty years the Department of Agriculture
(Net Tons.)
(Barrels.)
(Cu. Ft.)
has been in existence. A billion dollars have been spent
New England
2.707.284
855.769
during the past ten years by Its different agencies scatMiddle Atlantic
12,810,920
342.657
124,947.000
East North Central
14,842.228
58.814
5,518,869,000
tered over the land, doing innumerable things that cost
West North Central
3.470.303
819,948
8.701.048.000
South Atlantic
4.515.297
2,030,339
158.952.000
money, and not to any great extent appreciated by the supAtlantic
East South
1,380,077
54.947
13,798,000
West South Central
1.408.077
930.547 40,745.170,000
posed beneficiaries. Beyond a doubt, much of such expendiMountain
571.424
226.084
515.955.000
Pacific
tures could have been given to the farmers as an outright
7,246
1,434,370
7,140,372.000
subsidy with better results. New types of agricultural prodTotal United States
41.712.856
6.762.675 62 910 111 nnn
ucts have been secured at great cost from all quarters of
ANNUAL PRODUCTION OF ELECTRICITY BY PUBLIC UTILITY POWER
the world, and have been planted and experimented with
PLANTS IN THE UNITED STATES, 1919-1927.
by farmers to their great cost and detriment. My neighYear.
bors and myself can testify to the loss of substantial
Total.
Water Power.
Fuel Power.
(K.w.h.)
(K.w.h.)
(K.w.h.
amounts of time and money spent in co-operating with the
1919
14.606.000,000 24.315.000,000
governmental introduction of new ideas. Some few of the
1920
16,150.000.000 27305.000.000
1921
14.970.000.000 26.005.000.000
imported products must have proven of value; I can think
1922
17,207,000,000 30.447.000.000
1923
of none and am inclined to believe that the total benefits
19.343.000.000 36.322.000.000
1924
19.969.000.000 39.044.000.000
resulting throughout the country are far less than the costs
1925
22.356.000.000 43.514.000.000
1926
28,189.000.000 47.602.000.000
and losses so far accrued.
1001
90 ALI Ann nnn
An 17n nnn nnn
Scientific and technical men are stationed in nearly every
ANNUAL CONSUMPTION OF FUEL IN TIIE PRODUCTION OF ELEC
State, supposedly for the purpose of advising and aiding the
TRICITY BY PUBLIC UTILITY POWER PLANTS IN THE U.S., 1919-27.
agricultural industry in its various problems. I know of
one office in the city of Denver that cost the Department
Year.
Coal.
Fuel Gas.
Gas.
(Mort Tons.)
(Barrels.)
(Cu. Ff.)
of Agriculture at that time several thousand dollars a year
35.100.000
11.050,000 21.406.000.000
1919
to maintain; the gentleman then in charge told me that
37.124.000
13.123,000 24.702.000.000
1920
31.585.000
12,045.000 23.722.000,000
1921
during the year 1917 the office made one official Inspection
34.179,000
13.107.000 27.172.000,000
1922
38.966.000
for one applicant for the service provided, the fair value
14.684.000 31.433,000.000
1923
37.556.000
18,630.000 48.443.000.000
1924
of which was One Dollar. All activities cannot be so prodi40.222.000
10.246.000 46.521.000.000
1925
41.311.000
9.399.000 53.207,000,000
1926
gal, but this shows what has happened.
4L713000
..."
_
6.763.000 5211111 nen nnn
The shelves, basements and storage rooms of libraries and
public buildings harbor impedimenta to the extent of tons
Wetmore Re-Elected President of Federal AdF. 0.
upon tons of reports and statistics on agriculture costing
visory Council—Increase in Brokers' Loans Dismillions of dollars, from which the information to be decussed at Council Meeting.
rived by the average farmer Is about equal to the dust that
Frank 0. Wetmore, of Chicago, was re-elected President covers the volumes. We have the most collossal printing
of the Federal Advisory Council of the Federal Reserve establishment In the world daily turning out additional
System at the 1928 organization meeting held in Washington tons of this worthless material, that few consult and then
according to special advices that day to the New York find little but chaff. Such practice is wrong and the labor
"Journal of Commerce" which in its account of the meeting and expense devoted to these Government publications
said:
could to a large extent be eliminated to the substantial reOther officers selected are Col John F. Bruton, of Richmond, Vicein
Lichtenstein, of Washington. Secretary, and James S. lief of tax payers, while the capable persons employed
President; Walter
Alexander. of New York; L. L. Rue, of Philadelphia, Harris Creek, of
<Moreland. and Walter W. Smith of St. Louis. members of the executive
•oommittee.




* Two previous articles have been published—the first in the Chronicle
of Feb. 11, page 775, and the second in the issue of Feb. 18, page 926.

1098

FINANCIAL CHRONICLE

the labor of writing, compiling, printing and distributing
such information could more profitably be devoted to individual enterprise. The outstanding achievement of many
department heads seems to be their faculty of forcing appropriations, under existing laws, into the Federal budget
over the protests of our Executives and thinking citizens.
Verily, we need less of this instead of more.
Free seeds have been distributed by Congressmen and
thrown away by postmasters or given to town and city
dwellers who never planted them. Farmers' bulletins of
more or less merit have been published by the carload, and
read by very few actual farmers, and when read not followed for the reason that the information given required
the expenditure of time and money not available. Experimental farms have been established and theories demon•
strated that not one farmer in a thousand knows anything
about, or could put into practice if he did. For years I
was one who encouraged these activities and my disappointment with the results attained has been humiliating. One
is forced to the conclusion that theory and practice are not
very closely connected when hooked up with the Government.
The findings and recommendations of the Business Men's
Committee on Agriculture may represent much sincere
work, but they fail in their timeliness and comprehension
of the farm problem, according to my experience as a land
owner, farmer and country banker, fully as much as would
the findings and recommendations of a self-constituted committee of "one horse" farmers in some backward State outlining remedies for the defects in the businesses represented
by the Business Men's Committee.
What the farmer greatly needs is for business to regulate itself back to the level of the farmer, which is where
he was before the war; that is where every activity belongs so far as costs and prices are concerned. Then the
farm problem may gradually settle down and cease to rage,

[VOL. 126.

but the next thousand years will not smooth it all out. We
have been a long time getting where we are.
Our present system of land tenure, as indicated by the
Committee, is certainly defective, and as a land owner and
farm operator, I have long realized that fact, but can
offer no acceptable present-day solution. It has come down
to us through the ages, and changes are difficult of satisfactory solution. For years our citizens demanded that
the Federal Government divest itself of the public lands
as rapidly as possible, giving to all comers, through the
homestead and other land laws, the right to acquire a part
of the public domain and settle it up—the acquiring of which
was tainted at times with fraud on the part of speculative
settlers. Population was what we then wanted, with every
farmer owning his own land. Now the public land worth
anything is gone. Instead of farmers owning unencumbered land, there are too many mortgages and too many
tenants, and more becoming tenants each year. Our forests
were given away under the timber and stone acts to many
speculative entry men, who sold out to lumber companies,
that in turn cut down the forests without replanting, and
now it begins to appear as though the Government will be
put under pressure to re-forest the lands it gave away, instead of retaining the title and licensing the cutting of mature timber only—a mistake !or which there is now no
responsibility, but which most of us recognize to have been
a mistake, as most governmental activities are.
Undoubtedly re-forestation will become a national problem before very long. We could now well prohibit the exportation of much lumber as a first step in the preservation
of our forests. If the Government does assume the task
of re-forestation, it should first acquire title to the lands
used, by condemnation, and then forever retain title instead
of giving it away again, but manifestly we must not expect too much from governmental bureaus and their salaried
civil service personnel.

Railroad Gross and Net Earnings for the Calendar Year 1927
The year 1927 was a poor one for the railroads of
the United States. It was in fact the poorest year
that they have had since their return to private control in 1920, after the United States Government had
made such a botch of operating them during the period of American participation in the World War
and the two years immediately following. The whole
of the six years from 1921 to 1926 may be said to have
been a time of advance and progress for these iron
highways as far as operating results are concerned.
Two of the six years were years of trade depression,
when the gross revenues were as a result heavily reduced, but in neither of these two years—one of
which was 1921 when trade slumped so badly after
the post-war period of gigantic inflation, and the
other the year 1924 following a new period of great
trade activity which reached its culmination in 1923
—was the resulting shrinkage in gross revenues attended by any loss in net revenues. By reason of
the advance in operating efficiency attained under
a return to private management, it was possible to
offset these losses in gross revenues by reductions
in expenses of still larger amount on both occasions,
thereby leaving an actual Ain in net. In 1927 there
came another very substantial falling off in the gross
earnings, as will appear as we proceed with this article, but this time it was not possible to curtail expenses to anywhere near the same extent, owing to
numerous wage increases and a rise in some other
operating costs, and as a consequence, the railroads
have now also suffered a quite substantial loss in net
earnings, being the first time since 1920 when net
earnings (before the deduction of the taxes, which
have been a growing item) have shown any diminution.




The pass to which the railroads had come in 1920,
the last year of Government control, was clearly revealed by the results for that year. Huge advances
in the rates for the transportation of both passengers and freight had been made and this combined
with unexampled trade activity had produced an addition to gross earnings in amount of over a billion
dollars, compared with the year preceding, the exact
amount of the increase having been $1,026,235,925,
but such was the augmentation in expenses that net
earnings actually showed a falling off in amount of
$303,953,253—and this, too, after heavy losses in net
in each of the three previous years, covering the period of Government control. In 1921 there came the
big slump in business already referred to, involving
a shrinkage in gross revenues in amount of no less
than $664,027,980. But such were the savings and
economies effected, and such the advances made in
operating efficiency, that it was found possible to
cut down expenses in amount of over $1,220,000,000,
leaving an actual improvement in the net for that
year, in amount of $556,503,286. And every year
after that railroad net earnings kept rising until
1927, entirely irrespective of the course of the
gross revenues. In 1922 only $43,693,964 of the
big loss in the gross of the previous year was recovered, but with a further advance in operating efficiency the addition to the net reached $190,100,146.
In 1923 the railroads were favored with what was
perhaps the best year they have had in recent times
—certainly that was true of the great East-and-West
trunk lines in the important manufacturing regions
of the Middle and Middle Western States—and their
gross revenues rose in the prodigious sum of $733,687,222, and concurrently there came a further ad-

FEB. 251928.]

FINANCIAL CHRONICLE

dition to the net in amount of $249,725,296. In
1924 the railroads had to contend, as already stated,
with another setback in trade and $371,087,892 of
the big increase in gross revenues made in 1923 was
lost. But this involved no loss in net earnings, but
was attended, rather, by a further increase of $14,807,030 in net. In 1925 and 1926, with the course of
the gross revenues once more upward, net earnings
still continued to rise and proportionately very
much faster than the gross itself. In the first of
these last mentioned two years (1925) the increase
in the gross was $199,593,392 and no less than $175,891,175 of this was carried forward as a gain in the
net. In 1926 with $266,086,139 further increase in
the gross, $128,995,572 was saved for the net.
With such a long record of improvement—entirely
uninterrupted we have seen in the case of the net—
the falling off in 1927 is obviously deprived of some
of its significance and yet it is of quite substantial
proportions and really constitutes a very serious
matter for the railroads, especially as even on the
basis of the 1926 net results, after the cumulative
gains for six successive years, they fell far short of
earning the return on their capital investment in
the properties to which under the Transportation Act
of 1920 they are entitled. Moreover, virtually the
whole of the year's loss, both in the gross and the
net, occurred in the last six months and the month of
November and December made the poorest showing
of all, so that at the close of 1927 the railroads were
confronted with a very grave situation which will be
certain to have very serious consequences if a change
for the better does not occur in the near future.
Stated in brief, the railroads of the United States
during the calendar year 1927 sustained a loss as
compared with the calendar year preceding of $253,305,228 in the gross and of $155,453,498 in the net.
As we are dealing with totals of very large magnitude—gross in 1926 of $6,448,564,574 and net of
$1,735,075,393—the ratio of decline is not very striking, being only 3.93% in the gross, though 8.95% in
the net. But again it is to be said the decreases nevertheless are of substantial amounts, and they are
invested with additional significance by reason of
the fact that the whole of the shrinkage occurred in
the last half of the year, with the closing months
making the worst showing of all. The comparative
totals for the two years are as follows:
1927.
1926.
Inc.(+)Or Dec.(—)
Jan. Ito Dec. 31—
237.799
238.527
+728 0.31%
Mlles of road (152 roads)
$
$
411
6 195.259.346 6,448.564.574 —253,305,228 3.93%
Gross earnings
4,615.637,451 4,713,489,181 —97.851,730 2.07%
Operating expensee
74.50%
73.09%
+0.41%
Ratio of expenses to earningsNet earnings

1 579.621.895 1,735,075.393 —155.453,498 8.95%

As indicating what this loss of $155,453,498 in net
earnings for the year means to the railroads, it appears necessary only to point out that according to
the computations made by the Bureau of Railway
Economics at Washington, D. C., Class 1 railroads
(comprising the railroads included in our present
compilations) during 1927 earned a return of only
4.40% on the capital invested in the railroads,
against 5.13% in 1926. To show how far below requirements such results are, we would remind the
reader that on May 24 1922 the Inter-State Commerce Commission, in pursuance to the provisions
of the Transportation Act of 1920, made known its
decision as to what would be a reasonable rate of
return on the investment of the roads, for use when
fixing rates for passenger and freight transportation, and ruled that "a fair return on the aggregate
value of the railway property of the carriers . .




1099

will be 53
4% of such aggregate property value as
a uniform percentage for all rate groups or territories designated by this Commission."
We have stated that the bulk of the year's loss,
in gross and net earnings alike, had occurred during
the last six months, and in the table which we now
introduce we have segregated the figures so as to
show the comparative results for the first and second
halves of the year.
First Six Months
--Second Ms Mora'
1926.
1927.
1926.
1927.
$3,011,796.048 $3,020,928,478 83,183,463,298 83,427.636,096
Gross eamings
Operating expenses 2,299.907.483 2,293,004.910 2,315.729,968 2.420.484.271
Net earnings

$711.888.565

8727,923,568

3867,733.330 81,007,151.825

The foregoing gives added significance to what has
already been said, for it brings out the fact that the
falling off in the first six months was really inconsequential, having been only $9,132,430 in the gross
and no more than $16,035,003 in the net. On the
other hand, in the second half of the year the falling
off in gross reached $244,172,798 and the falling off
in the net $139,418,495, the latter a shrinkage of
nearly 14%. That obviously presents the matter in
a different aspect, and further emphasis is given to
the feature referred to when we turn to the results
for the months of November and December by themselves and find that in November the loss in the gross
was $58,159,905, or 10.37%, and in December $59,294,705 or 11.287 —this being at the rate of roughly
0
700 million dollars decrease a year in gross—while
November's loss in the net was $32,544,547, or
20.53%, and December's loss in net $28,169,018, or
not far from 24%.
There are not lacking reasons to account for the
progressively unfavorable results for 1927. The year
was marked by the presence of a great variety of
adverse influences and conditions, some'special and
more or less local and others general and applying to
all sections of the country and all classes of roads.
Business depression was perhaps the most serious of
the unfavorable influences common to the whole
country. The South was in the throes of depression
throughout the whole year, from beginning to end,
though in some other parts of the country the setback
was not seriously felt until the closing months. The
South suffered from intense business depression, and
the part played by that influence in reducing the
traffic and revenues of the roads is seen in the fact
that virtually all the important railroad systems in
the huge domain lying east of the Mississippi and
south of the Ohio and Potomac Rivers have sustained
large losses in earnings, gross and net, the only exception being one of the coal carrying roads serving
the Pocahontas regions, which roads early in the
year had their coal traffic swollen for reasons to be
mentioned further below.
Business depression in the South had its origin in
the first instance in the collapse the previous year
of the speculative boom in real estate and the havoc
caused by the Florida hurricane in September of
the same year (1926). But that is telling only part
of the story. The situation was made really acute
by the big drop in the price of cotton which came
with such suddenness in the Autumn of 1926, when
the cotton consuming world began to realize that the
growing crop was to be of immense size, and this
depression persisted through 1927, even though the
price of cotton fully recovered by mid-Summer of
1927 and then began to rule far above the levels
reached by the staple during the slump in the latter part of 1926. It is to be noted that the heaviest
losses in earnings have come from the railroad sys-

1100

FINANCIAL CHRONICLE

[voL. 126.

tems connecting with or running through Fla.and its all, a relatively small ratio of decline, being equal
Winter resorts, such as the Atlantic Coast Line and to only 2.9%. Here again, however, a sharp distincthe Florida East Coast, though the Southern Rail- tion must be made between the comparisons for the
way System, which gridirons the whole South, suf- first six months and those for the second six months.
fered hardly less severely.
Some of our readers may recall that in reviewing the
As a measure, however, of the intensity of the de- exhibit of railroad earnings for the first six months
pression in the South Atlantic States, particularly of 1927 we took occasion to advert to the statistics
in Florida, it is worth pointing out that bank clear- of the Bureau of Railway Economics for that half
ings at Miami, Fla., for the calendar year 1927 ag- yearly period and found the Bureau saying that in
gregated only $260,039,000, against $632,867,020 in the first six months of 1927 the railroads had hanthe calendar year 1926 and $1,066,528,874 in 1925, dled the heaviest freight traffic on record, moving
indicating that business in 1927 was hardly more 233,794,568,000 net ton miles, as against 226,972,than 25% of what it had been in 1925. At Jackson- 588,000 ton-miles in the first half of 1926, an inville the aggregate of clearings in 1927 was $1,002,- crease of 6,821,980,000 or 3%—and this in compari493,423, against $1,505,427,663 in 1926 and $1,446,- son with a tonnage movement in 1926 which itself
158,867 in 1925,. showing a shrinkage of about one- had then established a new high record. If now wethird, while in Tampa the clearings in 1927 dropped deduct these figures for the first six months from
to $237,515,432 against $414,418,178 in 1926 and those for the entire year we arrive at the compara$461,800,170 in 1925. The building statistics tell tive movement for the last six months and find that
the same story of decline. At Miami the building per- in these six months the number of tons moved one
mits filed in 1927 covered an estimated outlay of mile was 240,888,375,000 against 261,729,237,000 the
only $9,956,403, against $35,845,109 in 1926 and $60,- last half of 1926, showing, therefore, for that period
026,260 in 1925; at St. Petersburg they covered out- a loss of 20,840,862,000 ton miles, or about 8%. That
lays of only $2,907,400, against $15,580,200 in 1926 obviously presents the matter in a different aspect.
and $24,081,700 in 1925, and at Tampa $5,732,606 in
The tonnage statistics for the full twelve months
1927 against $15,872,772 and $23,418,836 respectively serve, however, one very useful purpose, namely, in.
in 1926 and 1925. At Jacksonville, Fla., the shrink- showing that conditions were not equally unfavorage was not so pronounced, but even at that point the able in the three main geographical divisions of theoutlay called for by the permits of 1927 was only country, at least as far as the comparisons are con$13,051,174 against $21,393,945 in 1926 and $14,760,- cerned. It appears that in the so-called Western Dis711 in 1925, though only $7,311,497 in 1924. South- trict—comprising the roads, roughly, in the Western
ern roads likewise had to contend in the later months half of the country—there was no decrease at all, but
of 1927 with a diminhhed cotton movement, the crop actually a trifling increase, naniely, 1 2 of 1%. The
/
of 1927 having proved very much smaller than the shrinkage occurred entirely in the Eastern District
bounteous crop of 1926. To this further reference and the Southern District. The roads in the Southappears below.
ern District had to contend with extreme business
In other parts of the country the set-back in trade depression, for the reasons already enumerated, and
was a gradual development, the situation getting they also suffered a diminution of their cotton trafprogressively worse as the year advanced. During fic owing to the reduced yield of that staple in 1927
the first three months trade activity was still on as against the very heavy cotton movement of 1926
a comparatively large scale, aided by a number of when the cotton crop was of unexampled dimensions.
special favoring circumstances, but thereafter a de- Many Southern roads likewise suffered severely as
cline occurred under the influence of a number of a result of the overflow of the Mississippi River. The
adverse circumstances and occurrences. And this falling off in the tonnage movement one mile for this
distinction between the early months of the year and Southern District is reported as 4.4%. The shrinkthe later or closing months, is always to be borne in age, however, in the Eastern District in this tonnage
mind. The contrast between the two is really very movement one mile was just as heavy as in the Southstriking and most noteworthy. Trade was relatively ern District, in fact, a little heavier, being stated at
quite active when the year opened. It was about as 4.8%. And that is what would be expected, seeing
bad as it well could be, except at a time of a mercan- that the Eastern District includes the New England
tile or financial crisis, when the year proceeded to States, along with the Middle and Middle Western,
its close, and more particularly during November States, in which are located the great manufacturing
and December. Because of these wide differences be- industries of the country as also the big coal mining
tween the two extremes, general statistics covering regions which feed those industries and both of
the whole twelve months are not as enlightening, or which encountered such serious setbacks during the
as conclusive of the trade and traffic situation, as year. But here again the aggregates for the full
is ordinarily the case, the explanation being that the twelve months afford no idea of the magnitude and
early gains served to offset the later losses, making extent of the depression which was experienced the
the changes for the year as a whole relatively slight latter part of the period.
and hence affording little or no indication of the
There were two special afflictions of large size.
sharp downward turn which marked the end of the that played an important part in cutting down the
year. In this we have reference more especially to traffic and revenues of the roads, their influence of
the traffic statistics of the roads for the twelve course being most pronounced in the regions where
months, which have just come to hand. According to they were mainly operative. We refer to the overthe Bureau of Railway Economics at Washington, flow of the Mississippi River and the strike of the
D. C., Class 1 railroads in the twelve months of 1927 coal miners at the union-controlled bituminous coal
moved 474,682,943,000 tons of freight one mile, as mines throughout the country. The overflow of theagainst 488,701,825,000 ton-miles in the twelve Mississippi River was the worst in history. In the
months of 1926, showing a decrease of 14,018,882,000 upper reaches of the Mississippi and its tributaries.
ton-miles which, while large in amount, shows, after the overflow reached an acute stage as early as Apsil




FEB. 25 1928.]

FINANCIAL CHRONICLE

1101

and then the water passed slowly off, making it pos- ily increased, thus making up, in part
at least, for
sible in great numbers of cases to resume farming the stoppage of production at the
unionized fields.
work the latter part of May on many of the sub- Nevertheless, the roads serving the union
mines lost
merged areas. But, unfortunately, in June Spring the coal traffic they would otherwise
have got had
freshets caused a second overflow which did new there been no strike. Especially
is this true of the
damage and though this second overflow did not roads in what is known as the central
competitive
cover anywhere near so wide an area as the first, field, embracing Illinois, Indiana
, Ohio and western
it did cover a substantial portion of it, and much of Pennsylvania. Soft coal production
in this region
this twice submerged land was still under water the had been declining for two or three
years previously,
middle of June. Down in Louisiana the worst stages owing to the competition of the
non-union mines in
of the inundation did not occur until June and im- West Virginia and Kentucky, which
were able to unportant areas were still under water at the begin- dersell the product of the
unionized mines owing to
ning of July. The damage to the railroads in some the lower wage scales prevaili
ng at the non-union
parts of the Southwest was enormous and the Mis- mines. Now, with the closing
down of the union
souri-Pacific System apparently suffered beyond all mines, production was complet
ely shut off.
others. The first effect was greatly to increase exIn October some sort of a compromise was reached
penses for repairs of road; and where bridges and between the miners and
operators at the unionized
track and roadbed were washed away, the extra out- mines and it was then
supposed that work at the
lays proved heavy indeed, and during the last two or union mines would at once
be resumed on the former
three months of the first half of the year expenses scale. Instead of that, mining
was now conducted in
for maintenance of way showed striking augmenta- a very apathetic way, there being
little evidence of
tion on many different roads and systems in the af- any great demand for coal. As
a matter of fact, coal
flicted districts and earnings also were reduced ca production immediately
after the settlement actualparts of many of the roads.
Ix fell off, the reason being that consumers had, as
We have stated that the Missouri-Pacific System already noted, stocked
up with coal in advance of the
appeared to have been heaviest hit of all the roads as strike, besides
which, general trade and business was
a result of the floods in the Mississippi and its tribu- now on the wane, leaving
little or no need of additaries. L. W. Baldwin, President of the Missouri- tional supplies
, while simultaneously the steel indusPacific Lines, has recently discussed the effects of try was
rapidly drifting into a state of actual dethe floods in a statement explanatory of the great pression.
falling off in gross and net earnings which the MisIt should be pointed out that in the first three
souri-Pac. sustained during the year. "It is difficult months of
the year soft coal production in the United
for persons not intimately acquainted with the sec- States was heavily
increased in anticipation of the
tions of the South that were flooded to reilize the ex- strike, which
appeared to be a foregone conclusion
tent to which the.overflow stagnated business," as- from the
first, and this helped to maintain railroad
serted Mr. Baldwin, and then proceeded as follows: earning
s in those three months. The unfavorable
"The flood made cotton production and cane grow- turn in
the same came with the commencement of the
ing over thousands of miles of territory served by strike
at the beginning of April and continued the
our lines impossible and caused an absolute shut- rest of the
year, even after the patching up of the
down of hundreds of sawmills. Industry and trade trouble
some six months later, early in October. Durof all kinds were brought to an absolute standstill, ing the first
three months the output of soft coal in
not only for weeks, but for months." Mr. Baldwin the United
States reached 169,933,000 tons as against
added:
only 145,129,000 tons in the first three months of
"The task of keeping open the main arteries of 1926.
This, it will be observed, was an increase of
traffic and others rendering service to the stricken
24,804,000 tons. On the other hand, for the full
communities, wherever and however possible, was accomplished under many difficulties. During these calendar year 1927 the country's output of bitumitragic times special trains were operated with no nous aggregated 519,804,000 tons as against 573,367,thought other than to save life and property and to 000 tons in the calendar year 1926, being a decrease
furnish supplies and relief to the homeless. In the of no less than 53,563,000 tons, from which it folwake of the flood the Missouri-Pacific took the lead lows that in the nine months from April
1 to Dec.
in rehabilitation work and placed scores of health 31 there was a shrinkage in soft
coal production of
and agricultural experts in the field to aid and direct no
less than 78,367,000 tons. The falling off was esthe South's come-back efforts.
pecially noteworthy in the last three months of the
"There items all had a minor part in last year's financial showing, but the real set-back came in the year, the output for October 1927 having been 44,physical losses incurred and through the decrease 000,000 tons as against 54,127,000 tons in October
in loadings in the sections that in normal times sup- 1926, the output for November 40,628,000 tons
ply the company with a vast amount of traffic." ' against 59,213,000 tons and the output for DecemThe strike at the bituminous coal mines through- ber 41,277,000 tons against
57,180,000 tons.
out the country was no less serious a matter. This
Aside from the depression in the steel trade and
began the 1st of April and involved all the union the reaction in the general trade,
there was a spacontrolled soft coal mines throughout the country, cial circums
tance that served to make the coal comexcept a few in Pennsylvania which continued oper- parisons the last half of 1927
still more unfavorable.
ations on the old scale of pay as a result of tempo- All through the latter part of
1926 there had been a
rary agreements between miners and operators, but stimulating agency, which tended greatly
to increase
even these stopped work at the end of June, when the the demand for coal and which was entirely absent in
operators refused to continue the old scale any longer. the closing months of 1927.
We allude to the strike of
As far as the country as a whole is concerned, the the coal miners in Great Britain. This began on the
strike proved of little consequence, many dealers first of May of that year and lasted until towards the
and consumers having stocked up with coal in ad- close of November, creating an export demand upon
vance, and output at the non-union mines being heav- the United States for coal of unusual extent, and




1102

FINANCIAL CHRONICLE

this foreign demand for coal remained uninterrupted
until the end of 1926. Coming at a time when the
home demand for coal- was still keen owing to the
general activity of trade in this country, it stimulated coal mining to an unprecedented degree with
the result that in the closing months of 1926 all records of high coal production in the United States
were broken, even those made during the war. Thus
it may be said that in the closing months of 1926
everything combined to swell the country's coal output, whereas in the closing months of 1927, on the
other hand, everything apparently conspired to reduce the output.
The strike at the unionized bituminous mines in
1927 was of course a decided advantage to the roads
serving the non-union mines and particularly those
in West Virginia, namely, the Chesapeake & Ohio,
the Norfolk & Western, and the Virginian Ry. The
earnings of these three systems increased heavily
during the early months of the year. These same
, roads, or at least the Norfolk & Western and Virginian, saw their earnings heavily reduced in October, November and December, the losses then more
than offsetting the early gains, the reasons for these
losses being that comparison was now with the Period in 1926 when the foreign demand had so greatly
increased soft coal production and particularly production in the Pocahontas region, that region producing the grade of coal most closely adapted to foreign needs.
The anthracite carriers had troubles of their own.
The anthracite output in 1927 reached only 80,652,000 tons as against 84,457,000 tons in the calendar
year 1926. This loss occurred notwithstanding that
in January and February of 1927 comparison was
with the period of the preceding year when the anthracite miners strike which had begun on Sept. 1
1925 was still operative the greater part of the time;
in these two months of 1926 the output of anthracite
had been only 2,241,000 tons. In the two months of
1927, on the other hand, it reached 12,413,000 tons,
and the large gains in earnings made by the anthracite carriers as a result (but which gains were nothing more than a recovery of what had been lost in
1926 as compared with 1925) served as a special circumstance to hold up the general totals of earnings
for United States railroads during these two months.
Thus the situation was that the anthraciate carHers in the comparisons had an advantage in the
first two months of the year and the bituminous coal
roads had an advantage during the first three
months, this last being the period immediately preceding the beginning of bituminous coal mining suspension on April 1. With March 1927 the anthracite carriers were no longer comparing with poor
earnings in 1926 but with earnings of unusual size in
that year, mining having been prosecuted with redoubled energy after the resumption of work in
1926 and production being maintained at high figures for many months thereafter, since the country
was bare of supplies of hard coal after the suspension of anthracite mining for a period of almost six
months. Contrariwise the demand for anthracite
was poor throughout almost the whole of 1927. The
mild Winter of 1926-27 may have had something to
do with this, since it reduced the actual consumption of coal below what it otherwise would have been,
and the same mild weather marked the opening of
the Winter of 1927-28. But in addition, anthracite
coal is unquestionably losing a portion of its mar-




[Vol_ 126.

ket, owing to the repeated and prolonged strikes in
the anthracite regions that have occurred in recent
years.
By reason of this last mentioned fact and the
high price maintained for hard coal (necessarily so
because of the high wages that have to be paid) numerous consumers are turning to oil as a substitute
and the substitution has been aided by the low price
to which oil has dropped. Numerous large buildings
in Manhattan and in Brooklyn have turned to oil
and are discarding anthracite coal in whole or in
part. Furthermore, in the outlying sections of the
different boroughs of the Greater New York, where
private residences abound, oil burners in great numbers have been installed and further installments are
constantly being made.
Thus many special circumstances and events have
combined with general conditions in reducing the
revenues of the roads. Perhaps, however, the Western farming communities have had an advantage in
the somewhat better level of values that has been
realized for many leading agricultural products. In
the Spring wheat sections of the Northwest this has
been supplemented by an unusually bounteous harvest of Spring wheat. In some sections the 1927
Spring wheat crop was the largest and best ever produced. As compared with 1926, when the Spring
wheat yield was very poor, the production increased
fully 50%, the Spring wheat crop of the United
States in 1927 having been 319,307,000 bu. against
only 203,607,000 bu. in 1926. The benefits appear
to have been immediate, though they did not come
until the latter part of the year after there was full
assurance of a crop of unusual size. The benefits
have come in a double way, first in the movement
of the crop itself to market over the railroads, and
secondly in the increased purchasing and consuming
capacity of the farmers in that part of the country—
the part, too, where agricultural depression had been
most pronounced in recent years. All accounts agree
in saying that general conditions among the communities in the sections referred to have undergone
a wonderful transformation for the better.
Earnings of such roads as the Great Northern, the
Milwaukee & St. Paul and the Minneapolis, St. Paul
& Sault Sainte Marie reflected this change for the
better the latter part of the year, though in the case
of the Great Northern the gains on account of the
larger wheat movement were offset by a big falling
off in the movement of iron are to Lake Superior on
account of the depression in the steel trade. The big
falling off in the earnings of the Duluth Missabe &
Northern and the Duluth & Iron Range are also
aFcribable to the falling off in the iron ore traffic.
These ore-carrying roads to Lake Superior had an
advantage in 1927 in the much earlier opening of
lake navigation, especially so in comparison with
1926 when the opening of navigation was very late.
By reasons of that fact the Duluth Missabe & Northern was able to show $981,543 gain in gross and
$829,227 gain in net in the first half of 1927 and the
Duluth & Iron Range $389,610 gain in gross and
$266,127 gain in net for the same half year—all of
which was lost in the great shrinkage in ore traffic
later in the season.
In the Southwest the higher level of agricultural
prices has also been an advantage, but as against
this traffic has been, reduced by reason of smaller
crops. The Winter wheat crop, for instance, proved
very much smaller in many parts of that territory.

FEB. 251928.1

the yield in Kansas having been only 111,283,000
bu. in 1927, against 150,057,000 bu. in 1926, the yield
in Oklahoma 33,372,000 bu. against 73,745,000 bu.,
and in Texas 17,945,000 bu. against 32,796,000 bu.
It is in that section of the country, too, that the cotton crop suffered the greatest reduction, the 1927
production in Arkansas being estimated at only
980,000 bales, against 1,548,000 bales in 1926; that of
Oklahoma at only 990,000 bales, against 1,773,000
bales, and that of Texas 4,280,000 bales against
5,623,000 bales.
As to the depression in the steel industry, with
the reaction in general trade, evidence of this is
found in many directions, but especially in the regular statistics—that is, those that come from month
to month. These statistics, moreover, are useful in
showing the progressive nature of the decline. • Take
first of all the monthly figures of the make of iron
as compiled •by the "Iron Age" of this city. These
show a total of 36,232,306 tons for 1927 against 39,070,470 tons for 1926, the decrease being not much
more than 7%. But analysis of the figures reveals
that against a product of 3,483,362 tons in March
and 3,422,226 tons in April, the make of pig iron in
November and December was respectively only
2,648,376 tons and 2,695,755 tons. There was no such
shrinkage as this in preceding years, though there
was some little tapering down of production in both
1926 and 1925. The figures of steel production tell
the same story. The American Iron and Steel Institute puts the production of steel ingots in 1927 at
43,040,916 tons as against 46,936,205 tons in 1926.
But looking at the monthly figures we find a drop
from 4,499,092 tons in March to 3,101,764 tons in November and 3,150,345 tons in December. The automobile trade of course makes the poorest showing of
all. The total production of motor vehicles in the
United States in 1927 was only 3,393,887 as against
4,298,799 in 1926 and 4,265,704 in 1925. The dropping out of the Ford plants as actual producers during the last half of the year would account of course
for a considerable part of the falling off, but the motor industry was in a state of depression entirely
apart from this and the depression was worst of all
in the closing month, namely, December, when the
output of cars and trucks aggegated only 133,178,
or the smallest of any month of any year since February 1922. In December 1926 the output was also
small, being no more than 167,924 vehicles, but in December 1925 it was 316,768; in December 1924 207,065, and in December 1923 305,431.
As far as the movements of the leading staples to
market have had a part in affecting railroad revenues,it has already been made apparent that the cotton movement was on a greatly reduced scale, owing
to the shrinkage in the size of the new crop. It is
hardly needful to say that the falling off occurred
in the latter part of the year, with the beginning of
the movement of the new crop. In our review of the
railroad earnings for the first half of the year we
found that the receipts of cotton at the Southern
outports in the first six months of 1927 had been
3,815,138 bales, as against 2,757,939 bales in the
first six months of 1926, and the shipments of cotton overland 625,348 bales against 598,596 bales.
Now for the full year we find that the shipments
overland in 1927 aggregate 1,137,001 bales against
1,580,136 bales in 1926; 1,646,167 bales in 1925,
1,433,140 bales in 1924, 1,364,005 bales in 1923,1,766,889 bales in 1922, and 2,434,077 bales in 1921. The




1103

FINANCIAL CHRONICLE

1927 figures thus seem to have been the smallest
of any of the years given. On the other hand the
1927 receipts at the Southern ports (by reason of the
big lap over from the huge crop of 1926), while falling much below those of 1926, are larger than in all
the other years. In other words, while the total for
1927 is 9,750,543 bales against 11,513,760 bales for
1926, it compares with 9,445,560 bales in 1925, 7,958,171 bales in 1924, and only 6,317,626 bales in 1923,
as will be seen from the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
DECEMBER 31 1922 TO 1927. INCLUSIVE.
Full Year.
Ports.
1927.

1926.

1925.

1924.

1923.

1922.

Galveston
2,443,591 3.239.336 3,202,321 3,346,911 2,742.005 2.795.743
Houston
855.873
3,144,754 3.600,632 2.013,723 1.308,605 1,011,273
New Orleans
1,901,407 2,210,042 2,145,265 1,823.223 1,280.304 1,413.518
55;410
Mobile
218.610
154,160
148.557
339,392
316.538
15,003
i11.816
Pensacola, atc_
23,023
28,789
6,004
16,588
Savannah
449.978
850,080
628,998
627.282
884,448
969,241
4.030
Brunswick_
813
283
40.075
413
Corpus Christi _
145,991
195,441
219,118
Charleston
340.234
169,571
432,086
528.746
118.521
135,831 113.386
Wilmington
139.536
163,103
132,109
Norfolk
367,026
506,189
407,873
312,421
327.358
477,261
Lake Charles
200
Total

9.750.543 11,513,760 9,445,560 7,958.171 8,317.636 6,514,386

As to the Western grain movement, this was very
much larger than that of the preceding year and the
increase extended to all the different cereals excepting only oats. The increase in the total grain movement, however, came wholly in the last half of the
year and was supplied entirely by the Spring wheat
points, more particularly Duluth and Minneapolis,
Duluth showing receipts of 111,077,000 bu. for the
fifty-two weeks of 1927 against only 52,599,000 bales
for the fifty-two weeks of 1926, and Minneapolis 112,136,000 bu. against 98,017,000 bu. For the five
cereals combined the receipts were 968,949,000 bu.
in 1927 against 857,034,000 bu. in 1926, 913,116,000
bu. in 1925, 1,151,376,000 bu. in 1924, 966,890,000
bu. in 1923 and 1,125,032,000 bu. in the fifty-two
weeks of 1922. It will be observed that the increase
in 1927 as compared with 1926 has been 111,915,000
bu. As showing what a complete reversal of the
comparison this is from the exhibit for-the first half,
it is only necessary to point out that for this first
half there was a falling of of 34,712,000 bu. The
details of the Western grain movement in our usual
form for the fifty-two weeks of the last two years
are set out in the table which we now subjoin.
Oats.
'Barley.
Rye.
Jan. 1 to
Flour..
Wheat.
Corn.
(bbls.)
(bush.)
Dec.3L
(bush.)
(bush.)
(bush.)
(bush
Chicago
1927_12,287,000 45.402,000 85,639,000 48.963.000 10.622.000 3,865.000
1926_13,103.000 38.414.000 94,337.000 47.007.000 9356,000 2.177,000
Milwaukee
1927._ 2,710,000 6,479,000 11,321.000 13.538,000 9.648.000 1,071.000
1926___ 1.929,000 7.125,000 8,683,000 13,512.000 8.949.000 1,093,000
R. Louis
1927._ 7,047,000 30,756.000 20,290,000 20.323.000 1.168,000 1,067.000
1926-- 5.336,000 33,563,000 24,530,000 25.822,000 1,188,000
393.000
Toledo
1927_
11.884.000 3,214,000 8.150.000
49,000
221.000
1926_
12,137,000
4.497,000 6,898,000
25,000
226.000
Detroit19272,826.000
1,178.000
1,239,000
47,000
487,000
19262,014,000
993,000
1,399.000
3,000
386.000
Peoria
1927._ 3.004.000
1,273.000 25.280,000 8,752.000 1.499.000
36.000
1926_ 2,715,000
1,491.000 25.371.000 9,111,000 1,347,000
50.000
Duluth
1927_
111.077.000
422,000
983.000 22.055.000 27,833.000
1926_
52,599,000
444,000 10,553.000 5.568,000 9.935.000
Minneapolis
1927.
112.138.000 11,425.000 21.646.000 17.355,000 4,889.000
1926.
98.017.000 10.111,000 23,468,000 15,339.000 4.805.000
Kansas City
1927_
83.578.000 21,885,000 3.561.000
1926._
16.000 84,510.000 16.437,000
4.075,000
Omaha and Indianapolis
1927.
36.382.000 44.674.000 16.298.000
45.000
20.000
1926.
24.562.000 37,682,000 16,472.000
10,000
78,000
Stour MI
1927_
2,157.000
4.980.000
3,380,000
9.000
216.000
1926.
2.528,000
3.991,000
2,238,000
41,000
16,000
St. Joseph
1927_
10.013.000 10,393.000 1.355.000
26.000
9,691,000 11.087,000
1926_
1,943,000
Wichita
22.261.000
1927_
1,112.000
2.000
455.000
9.000
26,610,000
1,647,000
1926.
4,000
400.000
Total AU
1927_25.048.000 476,224,000 241,813.000 148,623.000 62,688.000 89.601.000
1926_23,099,000 393,261,000 239.810,000 162,898,000 41.926.000 19.139.000

At the seaboard the grain movement in 1927 was
somewhat smaller than in 1926 and here also there

1104

FINANCIAL CHRONICLE

has been a reversal of the comparison for the first
six months when there was an incease of 34,712,000
bu., this increase having occurred almost entirely
in the wheat receipts which now for the full fifty-two
weeks do not quite come up to the total for that item
for the preceding year. These seaboard receipts,
however, include the movement to Montreal as well
as to United States ports and the Montreal receipts
(reflecting shipments from Canada) were unusually
heavy in the first half of 1927. For the fifty-two
weeks the seaboard receipts for 1927 have
been 378,401,000 bu. against 422,849,000 bu. in 1926,
as will be seen by the following:

[VOL. 126.

when the snowfall was 11.6 inches. For the whole
month of February the snowfall in this city in 1926
aggregated 25.7 inches, being the heaviest on record
for any February since 1899, when the fall was 27.5
inches, and comparing with only 0.8 inch in February 1925 (when, however, the fall was extremely
heavy in January), and with 11.5 inches in February 1924 and 17.9 inches in February 1923. The February snowstorms in 1926 seem to have extended
all over New England and through New York State.
New England roads virtually all reported for that
month large losses in gross, as well as in net, and no
doubt the circumstance mentioned was in part reORAIN AND FLOUR RECEIPTS AT SEABOARD PORTS FOR 52 WEEKS. sponsible for this, in addition to which,
however,
Receipts of—
1927.
1926.
1925.
1924.
1923.
these roads must have had their coal traffic reduced
Flour
bbls 23,225,000 25,217.000 24.802.000 26.154,000 24,367.000
Wheat
bush_296.956.000 303,154.000 242.507,000 308.919,000 276,343,000 by the anthracite miners' strike.
Corn
10,575,000 8,250.000 11.925.000 18,353,000 39,224,000
•
In both 1925 and 1924 the railroads enjoyed quite
Oats
24,674,000 42,203,000 76.707.000 51.633.000 42.114,000
Barley
29.462.000 38,427,000 44,446,000 31,847.000 17.796.009 remarkable exemption from bad weather and from
Rye
16,734,000 30,825,000 29,742.000 40.515.000 34.566.000
the often extreme rigors of the Winter. In January
Total grain
378,401:000 422,849,000 405.327,000 451,267.000 410.043.000
1925 bad weather was somewhat of a drawback on
The Western live stock movement shows a falling certain lines here in the East,
though not to any
off for the twelve months, just as it did for the first great extent for the country as
a whole. There were
six months. At Chicago the 1927 receipts compriked repeated snowstorms in these parts
in the month in
245,013 carloads against 261,320 carloads in 1626, 1925, and in New York City the
fall of snow was the
259,083 in 1925, 289,966 cars in 1924 and 303,228 cars heaviest of any January in
the history of the local
in the twelve months of 1923. At Kansas City the weather bureau, reaching 26.2
inches. This comreceipts in 1927 were 106,302 cars against 115,436 pared with only 2.6 inches in
January 1924, but with
in 1926, 123,864 in 1925, 135,478 in 1924, and 148,503 21.9 inches in January 1923,
this latter having also
in 1923; while at Omaha the receipts were only 89,- been a month of very
heavy snowfalls. A storm
163 cars in 1927 against 105,075 cars in 1926, 111,- which came toward the
end of the month in 1925—
283 in 1925, 129,798 in 1924, and 125,583 cars in the that is Thursday, Jan. 29,
and extended into Friday,
twelve months of 1923.
Jan. 30—proved particularly mischievous in New
As far as the weather is an influence on the traf- York State. The New York
Central Railroad refic and earnings of the roads, the Winter of 1927 was ported it as the worst in
its history, especially bewhat is generally known as an open one, that is, was tween Albany .and Rochester,
causing considerable
mild. It was not severe in any part of the country, delay in the running of trains.
The Twentieth Cenif we except a limited area in the Rocky. Mountain tury train from Chicago was
16 hours late in reachregions, where unusually heavy falls of snow were ing the Grand Central Terminal in
New York City.
encountered during January, February and March, It was due at 9.40 A. M., but did not arrive
until 1.18
which interfered with railroad operations and inter- and 1.33 the following morning (Saturday),
coming
rupted the movement of traffic over the lines af- in two sections The area of disturbance,
however,
fected. In fact, it may be said that in some of the in this way was very much circumscribed, being conRocky Mountain States, particularly Colorado and fined largely to New York and New England, while
Wyoming, repeated heavy snowstorms occurred all elsewhere in the northern part of the country the
through the Winter of 1927, making railroad opera- Winter was comparatively mild, and little complaint
tions difficult; even towards the middle of April was heard of obstruction because of snow and ice or
an unusually severe Spring blizzard was reported, because of extreme cold.
seriously interrupting traffic, the latter extending
After this heavy snowstorm in New York State
also into South Dakota. Barring this, however, the the latter part of January (1925), from which, as
Winter did not impose drawbacks of any great con- noted, other parts of the country were exempt, mild
sequence anywhere. In 1926, likewise, the Winter, weather developed in February, and this may be
on the whole, was not much of a disturbing influ- said to have been a condition common to the whole
ence. The situation in that respect was not so ex- United States and even Canada, the Winter nearly
tremely good as it had been in 1925 and yet was on everywhere having been an open one and Spring
the whole quite favorable. In January weather &on- having come unusually early virtually everywhere.
ditions in 1926 did not impose much of an obstacle Nor, as already stated, was there much severe Winto railroad operations over any large sections of the ter weather in 1924, but in 1923, on the other hand,
country. On the other hand, in February the New the Winter was of unusual severity in many Parts
England roads suffered by reason of heavy falls of of the northern half of the United States, especially
snow. The Winter of that year (1926), taking the in New England and in northern New York, where
country as a whole, was, as stated, quite mild, but the roads suffered from repeated snowstorms, and
in February there were some big snowstorms in the from the depth of the accumulated snowfalls, with
East, with, however, nothing approaching a blizzard. resulting large increases in operating expenses.
In other words, there were no big drifts to tie up
In discussing at the outset of this article the
traffic and interfere seriously with the running of shrinkage in the earnings of the roads which octrains. In this city there was in 1926 no snowfall curred in 1927 and emphasizing the fact that the
of any consequence during the Winter until Febru- 1927 loss in net is the first the roads of the United
ary, but in this last mentioned month there were two States have sustained after a long series of gains
very heavy storms, namely, one on Feb. 3-4, when beginning with 1921, we referred to the very poor
10.3 inches of snow fell, and another on Feb. 9-10, showing made by the railroads in the years pre-




FEB. 25 1928.]

FINANCIAL CHRONICLE

1105

.ceding, during the period of Government control. we give the results just as registered by our own taPrevious to 1921 expenses had been mounting up in bles each year—a portion of the railroad mileage
a frightful way until in 1920 a point was reached of the country being then always unrepresented in
where even some of the strongest and best managed the totals, owing to the refusal of some of the roads
roads were barely able to meet ordinary running at that time to furnish monthly figures for publiexpenses, not to mention taxes and fixed charges. cation.
And it is these enormously inflated expense accounts
Net Ea.nings.
Gros Earnings.
that have furnished the basis for the saving and econ- Yr. Year
Year
Year
Inc.(+1 or
Year
Inc.(+) or
Given.
Preceding.
Dec.(—).
Ginen.
Preceding.
Dec. 1 1•
omies effected in the years since then. As compared
$
$
$
with 1920, the roads in both 1921 and 1922 also had 07. 2287,501.605I2090,595.451 +196.906.154660.753,545665.28.,.191 —4.526.646
—53.371.106
the advantage of much more favorable weather con- '08. 2235.164.8732536,914.59 —301.749,724694.999.048 748.370.244 +151.040X 2
09. 2605.003,302 2322.549.34 +282.453,959 901.726.065750.685.733
+8.996,848
2836.795.091
ditions. In 1921 the Winter was exceptionally mild .10 _ 2805,084,723 2597,783,833 +239.011,258009.470.059900.473.211 —21.288.388
,11
28.15.109.53 —30,024,816883,626,478 907.914,866
12.
+60.350.833
+221.579.969937,978.711
much the same remark may be made with ref- '13. 3012.390 2052790 810 23 +142.521.797907.022.312877,617,878 —33,487,100
and
940,509.412
3162.451,434 3019.929.637
'14. 2072,614,302
—208.178.035828.522.941 904.448.054 —75.825.113
erence to the Winter of 1922. This last, while per- '15 3166,214,6163180,792,337 +152.539,765 1040304 301 828,650.401 +211.653.9C0
3013.674.851
3702.940.241 3155,292,40
haps not so extremely mild as the Winter of 1921, .16 '138,433,2603707,754,14 +547.647,836 1272639742 1036016315 +236.623.427
•17
+430,679.1201215310 554,1275190303 —60.079.749
•18. 4900,759.309 4036,866,56 +863.892.744 905,794.715 1190566335 —284,771,620
was at all events not of unusual severity—at least .19. 5173.647.054 4915,516.917 +258.130,137764.578.730908,055.338-143,479,608
.20. 6204.875,141 5178.639.21 +1026235925 461,922,776 765,876.029-303,953.263
not of such severity in most of the country as to en- .21.8.5.52.022,9796216.050,959 —664,027,980958,653,357402.150.071 +556.503.286
.22. 5522.522,4165478.828.452 +43,893,9641141598071951.497.925 + 190.100.146
tail heavy extra expenses for the removal of snow .23_ 342.058.8725608.371,6. +733,687,22214109686381161243340+249.725,296
,24_ 5961,186,6436332,874.53 —371.087,80214242406131499433583 + 14,81 7.030
and the clearing of tracks, though the Winter is de- .25. 6177,280,8025977,687.41 +199.503.392 1604400 124 14285C8949 +175.891.175
,26. 6435,539.25916 . 53,12 +266,086.13917315091301002513558 + 128.995.572
37'5075" 1 —1 cc 4%n.498
,
clared to have been a hard one in certain special sec- ,27 61 5 9) 4^ 814R. C74 --7A9.q9S 92e I g,^A
Note.—In 1907 the length of road covered was 173.028 miles, against 171.316 miles
tions, in Wyoming and Montana, for instance, and In 1906 In 1908, 199,726. against 197,237 miles in 1909. 228.508 miles. against
miles In 1910,
233.829 miles
miles.
contiguous territory. In 1920, on the other hand,the 225,027238,275 miles In237.554239,691againstagainst 236,000In 1911, 241.423 miles.
against
miles in 1913. 241.931
miles,
1912,
mlie3, against 239,625 miles in 1914, 246,356 miles, against 293.636 miles in 1915,
Winter had been exceptionally severe.
249.081 miles, against 247.936 In 1916. 249.098 allies. against 247.868 miles In 1917.
250.193 miles. against
miles,
232.639 miles.
miles in 1918.
In commenting on the results for 1920 and noting In 1919.233,985 miles,249,879234,264 miles In233.014235,765aga9119against 234.579
miles.
1920.
against
miles in 1921, 235,690 miles. against
miles In 1922. 235,564 miles, against
the tremendous increase in operating costs in that 235.338 miles In 1923, 235.461 miles,234.777 235,705 miles In 1924, 234.795 miles
against
234,622 mhes
miles. against
year, we took occasion to say that taken in conjunc- againstagainst 235,809In 1925, 236.331 233.527 miles,236,139 miles; In 1926. 236.891
miles,
against 237.799.
miles. In 1927.
tion with the antecedent huge additions to expenses
As part of our analysis we also introduce the
it constituted an unfavorable record for which no following table,
affording a comparison of the earnparallel could be found in American railroad his- ings, gross
and net, for the different months of the
tory. As a matter of fact, 1920 constituted the year. In the
early months of 1927, owing to the
fourth successive year in which the net had fallen
continuance of trade activity, and the fact that bioff—in each year, too, in face of very substantial tuminous
coal production was being prosecuted on
gains in the gross earnings. As showing how extra- such a
large scale, in preparation for the strike
ordinarily poor the results were in 1920, we may scheduled
for April 1, and the further fact that the
again say that while there was an addition to anthracite
railroads, in Jan. and Feb. at least, were
the gross of no less than $1,026,235,925, net actually comparing with
the strike period of the preceding
fell off in amount of $303,953,253. In 1919 the in- year and
therefore had large gains to their credit,
crease in the gross was of only moderate extent the
monthly totals (speaking of the railroads of the
(5.25%), and yet amounted to $258,130,137. As it United
States as a whole) made relatively good comwas accompanied, however, by an augmentation in parisons
with the figures for 1926, but beginning
expenses of $401,609,745, there was a loss in net of with
June and continuing through all the remain$143,479,608, or 15.80%. For 1918 our compilation ing
months of the year heavy losses in gross and net
showed an increase in the gross in the imposing
earnings alike were recorded as appears from the
sum of $863,892,744, or 21.40% (due in no small
following table. The reasons for the falling off have
measure to the advance in rates made by Director.
already been set out at length in what has been said
General McAdoo at the close of May in that year), above.
but the addition to the expenses reached $1,148,664,364, or 40.35%, leaving a loss in the net of
Net Earnings.
Gross Earnings.
$284,771,620, or 23.92%. The prodigious augmenta- Month
Inersue Of
Increase or
1928.
1926.
Dr crane.
1927.
1927.
Decrease.
tion in the 1918 expenses was due not merely to the
$
+6.119.941 99,428,246
general rise in operating costs, but yet more to the Jan 485,961.345 479,841,904 +8,723,567 107,148.249 102,281,496 —2.853.250
Feb__ 467,808.478 459,084,911
99,399,962 +7.748,287
+432,616 135,691,649 134,064.291
tremendous advances in wages granted by Director- Mar__ 529,899,898 529,967,282 —1,464.574 113,643.766 114,417.892 +627.358
April. 497.212.491 498.677.065
+774 126
May
+1,808.017 126,757.878 127.821.385 —1.063.507
Gen. McAdoo in May 1918, and made retroactive to June _ 517,543,015416,454,998 —23,774,774 1148.646,84827,749.692-20.897.156
_ 516,023,039 539,797,813
508,413,874
160.874.882-35,436.548
the 1st of Jan. of that year. But even for the calendar July__ 556,406,662 556,710,935 —48.297.061125,938,334 179.711,414-15.697,472
Aug__
579,093.397 —22,686,735 164,013,943
193.233.706 —13,799,429
year 1917 our compilations showed that while gross Sept.- 564.043.987490.102.142 —26,058,156 179,434,277 194.283.539 —13.364.491
Oct
582.542,179 605.982,445 —23,440,266 180,919,048
Nov__ 502,994,051 561,153.956 —58.159,905 125,957,014 158.501,561 —32,544,547
had increased $430,679,120, or 11.61%, this was at- DPP... 466,526,003 525,820,708 —59,294,705 90,351.147 118.520.165 —28.169,018
tended by a rise in operating expenses of $490,738,- Note.—Percentage of increase or decrease in net for above months has been
1927—Jan.. 2.79% dec.; Feb., 7.80% Inc.; March, 1.21% Inc.; April, 0.67% dec
May,
869, or over 20%, leaving a loss of $60,079,749 in 7.14%0.83% dec.; June, 14.07% dec.; July. 22.03% dec.: Aug.,8 73% dec.; Sept'
dec.; Oct.. 3.87% dec.; Nov.,
des.;
There was this qualifying circum- In Jan. the length of road covered20.535237.846Dec., 23.76% dec.
miles in 1927. against 236,805
was
net earnings.
miles In 1926. In Feb., 237,979 miles, against 236,870 miles in 1926; in March,
however, with reference to the 1917 loss 237,704 miles, against 236.948 miles in 1926; in Aprh, 238,183 miles, against 237.187
stance,
miles In 1926; in May.238,025 miles. against 237.275 miles in 1926; in June, 238,425
miles. against 237.243 miles In 1926; in
237.711 miles
in net, namely, that it followed strikingly good re- In 1926; In Aug., 238,672 miles, againstJuly. 238,316 miles. againstSept., 238,814
237.824 miles In 1926: in
miles, against 237,854 miles In 1926; In Oct., 238,828 miles, agarnst 238.041 miles
both as regards gross and net, in 1916 and in 1926; in Nov., 238,711 miles, against 238.142 miles in 1926; In Dec.. 238.552
sults,
1915. On the other hand, it is equally important to miles, against 237,722 miles in 1926.
Coming now to the returns of the separate roads,
remember that these gains for 1916 and 1915 repreit is almost needless to say that we have a long list
sented in part a recovery of previous hisses.
In the following we show the yearly comparisons of roads with heavy decreases in both gross and net,
as to both gross and net for each year back to 1907. while only a comparatively few roads appear which
For 1910 and 1909 we take the aggregates of the have substantial gains to their credit, either in the
monthly totals as then published by the Inter-State gross or the net. The roads distinguished for imCommerce Commission, but for the preceding years proved results are mainly those which drain the




1106

FINANCIAL CHRONICLE

Spring wheat sections of the Northwest like the
Milwaukee & St. Paul (though this road while showing $2,404,379 gain in gross suffers $2,700,451 loss
in net owing to heavy outlays under the receivership), and the Minneapolis St. Paul & Sault Ste.
Marie, besides two or three others like the Thas &
Pacific, the Rock Island and the Hocking Valley
which have been advantaged by special circumstances and conditions. The Texas & Pacific is benefiting by the wonderful development of North Texas,
and the Hocking Valley, being a connection of the
Chesapeake & Ohio, got the benefit of a large extra
volume of non-union coal while mining was suspended at the unionized mines by reason of the strike.
The Rock Island was benefited by oil developments.
As to the decreases, the Pennsylvania Railroad,
reflecting manufacturing and mining conditions in
its territory, heads the list of roads with heavy
losses. It has suffered a falling off in the gross of
no less than $44,966,427, but through economies in
operation and reduced expenses was able to cut the
loss in the net down to $5,274,511. The Atlantic
Coast Line stands second in the list, in point of decrease in gross, with a falling off of $16,705,289,
and it stands third in the list of decreases in the
net with a loss of $10,262,681. The list of these big
decreases, however, is too long to admit mention of
all of them. In the following we indicate all changes
for the separate roads for amounts in excess of $1,000,000, whether increases or decreases, and in both
gross and net.

(VOL. 126.

Michigan Central, the "Big Four," &c., the result Is a decreaes of $18.857.190.
S This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern and the
1;1/nov11026z:tato form the Southern Railway System,
;
.
ier ieri
n gsul

g

When the roads are arranged in groups or geographical divisions, according to their location, we
find just what we would expect to find, namely, a
loss, as compared with the previous year, in gross
and net alike, for each of the three leading districts,
as also for all of the different regions in those districts, with the Southern region the heaviest sufferer of all. Our summary by groups is as follows. As
previously explained, we now group the roads to conform entirely with the classification of the InterState Commerce Commission. The boundaries of the
different groups and regions are indicated in the
foot-note to the table.
SUMMARY BY DISTRICTS AND REGIONS.
District and Region.
Gross &UMW
Jan. 1 to Dec. 311927.
1926.
Inc.(+) or Dec.(-)
Eastern District*
$
S
$
%
New England Region (9 rds.)__ 268,051,474 275.931.374 -7,879.900 2.85
Great Lakes Region (34 rds.)._1,123.250.774 1,172,796,252 -49.546,478 4.22
Central East. Region (31 rds.).1,411.292,636 1,498.875.206 -87.582.570 5.85
Total (74 roads)
2 802,594,884 2,947,602,832 -145,007,948 4.92
Southern District:
Southern Region (31 roads).
815,278,122 876.652.113 -61,373.991 7.00
Pocahontas Region (4 roads)._ _ 278.090,429 291.747,019 -13,666,590 4.68
Total (35 roads)
1 093,368,551 1,163,399,132 76.030,581 6.42
Western District:
Northwestern Region (18 roads)__ 721,583.698 728.132.662 -6,548,964 0.90
Cent. Western Region (22 rds.) 1,017.553,382 1,027,800.119 10,246,737 1.01
Southwestern Region (33 rds.)- 560,158,831 676,629,829 16,470,998 2.61
Total (73 roads)
2299.295,911 2,332.562,610 -33,266.699 1.43
Total all districts (182 roads)--6.195,259.346 6,448,564,574 -253,305,228 3.93
Din. & Region.
Net Earning.
Jan. lto Dec.31.-21/fleage1927,
1926.
Ine.(-Hor Dec.(
Eastern District: 1927. 1926.
%3
New Eng. Reg'n 7,168 7,408 65.527,122 68,998.623 -3,471,501 5.05
Ott. Lakes Reg'n 24,935 24.948 269,467,464 306,759.738 -37.292,272 2.15
Cent.East.Reg'n 27,131 27,107 336,734.611 367,834,774 -31,100.163 8.46
Total
69.234 59,463 671.729.197 743.593.133 -71.863,936 9.66
Southern District:
Southern Region 39,734 39,312 195.311,424 229.440,754 -34,129,330 14.87
Pocahon.Reg'n- 6.608 5.604 98.367.871 107.176.291 -8,808,420 8.14
Total
45.342 44,916 293,679,295 336.617.046 -42,937,760 12.75
Western District:
N'west Region._ 48.498 48.516 180,707.101 189.972,654 -9,265.663 4.88
Cent.West.Reg'n 61,263 50.982 295,384.198 313.304,904 -17,920,706 5.72
S'western Reg'n. 34.190 33,920 138,122.104 151,587,657 -13.465.553 8.88
-Total
133,951 133,420 614,213.403 654.865.215 -40.651.812 6.21
Total all districts_238.527 237,799 1579,621,895 1735,075,393-155,453.498 8.95

PRINCIPAL CHANGES IN GROSS EARNINGS FOR TWELVE
MONTHS ENDED DECEMBER 31 1927.
Increase.
Decrease.
$3.499,899 Western Maryland
Texas & Pacific
$3.393.404
2,787,795 C C0 & St Louis
HO Mex & Or of Texas
3,354,250
Chicago Milw & St Paul_ 2,404.379 N.Y. N. II. & Hartford- 3,184.483
2,300,271 Chicago & Alton
Minn St P & SS Marie
3,129,095
Chic R I & Pacific (2)_..- 2.175.575 Duluth Missabe & Nor.. _ 3,108,484
Hocking Valley
1,492.257 Erie (3)
3,001,472
Long Island
1,238,042 Wheeling & Lake Erie_ _ _ 2,796,313
Louisville & Nashville._ _ 2.708,126
Total (8 roads)
815.898,208 Illinois Central
2,506.194
Pittsburgh & Lake Erie_ _ 2,420,157
Decrease. Union Pacific 14)
2.410.671
Pennsylvania
$44,966,427 Elgin Joliet & Eastern.. _ - 2.150,571
16.705.289 Union RR (Pa.)
Atlantic Coast Line
2.120.645
EASTERN DISTRICT.
New York Central
a14,490.962 Missouri
-Kan-Texas (2)_ 1.919,237
New England Region -This region comprises the New England States,
11.567,824 Georgia Southern & Fla_ 1,901,305
Florida East Coast
Great Lakes Region -This region comprises the section on the Canadian bendary
11,494.875 Northern Pacific
Baltimore & Ohio
1.776.226
9,460,839 Virginian
Norfolk & Western
1,763,754 between New England and the westerly shore of Lake Michigan to Chicago, and
8,261.889 Chicago & East Illinois_ _ 1,537,424
Missouri Pacific
b7,828.913 Cin New Orl & Tex Mex_ 1,498.574 north of a line from Chicago via Pittsburgh to New York,
Southern By
Central Eastern Region -This region comprises the section south of the Great
6,669,700 St Louis Southwestern (2) 1.486,300
Reading
6.061,279 Central of New Jersey__ _ 1,425.406 Lake. Region, east of a line from Chicago through Peoria to St. Louis and the
Seaboard Air Line
5,950.331 N Y Chicago & St Louis_ 1,318.891
Lehigh Valley_
mississippl River to the mouth of the Ohio River, and north of the Ohio River to
5.773.741 Mobile & Ohio
Michigan Central
1,287,511
3.396,940 West Jersey & Seashore.. 1,285.104 Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
St Louis San Fran (3)
and by the Potomac River to its mouth.
Chico to Burl & Quincy_ _ 4,996.988 Chesapeake & Ohio
1,225,981
4,588.187 Yazoo & Mississippi Val_ 1.222.911
Wabash
Detroit Toledo & Ironton 4,220.177 Richm Fred & Potomac_ 1,206.016
SOUTHERN DISTRICT.
Chicago & Northwestern 4.202,764 Pittsburgh & West Va... _ 1,144.869
Pocahontas Region.-Thls region comprises the section north of the southern
4.184.059 Colorado & Southern
Central of Georgia
1,128.924
uoundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
Del Lack & Western_ __ _ 4,123,625
Chatt & St Louis.. 1.118,252
(2).Nashv
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
3.777.002 New On Tex & Mex (3).. 1.061.701
Boston & Maine
3,679.261 Pere Marquette
Delaware & Hudson_
1,055,107 and thence by the Potomac River to Its mouth.
Bessemer & Lake Erie- _ - 3,561,265
Southern Region.
-This region comprises the section east of the Mississippi River
Atch Top & Santa Fe (3) 3.422,490
Total (67 roads)
$258.032.185
and south of the Ohio River to a point near Kenova. W. Va., and a Hue thence
a These figures merely cover the operations of the New York Central following the
eastern boundary of Kentucky and the southern boundary of Virginia
itself. Including the various ausll ary and controlled roads, like the
Michigan Central, the "Big Four," &c., the result Is a decrease of $26,- to the Atlantic.
139,296.
WESTERN DISTRICT.
b This is the result for the Southern Railway proper. Including the
Northwestern Region.
-This region comprises the section adjoining Canada lying
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific. west of
the Great Lakes region, north of a line from Chicago to Omaha and thence
Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System, to Portland and by the Columbia River to the Pacific.
the result is a decrease of $12.419,052.
Central Western Region -This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
PRINCIPAL CHANGES IN NET EARNINGS FOR TWELVE
north of a line from St. Louis to Kansas City and thence to El Paso and by the
MONTHS ENDED DECEMBER 31 1927.
Mexican boundary So the Pacific.
Decrease.
Increase.
Southwestern Region -This region comprise( the section lying between the
Minn St P & SS Marie-- $2,261.455 Southern Pacific (2)---- $3,252,347
Valley3.060,665
Hocking
River south of St. Louis and a line from St. Louis to Kanaaa City and thence
814:816 Mlcis n
:640 152 Louhigie Central
Nashville...... 2.966.296 to El Paso
NY N H & Hartford__- 1
andby the Rio Grande to the Gulf of Mexico.
Chic R I & Pacific (2)-- 1.644.783 Chic Milw & St Paul_ _-- 2.700.451
Central of New Jersey-- 1.223.968 Yazoo & Mississippi Val_
We now add our detailed statement for the last
Great Northern Nor.... 2.538,881
& Pacific
1.191.204
Duluth Mbe&
Total(7 roads)
two calendar years, classified by districts and re$9.776.408 Duluth Toledo & Ironton 238
Colorado Southern (2)-- 2,199.178
1.82 71
5.0
6.
Decrease. Del Lack & Western_ --- 1.97 512 (ions the same as in the table above and giving the
Atch Top & Sante Fe(3)_$12.903.449 Elgin Joliet & Eastern...
New York Central
al0,470.908 New 011 Texas Mex (3)-- 1,561,411 figures for each road separately.
Atlantic Coast Line
Buffalo Rochester & Pitts
10.262.6
Norfolk & W
eeling
7.930.050 Wheeling & Lake Erie__INN2
1.473,531 EARNINGS OF UNITED STATES RAILROADS FROM JAN.1 TO DEC.31.
Baltimore & Ohio
6.191.096 Western Pacific
Florida East Coast
5,537.052 St Louis San Fran (3)- 1.429.746
Eastern District.
:
Pennsylvania
5.274.511 Denver & Rio Gr West-- 1 3u8
Gross--Na
Readin
5.071.018 Northern Pacific
g
New England
1927.
1926.
Dm. or Dse.
s
1927.
1926.
3
1.357.147
Georgia
Missouri Pacific Co
4.975,943 Central of
Region$
1.326.894 Bangor & Aroostook 7,401.075 6.927,602
Lehigh Valley
4.262,087 Union RR (Pa)
2.444.478 2,098.194 +346,264
Miasouri-Kan-Texas (2)- 1.279.340 Boston & Maine... 77,848,374 81.625.376 16.012.873 19,269,920 -3,257.0 7
Erie (3)
4,157.991
4
1 194430
:
Southern R y Co
b3,870,277 Pittsburgh & Lake Erie-- 183:736 Candlan Nat System
3.412.7:19Central10on
Alto:
CCC & Stouis
Chicago
L
At!St Lawrence.. 2.716.787 2.629.556
-87,268
299,432
212.144
1.038.588
Delaware & Hudson---Central Vermont_ 8.259.570 9.089.724
624.386 1,662,974 -1,038.688
Bessemer & Lake Erie-- 3.274.042
Chic Del & C 0 T J-See Great Lakes Region,
8140.207.774
Boston & Maine
Total(50 roads)
3.257.047
Det Ord H & Milw-See Great Lakes Region.
Dul Win & Pan-See Northwestern Region.
a These figures merely cover the operations of the New York Central
Grand 'Tr West-See Great Lakes Region.
itself. Including the various auxiliary and controlled roads, like the




mss
.
mTexas
Iestrn

..

FINANCIAL CHRONICLE

FEB. 25 1928.]
ross
1927.

1926.

1927.
$

Net
1926.

Inc. or Dec.
$

Canadian Pacific Lines
206,284 -205,187
2,471,864
1,097
Can Pao L in Me. 2,518,257
Dul So Sh dr Atl-See Northwestern Region.
Minn St P dr S S M-See Northwestern Region.
Spokane International-See Northwestern Region.
4,580,542 -436,458
20,217,535 20,423,812 4,144,084
Maine Central
New Haven Sys
N 1/NH& Hart_139,824,315 143,008,798 39,546,063 37,901,247 +1,644,816
-See Great Lakes Region.
N Y Ont & West
1,749.888
,
3,068,455
2,995,118
+151,642
N Y Connect ng
1,901,530
1,230,142 -589,675
6,197,106
6,759,524
640.467
Rutland
Total (9 roads)__ _268,051,474 275,931,374 65,527,122
Gre,a1 Lakes Region
Butt Koch & Pittsb_ 17,522,081 18,423,273
2,036,651
Can Nat System-See New England Region.
Ati St Lawrence
Central Vermont-See New England Region.
Ch Det & COTJ 3,835,874
3,814,514 1,848,497
Dul Win & Pacific
-See Northwestern Region.
Grand Trk West_ 20,555,105 20,660,598
5,279.037
Det Gr H dr Mil__ 8,139,276
7,890,629
2.740,187
Delaware & Hudson 42,692,911 46,372,172
8.147,293
Del Lack dr West._. 84,699,577 88,823,202 24,462,269
Det & Mackinac_.. 1,626,388
1,625,950
373,787
Detroit Terminal__ _ 1,949,382
506,643
2,486,459
Det & Tol Sh Line__ 4,727,678
4,781,204
2,345,826
Erie SystemChicago & Erie__ 14,121,190 14,899,485
5.479,702
Erie
108,367,165 110,584,019 16,733,956
NJ&NY
1,595,976
1,602,299
132,062
N Y & Susqueh
4,933,623
5,007,416
784,801
Indiana Harbor Belt 11,435,824 11,363,945
2,914.179
Lake Terminal
1,073,037
1,181.021
-66,716
Lehigh & Hudson
3,362,338
3,567,884
1,063,539
Lehigh & New Eng. 5,798,454
5,662,328
1,761,229
Lehigh Valley
74,502,819 80,453,150 15.232.427
Monongahela
7,729,914
7,352,619
3,784,188
Montour
71,231
1,299,958
1,154,179
New Haven System
N V N H dr Hartf-See New England Region.
2,185,574
NY Ont & West_ 13,157,620 13,974,119
N Y Central LinesCinn Northern-See Central Eastern Region.
C C C & St Louis-See Central Eastern Region.
Evansv Ind & T H-See Central Eastern Region.
Michigan Central 89,750,602 95,524,343 27,506,314
385,046,787 399,537,749 90,135,803
N Y Central
5.465,508
Pittsb & Lake E._ 31.785,820 34,205,977
NY Chic dr St Louis 53,619,600 54,938,491 15,045,106
2,013,708
378,603
Newburgh dr So Sh_ 1,843,472
Pere Marquette._. 44,744,593 45,799,700 13,104,729
Pitts & Shawmut _ 1,896,899
1,672,914
406,116
Pitts & West Va
4,011.617
5,156,486
1,598,069
Pitts Shaw & Nor
1,859,339
1,939,831
320,196
Toledo Terminal_ _
1,514,021
1,508,701
407,076
1,242,253
271,794
Ulster & Delaware._ 1,331,568
Wabash System
5,615,112
Ann Arbor
5,882,293
1,282,781
67,105,154 71,693,341 15,729.007
Wabash Co

68.998,623 -3,471,501
3.571,681 -1.535,030

1,850,477

-1,980

5,671,034 -391,997
3,078.910 -338.723
11,560.032 -3,412,739
26,388,981 -1.926.712
177,619 +196.168
579,724
-73,081
2,436.610
-90,884
6,112,241 -632,539
20,187,767 -3.453,811
203,693
-71,631
993,005 -208,204
3.216,056 -301,877
114,334 -181,050
1,224,772 -161,233
1,963,503 -202,274
19,494,514 -4,262,087
3,614,362 +169.826
-14,319
+85,550
3,000,115

-814,541

30,566,979 -3,060,665
100,606,711-10,470,908
6,659.938 -1,194,430
14,948,096
+97,010
446,950
-68,347
13,913,689 -808,960
393,130
+12,986
2,253,635 -605,566
325,900
-5,704
406,187
+889
148,614 +123,180
1,437,035 -154,254
19,227,661 -3,498,654

Total (34 roads)_1123,250,774 1172796,252 269,467,464 306.759,736-37,292,272
Central Bastern Region
Akron Can & Young 3.171,453
3,313,877
1.079,328
1,076,513
+2,815
Balt dr Ohio Sys
246,078,510 257,573,385 59,909,989 66,101,085 -6,191,096
Bait EL Ohio
3,277,823
Staten Ial B T
3,212,307
1,031,153
807,819 +223,334
3,975,102
B & 0 Chic Term
3,821,558
763,751
835,812
-72,061
7,654,329
2,511,646
Belt By of Chic._ -- 7,537,959
2.477,122
+34,524
Bess & Lake Erie_ _ 13,410,859 16,972,124
3,830,189
7.104,231 -3,274,042
Brooklyn ED Ter.. 1,447,096
1,523,484
516,102
607,032
-90,930
Buffalo & Susqueh _ _ 1,530,183
-23,002
1,307.499
-78.806
+56,151
Ches & Ohio SystChes & Ohio-See Pocahontas Region.
Hocking Valley_ 21,042,515 19,550,258
7,534.299
5.724,147 +1,810,152
Chic & East Illinois_ 26,714,326 28,251.750 5.184,426
5,645,800 -461,374
1,808,012
Chic & Ill MiSIL_
1,471,041 -359,138
248,312 -607,450
Chic Ind dr Louisv _ 18,542,197 18,598,066
4,970,336
5,270,945 -300.609
Conern & Black Lick 1,669.258
1,964,235
54,714
87.073
-32,359
Det To]& Ironton.. 8,671,353 12,891,530
1,717.866
4,098,426 -2,380,560
Elgin Jol & Eastern_ 24,281,541 26,432,112
7,281,233
9.156,743 -1,875.510
Monongahela Conn_ 1,919,642 2,279,700
437,323
558,674 -121,351
N Y Central Lines
Clan Northern... 4,636,369
4,808,434
1,482,725
1,693,751 -211,026
C C C St Louis_ 91,185,737 94,539,987 20,863,038 24,481,322 -3,618,284
&
Evans Ind & T II_ 2,522,858
2,627,307
813,903
927.075 -113.172
N Y Central-See Great Lakes Region.
Pitts & Lake Erie-See Great Lakes Region.
Michigan Central-See Great Lakes Region.
Pennsylvania SystBalt Ches & AU__ 1,466,381
1,427,348 -102,681 -101,244
+1,437
Long Island
40,886,580 39,648,538 10,774.614 10,640,945
+133,669
Pennsylvania_ _ _ _664,851,023 709,817,450 154,182,361 159,456,872 -5,274,511
W Jersey dr Scash 11,643,817 12,928,921
1,795,943 2,284.816 -488,873
Reading System
Atlantic City.... 4,205,844
4,796,784
365,255
885,417 -520,162
Central of N 5_ 58,745,712 60,171,118 15,401,465 14,177.497 +1,223,968
1,277,618
Perkinmen
1,440,281
488,457
659,213 -170,756
2,427,509
2,476,392
1,072,134
Port Reading
942,210 +129,924
92,590,436 99,290,136 20,710,367 25,781,385 -5,071,018
Reading
1,160,941
Union RR (Pa)_ _ _ _ 9,779,136 11,899.781
2,487,835 -1,326,894
Western Maryland_ 21,866,171 25,259,575 6,872,859
7,854,942 -982,083
Wheeling & L Erie._ 18,129,586 20.925,899
4,413,015
5,941,810 -1,528,795
Total(31 roads)_1411.292.636 1498875,206 336,734.611 367,834,774-31,100,163
Total Eastern Dist.
2,802.594,884 2947602832 671.729,197 743,593,133 -71,863,936
(74 roads)
Southern District.
Southern Region
5,726,345
314.862
Birm & Coast__ 5,258,713
520,438 -205,576
AU
Atlantic Coast Line
3,173,186
737.299
729,960
At I & West Point_ 3,184,475
+7,339
Line_ _ _ 80,452,526 97,157.815 16,098,908 26,3 1,589-10.262,681
6
AU Coast
3,862,900
797,156
Charlotte & W C. 3,525,849
958,503 -161,347
7,920,044 8,282,199
2.855,316
Clinchtield
3,166,604 -311,288
5,665,409
6,122,691
1,046.963
1,246,693 -199,730
Georgia
Louisv di Nashv _144,605,117 147,313,243 31,747,283 34,713,579 -2,966.296
3,756,644
L. 4,127,231
1,128,957
902,490 +226,467
Lou Bend dr St
4,623,172
5,031,018 -407,846
Nashv Ch & St L. 22,905,626 24,023,878
3,344.018
778,043
857,738
West By of Ala._ 3,187,850
-79,695
1.922,285
331.878
Colum & Greenville_ 1,881,849
393.353
-61,475
3.483,809
9,020,861 -5,537,052
Florida East Coast_ 17,859,635 29,427,459
1,851,804
2,008,379
339,408
530,273 -190,865
Georgia & Florida
6,894,011
1,949.816
2,194,587 -244,771
Gulf Mobile & Nor_ 7,268,700
Illinois Central System
6,695.684
8.052,831 -1,357,147
Central of Georgia 27,641,310 31,825,369
3,957,234
131,352 -336,225 +667.577
Dun & Ship Island 3,763,553
Illlnois Central__ _155,822,064 158,328,258 36,839,303 36,649,481
+189,822
4,235,253 6,857.059 -2,621,806
Yazoo & Miss Vail 26,975,610 28,198,521
1,688,878
439,433
478.002
Mississippi Central_ 1,653,416
-38,569
3,171,231
975,524
963,982
+11,542
New Orl Grt North_ 3,309,395
2,739,053
2,928,787 -189.734
Norfolk Southern.- 9.567,021 10,066,486
61,790,150 67,851,429 14,916,835 17,991.013 -3,074,178
Seaboard Air Line
Southern By System
10,359,494 10,599,163
3,026,417
3,262,549 -236,132
Ala Gt South
23,310,331
6,251,531
7,228,133 -976,602
C NO&T Mex._ 21,811,757
4,863,249 6.764,554
775.100
1,692,641 -917,541
Sou dr Fla
Oa
4,460,603
5,123.095 -662,592
Mobile & Ohio... 18,055,294 19,342,805
1,933,951
5,758,052 0,385,549
2,421,027 -487.076
New On & N E
783.863
1,956,158
820,555
Terminal 1,917.743
-36,692
New Orl
1,484,605
560,718
624.534
Northern Ala- 1,376,563
-63,810




1107

Cross
---•
Net
1927.
1926.
1927.
1926.
/ c. or Dec.
$
Southern By Co__147,639,063 155,467,976 43,731.110 47,601.387 -3,870,277
3,238,513
582.924
654,217
Tennessee Central- 3,279,560
-71,293
Total(31 roads)
..815,278,122 876,652.113 195,311,424 229.440,754-34,129,330
Pocahontas Region.
Ches & Ohio Sys
133.431,722 134,657,703 43,446,937 43,209,915 +237,022
ales & Ohio
Hocking Valley-See Central Eastern Region.
Norfolk dr Western_110,948,200 120,409,039 41,252,075 49,182,125 -7.930,050
3,157,565
4,145.381 -987,816
Rich Fred & Potom_ 11,595,722 12.801,738
22,114,785 23,878,539 10,511.294 10.638,870 -127,576
Virginian
Total(4 roads)-278,096,429 291,747.019 98,367,871 107.176,291 -8.808.420

Southern Region-

Total Southern Dist.
(35 roads)
1,093,368,551 1168399132 293,679,295 336:617,045 -42,937,750
Western District.
Net
Northwestern
--Gross
1927.
1926.
Region1926.
Inc. or Dec.
1927.
$
Can Nat System$
$
S
Atl St Lawrence-See New England Region.
Central Vermont-See New England Region.
Chic Det & C 0 T J-See Great Lakes Region.
453.549
163.813 +289,736
Dul Win de Pac__ 2,568.841
2.418,181
Det G H & Milw-See Great Lakes Region.
Grand Trunk Western-See Great Lakes Region.
Canadian Pac Lines
Can Pac Lines in Me
-See New England Region.
Can Pac Lines In Vt-See New England Region.
874.379
1,060,175
Dul So Sh dr AU__ 5.121,693
5,281,270
+185,796
M St P & S S M__ 49.157,009 46,856,738 13,421,395 11,159,940 +2,261.455
452.719
Spokane Internet 1,239,384
410.651
1,265,290
-42,068
Chic & N W SystChicago & N W.150,132,960 154,335,724 33,138,693 33,747,341 -608,648
5,160,070 -113,211
5,046.859
Chic SIP M & 0_ 26,847.105 26,433,019
5,331,585 -608,962
Chicago Great West 24,444,753 25,359,001
4,722,543
Chic Maw & St P..162,942,819 160,538,440 29.436,821 32,137,272 -2,700,451
Chic River & Ind.__ 6.793,393 6,934,671
2,391.071
2,413,673
-22.602
Dul Ss Iron Range__ 6,648,645
2,425,760 -459,915
1,965,845
7,041,389
Dul Miss & N or_ _ _ _ 15,835,484 18,943,968 8,002,047 10,540,928 -2,538,881
Great Northern____117.904,005 117,383,909 39,548,425 42,098,445 -2,550,020
Green Bay dr West._ 1.579,393
352,835
374,490
-21.655
1,645,802
1.014,259
Lake Sup & Ishpem_ 2,322,021
957.344
-56,915
2,451,312
Minn & St Louis__ 14,413,216 14,733,725
1,428,335 +142,566
1.570,901
Northern Pacific__ 95,574,816 97,351,042 27,720,078 29,090,098 -1.370,020
Spok Portl & Seattle 8,932.623
3,380,113 +208,085
3,588,198
8,649,180
Union Pacific Sys
Los Ang & Salt Lake
-See Central Western Region.
Oregon Short Line-See Central Western Region.
8,179.514 -1,259,843
Ore Wash By & N 29,125,538 30.510,001
6,919,671
St Jos & Grd 151-See Central Western Region.
Union Pacific-See Central Western Region.
Total(18 roads)_ _721,583,698 728,132,662 180,707.101 189,972,654 -9,265,553
Central West Region
Atchison SystemAtch Top & 5 Fe_206,293,929 209,337,546 63.538.95
6 74,533,960-10,995,004
Gulf Colo & S Fe-See Southwestern Region.
Panhandle & 5 Fe
-See Southwestern Region.
-72,820
Bingham & Garfield
153,429
80,609
485,657
563,563
Burlington Route
Chic Burl & Quin_156,320,454 161,317,442 44,402,951 44,854,634 -451,683
-64,789
Quincy0& K C _
-20.095
807,175
-84,884
940.438
Colo & Southern_ 12,959,440 13,152.809
2,889,914 -675,761
2,214,153
Ft W &Den City_ 12,362,993 13,298,548
5,463,235 -1,523,417
3,939,818
Wichita Valley-See Southwestern Region.
Chicago & Alton... 28,345,728 31,474.823 6,081,783
7,265.519 -1,183,736
Deny & Rio Gr W__ 33,144,907 34.093,902
9,440,637 -1.387.505
8,053,132
Denver & Salt Lake_ 4,110,286
+192,238
542,546
734,784
4,268,447
+8.337
Nevada Northern__
494,640
502,977
974,814
970,401
Northwest Pacific__ 6,606,409
1,873,368 -629,055
7,009.347
1,244,313
Peoria &Pekin Un-- 1.859.304
+39,267
450,595
489,862
1,773.839
Rock Island SystChicR I & Gulf__ 7,159,065
2,457,442 -360,784
2,096,658
7,142,857
Chic R I dr Pac132,927,925 130,768,558 34,657,284 32,641,717 +2,005.567
Southern Pac Lines
Texas & New Orl-See Southwestern Region.
Southern Pacific_214,898,487 213,970,447 65,682.686 67,552,566 -1,869,880
Toledo Peoria & W. 1,762,746
1,037 +197,237
1,524,845
198,274
Union Pacific Syst5,349,623 --417.686
Los Ang & S Lake 25,382,737 24,561,748
4,931,937
Oreg Short Line__ 35,999,738 36,372,207 11,557,196 11,189,850 +367,346
Ore Wash Ry& N-See Northwestern Region.
+11,090
906,134
917,224
St Jos & Grd Isl.. 3,521,309
3,586,348
Union Pacific._ _ _113,383,608 113,972,308 40,148,374 39,927.737 +220,637
554,491
+133,226
687,717
Utah
1.813,208
1,642,631
4.781.925 -1.473.531
3.308.394
Western Pacific..... 16,433,463 16.057.065
Total(22 roads)_1017,553,382 1027800,119 295,384,198 313,304,904-.-17.920.703
Southwestern Region
Atchison SystemAtch Top & S Fe
-See Central Western Region.
9,727,721 -463,391
9.264.330
Gulf Colo & 5 Fe_ 34.195,211 33,467,548
6.019,326 -1,445,054
4,574,272
Panhandle & 5 Fe 15,128,685 16,235,221
Burlington Route
Chicago Burl & Quincy-See Central Western Region.
Quincy Omaha & K C
-See Central Western Region.
Colo & Southern-See Central Western Region.
Ft W & Deny City-See Central Western Region.
846.337
+33.738
880,075
1,721,449
Wichita Valley__ _ 1.918,219
343,418 -105,705
238,713
1,773,705
Ft Smith & Western 1,646,670
Frisco Lines
-76,185
-11,931
+64,254
1,298,032
Ft W & Rio OW. 1,300,461
St Louis-San Fran 84,641,835 89,917,324 26,368,284 27,699,165 -1.330.881
510,540 -163.120
347.420
2,030,352
St L-5 F of Tex__ 1,906,472
746,744
648,067
-98,677
1.970,747
2,008,301
Galveston Wharf__
Kansas City Mos &lent Lines
-89,100 - -54,046
-35,054
2.422,970
KC Mex Orient_ 3,029,695
817,547 +470,844
1,288,391
4,317,801
7,105,596
K C Mex Or of T
Kansas City Southern Lines
6,162,529
5,999,469 +163,060
Kan City South__ 19,075,667 18,902,335
1,121,686
1,373,819 -252,233
3,019,611
Texark dr Ft Sm._ 2,972.939
635,883 -233,257 +869.140
Kansas Okla & Gulf 2.937,043 2,751.590
872,143
1,471,996 -599,853
Louisiana & Ark___ 3.562,302 4,295,438
688,182 -126,713
561,469
3,830,970
Louisv By & Nav__ 3.291,531
180,969
105.476
1,300,874
-75.493
Louisv By dr N of T 1.121.588
1,435,665
1,762,513 -326,848
4,314.245
Midland Valley _ _ _ 3,964,018
115,616
13,825 +101,791
1,759,085
Mo dr North Ark.. 1,682,613
Missouri-Kansas
-Texas Lines-10,771
Mo-Han-Texas... 35,236,541 35,532,896 11,873,504 11,884,275
4,968.851
6,237,420 1,268,569
Mo-Kan-Tex of T 20,944,987 22.567,869
Missouri Pacific System
708,647
791,767
2,868,311
-83,120
Beau Sour L de W 3,054.876
4,171,202 3,473,798
697,404
let Great North_ 18,428,470 19,245.644
Mo Pac Co
125,728,405 133.990,294 26,162,407 31,138,350 4,975,943
772,671 96,700
3.522,872
675,971
N Orl Tex A; Mac 2,863,407
2,501,511
3,303,831 -802.320
9,786,533
St L Br & Mex
9,197,732
441,578
480,914
1,885,406
San Ant Uv & Gulf 1,919,355
-39,336
8,961,262 +1.191,204
38.949,539 35.449,650 10,152,466
Texas & Pacific
St Louis Southwestern System
5,448,923 6,203,579 St Louis S W.... 16,835,800 18,201.955
754,656
263,031
135,791
7,490,870
St Louis SW ofT 7,370,725
+127,240
Southern Pacific Lines
Texas & New Orl_ 70.789,608 72,335,356 12,661,586 14,044,053 -4,382,467
-See Central Western Region.
Southern Pacific Co
4,105,119
4,730,781 -625,662
Term Ry Assn ofSt L 13,270,086 13,537,818
2,031,002
198,837
659,697 -460,860
Texas Mexican Ry_ 1,280,757
2,816,502
546,258
233,981
Trinity & Brazos V. 2,836,351
+312.277
576,629,829 138,122,104 151, 87.657-13,465.553
5
Total(33 roads)_ _560,158,831
Total Western Dist
(73 roads)
2 299,295,911 2332562610 614,213,403 654,865,215 -40,651,812
Grand total (182
.6.195,259.346 6,448,564,5741,579,621895,1,735,075,393-155,453,498
roads).

1108

FINANCIAL CHRONICLE

[Vot.. 126.

RECORD OF PRICES ON THE CLEVELAND STOCK EXCHANGE.
On this and the following pages we furnish a complete record of the high and low prices for both stocks and bonds
made on the Cleveland Stock Exchange for each month of the last two years. The compilation is the work of the Cleveland
Exchange itself and is, of course, based on actual sales, and covers these and nothing else.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1927.
BANKS.

March
February
January
Way
APrtl
June
July
August
September
November December
October
High Low 11405 Low High Low High Low High Low High Lou, Mph Low High Low High Lola High Lou High Low High Late

Cleveland Ssvings & Loan.IOU
-- ---- ---- - Cleveland Trust
65 310 301 L0E
-7
0
6
100 5ii 3 -- 515 i1- i io 3 -- 5,52 3
-7
0
Guardian Bank
100 275 260 280, 275 305 300 308 302 315 31012 330
8
Lorain Street Bank
100
Morris Plan Bank
100
National City Bank
100 173 171 175 175 180 Bo ----------------178
Pearl Street Bank
100 --------290 290 28512 285 285 285 285 285 285
Union Savings 8c Loan
155 155 157 157 --------156
100
Union Trust
IOU 225 218 225 224 230 225 24913 242 250 248 265
United Bank
100 275 275 265 265 265 265 --------270 270 275

—
—
- Fin fiti
30 - 50'612 3
0
66 52a 3 - 350 33012 55E iii iii 3
66
66 554 iii
325 355 335 375 355 377 37613 410 387 300 385 400 390

Cis- --------150
..
283 - — ---- ---136
__ ____
250 265 275 290
____-275 275 275 275

go' Zao iii ioi 261 ioi ith- ioi
.
-

2-2
0
---- 285 285 285 285 - --- -- -- - --- ---___ 1613 160 170 170
280 285 279 28213 275 274 260 299 660
270 267 267 265 265 --------265 265

MISCELLANEOUS.
18
Aetna Rubber
1712 --------17
• 1912 1912 1914 19
17
19
17
20
19
26
19
26 2514 2512 25
2514 25
27 26
Preferred
Akron Rubber Reclaiming_ • ------------------------------------------------20 -1- 2 19i2 If ii If 51 -ii ii
71
4
1112 ii 22
iiB1
Preferred
-98 98
----------------------- 10
_
_
5
Allen Industries
10
10
10
1118 10
iir --z 11
1618 1134 la
1134 15
14
-----------------------------------------31
Preferred
31
31
31
3113 3012 31 3014 34 3014 34
31
33 32
American Fork & Hoe
100 10138 10138 104 104 --------------------------------105 105
- 106 106 106 106
100 ----------------10713 1712 ----------------110 112 --------110 116 ____
First preferred
._
_ iiiii4 libi, iior4 11- 14
6
4
• 2018 1912 193 1912 193 1913 20
4
American Mir itigraph
914 223 193 24
2112 2514 2312 27 25
4
4
26 -- - '223 "26
4 -- 2714 2614 2613 2412
254
85 84
American Ship
8413 83 4 84 84
3
8513 82
100 8212 80
85 85
06 86
96 92 1103 97 11914 110 120 110
4
Preferred
1 1101
2
3
2
6 22
2
i 21 - American Vit Product
50 274 234 25T4 -- -14 21 -22 --------------------------------20 20
35 3213 33 34
33 32
•
Bessemer Limestone
343 3314 344 323 3312 3214 33 3 18 36 33
4
4
3813 36
3913 1514 3812 1712
Bish Bacock
_ _ 10
812 _
50
_ - 812 84 7,
4 714 ---- ---- ---- ---- ---- -- 5
5
5
5
518 5
11
20 214 214 214 218
Bond Stores "A"
lIz 113 11Z
*
118 1 ----1
8
54 -- -12
1
3
12 - F
a
-- 5
4
-- ----5
8
12
14
18
4714 -• 43 43
Buckeye Incubator
47
55 -5012 47
47
5114 48
61 13 46) 49 3 4613 49 48
4
---4
52i8 19
51 18 -48
50
4812 491 474
4
74 70
68 68
76
Bulkley Bldg preferred____100 63 68
75
70 68
77
74
7413 74
75 72
72 72
4
703 703 703 703 71 6912
4
4
4
Byers Machine
3914 36
634
------------------------- 3 . 35
39 3713 4114 3713 403 40
4
4112 3812 42
42 39
39
41
39
100 100 --------100 100 100 100
Canfield Oil preferred
100 100 10
. ____ ____ ____
_ ____
__ 100 100 ----- -- _2613 26 ----------------30 29 --------30 -2634 26
5 283 27
4
Central Alloy Steel
.___--30
283 -8 2838 26
253 253 15 4 31 4
4
3
30
108 106,3 10813 107 10812 10712 109 073 1093 1073 10834 08 109 10818 10912 10812 1093 107 109 108 10913 108
100 10714 10612
Preferred
4
4
4
8
20
100 --------20
Christy 14 C
25 --- 22T4 24
243 24
* 2413
4
City Ice & Fuel
ii 56. -2112 56 4
21 55Til - 2
64 51 - - 3233 30
62
521 I112 3534 - -112 371. 4
3
2 314
10 34 3 ____ ____
213 213 212 213 3 3 34 ---- ---- 3 4 34 ---- ---- ---- -___
Clark (F G)
3
,
2
2
2
2
212 2
*
Cleveland Akron Bag
Preferred
Cleveland Auto Machlne..__50
100 ----------------54i
5------------------------45 45 15 -- _ --- --- _ _ _ _
l
Preferred
4
6
-- ---- ---- ---- --- - --- -27 2413 26 26
28 28
32 263 3314 3112 3112 31
Cleveland Builders Supply„.• 30 29
4
32 30
3014 30
3013 60
30 30
3113 30
• 77 75
7612 7613 7713 7612 85 78 115 8512 101 100 100 9212 101
77 75
754 74
Cleveland Cliffs
96 100 983 1054 105
,
3021230212 30212 30212 300 300 310 297 320 320 325 320 325 322 327 325 331 331
100
Cleveland Elec III
350 336
—
-100 1093 10812 10913 108 11014 10814 1114 11013 11114 110 11113 1103 11112 110 1104 110 11134 111 1)1)3111 113 111 1 i 113- 112
4
6% Preferred
4
100 99 96, 993 99 100 9814 9934 99 10113 9913 1025 101 10312 10212 1043 1023 105 103 1033 104 106 10511
Cleveland Ry
4
4
8
4
4
4
10714 1057
8
10 13
Cleveland Sec Pr pref
4 1,
8 114
4
113 114
154 112 15
113 114
112 114
134 13
8 13
3 138
114 118
113 113 2
11
: 23
4 104
• 52
51
52 52
Cleveland Stone
51
50
49 4813 49 47
67 50
63 62
60 60
66 60 --------70 68
6018 55
Cleveland Union Stk Yds_ _100 108 107 ____
_ 108 108 10713 10712 106 106 --------107 107 110 1097 110 110 110 108 Ill 109 108 108
8
100 27 26
2714 --- 26
Cleveland W Mills
2612
21
2413 23
26
24
2413 213 2258 2212 223 21
4
36
22
26
25
31
25
25 22
100 — ____ ____
Cleveland & Buff Trans
_ 6213 37 ------------------------80 80
80 80
70 65 65 65
65 65
65 624
100 --------234 __- 4 3
Cleveland & San Brew
23
2 4 ---- ---- 212 212 -- -5
- -- --- -,r
-- -- 212 2'2 - -- - --- - - --- ---Preferred
100 17)3 712 --------18
1712 --------18
17
18 --- 20 -- 8 20--18
197
20
26 -- 20
• 73 7118 73 71
Dow Chemical
77
0
80 77
8312 80
7
95 89
9914 95 100 99 100 0912
Preferred
100--------100 100 10612 105 105 105 10312 10313 103 101 1023 1023 103 102 10312 10312 101 161 105 102 108 105
4
4
106 104 10413 104 10412 1044
Eaton Axle
Edwards 6% preferred
100 80
7512
- 7713 75
22 -7_
1 25 --- -------------------------------- 75 -73
75
75
75
70 70
• 66 64 ------- 6614 654 66 6312 67 64
Elec Contr & Mfg
65 63
673 66
4
67 66
65 4 6212 6313 62
3
61
53
5712 57
5712 544
-_EE_
Elec Vacuum Cleaner pref_100
_
1104 1103 6- - - f- - - - ---- ---- ---- ---- ---- -25 iiT"6
Elyria I & S
2 21
1214 _Ei' 50 4934 55T3 1 85 I 841 16 ii166
4
1
2 iii3 ii-2 iz -- - -- - --- ---- - -- ---- 100 102 102
Preferred
-102) 102)2
2
10
Falls Rubber
1T3 1
a) - 13 --------6
. 6
2
1 ____ ____ .--- ____ --- --__
L fly
Preferred
25 15
10
10
10
8
7
7
7 --------12 12 -------------------------------- ---- ---- 10
10
• 4012 36
Faultless Rubber
38
373 3813 353 39 3814 38 37
4
4
45 40
42 393 4013 375 39 3714 4314 39
4
8
40 3612 40 38
• 307 29
Federal Knit
8
2913 287 29 29
8
29 283 3114 29
4
30 30
30 2912 29 29
30 28
32. 2912 3113 30
3413 295
8
10 122 117 130 119 130 12313 12513 123 136 123 148 135 138 13512 152 140 165 155 160 148 18812 148
Firestone T & R
100 103 10112 10412 104 10613 104 10613 105 106 106 10614 106 10714 10412 107 106 10613 106 10712 106 10613 10618 234 183
6 Preferred
10814 108
100 10018 99 100 99 101
7% Preferred
993 1023 10014 103 10012 104 103 1033 103 105 10218 10618 10418 1073 10614 10714 1033 10913
8
4
4
4
4
1063
4
100 3813 35
45 4412 46 44 _-_Foote Burt preferred
— 53 53
54 54
54 54
54 5013 56 55
95 80
92 85
95 95
• 3013 3013 3114 3013 --- --- 3718 - Gabriel Snubber
3413 4218 3714 4318 43
507 507 ---- --- ---- - - ---- --- ---8
s
- ---- - 25 152 150 150 ,148 150 150 150 150 158 150 155 145 --------155 150 180 150 180 170 173 174 100
General T & R
- -120
Preferred100 10212 10213 ----------------------------------------104 0212 --------10234 10258 --------104
104
a 2114 1914
12 1
Glidden Co
2 3 --------21
4
112
34 16 ____
. 1618 1618
_ . ____
8
14 ____
__ Zoi'a - - 5
2 8
6
100 87 84
8
88 8413 033 893 9312 9312 913 8518 100 8912 9112 - - 87 -- -13 9012 87
4
Prior preferred
4
91
8
6
90 8612 92 -89
9534 94
Goodrich T & R
•
100 --------9813 9813 994 994 iii151- 166 --------------------------------109 1- 64 iOE 166
Preferred
26
36
• 30 29
30
48 40
41
36
58 45
Goodyear T & R
543 4518 5112 5112 563 5212 647 5213 ----------------6734 673
4
4
8
8
100 100 100 100 100 10112 10112 110 108 11714 1093 115 11213 114 114 120 11612 122 116 122 1173 121 11
7% preferred
4
4
120 117
•94)
First preferred
4 9414 9414
66 ii 38 1 ..
i
-1118 _ _
100 ----------------108 101 ioo 1____ . ____
Prior preferred
_
100 128 12713 130 1284 13313 13013 134 133 134 133 133 132 8 13213 129 13012127 133 118 133 1361s 151 129 455 III
Grasselli Chemical
--- -7- -12
100 103 103 10312 103 10313 10212 1034 10212 10612 105 108 10614 108 107 10812 107 109 10714 107 10612 10914 106 109 107
Preferred
95 90
85 85
90 90 ____ ____ 93 8913 00 00
Great Lakes Towing
100 80 7513 83 85
89 87
00 8913 88 864 8712 874
Preferred
100 104 10014 104 104 104 104 105 104 103 103 --------103 103 103 103 10512 10512 107 106 107 106 107 107
5 40
40 39
3913 39
Grief Bros
40 39
39
3912 39
3614 3614 38
373 37
4
393 38
3
3613 45 39
453 4514 45 44
4
Guarantee Title & Trust 100 --------157 157 --------157 157 ------------------------157 157 157 157
9913 101 100 10112 101 10114 101 1023 10112 10312 103 103 166 104 161 404
Halle Bros preferred
100 100 100 101 10012 10112 10012 101
4
1134
56 36
Hanna 1st preferred
564 6514 6514 60 60
60
56 --------60 60
5613 56
60
100 6614 58
625 60 63 6113 69 6813
8
8
Harbauer Co
1314 14
• 1213 1213 124 125 -------------------------------- 14
14
14
14
15
14
1512 1514 15
15
Harris Auto Press
31l 3
30
2913 2812 2912 29
30
29 2813 29 2813 2912 28
Harris Seybold Potter
2914 2812 2914 28
304 30
•
29 2i 22 26
1027 1027 10412 10412 10412 10412 10413 10413 106 10412 10412
8
8
Higbee 1st preferred.
---- ---100 _
1044
Second preferred
1041210412
100 _
India T & It
28 25
28 45
263
29 28
2113 22
3 69
17
* 3113 2013 224. 18 15
2312 -15
IndFibre31 31.
• 7
Ind Rayon
712 7
63
8 612 5 4 7 4 612 1013 7
414 a
3
- 2 i3 - -5
3
4 68 8
1012 912 14
10
194 13
2414 163
4
Interlake SS
• 110 1093 110 10934 115 110 115 112 115 115 120 116 120 119 120 119 120 120 133 117 120 120 130 121
4
Int Term Warehouse pref_50 ---- - - ---- -,,-- "-Jaeger Machine
4
4
211a
18
21
20
• 2914 - - 29 -67-13 3014 2814 313 293 3212 3013 5614 - 8 30's - 12 523 16 ilia if 5i - --12 56T2 164 Ws 165.
28
Jordan Motor
18
18
Preferred
60 56 ----------------63 63 15 - W
.
Eo 16 LE - - Li 5213 50
48
)460 _
ii Ei li
Kaynee Co
28 2612 27 26
2713 27
3213 263 33 30
3
3213 32
3313 32
334 3213 34 324
284 2514 2814 26
10 2512 23
Preferred
983 96 ------------------------99 96
4
99 99 --------100 99 101 101
97 97
100 _
Kelley Is
• 135 133 135 13213 135 135 135 135 137 135 140 140 150 148 165 16012 166 165 185 180 200 180
Korach"A"
10
10 --------8
612 813 712 ----------------15
15
Lake Erie B & N
133 123 17
1414 1613 16 --------10
8
4
12
16
17
1512 -- ---- 18
• 13
12 -- - ---- 13
513 18
17
Lake Shore Elec
100 _
First preferred
20 20 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---100
Loews Ohio hut pref
M'Caskey 1st preferred
----------------34
Metro Paving Brick
2314 243
233 23
4
3014 2313 2913 2653 28 27
i4
30 28
223
4
•
ii
33 8
,
Preferred
_ 1034 1013 --------10312 10312 --------103 103 105 104 --------105 105 10512 10313 105 105
4
100 _
Midland Steel
•
Miller T & It
. ! . __
_
58 "ii _ _ _. _ _ 71' - _ ._._ . _ __. . 221-4 - / 2413 241. i4T4 - -4 2258 "--_
.
34
34
.
2 14
•
3
33 33
224
84
Preferred
0913 9813 993 985 100 99
4
3
100 103 10013 106 10114 1024 10114 103 101 103 10013 10134 9913 9913 18
0914 85
0513 91
Mohawk T & It
15 --------15 15 -- ---- ____
15
22
5_ 1718 17
1838 22
•
17
22
17
22 21
267 20
8
Preferred
40 35 ---- ---- 45 -40 40
4613 4612 65 60
4
100 -------------- 45 45
60 60
60 50
58 50
Morgan Lithograph
•62l 598
Murray Ohio
612 613 612 612 714 712 718 --------834 I ---- -- —
• 312 it
i 514 5
14 614 512 613 618 7
LT4 1
113
Preferred
95 943 95 94
8
96 96
96
96
96 95
100 --------9612 9612 --------95 95
97 97
98 98
Myers Pump
*
- ---- _--- --Preferred
100 _
-105
_--- ---- 103
National Acme
13
iiis It:: iT2 114 --------534 1 i 1 i 10 6- -- -- --ii- -4 64 6
6
5 8 43
5
5
14
6 712 613
National Carbon pref
100
National Recording Pump__ • _
"_ : _
.____
— ---- ------- ---- ---- ---- — ---- -7,.
... ...
-. :1
46
41
40
National Refining
3 8
5
3 8
7
5
25 1414 19 4 55 - 3i 38 -- 3 3738 -- 7- 3714 3614 3634 35 35 - - 36 -- 3512 -- 35 -- 3513 3358 3713 34
3
3
-3
414
3
5
3
4
Preferred
100 130 130 130 130 130 130 ---- — 133 132 134 130 130 130 ---- ----- 13013 13012 13112 13112 132 13013
National Tile
353 33
8
3412 33
3413 33
• 3314 33
37 33
)
33 4 33
38 - -- 375s -367
s
334 33
36
363 33
4
35 33
35 31

ai, -ci

•No_par valus.




FEB. 25 19281

FINANCIAL CHRONICLE

1109

MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1927-(Concluded)
January
February
March • April
October
November December
June
July
August
September
May
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lou

1926

National Tool
Preferred
100 _
2fly ii --7 2812 28
2 -12
2 1,
6
.
(1 21 ZW3 - - Nineteen Hundred Washer...* ------------ 2514 2
6
. 21 2
21 2612 2612 2i12 - -- 55 -26 8 261.2 2iii4 ,
100 8112 791, 81
85 8412 --------90 87
8414 84
8
8114 7914 83 823 8412 83% 833 83
N 0 P 8( L 6% pref
92 9018
4
8014 8112 80
Ohio Bell preferred
,
012 113 111 14 112 8 11038
,
4
100 11212 11014 112 111 114 1110 11314 11214 113 11214 11212 10534 11012 10714 112 10912 112 4 111 112
96 11614 9412
85 82
* 85 76
8614 82
83 81
847 8212 85 81
Ohio Brass"B"
997 8212 110
8
8
8
823 82
843 83
4
8412 83
Preferred
4
100 104 102 1023 102 106 1013 10612 10512 107 10512 107 107 10512 10512 106 1053 10612 106 106 106 107 106 10612 105
4
4
2712 27
2712 2
4
Ohio Confection "A" •_
_ 28 2514 273 27
_ ____
___ . _ ___
6%
4012 3712 45 43
30 30
30
Ohio Seamless Tube _______ * ----------------3412 30
3812 33
33
31
28
2912 2512 25
2612 3014 _--- 2612 -- Ohio Tele Ser prof
1160 _
____ ____ ___ -- Otis Steel
3
• 818 8
101. 10
4 4 812 /4 1ii12 ii
1014 1014 --------934 93
10 --------1214 10
812 10
8
712 9
Packard Electric
51
48
36
3512 45 404 4514 43
35
*--------------------------------------------------------36
Packer Corp
- ____ ____ ___ -___ _-__ ____ ____ ____ ____ ___ 38 3712 3812 3712
*
2
Paragon Refining
9
814 1012 87
25 714 6% 714 614 712 67
9
8
7
614 918 712 914 8
8 612 6
4 8
914 814 83
Preferred
94 90 105 95 10954 102
85 85
6612 6612 67 60
70
100 70
84
81
87
72 70
75 70
83 83
70
2112 243 23
Peerless Motor
4
2638 2412 26
277 29
50 32
223 23 2112 2114 21 18 28
4
4
8
4
2812 2838 263 2614 2134 2734 223 2712 25
Richman Bros
* 168 160 162 143 152 1427 180 1517 20212 174 2243 2001 2 22312 20712 22012 21012 290 219 28912 260 276 263 298 272
8
8
4
River Raisin Paper
814
8
712 712 73
• 712 612 712 7
4 8
718 63
8 7% 68 8
7
7
4 73
4 712 73
714 8,
4 814 73
12
Robins & Myers preferred__100 ----------------4
4 23
4 212 212 -----------------------, 23
4 23
18
_
238 ----------------23
Rubber Service Labs
*
51
48
51
50
42 3518 48 41
40 3012 4212 3618 35 35
Russ Mfg
100 10712105 ----------------104 103 --------------------------------------------------------------3912 3712
Seiberling Rubber
3 7 3214 3812 3314 4 14 30
8
2212 30 23% 27
25
2312 24
23 22
* 2514 21
3312 30
34% 27
2
Preferred
97 97 100 100 100 99 100 100 10018 10018 100 100 10112 101 10212 10012 10212 101 12 102 100 105 10212
100 9712 96
Sheriff St Market
67 65 ---- -- ---69 65
100 73 72 ----------------------------------------70
70
70
70
543 51 4 5512 5334 61
Sherwin Williams
62
613 5984 62 10112. 70 4
5612 6112 60
5514 61
,
51
5414 4812 54
44
25 45 4412 50
Preferred
4
4
100 109 10712 1083 106 10712 10612 1073 107 108 107 IORI• 107 10712 10514 10614 10512 10512 104 107 106 108 10712 109 10784
1
30 4 2911
32 30
Smallwood Stone
33 33
34 33
35 35
3014 31
* 31
4
3312 3014 3512 323 35 35
3014 30
3012 3034 30
4
• 153 153 153 153 012 012 18
4
4
4
34
34 24
17 ----------------13
Sparks Withington
33
22 20
2014 13
15
1112 15
Preferred
06 96
100 95 95
96
06
95 95
ii
Standard Textile
4
12 153 -2112 iiiz ii3; ii
712 712 -------------------------------- HiTs 11
7
4 712 7
100 85
62 -6612
6312 60
74 64
32
21 27
"A"
2914 4212 2812 50 41
100 30 2514 26 25
,
48 4512 50 46 4 63 52
"B"
30
,
3912 357* 33 2 3312 31
13
32
14
13 --------22 22
137 13
8
13
100 13 13
36
32 25
1512 13
Star Rubber
•
20 20
Preferred
100 47
3 3%
4
312 5
Stearns Motor
334 4
* 812 73
4 8
4 62
714 73
67
8 64 7
4 77
8 812 -------- 412 312 5
8 67
Steel & Tubes
50
52 50
5212 50 - 51
25 Telling Belle Vernon
47 44
49 4114 47 43
38 37
• 38 36
49 44
4814 43
4814 4234 47
44 36
473 42
4
43
4412 42
"B" preferred
Thompson Products
------------------------- -------- ---------------- 25 2014 2:4i2 21
25T2 -2-4.12
21 i5i4 2'7i8 --- 2
2
4
. 21
4
8
Preferred
4
100 98 07
98 10012 100 1003 100% 102 101 10254 1023 ----------------1023 10112 1013 101%
99 9714 9712 97 100
4
Toledo Edison pror pre
100 117 11418 ---_ 117 1012 116 8 11514 117 11634 115 115 116 115 11612 116 11612 116 ---- --- ---- --- ---- - -,
Trumbull Cliffs pre(
9912
100 9912 98 100 - -- 10014 9918 9934 9912 101 100 10174 100% 10078 100 101 1007 102 102 10314 103 10414 114 10512 105
8
• 1014 912 1112 10
Trumbull Steel
11% 1012
1214 1004 1312 11 12 13
1114 1014 12% 11
1114 914 1214 10
12
1114 14
121* 11
Preferred
BO
834 727 81
100 75 73
95 90%
70
88 8112 90 82
7912 75 100
88 8214 85 82
8312 80
8612 82
Truscon Steel
Preferred
100 _
-__ ___ ____ ____ ____ ____ _-__ ____ ____ 105 265 154 Rii
Union Metal
* 4012 4018 41 4012 40 4 4018 4312 8
40
47
4612 49 4312 42% 4312 42
,
48 Olz 42
43 42
47 43 4 46 45
Union Mortgage
100 60 52
58
5118 61 12 5712 6012 59
53
4 4
59 58
59 58
26% 6
58
27 26
5714 51
37 25
40
First preferred
82 80
8314 81
100 85 80
81
80 76
30 21
8012 82 81
57 35
8112 80
___ 57 57
80 7934
Second preferred
82 80
8014 80
76
100 79
7912 77
8112 78
80 80
20
10
79
78
5545 --------45 30
75 60 ___- Van Dorn Iron
684 53
4
-------------------------8
4 7% 7 --------6
2
6 ------------------------3
Preferred
100 ----------------90 90
85 85
70
70 --------60 60 --------4212 4212 ---- ---- ---- ---- 36 36
Wash Bait & Ann RR pref _50 17
17 ----------------17
17
19
19 ---------------- --------------------------------17
17
Well Seaver Morgan
Preferred
100 91
98 02 05 88
87
85 ii 85 ii ii if -557 ii" "6" 8
ii" 354
iiii" -55- 1-3.-554 - -554 - - 89
-4
3
4
White Motor
50 563 564 ---8
-- 50% 483 46% 46% --------3914 3714
403 40% 40 40
8
3912 3912 34 33 ---- --.
white Motor Secur pref___100 107 10612 10612 106 107 106 107 10414 105 9912 106 104 105 114 10312 10314 104 103 104 10312 106% 105 106 103
-Youngst Sheet & Tube pref.100 110 107% 10912 108 111 1083 111 109 111 110 11012 10912 109 10612 109 10712 10934107 10812 1063 10912 107 1092 10812
4
4
4
BONDS.
City Ice gen 6s ____________ - - ---- ---- - - ---- ---- - 99%
55 - ____ _ i-1 ---- -55- - - ---- ---- _99% ---55 - ____
5112
Cleveland Alw.on _____ is
91
9
5
ii ____
- _
5s-100 Wag 100 99 4 100 - 4 99 4 09 4 --------10014 Cleveland Ry
,
, ,
293.
2971, 1001 1001
Cleveland & San Brew 6s
998 99 10014 10014 10014 10014 --------------------- ---4

2
i5C2 --312 ----------------------------------------7924 791
Cleve S W Ity & L Div M 6s
...-- -___ ____ ...-- ---Lake Shore Elec gen 5s
60 60
60 60
L4
N 0 T & s91
FlfCStOrle of Calif 5s
87 4 87,4 _
,

76

--95- Vi- -ii- 51-- -55- -- ---- -25- - ---10014 101
--------- 10012 10012
_
24 24
24 24
76 - ---- --- - ---

3 9134
4
9612 .
612 - 262 5
26

56i4 16
-14 Ws -- -12
9
8

MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1926.
January
February
March
April
May
July
June
August September
October
November December
High Low High Low High Low High Low High Low High Lou' High Low High Low High Low High Low High Low High
Low
BANKS
Amer Savings flank
Central National Bank
Cleveland Trust
Guardian
Morris Plan
National City
Pearl St Bank
State Bank & Trust
Union S & L
Union Trust
United Bank
P•

Par
1003501235012
100 --------282 2 2 --------25012290 ------------------------------------------------290 290__6
.
100 100 290 295 290 291 27 293 290 292 290 293 89
29
299 298 296 295 296 29412 303 294 307 304
100 24412 237 243 243 250 246 253 250 258 258 255 254 255 253 255 255 25712 252 252 249 250 24912 24912 24912
lOt 15112 15113
100 176 175 ----------------------------------------17514 iii iii lid 176 176c 174 173 173 173 172
172
100
100 176 169 17512 175 20514 178
100 ----------------170 170 -Iii fii 176 fici --------160 iii 155 Ili --------152 igi
100 222 211 221 220 225 220 224 2
-1_9 221 219 22012 21712 222 215 224 21512 220 21712 21912 21
21718 215 220 216
/
1
4
100 ----------------287 285 287 285 28518 28518 285 285 285 285 285 285 ----------------267 265

MISCELLANEOUS
20 4 2012 2034 20
•
,
Aetna Rubber
190 1812 1812 1812 16
4
153* 1812 17
16
1612 16% --------1682 1612 17
18
161
s
100 _
Preferred
-96 92
100 9612 9612 99 99
94 94
- 99 99 -- - - iiii58 f6
Amer Pork & Hoe
. ____ ____ 166 166 joi icii ioi Iiii jai.1014 166 li
6
100 ---------------- 104 104 --------106 106 ---------------- 107
Preferred
- 107 --------10612 10612 __-- _ .--- _ -• 2334 2214 23 2134 22
21
21
20
Amer MultigraPh
2012 20
20
1912 20
1938 2014 1978 21 - -18 2012 2
191z 20
19
20
20
0
100 73 73
3
72 4 72
74 7218 7312 71
Amer Ship Bldg
70 70
741 71 4 78
4 ,
75
8C1 80 '7812 78
79% 7714 79% 7814 80
79
100 100 100
Preferred
-103841032
4
50.
53i. -- 62i4 - -12 -------- 28 -- iir - ____ 55f4 ii" --------27 24% 55 "2- - 32 Iitt
3ii2
12
Amer Vit Products
2i
if68
5
50 1412 912 15
1214 1412 14
12 12 __-- __-- 1312 8
Bishop Babcock
1214 -12
12 12
11
11
11
10
10
9
9
82
,
20 4
4
4
4
- . 4
4
Bond Stores "A"
_ _
3
3 ----------------212 212 212 212 212 214 ---- - • 214 2
2
2
2
2
2
112 112 - -14
"II"
1
118 1
1'2
12 112 1 ___- - _
112118
1% 1
114 -1
• 33 293* 3312 3108 33 30% 3204 32
Incubator
Buckeye
32 3134 3212 31
335 318 40 33
4
8
3912 32 44 40
4312 417 45 42
8
70
70
70 69
Bulkicy Bldg preferred____100 70 6912 7012 70
70 70
70 681 6914 68
1 6 1 70 69
69 69 69 69
69 68
100
---------------- ------------ ----- 110
Canfield Oil
--100
Preferred95 95
95
• 72 6218 74 69
68 61
64 60
Central Steel
iii - 61
aiT2 - - 74lI4 - - -12 711 69
ii
- 65
4
70 68 _--- --- ---- ---- --- ---100 106 105 107 105 108 105 10712 10612 107 4 107 110 11)7
Preferred
,
10912 108 110 4 10912 11012 110% 3
-- *
Cent Alloy Steel
32 3lo 311 287 31'! 2812 30 29
k
100
Preferred
7.___
10612 106 10714 10612 10712 106%
100
15
15
151- --118 ---------------- 18 Ii ____
Christy 11 C
8 1
--- ---- ---- ---- -- 16
15
• 2508 25
3
25 4 243 24% 24
4
2412 2352 24% 23
City Ice & Fuel
2414 2332 2418 2312 2412 2212 2314 2212 22 4 213 22 2103 23% 2211
,
4
/
1
4
10 5
5
4
4
2 4 21
,
4 3 4 314 314 314 ---- ---,
F G Clark
--- -- - 312 314 412 4
4
3% ____ ____
3% 8%
•
%
4
4 4
4
Li
Cleveland-Akron Bag
4
14 i
1
3
4
14
la
Is
100
-------------------------------------------------------Preferred
3
4
4
4
4 -------------------------Cleveland Auto Machine____50 3
- -__- 512 512 --------51
----6- -- -- 411 4la i
6
4
31
30
3514 3514 37 37
100 30 30
Preferred
40 40 --------60 50
60 60
60 51 _......
... 51
51 _ --- --39 38
3712 3618 35 348 35 35
4
Cleveland Builders Supply• 39 38
3412 33% 34 34
31
31
32 30
3014 -3
0
30 30
29 28
• 72 6912 7212 71
75 71
75 74
Cleveland•Cliffs Iron
75 7212 7212 70
7912 7212 82 79
82 80
80 78 --------76 75
Electric I1lum___100 ____ ____ ____ ____ 288 283 __
_... 291 291 -_Cleveland
- _
---- ---- --- ---- -___ 305 303 ____
_ 305 305
100 104 10312 105 103 10514 10312 108 10512 107 105 107i2 11614
6% preferred
- 10812 106% 108 105% 107% 106 10812 10712 108% 101341 109 1073*
- 4
100 150 146 152 160 ---- ---- 170 165 166 162 166 163
Cleveland Stone
--_ ___ __-- -_-- ---- ---- ---_ _--- ---- ---_ _-_- ---.
--------------------------------------------------59
Cleveland Stone (new)
_
55
68 64
67 67 64 60
60 58
56 48
93 9212 9312 92
97 93 97 95
100 95% 88
Cleveland Railway
97 9412 97 96
9612 9514 96% 94
9508 9312 96 s 95
,
'4 92 95
%
10 _
Cleveland Sec Pr pref.
.:- 77,
r• ....
..•
.... 2 4 214 2
,
13
4
13
4 113
13* 2
115 115 110 108 114 112• ::-z- 1 1-100 118 115
lid -1 U 113 110 11214 112 110 lio 108 108 108 108 108 107 4 107 2
Cleveland Union StOckY'd1
,
, 10012
3014 27
3412 30
100 37 34
30 2912 3012 27
Cleveland W Mills
2512 23
30% 2514 3112 30
3013 30
28 27
30
2612 30 29
100 90 90 ---- - -- --,- 85 85 ---- - _- 85 85
Cleve & Buff Tran
5 75
65 65
65 65 __-- ---- ---- ---- 52 55
5
3
5
100 3 4 3 4 5
5% iii 5
5
314 - , -------- - 3
Cleve & Sand Brew
34
3
2% 2
2
2 4 ` 2% ---- ---- ---- ---- - -- 3
23 23
17
100 1712 1712 23 22
17 _____ 20
Preferred
17
2212 2018 _____ 22 4 22% ____
,
_ ___
- 1814 II
80 80
78 75
7612 7018 75 -• 70 70
Dow Chemical
7
5
78
78
78 78
78 78
77
76
ii 71- --1 72 717100 -- ---- 102 102 ____ ---- 100 100 ---_ ---- 100 100 -__ ____ ____ __-- 10012 10012 76 Preferred
101 101 .-- ---- - - •
Eaton Axle & Spring
3
io Yi
100 70 69 4 70 65
iii 55 91 171i 11---- - - ---Edwards 6% preferred
10/4' 8L
- --78
--- i6 -iic io 16
60
5812 58
58
61
• 58
58
5 6112 56
56
56
Electric Contr & 01 f41
53 4
6212 - 12 54% -41
5
11 57 ; 53 57% 56
,
67 55
6634 _55_
Ian Ina Ina MR 107 10st 108 106
•••••• • ••• •,•.• •
---------------

- 2 'Ili

fri

• No par value.




1110

[VOL. 126.

FINANCIAL CHRONICLE

MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1926 (Concluded).
hiay
January February
March
April
June
July
August September
Oaober
November December
High Low High Low Ilfgh Low High Low High Low High Low High Low High Low High Low High Low High Low lifes Low
100 105 104 105 105 108 10514 10712 10612 110 108 110 110 110 110 110 10912 --------109 109 110 110 ---- -___
Elec Vacuum CI pref
25
Elyria Iron & Steel
100 10112 10112 102 102 102 102 ----------------102 10112 ---- - -- ---- - -- ---- ---- -__ ---_
Preferred
_ _912 94 ____
9
712 9
_ ____ ____ 612 612 512 4 8
Falls Rubber
7
8
8
25 187 187 ----------------------------------------1812 1812 183 183 183 1-3 ---- -4
4
Preferred
4 84
--- -- -3412 3412 3714 36
40 34
42 40
• 4312 41
4312 4072 -41- --- 2 414 - 4
35 3412 4412 373 43 4212 45 43
Faultless Rubber
4012
4 10
•
Knitting Mills
___ 2912 2834 29 28114 3112 29
Federal
4
Firestone Tire & Rubber____10 128 117 12412 1193 118 105 117 108 106 100 114 104 110 109 110 109 113% 1 1014 11512 11212 125 115 116 115
100 10114 99 103 10114 10312 102 10114 101 102 10114 10312 10218 1023 102 102 102 102 102 10218 10034 10212 101 10212 10212
4
6% preferred
9712 99 973 9918 98
4
4
9712 9812 9712 9612 98 97
9914 973 99
9914 98
9912 99
100 100 09
7% preferred
983 975 9912 9
4
812
47 47 ----------------30 30 ------------------------30 30 --------38 35
Foote-Burt preferred
100 47 47
33 33
7
• 403 3912 _ _ _ ----------------------------- 35 35 ---- --- _ 34 33 8
4
Gabriel Snubber
261 261 2912 201
General Tire & Rub. (old)_50 375 375 375 375
165
155 156 145
185
175 170
155"
General Tire & Rub. (new1.25 --------185
116Preferred
100 108 106 --------110 110 110 110 108 10812 106 106 107 10614 10712 10712 -- -_
__ __ _
1818 1712 2034 183 -193 191 - --4
_ _ 1818 17
178 16
8
Glidden Co
4
8
22 213 207 2018 ____
4
243 23
4
• 24 24
_ 193 1934
8
;
88
9014 8812 89 - -12 89 88 87 8612 87 86
87 853 87 86
933 90
4
8914 95 92
Prior preferred
4
100 91
85- 8312 8712 85
•
Goodrich, B F
--------------------------------------------------------431____
0014 0914 --._ _ --------98
Preferred
100
38 31
3112 35 29
324
374 - - 3712 - 3- 3414 36
31
28
• 3812 3312 385 35
7
314 - - 4 2
22 271- 40 32 35 30
Goodyear Tire & Rubber
1011
81013 ------------------------1078410734 105 105 110 105
8
Preferred
100
-4
4
Prior preferred
100----------------106 106 106 106 ------------------------1078 1073 --------107 107
121 17 126 120 1212 127 130 1212 128 126 130 l261 1288 1-2- -3
124 124 12
Grasselli Chemical
100 130 12912 145 12912 12712 120 12812
4 64
4
Preferred
100 102 102 103 10212 10312 102 10212 102 103 102 103 10112 10212 102 10212 102 1023 102 10312 103 10312 10212 103 102
70 70 --------72 7012 75 72
70 70
69 69
71
7014 7012 70
73 71
72 71
Great Lakes Towing
100 75 65
9712 9714 944 99 9712 99 99
9712
99 99 100 100 10014 100 1003 1011$
8 - 3
98 98
9912 99
99 99
Preferred
100 100 99
4012 393 3938 383 393 383 41
8
4
394 3612 393 3834 42 40
4
4
394
4
4
Greif Bros Cooperage
•
4038 4018 404 3912 40 373 39 37
3
4812 4512 55 50
5812 54
51
5018 55 51
4512 45
493 45
4
6014 55
Hanna (M A) 1st preferred__100 57 55
5712 535 5312 50
58 54
1312 1214
1614 163 153 1312 13
- 18
- 174 1712 ---4
4
_ __-18
18 ____
1914 18
21
20
20
Harbauer Co
• 21
31
31
293 3012 293 3112 30
4
3112 --- 3112 31
30
4
303
2914 3018 --- 31 ---4 32 31
Harris Automatic Press
3112 3012 3114 2914 31
• 33 30
4150 160 156 156 150 165 149 160 159
India T & R (old)
100 1843
31 - 4 30 4 - 3 208 2293
3012 2912 30 29
3112 20
3112 20
, 224
32 30
India T & R ("ow)
4 958
•
Industrial Fibre
24 13fd -4 64 7
1(
18 - -12 i1 -6
5i2 -8
ilid -,
i
4
5
-312
97 14; 10 4 11% 8
1714 11
16
• 1912 1712 19
Industrial Rayon
4
97 9512 944 93 97 93 100 983 99 9712 10014 0914 103 100 10412 10212 115 105
98 97
4
Interlake S S
• 94 923 99 94
- 22 22
-- ----- ----. -------- --Int Term Warehouse pref___50 - ----- -------- ---- ---324 -- 18 2938 29
2
i
29 - 2
7
4 2
5
25 4 -- 4 263 -3 243
25
243
4
243
4
2612 -- - 2812 ---- 2518 ---- 27 -247
13
25
, 263
4
25 4
Jaeger Machine
• 50 -- 3 29 4 ---- 2718 -75 70
80 80 ____ ...... 774 7712 70 70
81 81
8412 82
90 8812 92 8812 8712 85
85 84
Jordan Motor preferreci____ 100 90 89
24 2314 254 2312 243 2312
2334 23
4
10 _
Keynes Co
98
98
97 97 --------------------------------99 99
100 ------------------------98 98
Preferred
2
Kelley Island L & T
_ _10r 120 118 125 124 123 123 122 120 121 121 1211214 12112 120 130 130 132 131 133 132 130 129 133 130/
6
6
5
5
5
5
5
5 --------5135
5
5
5
5
5
5
5
5
Korach "A'
12 12
13 13
134 13 13
10
1012 14
11
1012 11
104
107 11
8
10
11
1112 1012 11
• 124 912 12
Lake Erie B & N
3 ----------------2
3 ----------------3
__ 3
_ ____
218 2
2
_ 212 212
Lake Shore Electric Ry
100 --_
9
9 97 97 ---- --------------------100 99 100 99 --------100 100
97 96
92 97 97 ____--- 99 -Loewe Ohio 1st pre1erred_101 96 .
- ---92 91 --------8738 8712 8712 874 8812 8812 ---- ---9712 9712 -------- 95 94
101 90 90
Metro Paving Brick
_ _ _ _ _ __ _ _ 2312 - -- 23 --- 23 --2212
2212
22
- -Metro Paving Brick
- --Preferred
104 101 101 101 101 102 10014 10014 10014 ------------------------1011110112 ----------------10012 10012 ---- -_ ---- -- - ---- - -- 34 34
- -—
3718 45 3914 ---------------- -------- 3413 3412 __-• 40
Hiller Rubber
994
9
9
102 99 100 9812 10112 -- -34 103 --- 102 100 100 100 10214 100 101 HU
3
101 t 03 4 101 104 102 10212 10012 102 10
Preferred
25 25
40 35
25 20
34'2 3
4
35 35 ------------------------42 34
40 40
65 65
Rubber
Ilohawk
74 70
73 70
75 70 ----------------70 70 --------73 73
75 75
80 80
108 80 80
Preferred
_
_
_ __
4
603 603 6412 6412 ____ ____ ____
4
• 6712 5712 6312 6312 61 61 ------------------------57 57
gorgan Lithograph
4
14
1
8 512 514 4
8 54 53
• 512 33
4I0 4 --------------------------------6 _- 12 151 1
4
4
4
llurray Ohio Mfg
93 93 --------95 95
96 9412 ----------------93 93
96 96
95 95
95 93
92 92
Preferred
100 87 87
84 8 --------7
8
87
8 8
712 8
8 77
8 814 738 9
512
113 1112 1018 97
4
8 812 812 87
10 1212 12
gational Acme
41
3912 4138 4014
38 378 4018 39
3712 38% 38
38
8
8
4112 41
3912 3853 3912 383 393 3714 38 37
25 44 41
gational Refining
Preferred
100 12912 12012 -- .. - - -- - - - 1284 127 12818 12818 --------1301113014 130%13012 13012 13012 133 131 --------132 132
50 _
klatIonal Tool
5
5
i
5
1
6
16 ---------------------------------------- -6
16
16
Preferred
100 1314 1314 16
80 7812 79 77
80 79
8112 7912 8212 8012 8112 8012 012 SO
77% 76
7838 76
7912 80 75
p
f
P & L 6% m erred--100 80 7512 SO
4
/
1
4
4
4
Thio Bell preferred
100 10914 109 1104 110 112 10912 110 10812 10912 109 1093 108 113 1093 112 109 11112 10914 1103 1091 110l4 110 11212 110
7212 797 748 80 78
8
4
7812 753 7512 7412 75 744 78 7412 76
4
7684 75
77 75
75
)hlo Brass"B"
• 7953 7712 7912 7712 81
10112 1024 102 102 102 10212 10212 10'212 101 102 101 101 100 103 101 103 10238
Preferred
100 100 9914 1003 100 102 10013 102
4
812 8
8
8
812 8
1014 912 912 9
10
9
1053 10
1112 912 1012 938 914 9
• 1414 1178 144 12
)tis Steel
8 714 73
4
4 714 714 63
14 712 73
4 74 64 812 612 7
7
612 814 63
8
712 71s 7
734 812 8
'aragon Refining
25 93
70 70
_ 80 70 ----------------70 70
55
Fraferred
190 85 65 8712 67 66 66 ----------------65
3114 234 304 2312
4
4
333 28
8
28 2312 28 2414 297 2512 3212 25 .___--- 3314 293 3212 304 32 28
31 8 28
,
31
'eerless Motor
50 36
Maxima Bros
• 180 166 160 132 15212 13612 145 136 160 145 160 14518 155 55012 180 155 160 155 15512 155 157 1554 168 152
3
5 8 ---- ---- 64 64
7
58 7
7
4 614 814 614 5 4 6
4 83
8 Mg 61
67
7
7
3
3
4 7 4 714 714 7
liver Raisin Paper
10 7 4 83
5
2 --------5
5 ----------------5
5 --------5
512 5 --------5
8 55
312 53
lob & Meyers preferred_ ___I00 4
* 32 120 1321213212 --------124 124 ------------------------118 118 118 118 125 119
landusky Cement
2314 2114 22 - 8 25 2412 22
18720
8
4
274 914 233 2012 2112 1918 26 207 25 2214 2512 23
4
* 293 2612 28 26
leiberlin g Rubber
4
3
95 95 100 94 4 95 933 954 95 100 98
96 95
95 92
9514 9312 95 9412 94 94
Preferred
100 95 95 97 95
73 73
72 71
74 74 --------75 72
74 73
80 7812 7812 75 --------72 72
Merit( St Market
100 80 7912 80 80
7 4312 43
4314 42
4514 43
43 42
437 42
40 3812 42 397 44 41
40
41
4212 40
4312 42
25 4312 43
therwin-Wililams
4
$
0812 1064 108 10612 10812 107 10734 107 108 10712 10712 10614 107 105 107 1043 10712 1055
106
100 107%108 1074 1054 107
Preferred
31
293 304 2912 3112 30
4
3112 3019
____ 3212 29
•
;mallwood Stone
12
1719
18
14
15 15 ----------------12
18
13'2 10
18
13
18
2
6
25F8 -- -18 22
25
• 25
iparks-Withington
100
Preferred
5812
12
64 64 ____ ____ 55- 5812 65 --- 65 65
100 64 64
:tahl (H A) pref
10 ----------------10
10
3
11
9 --------104 10 ----------------10
14
14
143 14
4
13
100 13
xandard Textile
38 37
10 39
2838 284
30 30
46 4214 4212 40 3737
4012 45 38
4212 41
47 4412 46
100 4612 40
A preferred
19
1912 19 --------15 13
20 20 --------20
18
23
19
18
29 29 --------24 24
25
100 2514
B Preferred
_ _
__ __
1012 __
12 --------12 12 ------------------------11
12
15
•----------------15
'tar Rubber
ii "9
ii
ify -.7
814 7
82 8
914
4 94 7
4 714 83
712 63
8
7
* gig 8
918 7
912 8
teams Motor
34 31
34
38 3612 37 3518 36
373 333 39 36
4
4
3612 3912 3812 3812 3412 39 38
41
• 48 4012 4512 41
'ening B V
----------------101 101 104 104 104 10312
9914 9914 101 101 101 101
100 --------9938 9912 9912 99 100 100
B Preferred
98 90 101 101 102 102 ----------------115 110 120 120 120 120
92 90
100 90 90 --------95 95
'hompson Products
9414 96 9414
-__ 96
100 9612 --95 9338 9312 9314 _ _
95 95
____ 9214 9214 95 93
100
Preferred
--8
2114 115 1147 115f 115 116 11514 116 116 1145 f1112 117 115
17 116
'o1edo Edison prior pref_100 11312 11212 115 114 115 114 115 115 115
9912 9912 99 9838 983 988$ 99 9712
4
4
99 99 --------9838 9812 99 983 994 99
99 99
99
99
100 99 99
Mmbull.Cliffs pref
4 914
1014 1012 914 93
4
12 912 1112 914 1218 103 1212 1112 1104 1012 11
11
10
4 914 1312 1014 12% 10
103
rumbull Steel
80 74
75 66
78 7338 77 7312 7612 7512 76 7212
68 60
66 61
74 6812 70 68
100 69% 6312 77 89
Preferred
43 42
4212 42
43 40
4
41
40 2
,
418 403 42 41
4
403 40
4
4014 40
43 40
47 4412 4412 39
. 464 45
'mon Metal Mfg
53 43
54 50
4314 43
5012 43%
50 4912 47 45
62 43
48 40
79 57
100 87 8412 85 83 8318 79
[Mon Mortgage
88 84
79 74 82 72
79 79
85 80 --------79 79
4
90 8612 88 813 83 79
85
100 90 9912 8812
First preferred
74
75 68
75 75
70 70
78
76 76 --------75 75
85 83 88 8112 8212 79
81
100 7814 7814 81
Second preferred
12
17
1812 14
12
134 12
16
13
12
1214 12
13
13
1214 12
14
14
5 1312 1312 1512 1312 1512 15
an Dorn Iron
_.
----------------9113 9112 91
91 ____ ____ 934 934
92 92
9212 92
_ 92 92
100
Preferred
23 23
173 16
4
16
16
17
28 25
17
25 25
25 25
23 23
17 17
17
18
- 157 15
• 14 14
N 5) Morgan
475757590 80
56 55 --------5382 --------526070557575751
57
60
58 57
Preferred
100 ---------------------------5514 5514 ---------------------------------5534
63 --------5638 567
r
thite Motor
150
06 10514
10614 0712 10613 10712 108 107 107 107 107 107 107 106 106 105 105
Second preferred
100 108 10614 10712 10712 10712 107 108 108 110 110
10 109
1012 109 110% 10
8% 11012 110 111 10812 1104 10812 1094 109
10912 10812 109
S & Tube pref
100 110 10812 110 108
• No par value.
BONDS.
-------------------------------------988
4
ty Ice gen 68
96
95 95 _ --- ---- 90 87
92 92
90 88
--9
8
eve
Akron Bag 8s _ _ _____ __-_ -___
4
4
5912 594 603 803 6114 6114 6212 6212 ----------------6738 6712 -----8012 684
62
62
_ 60 80
eve & Elyria Div Mtge 68-___. 4
4
99 99 99 12 9912 993 9934 10014 9912 1
4
4
993 993 993 )93 993 99% 993
4
eve
Ry 5s
8
9812 9812 ____ ____ 9812 9812 ---- ---551- -2 9212 93 93 --------98 9512 9614 964 97 963 98 98
eve & San Brew 6s
92 91
1738 17
17
____ -___ 17
53 RY & Et G & C 5s
*
Cl Sw
Lake Shore Elec gen 5s
Ake
9112 9112
**,_91 91
ILA
n& Cleveland
-- ---- ---- - - -_ -......,_
79 79
-.
Stara — -

185 155

185

fu"

fa:i

Ili

Ili" iii far iii" ail; ilia-

- - -_--_____

29

5

co

55 ii 55 ii--

i

5712 98

97

The Year 1927 on Cleveland Stock Exchange.
Stock Exchange.
By Francis J. Smith, Secretary, Cleveland

The Cleveland Stock Exchange very definitely reflected gain in favor and progressed as an institution in the year 1927. From its small beginning 28
years ago this Exchange has developed gradually
into its present position with a constantly increasing number of securities being listed and traded in.
Although this is due partly to the fact of Cleveland's




55 ifi

diversified industries, it is not difficult to sense a
distinct improvement in the attitude of corporations
toward the Exchange. This is true of those seeking
to have their securities listed as well as those already
on the board.
During the year the security list of the Exchange
was further augmented by the addition of twentythree original listings and seven additions to capital
already listed representing par value stocks totaling
$70,583,210, and 2,177,714 shares of no par stocks.

FEB. 25 1928.]

FINANCIAL CHRONICLE

1111

Possibly also the termination of the Florida boom
in 1926 resulted in a general diminution in business
activity and demand for construction materials and
labor that were not fully felt in regions so far removed as Ohio until the latter part of 1927.
If the unfavorable factors that have just been
mentioned do in reality constitute the major elements in the slower pace of business that has characterized these recent months, then it seems reasonable to hazard the opinion that with all of them except the coal strike behind us, business is more
likely to improve than to continue to drag. Certainly the opening weeks of the new year make that expectation seem reasonable.
Building construction has been rather slow in
Cleveland and in Ohio generally during the past
year, but Winter operations are going forward in
fairly good volume, and the prospects for an active
Spring seem good. In Cleveland itself the one construction operation of exceptional magnitude that
is now under way is the erection of the Union Terminal Buildings by the Van Sweringen interests. Already the central unit has reached its final altitude
of some fifty-two stories, and in at least one recent
week the orders placed for steel for additional units
were so great as to constitute more than half of all
the new orders for structural steel recorded for the
entire country.
Agricultural conditions and prospects in the disOhio is Optimistic.
trict may be described as fairly good. They are not
By Colonel Leonard P. Ayres, Vice-President, Cleveland Trust Co.
The general trend of business in the Cleveland dis- as generally favorable as might be wished, but last
trict in 1927 was a declining one. The prospects are Autumn's crops turned out to be better than had
that it will be an advancing one in 1928. The three been expected last Summer, and the buying power
great industries of iron and steel, and automobiles, of the farmers is greater this year than it has been
and tires are the dominant factors in this district in several recent years. The coal strike still conwhich is otherwise noteworthy for the unusual diver- tinues, and because of it this Winter is proving to be
sity of its manufacturing activities. In 1927 the a period of real hardship for a good many families
three fundamental industries began the year very in the mining sections of the State. Lake shipping
well indeed. The prosperity of the rubber companies had only a fair year in 1927, for its prosperity rises
continued through the year, and most of the firms and falls with that of the iron and steel industry.
showed most favorable earnings for the period. The It expects better things in 1928. This is important
iron and steel and automobile companies did not fare to Cleveland, for most of the ships on the Great
Lakes are owned in the city. In general the Cleveso well, for their third and fourth quarters brought,
land district is optimistic about 1928.
in most cases, declining volumes of output and sharply reduced earnings.
The Record of the Cincinnati Stock Exchange.
By Philip C. Swing, President of the Cincinnati Stock Exchange.
It now seems probable that the tire companies will
The year 1927 has been the most lucrative period since
another good year in .1928, and the present
have
trend of output for the iron and steel and automo- the inception of the Cincinnati Stock Exchange forty-two
years ago. Two outstanding features of the security market
tive companies is so sharply an advancing one that for the year's activities were the increased number of shares
it seems likely that the present year will prove dis- traded in together with the remarkable increased number
tinctly more profitable for them than last year was. of individual trades recorded on the Exchange.
The total volume of shares traded in during 1927 surThe justification for this hope lies in large part in
year, with total sales
the fact that production of iron and steel and auto- passed that of any previousThe exact turnover extending
aggregated
beyond a million shares.
mobiles declined in the latter months of 1927 to lev- 1,157,399 shares. The nearest approach to this record was
els lower than the normal rates of consumption, so in 1925 when 873,506 shares were traded in. The number
that in the last quarter of the year real shortages of shares for 1927 almost doubled those of 1926 when 685,were in the making. It is this deferred buying that 350 shares represented the total volume. The number of
individual transactions surpassed that of 1926 almost twois now being converted into increased orders and pro- fold. This is evidence of the greatly increased interest beduction.
ing displayed by the public in locally listed securities. TradJust why general business slowed down so much ing during the year has also been of a very diversified charas it did in the second half of 1927 would be quite acter. Another conspicuous feature'during the year was the
by many of the listed securias difficult to explain in the case of the Cleveland unprecedented peaks attained distribution of new
ties, as well
the extensive
securities.
district as it would be for most of the other sections The businessas represented in dollars and cents during
as
1927
of the country. The Ford shut-down, the floods, the shows that the Cincinnati Stock Exchange has been a "clearcoal strike, and the generally erratic weather condi- ing house" for more than $1,000,000,000 worth of securitions were undoubtedly contributing factors. To this ties. As a result of the appreciation in the values of securilist there probably should be added the termination ties the public generally has profited handsomely.
The local stock exchange holds the business confidence of
of the long coal strike in England,for the industrial the business world as never before and is functioning along
misfortunes of Great Britain clearly contributed to entirely different lines to those under which it operated in
our industrial prosperity in 1926 and early 1927. olden days.

The aggregate par value of stocks listed as of Dec. 31
1927 totaled $663,000,000, while in addition, there
were 14,330,000 shares of no par stocks listed.
Last year's trading, covering a list of 207 separate
issues, was represented by a turnover of 1,261,426
shares, having a monetary value of $66,245,728. This
exceeded 1926's record, which totaled 1,035,383
shares with a market value of $41,569,650, and was
second to the peak year of 1925 when 1,859,390
shares were handled, but the monetary value was
only $58,802,117. The average price of the shares
dealt in was $52.50 last year, compared with $40 in
1926 and $31.50 in 1925.
The advantages enjoyed by the Cleveland Exchange are many. Which, I think, is of primary importance is its location in the principal city in the
district of northern Ohio, where industry is of such
a diversified nature that its prosperity is not dependent upon any one or two lines of business.
Cleveland is rapidly gaining an important position
as a financial center and its rail and shipping facilities are expanding in a like measure. It would
seem, therefore, that this Exchange with its advantageous location, an unusually diversified trading
list, up-to-date standards and rules for the handling
of transactions in securities together with bright
prospects for the establishment of a call money system here, could face the future with optimism.




1112

rVin, 126.

FINANCIAL CHRONICLE
RECORD OF PRICES OF TOLEDO STOCKS FOR 1927.

There is no Stock Exchange in Toledo, but we have obtained from Bell & Beckwith the following list of high and low
prices for the calendar year 1927 on the stocks which are traded in more or less actively in the Toledo market. Important
Toledo stocks, such as Owens Bottle, common, National Supply common and preferred, Willys-Overland common and
preferred, and Electric Auto Lite are listed on the New York Stock Exchange and appear in our records regularly for the
New York market. Libbey Owens Sheet Glass common is traded on the New York Curb, and appears in our regular records
for that Exchange.
STOCKS.
Air-Way Electric Appliance,common
Preferred
Fifty Associates,common
Preferred
Houghton Elevator, preferred
Harris Automatic Press
Harbauer Co
Larrowe.Milling,common
La Salle & Koch, preferred
Libby Owens, preferred •
Owens Bottle, preferred •
Toledo Scale, preferred
Toledo Edison,6% preferred
7% preferred
8% preferred _a
U. S. Sheet & Window Glass, common
Preferred _a
Woolson Spice, preferred

Low.

BANK STOCKS.

(See Clevela nd Etch.)
Apr 2734 Dec
18
Dec
Jan 110
110
Nov
Sept 118
116
July
117
115
110% Oct
109
Dec
Jan 103
94
Jan 11055 Dec
101
(Cal led)
60
11834 Sept 1223iMar
Dec
Jan 100
100

• Balance of o itstandlng preferred to be called on July 1 1928 at 115 and accrued
dividends (50% called April 1 1927).
a Entire issue called on Oct. 1 1927 at 115 and accrued dividends.
BONDS.
La Salle & Koch 6s, serial
Secor Hotel 634s, 1932
Scott Realty 6s, serial
Toledo Gas. Elect. & Heating 5s, 1935
Waldorf Realty 6s.serial

AWI Dee. 31
1926.

High.

Dec
43
Nov 124
Dec 1035i Dec
100
Mar
Jan 105
101
102
-102
Feb
100X Jan 101

Low.

High.

100%
95
100
1013.5
100

10131
100
102
103
100

American Bank
Bankers Trust Co.a...b
City Savings Bank_g
Commerce Guardian Trust & Savings Bank
Commercial Savings Bank & Trust Co_g
Dime Savings Ban Ir_e
First National Bank
Home Bank & Trust Co
Ohio Savings Bank & Trust Co_c
Peoples Bank & Trust Co.()
Security Savings Bank
Trust Co
Spitzer Rorick Savings Bank & Trust Co
Toledo Trust Cod
Union Trust & Savings Bank

Bld Dee. 31
1927.

125

125
145
140
220
400(
275
400
180
450

130
195
1140
275
350 .
150
400150
250
220
ISO
250

iAi
220
207
250

a Opened for business April 2 1927.
b Consolidation Bankers Trust Co.and Peoples Bank & Trust Co.as of Deo.1 1927
e Extra dividend of 4%.
d Extra dividend of 3%.
e Extra dividend of 2%.
f Extra dividend of 4%.
o Consolidation Commercial Savings Bank & Trust Co. and City Savings Bank;
to be effective Feb. 1 1928. Exchange on basis of five City for three Commercial
and a cash consideration of $25.

RANGE OF PRICES ON COLUMBUS (OHIO) STOCK AND BOND EXCHANGE DURING 1927.
We are indebted to Stevenson, Vercoe, Fuller & Lorenz of Columbus, Ohio, for the following compilation, showing the
range of prices during the calendar year 1927 on the Columbus Stock and Bond Exchange. It includes the principal securities traded in during the year, as also the active unlisted issues:
STOCKS.
Akron Guarantee Mortgage
Brown Manufacturing
Buckeye Steel Castings, common
Preferred
Cities Mortgage units
Claycraft Mining & Brick, preferred
Columbus Dental, common
Preferred
Columbus Mutual Life Insurance
Columbus Ry.. Power & Light, common
First preferred
Second preferred
Columbus Union Oilcloth, preferred
Franklin Mortgage
Godman Shoe, second preferred
Gordon Oil
Huber Manufacturing Co., common
Preferred
Jeffrey Manufacturing Co., preferred
Keever Starch. preferred

Low.
334
434
45
105)4
85
99
493(
111
195
80
9934
984
100
69
103
2.34
120
100
10134
50

Nov
Apr
Sept
Dec
Dec
Dec
Mar
Apr
Jan
Apr
Mar
Feb
Jan
Mar
Mar
Aug
Sept
Mar
Sept
Aug

Continued new listings were noted during the year. There
were ten corporations that listed their securities on the Exchange, which brought the total new listings to thirty-seven
during the past three years. This is a record that shows
the importance of a stock exchange in a community, and is
evidence of the fact that officials of corporations whose
securities are widely distributed recognize the justice of an
open and competitive market.
The fact that a company's securities are listed on a stock
exchange also makes them more desirable as collateral with
banks and, further, it is less difficult for a concern to refinance when its shares are listed. The new securities listed
during the year 1927 aggregated 427,337 shares, having a
combined market value of more than $19,000,000. The companies listed during the year were:
Burger Bros. common
Preferred
Byers Machine "A"
Coca Cola "A"
Gallaher Drug new preferred
Mead Pulp & Paper
Nash (A.) Company
National Recording Pump convertible
Rapid Electrotype
Roilman Sons preferred
Sycamore
-Hammond
Preferred

Number of
Shares.
100.000
6,000
40.000
20.000
5,000
28.261
25,715
45.000
35.000
15.000
5,000
1,500

Market
Value.
$1,300,000
336,000
1.640.000
640,000
500,000
2.995.666
2.931.510
1,800.000
1,295.000
1.470.000
155,000
153,000

Low.

STOCKS.

High.
33('June
Dec
9
Jan
60
10734 Apr
10735 Jan
Mar
100
Mar
51
1 1 234 Dec
Nov
225
Dec
125
Dec
107
Dec
105
103
Mar
71
Oct
10534 Nov
,
Feb
3
Feb
140
Sept
104
105X Nov
Dec
58

blaramor, 8% preferred
Marion Steam Shovel units
Moores & Ross, preferred
Morehouse-Martins, preferred
Neil House. common
Preferred
Ohio Power, preferred
Ralston Steel Car, common
Preferred
Riley Shoe, preferred
Scioto Valley Ry., Power & Light,common
First preferred
Second preferred
Seaboard Oil, common
Preferred
Smith Agricultural Chemical, preferred
Smith Scale
Troy Laundry, preferred
Tracy-Wells, preferred
Wolfe Bros. Shoe Co., preferred

96
102
82
91
1
6
9734
8
41
80
934
58
27
5
45
9414
88
105
92
80

Oct
Dec
Jan
Jan
Dec
Dec
Jan
Jan
Jan
Aug
Mar
Feb
Feb
Dec
Dee
June
Jan
June
Jan
Jan

High.
Deo
July
Deo
Apr
Jan
Jan
Dec
Dee
Dec
Apr
Apr
uely
July
Mar
17
Mar
92
983i Dec
Nov
200
Dec
110
1 Oct
98
Aug
90
101
115
100
95
6
35
105
11
45
90
17q
37381

redemption of stocks found their way into the market for
re-investment. Several of the large concerns also split up
their shares during the year.
One of the forward steps in the development of the local
Exchange was the governing of all advertising of member
firms, whereby advertising other than a strictly legitimate
business character is deemed an act detrimental to the interest and welfare of the Exchange.
The member firms of the Exchange increased from 29 to
33 during the year, while the individual membership is now
fifty. The broadened market for listed securities has
brought about numerous inquiries for Stock Exchange seats
and only recently a sale was consummated whereby a seat
brought $25,500, a new high record, and a gain of $15,500
over the last sale price.
New rules for the listing of securities have been put into
effect and are being rigidly enforced. Stocks of companies
that fail to report their condition to the Exchange are immediately stricken from the list. The Board of Trustees
have been alert in maintaining the dignity of the Exchange and the integrity of the securities listed thereon.

Monthly Record of Sales on Cincinnati Stock
Exchange for Four Years.
In the distribution of new securities practically every
The following shows the comparison of shares traded in

issue has been well oversubscribed, without the least drain
on the surplus funds of the investing public.
During the year only one corporation passed its dividend,
while a number of non-dividend paying securities were
placed on a dividend basis. Many millions of dollars were
-cash and stock during the year,
distributed in dividends
far surpassing the distributions of any preceding year, as
many of the large corporations gave their shareholders
large extra cash dividends.
Eight of the listed corporations during the year called
for redemption a total of $19,312,900 of their preferred securities. This tended to add to the volume of trading on the
exchange as a large portion of the funds derived through the




on the Cincinnati Stock Exchange by months during the
years 1927, 1926, 1925 and 1924, compiled by Richard Seving, Secretary Cincinnati Stock Exchange:
CincinnatiJanuary
February
March
April
May
June
July
August

September
October
November
December
Total

1927
Shares.•
65.000
70,634
81.132
99,395
82,690
84,955
102,188
76,527
91,697
104,256
137.653
165,322

1926
Shares.
88,226
76,732
86,684
47,232
36,397
41.449
60,979
43,337
35,183
48,270
48,311
52,550

1.157.399

665,350

1925
1924
Shares.
Shares.
73,246
52,557
68,72145,024
67,095
26,373
52,299
28.429
85.580
23,660
57.395
28.323
61,150
36.218
63.200
37,158
98,912
27.836
107.350
36,373
73,130
67.140
65,225
79.650
873,506

488,740

FINANCIAL CHRONICLE

FEB. 25 1928.1

1113

RECORD OF PRICES ON CINCINNATI STOCK EXCHANGE.

We are indebted to Richard Seving, Secretary of the Cincinnati Stock Exchange, for the following compilations showing
the high, low and closing prices on the Exchange for each of the last four calendar years—based on actual transactions.
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK EXCHANGE FOR 1297, 1926, 1925 AND 1924.
Calendar Year 1927.
LISTED SECURITIES.

Calendar Year 1926.

Calendar Year 1925.

Calendar Year 1924.

High.

LOW.

Close.

High.

Low.

Close.

High.

Low.

Close.

High.

Lou'.

Close.

American laundry Machinery
American Products pref
American Rolling Mill
Preferred
American Seeding Machine
Preferred
American Thermos "A"
Preferred
Atlas National Bank
Baldwin (old)
(New)
Buckeye Incubator
Burger Bros
Preferred
Byers Machine "A"
Campbell Creek Coal pref
Campbell (J II)
Preferred
Carey (Philip)
Preferred
Central Trust
Central Warehouse "A"
Champion Coated Paper
Preferred
Champion Fibre pref
Churngold Corporation
Cincinnati Car
Cincinnati Gas & Electric
Cincinnati Gas Transportation
Cincinnati Newport & Covington Light & Trac_
Preferred
Cincinnati New Orleans & Texas Pacific
Preferred
Cincinnati Postal Terminal pref
Cincinnati Street Ry
Cincinnati & Suburban Telephone
Cincinnati Union Stock Yards
City lee & Fuel
Coca Cola "A"
Col Ry. Power & Light 1st pref
"B" preferred
Cooper Corporation
Preferred
Crown Overall pref

115
28
107
115%
18%
55
14%
44
535
240
53
53
22
58
42
102
50
99
252
125
265
234
125%
115
110
48
32%
101%
140
100
78
500
112%
93
SI
117%
160
3774
3414
108
105
73
103
105

991
%
2134
44
110'4

113%
25
109%
11153.4
50
1314
44%
535
211%
4034
48
13
56
41)%
102
50
92
246%
124
26034
234
110
110
108%
47
30%
993%
12234
98%
76
450
112%
9234
50
117
155
3734
31%
108
105
70
97%
10134

145%
27%
59%
112%
29
75
20%
44%
440
248

105
2234.
4434
108%
23%
58
9%
35
43196 •

110
2214
4634
112
2:3%
58
1.0
:35
440
196

161

72

142%

1144

72

105%

5734
111 34
37
76

4/3i
,
106%
29
65

5234
109
31
75

573-1
111%
37
75

5014
106%
36%
65

52
108%
36%
75

410
220

46i--

416-211

226
-

loS--

2156--

45

29%

445

166--

99
55
98
173
111
245
134
140
10834
100%
45
22
88%
112%
81%
63
270
101
88
32
81
125
21%

66-65
98
173
113%
260
234
140
11014
104
45
2:3%
93%
121
90
71
360
10:3
9(P4
38%
93%
1:31
2:3

97%
87%
108
104

94
94
65%
9034
101

Dixie Ice Cream
Douglas (John) pref
Dow Drug (new)
Preferred
Engle-Picher Lead
Preferred
Early & Daniel
Preferred
Excelsior Shoe
Fay Sr Eagan
Preferred
Fifth-Third-Union Trust
First National
Fleischmann
Preferred
Formica Insulation
French Bras-Bauer
Preferred
Gallaher Drug pref
Giant Tire
Gibson Art
Preferred
Globe-Wernicke
Preferred
Globe Soap 1st pref
Special preferred
Gruen Watch
Preferred
Hatfield-Reliance
Preferred
Hobart
Jaeger Machine
Johnston Paint prof
Kahn Sons 1st pref
Participating
Kemper-Thomas
Special preferred
Kodel Radio 'A"
Preferred
Kroger (old)
(New)

58%
109
42%
126
31
11734
554
110)4
10
40
66%
360
376
5414
1261.1
284
16
95

531.4
108
331
%
11234
22
116
47
102
4%
30
40
302%
:325
54%
113%
19
14%
90

58%
108
39
126
22%
11734
5534

54
109

4%
40
55
360
376
54%
125
24
16
90%

55
46
119%
98%
101
65
55
59%
116
205.4
105
45
:33
10234
110
45
59
112
80
79%
145
72%

37
3934
119
85
85
60
55
44
99%
1:3%
101
28
27%
994
99
39
48
112
934
20%
118
70%

37
43%
119%
95%
101
60
55
52%
114
18
101
44
29%
99.14
100
42
59
112
50
55%
140%
70%

112
35
113
49%
103
5
45
80
370%
350
3734
116
27
17
104
21
57
44
118%
101
100%

Lake Shore Power pref
Lincoln National
Little Miami
Special
Lunkenheimer
Mead Pulp & Paper
Preferred
McLaren Cone "A"
Nash (A)
National Recording Pump "A"
Ohio Bell Telephone pref
Paragon Refining
Preferred
Pearl-Market
Printing Machinery
Preferred
Procter & Gamble
8% preferred
Pure CM 6% pre(
8% preferred
Putnam Candy
Preferred
Rapid Electrotype
Seaboard 011 pref
Second National
Standard Drug "A"
Sycamore-Hammond
Preferred
United States Can
Preferred
US Playing Card
U S Printing & Lithograph
Preferred
U S Shoe
Preferred
Vulcan Last
Preferred
Western Paper "A"
Western Bank & Trust
Whitaker Paper
Preferred
Wurlitzer (Rudolph)
Preferred

105%
430
104('4
49
30
64%
106%
204
129
4134
114
10%
108%
500
275
270
250
201
101
114%
20
92
38

105
410
94%
41%
26%
60%
99%
15
100
3834
106%
6
65
425
275
270
177
163
97
111
13%
88
25

105
415
104%
49
27%
64
106%
17%
115
40%
111
9%
108%
500
275
270
250
201
100
112%
15
88
351%




240
14
31
102
62
103
146
80
101
9
62%
61%
10631
29
312
65
104
400
118

16
525
182
41
14
12
50%
39
99
50
92
190
113%
255
111)
109
103
34
21%
934,
112%
89%
70
315
103
90
38
90%
136
22,
4
27%
99%
96
63
97%
100

218
11
29%
100
38
97
86
55
87%
5
35
31
99%
20
312
51
9534
210
115

imq

246-11
31
101%
62
103
137
80
101
6%
58
59
105
20
312
57%
102
216
118

198

f!oK

35!

16i--

165
-

65

103
65

103

65
185
11:3
225

135
105
202%

177
110
225

170
112
212

1W -

105
202%

162
112
212

140
110
105
80

125
101
99%
48%

140
110
103
68

135
108%
105
50

135
103%
100
4114

135
108%
102
49%

91
12634
84
67
700
105
9914
39%
94
160
26

82
103
75
60
500
101%
90
31%
76%
129
23

893-1
113
8:3%
67
700
101%
90
33%
8334
155
25

90
115'4
84
63%
515
103%
9914
:37%
94
141
26

82
103
7534
60
590
101%
90
32%
79
129
23%

§.§R
1154
81%
6134
515
103
97%
33%
89
140
23%

99
94
7714
10214
104

88
117
107

9534.
101

108
107

67
10514
105%

6514
9531
101

100
104

54
106

54
10834

tio--

105

16§--

lib--

1o§-

115
-

116--

16/-

26%
109
37%
93
4
28
55
318
321
37%
112
20
11
89%
21
23%
36%
115
80
81

11034
27)4
112
47
100
5
40
64
365
350
37 34
11:3%
22%
15
98
21
50
43
115%
89%
90

16§-4034
110
48%
102

Of:31
108
34%
95

109
32%
109
46
102

75
95
300
:303

70
80
275
270

55
50
110
18%
10234

55
36
10334
14%
100

55
43%
109
15%
101

.1 S .v;
3

2734
99
100
41%
59

2934
lin
1005.1
43
59

21%
135%

934
2034
104%

934
20%
132%

100
321
95'

100
300
91

100
320
94

1W 20 34

16O--

166-18

115
9%
85

165--

65
100%
181
115
260
234
183
111
106
70
234
95
125
93%
71
825
103
95
39
9:3
153
2511

6§q

102%
104
45%
65

10

17

101--

(
3K-

40%
112
48%
100
53.4
75
95
325
326

31
108
34%
95
5
45
60
275
270

112
34
111
40
100
5
45
68%
320
326

115
32
16
90
21

112
18%
18
82%
20%

11:1q
25%
1534
90
21

114
22%
15
84%
21

112
19
10
82%
20%

1123i
21%
10
8434
21

40
115%
97%
102%
90
80
3934
10431
23
106

35
112
80
953,4
83
78
30
100%
16

100

3634
115
97
95%
83
78
37%
104%
18
10234

40
115
88%
102%
90
80
33
103
21%
106

3634
112
83%
98%
8:3
80
30
100%
17%
100%

37
115
85
101%
83
80
30%
102
17%
102

§

§§--

161-

166--

1663i,

67
109%
17
22
126%

80
109%
23%
20%
107

80
10934
20
20%
73%

80
109%
20
20%
99%

280% 2A6--

2§T:N
94
41

164-80
112%
23%
22%
14134

47
10934
17
20%
73%

2§6q

2A5-- 280

95

92

93

94%
41

11034
7
85

110 s
91/

146--

1o6-5%
56

16§q

10
78%

lib--

6%
65

Wsi

1156--

1i6--

1i2-156
81
103
22
90

139,4
168
85
106
22
100

714
65

-

92
41

75
80
300
303

106
534
56

10
-

166-112%
156
81
103

161--

124%
164%
89
106

166--

100

100

68%

116--

8
62

122
162
84%
105

192
163
9934
112%
24%
100

160
8531
107
20
95

163
98
111
22
95

145-170
89
108
23
10034

88
224
24

88
210
13

88
224
13

191

16K-

190

1W-

14K-

191

63
105
187
95
100
8%
56%

99
135
74
91
5%
42%

102%
178
77
92
5%
42%

105
155
84%
98
10%
66%

51
100
107%
59
77%
5%
47

62
102%
14:3
81%
94
6%
62%

61
104%
120
72%
97
10%
64

51
100
107%
59
77%
47

57
103
119
68%
96
7
52

101
31%
312
56
10934

100
2734
310
43
98

161--

38
291%
59
100%

30
291
16%
43

29131
54
100%

57

43

57

11234

16K-

108

lo§

105

1o/-

28
312
50
102%

55V
5i--

5i--

1613;

1114

FINANCIAL CHRONICLE

[Vol,. 126.

Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
altogether satisfactory shape. Broad silks met with a betFriday Night, Feb. 24 1928.
ter demand especially the higher grades and the tendency
General trade in this country still leaves much to be de- of prices seems to be upward. American mills were buying
sired. It is true that Spring trade shows some signs of raw silk on a moderate scale for early delivery and prices
improvement in the East and also parts of the Northwest were steady. Rayon goods are in excellent demand.
and the South. Advancing prices for grain and cotton
Coffee has continued to advance with Brazil evidently
may partly explain this. But over much of the country having the whip hand, partly it would seem because of perstormy weather and bad roads with extraordinarily mild sistent short selling in this country and the dilatory tactics
weather in the East have militated against normal busi- of consumers. They seem to be playing directly into the
ness. And something which excites more and more com- hands of the Defense Committee in South America. The
ment as time goes on is the wide-spread unemployment in March notices had no effect and prices to-day advanced.
this country. Of course, it is the logical outcome of the Sugar prices are higher for the week both for raw and reunsatisfactory condition of trade and the sluggishness of fined. Prices unexpectedly advanced on notice day under
many of the industries. On the other hand, the time the stimulus of heavy covering by the shorts and an upIs approaching when the agricultural industry of the coun- ward tendency of spot raws. It appears that Cuba has
try will call for a larger amount of labor and this will sold the balance of 600,000 tons allotted from the new crop
to a certain extent relieve the situation. As the case stands, to countries outside of the United States. European buying
however, the factory labor index number for January was has latterly been the chief stimulus in the sugar market.
1)elow that of December and was the lowest for the last six Rubber has declined 2% to 3 cents more for the reason that
years. The demand for steel has been fair and the industry restriction schemes are evidently doomed. Any attempt to
as a whole is operating at 80 to 90% of capacity. But there revive them will not have the co-operation of Dutch prois no general activity. Still some further advance is re- ducers, which would be a sine qua non to any semblance of
ported in mills for bars, shapes and strips. Recently some temporary success in artificial measures for governing the
good orders were placed for rails and building construc- market which in the end must fail. There is less new busition. As for iron, it is for the most part quiet. The truth ness in the shoe manufacturing industry and the demand for
is that there is a good deal of room for improvement in both leather is smaller. Prices for hides have declined. Livethe iron and steel trade, even if in some branches of the steel stock prices are lower. Coal has been in only moderate deindustry there has been some recent improvement. But it mand where it has not been dull. The striking Colorado
is also true that while unemployment is widespread and a miners, it is said, have voted to go to work. It seems a poor
feature of growing seriousness in the business life of the time for workers in any field of industry to strike. Prices
American community the employment figures at Detroit for for non-ferrous metals have been drifting downward and
instance are encouraging. The increase there during the zinc is at the lowest price seen for five years and tin for
week has been close to 1,600. The total Detroit employ- over two years.
ment is 231,375 which is practically 9,000 higher than a
Stocks after a week of irregular but often declining
year ago, although it is some 39,000 under this date in 1926. prices have shown greater resistance in the last two days,
Failures are not so numerous as they were last week or for especially today, to forces of depression. The upturn to-day
this week in 1927 and 1926.
was led by railroad stocks, partly under the spur of a reWheat has advanced during the week 2 to 3 cents owing duction in brokers' loans of $91,069,000. That is something
partly however to complaints of damage to the Winter notable in this feature of Wall Street movements. It is
wheat crop from cold weather and insufficient snow cover- the sharpest decrease for months past and far larger than
ing. The export demand, it must be admitted, is mostly had been expected. The present total of loans is the smallest
for Manitoba wheat; otherwise the export buying is small. of the year. It reflects a gratifying reduction in the swollen
It may increase before long, however, for some of the crop long account in the stock market. It suggests an approach
reports from Central and Southeastern Europe are unfavor- to a more conservative technical position. The short side
able for the same reason as those from the American wheat of the railroad issues may have been overdone. But not only
belt, namely, cold weather and a lack of snow covering railroad Issues, but many industrial and miscellaneous
for the plant. At St. Louis July red wheat advanced to-day shares advanced to-day. Vague rumors were rife that plans
6 cents on account of the unfavorable reports from some for a fifth trunk line have been dropped. They are cited
parts of the Winter wheat section. Corn has advanced some- merely for what they are worth which is probably very
what, although there has been less export demand, and the little. Money was firm at 44% as banks called more than
colder weather of late in the corn belt has been more favor- $20,000,000 in loans. More talk is heard of serious unemable for moving the crop. There are intimations that ex- ployment in this country and general trade does not improve
port orders are In the American market for oats. Not much much, though some signs of larger buying of steel and also
export trade has been done in rye, however, although there of food for the Spring trade appear here and there at the
are reports from Europe that the crop there is being dam- West. On the other hand, car loadings are much smaller
aged by severe weather and the fact that the crop is not than those of a year ago. Bonds were quiet and irregular
sufficiently protected by snow. Cotton has advanced half and there may be no great increase in the trading until the
a cent or more partly because of the lack of rain in western Government announces its financing probably in the first
Texas and western Oklahoma, together with an upward ten- week of March. London to-day was braced by the firmness
dency of foreign markets, notably in Liverpool and Alex- of sterling exchange. Paris was irregular.
andria, though at Continental centers prices have also risen.
Fall River, Mass., reported several cotton textile plants
A signal feature to-day was the prompt stopping of March producing coarse cloth, which curtailed operations early in
notices here for some 165,000 bales, of which it appears January, had resumed full-time operations. Some mills are
about 60,000 bales were deflected to houses which will ex- closed, creating a surplus of workers with limited opporport the cotton to Liverpool, Bremen and Bombay, especially tunities for employment. New Bedford, Mass., reports that
to Liverpool. Spot cotton is rising at the South with a a surplus of workers exists in the textile mills. The masteady demand and scanty offerings. Manchester reported a jority of the textile mills are operating on an average of
better trade in cloths with China and some demand from In- 90% of normal capacity, and it is expected this schedule
dia, although new plans are being laid in India, it seems, will continue for some time. Three tire-fabric plants are
to boycott British goods there. On this side there is a fair open, but are not yet employing full forces. In Massademand for cotton goods and prices are firm, although chusetts part-time schedules continued in the textile plants
the buying is mostly for spot or early delivery. There is a In various sections of the State. Mills in some sections
fair demand for finished cotton goods for the Spring trade. operated full time but some were closed in other sections.
There has been no activity in cotton fabrics, nor is there At Salem, Mass., on Feb. 20 the Naumkeag Steam Cotton
likely to be until it becomes plain that raw cotton prices Co. night shift which had been on since August 1926 was
have been stabilized. The tendency is towards stabilization. suspended indefinitely. Overproduction was the cause,
A fair business has been done in woolen and worsted men's coupled with a decrease in trade. No change is contemwear suitings and overcoatings for the Fall season, but plated in the regular day shift. At Lonsdale, R. I., mill No.
otherwise the woolen industry it would appear Is not in 4 of the Lonsdale Co. which had been closed for the last




FEB. 25 1928.]

FINANCIAL CHRONICLE

three weeks because of unsatisfactory market conditions re-hour per week
sumed operations on the 20th inst. on a 54
schedule. All the workers returned to work on the new
schedule. Workers have been promised pay for 54 on the
-hour scale. In Rhode Island and
same basis as on the 48
Connecticut part-time schedules are still in effect in the textile industry. In New Hampshire textile mills are operating
part-time in some portions of the State, but in other centers
were working overtime. Manchester, N. H., wired that conditions in the hosiery industry in the central part of the
State, which had been somewhat unsatisfactory for some
months, are improving. The large Sunoway mills which
were closed for two weeks, have started to increase production as are some of the other mills. In Maine, part-time
schedules exist in the shoe, paper, iron and textile plants
In some sections, while textile mills are working overtime
In other centers.
In North Carolina the cotton mills are operating on parttime schedules and their forces have been curtailed somewhat.

1115

ment" is expressed by the National Bank of Commerce in
New York in its review of the business situation made public Feb. 20. According to. the bank, "activity in 1928 will
probably be more evenly spread over the year as a whole
and over varied lines of enterprise than was the case last
year, with aggregate volume about the same." The bank
also says:

Conditions at the middle of February are mixed. On the one side there
is a high and rising rate of actiaity in the steel industry—an industry which
to a degree true of no other responds to the varying requirements of the
entire range of productive enterprise. On the other side is a condition
of diffused unemployment widespread enough to have somewhat affected
purchasing power. There are few major lines of business which do not
face difficult individual problems of productive capacity and competition, of prices and reasonable profit-making. How these individual problems will bear on the "general trend of business," and how the trend
will influence them are questions to be answered by time rather than by
prophecy.
The basic lines of enterprise are those which supply food, fuel, shelter,
clothing and transportation. In the food group, manufacturing and distributing activities are perhaps the most evenly stabilized of any In the
country, and it is the farmer who carries the hazards of weather, market and
price. The past agricultural season generally was good except for the drasyear, and
which began the middle of
Durham,N.C.reports that the spinning branch of a cotton tic reduction of hog prices,West. There is a disposition lastexpect that
to
the Middle
overtime. Gastonia says that cotton mills seriously affects farmers will mean a large stimulus to general trade. This
mill is running
better profits to
have curtailed their operating schedules and forces during is doubtful. The farmers will first pay down their debts; they are then
of which
the past 30 days. South Carolina advices said that some of likely to buy implements and automobiles, on bothand will bethey have
some inhad to economize this good while past. There is
the textile mills curtailed their operating schedules somewhat crease in more general farmer buying, but it is likely to be overestitoward the close of January and a surplus of labor exists mated rather than underestimated.
The construction industry outstrips hope itself in the sustained pace of
yet. Machinery has been installed in two new cotton mills
-11% above
The high level of contracts let in January
and operations will be started during February. Greenville, its activity.of a year ago—is evidence that this branch of enterprise,
the figure
reports that 1,000,000 spindles there are curtailing on through its large employment of labor and extensive demands for varied
S. C.
the average 18 to 20%. Rome, Ga., states that all plants materials, will continue for some time as a main support of general acare operating some of the textile mills on somewhat curtail tivity. textile field, cotton manufacturers are experiencing the slackness
In the
schedules.
which naturally follows a long period of over-production. There is nothing
New Orleans wired that a reduction in operating time of fundamentally- wrong with demand and as cotton is available at moderate
The downward readjustment
-hour week, or a reduction of 28%, with a proportionate prices, a good volume of business is probable. perhaps diminished southern
a 40
Fall, however, has
by individual of cotton prices since lastgood deal of cotton was not sold at the high
decrease from normal production, was proposed
purchasing power, for a
manufacturers of flat cotton duck, following a conference figures of last October. The wool-manufacturing industry is still feeling
for Spring
weather.
of members of the Cotton Duck Association. Stocks on the adverse effects of past unseasonablethis should The prospects a gradual
be reflected in
retail buying, however, seem good and
hand are increasing, due to over-production.
The silk industry is very
pick-up of activity in the manufacturing end.
Some Manchester, England, advices said that a distinct active.
In the transportation field the railroads are the staid and stable users
change for the better has taken place in the prospects of
of labor and materials, whereas the much more spectacular automotive
the British cotton trade with decision of employers associa- industry has wide fluctuations in both these regards. The volume of
tions to seek further conference with representatives of the railroad traffic will, of course, directly benefit from any Improvement in
workers. Nothing has been decided this week. Man- business. Oarloadings are still somewhat below the level of last year
ore. The general
carriage of
chester has done a better business with China. India chiefly because of smallerslightly abovecoal, coke and
last year's level. As consumers
merchandise loadings are
cables say that India is moving to boycott British goods.
of industrial products—notably steel—the railroads seem likely to buy
Minneaplis advices in a summary of business conditions little more in.1928 than in 1927.
field production is going forward with great fervor.
In
in the Northwest said that one Twin City manufacturer For the automotive exclusive of Ford, January production WU 18%
the industry
last week shipped a trainload of 50 cars of "combines" to above January 1927. It is probable that the long delay of Ford in getting
Kansas. Most tractor and threshing machine manu- Into quantity production will serve to spread business in this field more
case.
otherwise would
the
facturers are working to capacity now, while the Northwest evenly over one year than steel, which cuts have been the various fields of
across these
industry,
There is
is buying large quantities of farm implements from Illinois basic enterprise; its market is comprised of the demands of them all.
Signs of improvement in steel began about mid-December, since when
and Eastern points.
rate of about
From
It turned cold here on the night of the 20th inst. after the pace of the industry has steadily increased. upwards aof 85% at the
then, operations have risen to
of
39 degrees at noon. The temperature fell by midnight 65% ofcapacity
being
February. Some part if the steel upturn is, of course, a purely
middle
to 26 degrees. In Boston it was 26 to 40, Montreal 12 to seasonal movement. Some part of it is reaction from an entirely subHow far present orders are in
in
22,Philadelphia 30 to 44,Pittsburgh 18 to 22,Portland, Me., normal level of the latter part of 1927. producers hope to make effecthe higher prices steel
anticipation
and Cleveland 16 to 20, Cincinnati 24 to tive and how far such higher prices, if they can be made effective,
22 to 36, Chicago
32; Detroit 10 to 16, Duluth 2 below to 4 above, Milwaukee will tend to contract future demand are as yet unsettled questions.
activity in steel, construction
But
12 to 16, Kansas City 28 to 34 and Minneapolis 10 degrees. and recognizing these uncertainties, the
automotive field is taking up the slack of employment, and may
On the 23rd inst. a blizzard was reported raging over Kansas, well serve as the quickening impulse of a more general business reMissouri and Nebraska. This was decidedly favorable for CON ery.

Kansas' winter wheat crop, especially in the western third of
the State, where there has been complaint of absence of
snow covering.
On the morning of the 23d inst. fog enveloped New York
harbor from the Ambrose Channel Lightship to the Battery
for four hours. It detained 5 ocean liners, bringing 2,600
passengers. The Sound steamboats had to anchor after
passing City Island. The weather was very mild for this
season, i.e., 41 to 55 degrees here. Boston was 48 to 52;
Philadelphia, 50 to 58; Portland, Me., 38 to 44; Quebec,
34 to 36; Chicago, 20 to 28; Cincinnati, 30 to 48; Cleveland,
28 to 42; Detroit, 26 to 38; Duluth, 2 to 12; Milwaukee, 14
to 20; Kansas City, 20 to 24; Minneapolis, 10 to 12. To-day
the temperatures were still mild, being 42 to 56 degrees, but
the forecast was for fair and much colder weather to-night.
Chicago was 2 to 28, Cincinnati 14 to 48, Cleveland 18 to
42, Kansas City 16 to 24 and St. Paul 4 below to 12 above
zero.
Reaction of 1927 Over and Business Undergoing Modest
Improvement According to National Bank of Commerce in New York.
The opinion that "the reaction of 1927 is over, and that
business is tardily beginning a modest but real improve-




Union Trust Co. Cites Influences Pointing to Improvement
in Business—Raising of Discount Rate Expected to
Divert Money from Speculative Into Productive
Channels.
Recent advances of the rediscount rates of a number of
Federal Reserve Banks do not mean that a period of
"tight" money is at hand, says the Union Trust Company,
Cleveland, in its monthly business magazine "Trade
Winds," issued Feb. 18. Credit supplies, it is maintained,
are ample for the needs of manufacturing and trade. The
real significance of the higher rates, according to the
bank, is that they may have a restraining influence upon
undue speculation and induce a flow of money from speculative into productive channels. The Bank states:
"The raising of interest rates is to a certain extent quite in line with
the general financial situation. With the volume of business expanding
steadily, as appears to be the outlook for this Spring, industry should
require a larger share of the available credit of the country than was
the case during the last quarter.
"Throughout 1927 more and more of the country's credit has been
diverted into speculation, until at the present time brokers' loans are
over a billion dollars more than they were a year ago. Whether this
represents inflation or not, remains today a question for debate. In any
event, it would seem that any influence which might help to keep brokers'
loans from going to still higher levels, should be good.

1116

FINANCIAL CHRONICLE

[VOL. 126.

"The reservoir of credit in the United States remains ample to supply indication that sales conditions are excellent throughout
all needs of manufacturing and trade, and in spite of the advance in the
the Dominion. Almost all the provinces show very favorrediscount rate, credit should be available for business upon reasonable
rates for a long time to come. In short, there should be plenty of credit able records for this month in comparison to last year's
for industry and trade, though perhaps less for speculation.
production. For ,the twelve months ended Jan. 31, 1928
"In the meantime, business appears to be improving steadily as the
the Dominion shows an 8% gain which is shared by all the
season progresses. The price sittation is firm. Increases appear probable in steel and perhaps in oil prices. Of particular significance in the provinces except Saskatchewan. Quebec leads with an 11%
Cleveland District is the fact that January industrial pay rolls, though increase for the twelve-month period.
less than those of January, 1927, showed an increase over those of December, 1927.
"Now that final figures are available cotering the 1927 crop season, Loading of Railroad Revenue Freight Again Low.
the improvement in the farmer's position is still more evident. AccordLoading of revenue freight for the week ended on Feb. 11
ing to the United States Department of Agriculture, the composite yield
per acre for 1927 stands at 102.5, 2% above the average for the preced- totaled 906,009 cars, according to reports filed on Feb. 22
ing ten years.
by the Car Service Division of the American Railway Asso"Renewed activity in automobile production will have a far-reaching
effect upon industry in general, extending beyond the immediate stim- ciation. This was a decrease of 20,195 cars below the preulus given to the manufacturing of parts, tires, accessories and the like. ceding week with decreases being reported in the total loading
"We find, therefore, four major influences-the price and credit situ- of grain and grain products, live stock, coal, forest
products
ation, farmer purchasing power, expansion in iron and steel, and increased automobile production-pointing definitely toward a general im- and miscellaneous. The total for the week of Feb. 11 was
provement of business.
also a decrease of 56,593 cars below the same week in 1927
"It must be borne in mind, however, that while these factors may, as and a decrease of 11,616 cars compared with the correspondthe Spring advances, be responsible for a decided increase in the total
volume of business done, it by no means follows that all businesses will ing week two years ago. Further details follow:
be equally favorably effected thereby.
Miscellaneous freight loading for the week totaled 318,555 cars, a decrease
"Furthermore, in certain fields, such as oil, coal, textiles, retail trade of 8,751 cars below the corresponding week last year and 836 cars below
and others, there are apparent internal problems of such importance the same week in 1926.
that a considerable lapse of time may be required for their solution."
Coal loading totaled 170,307 cars, a decrease of 48,179 cars below the
same week in 1927 and 1,602 cars below the same period two years ago.
Grain and grain products loading totaled 46,082 cars, an increase of
Forecasts for 1928-Compendium of Views of Business 4,740 cars above the same week last year and 2,424 cars above the same
.
period in 1926. In the Western districts alone grain and grain products
Leaders Issued by Chicago Tribune.
loading totaled 31,322 cars, an increase of 4,645 cars above the same week
A booklet embodying forecasts for 1928 by 231 business In 1927.
leaders has been published by the Business Survey of the
Live stock loading amounted to 32,816 cars, an increase of 4,789 cars
above the same week last year and 3,047 cars above the same week in 1926.
Chicago Tribune. In presenting the symposium it says:
In the Western districts alone live stock loading totaled 25,551 cars, an
In the first few weeks of each year speculation concerning it is rife. Sur- increase of 4,549 compared
with the same week in 1927.
face indications and the further development of trends already noted are
Loading of merchandise and less than carload lot freight totaled 250,358
estimated variously. Optimists see in them encouragement. For others cars, a decrease of 2,614 cars below the same week in 1927, but 2.512 cars
there are ominous indications. In no recent years have there been present above the corresponding week two years
ago.
circumstances which caused men to examine into the new year with the
Forest products loading totaled 68.249 cars, 2,719 cars below the same
mingled feelings now current. The expressions voiced by business men week last year and 7,899 cars below the same week in 1926.
and students of business show them fully aware of the shift in the mechOre loading totaled 8,239 cars, 2,865 cars below the same week last year
anism of commerce. Few see any menace in it and most of them are quite and 1,784 cars below the same week
two years ago.
evidently operating to take advantage of the changes.
Coke loading amounted to 11,405 cars, 994 cars below the same week in
This booklet contains excerpts from letters from 200 business men, 1927 and 7,478 cars
below the corresponding week in 1926
bankers, public officials and economists. The letters were received in
All districts except the Northwestern reported decreases in the total
response to an invitation mailed with the December 1927 issue of the loading of all commodities as compared
with the same week lsat year, while
Chicago Tribune Survey. Due to the necessity of compressing the material all except the Eastern, Northwestern
and Central Western reported decreases
into compact form we have edited the letters, but not, we hope, with any compared with two
years ago.
Injury to them. Some letters came in too late for reproduction, but the
Loading of revenue freight in 1928 compared with the two previous years
collection represents the generous response of leaders of business.
follows:
Coming at the close of a year which though successful showed a recession
1928.
1926.
1927.
from former levels, the tenor of the letters which follow is surprisingly Four weeks in January
3.447,723
3,686,696
3,756.660
cheerful. Man is perennially ambitious. Current volumes of business Week ended Feb. 4
914,491
926.204
965.664
that would have been occasion for jubilation in other years, now are ac- Week ended
Feb. 11
917,625
906,009
962,602
cepted with a slight disappointment in some quarters. But the striking
feature about it all is that business men have tacitly agreed that the slightly
Total
5,518,812
5,279,936
5.684,926
lower volumes in 1927 were due to a necessary adjustment between the new
and the old economics.
Caution was evident at times last year and progress reflected it, but the Central Trust Co. of Illinois Finds Business of
an
diminishing effects of old causes and the growing power of the new were
Encouraging Nature-Report on Livestock.
seen more clearly at the end of the year.
From a perusual of the letters it is quite evident that business men are not
In its March "Digest of Trade Conditions" issued Feb. 23,
only convinced that no depression is ininmediately pending but they are
the Central Trust Co. of Illinois, at Chicago, thus describes
determined to avoid the conditions which lead to one.
Truly these letters constitute a symposium, a convivial gathering, in the the general situation:
main, of optimists. Buttressed by an improved credit system and more
The first few weeks of the year have been of an encouraging nature.
alertly aware of the necessities of both manufacturing and selling, execu- Renewed activity in iron and steel,further gains in farm prices, and material
tives to-day have a larger vision of their own obligations. Due in part to additions to the year's building program, have added strength to fundathe greater participation of ownership by the public in our corporations, mental business conditions which have, on the whole, been reasonably
but also due to an understanding that workers are consumers, American satisfactory for three years. All of the usually credited indicators continue
leaders are determined that the prosperous march of this country will hot to point toward a good volume of business for 1928. with promise of net
falter. For years American business tended to produce individualists who returns somewhat better than last year.
viewed the world from their own factory doorsteps. The last quarter cenThe institution also has the following to say regarding
tury has seen, not a submerging of strong minds, but the acceptance by
them of the fact that their success lies not so much in their own operations livestock conditions:
The new livestock report shows the total value of all farm animals at
as In the general welfare of the nation.
The statements of these men, direct from the firing line and embracing the beginning of this year at 5.597 million dollars compared 5,078 million
dollars a year ago and 5,003 million dollars two years ago. Here is a liveas they do activities widely diverse, will be of considerable interest to business men generally. However wide their interest may be, they cannot hope stock inventory gain of 519 million dollars for the year, or 593 million
to get first hand information covering the sentiment about 1928 in very dollars for the two years. The per head value of horses and colts made a
many lines of business. Opportunity to know and study the convictions gain of nearly $3. for the year, while mules gained over $5. The improveof the gentlemen who contributed to this book will, we are sure, be welcome. ment In beef prices made a gain of nearly $12. per bead for cattle and calves.
and an improvement of $15. per head was made by dairy cattle. Sheep
and lambs gained fifty cents per head, while hogs took a drop of nearly
Gain in Life Insurance Sales in United States
$4. There was a decline for the year in the number of horses, mules and
cattle, but a gain in sheep and lambs and hogs. However, 59 million hogs
January Figures.
at
are
In its summary of life insurance sales in the United at avalued about 160 million dollars less than 54 million hogs were valued'
year before. The recent gain in corn prices is again making hog feeding
States during January, the Life Insurance Sales Research unprofitable, while the cattle feeder is enjoying the most profitable period
for many years.
Bureau of

Hartford says:

For the month of January, 1928, sales of ordinary life insurance in
the United States amounted to $609,228,000, a gain of 1% over sales
in January last year. The New England States lead the country with
a gain of 10% over last January followed closely by the East South
Central section with a 9% increase. Several States show substantial
increases in production this month over business reported last year.
For the 12 months ended Jan. 31, 1928, the country as a whole gained
1% with the best increase of 3% in the East North Central section.

Sales of Life Insurance in Canada During January.
According to the Life Insurance Sales Research Bureau
of Hartford, Conn., sales of ordinary life insurance for the
first month of 1928 amounted to $47,569,000, an increase of
29% over January, 1927. This record is exceptionally high
for the first month of the year, says the Bureau, but the
fact that 80% of reporting companies share this gain is an




Bank of Montreal on Business Conditions.
In its Business Summary issued Feb. 23 the Bank of
Montreal says in part:
Domestic business has presented few noteworthy features during the
month. Wholesale and retail sales have been up to average, and a feeling
of moderate optimism pervades these branches. An important happening.
however, is that the large amalgamated steel and coal industries in Nova
Scotia have been brought under new control with organization.in prospect.
Car-loadings indicate a sustained merchandise movement, cumulative
totals for the year to Feb. 11 having been 374.766 cars, or 20,000 cars more
than in the corresponding period last year, and 45,000 cars more than in
1926. Deducing from car-loadings, there has been a much larger movement
this year of grain and grain products than in the two preceding years, as
well as of coal: less lumber has been moved; live stock in about the samequantity, and general merchandise to a greater extent.
The steady consumption of newsprint is shown in a Canadian production.
last month of 186,271 tons, being 24,997 tons more than in Jan. 1927. and

FEB. 25 1928.]

FINANCIAL CHRONICLE

1117

45% in Seattle; 42% in Los Angeles and Portland, Ore.; 41% in Denver;
it is a striking coincidence that the decrease in United States output closely
and 32% in Salt Lake City. Prices were not obtained In Bridgeport, Butte.
coresponds with the increase of production of Canadian mills. Canadian
Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester,
operating at 88% of capacity as compared with 82.2% in De- Columbus,
mills are now
St. Paul. Savannah and Springfield, Ill.. in 1913. hence no comparison
cember.
-year period can be given for these cities.
for the 14

Review of Business Outlook by Wells Fargo Bank &
Union Trust Co. of San Francisco-Output of
Metals from California Mines.
In a review of California trade, issued under date of Feb.
17, the Wells Fargo Bank & Union Trust Co.of San Francisco
says:

January volume of retail trade was about equal to that of Jan. 1927; 36
department stores reporting to the Federal Reserve Bank of San Francisco,
shows an average gain of about 1%. January wholesale trade is reported
to be as good as, or slightly better than a year ago, excepting in automobile
tires, furniture and paper, where volume fell below that of Jan. 1927. The
moving picture industry is unusually active and it is reported that expenditures for new productions during the current year will be greater than last
year's figure of $102,800,000. The value of building permits issued in the
State during the month totals $21,369,272, about 8% lower than in Jan.,
1927. An average decrease of 7.8% in the number of employees on payrolls
on Feb. 1, compared with Feb. 1 1927, is reported by 792 large employers
in figures submitted to the State Division of Labor Statistics, but average
weekly earnings are reported to be 1.2% greater than a year ago. Bank
debits, bank clearings and post office receipts are running higher than they
did a year ago in all important communities of the State.

The institution also has the following to say regarding the
output of California mines during the past year:

The 1927 output of metals from California mines was valued at $16.768,500, a decrease of $3,282,301, or 16%,compared with the value of 1926
production. All metals show decreased yields as indicated by the table
below:
Value
Weight
566,600 fine oz. $11,711,800.00
1927
Gold
576,798 fine oz. 11,923,481.00
1926
889,200.00
1,568,300 fine oz.
1927
Silver
1,262,015.00
2,022,460 fine oz.
1926
3,477,500.00
26,749,900 pounds
1927
Copper
4,685,282.00
33.466,299 pounds
1926
172,000.00
2,541,000 pounds
1927
Lead
647.481.00
8,093,513 pounds
1926
518,000.00
8,247,800 pounds
1927
zinc
1.532,542.00
20,433,887 pounds
1926

Increase in Employment in Detroit.
Adviees Feb. 24 to the "Wall Street News" from Detroit
said:
Detroit Employers' Association reports employment figures for the
week ended Feb. 21 as 231,375, an increase of 1,578 over previous week
and an increase of 8,999 over the corresponding week of 1927.

Decrease in Retail Food Prices in January.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
for Jan. 15 1928 a decrease of a little over one-half of 1%
since Dec. 15 1927; a decrease of a little more than 23/2%
since Jan. 15 1927, and an increase of about 58% since
Jan. 15 1913. The index number ,(1913-100.0) was 159.3
in January 1927, 155.9 in December 1927 and 155.1 in January 1928. In giving further details of the changes the
Bureau on Feb. 20 said:

The index numbers follow:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
ButYear and Strrn Bond Rib Check Plate Pork BaCh's'
• ifoath. Steak Steak Roast Roast Beef. Ch'ps con. Ram.Hens Mat. ler.
85.8
71.5 68.0 76.1 ___-_-- 74.3 74.4 75.7 81.4 87.2 85.5 -1907
--.76.1 76.9 77.6 83.0 89.6
73.3 71.2 78.1
1908
82.7 82.9 82.0 88.5 91.3 90.1 -76.6 73.5 81.3 ____
1909
91.6 94.5 91.4 93.6 94.6 93.8 --..
80.3 77.9 84.6
1910
87.9 -80.6 78.7 84.8 -------- 85.1 91.3 89.3 91.0 95.5 97.7
1911
91.2 90.5 90.6 93.5 97.4
91.0 89.3 93.6
1912
100.0 100.0 100.0 100.0 100.0 100.0 100.0
look 100.0 100.0 100.0 100.0 104.6 101.8 101.7 102.3 100.5 94.4 103.6
1913
102.0 105.8 103.0 104.4 104.1
1914
99.2 93.4
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.5 102.2 103.0 105.0
1915
116.7
107.5 109.7 107.4 106.9 106.0 108.3 106.4 109.3 110.7 125.4 127.2 150.4
1916
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 156.2 150.7 162.4
1917
195.9 178.1 177.0
153.2 165.5 155.1 166.3 170.2 185.7
1918
77.0 192.8
164.2 174.4 164.1 168.8 166.9 201.4 205.2 198.5 193.0 174.2
1919
172.1 177.1 167.7 163.8 151.2 201.4 193.7 206.3 209.9 187.6 85..0 188..9
1920
181.4 186.4 164.0 33 0 53 2
152.8 154.3 147.0 132.5 118.2 166.2 158.2
1921
25.1 148.9
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 47.2 44.7 167.0
1922
55.1
153.9 150.2 143.4 128.3 106.6 144.8 144.8 169.1 164.3 55.1 35.0 159.7
1923
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 57.3 43.1 160:1
1924
76 1
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5 171.8 57.3 3 . 165.6
1925
52
86
4 .
162.6 159.6 153.0 140.6 120.7 188.1 186.3 13.4 182.2
1926
167.7 166.4 158.1 148.1 127.3 175.2 174.8 04.5 73.2 58.4
1927
1927

170.1
160.6 158.3 153.0 141.9 124.0 174.3 181.1 211.2 180.8 158.4 152.5
Feb____ 161.0 158.7 153.5 141.9 123.1 171.0 179.6 210.8 180.8 158.4 153.5 170.1
168.8
March_ - 161.8 159.6 153.5 142.5 123.1 174.3 179.3 210.0 181.7 158.4 154.6 167.9
April___ 164.6 163.2 156.1 145.6 125.6 175.7 178.2 210.8 182.6 157.3 152.5 167.4
166.5 165.5 157.6 146.9 125.6 173.3 176.3209.3 180.3 156.2 139.4 167.4
May
135.2
June --- 166.9 165.9 157.1 146.9 125.6 165.2 174.4 206.3 170.4 156.2
July____ 171.7 170.0 160.1 149.4 126.4 166.2 172.6 203.0 167.1 157.3 134.2 167.0
172.0 170.9 160.1 149.4 126.4 179.5 172.2 201.9 166.2 158.4 134.2 167.4
158.4 139.4 170.6
-- 172.4 170.9 160.1 150.0 128.1 193.8 172.2 200.0 106.2 159.6 145.4 173.3
Sept
172.0 170.0 161.1 151.9 130.6 197.6 72.6 199.3 167.6 159.6 147.3 174.7
171.3 169.5 161.1 153.1 133.9 172.9 71.5 197.0 167.1
Nov
172.8 171.3 163.6 156.9 138.0 156.2 167.8 192.9 167.6 160.7 152,5 176.5

1928-

174.8 173.1 165.2 158.8 142.1 149.0 165.2 92.6 172.8 160.7 150.9 177.8

Cof- Weighted
Polo- SuCorn
Year end
Month. Lard. Eggs. Bread Flour Meal Rice. toes. gar. Tea. fee. Food Index.
82.0
105.3 105.3 ---95.0 87.6
80.7 84.1
1907
84.3
111.2 107.7
101.5 92.2
80.5 86.1
1908
88.7
112.3 106.6
109.4 93.9
90.1 92.6
1909
93.0
101.0 109.3
108.2 94.9
103.8 97.7
1910
130.5 111.4 --------92.0
88.4 93.5
1911
101.6 94.3
97.6
132.1 115.1
93.5 98.9
1912
105.2 101.6
100.0
10;9-.6
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1913
102.4
102.3 112.5 103.9 105.1 101.2 108.3 108.2 100.4 99.7
1914
98.6
101.3
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2 100.6
1915
113.7
111.0 108.8 130.4 134.6 112.6 104.8 158.8 146.4 100.4 100.3
1916
146.4
106.9 101.4
174.9 139.4 164.3 211.2 192.2 119.0 252.7 169.3
1917
168.3
1918
210.8 164.9 175.0 203.0 226.7 148.3 188.2 176.4 119.1 102.4
185.9
233.5 182.0 178.6 218.2 213.3 173.6 223.5205.5 128.9 145.3
1919
203.4
186.7 197.4 205.4 245.5 216.7 200.0 370.6 352.7 134.7 157.7
1920
153.3
1921
113.9 147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
141.6
1922
107.6 128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
146.2
112.0 134.8 155.4 142.4 136.7 109.2 170.6 183.6 127.8 126.5
1923
145.9
120.3 138.6 157.1 148.5 156.7 116.1 158.8 167.3 131.4 145.3
1924
157.4
147.5 151.0 167.9 184.8 180.0 127.6 211.8 130.9 138.8 172.8
1925
160.6
138.6 140.6 167.9 181.8 170.0 133.3 288.2 125.5 141.0 171.1
1926
155.4
122.2 131.0 166.1 166.7 173.3 123.0 223.5 132.7 142.5 162.1
1927

1927
159.3
Jan ____ 126.6 162.0 167.9 169.7 170.0 126.4 235.3 136.4 142.5 168.5
156.0
Feb____ 124.1 128.1 167.9 169.7 170.0 124.1 223.5 136.4 142.3 167.4
153.8
166.7 470.0 124.1 217.6 134.5 142.6 165.4
March__ 122.8 102.6 167.9
153.6
April___ 120.9 98.3 167.9 166.7 [70.0 123.0 217.6 132.7 142.6 163.8
155.4
May
120.3 97.4 167.9 166.7 170.0 121.8 264.7 132.7 142.3 161.7
158.5
June __- 119.0 97.1 166.1 166.7 173.3 123.0 352.9 132.7 142.1 160.7
articles on which
153.4
During the month from Dec. 15 1927 to Jan. 15 1928 15
July ___ _ 119.0 107.0 166.1 166.7 173.3 123.0 247.1 134.5 142.5 159.7
152.4
173.3 123.0 200.0 132.7 142.6 159.1
as follows: Strictly fresh eggs, 6%;
Aug_ ___ 119.6 121.7 166.1 169.7
monthly prices were secured decreased
154.0
Sept____ 121.5 141.2 166.1 166.7 173.3 121.8 188.2 130.9 141.9 158.7
5%; bacon, lard, flour and oranges, 2%; butter, oleomargarine.
pork chops,
156.1
124.0 164.1 166.1 166.7 173.3 120.7 176.5 130.9 142.5 159.1
OCL
156.5
vegetable lard substitute, rice, canned tomators, prunes and bananas. 1%;
123.4 178.8 166.1 163.6 173.3 119.5 176.5 130.9 142.5 160.4
Nov_
155.9
. 163.6 173.3 118.4 176.5 129.1 142.1 161.4
.
Dec____ 121.5
and ham and leg of Iamb, less than five-tenths of 1%. Sixteen articles
plate beef and
increased: Cabbage, 11%; onions, 9%; storage eggs, 4%;
sirloin steak, round steak, rib roast, chuck roast, canned salmon. 1928-hens, 3%;
119.6 162.3 164.3 160.6 173.3 117.2 176.5 129.1 142,3 162.8 155.1
Jan
cheese, wheat cereal, canned corn, canned peas, and coffee, 1%; and tea,
loss than five-tenths of 1%. The following twelve articles showed no change
In the month: Fresh and evaporated mi.k, bread, corn meal, rolled oats
Industrial Conditions in Illinois -Analysis by Cities.
cornflakes, macaroni, navy beans, potatoes, baked beam,sugar and raisins:
In our issue of Feb. 18, page 945, we referred to the review
Changes in Retail Prices of Food by Cities.
issued by
the month from Dec. 15 1927 to Jan. 15 1928 there was a decrease for January of industrial conditions in Illinois
During
the average cost of food in 41 of the 51 cities as follows. Boston and the Bureau of Labor Statistics of the Illinois Department
in
Peoria, 3%; Columbus, Fall River, Milwaukee New Haven, New York, of
Labor in which employment in factories was shown to
Norfolk. and Portland, Me.,2%; Atlanta Baltimore, Birmingham, BridgeChicago, Cleveland. Dallas, Detroit. Indianapolis, Jackson- have declined 2.1%. and the ratio of applicants per 100 jobs
port, Buffalo.
ville. Los Angeles, Manchester, Minneapolis. Newark, Omaha, Philadel- Increased from 180 in December to 239 in January. The anphia, Pittsburgh, Providence, Richmond. Rochester, St. Louis, St. Paul, alyses by cities of January employment in the State is furIii., and
Salt Lake City. San Francisco. Savannah, Scranton. Springfield,
Washington, 1%; and Charleston, S. C., Denvt r and Memphis, less than nished as follows by the Bureau:
was an increase: Portland. Ore.,
Aurora.
-The movement of factory employment in thirteen leading
five-tenths of 1%. In nine cities there
Kansas City. New Orleans, and Seattle. Aurora establishments has been downward. The drop is not at all unusual
2%; Butte. Cincinnati, Houston.
less than five-tenths of 1%. In at this time of the year and is due largely to further declines in the metal
1%; and Little Rock and Louisville.
industry. But this industry always shows a pick-up in Illinois during
Mobile there was no change in the month.
Jan. 15 1927 to Jan. 15 1928, 49 cities showed de- February. Accordingly, the present unemployment problan in Aurora
For the year period
Jacksonville. Omaha and Peoria,6%;Charleston. S. C., Columbus, may be expected to be less trying next month than at the present time.
creases:
Chicago, Cleveland and In January 205 people applied for
every 100 jobs in comparison with
and Springfield, III., 5%; Baltimore, Buffalo,
Milwaukee. 4%; Atlanta, Birmingham, Detroit, Indianapolis, Kansas 185 in December, and 193 in January, 1927.
Manchester. Mobile, New Haven, Norfolk,
City, Little Rock, Los Angeles,
-Reports from manufacturers and from the free employBloomington.
Pittsburgh, Richmond, St. Louis, St. Paul, Savannah and Washington, ment office are in agreement that employment conditions are not good
Boston, Bridgeport, Butte, Cincinnati, Denver, Houston. Memphis, in Bloomington. With practically no demand for outside workers and
3%;
Minneapolis, New Orleans, Philadelphia, Portland, Me., Providence, with seasonal dullness on the part of manufacturing establishments, there
River, Louisville, Newark, is
Salt Lake City, and San Francisco. 2%; Fall
very little chance to place an unemployed worker. While a January
five-tenths
Rochester. Scranton and Seattle, 1%; and New York, leas than
drop in factory employment is not at all unusual for Bloomington, the
showed an increase: Portland. Ore., 2%. and Dallas. decline has carried the volume of employment to a low level. During the
of 1%. Two cities
1%.
138 workers applied for every 100 jobs, in comparison with
food on Jan. 15 1928 past month
Al compared with the average cost in the year 1913.
127 in January, 1927. It may be noted that, while this ratio indicates
was 05% higher in Chicago; 64% in Scranton; 63% in Washington: 62% poorer conditions than usually exist in Bloomington, comparison with the
In Richmond; 61% In Baltimore, Birmingham, Detroit. New York and State as a whole reveals a comparatively favorable situation.
Philadelphia; 50% in Atlanta and Buffalo; 58% in Boston, Cincinnati
-Employment conditions in Chicago are less favorable than they
Chicago.
and Pittsburgh; 57% in Dallas, New Haven, and St. Louis; 56% in Fall were last month or in January, 1927. The present downward trend of
River; 55% In Charleston, S. C., Milwaukee and Providence; 54% in Louis- 2.5% is due largely to declines in secondary industries which customarily
ville and New Orleans; 53% in Cleveland; 52% in Manchester and Minne- dismiss workers during January. In the leading industrial groups many
apolis; 51% In Newark and San Francisco; 50% In Indianapolis and Kansas
gains in employment have been reported. Several large iron foundries
City;48% in Little Rock;47% in Omaha;46% in Jacksonville and Memphis;




1118

FINANCIAL CHRONICLE

(Vol,. 126.




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reported a decided pick-up, and in the farm implement industry a slight
New Automobile Models and Prices.
seasonal increase is reported. Meat packers have dismissed workers.
A general increase in unemployment is reported by the Chicago free emThe Reo Motor Car Co. on Feb. 23 introduced four new
ployment offices whose statements show that 283 workers applied for every
models of its Speedwagon line and in addition made price
100 jobs in comparison with 192 in December. In January 1927 the
ratio was 290. During the past month fewer jobs were offered than in reductions ranging from $40 to $260 on seven of its estabany January following 1923, and fewer workers' names appear than in lished Speedwagon models. Prices now range from $895 to
any January in the last four years.
$2,150 on 13 models.
Cicero.
-A decline of 3.3% in factory employment has resulted in conThe new models include a one-ton with 138-inch wheel
siderable unemployment in Cicero. The extent of unemployment is shown
by the free employment office ratio, which indicates that 255 job seekers base, a standard Speedwagon with 148-inches wheel base,
available for every 100 jobs open. Since the present unemployment
were
a master with 164-inch wheel base and a heavy duty dump
situation is due largely to a decline in metal employment, the upward
seasonal movement which normally begins in February should reduce the chassis with 130-inch base.
number of unemployed within the coming month.
Dcmrilla-Reports from Danville are in general agreement that industrial
January Automobile Production Shows Increase.
conditions are comparatively favorable. A gain of 6,8% is reported by
the twelve leading manufacturers, and a ratio of 163 applicants per 100
January production (factory sales) of motor vehicles in
jobs is reported by the free employment office. In one instance 90 names
have been added to the payroll of a metal manufacturer, and in the the United States, as reported to the Department of Commajority of establishments working forces are generally as large as they merce, was 225,039, of which 199,032 were passenger cars
were in December. From the standpoint of the outdoor worker, conditions and 26,007 were trucks, as compared with 133,547 passenger
are less favorable, except in coal mines. Brick yards are laying off
cars and trucks in December and 238,926 in January 1927.
help according to free employment office reports, which also indicates
The table below is based on figures received from 161
that farmers have no jobs to offer at this time.
Decatur.
-Decatur is experiencing its usual January decline in factory manufacturers in the United States for recent months, 49
employment. Owing to unfavorable weather, outside work has also bemaking passenger cars and 130 making trucks (18 making
come more scarce. The iood industries are largely responsible for the
drop in employment, although there is evidence of a downward trend in all both passenger cars and trucks). Figures for passenger
lines, except the metal and clothing industries, which have made decided cars include taxicabs and those for trucks include ambulances,
Improvements. As soon as weather conditions permit, the building indusfuneral cars, fire apparatus, street sweepers and busses.
tries are also expected to become more active. In January 231 workers
applied for every 100 jobs, in comparison with 164 in December and 227 Canadian figures have been supplied by the Dominion
In January 1927.
Bureau of Statistics.
East St. Louis.
-Industrial conditions in East St. Louis are favorable
AUTOMOBILE PRODUCTION.
at the present time. Twenty-two leading manufacturers report a 4.0%
(Number of machines.)
gain in employment, which is decidedly more than the usual seasonal increase in this city. Immediate prospects are also very encouraging. A large
Untied States.
Canada.
public construction project is now being planned, and a new steel furnace
Pass.
Passenger
Is being put into operation. According to reports, over $500,000 will be
Total.
Cars.
Trucks. Total. Cars. Truck:.
expended on parks in this city during the coming months.
Joliet-Employment conditions in Joliet have improved during January,
1926.
309,544
31,713
11,781
according to reports from twenty-seven leading manufacturers, whose January
February
364,180
39,058
14,761
statements indicate a very decided improvement in the metal industry. Ac- March
434,470
17,989
46,900
to free employment office records, however, there is a large sur- April
cording
441,307
17,929
51,474
421,184
21,429
45,867
plus of unemployed workers at the present time, so that jobs will prob- May
387,900
44,192
18,818
ably not be very abundant for some time to come. In January 243 people June
July
359,275
12,953
39,587
applied for every 100 jobs.
August
426,606
43,955
12,778
Peoria.
-Conditions in Peoria are less favorable this month than they September
395,687
12,624
43,485
334,421
10,595
41,859
were in December. The free employment office ratio of 343 applicants per October
November
256,301
6,774
33,882
100 jobs indicates that unusual difficulty is being experienced in the placing December
167,924
6,052
28,074
of workers, many of whom lost their jobs during January because of a
Total (year)
4,298,799 3,808,753 490,046 205,092 164,483 40,609
further decline in industrial employment. The present drop cannot be
interpreted as seasonal because the usual January movement is upward. In1927.
dications are, however, that the present dullness is merely a temporary situ- January
238,926
199,650
39,276 15,376 11,745 3,631
*304,783
264,171
*40,592 18,855 14,826 3,829
ation, and that the future will bring a decided improvement. The metal February
March
*394,438
345,911
*48,525 23,250 19,723 3,527
industry, which is largely responsible for the reversal of the usual April
*404,745
357,009
*47,736 24,611 20,890 3,721
January movement, is becoming more active and should show a decided May
404,099
357,148
46,951 25,708 21,991 3,717
321,959
278,728
gain in the coming month. A leading statistical organization reports that June
43,231 19,208 16,470 2,738
July
268,474
236,866
31,608 10,987 8,719 2,268
business prospects are excellent in this community.
August
308,807
274,378
34,429 12,526 10,139 2,387
Quincy.
-Three and nine-tenths per cent, fewer workers are reported by September
*260,379
226,440
*33,939 11,262 8,681 2,581
*219,711
fifteen leading Quincy manufacturers. The free employment office reports October
183,041
*36,670 7,791 6,236 1,555
*134,409 *109,756 .24,653 6,617 5,173 1,444
that the ratio of applicants per 100 jobs has increased from 179 in De- November
December
*133,547 *106,079
*27,468 3,435 2,277 1,158
cember to 222 in January. Although the largest declines are reported
Total (year)
In the leather products industries, the riduction of working forces has
.3,394,255 *2,939,177 *455,078 179,426 146,870 32,556
been a general policy which has been followed in the majority of com1928.
periods in previous years. Sufficient construction work has been January
parable
995 020
100 11.1 3
,
OR IV,
0 Aft')
A 105
1 7M
planned to give work to a considerable number of men as soon as weather
•Reported by Dominion Bureau of Statistics.
conditions permit.
Rockford.
-Industrial conditions in Rockford have been rather quiet during January. Manufacturers' reports indicate a 1.1% decline in employGain in Building Construction in Illinois in January.
ment, and the free employment office ratio increased from 123 in DecemThe estimated value of buildings to be constructed in
ber to 134 in January. Statements regarding the immediate future, however, are very optimistic. The metal industry has received some large Illinois has gained $4,015,239
over December, according
orders which guarantee employment for a considerable number of workers,
and improved business is reported in the furniture industry. According to a statement issued by the Bureau of Labor Statistics of
to both the free employment office and, the welfare association, a con- the Illinois Department of Labor. The Bureau states that
siderable gain must take place before outside workers are needed in this most of the pickup is due to an
increase in the estimated
community.
Rock Island-Moline.
-Reports from leading farm implement industries construction cost of large non-residential buildings, alIn this locality indicate that a further gain has been made in January. though a gain in the value of residential construction is
Other industries have been less favorable in their reports, which generally noted. The present upward
movement may be contrasted
show fewer workers than in January. The free employment office ratio
of 156 workers per every 100 jobs indicates a decided improvement over with a drop of $5,825,000 in total estimated value of builda month ago, although the figure is slightly higher than in January, 1927, ings to be constructed in Jan., 1926, and a decline of
when 139 workers asked for every 100 jobs.
$6,298,000 in Jan., 1927, when residential construction sufSpringlield.-Industrial conditions in Springfield have been very quiet
during January. The free employment office ratio indicates that the placing fered a sharp reduction. Continuing the Bureau says:
of workers has been very much more difficult than last month or in any
The present movement is due to a general gain throughout the state,
January following 1923. There are lines of activity, however, which have which was especially great in the metropolitan area, centering around
made a decided improvement. Metal establishments report more workers Chicago. In Chicago proper a gain of $4,203,000 is noted, most of which
than in December, and coal mines in the district have added a considerable is due to a pickup in non-residential construction.
number of men to their forces.
Evanston continues to report increased building operations. In
Sterling-Rock Falls.
-A further gain of 6% is reported by thirteen manu- January permits for buildings with an estimated cost of $1,361,900 were
facturers in the Sterling-Rock Falls district. In the food group, 33 names issued. This figure compares with $1,316,000 in December, and $832,have been added to the payroll of a single manufacturer; and, in metals, 750 in January, 1927. Berwyn comes second with a program including
additions are reported in the majority of instances. Reports of farm im- the construction of $631,700 of new buildings, most of which are to be
used as residences. Other centers within the metropolitan district to
plement and wire establishments continue to indicate improvement.
show notable improvement are Highland Park and Glen Ellyn, which
The Bureau observes that while the present rate of unem- have made especially good records. The estimated cost of buildings
ployment is very high in Illinois, the January decline is not to be constructed in Highland l'ark is $130,428; and in Glen Ellyn
necessarily indicative of any let-up in business activity. the value is placed at $253,400.
In a few metropolitan districts some falling off is noted in January.
Every year at this time workers are laid off because of in- In Cicero the estimated value of buildings to lie constructed has fallen
ventory taking and internal adjustments which must be from $163,755 in December to $42,675 in January. The present total
is also below
January, 1927 level. The total of $462,660 for Oak
made preliminary to the year's work. The Bureau added: Park indiaates the decline from a month ago, when the reported value of
a
The immediate outlook is quite favorable, since industry normally shows construction permits was $778,310. Wilmette and Winnetka were also
a decided increase in employment in February. The likelihood of a Febru- among the centers to report a decline in building operations during
ary gain in 1928 is increased by general improvement in orders and pros- January.
pects in leading establishments of many major groups, notably iron and
Outside the metropolitan area Waukegan stands foremost with a
steel, farm implements, and printing.
$272,100 building program. This total represents a gain of $146-450

FEB. 25 1928.]

FINANCIAL CHRONICLE

over December. According to the report, 46 new buildings are to be
constructed, 24 of which are to be used as homes.
The second largest total in the non-metropolitan area was reported in
Decatur. According to the report, buildings with an estimated cost of
$174,100 are to be constructed. Last month only $48,075 of buildings
were being planned.
Other centers to report decided gains are East St. Louis, Elgin and
Springfield, the last of which has gained from $54,245 to $127,630.

1119

while the company asserted it will operate without the contracts if necessary, even though this might mean closing down of some factories.

Cuban Sugar Decree.
From the "Wall Street Journal" of Feb. 16 we take the
following Havana advices:

Details are furnished in the following table:

Promedios in President Machado's decree are to be fixed on an average
of three basic principles which include average price of sugar on the New
York market, operation of college of brokers in Cuba and sales realized by
the national export corporation.
Sales in the United States are to be handled by the Cuban Consul General
in New York who will engage the services of reliable brokers as statistical
Total.
experts to gather daily reports of sales of Cuban sugar in that market, on
January 1928.
December 1927.
Jan. 1027. the basis of 96 polarization, taking into account sales and amounts with
prices paid and receiving daily cable reports of sales made in Cuba for shipNo.
No. Estimated Estimated
Estimated
ment to New York. These sales will be compiled each month and mailed
Billgo.
Cost.•
Cost.
Bldgs.
Cost.
to the Secretary of Agriculture in Cuba, and be reduced to f. o. b. Cuba,
1.760 .532,349,036 1,812 528,333,797 826,038,945 this being the first partial basis.
Domestic brokers in Cuba will be compelled to file daily reports of sales
1,012
27,610.645 1,000 23,413,202 22,829,285
.52
49
224,400 whether for domestic consumption or export. Sales of the export cor631,700
167,000
102,620
15
30
35,140 poration to foreign ports, whether to the United States or elsewhere, will
52,650
163,755
9
12
162.470 be reported to the Secretary of Agriculture, who heads the Promedio
42,675
Com1,361,000
832,750
1,316.750
54
80
16
253,400
76,800
9
11,800 mission, with prices received being the third basis. These three basic
averages with amounts an dprice will be calculated to furnish promedios
13
130,425
6,350
9
151,800
50,275
20
111,600 to be paid to colonos.
53,675
17
186.785
462,660
778,310
38
35
All loses sustained by the export corporation on sales during the present
49,100
83,320
6
16
61,600
11
123,650 year, at prices below the average of two first bases' average, will be made
242,700
258,850
28
up to mills by the export corporation which will pay this out of subvention
84,095 furnished by the government. Loss will be considered as expenses of
248,095
18
45
74,025
24,000
6
13,000 propaganda
20,000
6
for the year, all averages and prices being f. o. b. Cuba basis.
1
1,000

NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN ILLINOIS CITIES IN JANUARY 1928 BY
CITIES, ACCORDING TO KIND OF BUILDING.

Cities.

Whole State
Metropolitan Area
Chicago
Berwyn
Blue Island
Cicero
Evanston
Glen Ellyn
Highland Park
Maywood.
Oak Park
Wilmette
Winnetka
Non-Metropolitan
Aurora
Bloomington
Canton
Danville
Decatur
East St. Louis
Elgin

_7
68
39
94
3
16
25

Joliet
Moline
Murphysboro
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan

8
26
47
47
7
20
22

21,200
48,075
135,085
153,590
29,000
154,800
80,740

50
10
49
25
58
46

Freeport

19,878
174,100
144,291
164,250
5,750
37,150
38,689
146,200
21,850
148,903
41,190
127,630
272.100

55
27
109
48
26
33

238,925
49,015
312,645
240,600
54,245
125.650

Residential
Buildings.

Non-residential
Buildings.

January 1928.
Cities.
No. Estimated
Illdgs.
Cost.

18,000
133,950
56,036
45,100
155.700
152,900
21,501
3,500
89.825
22,268
157.735
114,690
101,490
150.375

Add., Alta., Repairs, Install.

January 1928.

January 1928.

Families
Prorided
for
house- No. Estimated No. Estimated
keeping Bldgs.
Cost.
Bldgs
Cost.
Dwellings.

796 $21,310,428 3,244
Whole State
410 $9,721,147 534 $1,263.786
Metropolitan Area
526 18.298,300 2,753
Chicago
193 8,423,445 293
894,900
Berwyn
29
619.000
111
21
9.700
2
3,000
6
38,300
Blue Island
6
6
13,300
3
1,050
34,000
Cicero
6
2
7,275
1
1,400
22
Evanston
494.000
21
19
832,600 13
35.300
12
Glen Ellyn
125,800
12
3
125,600
1
2.000
7
119,000
highland Park__ _
7
4
1,125
2
10,300
Maywood*
•
•
•
14
406,500
14
Oak Park
75
33.685 10
22,475
4
Wilmette
61,000
4
2
600
Winnetka
5
180,500
25
5
61,900
1
300
Non-Metropolitan
10
58,000
Aurora
10
3
1,375
5
14,650
Bloomington
2
10,000
2
1
1,000
3
9,000
Canton
4
Danville
4
10,478
3
9,400
24
120,900
I)ecatur
24
32
38,150 12
15.050
15
78.450
27
East St. Louis
15
57,181
9
8,660
13
62,600
16
Elgin
14
5,200 67
96,450
Freeport
3
5,750
5
33,000
5
Joliet
1
600 io
3,550
31,500
Moline
8
7
1,783 10
5,406
Murphysboro
91,000
18
Peoria
7
17,550 25
37,650
4
9,800
4
3
Quincy
10,350
3
1,700
15
68,500
23
Rockford
19
42,903 15
37,500
5
19,000
5
2
Rock Island
200 18
24,990
18
91,800
18
25
Springfield
20,775 , 15
15,055
24
249,000
Waukegan
60
9
9,100 13
14,000
Complete total figures exceed detail figures by 20 buildings and $53,675 es•
timated cost, since classified figures are not available for Maywood.

18

Typographical Blunder in Article Regarding International
Raw Sugar Producers and American Sugar Refiners
President Nutt of Union Trust of Cleveland Made No
Remarks Regarding Sugar Situation-The Hawaiian
Sugar Industry.
Our attention has been drawn to a mix-up in the type
of two news articles appearing in our issue of Jan. 21, 193.
In one of these articles, on page 323, under the head "Survey of Industry by Sherman Corporation, Etc." we quote
some observations on business by J. R. Nutt, President of
the Union Trust Company of Cleveland; only two paragraphs comprised the views expressed by Mr. Nutt, but the
compositors in making up the pages tacked on the tail end
of another article, so that Mr. Nutt was made to appear as
entering upon a discussion of the sugar industry. As a
matter of fact that portion of the article on page 323 relating to the sugar industry was a continuation of the article
published on page 334 of the Jan. 21 issue, under the caption "Lamborn & Co. on Situation of International Raw
Sugar Producers and American Sugar Refiners at Close of
1927, Etc." The coupling of the latter portion of that
article with the one on page 323 is one of those unfortunate
happenings which it seems impossible to guard against in
the early morning hours on Saturday (when the greater
part of this publication is sent to press) no matter what
precautions may be taken. We learn that our error in
joining together parts of two widely different articles
brought to Mr. Nutt a letter from Jared G. Smith of Honolulu, in which the latter takes exception to the remarks on
the sugar industry which were erroneously attributed to
Mr. Nutt. This letter we give herewith in full because it
contains an interesting discussion of the Hawaiian Sugar
Industry:

Mr. J. R. Nutt,
President, Union Trust Company,
Cleveland, Ohio.
Cuban Sugar Crop Taken-Export Commission Sells Dear Sir:
I note with interest a quotation from your report to the Sherman
Last of Foreign Allotment.
Corporation, Engineers, published in the "Financial Chronicle" (New
York), Jan. 21, page 323:
The following is from the New York "Times" of Feb. 22
:
"As examples of the results of co-operation among producers in
The Export Commission authorized under the sugar stabilization plans
single countries, we might mention that the Hawaiian Factors,
promulgated by President Machado of Cuba has sold the balance of the
Ltd.," etc.
600,000 tons allotted from the new crop to countries outside the United
There is no such corporation as Hawaiian Factors, Ltd.
States, according to advices received in the trade hero yesterday. The
Forty-eight independent and separate sugar plantation companies and
amount sold yesterday was 225,000 tons and among the buyers were the more
than 300 individuals are members of the Hawaiian Sugar Planters'
Czarnikow-Itionda Co. and Niinford Louder & Co. Prices paid were from
Association. This is purely an association, without capital stock, not
2.38 to 2.41 cents f.o.b. Cuba, or about the same as were paid for the an enterprise for
profit, but influential and powerful because composed
375,000 tons previously sold.
of a membership closely knit through the bonds of mutual interest.
Under President blachado's plans, the coming Cuban cane crop is reThe annual meetings of the H. S. P. A. are open to the public and
stricted to 4,000,000 tons. Of this amount 3,050,000 tons is to be sold partake
of the nature of, say, the annual conventions of the Ohio Wool
here through the usual channels. The 600,000 tons allotted and sold for Growers'
Association, and the many industrial and vocational associathe use of other countries cannot be sold here.
tions throughout our land where men in the same line of business get
together to promote their own best interests.
The plantation members of the E. S. P. A. voluntarily assess themBeet Sugar Conference on Prices Ends without
selves a definite tax per ton of sugar each produces, for the support of
Agreement Breaks up.
mutual services; an agricultural experiment station and research laborThe "Wall Street News," in special advices from Denver atories, costing $350,000 annually; a welfare bureau, devoted to practical betterment of the living conditions among plantation laborers; an
Feb. 16 stated:
inspection bureau covering sanitation, boiler inspection, safety appliConferences which have been in progress between the Great Western ances, etc.; a labor bureau, to obtain labor supplies;-all these
activSugar Co. and representatives of the beet farmers concerning provisions ities managed by a secretarial administrative staff directed by the board
of the 1928 beet sugar contract have ended without agreement. The of trustees of the H. S. P. A.
company offered a minimum guarantee of $7 per ton of beets which would
All these functions are purely co-operative. The "H. S. P. A." does
not control the industry. It is the industry.
be increased 40 to 50c. a ton, depending upon the level of sugar prices.
What you may have had in mind was the Sugar Factors Co., Ltd.
The farmers demanded 22 to 32c. more than the company was willing
The Sugar Factors Co., Ltd., capitalized at $200,000, all of the capito pay. A statement issued on behalf of the farmers said the contract
to the various individuals and organizations for action, tal invested in bonds, is a service corporation only, its main functions
would be taken




1120

FINANCIAL CHRONICLE

being to keep and compile the statistics of the Hawaiian sugar industry, and allocate the shipment of sugar to California.
It is operated out of the income from its investments. Its stock is
owned by the plantation companies. The company pays no dividends,
neither buys nor sells, does not enter into contracts, has no executive
functions and exercises no control other than to maintain a fair and
equitable outflow of the raw sugar produced by the 42 sugar mills (some
plantations have no mills). It receives no fees for its services and
has no income other than that derived from the investment and reinvestment of its capital stock, now grown to several times the original
$200,000.
As the Sugar Factors Co., Ltd., is the authoritative and official
mouthpiece concerning the statistics of all sugar shipped out of Hawaii,
the assumption that it has the control of the industry is a natural
error.
all
The H. S. P. A. maintains its own statistical service covering
sugar produnced in Hawaii. Our local consumption is around 30,000
per
tons, or 60,000,000 lbs. per annum among 350,000 people-a huge
capita if one forgets that 70% is used in the pineapple canneries and
other manufacturing industries.
own
Under the Hawaiian industrial system, the producer sells his
unproduce to the ultimate consumer. The isolation of the islands
doubtedly compelled the adoption of this method of transacting busiyears.
ness, for it has been in course of development fully 100
for
It is this fact that makes it so difficult for the mainland refiners,
example, to understand that in Hawaii the farmer, the shipper, the refiner and the salesman are one and the same industrial entity. Elsewhere, the sugar industry is split up into competitive and industrially
antagonistic branches.
In Hawaii, the industry commenced with some hundreds of farmers,
each operating his own crude mill, and each thrown upon his own
resources when it came to selling his product. Buyers went about
from district to district, buying at the mills, or at the landings, or on
the wharf at Honolulu or Hilo.
-more
They had "farmers' luck," in the '40s, '50s, '60s and '70s
failures than successes but they kept at it beuause sugar was a cash
crop. Those who succeeded built their own ships, many a farmer
loading his own cargo and sailing abroad with it to barter it in the
best market and at the best price. They were shipmasters before
they were sugar planters, for that matter.
1The growth of the Hawaiian sugar industry has been an orderly upbuilding and creation since its beginnings in 1834 when Boston exporters in the Hawaiian trade laid out the first commercial sugar
plantation at Koloa, Kauai. They failed because they could get so
laborers.
The farmers grew their own cane, manufactured it, shipped and sold
it, at a profit if they could. They became their own merchants and
their own bankers. Their isolation threw them upon their own resources and led to the development of initiative and confidence. It
made them world•traders.
Disasters, such as the almost complete destruction of the Hawaiian
merchant marine during the Civil War when a Confederate cruiser sunk
and burned every ship in the Pacific, flying the Hawaiian flag, to check
their blockade running proclivities; the introduction and epidemic
spread of cane diseases and crop pests; or political obstacles such as
embargoes and prohibitive tariffs, forced the Hawaiian sugar planters
to get together and learn how to co-operate while maintaining complete
financial independence.
They organized a Labor & Supply Company in 1880-'81, the forerunner of the Hawaiian Sugar Planters' Association. Except in getting labor for their cane fields, there was just about the same amount
of co-operation between individual plantations up to 1904 as one finds
among the members of any other industry, no morel Co-operation was
talked but there was keen cut-throat competition among them.
In 1903, a hitherto unknown insect pest appeared throughout the
islands, reducing the crop 70,000 tons of commercial sugar that one
year. In 1904, the H. S. P. A. commenced to function for the first
They
since its organization as a genuinely co-operative organization!
were scared into it.
the
The closely knit Hawaiian Sugar industry dates, really, from
leaf-hopper epidemic of 1903.
have built the great fleet of
Since that date, the Hawaiian planters
subsidiaries; the
ocean carriers, the Matson Navigation Co., with its
California & Hawaiian Sugar Refining Corp.
a thorn in
The latter, which your eastern refiners have considered
sugar companies to
the flesh, is owned and operated by 33 Hawaiian
companies profit through
refine and sell their own raw sugar. These 33
sugar than they did
receiving uniformly higher prices for their raw
York market.
formerly when they sold their raws in the New
their raw sugar to other
There are 19 plantations which still sell
plantations, or "farms,"
refiners. There are a number of "one-man"
as well as corporations.
or the "marketing
The Hawaiian viewpoint is that "the refinery"
or "sugar fleet are each
organization" or "plantation" or "sugar mill"
heir own industry,
merely stations in the sugar industry as a whole-t
every unit of which they have, themselves, created. 1898 a Treaty of
In
Then, of course, there is the political phase.
Hawaii and the United
Annexation was ratified between the Republic of
Its Organic Act,
States of America and Hawaii became a Territory.
Hawaii a political status
enacted by the Congress at Washington, gave
Territories and full
intermediate between that of the other mainland
statehood as enjoyed by Ohio, say, your own state.
privileges never acHaving been a Republic, Hawaii was granted
Hawaii has been an
corded the continental Territories. Since 1898,
"dependency" nor a "posintegral part of the United States, never a
ours, not "theirs,"
session". The Constitution of the United States is
our American sugar
as so many leaders in the competing branches of
proportionate share of the
industry are prone to speak. We bear our
all federal laws.
cost of the federal government and are amenable to
neither askThe Hawaiian sugar industry is an American industry, preponderatsingle nor
ing nor receiving special benefits. There is no
stocks of 23 sugar
ing control of sugar production in Hawaii. The
listed on the
producing companies and the bonds of 19 companies are sugar comHonolulu Stock and Bond Exchange; six other Hawaiian and several
panies are listed on the San Francisco Stock Exchange, stockholders
20,000
are traded on the New York curb. Upwards of
own these American sugar companies.
of mainland and
For that matter, there are large Hawaiian holdings
as well as in the
Cuban or Porto Rican or Philippine sugar companies,
mainland Exchanges.
full range of securities listed on the great
community, and
In other words, this is an average American business
coffee, Hawaiian
the Hawaiian sugar, Hawaiian pineapple, Hawaiian
enterprises are managed
cotton, Hawaiian cattle or other industries and




[VoL. 126.

and operated and conducted on identical lines with all other American
industries. Some succeed and make profits. Others fail or make
deficits.
Our business men are as shrewd and conservative as those in any
other American self-made industry or in any commonwealth.
Hawaii happens to be 2,100 miles distant from the mainland and
has the natural insularity of a small country so situated; and is,
geographically, just at the edge of the Tropics.
That is all the difference there is between Hawaiian sugar and
Louisiana, Colorado, California or Michigan sugar or the sugar produced in Cuba and refined along the Atlantic and Gulf.
Respectfully,
JARED G. SMITH,
Financial Editor,
Honolulu Advertiser.

New Low Levels Reached This Week on the New York
Rubber Exchange-Prices Now Lowest Since 1924
Break in Market of About Ten Cents a Pound in
Thirty Days.
New low levels have been established on the Rubber
Exchange during the week, and prices are at the lowest level
since 1924 states the F. It. Henderson Corp. of this city in
their weekly market letter, dated Feb. 24, which we quote
further:
To-day the market is In an extremely uncertain mood, and Is apparently
trying to find a resting place after recent disturbances. When we consider
that the recent break in the market, while amounting to about 10c. per
pound, has covered a period of nearly 30 days, we can better appreciate the
value of the Rubber Exchange. In previous years, when sudden announcements affected the market, either on the "bull" side or the "bear" side,
movements were not only more violent, but would take place in a few days.
even
At no time in the recent decline has anything but order prevailed;
the downward
with the heaviest selling, speculative covering has checked
to get out
course In such a manner as to give everyone ample opportunity
feature in
of their commitments or to hedge their position. An interesting
for future delivery
the past week was the sale of quite a quantity of rubber
believe a number of our American
for account of a foreign manufacturer. We
inventory.
manufacturers similarly used the Exchange to hedge surplus
The statistical position of rubber is being ignored at tho momont, because
itself after
the market is largely discounting a position which will only show
voluntary
restriction is abandoned. It is quite likely that some sort of
have little faith in the success of such
restriction will be attempted, but we
composed of too
an undertaking, because the rubber-producing industry is
production,
many individual companies. In the first place, and the native
any plan
particularly in the Dutch East Indies, is on such a scale that before
of its operation will probably
could be successfully worked out the need
have passed.
loft to the
We still believe that the entire industry would be better off if
of
law of supply and demand, and we incline to believe that a broadening
Exchange will largely contritrading operations on the New York Rubber
that to-day's
bute to the maintenance of a reasonable level. It would seem
price level is very close to a healthy one

The following statistics were also given out by the F. R.
Henderson Corp. on Feb. 24:

Stocks in London show a decrease of 1,176 tons, leaving the total.
63,769 tons. A further decrease of 1,000 tons is expected this week.
estiArrivals at New York, February 1st to February 23rd inclusive, we
mate at 19,900 tons.
Exports from the restricted areas of Malaya during January were 13,633
tons, against 14,600 in December. and 21,034 in November.
The carry-over of unused coupons as of February 1st, amounts to 10,459
tons, an increase of 1.500 tons in the carry-over of November 1st.
Prices for the week are shown at the following level:
Feb. 24.
-Feb. 18-24Feb. 17.
Close.
Low.
High.
Close.
28.40
30.90
Nom.
30.50
February
28.20
27.60
31.00
30.60 Bid
March
28.30 Nom.
27.80
31.10
30.90 Nom.
April
28.40028.60
27.90
31.80
31.30031.40
May
28.50 Nom.
23.50
31.80
31.40 Nom.
June
28.50028.60
28.00
31.90
31.40031.50
July
28.60 Nom.
28.60
31.90
31.50 Nom.
August
28.60028.70
28.10
32.10
31.50
September
28.70 Nom.
31.90
28.70
31.50 Nom.
October
28.70 Nom.
28.70
31.96
31.50 Nom.
November
28.70
28.00
32.10
31.50031.70
December
28.80 Nom.
28.80
32.10
31.70 Nom.
January

Premier Baldwin In Reply to Request That British
Rubber Restrictions Remain In Force Until Oct. 31
-Declines to Extend Date at This Time Beyond
May 1.
The British Government has refused a request by the
Rubber Trade Association for assurance that the Stevenson
restriction scheme would be continued until Oct. 31, according to an announcement by Premier Baldwin in the
House of Commons on Feb. 20, said copyright advices from
London that date to the New York "Times." The message
added:
The Premier stated, however, that no change would be made before
May 1, and that when the Government reached a decision on the report
of the committee now inquiring into the matter it would pay full regard
In any public announcement to all British interests involved.
Eric Miller, Chairman of the United Serdang and other big British rubber
companies, recently attacked the Government's pollcy of starting an inquiry.
Opinion as to restriction is not unanimous among the rubber trade.
as was indicated to-day in a statemnt by Edward Bou.stead & Co., one
of the best known firms of rubber merchants.
"We have always regarded restriction in any shape or form unpractical,
unsound and unwise." said the statement, "and from the day when it was
decided to impose the self-denying ordinance on British producers, leaving
the Dutch complete freedom of action, disaster has appeared to us inevitable."
In answer to the question whether communications had passed between
the British and American Governments during the past two months on

FINANCIAL CHRONICLE

FEB. 251928.]

the rubber restriction scheme, Sir Austen Chamberlain replied with an
emphatic "no."
Arthur A. Baumann, former Member of Parliament and a director of
several rubber companies, in a hotly worded letter to the "London Times"
asks: "By whose advice, at whose instigation and for whose benefit is a
loss of £7,000,000 inflicted on the British rubber industry by issuing the
announcement that an inquiry would be held, in so careless a manner.
New York was given notice a day before the announcement appeared in
the London papers. Ten Downing Street is really unfit to govern the
Empire if it forgers that every American newspaper has a representative
In London,and thus thrusts the scoop of their lives into their hands.
"It is unfortunate for the Government that about a month ago Mr.
Hoover was asking Congress for powers to form a syndicate 'to prevent the
Imminent world shortage of rubber, due to the working of the British restriction scheme'—a shortage which was, and is, the invention of Mr.
Hoover. The day after the announcement Mr. Harvey Firestone sent a
'whoop' across the Atlantic, saying,'The United States have won a great
moral victory.' Is the Republican candidate for the Presidency to wear
in his belt the scalps of the British rubber planters.
"If restriction were removed within the next six months rubber would
fall to eight pence and possibly six pence a pound, as it did in 1922. At
such prices half, if not two-thirds of the rubber companies would be forced
to abandon their estates to the jungle or to the Americans."

1121

Alabama State Superintendent of Bank Asks Bank
Aid in Plan to Reduce Cotton Acreage.
Montgomery advices Feb. 17 to the "Journal of Commerce" stated:
A broadside plea that the acreage devoted to cotton in the South be not
increased is being sent out by C.E. Thomas,State Superintendent of Banks.
He asks that bankers and business men join in the movement to keep the
crop total down.
The statement reads as follows:
"The question of whether or not the South will give to the world an
over-production of cotton in 1928 is going to be answered by the banker,
the business man and the farmer.
"The merchant who makes advances this year to grow cotton is traveling
a dangerous path when he does not hold down the acreage and production.
The banker who advances this year for an increased acreage and increased
production is inviting financial ruin, both for the bank and for the farmer.
The farmer who increases his acreage and production for this year is inviting poverty.
"Remember always the decrease in the consumption of cotton at present;
hold in mind the fact that an increased acreage of from 10% to 25% means
6
,
23 to 3 million bales increase in production. Do not forget that last year's
production per acre was low, which is not likely to happen again this year.'

Views of Dutch Rubber Interests Regarding British
Meat Situation in 1927—Total Meat Production of
Rubber Restrictions.
16,872,000,000 Pounds in 1927 is 373,000,000 Pounds
On Feb. 17 press accounts from London said:
Less than 1926—Decline in Beef Partly Offset by
The London Times has a report from Amsterdam that, although joint
Increase in Pork.
rubber restriction with British interests is favored in some quarters, others
are much opposed to such action and that on the whole it would be premature to anticipate adoption of the plan by Dutch planters, as at first reported in London.

West Coast Lumbermen's Association Weekly Report.
One hundred thirteen mills reporting to the West Coast
Lumbermen's Association for the week ended Feb. 11 1928
manufactured 115,263,963 feet, sold 124,606,439 feet and
shipped 102,202,581 feet. New business was 9,342,476 feet
more than production and shipments 13,061,382 feet less than
production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS
SHIPMENTS AND UNFILLED ORDERS.
Jan, 28.
Jan. 21.
Feb. 4.
Feb.11.
Week Ended—
114
114
111
113
No.of mills reporting-115,283,963 108,857,252 111,291,034 108,842,054
Production (feet)
124,606,439 114,620,916 119,846,875 122,689,793
New business (feet)
96,447,831
102.202,581 108,001,807 109,687,608
Shipments (feet)
Unshipped Business—
160,926.852 154,700,218
170,090.038 167,958.542
Rall (feet)
Domestic cargo (feet)__ _ 128.986,364 112,696,315 119.587,373 122,285,301
114,714.507 107,380,015 108,280,238 102,733,587
Export (feet)
Total (feet)
First 6 Weeks—
Average number of mills
Production (feet)
New business (feet)
Shipments (feet)

413,790,909
1928.
113
605,314,944
651,859,889
580.489.811

388,012.872
1927.
87
447,127,124
481,614,461
423,046,735

388,794,263
1926.
102
475,350,387
565,910,430
516,806,502

379,699,106
1925.
118
559,819,509
517,019,064
564,230,558

Conference at Jackson, Miss.,of

Governors of Southern
Cut in Acreage.
At Jackson, Miss., on Feb. 21, the conference of Governors
called by Gov. Dan Moody of Texas to consider means to
control cotton production favored a reduction of at least 10%
for 1928 as compared with 1927.
As to the action decided upon we quote the following
advices from Jackson to the New York "Times," Feb. 21:
States Proposes 10%

With its first objective a 10% reduction of cotton acreage through the
bankers and credit men of the ten States affected, the South-wide cotton
conference adjourned here this afternoon.
A secondary but simultaneous move was the organization of a Southern
Chamber of Commerce to promote interests related to the cotton-producing
industry. A meeting of a Permanent Organization Committee designated
by the conference is to be held in Memphis within thirty days to hear
reports from two committees, one on Constitution and by-laws and the
other on a general legislative program to be urged on the Legislature of
Southern States.
In a general resolution, summing up the conclusions of the conference,
It was also decided that if the campaign to reduce acreage through the banks
and credit men should fail, the Governors of cotton-producing States would
be asked to call their Legislatures into extra session for the purpose of passing such laws as might be recommended by the conference, or the Southern
Chamber of Commerce.
Congress was memorialized to pass a law prohibiting the Department of
Agriculture from issuing crop reports.
Despite all this, the cotton conference ended its session with many of its
leaders expressing doubt as to what, if anything, had been accomplished.
Cotton-planting time Is not far off, and the first plan adopted for reducing acreage calls for an intensive campaign through the State and regional
banking associations and the credit men's associations.
Delegates from the ten Southern States represented are to go home and
ask their associations to urge on individual bankers and mercantile houses
refusal of credit for cotton growing unless sufficient feed and food are to be
raised also.
The Superintendents of Banks of Alabama and Mississippi favor the proposition. and the delegations from Texas and Oklahoma embodied the
idea in plans advanced on the floor of the conference.
A large minority, headed by State Senator W.B. Roberts of Mississippi,
urged immediate legislation prohibiting any farmer from raising as much
cotton in 1928 as was raised in 1927.
The resolution adopted more or less straddles the two issues by trying to
authorizing the second in case the first
put one into effect immediately and
fails.
Governor Dan Moody of
The meeting was called and presided over by
Texas, and it was the opinion of some that it was a "Moody for Vicediscuss politics at any time
president" gesture, but the Governor refused to
representatives declared that referduring the conference and his personal
delegates were "obnoxious" to
ences to his proposed candidacy made by
thelGovernor.




According to the annual estimates of meat production and
consumption prepared in the Bureau of Animal Industry, the
total production of meat in the United States during 1927
declined 373 million pounds in comparison with the preceding year, the totals being 17,245,000,000 pounds for 1926
and 16,872,000,000 pounds for 1927. The decline, It is indicated, was wholly the result of the restricted supply of
beef. It occurred, too, notwithstanding a substantial increase of 352 million pounds in the pork supply. In other
words, the increase in pork was insufficient by about onehalf to offset the deficit in beef. Actually, the decrease
1%. Lamb
/
in beef amounted to 632 million pounds, or 82
and mutton production was practically the same in both
years. A decline of 200 million pounds in the total meat
available for consumption in 1927, together with the normal increase in population, accounted for a decrease of 31
h,
pounds in the per capita consumption of all meats, which
fell from 142.8 pounds in 1926 to 139.3 pounds in 1927.
The foregoing is brought out in a mimeographed pamphlet
entitled "Meat Production and Consumption in United
States, 1900-1927," which may be had upon application to
the Bureau of Animal Industry, United States Department
of Agriculture, Washington, D. C. The data are presented
in a series of tables, with brief comments, showing the 28
year trend of production, consumption, and foreign trade
for each kind of meat and for all meats combined, together
with a summary of the per capita consumption for the same
period. With respect thereto the Department under date
of Feb. 13 says:
Exports of Meat Continue to Decline—Imports Increase.
The experts of meat continued to fall off in 1927. These exports con.
sist of a great variety of products, although the only really large items
are hams and bacon, which make up about three-fourths of the total.
Evidently the adverse economic conditions abroad have caused the foreign
market to become less and less attractive to United States meat exporters.
There has been a steady decline in foreign shipments of meat in each
of the last four years. The total quantity exported in 1927 was 352
million pounds, which is 113 million pounds or 24.3% below the total
for 1926. Moreover, slightly more than 40 million pounds of these exports were destined for our own non-contiguous territories—Alaska, Hawaii,
and Porto Rico. Needless to say, the total for 1927 compares very unfavorably with 1,005,000,000 pounds which was the amount exported
four years ago, that is, in 1923. Exports of lard, however, have fallen
off but little in recent years, and the aggregate of 717,000,000 pounds
exported in 1927 evidences the unassailable position of American lard in
the world's markets.
Imports of meat, which generally are but a drop in the bucket compared to the total supply, have increased perceptibly in the last two years.
Last year's imports were practically double those of 1926 and three times
as large as those of 1925. Nevertheless, the total of 114,000,000 pounds
imported in 1927 is less than one pound per bead of our population. More
than two-thirds of these imports were beef products.
Beef Situation Is Critical.
For several years the beef-cattle situation has presented the anomalous
condition of a constantly dwindling herd supplying more beef each year.
Such a paradox, of course, could not continue indefinitely, and now that
the turning point has been reached it is all the more difficult to see any
possibility of a rapid upturn in the industry. Slaughter figures show a
gradual rise each year from 6,168,000,000 pounds in 1921 to the highrecord total of 7,458,000,000 pounds in 1926. During this same five-year
Period the total numbers of beef cattle in the country have steadily diminished year by year from 34,755,000 to 25,167,000. The latest estimate
(Jan. 1 1928) shows a still further drop to 23,373,000. All of this
indicates that instead of getting our beef from the natural increase of the
herd we have been consuming the herd itself at an alarming rate.
It is, therefore, not surprising that beef production fell off 626,000,000
pounds last year, and although imports of beef at the same time increased
from 41,000,000 pounds to 82,000,000 pounds, the amount was not sufficient to affect the situation materially. The shorter supply of beef

1122

FINANCIAL CHRONICLE

[VoL. 128.

naturally caused the per capita consumption to suffer a sharp drop were operated at some time during the month, compared
during the year from 63.4 pounds to 58.0 pounds.
with 31,715,338 for December, 32,269,478 for November,
The production and consumption of veal in 1927 followed a similar
September,32,239,246
trend to that of beef, although the changes appear less pronounced owing 32,497,504 for October,32,343,454 for
for August, and 32,635,706 for January 1927. The aggreto the much smaller qauntity involved.
gate number of active spindle hours reported for the month
Opportunity for Increase in Lamb Production.
Conditions in the beef-cattle industry seem to offer an opportunity for was 8,259,455,529. During January. the normal time of
sheepmen to help fill the breach in the meat supply. Apparently they operation was 25 , fays (allowance being made for the
6
are making full use of the emergency since it is known that more lambs
Day in some localities) compared
are now on feed in the great sheep-raising regions in the West. Con- observance of New Year's
4
sidering the small part hitherto played by sheep in furnishing our meat, with 26 for December, 253 for November,253 for October,
it seems fitting that there should be a substantial increase in the present 2534 for September,and 27for August. Based on an activity
consumption of lamb and mutton in the United States.
per day the average number of spindles operIn this connection it may be of interest to make a comparison with of 8.78 hours
some other countries. For example, despite the proverbial "Roast beef ated during January was 36,890,685 or at 101.5% capacity
of Old England,a' there is known to be a strong partiality in that country on a single shift basis. This percentage compares with
for mutton also. In fact, an Englishman would very likely be astounded
December, 107.2 for November, 105.3 for October,
at the small use which is made of lamb and mutton in the American 94.3 for
meat dietary. From records in the department showing the proportions 107.0 for September, 103.5 for August,and 102.0 for January,
of beef, mutton and pork consumed in the principal countries of the world, 1927. The average number of active spindle hours per
one finds that, so far as lamb and mutton are concerned, Australia heads
place for the month was 227. The total number
the list with 28%, New Zealand has 20%, United Kingdom 19%, Argen- spindle in
tina 9%, France 7% and the United States only 4%. Thus the English of cotton spinning spindles in place, the number active, the
speaking people in Europe and Australasia consume about five times as number of active spindle hours and the average spindle hours
much lamb and mutton in proportion to other meats as we do in the
per spindle in place, by States, are shown in the following
United States.
increase each year in the production totals of statement:
There has been a slight
Iamb and mutton since 1922. But the increase has been little more than
Active Spindle Hours for Jan.
Spinning Spindles.
enough to keep pace with the advancing population and so hold the per
capita consumption at about a stationary point. Production and conAverage per
Active
In
State.
pounds, which yielded a per capita
sumption in 1927 totaled 645 million
Spindle
Total.
Dazing
Place
in Place.
January.
Jan. 31.
of 5.4 pounds. Foreign trade in mutton products in recent years has been
negligigle.
308
Cotton Growing States__ 18,424,666 17.871,158 5,671.558,227
Pork Production Increasing.
143
16,280,696 12,410.566 2,323.093,631
New England States
161
264,803,671
1,416,162
1,643.768
It may be recalled that the latest high peak in pork production occurred All other States
273
433,134,724
1.520,696
1,687,842
in 1923 and 1924. In this case the peak was the highest ever experienced, Alabama
196
221.621,318
1,057.882
1,131,496
Connecticut
and a considerable reaction therefrom was inevitable. However, after a Georgia
305
935,126,467
2,980,552
3,061.112
152
170,471.052
904.086
1,124,168
moderate decline for two years, pork production was again on the up- Maine
130
7,444.066 1,312,320,845
10,111,846
swing in 1927. A further increase of marketings in the near future Massachusetts
286
50,108,800
159,102
175,402
Mississippi
may also be expected from the department's latest pig survey, which New Hampshire
157
222,614,394
1,057.796
1,418,638
169
63.915,446
375,060
indicated a considerable increase in the fall pigs of 1927.
378.660
New Jersey
146
125,495,317
691,058
860.280
Total production of pork, not including the lard, in 1927, amounted New York
320
5,983.510 1,989,654.650
6,209,292
which was 352,000,000 pounds, North Carolina
to slightly more than 8% billion pounds,
158
370,089,854
1,829,832
2,349,740
Rhode Island
324
or 4.3%, in excess of the total for 1926. Total production of lard in South Carolina
5,402,800 1,771,882.775
5,461.614
302
183.038,988
579,586
602,440
1927 was 2,356,000,000 pounds, which was also a slight advance on the Tennessee
266
72,702,844
245,956
274,000
Texas
figure for the preceding year.
217
154,837.333
685,846
714,038
Virginia
The least satisfactory feature of the hog situation is the continued All other States
205
182,350,722
780.048
888,562
falling off of the exports, particularly of hams and bacon. Exports of
227
36,349.130 31,697,876 8,259,455,529
United States
pork in 1927 were 316,000,000 pounds as compared with 425,000,000
pounds in 1926, and 549,000,000 pounds in 1925. This is a falling off
of 22.6% in 1926 and 25.6% in 1927. However, exports of lard, which
Wear
totaled 717,000,000 pounds in 1927, were practically the same as those of Opening by American Woolen Co. of Men's Fancy
1925, and only 16,000,000 pounds, or 2.2%, less than the total for 1926.
Suitings-Prices Above Spring Level.
Thanks to the consistent demand for lard, the combined exports of all
The opening by the American Woolen Co. on Feb. 23 of
pork products, even in 1927, were the equivalent of approximately 8,000,000
live hogs, at Chicago average weights. This number represents about men's wear fancy woolen and worsted suitings for fall brought
11%% of the total swine slaughter for the year, and gives some idea
prices which were (we quote from the "Journal of Comof the magnitude of the hog-raising industry of the country, as well as
merce") about in line with the values fixed at the recent
of the meat-packing industry, which prepares a multitude of products
from hogs and distributes them to the four corners of the earth. Inci- opening of staple and semi-staple fabrics, averaging as they
dentally, the influence of the Federal meat-inspection service should not
do about 5e. to 12Me. a yard above the levels of the last
be overlooked, since without its guaranty, no meat or meat product would
rise in raw material
be accepted in a foreign country. Its efficiency is now so well known spring and fall seasons and reflecting the
throughout the world that American meat products are welcomed in every costs during the past twelve months. The paper quoted
foreign market. American consumers may be reminded, too, that the added in part:
inspection is just as critical for meat and products entering domestic trade
The lines opened yesterday comprised fancy worsted suitings In Departas it is for those shipped overseas.
ment 2,fancy woolen suiting!in Department 3,uniform, gaiter and specialty
Per Capita Consumption Palls Slightly.
cloths in Department 6 and fancy worsteds and fancy woolens in Departon fancy woolens, but the
For purposes of comparison there is here presented the detailed per ment 7. It is impractical to make comparisons
change on some fancy worsted numbers in decapita consumption of the various kinds of meat for the last three years: ollowing table shows the
of the general trend:
partments 2 and 7 which may be indicative
192.5.
1926.
1927
Lbs.
'Product
Lbs.
DEPARTMENT 2 (FANCY WORSTEDS).
Lbs.
Beet
62.1
63.4
Advance
Spring
58.0
Fall
Veal
8.2
in Cents
8.7
74
1928
Less
1928
Lamb and mutton
5.2
5.
per Yd.
Net.
5.4 Shawsheen Mill(DD)Net.
3%.
Port (except lard)
67.6
65.7
5.2
52.228
68.5
52.280
$2.35
Style 9039-12-1234 oz
_
Arden Mill (E)
143.6
Total meat
5.3
142.8
2,430
139.3
2,483
2.56
Style 9100-13 oz
7.7
2.678
2.755
2.84
Style 9103-153-4 oz
ard
13.2
13.5
13.8 Manton Mill (Q)
5.0
2.475
2.525
2.60
Style 9181-13 oz
DEPARTMENT 7(FANCY WOOLENS AND FANCY WORSTEDS).
Storage Stocks of Poultry and Eggs Less Than Year Ago.
Advance
Fall.
Fall
in Cents
1927
1928
Less
Smaller storage holdings of poultry, eggs, cheese and apples Beoll Mill (F)per Yd.
Net.
Net.
3%.
52.925
52.998
7.3
53.06
Feb. 1 compared with Feb. 1 a year ago, and increased supStyle 2806-1315 oz
(0)
4.0
2.520
2.560
plies of butter, meats and lard are reported by the Bureau Globe Mill
2.67
Style 968-133-5-14 oz
2.835
8.5
2.920
3.01
Style 969-151-4-16 oz
of Agricultural Economics, United States Department of
3.9
3,308
3,347
3,45
Style 978-14-143-4 oz
8.2
3.570
3.488
3.68
Style 979-15-1534 oz
Agriculture. Total stocks of poultry are placed at 117,972,Puritan Mill (N)
10.0
2.500
2.600
2.68
000 pounds compared with 145,076,000 pounds on Feb. 1
Style 872-15-1534 oz
12.7
3.263
3.390
3.49
Style 900-16 oz
1927; case eggs at 25,000 cases against 253,000 cases a year
The first column shows prices on a regular basis, terms 3-30, 1-60 or
cheese 41,693,000 pounds against 46,- net-4 months: the second gives the net basis, and the third the'net of last
ago, and American
026,000 pounds. In announcing this Feb. 16, the Depart- Spring or Fall, when the terms were 10-10 (or 30), 8-60, or 7-4 months.
Present terms also carry season's dating, June 30, so that tho average
ment says:
clothier has an extra 20 days to pay his bills when compared with the preThere were 1,254,000 barrels of apples in store on Feb. 1 this year as vious terms. Then, too, there's an extra discount for volume purchases,
against 3,178,000 barrels last Fe ,ruary, and 9,806,000 boxes compared ranging from 1% for $30,000 up to 7% for $600,000 In Departments 2, 3
with 10,435,000 boxes. Holdings of 2,321,000 bushel baskets of apples and 7, and 31,800,000 in Department 1 (staples).
are reported for Feb. 1 against 2,037,000 bushels last February.
Low Priced Woolens.
Total stocks of creamery butter Feb. 1 are placed at 28,296,000 pounds
against 17,952,000 pounds last year: meats 794,319,000 pounds against
While the prices given above show the trend in better grade fabrics it
750,563,000 pounds, and lard 83,780,000 pounds against 69,576,000 pounds. is said in some quarters that low priced goods are even more sharply advanced, though the weight of the cloth is another material element in
figuring comparisons. On the average, however, it appears that the
Activity in the Cotton Spinning Industry for
advance is Sc. to 10c. a yard, or from 2 to 5%, which represents the higher
January 1928.
cost of wool and yarn to the mills.
The lowest priced cloth in woolens is Ounegan's No. 9460, a 13-oz.
The Department of Commerce announced on Feb. 20 that
cotton-warp fancy, priced at 90c. a yard (less 3%), and another cheap
preliminary figures compiled by the Bureau of number Is Forest's No. 9523, 1334 to 14-oz. all-wool fancy, at 93c. The
according to
Census 36,349,130 cotton spinning spindles were in place best quality woolen Is Yantic's No, 9473, 12 to 12%-oz., at $1.99 base.
on Jan. 31 1928, of which 31,697,876 with additions for decorative, effects in silk and rayon.

in the United States




FINANCIAL CHRONICLE

FEB. 25 1928.]

1123

to 44 gravity and above, the top grade, which commands
$1.52 a barrel. Below 32 gravity each grade of oil is reduced
5c. with a minimum rate of 76c. for below 25 gravity. The
new schedule for Gray County crude in the Texas Panhandle
is 60c. a barrel for below 29 gravity with a top price of
$1.16 a barrel. Formerly the posted price was 80c. a barrel
for 28 gravity and below and a top of $1.12 for 44 gravity.
In Wheeler County the new price is 60c. for below 29 gravity
with a top of $1.16. In Carson and Hutchinson Counties
new prices are 60c. for below 31 gravity with a top price of
DEPARTMENT 3 (SUITINGS)-Cont. $1.06. Former price in these three counties was The. a
DEPARTMENT 2.
-Fall 1928Fall 1928
Low. High. barrel on a flat basis. The new schedule for North Central
Low. High.
1.14
Nat'l & Providence Mi11__$2 31 $3137 Ounegan
by the Carter
2.28 Texas brings prices to the same level as posted
1.72
2.77 Vantic
2.03
Ayer
.93
1.10 Oil Co. and others for Oklahoma and Kansas crudes.
2.67 Forest
1.82
Saranac
1.59
1.45
2.97
3.35 Hartland
Fulton
1.80
1.48
2.35
The Ohio Oil Co. on Feb. 23 reduced Illinois, Princeton
2.80 Ray
Shawstwen
1.98
1.82
3.19 Weybosset
2.55
Arden
1.40 and Plymouth crude oils 10c. a barrel. The Standard Oil
1.30
1.92
2.33 Oakland
Champlain
1.79
1.64
2.12
2.60 Lebanon
Manton
oils 1 to 16c. a barrel and
1.49 Co. of Louisiana advanced light
1.30
1.70
2.47 Mascoma
Weybosset
DEPARTMENT 3 (SUITHIGS).
oils 1 to 19c. a barrel in the Homer, Flayensreduced heavy
DEPARTMENT 7 (SUITINGS).
Fall 1928
-Fall 1928- ville, Eldorado, Caddo, Bull Bayou, Chricton and De Soto
Low. High.
Low. High.
$1.36 $2.26
Saranac Mills
$1.73 $3.89 fields.
1.72 Beall Mills
1.33
Webster
3.77
1.95
2.01 Globe
1.78
Pioneer
The Louisiana Oil Refining Co. met the changes an2.42
1.73
1.15
1.39 Sawyer
Sebasticook
354 nounced by Standard Oil Co. of Louisiana and in addition
2.41
1.60
1.88 Puritan
Vassalboro
3.41
1.96
1.02
1.77 Chase
Anderson
2.83 reduced Stephen crude, Arkansas, 15c. a barrel. The
1.76
1.28 Newport
.95
Indian Spring
2.64
1.72
▪
1.55 Moosup
1.30
Kennebec
Gulf Refining Co. and Texas Corp. met the reductions,
with the latter extending heavy grades to 24.9 gravity
Numerous Crude Oil Price Changes Made-Gasoline at 76c. a barrel.
Price Advanced.
Salt Creek crude oil, in Wyoming, was reduced 2 to 15c.
Numerous crude oil price changes instituted in the entire a barrel on Feb. 23, according to gravity, by the Midwest
Mid-Continent area on Feb. 21 are based on the relative Refining Co. The new prices range from $1.01 for 29
values of the various grades of crude oils in terms of market to 29.9 gravity to $1.37 a barrel for 37 gravity and above.
worth of gasoline and fuel oil.
The bulk of Salt Creek output is heavy.
On the Eastern seaboard, a reduction of 10 cents a barrel
The Magnolia Petroleum Co. on Feb. 23 met the Carter
in the price of Diesel oil was announced Feb. 20 by the Oil Co.'s price readjustment in Oklahoma and Kansas for
Standard Oil Co. of New Jersey. The new price will be $2 32 gravity and above, and the Humble Oil & Refining Co.'s
a barrel at New York, Baltimore and Charleston. At schedules for north and central Texas and Panhandle crudes.
Norfolk it will be $2.20.
Under its new schedules, Magnolia's crude below 32
The Mid-Continent crude oil price changes occurred the gravity remains unchanged, while 32 to 32.9 gravity is
following day, Feb. 21 and were begun by the Carter Oil Co., 4c. under the previous price and 16c. higher for 52 gravity oil.
a subsidiary of the Standard Oil Co. of New Jersey, which
Retail gasoline prices were few, indeed, the only ones of
announced a new schedule of prices for crude oil in Oklahoma note being those reported in Tulsa, Okla. and Minneapolis,
and Kansas, advancing'06 degree gravity and above lc. to Minn. The retail price of gasoline at Tulsa, Okla., was
16c. a barrel and below 36 degree gravity it was reduced advanced two cents a gallon, while the tank wagon price
lc. to 36c. a barrel.
at Minneapolis was advanced one cent to 16 cents and the
These changes were made because of the demand for service station price one cent to 19 cents a gallon.
higher gravity crude and the sluggishness evidenced in the
Wholesale prices at Chicago, Ill. on Feb. 24 were remarket for the poorer grades.
4
,
ported as follows: Motor grade gasoline, 63'8@63 e.;
This is the first advance in light oil by the Carter Oil Co. kerosene, 41-43 water white, 44c.; fuel oil 24.26 gravity,
in-July
since the Seminole field in Oklahoma was brought
90 to 923/2e.
1926. The new schedule of the Carter Oil Co. gives a price
of $1.16 for crude of 32 gravity plus 3c. for each additional
Crude Oil Output Shows Slight Increase.
degree upward while there is a 5c. differential for each
The American Petroleum Institute estimates that the
degree below 32 degrees with a minimum of 76c.
ensuing
production in the United States
In the previous schedule there was a spread of 2c. between daily average gross crude oil
gravity. A price table compiled by the "Wall Street for the week ended Feb. 18 was 2,363,300 barrels, as comeach
pared with 2,358,500 barrels for the preceding week, an inNews" of Feb. 21 shows the following:
Prices Rut
crease of 4,800 barrels. Compared with the output of
Prices Posted
Prices Effective ing Since
Feb. 22 '27. 2,472,000 barrels in the corresponding week one year ago,
Feb. 21 '28. Mar. 14 '27. Chance.
GradeOff 36c.
$1.30
$1.12
$0.76
24.9
26 to
the current output shows a loss of 108,700 barrels per day.
Off 31c.
1.30
1.12
.81
25 to 25.9
Off 26c.
1.30
1.12
.86
The current daily average production east of California was
26 to 26.9
Off 21c.
1.30
1.12
.91
27 to 27.9
Off 16c.
1.35
1.12
1,746,000 barrels, as compared with 1,744,800 barrels, an
.96
28 to 28.9
Off 13c.
1.39
1.14
1.01
29.9
29 to
increase of 1,200 barrels. The following are estimates of
Off 10c.
1.43
1.16
1.06
30 to 30.9
Off 7c.
1.47
1.18
1.11
daily average gross production by districts for the weeks
31 to 31.9
Off 4c.
1.51
1.20
1.16
32 to 32.9
Off 3c.
1.55
1.22
1.19
mentioned:
33 to 33.9
1.59
Off 2c.
1.24

The lowest priced all-worsted fancy in Department 2 is Champlain's
-oz. suiting, at $1.96, and the highest is National & ProviNo. 9114. a 12
-oz Frenchback at $3.67. The lowest priced fancy
dences's No. 9008, 16
in Department 7 is Ivloosup's $1.72 cloth.
The Fall, 1928, prices, it should be noted, are still well below the values
Hated in the Fall of 1926. when the wool market at the February opening
was on a high level. Then came a deflation during 1926 that resulted in a
sharp reduction of prices for Spring 1927. Since then there has been a
gradual rise during the last three seasons. In some quarters another advance in the open market of 73ic. to 15c a yard is predicted for April or
May, after the mills cover second quarter wool and yarn requirements.
The following is a list of low to high fancy suiting prices for individual
mills in three departments, and excluding specialties in Department 6:

34 to 34.9
35 to 35.9
36 to 36.9
37 to 37.9
38 to 38.9
39 to 39.9
40 to 40.9
41 to 41.9
42 to 42.9
43 to 43.9
44 to 44.9
45 to 45.9
46 to 96.9
47 to 47.9
48 to 48.9
49 to 49.9
50 to 50.9
51 to 51.9
52 and above

1.22
1.25
1.28
1.31
1 34
1.37
1.40
1.43
1.46
1.49
1.52
1.55
1.58
1.61
1.64
1.67
1.70
1.73
1.76

1.26
1.28
1.30
1.32
1.34
1.36
1.38
1.40
1.42
1.44
1.46
1.48
1.50
1.52
1.54
1.56
1.58
1.60

Off lc.
Unchanged
Up lc.
Up 2c.
Up 3c.
Up 4c.
Up 5c.
Up 6c.
Up 7c.
Up Sc.
Up 9c.
Up 10c.
Up 11c.
Up 12e.
Up lic.
Up 14c.
Up 15c.
Up 16c.

1.63
1.67
1.71
1.75
1.79
1.83
1.87
1.91
1.95
1.99
2.03
2.07
2 11
2.15
2.19
2.23
2.27
2.31

The changes were met immediately by the Prairie Oil &
Co., and the
Gas Co., the Sinclair Crude Oil Purchasing
Humble Oil & Refining Co., which, together with Prairie
Texas fields. The
Oil, extended the price readjustments into
Humble Oil & Refining Co.'s revised schedule of prices for
North Central Texas and Texas Panhandle crudes, shows
advances in the higher grades and reductions in the poorer
quality crude. The grades in North Central Texas affected
Wertham, Lytton Springs,
are Mexia, Powell, Richland,
Currie, Morand and Nocantt. The minimum price is $1.16
each additional degree
for 32 gravity with a 3c. increase for




(In Barrels.)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California

DAILY AVERAGE PROD1JCTION5
Feb. 18 '28. Feb. 11 '28. Feb. 4'28. Feb. 19 *27:
667.700
670.750
707.850
668.100
110.800
109.650
117.050
109.950
130,750
80.950
81.250
76.250
94,750
71.350
70.350
69.400
52,750
53,550
53,200
89.900
278.350
282.350
83.350
295.750
24.900
44,750
25,100
24.100
22.700
22.250
38.300
23.000
52.500
45,400
45.650
45,350
128.950
90.150
88,550
8,8250
140,750
104.600
101.700
98.950
11,750
14.500
14.350
14,500
107,500
107.500
106.000
104.500
58.200
54.200
59.900
54.350
13,600
10.450
10.450
10.450
7,550
6.600
7.150
7.500
4,500
2.600
2.500
2.400
640.000
644.100
613,700
617,300

2,366,300 2.472,000
2.363.300 2,358,500
The estimated daily average gross production of the Mid-Continent field
including Oklahoma. Kansas, Panhandle, North, West Central, West
Texas, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Feb. 18 was 1,453.350 barrels, as compared with 1,448.450 barrels for the preceding week, an increase f 4.900 barrels. The MidContinent production, excluding Smackover. Arkansas heavy oil, was
1.385.400 barrels as compared with 1,380,100 barrels, an increase of 5.300
barrels.
The production figures of certain pools in the various districts for the
current week compared with the previous week follow (figures in barrels
of 42 gallons):
Total

1124

FINANCIAL CHRONICLE

Oklahoma—
Feb. 18.
North Braman
3.150
South Braman
1.800
Tonkawa
15,800
Garber
9,950
Burbank
43.300
Bristow Slick
24,900
Cromwell
10,350
Wewoka
8.450
Seminole
58,050
Bowlegs
92,900
&aright
18.800
Little River
34.150
Earlsboro
114,600
Panhandle Texas—
Hutchinson County__ -- 46.800
Carson County
7.600
Gray
20.800
Wheeler
1,000
West Central Texas—
Brown County
13,000
Shackleford County
6,200
West Texas—
Reagan County
20.500
Pecos County
48,300
Crane & Upton Cos____ 96,000
Winkler
115.600
East Central Texas—
Corsicana Powell
12,000
1,600
Nigger Creek
Southwest Texas—
Luling
13,250
Laredo District
6.400

[VoL. 126.

Feb. 11.
3.1501 North Louisiana
1,950 Haynesville
15.400 Urania
9,9501
42.3001 Arkansas
24,550 Smackover, light
10,400 Smackover. heavy
8,2001
58.3501 Coastal 7'exas92.700 West Columbia
18,800 Blue Ridge
34,700 Pierce Junction
119,000 Hull
Spindietop
50.400 Orange County
7.550
22,050
Wyoming
1,200 Salt Creek

coincident with rises in the price of various forms of iron and steel. Neither
Feb. 18. Feb. 11. tin nor lead have a
trade association of any national or international scope
6,400 6,400
7,950 8.000 within them.
The present quotation of lead is 6.35c. per pound, New York, as against
6.25c. for the minimum in 1927. In 1926, however, the official price at
8,550
8,600
67,950 68,350 New York was as high as 9.25c. per pound for the first month and a half
of that year. In 1925 the maximum price was 10.50c. The average price
for the past 10 years has been about 7lic. When lead reached 6.25c..
7,550 8.000 New York, last year it was the lowest
since July 1923.
4,500 5,100
The contemplation of the formation of a Lead Institute, or its equivalent,
8.750
8,800
11,600 11,500 was revealed by James F. McCarthy, President and General Manager of
36,600 37.900 the Hecla Mining Co., Wallace, Idaho, who recently returned to his home
4,400
4,500 after a protracted
trip to the East. Upon his return he stated that he had
met representatives of some of the largest producers of lead who are giving
38,500 38,700 attention to working out a plan for stabilizing the price of the metal. Such
an organization might include lead producers in foreign countries as well
14,000 Montana—
8,500 8.500 as those of the United States, he said. However he admitted that Plana
5,750 Sunburst
for such an organization are in only a preliminary stage and the success of
California
38.000 38,000 the undertaking depends upon the attitude of foreign producers.
21,100 Santa Fe springs
118,000 117.000
47.700 Long Beach
The lead market is conspicuously a world affair. Recent declines in
60,000 60,000
100,100 Huntington Beach
19,800 20.000 the price of lead in this country have been due to drops on the London
96.600 Torrance
12.800 13.000 Metal Exchange. When prices over there fall below the American parity.
Dominguez
7.500 7,800 the Mexican producers ship their product to the United States to take
12,300 Rosecrans
30,500 30,500 advantage of
1,750 Inglewood
better prices. Hence the American producers usually reduce
79,500 79,500
1Midway-Sunset
54,000 51,500 prices to shut out this unwanted Mexican product.
12,700 Ventura Ave
39,800 40,000
Lead has been suffering from over-production, as has several of the major
6,200 Seal Beach
metals. The lead producers are losing some markets. For instance the
tendency to eliminate batteries in radios Is cutting out one class of conGross Crude Oil Stock Changes for January.
sumption. The smaller automobile production last year curtailed the use
Pipe line and tank farm gross domestic crude oil stocks of lead in automobile batteries, though this promises to be corrected this
year.
east of the Rocky Mountains increased 3,713,000 barrels in
Building operations throughout the country have continued extensive,
the month of January, according to returns compiled by the however, despite the many predictions made a year and a half ago as to an
American Petroleum Institute from reports made to it by Impending falling off. Lead is here consumed in the form of pigments.
Electrical development goes on apace, calling for large quantities of leadrepresentative companies. The net change shown by the covered cables.
The American Bureau of Metal Statistics lists 20 large lead mining comreporting companies accounts for the increases and decreases
panies of the United
in general crude oil stocks, including crude oil in transit, but 16 principal producers States, four smelting and refining companies, and
of pig lead in foreign countries.

not producers' stocks at the wells.

Steel Specifications Balance Output—Pig Iron More
Changes in Stocks at Refineries East of California
Active.
for January.
Steel production is holding its recent gains and is perThe following is the American Petroleum Institute's sum- haps a
shade higher than a week ago. In most districts
mary for the month of January of the increases and decreases output and shipping
orders are virtually on a parity, so
in stocks at refineries covering approximately 88% of the
that mill backlogs have ceased to expand, observes the
capacity east of California,
operating
Increase.
Decrease. "Iron Age" in its Feb. 23 review of the industry. Oper(Barrels of 42 gallons.)
546,000
Domestic crude oil
ating schedules of Steel Corporation plants are unchanged
1.431,000
Foreign crude oil
2,602,000
at about 90% of capacity, but some of the independent
Gasoline
33,000
Kerosene
1.987,000 mills, notably at Youngstown, have increased production.
Gas and fuel oils
130.000
Lubricating oil
Operations in the Pittsburgh-Youngstown area now averMiscellaneous
68,000
age fully 80%, as compared with 75% at the close of JanTotal
4.777,000 2,020,000
uary, continues the "Age" adding:
2,020,000
Deduct
Net increase

2.757,000

World's Production of Copper for Month of
January Lower.
According to figurm compiled by the American Bureau of
Metal Statistics, the world's production of copper during the
month of January amounted to approximately 143,500 short
tons, as compared with about 152.000 tons In December, and
of about 146,700 short tons in January 1927.
The daily rate of production for the month of January
1928 was 4,534 short tons, as compared with 4,805 short tons
the previous month and 4,624 short tons in January of last
year. The Bureau's figures follow:
MONTHLY COPPER PRODUCTION (IN SHORT TONS).:
(By principal countries of the world, which furnished about 98% of world's total.)
Monthly Production.

Daily Rate.

1926.
January
February
March
April
May
June
July
August
September
October
November
December

1927.

1928.

1926.

1927.

1928.

129.518
136.455
134.727
136.938
136.468
124,100
124.483
128.568
132,013
136,600
148.321
142.300

143.337
132.870
136.347
135,729
139.114
134,243
132.186
135,015
133,291
145.278
141,975
148.981

140.546

4.178
4.516
4.346
4,565
4.402
4,137
4.016
4,147
4.400
4,406
4,944
4,590

4,624
4,745
4,398
4,524
4.488
4.475
4.264
4.355
4,443
4,686
4,733
4,805

4,534

140.546 4,385 4,543 4,534
Total
1,600,491 1,658,346
140,546
138,196
Monthly average_ 133,374
x Table Includes production by the United States, Mexico, Canada, Chile and
Peru. Japan, Australia, Europe (partly estimated) and Belgian Congo.

Formation of Lead Institute Under Consideration.
It is learned from the "Journal of Commerce" of Feb. 18
that producers of lead are giving serious consideration to the
formation of a body, possibly modeled after the Copper
Institute or Copper Exporters, Inc., or both,for the stabilization of the price of the metal. As to the movement it also
sad&
It is noteworthy that during price declines in the non-ferrous metals
during the past several months those metals which do not have an institute
of some kind to support them have suffered the most severely from declines. Thus copper Is holding firm at 1 hc. per pound above the low point
Of last year whereas tin is the lowest in price in three years and lead is only
82 Pee bon above the low point of 1927. And these declines are taking place




Consumers are specifying liberally against contracts placed at prices
below those now quoted. There continues to be some concern lest
buyers take shipments in excess of consumption and carry stocks of
material well into the second quarter. At Cleveland, however, pressure
from prompt deliveries indicates that specifications are in close step
with current needs, and that supplies are not being accumulated. At
Chicago there is not only a good volume of specifications against past
obligations, but also considerable fresh buying, sales during the week
having been exceeded only twice since Jan. 1. A further growth of
mill backlogs there is reflected by extending deliveries.
From Chicago also come the first signs of interest in second quarter
requirements, particularly in sheets, contracts for which have been
placed at prevailing prices. In other markets present mill quotations
remain largely untested. Some of the motor car builders have tried
to obtain concessions from the recently advanced price on automobile
body sheets, and one large company, failing to get a better quotation
on its second quarter requirements, bought for the month of April
only. On the other hand, irregular prices on galvanized sheets for
early shipment are reported from Cleveland and the South. Prices on
plates, shapes and bars are firm at 1.85c., Pittsburgh, on such new
business as is being placed, and buyers are confident that they will be
given an opportunity to cover their second quarter needs before any
further advance is made.
Automobile consumption of steel continues to increase, hut at a
gradual rate. Motor car manufacturers have taken heavy orders from
dealers, but it will be some time before the extent of demand from
car users will be disclosed.
Fresh demand for structural steel is large, but recent bookings were
not well distributed, fabricators in some districts being short of
sizable work while others with large contracts, notably in the Chicago
district, lack small tonnages to round out their schedules. New inquiries call for 44,000 tons. In addition, three large buildings to be
erected in New York, taking a total of 50,000 tons, will soon be in the
market. At Pittsburgh, 10,000 tons of plates and shapes will be
needed for 66 barges. Projects closed in the week totaled 20.000 tons.
Rail mills have enough tonnage booked to keep them engaged for
several months. There is still fair demand for track accessories, purchases from Chicago mills amounting to 6,000 tons.
Railroad equipment buying has not developed to the extent that the
steel trade had looked for. The week's principal orders were 2,000 box
car bodies for the Baltimore & Ohio and 500 flat cars for the Union
Pacific. Bids have gone in on 2,000 refrigerator cars for the Pacific
Fruit Express.
Overproduction of oil is adversely affecting business in drill and
drive pipe, but a fair tonnage of plates for storage tanks continues to
be bought for Southwestern fields. An inquiry for 100,000 tons of
pipe for a gas line from Amarillo, Tex., to Kansas City, Mo., is now
before the mills.
Tin plate demand has been enlivened by inquiries for 100,000 boxes
from a domestic oil producer and for 60,000 boxes from a Japanese
oil company.
Pig iron business is active in Chicago, Cleveland, St. Louis and
the South, but is exceedingly quiet at Pittsburgh, in the Valleys and in
eastern Pennsylvania. Cleveland sales were 53,000 tons, 11,000 tons
was taken by a St. Louis district producer, and one interest in Alaba-

FEB. 25 1928.1

FINANCIAL CHRONICLE

ma has booked 25,000 tons. Two New England consumers of basic
iron have taken a total of about 15,000 tons. Shipments of iron by
Chicago merchant furnaces are in excess of production and yard stocks
are being reduced. A Cleveland producer has advanced its price 50c.
a ton, but in other districts there is no upward movement.
Steel min grades of scrap are 50c. a ton higher at Chicago on sales
of 15,000 tons, but in general the scrap market has not reflected the
recent increase in steel production.
Orders for fabricated structural steel in January are computed at
813,750 tons, or 57% of capacity, representing a sharp drop from
258,750 tans (69%) in December and making the smallest month since
January, 1927. Total orders for the year 1927 are placed at 3,060,000
tons, the largest for any year on record.
Roth the 'gran Age" composite prices are unchanged this week, that
for pig iron remaining for a second week at $17.75 a ton and that
for finished steel for a second week at 2.364c. a lb. The finished
steel composite is almost precisely the same as the 2.367c. of one year
ago, but pig iron is $1.21 below the $18.96 of a year ago, as shown by
the following tables:
Pinioned Steel.
pig Iron.
Feb. 20 1928. 2.364c. a Lb.
Feb. 20 1928, 817.75 a Gross Ton.
2364c. One week ago
One week ago
$17.75
OM month ago
2.314e. One month ago
17.67
2.367e. One year ago
18.96
One year ago
10-year pre-war average
1.689c. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates, Based on average of basic iron at Valley
plain wire, open-hearth rails, black pipe furnace and foundry irons at Chicago.
and black sheets. constituting 86% of the Philadelphia. Buffalo, Valley and BirUnited States output.
mingham.
High.
High.
Low.
Low.
1928_2.364c. Feb. 14 2.314c, Jan. 3 1928_ 17.75 Feb. 14 17.54 Jan. 3
1927__2.453c. Jan. 4 2.2930. Oct. 25 1927._ 19.71 Jan. 4 17.54 Nov. 1
1926....2.453o. Jan. 5 2.403e. May 18 1926._ 21.54 Jan. 5 19 46 July 13
1925-2.560o. Jan. 6 2.396c. Aug. 18 1925__ 22.50 Jan. 13 18.96 July 7
1924_2.789c. Jan. 15 2.460c. Oct. 14 1924._ 22.88 Feb. 26 19.21 Nov. 3
1923_2.824c. Apr. 24 2.446c. Jan. 2 1923_ 30.86 Mar.20 20.77 Nov.20

1125

Ingot production in the steel industry has dropped about 1% during
the past week, being at about 84% of theoretical capacity, compared
with slightly better than 85% in the preceding week and 84% two
weeks ago.
The decrease is contributed entirely by independents, which have reduced their activities slightly more than 2% to 78%, contrasted with a
shade over 80% a week ago and fraction below 80% two weeks ago.
Operations of the U. S. Steel Corp. continue at a high rate and are
about unchanged from last week at slightly in excess of 90% of capacity. Two weeks ago the rate was 88%.
As compared with last year the Steel Corp. shows a reduction of 1%,
with independents recording a gain of 2% and the average practically
unchanged. In this week a year ago the Steel Corp. was at better than
91%, while independents ran at 76% and the average was nearly 84%.

An advance of $1 per ton in the price of bars, plates and
shapes was announced Feb. 23 by the Carnegie Steel Co.
a- ordincr to press dispatches from Pittsburgh on that date.
,
The new minimum price of 1.90 cents, base Pittsburgh
went into effect at once. The usual differential of $2 a
ton wi'l be maintained for small lots. Jones & Laughlin
Corp. and Inland Steel Co. met the advance, the latter following a similar advance announced by the Illinois Steel Co.
Report of Bureau of Business Research Regarding Employment in Ohio Construction Industry, Blast
Furnace Industry, Steel Works and Rolling
Mills, &c.
The following information regarding employment and
i
wages during January in the Ohio constructt on industry,
the Ohio blast furnace industry, Ohio foundries and machine
shops, Ohio steel works and rolling mills, &c., is made
available by the Bureau of Business Research of the Ohio
State University:

Second quarter coverage is lifting pig iron from the obscurity forced upon it in recent weeks by the brisk market in steel, declared the "Iron Trade Review" which on
Feb. 23 issued its weekly resume of conditions affecting
OHIO CONSTRUCTION INDUSTRY-MONTH OF JANUARY 1928.
the state of trade. At Chicago and Cleveland especially
Index of EmPlialment by Months.
has interest in future iron needs broadened, while in the
1927.
East considerable business hinges upon a steadier price
Jan. I Feb. Mar.l Apr. I May. Ante. July.
situation. Quiet negotiations have placed upon producers'
books a heavier tonnage than open inquiry would indicate, Number of wage earners, actual
65 691 77 88
62 69 66
71
69 I 69
74
88 103 88
adds the "Review" from which we quote further details Correction for seasonal variation
as follows:
1928.
1927.
Light steel products, especially sheets, have imbibed the moderatelyupward trend which has described demand for heavy finished steel recently, and some makers have accumulated modest backlogs. Heavy
shipments are going directly into consumption. Steel corporation subsidiaries continue to operate at about 90%, with the entire industry
approximating the 85% rate of a year ago.
The price situation in steel continues strong. On opening books
Feb. 22 for second quarter the leading producer of bars, plates and
shapes advanced to 1.90c. Pittsburgh, and 2.00c, Chicago. This is
the third upward revision in heavy finished steel since mid-November
and if maintained will put second quarter shipments $2 per ton above
first quarter contracts. Independent producers are expected to follow.
New prices on sheets remain to be tested, but extensions to present
low-price contracts are being limited. Mahoning valley markets of
terne plate have advanced $4 to $6 per ton. Strip and small rivets
are higher at Chicago.
Among the producers of steel generally there is a growing confidence
in the first half year. Fears that the exceptional improvement since
late December has been based too largely upon automotive requirements
have been dissipated, as February thus far appears to have topped
January bookings and output slightly and automotive business is a
smaller percentage of the total than in January. The rising tedency in
prices also is indicative, and invoices in the next quarter are expected
to reflect more of the advances imposed in the past sixty days. On
account of the political situation the industry is not now looking beyond first half.
More than 150,000 tons of pig iron for second quarter has been
booked in the Chicago-Milwaukee district. Last week's sales of 53,000
tons at Cleveland doubled the preceding week's business. At Buffalo
nearly 60,000 tons has been sold this month, for shipment the remainder
of the half, with considerable inquiry from New England not yet satisfied. Small users have run sales at St. Louis up to 12,000 tons.
Following a slight flurry in beehive furnace coke, with spot sales at
$2.85, the market has weakened and as low as $2.60 has been done.
Suspensions on contracts have forced some Connellsville ovens out. An
excess of by-product coke has prompted some concessions in the East
and injured the beehive market.
Considering all makers, February orders for both hot and cold rolled
strip are exceeding January to the comparable date, and mills claims
to be enforcing the recent advance. Buying of cold finished bars has
shown a slight recession. Heavy shipments to jobbers last month are
responsible for some easing in demand for wire products, especially at
Chicago.
Chicago continues the pacemaker in heavy steel, specifications the past
week exceeding the comparable week of January by 20%. No serious
in convenience has been caused consumers, but deliveries there range
fit= four to six weeks. Pending structural work which should go forward shortly aggregates 83,000 tons. At Pittsburgh 25,000 tons, chiefly
plates for river craft, nears placement.
Order books of Chicago district sheet mills show substantial gains
and some tonnage orders have tested the levels of 3.05c, delivered Chicago, for black, 3.90c for galvanized and 2.25c to 2.35c for blue
annealed. February bookings of sheets exceeded those for January in
the New York district, but prices are unsteady. All classes of sheet
users are heavier buyers at Pittsburgh, with mills restricting extensions to existing contracts to 10%. Sheet production is higher this
week in the Mahoning valley.
Detroit has rejected the low French bid and awarded 2,000 tons of
cast iron pipe to domestic producers.
Pending establishment of some recent advances, the "ron Trade Review" composite of fourteen leading iron and steel products is unchanged this week at $35.61i

Steel operations for the week dropped labout 1%, according to calculations of the "Wall Street Journal" of
Feb. 21 which said:




Aug.j Sept. Oct. I Nog. I Dec. Jan.
84
73 61
96 I 95
Number of wage earners, actual
71
66 65 77
79 I 78
Correction for seasonal variation
INDICES OF EMPLOYMENT IN THE OHIO CONSTRUCT ON INDUSTRY.
Corrected for Seasonal Variation. In Each Series Average Month 1923 Equals 100.
City.
Akron
Canton
Cincinnati
Cleveland
Columbus
Dayton
Toledo
Youngstown

Number of Wage Earners.
No. of
Reporting
Firms December January Change from Change from
Jan.1928 1927.
1928.
Dec. 1927.* Jan. 1927.*
16
9

6

23
10
8
6
4

61
29
61
56
71
55
118
62

67
34
88
69
86
76
121
102

+11%
+18
+44
+23
+21
+40
+2
+66

-33%
-1-23
--14
'--19
--35
--67
+90
--1

77
+19
65
98
--18
All State
•Minus(-) indicates per cent decrease.
construct on industry in January was 12%
Employment in the Ohio
less than In December. This decline is 19% less than the average DecemberJanuary decline of 26%. Employment in January was 13% lees than
in January 1927. The January employment reports indicate an increase
from December in all of the eight cities, and a decline from January 1927
in six of the eight cities.
OHIO BLAST FURNACE INDUSTRY-MONTH OF JANUARY 1928.
.
Index of Employment by Months-Number of Wage Earners.
1927
1927192796 November
79
94 June
January
89 December
72
98 July
February
72 1928
95 August
March
73 January
71
94 September
April
76
93 October
May
The January employment reports from seven Ohio blast furnaces show
a decline from December which brings the index below the low point
registered in August 1927. Employment in January was 12% less than
In December and 25% less than in January 1927.
The "Iron Trade Review" reports 59.4% of Ohio blast furnaces in
operation in January. This is 11% greater than December and 11%
lees than January 1927.
Since the employment index refers to a definite group of furnaces, it
would not reflect the employment resulting from the addition to the number
of furnaces in blast.
-MONTH OF JANUARY 1928.
OHIO FOUNDRIES AND MACHINE SHOPS
Index of Employment by Months-Number of Wage Earners.
1927
1927192795 November
82
January
94 June
96 December
82
February
98 July
90 1928
March
100 August
86 January
April
sa
101 September
85
May
96 October
The January employment reports from 64 Ohio foundry and machine
shops show no change from the low level maintained since November.
Employment in January was 13% lens than in January 1927.
The increase from December in the larger cities was offset by a decline
of 6% in the other cities, which are not listed separately. All of the
cities except Cincinnati showed declines from January 1927.
City.
Cincinnati
Cleveland
Columbus
Dayton
Toledo
State

Number of Wage Earners.
No. of I
Repoflingl
Firms December January Change from Change from
Jan. 1927
Dec. 1927.
1928.
.70;3928 1927.
+14%
9
106
118
+7%
-16
91
+3
88
18
-23
+2
67
68
4
--10
+8
8
66
70
--.61
89
83 .
8
641

82

82

0

-13

1126

FINANCIAL CHRONICLE

OHIO STEEL WORKS AND ROLLING MILLS—MONTH OF JANUARY 1928.
Index of Employment by Months—Number of Wage Earners.
1927—
1927—
1928—
January
88
101 June
102 November
February
84
100 July
100 December
March
96 1928—
105 August
Api11
90
104 September
94 January
May
89
105 October
The January reports from 10 Ohio steel works and rolling mills show
an increase in employment for the first time since May 1927. Employment in January was 7% greater than in December and 11% less than
in January 1927.
OHIO AUTOMOBILE AND AUTOMOBILE PARTS MANUFACTURERS—
MONTH OF JANUARY 1928.
Indices of Employment by Months.
1927—
1927—
1927—
58
97 November
January
76 June
89 December
73
February
85 July
86 1928—
March
94 August
77
75 January
April
101 September
70
May
105 October
The January employment reports from 24 automobile and automobile
parts manufacturers show substantial increase, making January 1928 the
first month In the past year to exceed the same month of the preceding
year. Employment In January was 5% greater than in December and
2% greater than in January 1927.
Passenger car production in the United States in December was 3%
INS than in November and 23% less than in December 1926.
TIRE AND TUBE INDUSTRY—MONTH OF JANUARY 1928
Integ of Employment by Months—Number of Wage Earners.
1927—
1927—
1937—
113 June
129 November
112
January
116 July
128 December
116
February
121 August
128 1928—
March
124 September
119 January
128
April
115
130 October
May
The January employment reports from 15 Ohio tire and tube manufacturers show a substantial increase, making this month the highest
January in the past six years. Employment in January was 10% greater
than December and 14% greater than January 1927.
The Rubber Association of America reports the November production
*f tires as 6% lees than October and 4% greater than November 1926
November tube production was 6% less than October and 2% less than
November 1926.

Conference of Illinois Coal Miners and Operators on Wage
Scale Adjourns Without Results.
Efforts of a joint commission of Illinois coal miners and
operators to effect the adjustment of differences on the
wage question ended in a deadlock on Feb. 9, when operators, it is stated, declined to deliberate further except on
a plan of orbitration. The Associated Press, in dispatches
from Chicago Feb. 9 stated:
Operators insisted upon a wage reduction that would enable them to
compete with non-union mines of Kentucky and West Virginia. The
miners refused to budge from the present contract with a scale of $7.50
a day or $1.08 a ton on a weight basis. A counter proposal of $6 per
day and 84 cents a ton was rejected.
The threatened suspension April I would be a resumption of that
which started April 1, 1927, over the same differences. A temporary
agreement signed in September with the Jacksonville scale in effect
automatidally terminates April 1.
Harry Fishwick, President of the miners, recommended that the
joint commission of four appointed last September be increased to ten
members. Rice Miller, leader of the operators, countered with a suggestion that an eleventh neutral member, appointed by Chief Justice
Taft, be added.
The miners replied they would not agree to this even though President Coolidge himself were named the eleventh member and so the
meeting ended.
President Miller said the mines would be closed unless a wage reduction were granted.

[VOL. 126.

Despite the gloomy outlook certain of the best informed operators
and miners predict that before the expiration of the existing Jacksonville agreement a conference will be called that will end the dispute
satisfactorily to both sides.
The operators' statement is a serious and comprehensive study of
the problems affecting the Illinois coal industry with respect to the noncompetitive conditions as between the Illinois mines and the non-union
operations. It states that Illinois coal is from 50 to 75 cents a ton too
high under present conditions to compete and hold its markets. A
plea is made for the elimination of strikes in order that continuo&
operation of the mines can be assured as a means of inducing consumers to contract for coal from the operators because of the added
advantage of an uninterrupted supply.
Foresee Immediate Benefits.
"Failure to grasp this opportunity for a splendid example of real
collective bargaining and to reach a wise and mutually needed adjustment of an outgrown wage relationship will be diastrous," the statement says. "If the situation is fully meet and a just and proper conclusion reached and announced by this commission the benefit for
miners and operators will be real and immediate.
"There must be a wage readjustment and there should be no restrictions upon the use of machinery which makes for the betterment
of operating conditions in the way of greater safety or greater efficiency and which will result in lessening the cost of production.
"Mines cannot be run for the sole benefit of the miners. If operators
cannot produce and market their coal at a profit, they must cease to
operate their mines, for every ton of coal which is marketed without
profit is, in effect, a loss to the operator, and where mines cannot be
operated profitably they must very soon cease to operate at all.
Co-operation Is Necessary.
"This success of the industry requires full co-operation on the part
miners with the mine operators to the end that the miners may
of the
receive proper wages under proper working conditions adjusted in harmony with the fundamental and economic fact that a wage scale and
escribed working conditions are valueless unless there is work to.
be done.
"We earnestly believe that the time has long passed when any slight
or small adjustment will be of benefit. The patient is very ill and
needs real medicine. At the same time we are on record as not seeking or desiring low wages. It is to our interest that employees be
fairly paid and able to live well and happily.
"It is the wage rates and unnecessarily restrictive conditions that
can be wisely adjusted. In the case of many thousands of Illinois
miners now suffering deprivation, a substantial reduction of wage rates
and removal of abortive wage conditions will bring needed and substantial increases of annual earnings.
"For example, there are many mines where a removal of limitations
on machines or outputs would permit tonnage men to earn on a substantially lower wage rate the same amounts they have been earning
under the Jacksonville scale."
The statement is illuminating in its presentation of facts on the
"check-off" wherein the operators collect union dues from the miners
for the union. It is pointed out that the payments are a heavy burden
on the cost of Illinois coal.
Ascertaining the percentage of the total amount of the check-off to
the total pay-roll disbuisement to all miners in the three-year period of
1920, 1921 and 1922 it is found that in 1920 the check-off amounted
to 2.46%; in 1921 to 3.33%; and in 1922 to 4.0%.
In October, 1927, 77 mines with a production of 3,844,686 tons paid
$489,526.34 into the treasury of the union through the check-off. In
cents per ton it amounted to 12.7%. In the eleven months of 1927 the
union received through the operators in the check-off $1,732,734.71 or
8.2% per ton on 21,197,262 tons from 77 mines.

The resumption of mining in Illinois, following the settlement reached Oct. 1 was referred to in these columns
Oct. 8, page 1904.

Bituminous Coal and Anthracite Production Declines—
Coke Makes Small Gain.
From the Chicago "Journal of Commerce" of Feb. 9 we
A decrease of 355,000 net tons during the week of Feb. 11
take the following regarding the failure of the conference from the previous week was reported by the United States
to accomplish results:
Bureau of Mines in its weekly survey of the bituminous coal
The conference adjourned sine die in disagreement on every point.
It ostensibly leaves the question of a new wage scale in the state where industry. This brought the output down from 10,105,000
it was a year ago when the operators and miners failed to agree at to 9,750,000 net tons. Compared with the corresponding
Miami, Fla., with the difference that the mines in Illinois are now op
week one year ago when production reached 13,487,000 net
crating under a truce Jacksonville agreement which will expire March
tons, current output is 3,737,000 net tons less. Anthracite
31.
The miners proposed an enlargement of the wage investigating com- production also showed a decline. Current output amounted
mission which was created under the truce agreement October 1, for the
to 1,465,000 net tons, a decrease of 114,000 not tons under
purpose of establishing a competitive wage in Illinois with the nonthe output in the week of Feb. 4 and a decrease of 36,000
union mines.
Operators Qualify Proposal.
net tons under output in the corresponding week one year
The operators offered to accept the miners' proposal which would ago. The report of the Bureau of
Mines is as follows:
operators and five miners to
create

a commission of ten members; five
BITUMINOUS COAL.
continue the wage investigation, providing the miners would agree to
an eleventh member to be appointed by the chief justice of the United
The total production of soft coal during the week ended Feb. 11,including
States supreme court for consideration of all points on which the ten lignite and coal coked at the mines, is estimated at 9,750,000 net tons.
members could not agree.
Compared with the revised estimate for the preceding week, this shows a
The miners rejected the operators' suggestion. It was stated that decrease of 355,000 tons. or 3.5%. Production during the corresponding
even if he was the Presi- week in 1927 amounted to 13.487.000 net tons.
an eleventh member would not be acceptable
dent of the United States.
Estimated United Slates Production of Bituminous Coal (Net Tons).
The enlargement of the commission and the arbitration question con(Including Coal Coked.)
sumed the entire morning session. In the afternoon meeting the op1926-1927
927-1928
Coal Year
Coal Year
erators offered the miners a $6 a day wage, a tonnage rate of 84 cents,
to Date a
Week.
Week.
to Date.
on mechanical devices in January 28
establishment of a rate for miners employed
10,121.000 390.428.000 13.536.000 481,168,000
the mines of the state and an improvement in the working agreement
1,889.000
Daily average
1,687,000
1,533.000 2.256.000
for the operators which contemplates better control of the miners by February 4.b
10,105.000 400.533.000 13.583,000 494.751.000
1,898.000
2,264.000
Daily average
1,686,000
1,537.000
the producers. This the miners rejected.
February 11.c
9,750.000 410,283.000 13,487,000 508,238.000
Union officials said they had no authority to accept a wage reducDaily average
2,248,000
1,906.000
1.625,000
1,539,000
tion since such action was entirely in the hands of the policy commita Minus one day's production first week in April to equalize number of days In
tee of the United Mine Workers of America. It left no other course the two coal years. b Revised since last report. c Subject to revision.
for the conference to take except adjournment sine die. The stone wall
The total quantity of soft coal produced during the present coal year to
had been reached.
Feb. 11 (approximately 26 working days) amounts to 410,283.000 net tons.
Owners Issue Statement.
Figures for corresponding periods In other recent years are given below:
491,910 000 net tons
The operators published a statement brief and exhibits presented on 1926-27
1923-24
508,238.000 net tons
365,242,000 net tone
Illionis, in the matter of 1925-26
1922-23
468,674,000 net tons
behalf of the Coal Operators' Association of
readjustment of wages, working conditions, etc., at the Illinois
As already indicated by the revised figures above, the total production
the
of soft coal for the country as a whole during the week ended Feb. 4 is eatlmines, in support of their proposal for the $6 a day wage was based.




FEB. 25

1928.]

FINANCIAL CHRONICLE

of 16.000 tons, or 0.2%
mated at 10,105.000 net tons. This is a decrease
from the output in the preceding week.% by States and gives Comparable
The following table apportions the tonnage
figures for other recent years.
•
Estimated Weekly Production of Soft Coal by Status (Net Tow). Feb.
Total Production for Week Ended: 6
Average,
Feb.
Feb. 5
Jan. 28
Feb. 4
1923.a.
1926.
1927.
1928.
1928.
State409,000
441,000
523.000
327 000
332,000
Alabama
261,000
239,000
294,000
246,000
Kan.. Mo. & Okla_ 229.000
Ark.,
231,000
220,000
250,000
215,000
213,000
Colorado
2,018,000 1,478,000 1,993,000
1,399.000 1,337,000
Illinois
613.000
470,000
679,000
380,000
352.000
Indiana
136,000
103,000
144,000
79,000
72,000
Iowa
556.000
921,000
902,000 1,029.000
923.000
Kentucky-Eastern
226,000
316.000
409,000
347,000
367.000
Western
51.000
64,000
73,000
62,000
60.000
Maryland
26.000
14,000
15.000
18,000
18,000
Michigan
80.000
60,000
69,000
66,000
63.000
Montana
58.000
60,000
64,000
61,000
56.000
New Mexico
37,000
30.000
44,000
48,000
North Dakota
694,000
650,000
768.000
182,000
198.000
Ohio
3,524,000 3,087,000
Pennsylvania (Mum).- 2,548.000 2,525.000 3,320,000
127.000
124.000
137.000
105,000
108,000
Tennessee
23,000
18,000
25,000
22,000
20,000
Texas
96,000
82.000
99,000
131,000
113,000
Utah
212,000
285,000
285,000
240.000
240.000
Virginia
77,046
52,000
51,000
42,000
45,000
Washington
1,981,000 1,156.000
West Virginia-Southernb 1,835.000 1,877.000 2,208.000
634.000
784,000
919,000
767,000
729,000
Northern _C
156.000
143,000
158.000
140.000
130.000
Wyoming
7.000
4.000
2,000
2,000
2,000
Other States
10,105.000 10,121,000 13.583,000 12.083.000 10.956,000
bituminous
Total
27,000 1,902,000
Pennsylvania anthracite 1,579,000 1,236,000 1,402,000
11.684.000 11,357.000 14,985,000 12.090.000 12.858.000
Total all coal
month. b Includes operations on
a Average rate maintained during the entire Charleston division of the R.4:0.
the N.& W.; C.& 0.; Virginian; K.& M.. and
c Rest of State, Including Panhandle.
ANTHRACITE.
week ended Feb. 11 is
The total production of anthracite during the
inIthe preestimated at 1.465,000 net tons. Compared with the output
7.2%.
ceding week, this is a decrease of 114.000 tons, or
Estimated United States Production of Anthracite (Net Tons).
1926-1927
1927-1928
Coal Year
Coal Year
to Dalea
Week.
to Date.
Week.
Week Ended1.670,000 79.5413.000
67,357,000
1,236,000
January 28
1,402,000 80.948.000
1,579,000 68,936,000
February 4
1,501,000 82,449.000
1,465,000 70,401,000
February 11_13
number of days Inthe
a Minus one day's production first week In April to equalise
two coal years. b Subject to revision.

1127

The subcommittee is to take no evidence, Senator Watson said, but
is charged solely with an inspection of the region where union miners
quit work nearly a year ago. Upon its return it will report to the entire committee and then the taking of testimony will begin by' calling
and other
representatives of the United Mine Workers, coal operators
witnesses.

The adoption by the Senate of the resolution authorizing the investigation was referred to in our issue of Feb.
18, page 968. The following is the text of the resolution:
Resolution.
nia, West
To investigate conditions in the cold fields of Pennsylva
Virginia, and Ohio:
Interstate Commerce or a
Resolved, That the Senate Committee on
directed imsubcommittee thereof be, and it is hereby, authorized and
on of the condimediately to make a thorough and complete investigati western Penntions existing in the coal fields of central Pennsylvania,
the railsylvania, West Virginia, and Ohio; also to ascertain whether
or
road, companies and their officials have been or are, by agreement by
produced
otherwise, endeavoring to depress the labor cost of coal
wage contracts
union mine labor; also whether in the said coal fields men, women,
have' been abrogated or repudiated, whether defenseless
their homes, and
and children, without cause, have been evicted from
and the reasons
generally what has transpired in the said coal fields,
, the said
for conditions and happenings therein; and in this connection in induswhether
committee or a subcommittee thereof shall ascertain
been issued
trial disputes or strikes in said coal fields injunctions have
or
in violation of constitutional rights, and whether by injunction
,
United States
otherwise, the rights granted by the Constitution of the
have been abrogated and denied.
,
hereunder
The expense of said committee or a subcommittee thereof
fund
which shall not exceed $10,000, shall be paid out of the contingent
investigation the committee
of the Senate. Upon the conclusion of its
the Senate.
or a subcommittee thereof shall forthwith report to
empowered to
Said committee or a subcommittee thereof is hereby
or places as it may
sit and act at such time or times and at such place
the attendance
deem necessary; and to require by subpoena or otherwise
stenographer, at a
of witnesses, to administer oaths, and to employ a
words, to report such
cost not exceeding 25 cents per one hundred
hereof; and to rebearings as may be had in pursuance of the purposes , and to do such
quire the production of books, papers, and documents investigation.
said
other acts as may be necessary in the matter of
thereof, or
The chairman of the committee, or of a sub-committee
Every person
any member thereof, may administer oaths to witnesses.
makes default, or
who having been summoned as a witness willfully
pertinent to the
who, having appeared, refuses to answer any question
penalties provided
investigation hereby authorized, shall be held to the States.
by section 102 of the Revised Statutes of the United

BEEHIVE COKE.
the
A gain of 3.000 net tons was made in the output of beehive coke. 91,000
Prior to the adoption of the resolution charges that
tons for Feb. 4
Centons being reported for the week of Feb. 11 against 88,000
Pennsylvania, Baltimore & Ohio and the New York
as the following table indicates:
abrotral railroads had forced the bituminous operators to
Estimated Production of Beehive Coke (Net Tons).
the
1928
1927
Week Ended
gate wages agreements with miners was made to
to
to
Feb.12
Feb. 4
Feb.11
te Commerce Committee on Feb. 10 by
Date.
(Date.)a Senate Intersta
1927.
1928.c
1928.b
876.000 Philip Murray, International Vice-President of the United
360,000
60,000 150,000
Pennsylvania and Ohio__ .._ 64,000
97,000
19,000 82.000
14,000
13.000
West Virginia
37.000
25,000
5,000
5,000
4.000
of America, according to Associated Press
Tenn. and Oa
Ala.. Ky..
42,000 Mine Workers
29,000
7,000
5,000
5.000
Virginia
15,000
27,000 dispatches from Washington, from which we quote further
3.000
2,000
8,000
Colorado and New Mexico_
23,000
15.000
4.000
2,000
2.000
Washington and Utah
as follows:
the
526,000 1,102,000
188.000
Urging adoption of the Johnson resolution for an inquiry into
88,000
91,000
total
United States
31,000 bituminous fields of Pennsylvania, West Virginia and Ohio, Mr. Mur15,000
31,000
15.000
15,000
Daily average
equalize number of days in ray said he could produce evidence that the railroads had threatened a
a Minus one day's production first week in January to last report.
the two years. b Subject to revision. c Revised since
boycott of the fields if prices and wages were not cut.
d particularly of the Pittsburgh Coal Company,
Murray
The bituminous coal production as estimated by the Na- which, he complaine repudiated its wage agreement with the miners.
said, had
tional Coal Association for the week ended Feb. 18 was about He said that R. B. Mellon, a brother of Secretary Mellon, was a memnow with
ber of the board of this company, which was operating
9,300,000 net tons.
During the week ended Feb. 4 the output was 10,105,000 "strikebreakers."
resolution for an
Opening the hearing before the committee on his
net tons and during the wek ended Feb. 11, 9,750,000 net inquiry, Senator Johnson, Republican, of California, said be preferred
that the Industrial Commerce Commission rather than a special body
tons.
make the investigation.
Coolidge,
Mr. Murray was the first witness and he said that President
the Labor Department had
Conduct Inquiry Into Conditions in Secretary Hoover and Secretary Davis of the miners and that out of
Senators Named to
intervened in the former dispute between
Bituminous Coal Fields.
reached.
the conference the Jacksonville agreement of 1924 was
the Baltimore &
Chairman of the Senate
"Since then," he said, "the Pennsylvania Railniad,
On Feb. 18 Senator Watson,
been conducting a
Ohio and the New York Central railroads have
Committee on Interstate Commerce, announced the ap campaign for cheaper fuel and for the destruction of the United Mine
pointment of the following subcommittee to conduct the Workers of America.
on of
"These railroads consume 28 or 29% of the national consumpti have
Investigation of conditions in the bituminous coal fields
s purchasing power the railroads
West Virginia, and Ohio, as called for soft coal. With this tremendou
and coal prices.
of Pennsylvania,
taken undue advantage in the campaign to break wages
with the miners
"They worked on the operators having agreements
under the resolution adopted by the Senate on Feb. 16:
admitted to us they would
The operators have
Senators Gooding (Rep.), of Idaho, Chairman; Metcalf to break the agreements. wage agreements with us if the railroads had
not have abrogated their
(Rep.), of Rhode Island; Pine (Rep.), of Oklahoma; not forced them."
although
Mr. Murray urged that the committee go into the coal fields,
Wheeler (Dem.), of Montana, and Wagner (Dem.), of
Pittsburgh
he said this would not be necessary. He charged that the
New York.
1925 without any negocontract in
Couzens had been invited to Coal Company abrogated its wage
In indicating that Senator
tiations with the mine workers.
employees to come to work at lower wages," he
subcommittee Associated Press dispatches
"They invited their
serve on the
the
said. "This was refused. In six months they evicted almoet all of the
from
from Washington Feb. 18 stated:
employees and there came in a steady flow of strikebreakers
Republican, Michigan, was appointed to the sub- Southwest.
Senator Couzens,
efforts of Senator Watson
committee, but he declined to serve despite
From Pittsburgh Feb. 18 the following advices (Assoto have him do so.
decline to participate," the ciated Press) were reported:
think that will be a hippodrome and I
"I
when Watson announced the
operatMichigan Senator told the committee
The Pittsburgh Coal Company, one of the largest non-union
subing concerns in this district, will welcome the Senate investigating
original selections.
of Senator Wheeler, who said that in his service committee with "open arms" and will afford the committeemen every
This asoused the ire
in Montana he had found that a personal survey facility of the company in furthering its investigation, said J. D. A.
as ;District Attorney
inquiry was of great help.
Morrow, President, in a statement here tonight.
of the field in an
with the United
evidence after it is in rather than go and
This company, storm center of the wage controversy
"I like to verify the
of Labor
Mine Workers, recently refused an invitation of Secretary
anticipate it," Couzens replied.
conference at Washington.
a circus performance," he later informed
"I'm not going out on was endeavoring to persuade him to serve. J. J. Davis to participate in a the Senate committee when it reaches
"We will be very glad to see
Watson while the chairman
Feb. 18 that the subcommittee here Wednesday of next week," said Mr. Morrow. "We want the
It was announced on
all the time they can in this district, making a
under way on Feb. 21. Aswould bring its investigation which this was learned also committeemen to spend We want them to visit our mines and talk with
thorough investigation.
accounts from
sodated Press
our miners, for we feel certain they are interested in the mines soli

said:




1128

FINANCIAL CHRONICLE

Ininers who are working as well as in the miners who are
not working.
All facilities of our company will be placed at the disposal of
the

committee."
Officials of the Pittsburgh Terminal Coal Corporation, another large
on-union operation, 'could not be reached tonight. This company rejected the invitation to the Washington conference 'because "it would
be a discussion of some wage agreement with the United Mine Workers
of America and we do not care to join in such a discussion."

[VOL. 126.

Union leaders were well pleased when informed
that the committee
would come to the field for an investigation.
They had urged such an
inquiry for some time and promised to give the
committeemen full cooperation.
A majority of the mines now operating in this field
are working with
non-union labor. Hundreds of idle union miners
and their wives and
children, evicted front company-owned houses, are living
in flimsy
wooden barracks erected by the United Mine Workers.

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Feb. 21, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows decreases of 820,000,00(1 in
holdings of discounted bills, $1,600,000 in acceptances bought
In open market, $6,900,000 in holdings of United States
securities, and of $34,100,000 in member bank reserve
deposits, and increases of $5,700,000 in Federal Reserve
note circulation, and of $3,500,000 in cash reserves. Total
bills and securities were $28,500,000 less than the amount
held on Feb. 15. After noting these facts, the Federal
Reserve Board proceeds as follows:

Feb. 211928.
Reserve with F. R.Bank
Cash In vault

Feb. 15 1928.

Feb. 23 1927.

727,654,000
55.817,000

750,931,000
52,691,000

658,714.000
60,854,000

Net demand deposits
Time deposits
Government deposits

5,328,144,000 5,421,775,000 4,857,947,000
1,083.101,000 1,095,117,000
930,547.000
10,567,000
10.567,000
28,791,000

Due from banks
Due to banks

107,500,000
1,240,813,000

106.896.000
1,309,520.000

88,086.000
1.106,089.000

Borrowings from F. R. Bank—total

55,025,000
122,823,000
53,954,000
Secured by U. S. Govt. obligations_ 42,750,000
95,150,000
40,800,000
All other
12,275,000
27,673,000
13,154,000
Loan, to brokers and dealers (secured
by stocks and bonds):
For own account
1 093,565,000 1,151,812,000
858,066,000
For account of out-of-town banks 1,495,218,000 1,531,357,000
1,106,654,000
For account of others
1,139,533,000 1,136,216,000
799,434,000
Total
3,728,316,000 3,819,385,000 2,762,154,000
On demand
2809,533.000 2,897,781,000 2,108,658,000
On thne
918,783,000
921,604,000
653,496,000

A decline of 866.000.000 indiscount holdings at the Federal Reserve Bank
of New York and smaller declines at the Philadelphia and Kansas City
banks were partly offset by increases, principally at the Chicago, Boston,
Cleveland, St. Louis and San Francisco banks. The System's holdings of
Chicago
-43 Banks.
bills bought in open market decreased $1,600,000, of United States bonds
$2,000,000, and of Treasury notes $6,000,000. while holdings of certificates Loans and Investments—total
1 950,056,000 1,952,740,000 1,839,364,000
of indebtedness were $1.100.000 above the previous week's total.
Loans and discounts—total
1 445,248,000 1.443,861,000 1,404,574,000
Federal Reserve note circulation was $5,700,000 more than a week
Secured by U. S. Govt. obligations_
ago, the principal changes being an increase of $5,100,000. at Chicago,
15.304,000
15,650,000
12,588,000
Secured by stocks and bonds
and $3,100,000 at New York, and a decline of $2,100,000 at San Francisco.
737,988,000
731,736,000
683,303,000
All other loans and discounts

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 1160 and 1161. A summary of changes in the principal assets and liabilities of the
Reserve banks during the week and the year ending Feb. 21
1928 is as follows:

691,956,000

Investments—total
U. S. Government securities
Other bonds, stocks and securities
Reserve with F. R. Bank
Cash in vault

Net demand deposits
Increase (-1-) or Decrease (—) Time deposits
Government deposits
During
Week.
Year.
+53.500.000 —$156,700,000 Due from banks
+6.200,000 --163,300.000 Due to banks

Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted

—28,500,000
—20,000,000
—27,300,000
+7,200.000

+231,000,000
+63.100,000
+80,600.000
—17,500,000

Bills bought in open market

—1,600,000
—6,900,000
—2,000,000
—6,000,000
+1,100,000

+96,300,000
—1,400,000
+114.700,000
—17,000,000

+5.700,000

—116,400,000

—38,900,000
—34,100,000
—2,800,000

+190,200,000
+191,400,000
—4,000,000

708,683,000

508,879,000

434,790,000

229,092,000
275,716,000

234,249,000
274,630,000

178,417,000
256.373,000

187,889,000
17,431,000

184,788,000
18,307,000

150,884,000
22,502,000

1 263,523,000
648.816,000
1,704,000

1,271,150,000 1,201.514,000
644,992,000
585,281.000
1,704,000
4,475,000

140,526,000
568,098,000

168,980,000
383,381,000

148,897.000
381.869,000

14,566,000

11,158,000

10.205,000

13.515.000
1,051,000

7,255,000
3,903,000

5,420,000
4,786,000

+73.000,000

U.8. Government securities, total
Bonds
Treasury noted
Certificates of Indebtedness

696,475,000

504,808,000

Federal reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits

Returns of Member Banks for New York and Chicago
Federal Reserve District—Brokers' Loans.
Beginning with the returns for June 29 last, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks—now 649—
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week showed
a sharp reduction from last weeks total of $3,819,385,000,
the grand aggregate of these loans for Feb. 21 being $3,728,316,000. This represents the lowest point reached by such
loans in the current year.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-49 Banks.
Feb. 21 1928. Feb. 15 1928. Feb. 23 1927.
Loans and investments—total

6 985,574.000 7,089,634,000 6,162.505,000

Loans and discounts—total

5,024,434,000 5,089,731,000 4,404.076,000

Secured by U. S. Govt. obligations_ 48,271,000
51,964,000
49,623,000
Secured by stocks and bonds
2,362,085,000 2,427.913.0
00
017,0
00 1.585.
All other loans and discounts
2,614,078,000 2,609.854.000 2,388,538,000
Investments—total
U. S. Government securities
Other bonds, stocks and securities




1,962,140,000 1,979,903,000

1,768,429.000

1,087.322.000
892,581,000

861,540,000
896,889,000

1 084,590,000
877,550.000

Borrowings from F. R. Bank—total
Secured by U. S. Govt. obligations_
All other

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
Simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
649, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
ieporting member banks of the Federal Reserve System for
the week ending with the close of business Feb. 15:
The Federal Reserve Board's condition statement
of649 reporting member
banks in leading cities as of February 15
shows decreases for the week of
833.000.000 in loans and discounts, of $6,000,000
in investments, and of
$6,000.000 in time deposits, and increases of
$12,000,000 in net demand
deposits and of $21,000,000 in borrowings
from the Federal Reserve banks.
Loans on stocks and bonds,including U. S.
Government obligations, were
864,000.000 below the February 8 total at all reporting
banks, the principal
changes by districts being declines of 836,000,000
in the New York district.
$15,000.000 In the Boston district, $12,000,000 In the
Chicago district, and
810,000,000 in the Philadelphia district, and an
increase of 56,000.000 in the
San Francisco district. "All other" loans and
discounts increased $16,000,000 and 810,000,000, respectively, In the New York
and Chicago districts
and $31,000,000 at all reporting banks, and
declined $6,000,000 in the St.
Louts district.
Holdings of United States Government obligations
wore 512,000.000
below and of other bonds, stocks and securities,
86,000,000 above the
amounts reported a week ago, the principal
changes In United States
Government security holdings being a decline of 810,000.000
in the New
York district and an increase of $6,000,000 in
the San Francisco district.
Net demand deposits, which were $42,000,000 above
the preceding week's
total, increased $28,000,000 in the San Francisco
district, 820,000,000 in
the Chicago district, and $7,000,000 in the Atlanta district, and declined
818,000,000 in the Philadelphia district. A reduction of 517.000,000 in
time deposits reported by member banks in the New York district and
smaller declines in other districts were largely offset by increases of 59,000,000 in the San Francisco district and of $6,000,000 In the Cleveland district.
Borrowings from the Federal Reserve banks were $21,000,000 higher than
on Feb. 8, the principal increases being 827,000,000 and $13,000,000.
respectively, In the New York and Philadelphia districts, and the principal
declIne—$14,000,000 in the Boston district.
A summary of the principal assets and liabilities of 619 reporting member
banks, together with changes during the week and the year ending Feb.
15 1928, follows

FEB. 25 1928.]

FINANCIAL CHRONICLE

1129

FRANCE.
17 a bill authorizing suppleThe Chamber of Deputies approved on Feb.
includes a provision suppressing
mentary credits for the 1927 budget which
r tax on imports of gold. This will
Loans and Investments—total
the application of the 2% turnove
on account of the prorepatriation of gold now held abroad
permit the
Loans and discounts—total
will encourage new purchases
cost resulting from this tax and
—12,692,000 hibitive
regulations
—13,020,000
Secured by U.S. Govt. obligations_ 132,240,000 —51,307,000 +819.643,000 when opportunities are favorable. A bill establishing new
6,349,801,000
d by the Chamber Committee
Secured by stocks and bonds
8,648,590.000 +31,146,000 +154,619,000 governing imports of petroleum was approve
loans and discounts
All other
on on Feb.
6,535,475,000 —6,178,000 +880,302,000 and is on the calendar of the Chamber of Deputies for discussi
Investments—total
y of monthly
the bill reduces to 200 tons the quantit
2,985,911,000 —12,306,000 +599,700,000 23. The final draft of
required, bases such
securities
is
U.S. Government
+6.128,000 +280,602.000 imports for which a new special authorization
Other bonds,stocks and securities_ _ 3,549,564,000 —16,962,000
to 1927 in the
+60.666,000
1,762,104,000
average of annual imports from 1925
Reserve with F.R.banks
—116,000 authorization on the
254,520 000 +3.431.000
es any additional tonnage to French
attribut
Cash in vault
,000 +756,333,000 case of existing importers, and
rates
13.716,884,000 +41.861
authorizes the application of old
Net demand deposits
6,660,589,000 —5.821,000 +700,590,000 companies. The new tariff bill
effective. The GovTime deposits
—67,020.000
ts afloat when the tariff becomes
34,770,000 —8.020,000
Government deposits
Swiss agreements
+50,914,000 of duty on shipmen
1,247.409,000 +94,817,000
passage with the German and
Due from banks
0 +295,747,000 ernment is confident of its
Due to banks+46,817.00
.000 +117,989,000 by Feb. 25.
Borrowings from F. R. Banks—total_ 360,418,000 +21,078
GERMANY.
+31,104,000
.000
ing Department of the AssoSecured by U.S. Govt. obligations_ 257,119.000 +22,827 000
turnover of the Wholesale Purchas
+26,885,000
The total
103,299,000 —1,749,
All other
tives amounted to 373,042,000 marks
of German Consuming Co-opera
ciation
marks over the purchases of
This is an increase of 78,868,000
tured in
ding in 1927.
The value of the products manufac
the previous year, or 26.8%.
Summary of Conditions in World's Market Accor
marks, which
amounted in 1927 to 63,137,000
tives' plants
to Cablegrams and Other Reports to the Depart- the en-opera000 marks, or 38.2% more than in 1926. The German postal
was 17,462,
increased by 18.6% over 1926 to a total
ment of Commerce.
check account turnover in 1927
the total number of postal check
of Commerce at Washington releases amount of 136,000,000,000 marks. As
almost
The Department
the increase in the turnover is
place in
ing summary of accounts increased by only 4%,
for publication to-day (Feb. 25) the follow
economic improvement which took
entirely due to the general
and other
industry in 1927.
conditions abroad, based on advices by cable
nearly all branches of German
HAWAII.
means of communication:
continue favorable to growing crops
Weather conditions in Hawaii
ARGENTINA.
coffee crop is reported to have sufcane and pineapples, but the
in general of sugar
Sales of textiles have slowed down somewhat but business
report a heavy winter growth of forexcellent con- fered from too much rain. Ranches
in
u has bees
throughout the w...ek was good. The crops are reported
cattle. Retail trade in Honolul
owing chiefly to the age, affording ample feed for
good. Real estate
dition. The steer hide market is slightly weaker,
and collections have been
on.
except the United States, which active during the past month
fact that there are no important buyers
amount of building is being carried
towards the end is more active, and a moderate
Is taking most of the available stock. It is reported that
has been heavy.
at about 28 Inter-island freight
of the week some 15,000 cow hides have shipped to Europe
LATVIA.
killed 324,000 head
cents a pound and that during January the frigorificos
60% of the Santa
State railways during 1927 totaled
of cattle. All the crossbred, merino and pampa, and
Revenues from the operation of the
quality
37,586.000 lats ($7,260,000) durCruz and Chubut wools have been sold, but the second clip the
39,852,000 lath ($7,700,000) as against
or
of February.
traffic returned 14,209,000 lats,
and yield of which are considered good will begin at the end
ing the preceding year. Passenger
of 4%, goods
are still heavy, especially wheat. It is reported that the heavy 1% less than in 1926, luggage, 1,246,000 late, an increase
Exports
in the south of
and sundry revenue, 2,536,000
movement of grains is causing a shortage of railway cars
traffic, 21,862.000 lats, or 10% higher
returns during 1926.
the country.
of 18% as compared with the
lats, an increase
AUSTRALIA.
EAST INDIES.
NETHERLANDS
s good. All crop reports are
Trade in Australia continues quiet, and dealers are making commitThe general commercial situation continue
g
in cements very cautiously. As credit tightens, import houses are reducin
improving, with special activity
this time last encouraging and import trade Is
roofing sheets,
orders, thus causing imports to be lower in volume than at
, electric bulbs, galvanized
e active
d as sound, and trends are ment, lubricating oils, sardines
year. Fundamentally, conditions are regarde
g and construction continu
in Victoria automobiles, and fertilizers. Buildin
ng their autobus service.
favorable to betterment as the year advances. Car loadings
and railway 14.—% in Sumatra are steadily expandi
12% in January as compared with the corresponding month in
$8,000,000 in 1927, are exdeclined
s"... "—Imes, which totaled nearly
ng to re- Governar
year.
1927, and loadings in other States were similarly low, accordi
a substantial increase in the current
pected to
ports.
PERU.
BRITISH MALAYA.
fifteen days of February have
g
y
Merchandise movements during the first
The sharp drop in rubber prices the early part of Februar is affectin
es will absorb
d that the carnival festiviti
and trade and because of the uncertainty regarding the future been sluggish and it is expecte
business
A reported water
only. the attention of the people during the week of Feb. 20.
most merchants are buying cautiously for immediate requirements
important cotton
and Chincha valleys, which are
The tin market continuos depressed. Before the pronounced drop in rub- shortage in both the Im
there are substantial
s cotton planting, and unless
d to
ber prim, general import business was good, with well sustained demand producing areas, threaten
days, serious losses are expecte
fs. Machinery and textile trades are now dull and irrigation flows within the next ten
for American foodstuf
result.
ive business is showing less activity.
automot
PHILIPPINE ISLANDS.
imCANADA.
January and the anticipated
Leading export markets were inactive in
business in cotton
The budget proposals for the fiscal year ending March 31 1929 as pre- provement in import trade did not materialize. Retail
Autowere unsatisfactory.
reducsented to Parliament on Feb. 16 by the Finance Minister include
goods was under expectations and prices
by
n in the piece
business was further retarded
tion of the income tax payable by corporations to 8%, a reductio
motive sales were seasonally slow and
Copra production consales tax from 4% to 3%, ard important revisions of the tariff schedules. dealers holding off pending arrival of new models.
five years.
by individuals by
falling to the lowest level in
It is also proposed to reduce the income tax payable
tinued very light, January supplies
y was generally dull with
10%, and to increase the personal exemption of individuals with depend- Abaca trade for January and early Februar
Harvesting of the new crop
ents. Total revenue for the next fiscal year is estimated at $419,480,000, declining prices. Sugar trading was light.
year's is expected
of $19,000,000 over the current year. Despite proposed tax is proceeding satisfactorily and production equal to last
an increase
reductions, $13,000,000 of the increase is estimated to come from tax- locally.
PORTO RICO.
ation, which makes up 86.5% of the total revenue. Expenditures for the
h
n
of
commercial circles in Porto Rico althoug
next fiscal year total $364,865,000. The net reductio of the puolic debt
Little pessimism is apparent in
year is placed at $41,000,000; maturities
most lines and collections are very
Canada during the current
ns continue to be dull in
business conditio
the new
amounting to $100,505,650 were met by redemption and refunding operasugar prices and the reports of
difficult. The uncertain trend of
old
observed. The remaining stocks of
tions.
tobacco crop are being closely
s of
CHILE.
continue to move and local estimate
tobacco from last year's crop
the final
20,000,000 to 25,000,000 pounds,
d in the Diaries the
current crop range from
The new tariff, although approved, has not yet appeare
s.
the productivity of the late planting
ng
Oficial (the official publication of the Chilean Government). Accordi
yield depending somewhat upon
to enable them to properly
terms of the new tariff law, all decreases in duty are to be effective Buyers are making liberal advances to growers
e
to the
s
be handle the crop and which, together with the availability of adequat
Immediately upon publication in this paper, and all increase are to
of
n has induced many curing sheds provided for last year's large crop and the good quality
effective 60 days after such publication. This conditio
on which duties have the leaf are expected to aid in securing a profitable crop. Fruit shipimporters to Increase their orders for merchandise
oranges,
in canmercial circles is considered ments for the week ended Feb. 17 consisted to 27,000 boxes of
been increased. The general undertone
d in this
grapefruit. Locally grown strawberries appeare
local observers.
15,000 boxes of
brighter by
the
week's shipments to New York for
market and were included in this
COLOMBIA.
clearings from Feb. 1 to 17 totaled
first time in history. San Juan bank
is not now serious,
of 1927.
Congestion of freight at port of Buenaventura
d with $13,801,000 in the same period
ns will prevail. $10,928,000 as compare
although it may be some months before normal conditio
RUMANIA.
ing satisfactorily, and work
Improvement of the port works is progress
National Bank, organized for
Armenia (the end of the railroad which connects
The "Credit Industrie]," a subsidiary of the
has anon the highway between
and Ibague, the terminus of the Tolima railroad the special purpose of extending credits to industrial concerns;
with the Pacific railroad,
clients from 12%
Girardot where it connects for Bogota) is progressing, nounced a reduction of the interest rates charged its
which runs to
"Credit Into be completed within the next year. A por- to 10% per annum, and in special instances, to 9%. The
and that it is expected
Railused. Business in western Colombia is dustriel" has also granted a credit of 500,000,000 lei to the State
of the road is now being
tion
optimism prevailing, but cost of living is be- road Administration at the rate of 8% interest per annum.
fairly active with much
economic conditions are somewhat inflated.
SWEDEN.
lieved to be unduly high and
and mining industries with
FINLAND.
Labor conflicts in the woodpulp, lumber
outstanding factors in
adverse effect upon exports were the
January. The money
a refunding loan of $15,000,000 was floated in the New York consequent
On Feb. 15
economic situation during the month of
2
/
% external the Swedish
Government. This issue consists of 51
circulation continued to decrease while
market for the Finnish
2
/
in 1938, are priced at 991 and market remained easy. The note
bonds, which, due
The
increased 4,000,000 crowns during the month.
loan sinking fund gold
if not drawn prior to maturity and to yield more the gold reserve was
banks showed a
interest, to yield 6.04%,
of the Bank of Sweden and private
banks
average expectation of redemption. Since the loan net foreign credits
during the month. Deposits at the private
than 6.22%, on the
operation, it will not appreciably increase Finland's considerable decrease
national debt showed an inIs solely a refunding
% advanced 57,000,000 crowns. The Swedish
2
/
61
The proceeds will be used to retire the so-called
January. The stock exchange market
national debt.
due in 1927-1931. A sink- crease of 8,000,000 crowns during
and falling
Scandinavian loan, issued in 1921
during the first part of January notwithstanding the
nt to redeem the entire issue by drawings remained strong
but toward the end of the month
ing fund is provided, safficie
dark outlook of the labor situation
at par.




Increase or Decrease During
Year.
Week.
Feb. 15 1928.
$
$
1928.
—39,359,000 +1.841,872.000
21,666,106,000
15,130,631,000 —33,181,000 +961,570.000

1130

FINANCIAL CHRONICLE

and during the early part of February the
stock market was slightly
irregular although quotations were rising and the turnover considerab
ly
greater than for the previous month. The S. K. F. listed
its stocks on
the London exchange during January giving the company
distinction
the
of being the first of the Swedish engineering industries to enter foreign
exchanges. It is believed that others will follow. The import
surplus,
caused by lowering of exports in the leading export branches, is
estimated at 40,000,000 crowns for the month of January. Further reduction
in exports is expected during February. The labor conflicts
may involve
the paper mills unless an agreement is reached in the pulp industry
by
the end of February.

[VOL. 126.

There is a difference of opinion on the effect of the proposed
woollen
schedules. Some of those affected see injury in it,
while others profess
yet to be unable to determine the difference.

From the "Gazette" we also take the following showing
the budget at a glance:

Tax Reductions
Income Tax.
-10% reduction in personal income tax.
dollars exemption will be allowed for mentally or physicallyFive hundred
incapacitated
persons over 21 years of age.
Tax rate on corporations cut to 8%.
Taxation reductions provided in the budget will be
effective tomorrow.
UNITED KINGDOM.
The reduction in income tax rates will be applicable
to taxes payable on
British steel makers have announced a decision to increase prices of the income
for last year.
structural sections and plates by 5s a ton to buyers outside of the rebate
Sales Tax.
-25% reduction; i. e, rate cut from four to three.
scheme. A committee of the Master Cotton Spinners Federation is attempting to resume discussion with employees' representatives in the hopes
Tariff Reductions.
of improving the foreign trade position of the Lancashire industry. A deadCottons.—Material reductions in large range household
cottons. Rates
lock was reached in the discussion when the trade unions refused to
lowered on yarns. British preference widened.
consider the proposal of the employers' state of trade committees that wages
Woollens.—Duty reductions on mitts and all but more
expensive lines
be reduced by approximately 121
/
2
% and that the working week be in- of underwear, socks, stockings. Yarns for weaving, free.
creased from 48 hours to 62% hours. Imports of raw cotton in January duty reduced on woollen goods imported in gray for dyeing Preferential
and finishing.
Linen.—British preference rates on finer grades reduced.
amounted to 62% in quantity and 41% in value of that imported in the
Re-classifisame month of 1926 and exports of cotton goods so compared showed a de- cation of linens and of flax and jute products.
Textile machinery.—On large part importations,
cline of £945,000. January coal exports increased by 17,000 tons over
British preference
December, but bunker shipments declined by 49,000 tons. The market duty reduced from 10 to free; intermediate from 10 to 5.
Reductions in duty on press blankets, flake calcium
continues quiet and prices are weak but no material change is noted.
chloride for road
Disagreement re to classification and grading is delaying the South Wales treating; non-alcoholic preparations for disinfecting, etc.; crude petroprice regulation plan. The Yorkshire-Derby-Notts production and sales leum for refining, free till July 1, 1931; rate on parts for fishing
quota scheme is expected to become effective on March 1 and it is thought boat engines, reduced; nickel chromium for making electric resistance
wire, free.
that it may also include the Lancashire coal area.
Drawbacks.
80% on certain kinds of magazine paper.
99% on bituminous coal for melting or evaporating salt.
60% on material used in manufacture of various tools
Budget Message of Canadian Minister of Finance J. A.
when at least
50% of production cost incurred in Canada.
Robb—Cut in Corporation and Income Taxes—Tariff
50% on materials used in aeroplane engines. After July
1, no drawback, unless 40% of cost of production incurred in
Reductions on Cottons and Woolens.
Canada.
Present duty on aircraft engines extended until July
1, 1930.
A substantial reduction in Canada's debt, a cut in taxes
Textile Group Rearranged.
and a reduction in tariff schedules covering cottons, woolThe outstanding feature of customs tariff amendmen
ens, etc., were announced in the fifth budget message of
ts in the budget,
it is
James A. Robb, Canadian Minister of Finance, presented entire officially announced, is the revision of the textile group. This
group, comprising the schedules relating to various
in the House on Feb. 16. The Montreal 'Gazette" in spe- been re-classified and re-arranged; the basic raw materialstextiles, has
have been
cial advices from Ottawa on Feb. 16 indicated as follows made the basis of the new structure, with the result that the textile
group now includes separate schedules
covering cotton, wool, silk and
the principal features of the budget message:
artificial silk, with a separate schedule embracing
flax, hemp, jute and
similar products.
A further reduction of 10% in the income tax, on individual
s, an
An almost identical arrangement of items
exemption from this tax of $500 to those supporting dependents
is followed in all five secover 21 tions, tending to
years of age, who are incapable of self support on account of
mental or distinct divisions greater simplicity, a more logical structure and more
physical infirmity; reduction of the corporation income tax
for statistical purposes. Items of a general character,
to 8%; but relating
reduction of the sales tax from 4 to 3%.
directly or indirectly to textiles, have been brought in with
the textile group and many obsolete
A large number of changes in the customs tariff are also
phrases and words have been
proposed, but dropped from
few of them are of any great importance to the
the verbiage of the schedules.
general business and
Cottons.—(a) The maximum rate under the
consuming public. Most important is the reduction in
general tariff has been
the schedules on reduced,
with one exception, to 30%.
cotton and cotton fabrics, making the maximum, under
the general tariff,
(b) The duties on coarse yarns are lowered,
30% instead of 3735%. Another is the adjustment
but a duty is imposed
schedules and general effect of which will be to improve of the woollen for the first time, on yarns of 40's count and finer—exc
ept mercerized
the position of fine yarns, which
Canadian manufacturers, as against British manufactu
remain free under the B. P.
rers exporting to
(c) Duties lowered on unbleached and colored
this country.
cotton fabrics.
(d) Duties are
Mr. Robb also stated that the scope of the British
preference would cotton blankets. lowered on a wide range of household cottons and on
be materially widened, as regards the total of tariff
changes and in
(e) Duties are lowered on cotton clothing
addition, he proposes to increase from 25 to 50%
and "manufactures of cotthe requirement of ton" in
general.
Empire labor and materials in goods imported into Canada
to be given
Wool.—(a) Yarns for the weaving of
advantage of the British preference.
woollen and worsted cloths are
made free.
There had been some reason to expect a reduction in the
excise stamp
(b) The drawback of duty on dry-spun
duty on cigarettes, some assistance to Canadian tobacco
yarns is to be cancelled after
restoration of penny postage in the Empire, and a cut in the growers, a October 1, 1928.
excise and
(c) Duties are reduced on woollen and
duty on imported liquors, but none of these has been
worsted fabrics imported for
favorably consid- dyeing and finishing
ered by the Minister of Finance.
in Canada; and on many of the lighter weights of
such fabrics imported in the finished
Mr. Robb, referring to the debt reduction effected during the
condition.
current
(d) Material reduction is made in duties
fiscal year, said: "In recent years we Canadians have
(e) The rates on knitted underwear and on lustres and Italian linings.
reducing annually both debt and taxation; each reductionsucceeded in
woollen socks and stockings
of interest- will be adjusted so
bearing debt has enabled us to reduce taxation further, and,
that the more expensive lines will pay
slightly higher
while wel- rates, while the rates
on those more commonly in demand and use will
coming any workable plan that will ensure the retirement of
our national be reduced.
debt, I submit that until Canada is nearer the pre-war rate
of taxation,
Silk and Art Silk.—(a) Practically no
annual reduction of taxes is as important as reduction of
change in any rate in either
debt. Our instance; but those two
policy is to reduce both."
(new) schedules will now conform in structure
with those for wool, cotton, etc.
In his review of the current fiscal year, Mr. Robb
stated that the
Flax and Other Fabrics.—(a) A new
total estimated revenue of the Dominion would be $419,480,
schedule'Is provided to conform
000 and the with the others of the
textile group.
total estimated expenditures $364,665,000, leaving a surplus
of revenues
Textile Machinery.—(a) All machinery
over all expenditures of $54,815,000 to be applied to reduction
incidental to the working up
of debt. of fibrous materials is to be
He also stated that in the five-year period ending March 31,
free under the B. P.
Mining Industry.—Reductions in
total reduction of the net debt will be $144,700,000. The 1928, the
duties are made on certain marefunding chinery used in connection
operations in the current fiscal year have enabled the
with the mining industry.
Government to
Printing industry.—(a) Press and
effect an annual interest saving of $3,607,800.
stereotypers' blankets are to be
free under the B. P. and greatly
It is interesting to note that while Canada's new corporation
reduced under the general tariff.
(b) A drawback of 80% of duty is
tax is established at 8%, the present corporation income tax income
to be granted on certain papers
in the used in the production of
magazines.
United States is 13.5%.
Fishing Industry.—(a) Aluminum
While a large number of changes are proposed in the tariff
net floats are free; and parts of
schedules, engines for fishermen's boats
are reduced to the same rate as applies to
the actual percentage alterations are not substantial. The cotton
cut is engines.
only 734% on the general tariff, and an examination of the long
list of
Fruit Industry.—(a) Small onion plants
changes in the other schedules does not disclose any drastic reductions
for transplanting are to be
.
Most of the alterations are, as was anticipated, in the definition free.
(b) Spraying preparations or
column. Assistance is offered to the textile industry in making
chemicals are to be free.
a
Aviation.—(a) Present low rate on aero
downward•adjustment in the duties on machinery used in the
engines and parts, extended
industry 2 years.
and which has to be imported.
(b) Drawback of 50% will be allowed
The greatest actual relief to the taxpayers and consumers of Canada facture
on materials used in manuof aero engines. After July 1,
1930, no drawback paid unless
will come from the cut in the income taxes and a further reduction of 40%
of cost incurred in Canada.
25% in the sales tax. The changes proposed in the general customs
Salt Industry.—A drawback of 99%
will be allowed on coal used in
tariff are, many of them, technical, and it will require a study of them producing
salt.
by industries directly affected to determine the extent of the assistance
Oil Refining Industry.—Certain crude
petroleum not in its natural
offered by the Minister of Finance.
state, for refining, to be admitted
free until July 1, 1931.
There were few interruptions in the speech of Mr. Robb, which was
The following relative to computing the
income tax, under the reduced
applauded at many stages by the Liberals. C. H. Cahun (St. Lawrence scale is from
Ottawa advices to the "Gazette."
and St. George) adjourned the debate for the Opposition and will proExplanation is
ceed with his speech on Monday in criticism of the fiscal proposals and ing the working made by the Department of National Revenue respectout of the additional 10% income tax reduction anthe financial statement of the Government.
nounced in the budget. The reduction
is only on individual incomes;
The actual reduction in the corporation income tax, which is to be and last year a
similar reduction of 10% was announced in the annual
8%, amounts to one-tenth of 1%.
financial statement of the Minister of Finance.
•
It is stated tonight that the reduction in the cotton schedules, when
An individual, it
actually applied, will mean only a slight change in the amount of pro- figures the total taxis announced, in computing his income tax return,
payable by him on his income, after allowing for
tection afforded.
deductions and exemptions. From this tau the individual
deducts one.




FINANCIAL CHRONICLE

FEB. 25 1928.]

and last
fifth—representing the two 10% reductions announced today
year—leaving the income tax he actually pays.

How the 10% reduction in personal income tax provided
in the budget will work out, is shown in the following
National
table issued by Hon. W. D. Euler, Minister of
Revenue.
The comparative table indicates the saving to a married
person with no dependents:
1927.
1926.
Income Income
Tax
Tax
Payable. Payable.
$1,000
2.000
3.000
4,000
5,000
6,000
7,000
8.000
9.000
10.000
11,000
12,000
13,000

318
36
63
69
144
198
261
333
414
504

1516
32
56
88
128
176
232
296
368
448

Russia now is producing about 625,000.000 of gold a year from its mines.
and this metal is expected henceforth to play a more important part in international circulation. Russia has built up a favorable balance of trade
with various European countries, but has been buying more here than it
has been selling to this country and the gold will help to correct this adverse
balance. It was reiterated the bullion shipment has nothing to do with the
private sale in this country of part of a $30,000,000 issue of Russian railway

1927
Income
Tax
Tax
Payable. Payable.
536
603
632
711
736
828
848
954
968
1,089
1,096
1,233
1,232
1,386
1,376
1,548
1,528
1,719
1,688
1,899
1,856
2,088
2,024
2,277
1926

..17ZCOMS

14.000
15,000
16,000
17.000
18,000
19,000
20.000
21,000
22.000
23.000
24,000
25,000

Oppose
Canadian Woolen Men Score Budget—Spinners
Reduction Plan—Fail to Find Allies in Cotton Industry.
of
Ottawa adviees Feb. 20 to the New York "Journal
Commerce" gad:
leadA number of the members of the Canadian woolen industry are Robb,
Minister
ing the attack, beginning today, on the budget of Finance
anticipated supwhich embodies numerous textile tariff changes. The
C. II. Cahan
port of the cotton industry has failed to materialize.
heads the Conservative campaign against the proposal.
through
According to Mr. Robb's report the Tariff Advisory Board,
contained
the investigations, had discovered that these textile schedules
they have
many absurd anomalies and confusing provisions and now
as the
been rearranged and reclassified with the basic raw materials
foundation of the new fiscal structure.

bonds.

The same account also said:
The transfer reflects the expansion which has taken place in the trade
between the United States and Russia, now totaling more than $100.000,000
a year, which is larger than the commerce between the two countries before
the war.
is
The extent to which conditions have changed in the last few years
in force
shown by the shipment. In 1921 the American Government put
of gold of Russian
an embargo against the importation into this country
case of shiporigin. This ban was maintained at the time, not only in the
where
ments sought to be made directly here by Russian interests, but also
origin
British. French or Swedish interests had acquired gold of Russian
So far as
and sought to send it here in the ordinary course of commerce.
officially lifted, but it has been
the records show, this ban has never been
country from
allowed to die out, as gold of Russian origin has come to this
various parts of Europe in the last year or two.

Regarding the attitude of the State Department toward
the shipment Associated Press advices from Washington
on Feb. 21 stated

t on what
No decision has been reached by the Treasury Departmen
shipment of $5,000,000 in
action will be taken rezarding the remrted
Co. when offered
Russian gold to the Chase Bank and Equitable Trust
to the New York Assay Office.
they were waiting on word
Responsible Treasury officials said to-night
any decision. It was said
from the State Department before announcing
the Assay Office of Soviet
that no embargo exists against the receipt by
o;,eration since 1921 which
gold, although there is a "rule which haa been in
explained in Treasury circles
had the effect of an embargo." It was
before any specific action on
to-night that this rule was still in effect, but
,
De. artment must be heard
the shipment of Russian gold is taken the State
al character of the gold it
from as to the precise time and the internation
question.

Five Textiles Affected.
The textile portion of the customs tariff will now have five separate
sections, covering (1) cotton, (2) wool, (3) silk, (4) artificial silk, and
(5) flax, hemp, jute and allied products. As far as is possible an identical plan of arrangement has been adopted in all five sections to insure
greater simplicity, a more logical structure and more clear-cut divisions
for statistical purposes. Again items of a general character but relating
directly or indirectly to textiles have been brought within the textile
group, and many obsolete phrases and words have been eliminated from
the verbiage of the schedules.
Apart from this rearrangement a very important change in regard to
the British preference has been introduced. Heretofore the Canadian
tariff has required that goods seeking advantage of the British preferential tariff should be able to show that 25% of the labor and materials
used in their production should be of British Empire origin, but this
requirement is now to be augmented to 50% for the purpose, according
to Mr. Robb, of fostering inter-imperial trade. There is, moreover,
also to be a similar duplication of the requirement upon goods entering
under special commercial treaties and the intermediate tariff. Clearly
the object of this latter change is to encourage British manufacturers
who are catering for the Canadian markets to buy as large a proportion
as possible of their raw materials from empire sources.
Only experts who are familiar with the intricacies of the different
branches of the textile industries are in a position to pass any definite
judgment upon the effect of the revision, and among them a great
diversity of opinion exists. The general impression is that, on the
whole, it will give British exporters of textiles easier access to the
Canadian market; it is true that they find for the first time a duty
imposed on the finer counts of cottons which had been left free because
until a few years ago none was manufactured in Canada, but they get
some compensation from lowered duties on the coarser counts.

United
The fact that the shipment was en route to the
in its issue
States was made known on Feb. 9, the "Times,"
of Feb. 10, referring thereto in part sa follows:
Union.

Bank of the Soviet
The bars will bear the imprint of the State
rooms of American banks. The
a device as yet unknown in the strong
as part of the $25.000,000
metal of which they are composed is described
Before the war the Russian
annual gold production from Russian mines.
metal and their output cirmines were important sources of the previous
culated internationally.
Post-War Trade High.
Britain and Germany for
Russia has been exchanging gold with Great
its trade with the United
about two years, but until now has conducted
This trade now totals about
States without the aid of bullion shipments.
the war. While Russia's
$100,000,000 annually, or more than before
it imports more from
trade balance with the world at large is favorable,
gold on its way here will
America than it exports to this country. The
with this country.
therefore serve to correct the adverse trade balance
Bank of the Soviet Union
"The business transacted between the State
e and there is every
and certain American banks is already considerabl
with Russo-American
prospect of it increasing," said an official in touch
finds it desirable and
financing yesterday. "The State Bank, therefore
of its resources in the
necessary to maintain an increasing proportion
its commercial credit operaUnited States, particularly in connection with
other countries. Accordingly.
tions, not only in this country, but also In
$5,000.000 to the Chase
it is making shipments of gold amounting to about
"
National Bank and the Equitable Trust Company.

Woolen Spinners Aroused.
The lowering of the duties on woolen yarns is welcomed by one group
of woolen manufacturers who are interested in the weaving branch of
the industry, and the dyers are also pleased, but the woolen spinners are
bitterly aggrieved because instead of the relief which they asked for
their position has rather been reversed.

Gold Shipment of $5,000,000 from Soviet Russia Received by Chase National Bank and Equitable
Trust Co.—First Shipment from Soviet Government—No Connection With Russian Bond Issue.

The arrival on Feb. 21 on the Hamburg American line
steamer Hamburg of a shipment of $5,000,000 of Russian
gold represents the first consignment of the metal to the
United States by the State Bank of the Union of Socialist
Soviet Republics. The shipment was consigned to the
Chase National Bank and the Equitable Trust Co. of New
York—each, it is stated, receiving •$2,500,000. The New
York "Times" of Feb. 22 in its account of the shipment said:
account of the Soviet State Bank. It
The present shipment is for the
each and sealed with the Soviet
arrived in 20 casks, weighing 110 pounds
to promote commercial relations between
seal. The metal was sent here
Russia, and part of it is understood to be in connection
this country and
and other products in this country
with the recent purchases of machinery
Russian experts who made a tour of American inby a delegation of 11
purchases included gas locomotives,
dustrial centres last month. Those
and automobiles. Russia also has
steam shovels, drilling machinery
machinery, cotton and other products in
bought large quantities of farm
contemplates further purchases.
this country and
by the Soviet State Bank to mainThe gold shipment represents a desire
of its reserves in the United States, not only in
tain increasing proportions
operations, but also for possible use in
connection with commercial credit
Bank has been increasing its transacexchange tranasactions. The Soviet
the gold shipment will place it in the
tions with banks in this country and
which maintain gold holdings here.
posRion of other large foreign banks




1131

Bank's Gold—
Assay Office Will Refuse to Accept Soviet
Still in Force
Officials Declare Ban on Russian Gold
Here.
from Soviet Russia,
Regarding the shipment of $5,000,000
York this week, the "Journal of Comreceived in New
merce" of yesterday (Feb. 24) said:

Government bureaus hold
While officials of two United States
whether or not the supposed ban on
diametrically opposite views upon
lifted, $5,260,000 of Soviet gold
imports of Russian gold has ever been
Chase National Bank and the
lies idle here in the vaults of the
interest. The arrangements under
Equitable Trust Co., earning no
surrounded with a veil of secrecy.
which it was brought here are still
on the liner Hamburg Tuesday mornThe Soviet gold, which arrived
United States Government Assay Office
ing will not be admitted at the
of gold of Russian origin, which
to the ban against importation
due
stated at the Assay Office yesterday
has not yet been lifted, it was
afternoon.
been admitted into the country by
The yellow metal had already
however, who say there is no ban
United States customs authorities,
Wednesday it was delivered to the two
here on Russian gold, and on
here is usually sent immediately to
local banks. All gold imported
the Treasury Department. One
Office, a subdivision of
the Assay
be to cart the gold direct to the
to this procedure would
alternative
to the Soviet Government. This,
Federal Reserve Bank, to be credited
pointed out at the Federal Reserve Bank
however, is impossible, it was
Socialist Soviet Republics is as yet unyesterday, since the Union of
recognized by the United States.
Shipment Delivered Wednesday.
casks, weighing 110 points each
shipment, comprising twenty
The
device heretofore unknown in Ameriand sealed with the Soviet seal, a
delivered on Wednesday to the vaults of
can bank strongrooms, was
Equitable. According to customs officials
the Chase National and the
the Chase national Bank, while the
$2.500,000 was consigned to
Equitable Eastern Banking Corporation.
remaining $2,760,000 went to the
the second division at the Customs
John J. Viele, chief clerk of
objectives to reception of the gold
House, declared yesterday that no
Since the dissolution of the old War
here was made by the officials.
no ruling on the subject of imTrade Board, he said, there has been
officials have not moved to
ports of gold from Russia, and customs
gold bullion and bars imported,
prevent them. There being no duty on

1132

FINANCIAL CHRONICLE

[VOL. 126.

only an informal assay and examination was made by the authorities
Reported Crisis in Food Supplies in Russia—Grain
to make sure that the shipment consisted of gold.
Crop Shortage—Resignation for Commissar for
Washington Affirms Ban.
Agriculture.
At the Assay Office, however, an entirely different view of the matter
was taken. It was stated than ten days ago, when the Soviet gold
Reports of a shortage of food supplies in Moscow were
from Hamburg was made in The Journal of Commerce, advice concerning the ban on Russian gold was sought from Washington, and contained in Associated Press cablegrams from Moscow
reply was made that the ban was still in effect. The gold will not Feb. 19, as follows:
The shortage of flour, butter, eggs, soap and textiles has reached such
be received for assay and hence cannot be added to the country's supply
for use as a reserve for currency or for the Federal Reserve Agent's a serious stage here that the authorities have decided to take vigorous
measures to remedy the situation.
fund.
While these commodities may be purchased at exorbitant prices in priA search of records at the Customs House and queries at the Assay
Office revealed no definite information as to when the ban on imports vate markets they are scarce in many of the Government co-operative
of Russian gold was invoked. At the Assay Office it was stated that stores, and in fact some Government stores have been forced to limit sales
the ban had been in effect for "many pears," since 1921, it is believed, owing to the lack of supplies. Purchasers have been standing in long
while Mr. Viele at the Customs House declared that since the old War queues awaiting for hours an opportunity to make their limited purchases
Trade Board, which had jurisdiction in such matters, was dissolved, of necessities. Sometimes they reached the counter only to be told that
there had been no discussion or decision. Dr. H. Parker Willis, who all of the goods of the kind they desired had been sold.
Several instances have been reported where the co-operatives ceased
was secretary of the Gold Export and Import Committee during the
war, said last night that any such ban would have come through this selling altogether to the public although continuing to supply email rations
to their members.
committee and not the War Trade Board. He could recollect no such
This situation, recalling the days of a famine, has been attributed priaction by the Gold Export and Import Committee during the war
maHly to the grain shortage. The resignation of Alexander Petrovitch
period.
Smyrnoff, Commissar for Agriculture, because of failure to manage the
The latest information at the time of going to press last grain storing campaign, which fell 2,000,000 tons short of the prenight regarding the question of the admission of the gold vious year despite increased harvest, was reported yesterday.
A slight improvement in the grain situation
attributed partly
was contained in advices yesterday (Feb. 24) from Washing- to the recent visit of Joseph Stalin to Siberia,has beenhe issued new inwhere
ton to the New York "Sun," which said in part:
structions to the officials there in the hope of persuading the peasant
The $5,000,000 in Russian Soviet gold held by the Chase National Bank farmers to send their grain to the markets.
and the Equitable Trust Co. of New York will be admitted to the Assay
London Associated Press advices the same date (Feb. 19)
Office and into the Federal Reserve banks, the channels of trade in the
United States, if the banks which now hold the gold will give a warranty said:
Dispatches from Riga report an acute crisis in food supplies at Moscow.
as to title.
The Treasury Department, it was said officially to-day, still questions More than 1,000 charges of speculation against dealers in butter, meat,
milk and eggs are said to be pending in the courts.
title to gold from Russia. If security as to title and the proper guaranty
Supplies of flour and tea have slightly improved, but workmen's meetare given the gold will be admitted and may be used for any purpose, including the settlement of trade balances or purchases by the Soviet in the ings are reported to have declared that bread and tea are Insufficient
to sustain life. Soviet officials are said to be endeavoring to meet the
United States.
Secretary of State Kellogg made It known to-day that there was no demands of these meetings for larger supplies of meat and butter.
embargo on trade between the United States and Russia and that the handIn its reference to the crisis the New York "World" had
ling and disposition of the gold was a Treasury Department problem.
The gold movement is regarded as incidental to this commerce which is the following to say in advices from its Paris bureau (copynot embargoed. The Department Is not without information whether the right) Feb. 19:
metal Is earmarked by the Soviet or by the minting authorities of some of
The economic crisis in Russia has reached such a stage that the Governthe other countries of the north of Europe.
ment has instituted strict rationing of bread and clothing, it is reported
from Moscow. The political crisis is also reported to be becoming
more acute, many members of the Communist Party having been expelled,
S. G. Bron of Amtorg Trading Corporation Declares especially professors of unadulterated Communist theories.
As one means of fighting the economic depression the Government has
That No Foundation Exists for Reports That Rusdecided to take measures to force foreign traders to buy tchernovetz
sia Plans Wheat Purchases in United States—Rush bank notes in Moscow
instead of abroad, where the now Soviet currency
of Buying in Chicago Incident to Reports.
has depreciated 30% as compared with the official Russian rate.

Regarding the resignation of the Commissar for AgriculSaul G. Bron, Chairman of the Board of Directors of
Amtorg Trading Corporation, issued the following statement ture we quote the following accounts (Associated Press)
from Moscow:
on Feb. 17:
"In yesterday's papers it was reported from Chicago that Russia is in
the market for purchases of wheat and has even purchased to date 8,000,000 bushels. I am authorized to state that this report has no foundation
In fact. No purchases of grain for Russia are being made in the United
States or Canada, nor is the Soviet Union contemplating any such purchases
In the future.
"While purchases of grain from peasants by Government and co-operative marketing agencies fell somewhat short of last year's showing during
the last three months of 1927, the month of January showed a decided and
large increase in such purchases, counterbalancing to a marked degree the
deficiency of the previous months. In 1927 the Soviet Union had its
third good crop in succession. There is plenty of grain to supply the
needs of the population. Soviet grain exports altnough smaller than during
the preceding year are nevertheless considerable. This goes to show that
the situation in Russia at the present time does not at all warrant any
Imports of grain."

One of the reports from Chicago Feb. 16 appeared as follows in the New York "Times" of Feb. 17:
Reports claiming that Russia had bought as high as 8,000,000 bushels
cash wheat in the last few days and was after more took the grain trade
by surprise and led to a general rush of buying by all interests, which carried prices up 2% to 3% cents over the finish it the previous day to the
beet figures since Dec. 12 on the May and to a new high on the crop for the
July. The finish was on a moderate recession, and the close was at net
gains of 2% to 2% cents.
Efforts to confirm the sales to Russia were without avail and some
of the leading houses in Winnipeg expressed the belief that there was
nothing in the reports, but there has been free buying of futures in that
market of late by houses with Continental connections. Officials of the
Canadian pool refused to affirm or deny the report.

Alexander Petrovitch Smirnoff, Commissar for Agriculture in the Council of the People's Commissars, has resigned, failure to manage the grain.
storing campaign being given in authoritative circles as a partial reason
for his retirement.
Grain products stored to January, 1928, scarcely amounted to 5,000,000
tons, compared with the more than 7,000,000 tons stored at the same
time in the previous year, although the harvest of 1927 exceeded that of
1928.
The newly appointed commissar, Nicholas Kubiak, is expected to take
energetic measures to improve the existing grain-storing system and also
to adopt a more serious attitude toward the peasantry who prove unwilling
to deliver grain at fixed Government prices.

Soviet State Bank Paves Way far New Russian Expansion—Director of Bank Details Its Work at American-Russian Chamber of Commerce Luncheon—
Total Resources Placed at $2,000,000,000.
By broadening the basis of confidence the State Bank of
the U. S. S. R. aims to strengthen the co-operation between
the Soviet Union and the rest of the world, V. S. Korobkoff,
a director of the bank, who is visiting in this country, told
members and guests of the American-Russian Chamber of
Commerce at luncheon in the Bankers' Club on Feb. 17,
according to the New York "Journal of Commerce" which
which gave the following account of the speech:
Graphically detailing the growth of the State

founded

Bank since it was
On Feb. 17 Associated Press advices from Chicago stated: in 1921 on the ruins of the pre-revolutionary banking system of the country,
its initial capital consisting oC several billions of highly depreciated and
Wheat values
largely to

widespread
underwent a setback to-day, owing
snowfalls beneficial to United States Winter wheat. Denials, too, were
current toward the last that any purchases of grain for Russia are being
made in the United States or Canada, or that any are contemplated. Export demand, however, for wheat from North America was fair, new business being estimated at 850,000 bushels, chiefly Canadian.
Skepticism about reports of big buying of wheat from Canada to be
shipped to Russia showed itself quite pointedly at times to-day. Liverpool advices were to the effect that no trace of any Russian buying was
apparent, and it was pointed out here that the Baltic is usually icebound
at this time, remaining so until about the date that Spring navigation is
resumed on the American Great Lakes.
The most definite fresh news available to-day concerning breadstuffs
purchases for Russia was that a little flour and wheat both from North
America and Argentina has been bought by Russia. It was also stated
that Russia will be in the market from now on, but in a conservative way.
In some quarters it was surmised that if Russia is deficient in her Winter
wheat acreage and desires to increase her Spring wheat area, seed wheat
from Canada would be the natural method of acquiring necessary seed, and
If she is short of seed wheat she might easily be in need of wheat for
food.




continuously depreciating rubles, until it has become one of the largest
banks in the world, Mr. Korobkoff told of its success in building up and
reinforcing the currency and banking system of the Soviet Union.
The State Bank, which thik week shipped the first $5,000,000 in gold to
New York to facilitate trade and credit relations here, now has resources
of $2,000.000,000,the Soviet Banker reveled. "Its capital and surplus now
amount to $165,000,000, which figure is more than covered by its reserves of
gold, precious metals and stable foreign currencies alone," he said, pointing
out that all of this was accomplished without any assistance from abroad.
Smith Gives Report.
Mr. Korobkoff was a guest at a luncheon arranged in order to give members of the American-Russian Chamber of Commerce opportunity to hear
a report by Charles liadden Smith, Vice-Pres. of the chamber, who has
recently returned from Russia. S. G. Bran, chairman of the board of
directors of the Amtorg Trading Corp., who is sailing shortly for a visit to
Russia, also addressed the meeting. Reeve Schley, Vice-Pres. of the Chase
National Bank and Pres. of the the Chamber, presided.
In introducing Mr. Smith, Mr. Schley praised his work in getting the
facts about Russia. Be pointed out that "In spite of efforts of some of our
friends to divert us into other fields," the American-Russian Chamber of
Commerce will "stick to the policy of getting the facts."
•

FEB. 25 1928.]

FINANCIAL CHRONICLE

Presenting a highly favorable and optimistic report on conditions in the
Soviet, Mr. Smith touched only lightly on Russia's inability to get funds in
this country, a subject brought into public notice recently by the United
States State Department's announced disapproval of the Chase National
Bank's agreement to pay the interest coupons on the 9% Soviet railway
bonds of 1927, "As the Government cannot obtain foreign loans," Mr.
Smith said, "it is compelled to make the best use of its present industrial
plants and to increase them as fast as funds for new construction are available."
Demand Outstrips Supply.
"Still the demand far outstrips the supply—a condition which will exist
for many years to come," he pointed out, stressing the fact that Russian
authorities must not only keep their present industries going, but must also
enlarge them as fast as possible. It is in this connection that America can
aid, Mr. Smith emphasized. "Russia is an outpost of American ibdustry,"
he said. "The Russian desires to build his new industry and his new transportation on the most modern lines and looks only to the United States
as his model, not only in his production system, but also in accounting
methods. Hence, as he desires to adapt our methods to his requirements,
It follows that he will need our equipment to carry out his plane. But he
is not yet well enough acquainted with our products and manufactures to
be sure about them and needs instruction."
"In her attitude toward American industry and Americans the Soviet
Union is extremely favorable," Mr. Smith continued. "Our leadership in
all lines of industry is everywhere conceded and the entire effort of the
Russian industrialist is to adopt our methods."
-Russian Trade Advances.
U. S.
A word picture of the tremendous expansion in Russian trade with the
United States was given by S. G. Bron, of the Amtorg Trading Corp.
"In 1913, before the war, Russian trade with the United States amounted
to $48,000,000." he stated. "In 1926 total trade with the United States
was $70,000,000, of which $50.000.000 represented exports from this
country to the Soviet Union. In 1927 our total trade with this country
reached $100,000,000. of which $75,000.000 were Soviet purchases in the
United States."
Nothing could be more natural than an actively increasing trade, Mr.
Bron emphasized, since American manufacturers seek new markets and the
Soviet Union requires manufactured goods. In addition, he said, there is
the specially favorable circumstance that the Soviet Union sees the United
States as a model of industrial technique and desires to develop its industries along American lines.

1133

The following is the text of the bill passed by the House
on Feb. 17:
Be it Enacted by the Senate and the House of Representatives of the United
States o America in Congress assembled, that the settlement of the indebtedness of the Kingdom of the Serbs, Croats and Slovenes to the United
States of America made by the World War Foreign Debt Commission and
approved by the President upon the terms and conditions as set forth in
Senate Document Numbered 106, Sixty-Ninth Congress, first session la
hereby approved in general terms as follows:
Sec. 2. The amount of the Indebtedness to be funded after allowing
for certain cash payments made by the Kingdom of the Serbs, Croats, and
Slovenes is $62,850,000, which has been computed as follows:
Principal of obligations acquired for cash ad$26,126,574.59
vanced under Liberty Bond acts
Accrued apd unpaid interest at 4M % Per
$3
4073.423.14
annum to Dec. 15 1922

Principal of obligations acquired by Secretary
of Warfor surplus warsuppliessold on credit$24,978,020.99
Accrued and unpaid interest at 4%% Per
annum to Dec. 15 1922
44
3.3,58.881. $28336,881.44
$58,536.809.17
Accrued interest at 3% per annum from Dec.
4,390,260.69
15 1922, to June 15 1925
62,927.069.86
Credits:
Payments on account of principal since
$66,709.19
Dec. 15 1922
3,248.28
Interest thereon at 3% to June 15 1925
$69,957.47

$62.857.112.39
Total net indebtedness as of June 15 1925
7.112.39
To be paid in cash upon execution of agreement
$62.850.000.00
funded into bonds
Total indebtedness te be
Sec. 3. The principal of the bonds shall be paid in annual installments
on June 15 of each year up to and including June 15 1987,on a fixed schedule
subject to the right of the Kingdom of the Serbs, Croats, and Slovenes to
postpone such payments falling due after June 15 1937, far two years.
1% per annum.
,
such postponed payment to bear Interest at the rate of 43
The amount of the annual principal installments during the first five years
shall be $200.000. Commencing with the sixth year the annual principal
Installment shall increase $25,000 a year for the succeeding seven years.
Commencing with the thirteenth year the annual principal installment will
be $400.000, the subsequent annual principal installments increasing until
In the sixty-second years of the debt funding period the final prindpal
installments shall be $2,406,000, the aggregate principal installments being
House Passes Bill for Settlement of Indebtedness equal to the total principal of the indebtedness to be funded into bond,.
Sec. 4. The Kingdom of the Serbs, Croats and Slovenes shall have the
to U. S. of Kingdom of Serbs, Croats and Slovenes
right to pay off additional amounts of principal of the bonds on June 15
(Jugo-Slavia).
and Dec. 15 in any year.
Sec. 5. The bonds to be issued shall bear no interest until June 15 1937.
On Feb. 17 the House of Representatives passed the bill
of
authorizing the settlement of the debt of Jugo-Slavia (the thereafter shall bear interest at the rate of M 1%1% per annum from June
per annum from June 15
15 1937 to June
at the rate of M of
Kingdom of the Serbs, Croats and Slovenes) to the United 1940 to June 15 15 1940: the rate of 1% per annum from June 15 1954 to
1954; at
States. Representative Green of Iowa in presenting the June 15 1957; at the rate of 2% per annum from June 15 1957 to June 15
1960, and at the rate of 33% per annum after June 15 1960, all payable
bill said:
15 of each year. until the Principal
This bill was unanimously reported by the Committee on Ways and semi-annually on June 15 and Dec.
Means. It was favorably reported at the last session and passed the House thereof shall have been paid.
or principal may be made at the option
Sec. 6. Any Payment of interest
at the last session, and, so far as I know, there Is no particular opposition
of the Kingdom of the Serbs, Croats, and Slovens in any United States
to it. It was also favorably reported by the Senate Finance Committee,
obligations to be
otherwise it would be a law by this Government obligations issued after April 6 1917, such
but was lost in the Senate filibuster,
taken at par and accrued interest.
time.
I can not explain the provisions of the bill any more particularly than
they are explained by the bill istelf. The amount of the indebtedness as
to Capture Americas Trade
funded is fixed at $62,850,000, of which fifty-one million and odd dollars British Start Rope War—Seek
represents principal and eleven million and odd dollars represents interest.
Annually Worth 00,000,000.
The total payments to be made to us are $95,177,635. On a 4 M % basis
In copyright advices from London Feb. 20, the New
the present value of these payments is $20,236,000 or about 32% of the
York "Times" stated:
debt funded. On a 3% basis the value is $30,286,000, or about 59%.
shown
This Kingdom is one of the poorest countries we have had anything to do
The zeal with which the British are going after world trade is
with. The gentlemen from Georgia (Mr. Crisp), who is a member of the by the British Industries Fair which was opened at Shepherd's Bush,
Debt Commission and is very familiar with this, I think, can explain the London. Among thousands ' exhibits was one of sisal rope, with
of
details possibly a little better than I can.
they hope to take the Manila rope business, amounting to $10,000,000
annually, from America.
Representative Crisp in his remarks said in part
been
On exhibition are specimens of both kinds of rope which has
As a member of the Debt Commission before it went out of existence,
year the Manila rope
I agreed to this settlement. It is a very generous settlement on the part exposed twelve months to ocean tides. After one
by the sisal
of the United States, but in my opinion the settlement represents the full is said to have lost 69% of its strength, as against 63%
rope. Experiments have shown that sisal can be grown in Kenya,
capacity of Yugoslavia to pay its indebtedness to the United States.
As you know, the Yugoslavian Kingdom was set up as a result of the Nigeria, the Gold Coast and the Malay States.
war. It is the old Kingdom of Serbia with new territory added to it. During the war we advanced to Serbia approximately $25,000,000 In cash and
about $30.000,000 in war supplies. Serbia was fighting with the Allies. Withdrawal of Indian Reserve Bank Bill—Possibility
Serbia was overrun by the armies of Germany three times, and there was
of Its Being Held Back Until 1931.
greater devastation in Serbia and the territory now embracing Yugoslavia
than any of the European countries.
In its weekly summary of business conditions abroad.
It has about 50,000,000 acres of land and 30% of it is in forest. A very mule public Feb. 18, the Department of Commerce had
small part of the land, owing to the mountainous character of the kingdom
regarding the Reserve Bank billiof
is arable. Yugoslavia has practically no industries. Only 5% of her the following to say
population are engaged in industrial activities, the rest being engaged in British India:
agricultural pursuits. They barely make enough crops to feed themselves,
The Indian Reserve Bank Bill, which was to have been presented to the
and Yugloslavia has to import a great part of her food supplies consumed Legislative Assembly in revised form in the early part of February, has,
citizens residing in the cities.
by her
because of the opposition of that body, been withdrawn altogether. The
The railroads were practically all destroyed during the war, with the principal difficulty arose apparently from the clause providing for constibridges and culverts destroyed, and up until now they have not been per- tuency of the directorate. It is believed by many in India that the bill
manently repaired, although there have been some temporary repairs. which was to give India a reserve banking system, will now be held Is
About the only fund Serbia has had for this purpose is from reparations abeyance until 1931, when the Imperial Bank charter expires.
from Germany, and the reparations were principally property In kind,
railroad iron. cars, and things of that kind. Yugoslavia has received Finance Minister Volpi of Italy, Expresses Thanks to Fedvery little cash on account of the German reparations.
eral Reserve Bank and Bank of England for Credits
It was shown to the Dent Commission without doubt that Yugoslviaa
financially was the poorest off of any of our debtors: that the standard of
Arranged Incident to Stabilization of Lira—Plans to
jiving in Yugoslavia is lower than the standard of living of any other of our
Remove Foreign Exchange Restrictions.
debtor class, and, of course, this standard of living is not from choice but
pi from necessity.
Count Volpi, Foreign Minister of Italy, took occasion

Strong, Jr.,
In indicating how much of the amount to be funded repre- on Feb. 1 to voice his thanks to Benjamin
sented principal and how much interest Representative Governor of the Federal Reserve Bank of New York, and
Montagu Norman, Governor of the Bank of England, for
Crisp said:
We advanced in cash $26,000,000 and the interest on that at 43.(% to
December 1922, the date of settlement, was $4,000,000, making the principal and interest under that item amount to approximately $30,000.000.
We advanced war supplies amounting to $24,978,020 and the interest on
that was 93,358,000, making a total of $28,336,811, including the principal
and interest. The total amount of the debt, including principal and
nterest to date of settlement Is $62,850.000.




the credits arranged in behalf of Italy last December in
furtherance of the plans to bring about that country's return to the gold standard. Concerning the remarks of
Count Volpi, a copyright cablegram from Rome to the New
York "Herald-Tribune" said in part:

1134

FINANCIAL CHRONICLE

A discussion in the Senate which had been proceeding as a sort of
pastime during the last few days on the government's recent decision
to return to the gold standard was concluded this afternoon by Count
Volpi, Finance Minister, who reviewed the technical features of the
government's financial policy for the last year in a speech, the text of
which covered forty-seven pages.
As a matter of form, the Government's gold standard decision is
presented to the Senate for approval, which is a foregone conclusion,
since Italy has become a country in which action speaks louder than
words and always speaks first.
Three principal features of Count Volpi's discourse were:
The government is now working on a plan for lifting the numerous
restrictions in foreign exchange and trading which have been in vogue
during the revaluation campaign.
It seems likely that no gold coinage will actually be effected, but that
calculations will continue to be made on a gold basis in relation to
established paper values.
Count Volpi reiterated and at the same time strengthened previous
declarations to the effect that Italy will settle her war debt to the United
States in so far as Germany continues to make reparations payments to
Italy, but no more.
Concerning the first point the Finance Minister said that measures
of relief in foreign exchange and trading soon would be put into force,
"but with extreme caution and with constant surveillance over the
actual transferment of money in order not to run the risk of diminishing with a disordered movement the benefits already realized from
monetary reform."
Regarding the decision to refrain from the issuance of gold coinage.
Count Volpi said that he must tell the Senate, "with rude frankness
that I do not share in the aspirations of numismatic enthusiasts with
aesthetic ends in view," but went on to say that stabilization would
be carried out on the basis of the revaluation of paper money in its
relation to the gold standard.
Concerning reparations and payments .to the United States, Count
Volpi said:
"Germany pays us regularly reparations and we regularly transfer
them in accordance with the pacts of Washington and London,
which 1
had the honor to sign, to their respective treasuries. No
other
can or could be asked of the Italian people, whatever fate sacrifice
may hold
in store for the next sixty years concerning the relations
of interests
between the peoples who took part in the war."

From the account of Count Volpi's speech to the New
York "Times" we take the following:
Count Volpi paid a handsome tribute to the American
bankers who had played such an important part in bringing and English
so vital to Italy. The whole Senate cheered as the Finance about results
Minister ex.
pressed grateful thanks to the Governors of the Bank
of England and
of the Federal Reserve Bank for their share in the
negotiations which
had resulted in $125.000,000 credits being placed at
Italy's disposal. He
rendered special thanks to Governor Strong who journeyed
from the
United States to England for this specific purpose. The
that he hoped, indeed felt sure, that the credits would Minister added
never be used,
nevertheless they would be most helpful in deterring any one who
might
be tempted to speculate in Italian currency.
•
•
Through announcing an early loosening of the restrictions
now placed
on the purchase of foreign currencies, the Finance
Ministry had been
fully satisfied that the proceeds of such loans would only
be
productive and remunerative enterprises. No authorizations used for
for loans
would be granted to municipalities or to provinces. Count Volpi
seized
the occasion to urge the greatest economy on all local
Governments.
warning them that help from the State offers would be given only
under
the most exceptional circumstances.
At the end of December, he confessed, the budget surplus was only
17,000,000 lire (less than $1.000,000). But December was a notoriously
difficult month for the Treasury, and the proof of that was seen when at
the end of January the surplus jumped to 67,000,000 lire. The Minister
stated most positively, both in his own name and in that of Signor Mussolini, that the present financial year would close at the end of June
with a comfortable surplus.
By law this surplus must be dedicated to decreasing the public debt.
Since August of last year, when a special sinking fund was created for
this purpose, 553.000,000 lire in Government bonds have been with.
drawn and destroyed. The public debt now amounts to about 86,000,000.000 lire, or 10,000,000,000 less than the maximum, while the total
circulation now stands at 18,500,000,000 or 3,500,000,000 less than the
maximum.
Count Volpi's cautiously optimistic speech created a deep impression
on the Senate and was received with warm applause. Signor Mussolini
himself frequently led the applause and was the first to congratulate
Count Volpi at the end of his speech.

[VOL. 126.

STATEMENT OF AVAILABLE FUNDS AND TRANSFERS
FOR THE
FOURTH ANNUITY YEAR TO JAN. 31 1928.
(On cash basis, reduced to gold mark equivalents.)
Fourth Annuity
liforuh of
Year—CumulaJanuary
tire Total to
1928.
Jan. 311928.
Gold Marks.
Gold Marks.
Available Funds—
Balance as at Aug. 31 1927
185,487,192.84
Receipts in completion of the third annuity
Transport tax
20.000.000.00
Interest on railway reparation bonds
55,000,000.00
Receipts on account of the fourth annuity
Budgetary contribution
41.888.866.86 208,333,333.33
Transport tax
Interest and amortization on railway reparation 24.168.000.00 96.684,000.00
bonds
55,000.000.00 220,000,000.00
Interest and exchange differences
546,991.02
895,653.28
121,379.657.68 786,380,179.45
Less discount on advance payments for service of
railway bonds
447.154.47
3,135,714.65
Totals
120.932,503.21 783,244,484.80
Transfers—
In foreign currencies
Service of the German external loan 1924
7,616.043.06 35,995,597.98
Reparation Recovery Acts
28,196.458.96 138,152,351.18
Deliveries under agreement
2.042,453.86 10,163,544.83
Settlement of balances owing for deliveries made or
services rendered by Germany prior to Sept. 1
1924
3.002,858.03
Transferred in cash
28.774,724.94 116,165,699.00
Costs of Inter-Allied Commissions
311,932.80
1.625,878.46
86,941,613.62 305,105,930.38
By reichsmark payments for
Deliveriesin kind
Armies of Occupation
Cost of Inter-Allied Commissions
Miscellaneous objects

52.952,415.82 313,991,588.21
4,840.338.02 24.952,985.26
522,214.26
2,484.144.04
93,985.67
505,117.73
58.404153.57 341.933,795.24

Total transfers

125.350,567.19 647,039,725.80

Cash balance as at Jan. 31 1928

136,204.739.20

Distribution of Amounts Transferred—
To the Powers—
France—Army of Occupation
Reparation Recovery Act
Deliveries of coal, coke and lignite (Ind. transport)
Other deliveries In kind
Miscellaneous payments
Cash transfers

59 013,148.71 333,874.241.47
British Empire—Army of Occupation
1.176.032.60
5,585,579.21
Reparation Recovery Act
24,034,963.52 120.171,919.54
Settlement of balances owing for deliveries made
or services rendered by Germany prior to
Sept. 1 1924
3,000,666.15
Cash transfers
40,832.07
25.210,988.12 128,798,796.97
Italy—Deliveries of coal and coke (Incl. transport)... 5,939973.67 23.473,310.18
Other deliveries in kind
540.619.38
5,723,946.12
Miscellaneous payments
998.31
Cash transfers
2.657.958.28 10,926,828.05
9,138,549.31

Reference to the arrangements appeared in our issue
of Dec. 24, page 3419.
German Reparation Receipts and Transfers During
January.
The statement covering the month of January, issued
on Feb.8 by the Office of the Agent-General for Reparation
Payments, shows receipts for the month of 121,379,657
gold marks, and total transfers for the month of 125,350,567
gold marks. The cash balance of date Jan. 31 1928 is
given as 136,204,739 gold marks. The statement follows:




40,134,082.66

Belgium—Army of Occupation
197,148.22
539,976.75
Deliveries of coal and coke (including transport)... 2,702,375.67 14,839,633.05
Other deliveries in kind
5.238.812.44 19,633,993.44
Cash transfers
1.871,119.55
7.892,051.61
10.009,455.88 42,705,854.85
Serb-Croate-Slovene State—Deliveries in kind
Miscellaneous payments
Quilt transfers

4,647,973.08 18,932,435.89
18.985.67
95,049.21
1,329,977.19
2,658,251.92
5,998,935.94 21,683,738.82

United States of America—
Deliveries under agreement
2,042,453.86
Cash transfers in liquidation of priority for Army
costs In arrears
3,749,700.00

10,163,544.83
16,085,700.00

5,792,153.86 26,229,244.83
563,468.29 8,070.796.34
34,070.21

Rumania—Deliveries in kind
Miscellaneous payments

583,466.29

6,104,767.55

293,800.85
225,477.10

2,332,737.19
928,974.24

519,277.95

3,259,711.43

602,844.83
41,062.30

3,265,016.30
182,141.88

843,907.13

Japan—Deliveries in kind
Cash transfers

Modification of Agreement Made by Federal Reserve
Banks in Arranging Credits Incidental to Italy's Re- Portugal—Deliveries in kind
Cash transfers
turn to Gold Standard.
From the February number of the Bulletin issued by Greece—Delive
ries in kind
the Federal Reserve Board we take the following:
Poland—Deliveries In kind

The agreement to buy bills from the Bank of Italy,
which was made
by the Federal Reserve banks in connection with
Italy's return to a
gold basis, has been modified as regards the
maximum amount.
Originally the total of bills bought under the agreement
was not to
exceed $30,000,000 (given erroneously by misprint as
$50,000,000 in
the January Bulletin;) in the final arrangements this
amount was
reduced to $15,000,000 on account of additional participations by
other
banks of issue.

3,467,157.20 18,827,409.30
4.181.505.44 17.980.431.64
18.274.417.34 61,002,118.35
14,135 834.21 157,994,162.05
75 000.00
375.000.00
18.899.432.52 77,695.120.13

3,427.158.18
577,019.21

Total transfers to Powers
For Prior Charges—
Service of German external loan 1924
Costs of Inter-Allied Commissions
Total transfers

12,497,88

137.499.29

12,497.88

Settlement of balances owing for deliveries made
or services rendered by Germany prior to
Sept. 1 1924

139,891.17

2,191.88

118,900,377.07 806,934,105.14
7,816,013.06 35,995,597.98
4,110,022.50
834,147.06
125,350,587.19 847,039.725.80

Rumania to Await French Stabilization—Debts Link
Its Currency to Franc—Angelescu Report Calls for
Fixing of Credits.
Although the fact is not officially announced in Rumania,
it is known that the Government is patiently awaiting the
return of France to the gold standard before stabilizing the
leu, which is now quoted at $.0062, or about 161 to the

FEB. 25 1928.]

FINANCIAL CHRONICLE

1135

subordinated the lien enjoyed by the United States for the purpose of
permitting the reconstruction loan of 1923.
Certain other governments, namely, Denmark, France, Great Britain,
Owing to Rumania's war debt to France, stabilization at Paris is the Italy, The Netherlands, Norway, Sweden, and Switzerland, hold relief
sine quo non of Rumanian stabilization. If the franc were stabilized at bonds of similar character in the sum of about $85,000,000. They
25 to the dollar, it is believed in Bucharest financial circles that the leu likewise agreed to subordinate their liens to the reconstruction loan of
could be permanently rated at 150 or even higher.
addition was guaranteed by several of these governments.
Meanwhile, both financial and industrial reports from Bucharest show 1923, which in
The relief bonds enjoyed "a first charge upon all the assets and
that economic interests there are very impatient Over the delay. To apThe principal exception to the first charge is
pease this impatience, as well as to divert public attention from Premier revenues of Austria."
Poincare's manoeuvres for the stabilization of the franc, M. Vitela Bratlanu that in favor of the 1923 reconstruction loan. The relief bonds rank
recently called in J. N. Angelescu, the dean of the Faculty of the Academy ahead of Austria's reparation obligations.
The Austrian Government now desires to float a new loan of about
of Higher Commercial Education, to make a report on the subject from
$100,000,000 for the continuation of the program of reconstruction.
the point of view of internal economics.
Angelescu The proceeds would be applied to the repair, improvement and reHis report has just been laid before the Government. Professor
declares that, before thinking of stabilization, the liquidation of the State equipment of the Austria railway, telegraph, and telephone systems.
debt to the National Bank of Rumania must be brought about. He has
The lien enjoyed by the relief bonds make it difficult, if not imposappraised the floating debt in both its domestic and foreign aspects because sible, for Austria to obtain the necessary funds for this purpose.
he says this debt will exercise an important bearing upon the operation
Accordingly the Austrian Government has requested the governments
For this reason, according to the professor, the monetary circulation should holding Austrian relief bonds and also the Reparation Commission
be at once fixed at 1.400.000 gold lei, or a trifle under $280,000.000. whereas to subordinate their liens in favor of the new loan.
the present circulation is only 630,000 gold lei. Hence he advises the
The Treasury is advised that all of the foreign governments condoubling of the circulation of the national bank.
already informed the Austrian Government that they are
out how further steps toward stabilization can cernde have
He then proceeds to point
willing to take the desired action, providing that all of the governbe best accomplished. He declares that domestic prices are higher than
ments in a similar position do likewise. It is further understood that
they bould be even with the leu at $.0062. According to present domestic
Reparation Commission has similarly agreed to subordinate the
prices, the leu is lower at home than it is abroad, being in Rumania only the
lien on Austria's assets and revenues in favor of the new
$.0042. According to Professor Angelescu, stabilization, "if made inde- reparation
Government has requested the Government of the
pendent of certain politico-economic transactions abroad," should represent loan. The Austrian
action. Since unaninmous consent is
the difference between the two figures. On this basis, a circulation repre- United States to take similar
States to join the other governments
senting 1,400,000,000 gold lei would be required, that is to say, 46,000,- required, failure of the United
concerned in granting Austria's request would constitute a barrier to
000.000 paper lei covered by 560.000.000 in gold.
The Professor asserts that gold must come from abroad, and as this the floating of the new reconstruction loan.
The matter has been carefully considered by the Secretary of State
cannot be done without measurably increasing exports, it is necessary that
the Bank should obtain credits just as the Bank of Belgium did in prepara- and the Secretary of the Treasury, and it is proposed to recommend to
tion for the stabilization of the Belgian franc. These credits, he thinks, Congress that the Secretary of the Treasury be granted the authority
could be obtained from foreign banks of Issue. In this way he believes
in his discretion to subordinate the lien of the United States on
the credits could be raised to 260.000,000 gold lei, or about $55,000.000, Austria's assets and revenues to the extent necessary to permit the
but he adds:
floatation ef the loan now proposed, subject, of course, to satisfactory
"Naturally, at the moment of stabilization, this credit would shrink to notification that the other governments and the Reparation Commission
the actual value of the various metal money possessed by the bank."
agree to take similar action.
In these circumstances, he believes that the value of the new len would
be worth 25 of the old paper leu. or $155, that is under 7 lei to the dollar
Professor Angelescu's advice, however, to the economic interests of Ru- Secretary Mellon Before House Committee Urges Greek
mania to be patient and support the national bank in every way, makes
Debt Settlement — Additional Advance of $12,167,009
no reference to what is going on in France: and the fact that the gold stock
Proposed.
of the Bank of France had recently reached $1.000,000.000 received only
Incidental comment in Bucharest official circles.
In a statement by Secretary of the Treasury Mellon, pre-

dollar, says the New York "Times" of Feb. 19. The account goes on to say:

American Capital for Bulgaria—Proposed Re-establishment of Mortgage Bank.
According to reports which have just been received the
Bulgarian Chamber (Sobranje) has definitely approved the
agreement reached in the latter part of December, 1927,
between the Bulgarian Government and Blair & Co. of New
York and Lazard Bros. & Co. of London regarding the reestablishment of a mortgage bank. Advices in the matter
made public Feb. 17 state:
The new bank will be known as the Banque Hypothecaire de Bulgarie and
will have an authorized capitalization of 10.000,000 Swiss francs, of which
30% will be paid up. Of the total two-fifths will be taken by the Bulgarian
Government. Government banking institutions and private Bulgarian insurance companies, and the remaining three-fifths by the issuing banking
group. The Government reserves the right to repurchase the shares taken
by the issuing house during the ninth and tenth years after the establishment of the bank at par plus the corresponding part of the available reserves at a premium of 1E%.
Founders' shares will be entitled to receive during the first 25 Years.
during which period, according to contract, no new concession will be
granted for the establishment of other mortgage institutions, 7% interest,
which rate will be guaranteed by the Bulgarian Government during the first
five years.
The mortgage bonds which will be issued by the Bank will also be guaranteed by the Government and will be exempt from all income and capital
taxes in Bulgaria.
The rate of interest on mortgages granted is not to exceed the rate of
interest on mortgage bonds issued against them by more than 23 %. It is
also stipulated that the President and the Vice-President of the Board of
Administration of the bank, which comprises ten members, and that twothirds of the personnel must be of Bulgarian nationality.
It is expected that the institution will begin functioning in the very near
future.
Heretofore the mortgage bank business was largely in the hands of the
Bulgarian National Bank, which will now give up this privilege to the new
nstitution.

sented to the House Ways and Means Committee on Feb.
15 by Under Secretary Mills, approval of the proposed plan
for the settlement of the debt owed by Greece to the United
States was urged. The proposed plan, which was referred
to in these columns Feb. 11 (page 804) in addition to providing for the funding of the present debt which, with Interest, amounts to $18,127,922.67, also makes provision for
a further advance to Greece of $12,167,074. Regarding the
Committee's hearing on Feb. 15 a dispatch to the New York
"Times" said:
Representative Crisp, Democrat, of Georgia, a member of the Debt
Funding Commission, announced his opposition to the proposal, and
Representative Garner, Democrat, of Texas, and Representative Rainey,
Democrat, of Illinois, indicated that the opposition would be carried
to the House.
The $12,167,000 would be used wholly by the Greek Refugee SettleUnderment Commission, and the loan was designed, Mr. Mellon and
perhaps, a
Secretary Mills explained, to take care of a moral and,
legal obligation, incurred by the United States in the loan arrangements
France
made with Greece by the United States, Great Britain and
during the World War.
An explanation of the settlement, approval of which has been asked
from
by President Coolidge, was given to the committee in a statement
Secretary Mellon.
ChamBriefly, the agreement, which has been approved by the Greek
ber of Deputies, and which is to take care of the American share of
1918 jointly
a war credit of 750,000,000 francs granted to Greece in
funding
by the United States, Great Britain and France, calls for the
by Greece over sixty-two years of a total of $18,127,922.67, leas
$2,922.67, which would be paid in cash.
to the credit of
All told, in 1918 and 1919 the United States placed
$15,000,000. The present
Greece $48,236,629, but advanced only
an entirely
agreement cancels the unused credit of $33,236,629 and issues
in twenty
new loan of $12,167,000 bearing 4%% interest, to be retired
years.
fullffilled
Mr. Mellon's statement said that the Greek Government had
the essential parts of the original contract, namely, the expenditure
of 750,000,000 francs for war purposes, as the consideration in return
for the American promise to make the advances.

Treasury Willing to Subordinate Lien of U. S. on Austria's
Assets to Permit Floatation of New Austrian Loan of
$100,000,000.
Loan in U. S. Arranged—Halsey, Stuart &
Secretary of the Treasury Mellon announced on Feb. 21 First Vatican
Co. Chicago Office Arrange $1,500,009 Issue.
that a recommendation is to be made to Congress "that the
Under date of Feb. 22 the New York "Journal of ComSecretary of the Treasury be granted the authority in his
merce" reported the following from Chicago:
discretion to subordinate the lien of the United States on
Halsey, Stuart & Co. will underwrite a bond issue of $1,500,000 Se
Austria's assets and revenues to the extent necessary to for construction of a new plant for thhe College of the propaganda in
permit the flotation of the loan now proposed, subject, of Rome, the first loan to be made by the Vatican in more than sixty
Mundelein.
course, to satisfactory notification that the other govern- years, it has been announced here by Cardinal B. J. Shell, chancellor
Cardinal Mundelein and the Right Rev. Mgr.
ments and the Reparations Commission agree to take simi- of the Chicago Diocese, will sail for Rome on February 28 to make
lar action." The amount of the proposed Austrian loan is final arrangements for the bond issue, which will be the first ever to
the loss of the papal
$100,000,000. Secretary Mellon's statement follows:
be made in the United States and the first since
the
The Government of the United States holds a bond of the Austrian
Government in the principal sum of $24,055,708.92, given in payment
for supplies furnished for Austrian relief in 1919 and 1920, and by
its terms matured January 1, 1925, but under the terms of the so-called
Lodge Resolution of April 6, 1922, the Secretary of the Treasury
extended the maturity date until June 1, 1943, and at the same time




Paris
1886 through
States. The last papal loan was floated in
house of Blount & Co.
of the Catholic Bishop of
The bonds will be issued under the name
worth of church
Chicago and will be guaranteed by some $80,000,000
Vatican certain fundsproperty in Chicago. By an agreement with the
the annual
will be placed at Cardinal Mundelein's disposal to meet

FINANCIAL CHRONICLE
interest of 5% and to retire by sinking fund the principal, so that
the entire indebtedness will be wiped out within twenty years.
Although the issue has not yet been placed on the market, $300,000
of the total has already been subscribed for by two large Catholic
endowments.

Norway Plans Loan for $30,000,000.
The Government of Norway is planning to market an
issue of $30,000,000 bonds here shortly, said the New York
"Times" of Feb. 24. The account likewise said:
According to advices received here yesterday, competition for the
business will be sought from several banking groups here and abroad.
The last issue of the Norwegian Government was brought out here in
June 1925 by Blair & Co., Inc., and associates. although all of Norway's
financing for some years previously had been done by the National City
Co. and associates

[VOL. 126.

of investment securities, according to C. F. Childs & Co.,
specialists in U. S. Government securities. . During the
latter part of 1926 efforts of the Treasury Department
to correct certain defects existing in the Joint Stock Land
Bank system were made public, with the consequent result that investors rushed to liquidate holdings while
prospective buyers withdrew from the market. Action
by the Joint Stock Land Bank to combat adverse market
developments was not unified. The independent market
units vied with each other to the ultimate detriment of all,
and consequent confusion in the minds of the investing
public. In the opinion of the bankers, the present market
position is largely the result of psychological influences.
They state:

"Bondholders have been unduly frightened by reports which have
appeared in the press, and which have been disseminated by salesmen
in their efforts to trade customers out of Joint Stock Land Bank bonds.
This situation has been intensified by the reluctance of investment dealers
to acquire large amounts of Joint Stock Land Bank bonds without immediate prospects of selling them. It is entirely possible for favorable
developments to bring about an abrupt reversal of the prevailing sentiment. The outlook of the general bond market and the peculiar position
of Joint Stock Land Bank bonds in the investment market, combine to
Bonds of City of Nuremberg (Germany) Ready in make them at this time a very attractive security.
"Investigations by the Federal Farm Loan Board and the Treasury
Definitive Form.
Department
that
The Equitable Trust Co. of New York has notified holders Stock Land have revealed is excepting a few of the banks, the Joint
Bank System
in a sound position.
-year 6% sink- those banks which have been placed in receivershipEven in the cases of
of City of Nuremberg, Germany, external 25
or which have been
ing fund gold bonds, due Aug. 1 1952, that definitive bonds temporarily embarrassed by the accumulation of delinquencies and conare now ready for delivery at the offices of the company, sequent foreclosures, the market quotations for their bonds have declined
to levels which do not seem to be justified by the condition of the issuing
11 Broad St., in exohange for temporary bonds.
institutions."

Province of Buenos Aires Seeking Loan of
$40,000,000.
It is understood that the Province of Buenos Aires is
arranging a refunding operation of over $40,000,000, and
that an offering will be made in this market shortly.

Offering of $10,000,090 Rhine-Ruhi Water Service Union
Bonds.
A banking group headed by Field, Glore & Co. and including International Acceptance Bank, Inc.; Otis & Co.
and Continental National Co. is offering at 93 and interest
to yield over 6.55%, $10,000,000 Rhine-Ruhr Water Service
Union 25-year sinking fund 6% external gold debentures
maturing Jan. 1, 1953. Of this total, $2,500,000 has been
withdrawn for distribution in Europe by M. M. Warburg
& Co., Hamburg, of which $1,500,000 will be offered publicly in Holland by Nederlandsche Handel-Maatschappij
and Mendelssohn & po. Proceeds from the sale of these
debentures will provide funds for further extensions, betterments and improvements to plants and water systems
of the five associations which comprise the Union and
which serve territory comprising 3,500 square miles and
populated by 3,500,000 people, most of whom are employed
in various industrial activities. Two years ago the industries in this region accounted for 77%. of the total coal output; 78% of total iron production and over 42% of total
steel production, of Germany.
The individual associations which constitute the Union
are: Ruhrikalsperrenverein, organized in 1898; Emschergenossenschaft, organized in 1904; Ruhrverband, organized
in 1913; Linksniederrheinische, Entwaesserungsgenossenschaft, organized in 1913, and Lippeverband, organized in
1926. The Union was organized to promote the mutual interests and provide means of facilitating financing of the
member associations and these associations are obligated to
pay to the Union their proportionate share of the amounts
necessary to meet interest, sinking fund and principal of
these debentures. These debentures are direct obligations
of the Union secured by pledge of an equal principal
amount of certificates of indebtedness of the several associations, the certificates in turn being direct obligations of
the associations.
The plants and works of the association comprise dams,
reservoirs, hydro-electric plants, purification pants and
pumping stations including the largest sewerage pumping
station on the continent. In addition, the associations own
an extensive system of streams and river beds which have
been formed into canals having a total length of approximately 250 miles. Engineers who have examined the
properties report them to be of the most modern type, of
an exceptionally massive and substantial type of construction, well adapted to economic operation, properly balanced, well maintained and in excellent operating condition. Further data in connection with the offering are
given in our "Investment News Department," page
C. F. Chilils & Co. Believe Joint Stock Securities Attractive at Present Price Levels.
Many adverse factors have contributed to bring about
The condition wherein there is a too-great disparity between the Joint Stock Land Bank bonds and other types




Joint Stock Land Banks Improve—Mismanagement of
Some Mid-Western Institutions Affects Bond Issues,
but Outlook Is Better.
The following is reproduced from the Boston News
•
Bureau:
The shadow of uncertainty cast over joint stock land banks by the
mismanagement of certain mid-western institutions has created some uneasiness over bond issues of some of these banks. Unlike federal land
bank bonds, which are the obligation of the several banks, joint stock
land bank bonds are the obligptions of the individual banks issuing them.
Bonds bearing 5% coupons r.ith maturities a few years distant and constituting obligations of the strongest joint stock land banks in the system are commanding only a small premium above par. Bonds of three
institutions being managed by receivers—Milwaukee, Kansas City and
Ohio (of Cincinnati)—are quoted from 67 to 89.
Bonds of joint stock land banks that have suffered some adversity but
which are solvent and likely to regain their former strength through
proper management are selling at a considerable discount. For instance,
the 5% bonds of Chicago Joint Stock Land Bank—the largest in the
system—maturing from 1933 to 1963, are selling four or five points under
par. Before the bank found it necessary to discontinue dividends on
its stock the bonds commanded a small premium. Bonds of the Des
Moines Joint Stock Land Bank as well as those of the Southern Minnesota Joint Stock Land Bank are selling around 80.
Over-Conservatism Apparent.
Bonds of some of the strong institutions, such as North Carolina Joint
Stock Land Bank, do not command a premium commensurate with their
security, being quoted currently 98%@10014. This institution earned
something over $20 a share on its stock in 1927. It has an exceptionally
strong treasury and is carrying a comparatively small amount of "foreclosed real estate."
The maladministration of Guy Huston has not been the only adverse
factor in the joint stock land bank situation. The Farm Loan Board,
which has supervisory power over joint stock land banks, must assume
some responsibility. The board has been reorganized and is now under
the guidance of Eugene Meyer, Jr., formerly of the War Finance Corp.
Bonds of fede.ral land banks with 5% coupons and maturities as distant as 1941 are bommanding premiums of 214 points. The 44% bonds
with maturities from 1942 to 1957 are selling at premiums of from 15'i
to 334 points.
It is difficult to sell new bonds of some of the joint stock land banks
to the investing public at par or better. Such banks in consequence
have not been accepting any new loans.
Outstanding Bonds Increased $38,306,000.
On Dec. 31, 7026, the 83 banks in the system had $605,261,500 bonds
outstanding. During 1927, three of these banks went into receivers'
hands. On Dec. 31, 1926, these three had $61,518,400 bonds outstanding. The other 80 banks had outstanding $543,743,100 bonds. A year
later there were $582,049,100 outstanding. The increase of $38,306,000
during 1927 compares with an increase of $165,000,000 during 1926.
During 1927, real estate taken over through foreclosure increased 65%
over the preceding year.
Inasmuch as joint stock land banks as a whole now are being soundll
managed, and during the past several months have been reducing theit
holdings of real estate they have given every indication that the worst
is behind and that they are re-establishing themselves on a firm basis.
There is also closer co-operation between the various joint stock land
banks and the Farm Loan Board which should work out to the ultimate
benefit of joint stock land bank security holders.

R. M. Ehrhardt of Federal Land Bank of Spokane Says
Trend of Land Value in Northwestern States Is Toward Stabilization and High Prices—Loans by Bank
and Intermediate Credit Bank.
A picture of greatly improved conditions in Pacific
Northwest agriculture was presented by President R. M.
Ehrhardt of the Federal Land Bank of Spokane while at
Washington, D. C., recently attending a conference of

FEB. 25 1928.]

FINANCIAL CHRONICLE

Federal Land Bank and Farm Loan Board Executives.
"The trend of land values in the northwestern states is
toward stabilization and higher prices," said President
Ehrhardt. He added:
"I am glad to say that farmers in our territory last year invested
Bank was forced

$2,000,000 in farms upon which the Federal Land
and have
to forclose in former years. These have been bona fide sales
However,
been made mostly to farmers living in the northwestern states.
t of farmers from the souththere is again a slight immigration movemen
advertiseast and middle west to the Pacific northwest due to judicious
ing on the part of some of these states.
record of
"The Federal Land Bank of Spokane has the enviable
saving the farmers in its territory something like $2,000,000 annually
was
in interest rates as compared with rates charged before the system
long-term
started, to say nothing of the accommodation extended by its
semiloans which are not callable so long as the borrower keeps up his
northannual installments. More than 38,000 farmers in the four
ten
western states have borrowed more than $121,000,000 in the last
low
and a half years. Borrowers from this institution are paying the
of the
rate of 5%%. and making progress in reduction of the amount
loan.
"Our other bank, the Federal Intermediate .Credit bank, also has
g
been rendering a great service direct to farmers' cooperative marketin
money
associations and indirectly to the farmers themselves, through
s
advanced to agricultural credit corporations, live stock loan companie
and other banking institutions.
"It has lent to cooperative marketing associations handling wheat,
alfalfa
wool, beans, canned fruits and vegetables, honey, certified Grimm
on
seed and dried fruits. These advances are made on warehouse receipts
or
these commodities at 434% interest and for periods of 6 months
than $7,600,000 and the
longer. It has advanced in this manner more
d in
amount has shown a steady growth since the bank was organize
1924.
"Rediscounts for other lending agencies which have taken farmers'
d amount
notes for agricultural purposes since the bank was organize
ons as
to $22,000,000. These notes are taken from such leading instituti the
agricultural credit corporations set up to lend to farmers and with
bank, live
expectation of rediscounting with the intermediate credit
stock loan companies and banking institutions.
from the intermediate credit
"These agencies are obtaining money
amount
bank at 434% and are permitted to charge 2% in excess of this
, and
to a borrower who obtains money for general agricultural purposes
254% in excess where loans are made on live stock."

1137

Wallstein, attorney for several investment trusts, had requested some
on."
relief, declaring that "protection should be given as well as regulati
The bills as introduced would put the trusts on a par with banking institutions, since they have power to lend their funds in the call money market,
and so subject them to the 4;i% tax.
With the tax obstacle thus bringing opposition from some investment
be
on
trusts and other interested quarters it is held that no legislati could
ee hearing
passed without disposing of it in some manner. At the committ
law.
several suggestions for getting around the provisions of the banking
were made. but
such as amending the tax law to exclude investment trusts,
ity and possibility of such a
opinions of those present on both the advisabil
an investment trust
measure were widely at variance. One attorney for
ed, due to its
was emphatic in his statement that the new law as introduc
large investment trusts
ramifications as regards taxation, would "drive our
out of the State."
which holds that the
More opposition to the bills comes from a quarter
York's first "blue sky"
Ottinger program, if passed, would comprise New
Association, favoring an
laws. Counsel for the Investment Bankers'
trusts, had been preparing
amendment to the Martin Act to regulate the
has been dropped for
such legislation, but it is understood that this plan
the present.
the State to all forStill a third legislative program, which would open
was introdced in the
eign corporations, including investment trusts,
Webb and Assemblyman
Senate and Assembly by Senator Griswold
, however, that this
Samuel H. Hofstader on Feb. 2. It was conceded
amendments, which, it
program had little or no chance of passing. Several
nt trusts, were introduced
is believed, would modify application to investme
last Monday by Assemblyman Hofstader.
investment trust to subThe new program also makes it optional for an
by organizing under the new
ject itself to the provisions of the legislation
ent trust" and operate in
Section 11-a It cannot use the name "investm
new law.
this State, however, unless organized under the

Steiner
Discussion of Investment Trusts by Dr. W. H.
ing Corporation of America—Views on
of Invest
Regulation.
ng
Dr. W. H. Steiner, Secretary-Treasurer of the Investi
ics in
Corp. of America and Associate Professor of Econom
Club
New York City College, addressed the Queens Credit
investment trusts. Dr. Steiner
recently on the subject of
and in
who has studied the matter both in the United States
treated the topic of investment
London and Edinburgh,
and investor
for trusts especially from the angle of the credit man
New Bill Introduced in New York Legislature
in learning the salient features of these
Regulation and Supervision of Investment Trusts who is interested
in following their operations. To under—Little Likelihood of Legislation at this Session. organizations and
ment trusts, he believed, three problems must
The introduction in the New York Legislature on Feb. 15 stand invest
be considered:
in behalf of Attorney General Ottinger of a revised schedule
1. The method by which investment trusts make money. the organizerbills for the regulation and supervision of investment
of
2. The way in which the earnings are divided between
hand.
trusts was noted in an Albany dispatch to the New York managers on the one hand and the investing public on the otherinvestment
in the
3. The extent to which the fruits of operation are held
"Herald-Tribune" which said:
participants.

yman fund instead of being divided among the
They were introduced by Senator William W.Campbell and Assembl
is inEdmund F. Cooke and Abraham Grenthal. The new program
Dr. Steiner Pointed out the great diversity existing to-day
plan.
tended to meet objections raised to the Attorney-General's original
It is essential to know what policy
Elimination of unincorporated associations from the scope of the original In investment practice.
carry out
investment trust is an important provision of the new program. Holding is followed, and the ability of the management to
all investment
companies also would be excluded by a requirement that
Set up of the trust is important, he said, for
that policy.
trust must make a statement of their purpose, setting forth that they
ty of earnings through analysis of it shows how fair the plan is both to management
aim to provide security of investment and continui
into
and surplus of the corthe investment and re-investment of the capital
and to investors. Structurally, he added, trusts fall rs
g
poration in a diversification of securities without acquirin control of the
are corporations in which investo
two types. Some trusts
capital stock of any other corporation.
of the
buy preferred and common stock, with a small part
Other provisions of the revised plan are:
of every investment
put up most of the funds, while the
Requires a capital stock of $100,000, fully paid,

common. They thus
amount of
organizers trade on the equity putting up a small
stock.
and taking the great bulk of the common
money
or British type
To be contrasted with these Corporate
a participatrusts are fund type trusts The investor buys
which is managed by a company that receives
tion in a fund
is in the initial
a fee for its service. Some times this fee
price at
between cost of underlying securities and
spread
purchased the trust participation. Some
which the investor
of operation so
times the fee consists of a share of the profit
of management and investors is linked tothat the interest
er the mangether throughout the life of the trust. Whatev
ing the fee, the fact is that the managers receive
ner of express
of making
a fee for the investment service they render,instead
an analysis
their profits by trading on the equity. Such
According to the "Journal of Commerce" of Feb. 17 he contended makes it easier to answer the question,"What
there is practically no chance of any investment trust legis- do investors get out of the trust as compared with organizerlation being passed at the present session of the State Legis- managers. How much does the sale of the trust securities
lature, a consensus of opinions of those interested shows. cost and how much does the management get for its service.
the manThat paper went on to say in part:
Is the plan so devised that the continued interest of
their best
ascribed to continued opposition to certain features the bills by agement is enlisted so that they will always do
This is
y unlikely that the present session,
insiders
influential interests, making it decidedl
with the trust property. Is the plan fair as between
weeks to run,can arrive at any decision.
diswith little more than fouradjournment of the present session provides for it.
and the general public." Dr. Steiner concluded his
for
A resolution calling
regulaMarch 16. In any event it is expected by members of the cussions with a few remarks about investment trust
termination on
ment wiel take place on M..rch 23.
body that final adjourn
believes that the extreme diversity of practice
this week, covering all features of the law except tion. He
e caution in any legisThe bills as introduced
fairly complete rewriting of the original bills. found today makes necessary extrem
ta
the taxation bill, represen
that
that the Investment Bankers' Association, which has lative attempts. He was inclined to favor publicity so
However. It is reported
of investthe table for the investor. If this were
ng an alternative measure, and a substantial group
were laid on
been supporti
oppose the measure, although they prefer to the cards
ties contented themselves with
ment trusts continue to
opposition which has enabled them to prevent done and the public authori
continue their tactics of quiet
believes thatthe best redespite the great amount of publicity given the suppressing fraudulent schemes, he
laws
the Passage of any
Attorney General.
d. Attempted regulation by the
measures by the
sults would be achieve
Bone of Contention.
g Department would place great responsibility
is probably the chief bone of contention. At the State Bankin
The taxation feature
e, held in the Bar Association
and wouldfurthermore require muchtechnical
Judiciary Committe
last hearing of the Senate tax situation was discussed Oter Leonard 11. uponthatbody
the
os Wednesday, Feb. 8,

trust.
s or participate in
Permits investment trusts to underwrite securitie
d the investment
syndicates to an extent not to exceed the limit permitte
trust to invest in a particular security issue.
s from using the term "investProhibits mortgage holding companie
ment trust."
Prohibits purchase by an investment trust of securities from an officer
without the written authorizaor director of the trust acting as principal
of the member from
tion of the board of directors of the trust exclusive
is to be made.
whom the proposed purchase
Prohibits advertising that the State Banking Department has approved
any of its investments.
Requires periodic reports to the State Banking Department and peratives of the Department.
sonal scrutiny of books by represent
Authorizes the State Superintendent of Banks to revoke the charter
exceeding its powers, neglecting to comply
of an investment trust for
endent of Banks, refusing submission of its
with order of the Superint
s and for suspension of payments of
records for inspection of examiner
tes or certificates of deposit.
interest and principal of bonds, trust certifica




1138

FINANCIAL CHRONICLE

skill and judgment which would frequently have to be arbitrary. If every State were to take that attitude, there might
soon be forty-eight different types of investment trust ideals
developed. In order to bring about greater uniformity
Dr. Steiner therefore favors much greater co-operation
among trust executives than now prevails and a continued
effort by them to develop uniform practice and at the same
time to educate the public with respect to investment trust
problems.
Proposed Legislative Inquiry in New York Into Methods of
"Loan Sharks."
An inquiry by a legislative committee in New York into
practices of "loan sharks" was virtually agreed upon, it is
stated, on Feb. 23. The inquiry is being pressed by State
Attorney General Ottinger. It was brought out at a hearing at the Attorney General's office on Feb. 16 that as high
as $25,000,000 a year in New York State is being exacted in
unlawful interest on borrowings by wage earners, of which
$20,000,000 is paid for loans by borrowers in New York
City. Regarding a plea on Feb. 23 by the Attorney General
for a legislative investigation an Albany dispatch to the
New York "Times" stated:
The response by the legislative leaders was prompt, but whereas Attorney General Ottinger asked for the creation of a new legislative
committee to undertake the investigation, they decided to refer the
matter to the Baumes Crime Commission, already in existence.
Following the Attorney General's request, Senator Caleb H. Baumes
of Orange, Chairman, and Assemblyman Burton D. Esmond of Saratoga, Vice-Chairman of the Crime Commission, introduced a bill to
prolong its life for another year, and to provide an additional $50,000
for expenses during that period.
Powers Are Questioned.
A question has arisen whether the Commission possesses the power
to investigate the loan shark evil. Its present charter defines its scope
as follows:
"The commission shall examine the crime situation in New York
State with special consideration of robbery, burglary and theft amounting to grand larceny, and shall examine the procedure, methods and
agencies concerned with the detection of crime, the apprehension, bailing.
prosecution and trial of persons accused of crime, and the punishment,
treatment and pardon of convicted persons, and all other matters which
have relation directly or indirectly to the crime situation in the State."
The Attoiney General, it was learned today, will confer with Senator
Baumes here Monday afternoon to learn if the comission is in a position to take up the proposed inquiry. Should the commission require
specific authority for the investigation, amendments will be introduced
to the law which created the commission in 1926 so as to broaden its
scope to the extent needed.
The alternative would be the creation of a new legislative committee
and the Republican leaders are adverse to this.
•
Mr. Ottinger, in a statement sent to the legislative leaders today, immediately following his return from a vacation in Cuba, set forth results of a preliminary investigation by his own department.
He said this had brought to light that more than 85% of the people
in this State lacked credit in the banks and were forced, when con•
fronted with immediate and pressing need, to resort to small loan
agencies, some of which operate within the law while others are
"money bootleggers," charging interest of from 240 to 480% annually.
Three Classes Offenders.
Illicit money lenders are divided into three categories in the report
of the Attorney General, "salary buyers, chattel loan sharks and high
pressure automobile lenders."
The salary loan buyer, operating in all the large cities of the State,
is declared the most vicious. The operations of the chattel loan shark
are confined largely to the City of New York, the report says, as are
those of the "high pressure automobile lender."
The operations of the sharks are described by the Attorney General
as follows:
"A borrower receives a loan of $100 and gives in return a promisory
note for $200, secured by chattel mortgage payable in instalments
over a period of three months. The interest usually exacted approxi.
mates 370%. The rate of interest charged by chattel loan sharks varies
from 120% to over 1,000%.
"The high pressure automobile lender operates on about the same
plan and rate of interest as the chattel morgage loan shark, limiting
his activities, however, to loans upon automobiles. One prominent
automobile lender loans $250 on an automobile provided the applicant
also buys $250 in stock, giving his note for $500, secured by a chattel
mortgage on his automobile for a similar amount.
"The stock, needless to say, is valueless. The term of the loan is
usually one year and payment is made by instalments. Consequently
the interest charge exceeds 2004.
"Immediate action of the Legislature is imperative because the present statutes of this State are inadequate to meet the conditions above
set forth."

A two-day conference relative to the matter was held at
the Attorney General's office last week, (Feb. 16 and 17) ;
as to the hearing on the latter date the "Times" said in
part:
Assistant Attorney General George W. Davis, whom Attorney General Ottinger has placed in charge of the investigation now being conducted by his office, made it known today that he would give hearty
assent to the proposal looking to a legislative investigation. Such an
inquiry, it was pointed out, would pave the way not only for further
legislation to strengthen the law as a weapon against the loan sharks
but devise some plan whereby poor persons without collateral, in need
of ready money to meet emergencies, could be supplied with the necessary funds without submitting to the extortions of usurious lenders.
Loan Bill Is Drafted.
Mr. Davis, Frank A. McNamee, Jr., representing the New York Central; Leon Henderson, representing the Russell Sage Foundation, and
John Fitzgibbons, spokesman for the Brotherhood of Railroad Trainmen, attended the conference. Mr. Fitzgibbons was instrumental in




[vol.. 126.

calling the attention of the Attorney General's office to the large scale
on which loan sharks are operating among railway employees in this
State.
A result of today's meeting was the virtual perfection of a bill
which will be placed before the Senate and Assembly early next week.
This would place regulation of the small loan business in the State
Banking Department, and, further, would make it a misdemeanor to
make charges in excess of 6% per annum. To block "salary buying"
as a subterfuge to get around the statutory prohibition against charging interest at a usurious rate, the "purchase" of salary in amounts of
$300 or less is defined in the proposed new statute as a loan, and anything paid to the lender in excess of the amount of salary purchased Is
defined as interest for the period until the salary becomes payable.
The bill conforms in nearly every respect with legislation sponsored
by the Russell Sage Foundation which in half a dozen other States has
proved effective in driving the loan sharks out of business. The Attorney General's office is now considering ways and means to compel
prosecuting officers throughout the State to take cognizance of the
seriousness of the situation. Mr. Henderson declared that New York
State was far behind most other commonwealths in enforcing the law
against them.

Legislative Committee Named to Inquire into New
Jersey Department of Banking and Insurance.
The names of those who are to constitute the special
legislative committee to inquire into the New Jersey Department of Banking and nsurance were made known on
Feb. 14. William A. Stevens, President of the New Jersey
Senate, announced the appointment of Senators Francis
B. Davis of Gloucester, Joseph G. Wolber of Essex, and
Alexander Simpson of Hudson, minority leader; Speaker
Thomas L. Hanson announced as the House appointees:
Assemblymen Guy George Gabrielson of Essex, S. Rusling
Leap of Salem, and Anthony Siracusa of Atlantic. Mr.
Davis will be Chairman of the committee. Mr. Davis,
who is acting Republican leader of the Senate, sponsored
the resolution calling for the inquiry; the resoltuion was
given in our issue of Feb. 11, page 812.
End of Refunding Wave Indicated by Stable Bond Prices
—27% of Corporate Bond Issues to Replace Others—
Bankers Say Recent Sustained Stability of Bond Prices
Will Make Bond Calls Less Common.
The following is from the New York "Journal of Commerce" of Feb. 21:

The record volume of new security issues during the last few months
largely reflected an extraordinary volume of refunding, and the cessation of such large scale refunding operations would be followed by a
substantial falling off in the total of new financing, an analysis of bond
offerings during the past two years shows.
The great volume of refunding has naturally followed closely upon
the persistent rise of the bond market since 1921. Such issues would
rapidly decline in volume, however, should the bond market continue to
merely hold its own, as has been the case for the past few months.
During the past three years the bond averages, as computed by a
number of authorities, have shown an average rise of about 3 points
each year. So far this year high grade bonds have maintained a firm
tone, but in the second grade group there has been a reaction, and the
market as a whole has been marking time.
Big Rail, Utility Refundings.
Refunding has taken place chiefly in the railroad and public utility
groups. Nearly half of the railroad financing last year was for refunding purposes, while public utility financing, which was the largest single
group in the aggregate, was nearly 40% refunding. Thus, an extended
period of stable money conditions, which would restrict refunding
operations to actual maturing obligations, would mean a substantial
decline in offerings from these two sources.
In 1927 approximately 27% of all bond issues were for refunding purposes. This is a record proportion for this purpose, according to all
available records. The bulk of these refunding issues did not represent merely the paying off of maturing obligations, but involved the
calling in of outstanding bonds which had many years to run,
and their
replacement by issues of a lower coupon rate. Many railroads have
been able to issue 4% bonds to refund those bearing rates from 1 to
1% higher, while high grade utility issues during the
past year have
for the first time been established at a 0'
5% level for new issues.
Issues bearing 554 to 754% in interest are now being called in as a
result and replaced with these lower coupons. The large number of
consolidations, by bringing into strong combinations companies which
Formerly had to issue bonds with high coupon rates because of their
weak credit, has fostered this refunding wave.
Refunding Opportunities Fewer.
While no compilations are available showing the extent to which
refunding operations can still be carried on, the general impression
among bankers is that the number is rapidly being reduced. Most of
the large utilities, it is pointed out, have refunded the great bulk of their
high coupon indebtedness into 5 or 414% bonds. The same applies to
the larger railroads, and the decline in railroad earnings last year has
lowered the estimation in which the credit of several of them is held,
so as to make refunding impracticable
these cases.
One banker interpreted the big wave of refunding last year as
reflecting the general opinion among corporations and bankers alike
that the decline in money rates had about run its course, so that corporations with high coupon bonds outstanding had nothing to gain by
leaving them in the hands of the public. They felt they could safely
...all them in and replace them with new bonds without fearing that
further advances in the bond market would make a further refunding
tperation necessary. Continued stability in the bond market, it is said,
.hould bring in a few more large refunding operations before the end
of the year, after which, it is said, the new issues from this source
should. show a material decline.

FEB. 25 1928.]

FINANCIAL CHRONICLE

1139

"Money Desk" Established at Chicago Stock Exchange "Commercial West." That paper quoted as follows what Mr.
Wakefield had to say:
Gives Call Loan Service.
"If
According to the Chicago "Journal of Commerce" Harvey said, we could believe all we read, we would be in a fool's paradise," be
"with every concern and person apparently making big money
with
Hill, assistant to the President of the Chicago Stock Ex- little or no effort, but really only in imagination."
T.
"Well trained business people," he said, "know when business is good,
change, announced on Feb. 16 that arrangements for the
where it is
opening of a "money desk" on the exchange had been com- know that good, and why it is good, and they hardly need be told. They
at the present time the
pleted and that the new financial service would become prosperity exists mainly with concerns most real and substantialofbusiness
which followed teachings
experience, have been wide awake to changing conditions, have
available the following day. The item added:
readjusted

methods, and have found new ways to overcome adverse factors.
In effect, the action creates the first call money market in Chicago,
"It only bores many successful business people to have this prosperity
although it does not mean that the exchange is to have a money post.
talk continually dinned into their ears, especially when they know
that
Service to Be Advisory.
much of it is pure bunk. And to those who may feel themselves
not
Eight large Chicago banks have agreed to participate supplying money in the sun, but in the shadows, such talk only arouses discontent.
"While a reasonably optimistic attitude may be psychologically good
on call at the rates prevailing in New York. The new "desk" will act
in an advisory capacity, giving brokers information on available funds for business yet nothing is to be gained by failing to take account of
for loans on securities listed on the New York and Chicago exchanges. the difficulties as well as premising factors in the business situaBrokers will then deal directly with the banks.
tion.
A total of $50,000,000 of surplus funds of the eight institutions is to
"Presuming the sun of prosperity does shine on us very brightly,
yet
be available today. The co-operating banks are: the Chicago Trust there is no use getting blinded by it, as it glares forth in the newspaper
Company, the Continental National Bank and Trust Company, the headlines. We should not be so numbed by all this
prosperity dope, as to
Trust and Savings Bank, the First National Bank, the Harris Trust lose delicate touch with conditions just as they are,
and Savings Bank, the Foreman National Bank, the National Bank of Jchieve not the fool's paradise, but real substantial and must be met, to
success.
the Republic and the Union Trust Company.
"The efefct of journalistic overplay of prosperity is very detrimental
in
this particular—that it tends to create misunderstandings as to
To Benefit Banks, Borrowers.
its distribution, and to inspire jealousy and
of country against city, of small
new arrangement is expected to be of benefit to both banks and
The
borrowing houses. It will save the banks commissions on loaning rates concerns against larger concerns, and of farmers against business institucharged by the New York banks for placing out•of-town funds. It tions which they are led to vision, make enormous profits, while they
eliminates the necessity for the shipment of securities and saves the see themselves only barely making both end meet.
borrowing firms the premium on funds secured against stocks listed on
Reflects Country Conditions.
the local exchange.
"As a matter of fact, the business of the Twin Cities is now
as always,
merely a reflection of business in the country, and depends
in the male
Survey of Outstanding Bankers' Acceptances.
on the prosperity of agriculture. This has improved of
late, but there
for
The total outstanding volume of bankers' acceptances, as is room they further improvement. Agriculturalists differ largely in the
profits
make, and so do business institutions in the Twin Cities.
of Jan. 31 1928, shows only a slight change from the total Agriculture is most profitable where the results of experience
are best
on Dec. 311927. According to a survey of the American applied. And it is the same way with business and with banking.
"I am a great optimist on the Northwest, and on the Twin
Acceptance Council, on Jan. 31 there were outstanding
Cities, for the
next few
mainly
$1,057,000,000 against $1,080,000,000 on Dec. 31 and wonderful years, but but not because I think that we have been having
triumphs,
at all easy ones, over many factors which
against only $773,000,000 on Jan. 31 1927. This shows a have naturally been very depressing. The farmer by diversification and
decrease of $22,000,000 over the month and an increase of by more expert farming has been learning how to make money despite particular
$284,000,000 over a year ago. The principal reduction over learningcrops sometimes paying badly. The business man also has been
how, by better methods of production, distribution
and salesmana month ago is found in the total of bankers' acceptances ship, to make money despite such adverse factors as falling prices and
more severe competition."
secured by domestic warehouse receipts against

goods in
storage. On Dec. 31 this total was $196,000,000, while on
Jan. 31 it stood at $172,000,000—a drop of $24,000,000:
It is pointed out that a large part of these credits are for
cotton awaiting shipment and it was predicted that the
amount would rapidly decrease as shipments were effective.
The change in the bill rate, it is stated, has also been a
factor in reducing the amount of credits against warehouse
goods, but the principal reason is believed to be due to the
orderly movement of cotton. The acceptance market, it is
stated, is feeling the scareity of new bills which are now
available to the market. Maturing credits are not being
replaced and a further drop in the total outstanding volume
is looked for. The survey follows:

Membership

of Committee of Business
Men under
United States Department of
Commerce to Inquire
into Trend of Business.

Representatives of labor, manufacturing,
commerce,
finance and education and publicists will comprise
the committee which, under the Chairmanship of Secretary
of Commerce Hoover is to study the shifts and trends in
American
business. The proposed inquiry was referred
to in our
issue of Feb. 4, page 665. Secretary Hoover announced
as
follows on Feb. 11 the personnel of the Committee on
Recent
conomie Changes:

Chairman: Secretary Herbert Hoover, Walter F.
Brown, Assistant
TOTAL OF BANKERS' ACCEPTANCES OUTSTANDING FOR ENTIRE Secretary, Department of Commerce. Washington.
COUNTRY BY FEDERAL RESERVE DISTRICTS.
William Green, President, American Federation of Labor,
Washington.
Federal Reserve Districts—
Jan. 31 1928. Dec. 31 1927. Jan. 31 1927. D.C.
5137.106.362
8137,880,347
1
886.292.728
John Lawrence, President, New England Council, Boston,
778.149.878
790.792.139
2
Mass.
577.347.942
Max Mason, President, University of Chicago, Chicago,
16,031.715
16.183,361
3
8.666.310
Ill.
14.379 774
Adolph C. Miller, Federal Reserve Board, Washington,
15.148.388
4
10,328.383
D. C.
11.329.790
12.890,372
Lewis E. Pierson, President, Chamber of Commerce
9,767.978
of the United
16,662,779
17.436,226
14,146.526 States, Washington, D. C.
36.432,312
37,879.941
7
26,147.328
John J. Raskob, Vice-President, General Motors Corp..
1.937.368
2.306.560
821,943
New York City.
2,966.205
2.530,132
A. W. Shaw, President, A. W. Shaw Co., Chicago,
9
3.314,449
280,014
459.014
10
Louis J. Taber, Master, the National Grange, Columbus,
117.825
6.828.172
9.586,190
Ohio.
11
Daniel Willard, President. Baltimore and Ohio RR.,
35,878,827
37.487,895
12
313;g( .
8,
4
Baltimore, Md.
George McFadden, George H. McFadden & Bro.,
Philadelphia, Pa.
81.007,980.196 81,080.580.565
Grand total
Calarence M. Woolley, American Radiator Co.. New
1773,604,424
322.600,369
York City.
Decrease
Owen D. Young. General Electric Co., New York
$284,375.772
Increase
City.
The fact-finding body of the survey will be the
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Bureau of
Jan. 31 1928. Dec. 31 1927. Jan. 31 1927. Economic Research of New
York. The first meeting of the
$318.253,1l5
Imports
3312.716,967
8293,058,191 committee
885,806,927
was held in New York on Feb. 21. The
390.929.038
Exports
272.493.924
Secretary
21,035.092
Domestic shipments
20.958,730
32.621.026 of the committee is Edward
172.819.088
Eyre Hunt, an economist in
Domestic warehouse credits
196,784.066
108.421.709
30,345.357
28.316.432
Dollar exchange
24.015.801 the Department of Commerce.
Based on goods stored In or shipped
129,720.617
130,875.332
between foreign countries
42.993,773
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES Federal Reserve
Bank of St. Louis Increases Discount
JAN. 16 1928-FEB. 16 1928.
Dealers Buying Rate. Dealers Selling Rate.
Days
Rate to 4%.
3.259
3.134
30
3.432
Only one Federal Reserve Bank—Clev
3.307
60
eland—still main3.591
3.466
90
tains a 3
discount rate, the Federal Reserve
3.701
3.576
120
Bank of St.
3.798
3.673
150
Louis having this week followed the recent
3.798
3.673
action of the other
180

Tg2

L. E. Wakefield of First National Bank of Minneapolis Views Overstressing of Prosperity as Detrimental—Account Should be taken of Difficulties
as Well as Favorable Factors.
The statement that In his opinion the press of the Twin
Cities tends to devote too much of its space to stories which
tend to exaggerate and overstress prosperity was made
recently by Lyman E. Wakefield, President of the First
National Bank of Minneapolis to a representative of the




ten Reserve banks in increasing their
discount rates from
3M to 4%. Announcement of the
change in the rate of the
Federal Reserve Bank of St. Louis was
made as follows by
its Chairman on Feb. 20.
The Federal Reserve Board has approved application
of the Federal
Reserve Bank of St. Louis to increase its
discount rate from 351% to 4%
on all classes of paper of all maturities, effective
Feb. 211928.
WM. McC. MARTIN.
Chairman of the Board and Federal
Reserve Agent

The action previously taken by the other Federal
Reserve
Banks in adopting the 4% rate was noted in these
columns
Feb. 4, page 659; Feb. 11, page 815, and Feb. 18, page
966.

1140

FINANCIAL CHRONICLE

Senate Adopts Resolution for Inquiry into Administration of Affairs of Dallas Federal Reserve Bank.
An investigation of the administration of the affairs of the
Federal Reserve Bank of Dallas was called for in the resolution of Senator Mayfield, (Democrat) of Texas, adopted
by the Senate yesterday (Feb. 24). The Associated Press
adviees from Washington state:
The'Inquiry will be conducted by the Senate Banking Committee and
will be directed especially to allegations that there is a lack of co-operation
on the part of the governor of the bank with member banks in the rural
communities. The committee may sit at "such times and places" as it
deems desirable.

The resolution was introduced by Senator Mayfield on
Feb. 20.
Creditors of Knauth, Nachod & Kuhne to Receive
$100,000 Additional as Result of Decisions by
United States Supreme Court—Foreign Checks
at Issue.
Announcement was made on Nov. 22 that as a result of
two decisions handed down on Nov. 21 by the United States
Supreme Court in cases growing out of the bankruptcy of
the banking firm of Knauth, Nachod & Kuhne of this city,
which failed on June 16 1923, with liabilities of more than
$10,000,000, at least $100,000 will be released for distribution among thousands of.the general creditors. The cases
were taken to the United States Supreme Court by the
Equitable Trust Co. of this city (the trustee in bankruptcy)
In behalf of the creditors.
From the "Times" of Nov. 23 we take the following in
regard to the matter:
EquiGodfrey Goldmark of Goldmark, Bennitt & Colin, counsel for the
two cases
table Trust Co., explained yesterday the effect of the decision in
in which the opinions were read by Justice Stone. He said these cases
"establish a principle of vital importance to bankers."
for
"They hold, in effect," he continued, "that when a bank receives
one of its
deposit a check made payable to that bank, 'for the adount of'
purchases
depositors, in the absence of an agreement to the contrary, it
the check and does not take it as an agent for collection. Te decision of
the lower court, which was reversed by the Supreme Court, would have
made it necessary for bankers to examine the thousands of checks which
pass over their counters daily in order to determine their legal duty where
the checks were on their face drawn to the bankers' order 'for account of'
their depositors.
"The particular cases involve the question whether Gebruder Hochling,
bankers of Frankfort, Germany, and Latzko & Popper, bankers of Budapest, Hungary, were entitled to recover in full from the trustee in bal.e
ruptcy proceeds of checks received and credited to the foreign bankers oy
Knauth, Nachod & Kuhne the day before their failure, but collected after
the bankruptcy. The Federal Circuit Court of Appeals in New York
decided in favor of the foreign bankers as to all but one check, and held
that Knauth, Nachod & Kuhne had taken the checks only for collection;
that until they were collected they belonged to the foreign bankers, and
that therefore the proceeds collected after the bankruptcy had to be paid
over. The decision of the Supreme Court now reverses these conclusions."
"for the
Justice Stone's opinion in discussing the effect of the words

account of" said:
use
"Moreover, the words themselves, despesite their wide commercial
a uniform effect,
and the importance of giving them, as far as practicable,
purpose is to express
have no rigid and unchangeable significance. Their
agency.
Intention. They are not an incantation which unfailingly invokes
that they were here used
And the circumstances in this case indicate
with a different object. . . •
"But it was indispensable to the completion of the transactions that the
checks
bankrupts should be advised to what account the words inwere to be credquestion to tell
apparently the function of the
ited. And it

[Vol.. 126.

were larger than in any month for about three years. This gold together
with the usual seasonal return flow of currency, was used by member banks
to liquidate their indebtedness at the reserve banks, and the volume of reserve bank credit declined rapidly to the lowest level in about two years
and remained near this level for several months. There were no considerable changes in the systems' holding of Government securities before May,
and the gold imports during this period were reflected in a growth of member bank reserve balances and exerted an easing influence on the money
market. Beginning with May, however, the stock of monetary gold began
to decline slowly, and declined almost continuously for the rest of the
year, the decrease between May 1 1927 and Jan. 1 1928 being about $234,000,000. Net changes in gold stock between May and September, however,
were relatively small, though large gold operations occurred during the
period. A slight decline in the gold stock in May was the result of a
withdrawal of $95,000,000 of gold to be earmarked for foreign account,
offset by an importation of about $30,000,000 of gold and a purchase by
the reserve banks of $60,000,000 of gold abroad. Both the earmarking
and the imports during May were largely the consequence of banking developments in France. The Bank of France in the course of the month
paid off a debt to the Bank of England and thereby regained control of
about $90,000,000 of gold which had been pledged as partial security for
the loan, and had thus not been a part of the world's available stock of
monetary gold. The gold thus released was offered in the market, and $30,000,000 of it was exported to the United States on private account, while
$60,000,000 was purchased by the Federal reserve banks and kept in London. Later in the month the Bank of France decided to convert a part
of its rapidly growing foreign exchange holdings into gold, and for this
purpose purchased large amounts of gold in New York to be earmarked
for its account. In June and July the Federal Reserve banks sold the gold
held in England, and at first held the proceeds abroad, but later disposed
of these foreign balances to purchasers in this country. During the period
from May 1 to Sept. 1, while the decline in gold stock was small, the reserve banks made considerable purchases of Government securities as part
of a policy of easing the money situation adopted by the reserve system
in mid-Summer, which was reflected also in the reduction of the discount
2
/
rates at all the reserve banks from 4 to 31%.
The decline of money rates in New York to the low level which preveiled beginning with August increased the differential between the rates
in this country and abroad and led to a considerable outflow of funds
from the United States and a consequent rapid advance of sterling and
other exchanges in the New York market. This exchange situation was
an important factor in causing a large export of gold from the United
States to South America. Argentina had recently resumed gold payments
and Brazil was carrying out a program of currency reform. Both of these
countries had floated large loans in the United States and, since they
wished to increase their gold holdings, took advantage of the favorable
exchange situation to convert a part of their dollar balances into gold.
Thus one of the consequences of easy money in the United States was that
a large part of the demand for gold from South America was met by
withdrawals frcen New York rather than from other financial centers. While
the exports of gold in the latter part of the year were principally to Argentina and Brazil, Canada also obtained its usual seasonal volume of gold
in November and December, and there were smaller exports to Poland, Netherlands, France, England, and Belgium. The destination of gold exports
during the period from September to December is shown in the following
table:
GOLD EXPORTS, SEPTEMBER-DECEMBER 1927.
Amount.
Country.
$81,390,000
Argentina
33,010,000
Brazil
25,274,000
Canada
10,000,000
France
8,548,000
England
8,055,000
Netherlands
-•-•
5,000,000
Poland
- 2,200,000
All other
••
-- 14,781,000
-..---..--..—••
Belgiten..__..-

$188,257,000
Total
In addition to the exports of gold in the Autumn months, there were
also gold withdrawals for earmarking, so that between September 1 and
January 1 there was a decrease of $212,000,000 in the total monetary
stock of gold. At first the reserve banks pursued the policy of offsetting
the effects of these decreases on the money market through the purchase
of securities, but such purchases were both absolutely and relatively in
was
much smaller volume after the beginning of November. The larger part
them."
of the gold withdrawals, therefore, exerted its usual influence on credit
Knauth, Nachod & Kuhne was reported conditions in this country and resulted in an increase of member bank
The failure of
In the "Chronicle" of June 23 1923, page 2837, and referred Indebtedness at the reserve banks; it also contributed to a somewhat
firmer situation in the money market.
to in several subsequent issues.
The system's policy in not offsetting the gold exports in the last weelot
of the year was due largely to the fact that, in the absence of demand
for additional credit from trade and industry, there was a continued and
Review by Federal Reserve Board of Changes in Gold rapid growth in the volume of member bank credit used for investments
1927—Policy of Board with Respect and loans on securities. Thus, notwithstanding the drain on member bank
Stock During
reserves through gold exports, reserve balances of these banks with the
Thereto—Gold Pledged for Loan by Bank of France reserve banks increased in the Autumn and early Winter as a consequence
England.
with Bank of
of the growth of the member banks' deposit liabilities.

The fact that there was a delcrease of more than $200,000,000 in the country's stock of monetary gold during the last
four months of 1927 "through exports and through earmarkings for foreign account" is referred to by the Federal
Reserve Board in its February Bulletin in reviewing banking and credit conditions during January. The Bulletin,
which was made available Feb. 14, also notes that "In January gold exports continued on a considerable scale, but
were for the most part offset by the usual seasonal flow of
gold from Canada, so there was little change in the gold
stock for the month." The Board at the same time presents
a review of the changes in the gold stock during the past
year, and we quote herewith what it has to say:

A discussion of the gold movement during the past five
months, in the January number of the "Monthly Review" of
the Federal Reserve Bank of New York, was the subject of
an item in our issue of Feb. 11, page 811.
Gold Export Danger Discounted in Study Made by
Officials—$2,250,000,000 "Free Gold" Could be.
Shipped Abroad Without Deflation—France,Japan
Believed Likely to Seek Loans.
From its Washington correspondent the New York
"Journal of Commerce" reported the following under date
of Feb. 20:
The United States has approximately 52.250,000.000 In so-called "free

in the last four gold" and could lose that much gold through exporting without deflation
In view of the fact that the reversal of gold movements
of 1927, it is op- or encroaching on the reserves in this country, in the opinion of economic
months was one of the principal financial developments
stock during the year and experts at the Treasury Department.
portune to review briefly changes in the gold
Both the Treasury and Commerce Departments have made a thorough
the policy of the Federal reserve system with reference to these changes.
through accounts withDuring the first four months of the year there were large increases in study of the gold situation in view of the fact that
In the gold supply
the gold stock arising out of gold imports, which in January of last year drawn for earmarking abroad there was a reduction




FEB. 25 1928.]

FINANCIAL CHRONICLE

approximating $160,154,000 last year. Any apprehension felt at the considerable reduction in the gold supply, which brought this country's total to
$4.374,000,000 at the beginning of the year, is allayed by the official view.
No Indication of Trend.
There is no indication of the trend of gold movements this year, although
date conditions have not changed materially from the
during the year to
preceding few months. Foreign investments are not far different from this
time last year, when the record, $1.629,300.000 was made.
The present gold is in possession chiefly of the Government and the
Federal Reserve Banks, comparatively little being kept in circulation. The
Treasury balances dollar for dollar its gold and paper money representing
that reserve. The Federal Reserve Banks must maintain a ratio of 35%
gold on deposits and 40% on notes.
Officials here anticipate that probably France and Japan will come into
the American market for loans this year. In Japan last year there was
a serious banking situation, which necessitated radical government action
to adjust. The situation there is now reported considerably improved,
although Japan is in need of larger credits and capital which must be obtained abroad. Official approval undoubtedly would be given to Japanese
financing proposed in the United States.
Will Need Foreign Credit.
The French, reported to be preparing to go on to the gold standard,
and about to begin real operation of the debt funding pact with the United
States, probably will need a foreign loan or credit. Officials here pointed
out that while there is plenty of ready capital in France, in view of the large
governmental and industrial undertakings proposed, it no doubt would be
necessary to obtain capital outside of the country.
There is not much doubt that the Treasury and State Departments
would approve any new French financing if it appears to be for productive
and peaceful purposes.
The ratio of 12 to 1 between hank credits and gold in the United States.
In the view of some experts, indicates inflation, while the Federal Reserve
Banks' actual ratio of 75% gold to deposits appears to be deflation. In
either case the financial position of the country is more than sound, ac-ording to officials who have given the situation careful study.
While officials explained that all the free gold might go out of the country
without putting reserves below the legal requirements, it was declared that
there Is no probability of the United States losing such a large volume of
gold for years. At even the large rate of outward movement and the tremendous foreign investments last year, it would be many years before the
country would lose even half the free gold supply.

Treasury Postpones Issuance of Smaller Bank Notes
Until January 1929.
The Treasury definitely decided on Feb. 17 to delay issuing smaller bank notes until after Jan. 11929, said United
Press advices in the "Sun," which further stated:
Treasury authorities originally planned to issue on Oct. 1 1928, one
dollar bills of the new size, about one-third smaller than the present bills
Some business men and banks contended it was impracticable to have
different sized notes in circulation at one time and the Treasury then decided to delay circulation on one dollar bills until all the new money, running in denominations from $1 to 810,000, was ready for distribution
This called forth protests from Federal Reserve banks that changing all
outstanding bank notes at one time would be too great a task. It was
pointed out that one dollar bills constitute 53% of all paper money and
that changing the one dollar notes first and the larger denominations later
would lighten the task of Federal banks.

1141

Class A—Subscriptions for $1,000 or less for any one subscriber;
1,000. but not exceeding $ 10,000;
Class B—Subscriptions for over $
Class C—Subscriptions for over $ 10,000, but not exceeding $ 50,000
Class D—Subscriptions for over $ 50,000. but not exceeding $ 100,000;
Class E—Subscriptions for over $ 100,000, but not exceeding $ 500,000;
Class F—Subscriptions for over $ 500,000, but not exceeding $1.000,000;
Class G—Subscriptions for over $1,000,000.
Where the maturing securities are not by the instructions accompanying
the offering given a preference they shall be treated as cash and such subscriptions to be paid for in securities should be included in the classification.
Bank Subscriptions: A subscription for a bank's own account should not
be included in the above classification of subscriptions for account of customers but should be clearly indicated as for the bank's own account and in
addition to subscriptions for customers.
Subscriptions Not Classified: Where under the terms of an offering or
under instructions accompanying an offering, the Treasury agrees to allot
new securities in full for any of its securities maturing on the date of the
new issue or on any later date, subscriptions to be paid for in such securities
should not be classified.
Application Forms to Be Furnished.
When the terms of the offering are announced, notice thereof, together
with subscription blanks, will be mailed promptly by this bank to banking
Institutions in this district. Should notice and subscription blanks for any
reason be delayed in reaching such institutions this bank will nevertheless
receive subscriptions either by letter or telegraph. It is suggested that
subscriptions be promptly transmitted to this bank.
If it be found necessary to telegraph subscriptions they should be confirmed immediately either by letter or on subscription blank, setting forth
the classifications indicated above and method of payment, and clearly
stating that the confirmation is not an original subscription so that duplication may be avoided.
Very truly yours,
BENJ. STRONG,
Governor.

Regarding to the proposed financing we quote the following from the New York "Journal of Commerce" of Feb. 23.
Secretary Mellon will take the second step in the refunding of the Third
Liberty Loan 434% bonds, which mature next Sept. 15. according to
opinion in the financial district. On Jan. 9 last the department offered
an exchange of new 334% notes for the Third Liberties, this offer resulting
in the retirement of $603,000,000 of that issue and leaving $1,544.000,000
still outstanding.
On the assumption that money rates will be lower next summer than
they are now many bankers believe that the long-term financing of the
Treasury will not be offered this quarter. After the forthcoming financing
the Treasury will still have six months to complete the refunding of the
Third Liberty Loan. Last year a series of exchange offers was made, beginning in March, by which the second loan was retired.
While major interest will center in the offer of an exchange that may
be made for Third Liberties the Treasury also will arrange for the regular
quarterly maturities in March. A total of about $550,000,000 of Treasury
securities will mature next month, although the original offerings amounted
to $561,000,000. These consisted of $314.000,000 of 3345 sold a year ago
and $250.000.000 of 3s sold last September. The 334S sold slightly below
par for s time last year and the British Government purchased considerable
amounts of them to be turned In to the United States Government as part
of an instalment of the British war debt to this country. New securities
will be issued in connection with these maturities, but the amount has not
yet been determined. To offset the maturing certificates in part the
Treasury next month will receive quarterly income tax payments.

The January financing incident to the retirement of the
Third Liberty Loan, bonds was referred to in these columns
Forthcoming Treasury Issue—Second Step in Retiring Jan. 7, page 37; Jan 14, page 198 and Jan. 28, page 523.
Third Liberty Loan Bonds.
Indications of the March financing of the Government are Proclamation of President Coolidge Increasing Duty on
furnished in a preliminary notice to member banks issued by
Imports of Cotton Rag Rugs.
the Federal Reserve Bank of New York on Feb. 20 regarding
Under date of Feb. 13 President Coolidge issued a procthe filing of subscription to the proposed new Treasury lamation invoking the flexible provisions of the Tariff
offering. The Reserve Bank's notice follows:
Act to increase the rate of duty on imports of cotton rag
FEDERAL RESERVE BANK
rugs of the "hit-and-miss" type at 35% ad valorem based
OF NEW YORK
on the domestic selling price. The text of the proclamation
Circular No. 834
is given as follows in the United States Daily:
Feb. 20 1928.
New Treasury Issue
Prelim1.--ry Notice of Offering and Methods of Filing Subscriptiona,

To all Member Banks, Stale Banks, Trust Companies and Savings Banks in the

Second Federal Reserve District:
From advices received from the Treasury Department of the United
States, this bank is enabled to transmit to banking institutions in this district the following information:
I. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and therefore,
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 by telegram) should promptly file with the Federal Reserve Bank
any subscriptions for itself and its customers. This is important, as
no guarantee can be given as to the period the subscription books
may remain open, and subscribing banks, even before receipt of
official subscription blanks, may file their subscriptions by telegram
or by mail with the Federa, Reserve Bank. Any subscriptions so
filed by telegram or mail in advance of receipt by subscribing bank
of subscription blanks furnished for the particular issue should be
confirmed immsdiately by mail, and oh. Le blank provided, when
such blank shall have been received.
4. That if the terms of the offering when announced provide for both
cash subscriptions and subscriptions for which payment may be
tendered in other securities, the subscribing bank should prepare its
subscriptions in such manner as to indicate the method by which it
proposes to make payment and the respective par amounts of securities, if any, to be tendered In payment.
Classification of 3uhscriptions, Etc.
Bank Customers' Subscriptions: With regard to issues, subscriptions to
which the Treasury determines for the purpose of allotment shall be considered as on a cash basis Irrespective of whether or not payment is to be
made in cash or In securities, the following classification will be required
of subscriptions made for account of customers, stating the number of
subscriptions In each class.




Whereas the President upon investigation of said differences in costs
of production of rag rugs, composed wholly or in chief value of cotton,
of the type commonly known as "hit-and-miss," wholly or in part the
growth or product of the United States and of like or similar articles
wholly orinpartthe growth or product of competing foreign countries,
olt vereby
lh
has therebyfound—
That the principal competing country is Japan;
That the duty fixed in said title and act does not equalize the differences in costs of production in the United States and in said principal
competing country, namely, Japan;
That the differences in costs of production in the United States and
the principal competing country are greater than the amount of the
present duty at the rate of 35 per centum ad valorem increased by the
total maximum increase authorized under said section, subdivision W;
And that said differences in costs of production in the United States
and the principal competing country cannot be equalized by proceeding
under the provisions of subdivision (a) of said section and act, that is
to say, by increasing the duty to the extent of 50 per cent= of the existing duty applied to the value of the imported article in the counts
exportation.
Now, therefore, I, Calvin Coolidge, President of the United States DI
America, do hereby determine and proclaim that the rate of duty shown
by said differences in costs of production of rag rugs, composed wise—
or in chief value of cotton, of the type commonly known as "hit-arto
miss," in the United States and in the principal competing country
necessary to equalize such differences, within the limit provided in said
section, is the rate of 35 per centum ad valorem based and assessed upon
the American selling price as defined in subdivision (f) of section 402
of said act, of similar rag rugs, composed wholly or in chief value of
cotton, of the type commonly known as "hit-and-miss," manufactured or
produced in the United States.
In witness whereof, I have hereunto set my hand and caused the seal
of the United States to be affixed. Done at the city of Washington this
thirteenth day of February in the year of our Lord 1928, and of the
Independence of the United States of America the 152d.
(Signed) CALVIN COOLIDGE.

1142

FINANCIAL CHRONICLE

Department of Commerce Plans New Offices Abroad and
in U. S. With View to Promoting Trade Facilities.
The establishment of eight new offices in the trade centers of foreign countries, of six new offices in important
business localities of the United States, the launching of
three special regional market surveys covering twentyone states and more specialized attention to the sale
abroad of outstanding American export commodities have
been made possible through added appropriations for the
next fiscal year, Dr. Julius Klein, Director of the Bureau
of Foreign and Domestic Commerce of the Commerce
Department, stated on Feb. 19 the new foreign offices will
be located in Budapest, Hungary; Oslo, Norway; Winnipeg, Canada; Guatemala City, Guatemala; La Paz, Bolivia; Tientsin, China; Accra, West Africa and Algiers, Algeria. Expressing the belief that the acquisition of the
new offices will aid materially in developing American
trade relations with the countries concerned, Dr. Klein
pointed out that at present our share of the $150,000,000
import business of Hungary is negligible—less than 1%.
Similarly only a little over 10% of Norway's purchases
come from the United States and yet the commodities
making up that trade are largely available from this country. The announcement adds:
The annual wholesale turnover of Winnipeg, the primary distribution
center in the Prairie Provinces of Canada, is estimated at $250,000,000.
The countries offering the most serious competition to American goods
in Canada are represented in Winnipeg.
Ninety per cent of the foreign trade of West Africa is now in the
hands of British, French and other European business men. Less than
8% of the business reaches the United States. Even the commercial
information in West Africa is largely controlled by American competitors, applying not only to sales but with reference to the important
raw materials of that region such as cacao, rubber palm oil which
are needed in this country.
Over $95,000,000 worth of merchandise enters Tientsin every year,
the share of the United States being about 20%. This city is the second
ranking port in the import trade of China.
In the case of Algiers America's share in the trade is likewise insignificant—only 4% of $167,000.000. European countries are getting
all the business even in such outstanding American specialties as automobiles. The latest available figure on Algerian imports of automobiles
is $9,340,000. Of this sum only $750 is credited to the United States.
The new offices in Latin America are considered essential because of
the growing importance of our trade relations with that part of the
world.
The six new branch offices in the United States are to be located in
Denver, Indianapolis, Birmingham, Pittsburgh, Milwaukee and North
Carolina. Six cities are bidding for the North Carolina office and under
present plans a selection will be made on the basis of a scientific survey.
The Commerce Department at present maintains 23 such offices located
in different important cities. Their object is to render immediate service
to nearby business men. The records of the Department show that
,during the last fiscal year the branch offices performed 2,192,597 commercial services—an increase of approximately 600% during the past
five years. During the same period voluntary returns from 405 firms
thus served indicate actual sales and savings approximating $10,000,000.
More than 73,000 business men paid personal visits to the offices for information during the last fiscal year against less than 59,000 the previous
year. Information regarding approximately 600,000 specific sales openings in foreign countries was furnished interested exporters. These
-es
branch offi. are equipped to supply a very wide range of foreign trade
information regarding conditions abroad, sales openings, names of prosbuyers, packing suggestions, foreign tariffs, etc.
pective
The special regional marketing surveys will cover three distinct geographic areas, namely, the Gulf States, the Central Atlantic States, and
the Pacific Northwest States. Their purpose will be to provide a wide
range of economic facts and figures regarding purchasing, power, wholesaling territories, and other distribution problems of the regions enumerated. A similar study giving the results of a Survey of the Southeastern
Section of the United States was published recently, and, according to
Klein, has been widely commended for its practical value to merchants
and manufacturers.
Texas, Louisiana, Oklahoma, Mississippi, Arkansas and portions of
Missouri, Tennessee and New Mexico will be included in the Gulf States
study.
The Central Atlantic region will include Virginia, West Virginia,
Pennsylvania, Maryland, New Jersey, New York, Delaware and portions
of Kentucky and Ohio.
The Pacific Northwest Survey will cover Oregon, Washington, Idaho
and the Western Section of Montana.
'Dr. Klein believes that practically all of the new offices, both at home
and abroad„ will be ready to function on or shortly after July 1 next.

C. D. Uugsley Urges Exporters to Avail of Services of
Consular Offices With View to Extending Business.
The Consular service of the United States is very good
and exporters should avail of the services offered by our
Consular offices and extend their export business in the
opinion of Chester D. Pugsley, Vice-President of the Westchester County National Bank at Peekskill, as a result of
a trip around the world in which he called upon the
American consuls in each country. He says:
"The men representing the United States throughout the world impressed me as able and efficient. The queries of American business
men, manufacturers and exporters as to markets in the respective countries are exhaustively and thoroughly answered, judging from the
reports I was privileged to examine.




Fox.. 126.

"Our Consuls should be given on first going to a post a fortnight
or a month, with travelling expenses, for familiarizing themselves with
the country to which they are accredited. Thus, as in India, with four
consular offices in Bombay, Karachi, Madras and Calcutta, the Consuls and Vice-Consuls should be conversant with the different sections
of the country, which their post covers, in order that they may more
intelligently and with fuller knowledge of conditions throughout their
district answer enquiries, and be adequately prepared to furnish data
both to the State Department and American business men.
"They should also be allowed a travelling allowance to and from
the United States, when they are granted leaves of absence from their
posts. This is the practice in other consular services, and American
Consuls should not be at a disadvantage with their colleagues. British
Consular salaries are also higher and we should pay our Consuls
as much.
"A further provision might be an entertainment fund for American
Consuls in their contacts with local officials and business men, as the
salaries in our consular service do not at some posts equalize with those
at others on account of the higher cost of living, and disbursements for
the benefit of the service should not be assumed personally by the
consuls.
"American business men should avail of the services offered by our
Consular offices, and extend their export business."
Adjournment of Sixth Pan-American Conference at Havana
—President Coolidge Congratulates Charles E. Hughes
on Accomplishments.
The sixth Pan-American Conference at Havana, which
was opened on Jan. 16 with an address by President Coolidge (given in our issue of Jan. 21, page 357) was brought
to a conclusion on Feb. 20. With the adjournment of the
Conference, Charles Evans Hughes, head of the American
delegation, gave out the following statement:
"The conference has done much. The discussion with regard to
the Pan-American Union has resulted in a general consensus of
opinion as to the appropriate organization and functions of the union
and it is on a firmer basis than ever before.
"An important convention has been adopted with respect to private
aircraft. Gratifying progress has been made M the codification of
international law. A sensible procedure has been established with
respect to the perfecting of plans of conciliation and arbitration,
which promises more for progress in this important field than any
action heretofore taken in this hemisphere.
"Numerous resolutions have been adopted on subjects affording
welcome opportunities for Pan-American co-operation. Above all, the
delegates have been associated for weeks in fraternal contracts, and
warm friendships have been formed.
"The delegates will return to their countries with clearer views of
the conditions of successful collaboration and the understanding and
good will which are the essence of Pan-Americanism have been promoted in notable degree."
In a telegram sent to Mr. Hughes by Secretary of State
Kellogg on Feb. 21, President Coolidge made known his
gratification at the accomplishment of the Conference, the
message reading:
American Delegation,
Havana, Cuba.
For Mr. Hughes:
The President and I desire to congratulate you on your splendid
services and accomplishments at the Pan-American Conference. It
has made a wonderful impression upon the whole people of the United
States.
Will you also likewise convey to each member of the delegation the
deep appreciation of the President and myself on their accomplishments
and the splendid work they have done which is deeply appreciated
by the whole country.
FRANK 13. KELLOGG,
With the winding up of the Conference it was stated that
there was being forwarded to the twenty-one member Republics a batch of resolutions and conventions for ratification. The Associated Press accounts from Havana on Feb.
20 said:
,
The Delegates generally express satisfaction with the results of their
labors in Havana. They point out that in this most dramatic PanAmerican Conference ever held the policies and opinions of all the
countries were stated so candidly and forcefully that even if the differences among the nations were more clearly marked than the points
of contact, still many illusions and misunderstandings which are
harmful to the materialization of Pan-Americanism were swept away.
The text of the final proceedings of the conference, including all
motions, agreements, resolutions and conventions concluded here, was
signed this morning by all the delegations except Paraguay, whose
representative was absent. Lisandro Diaz Leon, the sole paraguayan
delegate, will have an opportunity to sign at any time before his
departure.
Although this morning's signatures pledge approval of all the delegates to the agreements concluded, each of the draft conventions will
require a separate signature. This signing is fixed for to-morrow.
The ceremony of signature this morning was simple, all the farewell
exercises and speeches having been reserved for the afternoon session,
where Dr. Bustamente, President of the Conference, in the name of
the Cuban Government reviewed the work of the gathering and bade
Godspeed to the delegates.
Upon Jacobo Varela of Uruguay fell the honor of replying to Dr.
Bustamente in the name of the foreign Governments, as the representative of the country where the next Pan-American Conference will
be held. The chief function of Pan-Americanism, he said, was "to
reconcile the magnificent civilization" which is flourishing under the
Stars and Stripes and "the other civilization so characteristic of
twenty republics" which perpetuate Hispanic traditions.
"To say that everything joins United States and Latin America and
nothing separates them," said Senor Varela, "would only create deep
misunderstandings or dangerous prejudices. The Americas have much

FEB. 25 1928.]

FINANCIAL CHRONICLE

1143

our issue of Feb. 18, page 967. In a resolution adopted by
the Commission it was made known that the inquiry will
be carried on "in strict and full compliance" with the
terms of the Senate resolution and that in making the investigation the Commission shall employ and rely on all
powers "legally available to it, whether contained in its
organic act or elsewhere, which may conduce to a diligent
and complete performance of the ends and purposes set
The same accounts reported that the accomplishments of forth." The resolution adopted bp the commission was
made public as follows on Feb. 18:
the Conference include the following:
in common, especially in democratic principles and commercial and
financial intercourse, and traditional policy regarding the rest of the
world, which one republic enunciated and many lauded.
"But important interests and formalities hold back perfect harmony
and collaboration. More than different temperaments, and different
Intellectual outlooks, those economic interests which remain apart,
and, above all, language, are diverging forces which only come together when the abyss of misunderstanding which still exists in important sections of public opinion in the north and south shall be
conquered."

Establishment of the principle of compulsory arbitration for the
settlement of inter-American disputes, except those pertaining to the
sovereignity and independence of nations in purely domestic problems.
A Pan-American union convention placing that body on a permanent
basis and permitting the members to have special representatives on
the governing board instead of Diplomats regularly acredited to
Washington.
A treaty on the rights and duties of neutrals in event of war.
A commercial aviation convention open to the signature of all countries.
A treaty placing aliths abroad on the same footing as nationals.
A treaty establishing the right of asylum, to which the United States
entered formal reservation.
A treaty providing for international co-operation for the suppression
and prevention of revolutions in each other's territories.
Adoption of a Pan-American sanitary code.
Plans for an inter-American automobile highway eventually extending
from Canada to Patagonia.
A convention on maritime neutrality, the United States entering a
reservation to the clause forbidding the arming of merchantmen for
defense in time of War.
A code of private international law dealing with the judicial status
of persons, marriage and divorce. The United States declined to particpate on constitutional grounds.

Whereas, the Senate of the United States has by a resolution agreed
to on Feb. 15, 1928 (S. Res. 83, 70th Cong., 1st Seas.) directed the
Federal Trade Commission to make an inquiry into certain practices
and conditions relating to specified classes of public utility corporations
and corporations connected therewith,
Now, therefore, be it
Resolved, that an inquiry shall be undertaken immediately by the
Commission in strict and full compliance with the terms of the said
resolution and that in the prosecution of said inquiry the Commission
shall rely on and employ the powers conferred on it to make investigations at the direction of either House of Congress, and any and all
powers conferred upon it by law to conduct inquiries on its own initiative or otherwise, and any other powers legally available to it,
whether contained in its organic act or elsewhere, which may conduce
to a diligent and complete performance of the ends and purposes set
fcrth in said resolution.

The Argentine Government has accepted the resignation of Honorio
Pueyrredon as Ambassador at Washington and also as President of
the Argentine delegation to the Pan-American Conference at Havana.
President de Alvear sent a message to Dr. Pueyrredon, which was
made public by the Foreign Office. Informing Dr. Pueyrredon that he
was surprised at his irreconcilable attitude in having announced, without previously consulting the Government, that he would not sign the
Pan-American Union Convention unless it included a clause on customs
barriers, the President added:
"The nature of the international conference in which you participated could not have permitted that any Government should authorize
her delegation to assume such conduct in the face of the representatives
of other peoples who are as free and as honarable as ours:'

be
consider a plan for getting the investigation under way. Such plan
will provide for strict compliance with the Senate resolution, including
public hearings. No active steps will be taken until such plan has been
perfected and approved.

The Commission announced at the seine time that in
view of doubts expressed on the floor of the Senate as to
the power of the Commission to comply with all features
of the Senate resolution, the Commission was invoking its
powers to initiate investigations in order to strengthen its
powers to conduct investigations at the behest of the
The resignation of Dr. Pueyrredon, representing Argen- Senate. The Commission's statement of Feb. 11 added:
It was pointed out that the Commission has the right, under the
tine, occurred during the Conference, the Associated Press
statutes, to
advices from Buenos Aires Feb. 17 referring thereto as lution and make such an investigation as proposed in the Senate resoembracing all provisions of the resolution.
follows:
A special meeting of the Commission will
held early next week to

On Feb. 16 Chairman Hughes of the American delegation,
amid the applause of the representatives of all the republics
of the western world, threw the whole weight of the United
States behind the proposal to outlaw all aggressive warfare in this hemisphere, this being reported in Associated
Press accounts from Havana from which we quote further
In part as follows:

The following is the Senate resolution agreed on Feb. 15:
Resolution.
Resolved, That the Federal Trade Commission is hereby directed to
inquire intoand report to the Senate, by filing with the Secretary
thereof, within each thirty days after the passage of this resolution and
finally on the completion of the investigation (any such inquiry before
the commission to be open to the public and due notice of the time and
place of all hearings tobe given by the Commission, and the stenographic report of the evidence taken by the Commission to accompany
the partial and final reports) upon: (1) the growth of the capital
assets and capital liabilities of public utility corporations doing an
interstate or international business supplying either electrical energy in
the form of power or light or both, however produced, or gas, natural
or artificial, of corporations holding the stocks of two or more public
utility corporations operating in different States, and of nonpublic
utility corporations owned or controlled by such holding companies;
(2) the method of issuing, the price realized or value received, the
commissions or bonuses paid or received, and other pertinent facts with
respect to the various security issues of all classes of corporations herein
named, including the bonds and other evidences of indebtedness thereof, as well as the stocks of the same; (3) the extent to which such
holding companies or their stockholders control or are financially interested in financial, engineering, construction, and/or management corporations, and the relation, one to the other, of the classes of corporations last named the holding companies, and the public utility corporations; (4) the services furnished to such public utility corporations by
such holding companies and/or their associated, affiliated, and/or subsidiary companies, the fees, commissions, bonuses, or other charges
made therefor, and the earnings and expenses of such holding companies and their associated, affiliated, and/or subsidiary companies; and
(5) the value or detriment to the public of such holding companies
owning the stock or otherwise controlling such public utility corporations immediately or remotely, with the extent of such ownership or
control, and particularly what legislation, if any, should be enacted by
Congress to correct any abuses that may exist in the organization or
operation of such holding companies.
The Commission is further empowered to inquire and report whether,
and to what extent, such corporations or any of the officers thereof or
any one in their belief or in behalf of any organization of which any
such corporation may be a member, through the expenditure of money
or through the control of the avenues of publicity, have made any and
what effort to influence or control public opinion on account of municipal or public ownership of the means by which power is developed
and electrical energy is generated and distributed, or since 1923 to influence or control elections: Provided, That the elections herein referred to shall be limited to the elections of President, Vice-President,
and members of the United States Senate.
The Commission is hereby further directed to report particularly
whether any of the practices heretofore in this resolution stated tend
to create a monopoly, or constittue violation of the Federal Anti-Trust
laws.

At the same time Mr. Hughes outlined to the conference a plan for
the maintenance of American peace. He was again enthusiastically
applauded when he declared his country to be "opposed to any acts of
aggression, desirous of seeing force abolished from this hemisphere,
and seeks nothing but the prosperity, independence and friendship of
all the American states."
"It is my happy privilege," Mr. Hughes continued, "to say for the
United States of America that we would join most heartily in a
declaration that there shall be no war of aggression in America. I
am in entire accord with the proposal that we should show that this
hemisphere is dedicated to the interests of peace, and that we should
endeavor to find pacific solutions for all the controversies that may arise.
Without suggesting any superiority for ourselves, we have very happy
traditions in this hemisphere.
"Most of the controversies that have vexed us have already been
settled. Very few remain. They can be adjusted peacefully. If we
have this high aim of securing pacific adjustment of our difficulties
we shall not fail to attain it. I am happy to join in that effort to which,
not simply speaking from the position as Chairman of the American'
delegation—importan t as that is—but speaking out of my own heart,
give all the strength and energy that I possess.
I would wish to
"How shall we promote peaceful settlement? I think there are
three ways:
"First: By conferences; by those important periodical meetings at
better acquaintance and have a candid interwhich we can promote a
change of views.
means of conciliation; that is to say, the provision of
."Second: By
which when difficult situations arise, reason
some practical means by
force takes the field.
may have its play before
"Third: In the judicial settlement of controvseries, reason and jusinstitutions. They cannot exist merely as abstract
tice must have their
.
concepts to which we pay for our verbal devotion. We must have institutions of peace. The great problem is how to establish them; how
secure agreement upon them. It is desired that we shall go as far
The hope that the Commission would make a "thorough,
shall endeavor, step by step, to make a
as we can and that then weideals"
non-partisan and non-political" investigation is expressed
progressive approach to our

in a letter addressed by Senator Tydings (Dem.), of MaryFederal Trade Commission Proceeds to Comply With Sena. land, to William E. Humphrey, Chairman of the Commission. Senator Tydings explains that he voted to have
ate Resolution for Inquiry Into Public Utilities.
The Federal Trade Commission announced on Feb. 17 the investigation made by the Commission instead of by a
that it would "proceed immediately to carry out the provi- Senatorial Committee in the belief that the Commission
sions of the Senate resolution calling for an investigation would conduct an inquiry which would be removed from
of public utility corporations." The adoption by the Sen- partisanship. If, he says, the report shows he voted in
ate of the resolution directing the inquiry was noted in error, he will immediately seek a Senate investigation.




1144

FINANCIAL CHRONICLE

[VOL. 126.

ings for the first fifty weeks in 1927 with an estimate as to what they
will be for the remaining two weeks.
Due to the anticipated strike of bituminous miners which went into
effect on April 1 as well as the general stimulation in business that
took place in the first half of this year, freight traffic was spread out
more evenly in 1927 than ever before, with the first million car week
having been reported early in March while heretofore such a volume
of freight in any one week has never been realized before May, which
was the case in 1926.
Loadings of revenue freight exceeded one million cars in 28 weeks
in 1927 compared with 27 weks in 1926 and 20 weeks in 1925. The
greatest loading for any one week this year was that for Oct. 22, for
which the total was 1,128,486 cars. The peak week in 1926 totaled
Early Action Urged.
1,208,878 cars which were loaded duigr nthe week ended on Oct. 29.
I dislike and will not believe such a statement in the absence of
Shipments of grain and grain products and merchandise and less than
evidence to the contrary. I want to believe that your Commission, carload lot freight for the first fifty weeks this year showed increases
this matter, will, with ever the corresponding period last year while live stock, coal, coke,
realizing the tremendous economic importance of
dispatch make, a thorough, nonpartisan, nonpolitical, and fair inves- forest products, ore and miscellaneous freight showed decreases.
tigation of all utility companies engaged in interstate commerce.
Not only did the number of cars loaded with revenue freight in 1927
However, if, as the investigation gets under way, it is disclosed that show a decrease under the preceding year, but there also was a decrease
spirit of in the volume of freight as measured by net ton miles which is the
the Federal Trade Commission is not to be actuated by the
nor
the resolution and that its investigation is to be neither thorough
number of tons of freight multiplied by the distance carried. For the
fair, I have no hesitancy in saying that I shall join with those who first ten months, the volume of freight traffic amounted to 402,848,such
want a Senate investigation and shall do all in my power to have
468,000 net ton miles, a decrease of six-tenths of one per cent below the
a resolution adopted by the Senate at the first opportunity.
corresponding period last year but an increase of 6.7% above the
removed from corresponding period in 1925. On the basis of actual reports for the
It was my intention to have the investigation as far
would permit and accordingly I voted first ten months, it is estimated, that the total for the year will amount
partisanship as the circumstances
for an investigation by your Commission. If upon the receipt of the 30- to 478 billion net ton miles or a decrease of 10,600,000,000 net ton
day report which you are to make it is disclosed that I have voted in miles or 2.2% under 1926.
posierror to accomplish the above ends I shall immediately change my
Passenger traffic has also been running consistently below 1926,
tion, which such action on your part will make justifiable. Another tentative reports for the year showing a decrease of approximately
investigation by the Federal Trade Com- 4%. With the exception of 1923, passenger traffic has been showing
reason I have voted for an
-making
mission is that I detest promiscuous investigations by a law
a steady decrease since 1920, with 1927 the lowest of any year since
body which, in fact, give it the appearance of a Federal grand jury.
1916 and approximately 27% under the record year of 1920.
I, therefore, want to take this opportunity as your Commission comDue to declines in both freight and passenger traffic, net earnings
of making a coin- of the Class I railroads in 1927 were lower than in 1926, the carriers
mences its work to urge upon you the importance
probe into this subject.
plete, searching, fair, and nonpolitical
having found it impossible to reduce the expenses in the same ratio as
their revenues have fallen. The rising tide of wage levels as well as
Failure Might Discredit Body.
the downward revision in many freight rates have proved a serious obwho stacle to maintainig the ratio of earnings realized last year. Had it
To do less than this will be not only to discredit those of us
respect not been, however, for increased efficiency and economy in operation
want to see the Federal Trade Commission retain some of the
as far as in 1927, the net railway operating income of the railroads of this counwhich it should have in the eyes of the American people, but,
strive try would have been considerably lower than they actually were.
I am concerned, will strongly actuate me to introduce a bill and
of the
The net railway operating income of the Class I railroads in 1927 was
for its enactment which will have for its purpose the abolition
expense approximately $1,115,000,000, or a return of 4.50% on their property
Federal Trade Commission as a useless million-dollar-a-year
eliminate a group of men investment. In 1926, it amounted to $1,231,000,000 or a return of
paid for by the American taxpayers and to
to 5.13%. This estimate is based on complete reports for the first ten
who obviously will have shown a deliberate desire, in my judgment,
and who
months this year which showed a net railway operating income of $942,thwart the purpose for which the Commission was created
far-reaching
have no real desire to deal fairly with economic matters of
102,322, and which was at the annual rate of return of 4.64% on their
property investment, and an estimate made by the Bureau of Railway
importance to the people.
affairs will not come to pass Economics as to earnings in November and December. The rate of reI trust.and believe that such a state of
of the
in this matter and express the hope that your investigation
turn on the basis of property investment by years follows:
all that any
power utilities engaged in interstate commerce will be
1924
433%
1920
009%
would desire.
480%
1925
292%
fair-minded citizen
1921
5 13%
1926
3 61%
1922
4 50% (Est.)
1927
4 48%
1923
by Railroads in
The railroads in the first eleven months of 1927 installed in service
Contribution to Industries of Country
72,224 freight cars. Car ownership of Class I roads on Dec. 1 was
Expenditures During Year.
-Capital
1927
approximately 18,464 cars, or eight-tenths of 1%, greater than on Dec.
The record established by the railroads during the past 1, 1923, and the average carrying capacity per car owned increased 2.15
year is reviewed in the following statement made public tons per car or 5%.
In the first eleven months of 1927, there were also placed in service,
Jan. 3 by the American Railway Association:
1,820 locomotives. The number of locomotives owned by Class I roads
By adequate, expenditious and dependable service, the railroads have on Dec. 1 was a decrease of 3,791 locomotives or 5.8% compared with
made a contribution to the industries of this country in 1927 amounting Dec. 1, 1923, but the average tractive power increased nearly 19%•
to hundreds of millions of dollars. This contribution has taken the
Despite the decrease in the number of locomotives owned, the railform of savings to manufacturers and distributors, as the result of roads had at no time in 1927 less than 4,600 serviceable locomotives
smaller inventories, quicker turn-overs and a generally increased free- stored in good repair which they have not found necessary to place in
prodom of credit, all of which have effected economies in the several
service.
cesses of production and distribution.
Due to the faster loading and unloading of freight cars as well as
compared with 1926 in both the the elimination of many delays in handling, freight shipments were
The year 1927 has seen a decline
and also their earnings but despite that moved with the greatest dispatch in 1927 ever attained, the average
traffic carried by the railroads
The
fact, a new high record in operating efficiency has been attained.
movement per freight car per day in October having been 34.7 miles.
This exceeded by four-tenths of a mile the previous record for any one
outstanding operating records follow:
best ever reported.
ten
1. Condition of both freight cars and locomotives
month, established in October, 1926. The average for the first
2. Fewer trains and locomotives, in proportion to the amount of traffic months in 1927 was 30.7 miles compared with 30.4 miles in 1926.
carried, were required in 1927 than ever before.
The average load per freight car for the first ten months of 1927 was
but
3. The average load per train, including freight and equipment
same as for the first ten months in 1926. The average for
and tender, was the highest ever reported, having 27.2 tons, the
excluding locomotive
period the first ten months this year, however, was an increase over that for
been 3% greater in the first ten months of 1927 than in the same
1922, 1924 and 1925 but was under 1921 and 1923. Failure of the average
last year.
falling
highest ever
4. The average daily movement per freight car was the the first ten load per car to show an increase over 1926 was due in part to the
miles in October. For
attained, having amounted to 34.7
off in coal shipments, and in part to the larger proportion of lighter loading
similar period.
the Amerimonths the average was 30.7 miles, also a record for any
than ever commodities carried in 1927. The Car Service Division of
5. Freight trains were moved faster over a complete journey miles per can Railway Association through the individual roads and the various
terminals having been 12.3
before, the average speed between
Shippers' Regional Advisory Boards are endeavoring, however, to eduhour.
cars more
6. Due to improvements in locomotives asinwell as the increase in cate the shippers of the country to the necessity for loading
the capacity of freight nearly to capacity.
their tractive power together with the increase
An outstanding feature of the year 1927 was the greater cooperation
cars, the average load per train and the distance carried per train hour
between railways and shippers, exercised principally through the medium
exceeded all previous records.
conservation of the Shippers' Regional Advisory Boards. This movement, inaug7. Freight traffic in 1927 was handled with the greatest
of fuel ever reported, coal consumption per thousand gross ton miles urated in 1923, now consists of an organization of thirteen Regional
enhaving been 129 pounds.
Boards throughout the whole country. The Boards are composed
8. Coal consumption per passenger train car mile was the lowest ever
tirely of shippers and their representatives, who meet several times a
reported.
are
year, and serve as a forum in which railway operating matters
9. Most intensive use of passenger locomotives on record.
, mining,
The continued improvement in operating efficiency that has been in fully discussed. They represent agriculture, manufacturing membertheir
progress for some years is largely the cumulative result of large capital mercantile interests, and other important industries, and
to approxi ship comprises nearly 15,000 shippers' representatives.
expenditures which in the past eight years have amounted
adequate
4
/
mately 53 billion dollars. Through these expenditures, more
possible intransportation has been provided while they have also made
creased economy and efficiency in operation that would not otherwise
dollars M. W. Harrison, of National Association of Owners of
have been the case. Of the total, approximatly 750 million
in
Railroad and Public Utility Securities Says Bill
made in 1927, compared with 875 million
represents capital expenditures
dollars in 1926.
to Readjust Capital StrucMassachusetts Legislature
Capital expenditures in 1927 for equipment, which includes locomoture of Public Utilities Is Revolutionary.
tives and cars, amounted to $270,000,000 compared with $380,000,000 in
At a hearing in Boston on Feb. 1G before a committee
1926. The total capital outlay during the past year for roadway and
structures, additional track, heavier rails, additional ballast, shops and of the Massachusetts Legislature the bill providing for
engine houses, including machinery and tools, amounted to $480,000,000
contracts whereby the State would control public utility
compared with $495,000,000 during the preceding year.
From the standpoint of volume of freight traffic, 1927 represents a rates was characterized as "revolutionary" by Milson W.
decrease of 1,600,000 cars under 1926 but an increase of 276,000 cars Harrison, President of the National Association of Owners
over 1925. Loadings of revenue freight for the year will amount to
He asserted
approximately 51,500,000 cars. This estimate is based on actual load- of Railroad and Public Utility Securities.
Senator Tydings' letter is given as follows in the United
States Daily follows in full text:
My Dear Mr. Humphrey: Two days ago, by a vote of 46 to 31, the
Senate passed a resolution referring the investigation of the utility
companies engaged in interstate commerce to your Commission. I voted
with those who took the majority action.
During the debate, as you probably know, it was charged in some
quarters that reference of the resolution to the Federal Trade Commission would mean that there would be no investigation at all, or if an
investigation, one that would not be complete, thorough, and in keeping
with the evident intention expressed in the body of the resolution.




FEB. 25 1928.]

FINANCIAL CHRONICLE

that it would throw "out of equilibrium the entire process"
of the present regulation of utilities and that "the vicious
effect upon the future credit of utility companies is inestimable." In his statement Mr. Harrison said:
"This Association represents individual investors; colleges, universities, trustees; life, fire, casualty and marine insurance companies;
mutual savings banks; banks and trust companies; and firms and
corporations.
"Insurance companies and savings banks, members of this Association, have policyholders and depositors numbering in excess of 60,000,000, who are, as you will recognize, a vast army of users of electricity
and gas. I appear, therefore, speaking for these investors, to give you
our viewpoint concerning the proposed legislation in House Bill No.
170.
"As we analyze this bill, its effect would be highly revolutinoary in
character, establishing principles not in the interest of the investor, and
throwing out of equilibrium the entire process of such regulation as
may be finally advantageously to the consumer.
"This bill purposes to coerce corporations to accept adjustments of
their capital to a par value, based upon amount paid in for stock, plus
a 7% dividend, from the time of original investment. The danger of
such coercion, regardless of question as to its constitutionality, would
serve seriously to upset capital structure, and retard the flow of capital
for further utility development.
"Regulated industry has not evolved to the point where such required readjustment would be fair and equitable. It would result in a
hardship to those who have continuously, and in good faith, invested
in the securities of public utilities since the time of the original
investment.
"Some of the oldest utilities in the country are located in this commonwealth. They have been developed soundly from the standpoint of
finance as well as service, I am sure that there are adequate facilities
of regulation, efficiently administered, to require reasonable rates to
the consumer and at the same time provide for a fair return to the
investor.
"Decisions of the Supreme Court emphasize the consideration in
regulation that investors are entitled to a fair rate of return on the development of the industry as well as no more than a reasonable rate'to
the consumer. To change this method to the one described in House
Bill No. 170 would result in a severe shock to the investing public. Its
implications, from a national standpoint, in the endeavor by such legislation to eliminate appeal to the Federal courts, would, if effective,
vitiate rights of persons, whether corporate or individual.
"Section 2 of the Bill, which would by duress require public utility
corporations to contract with commonwealth authorities, disregards the
essentials of contract and if enacted, would serve to destroy the fundamental rights of citizens and corporations.
"To take away an investor's vested right by such methods as are
described in this bill, wohld be certain to result in the breaking down
of his confidence in the investment he has made in good faith. The
vicious effect such a process would have upon the future credit of
utility companies, is inestimable.
"Section 6 of the bill seeks to prevent by agreement legal action
under property rights. If such property rights exist, no state action
can nullify the safeguarding clauses of the Federal constitution."

Dr. C. R. Mowery Elected President Brotherhood Co.
OperativeNational Bank of Spokane.
From the Spokane News Bureau it is learned that Dr.
Charles R. Mowery of Spokane was elected President of
the Brotherhood Co-operative National Bank of Spokane
at the annual organization meeting of the Board of Directors held recently. He succeeds George 0. Barnhart, a
retired 0. W.
-R. & N. locomotive engineer, who had been
at the head of the bank since its organization. Mr. Barnhart is now in Cleveland, Ohio, and withdrew because of
other connections which are taking up his time. Dr.
Mowery has been identified with the bank as a stockholder
the last two or three years. W. R. Croyle, Vice-President
of the Brotherhood Bank and Trust Company of Seattle,
was elected Vice-President. Mr. Croyle was identified with
the Spokane bank at the time of its organization, was on
the organization committee and served as an officer of the
bank for two years. He is moving to Spokane to become
actively identified with the bank. John J. Sheehy and N.
J. Bostwick were elected Vice-Presidents. W. G. Ross was
re-elected Vice-President and Cashier. No change was
made in the staff of Assistant Cashiers consisting of L. M.
Lageson, F. P. Hahn and Sarah Jane Mason.
Roy A. Young of Federal Reserve Board to Speak at Annual Banquet of American Institute of Banking Tonight (Feb. 25).
Roy A. Young, of the Federal Reserve Board, Washington, D. C., will address the twenty-seventh annual banquet
of the New York Chapter, Inc., American Institute of Banking, to-night (Saturday) Feb. 25th, at the Hotel Astor.
Other speakers will be Cameron Beck, personnel director of
the New York Stock Exchange, and Harold J. Stonier, the
new educational director of the national organization, with
Nelson M. McKernan, President of the New York Chapter,
as toastmaster. Guests from other chapters will be served
breakfast at the Hotel Astor on the following morning, this
occasion having become an informal eastern conference of
Institute men and women. A number of the national officers including P. R. Williams, President, and Frank M.
Totten, Vice-President, will attend the breakfast.




1145

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Vincent Massey, Canadian Minister to the United States,
will be the guest of honor at a luncheon of the Bond Club
of New York, to be held at the Bankers Club on Friday,
March 2, at 12:15, William J. Minsch, President of the
Club, announced this week.
George F. Baker, Sr., Cha- irman of the First National
Bank of New York, left this week for Jekyl Island, Ga., his
winter home, accompanied by E. E. Loomis, President of
the Lehigh Valley Railroad.
The New York Stock Excha- nge membership of William F.
Ladd was reported posted for transfer this week to Harry
J. Luber, the consideration being stated as $295,000. The
last preceding sale was at the same figure.
Four regular memberships of the New York Produce
Exchange were reported sold to-day at $6,800 to $6.950.
It is stated that a Philadelp- hia Stock Exchange membership was sold this week for $10,000. Three memberships, it
is reported, have been sold this past week.
Announcement was made by the International Germanic
Trust Company at the close of business on Feb. 20 that the
additional shares offered to stockholders of that company
In connection with the recent increase to acquire the terminal Trust Company had been fully subscribed and that the
physical merger of the two companies is now in effect.
Items regarding the merger appeared in our issues of
Jan. 21, page 364, and Jan. 28, page 529.
The Guaranty Trust Company of New York has announced the following official appointments in its foreign
offices: J. Wesley Conn, Assistant Vice-President; Joshua
G. R. Campbell and Georges Albert Vernhet, Assistant
Managers, and Horton Parmelee Kennedy, Assistant Secretary, Paris Office; Maurice G. St. Germain, Manager, and
Paul Giroud, Assistant Manager, Havre Office, and Elie
Delville, Assistant Secretary, Brussels Office.
At the regular meeting of the Board of Trustees of The
Equitable Trust Company of New York, held Feb. 21,
Charles A. Fulle was elected to the Board. Mr. Fulle, a
brother of the company's former Trustee, the late Frederick
W. Fulle, is President and director of Truslow and Fulle,
President and director of both the Milton Cork Company
and the White Metal Manufacturing Company, Vice-President and Director of the North River Bridge Company, and
a director of the First National Bank of Montclair, N. J.
H. H. Powell, who was President of The Importers and
Traders National Bank when it was merged with The
Equitable Trust Company of New York in 1923, and who
remained with the combined institutions as Vice-President
in charge of the Importers and Traders office, will henceforth make his headquarters in the main office of the
Equitable at 11 Broad Street.
The National City Bank of New York on Feb. 20 opened
a branch at 123 East Eighty-sixth Street in the Yorkville
section of Manhattan. The new branch, to be known as
the Yorkville branch, constitutes a complete banking unit
and offers evory banking and investment service of the
world-wide National City organization. For the permanent home of the branch the bank has erected a building
which in simplicity and dignity of its design and
construction harmonizes with the traditions and background of the neighborhood.
The opening of the
Yorkville branch gives the bank twenty-two branches
in Greater New York. Charles E. Mitchell, President of the
bank, in his last annual statement to stockholders, indicated that the branch organization of the bank in the city
would be further extended this year.
James L. Madden was elec- ted a director of the Central
National Bank of this city on Feb. 14. Mr. Madden is a VicePresident of the Metropolitan Life Insurance Company.
The States Banking Depar- tment on Feb. 10 authorized
the Pennsylvania Exchange Bank of this city to increase its
capital from $750,000 to *1,000,000. The new capital became effective on Feb. 10. It was authorised by the stockholders on Aug. 10 1927. The price at which it was issued
was $175 per $100 share.

1146

FINANCIAL CHRONICLE

Rights of the stockholders of the Central National Bank
of New York to subscribe to shares of the Central National
Corporation, newly organized investment affiliate of the
bank, expired on Feb. 20, as did the privilege of the bank's
depositors to enter their subscriptions, subject to allotment. The formation of the new corporation was referred
to in our issues of Feb. 11, page 820, and Feb. 18, page 961.
Public offering of the stock on Feb. 21 is referred to in today's issue of our paper in our General Investment News
Department.
An application to organize the Hudson National Bank of
this city was received by the Comptroller of the Currency
on Feb. 16. The institution will have a capital of $250,000
and a surplus of $100,000 and will locate in the Columbus
Circle Section. The par value of the stock will be $100 and
the shares will be disposed of at $140 a share. George D.
Hauser is to be the President of the bank and E. H. Proudman is to serve as Chairman of the Board of Directors.
The board will consist of 15 members to which the following have already been selected: Firmin Hull, Vice-President, Sherman Service, Inc.; Simon Lubarsky, Real Estate
and Drugs; John Mullen of Mullen & Woods, Real Estate;
Alexander Forstein, Arcade Stationery Co.; Alvin M.
Powell, C. P. A. of Alvin M. Powell & Co.; Abraham Goldberg Dresses, and A. Finklestein of H. H. Butler Stores, Inc.
On Feb. 23 the County Trust Company of New York, of
which James J. Riordan is President, celebrated its second
anniversary with deposits totaling more than $20,000,000
and assets of $22,000,000. The County Trust Company
opened for business at Eighth Avenue and Fifteenth Street
two years ago, with a paid in capital and surplus of $1,500,000, with Governor Alfred E. Smith as its first depositor.
The total deposits on its first day of business amounted to
$1,346,988.84. The institution has outgrown its present
quarters and has already had plans drawn for a fifteen
story building on the northeast corner of 8th Avenue and
14th Street—a block south of its present location. Work of
construction will begin within a year when leases on the
site of the new building expire. The County Trust Company will occupy three floors of this building, the basement
of which will be equipped with most modern safe deposit
vaults.
Original subscribers to the County Trust Company stock
paid $155 a share, of which $100 was for capital, $50 for
surplus, and $5 for organization expenses. Today the
stock is quoted at $500 bid with none available at that
price. In addition to the paid in surplus of $500,000, the
institution has earned undivided profits of $300,000 in its
two years of business. Because of the growth of the institution the officers and directors feel that it will be necessary in the near future to increase the capital stock. Directors of the County Trust Company are: Vincent Astor,
Peter J. Carey, John J. Cavanagh, Howard S. Cullman,
William H. 'English, William J. Fitzgerald, James P.
Geagan, Edward J. Kelly, William F. Kenny, G. Le Bontillier, Herbert H. Lehman, Ralph W. Long, Daniel J.
Mooney, John J. Pulleyn, John J. Raskob, James J. Ricordan.
Announcement is made by The Century Bank of 338 W.
23rd Street, New York City, that James J. Kennedy, former
Deputy Superintendent of Banks of the State of New York,
has been elected President of the institution, and that a
special meeting of the stockholders has been called (March
2) to vote on the proposal to increase the capital of the
bank from $100,000 to $500,000. The shares (par 100) will
be disposed of at $160 per share so that the capital, surplus
and undivided profits will be $800,000. New interests have
been identified with the bank which expects to enter a
period of enlarged activity. Chas. S. Guggenheimer, of the
firm of Guggenheimer, Untermyer & Marshall, is the Chairman of the Board of Directors, which also includes Irwin
Untermyer, another member of the same law firm. The
other officers associated with Mr. Kennedy and Mr. Guggenheimer include Montgomery Schuyler, of Schuyler, Earl &
Co., members of the New York Stock Exchange, and
Emanuel Neumann, Vice-Presidents; D. B. Tripp, Cashier,
and J. W. Miller, Assistant Cashier. In addition to Messrs.
Kennedy, Guggenheimer, Untermyer, Schuyler and Neubeen
mann, it is understood that after the capital will have
the followIncreased the Board of Directors will include
Financier;
ing: Alex A. Bernstein, Furrier; Louis Gold.
Alexander Goldsmith, Owner of a chain of Hotels; Abra-




Mot. 126.

ham Liebovitz of S. Liebovitz & Sons; Philip Maslansky,
President of the New York Merchandise Co.; Israel Matz,
President of the Ex Lax Manufacturing Co.; Herman
Neaderland, Vice-President of A. I. Namm & Co.; Nathan
Ohrbach of Ohrbach's, 14th Street; Lawrence Ottinger,
President of the United States Plywood Co.; Sidney Rosenzweig of Rosenzweig Bros., Real Estate; Morris Sprayregen
of Sprayregen & Marks; Adolph Stone, President of the
F. & W. Grand Stores; and Herbert Turrell, President of
the Oxzyn Co. The firm of Guggenheimer, Untermyer &
Marshall will act as attorney for the Bank.
William J. Large has resig- ned as a director of Lebanon
National Bank of New York City and has been elected a
director and Assistant Treasurer of the Claremont Investing Corporation formed by the officers and directors of the
Claremont National Bank.
John Gerow Dutcher, President of the National Bank of
Pawling, at Pawling, N. Y., died on Feb. 20. He was born
In New York, Sept. 18, 1865, the son of John B. and Christina Dodge Dutcher. He graduated from the Sheffield
Scientific School of Yale University in 1885.
Directors of the City Ban- k & Trust Co. of Hartford,
Conn. at their regular meeting on Feb. 21, elected Frank
II. Whipple a member of the board to fill the vacancy
caused by the recent death of Louis J. Korper, according
to the Hartford "Courant" of Feb. 22, which also reported
the stockholders of the City Company of Hartford, Inc.,
a subsidiary of the City Bank & Trust Co., held their annual meeting on Feb. 21 and elected Mr. Whipple a director to fill a similar vacancy. Mr. Whipple is President and
a director of Olds & Whipple, Inc.; Treasurer and a director of Steane, Hartman & Co., Inc., President and a director of the Windsor Tobacco Growers' Corporation, and
Treasurer and a director of the Otee Tobacco Corporation.
Henry M. Sperry, a Vice-P-resident and a director of the
First National Bank of Hartford, and connected with banking houses in that city for the past thirty-six years, was
accidently asphyxiated at his home in Hartford on Feb. 22.
Mr. Sperry suffered a nervous breakdown last June and
since that time has been unable to attend to his duties at
the bank.
The First National Bank and the East Side National
Bank of Paterson, N. J., consolidated on Feb. 15 under the
title of the First National Bank. The First National Bank
had a capital of $600,000 and the East Side National Bank
a capital of $200,000. The figures of the consolidated institution follow: Capital, $680,000; surplus, $770,000; undivided profits, $173,000; deposits, $10,200,000, and total
assets, $12,200,000. Whitfield W. Smith continues as President of merged bank. The bank maintains a branch at the
corner of Broadway and Madison Ave., Paterson. The
main office is at City Plaza (opposite City Hall) Paterson.
The Union National Bank and the Mount Holly Safe
Deposit and Trust Company of Mount Holly, N. j., consolidated on Feb. 11 under the corporate title of the Union
National Bank and Trust Company at Mount Holly with
a capital of $200,000. The enlarged institution reported
on Feb. 11 a surplus fund of $375,000; undivided profits of
$17,640, deposits of $2,312,883 and resources of $3,180,021.
It also has $918,237 in trust funds.
A new office of trust officer of Bankers Trust Company
of Philadelphia was created at the meeting of the board
on Feb. 20, and Maurice E. Reeve was elected to the position. The resignation of Robert M. Thompson as Title and
Trust Officer was accepted. Mr. Thompson is going into
business for himself.
H.
George H. Earle, Jr., of Philadelphia, lawyer and financier and nationally known for his achievements in rebuilding banks, railroads and industrial concerns which found
themselves in receivership, died in that city on Feb. 19
after a prolonged illness. Mr. Earle, who was 71 years
of age, at the time of his death was President of the Real
Estate Trust Co. of Philadelphia and a director in many
other financial institutions. The deceased finansier was
born in Philadelphia the son of prominent parents. His
father was the founder of the law firm of Earle & White,
in which the son for twelve years was a member, associated with Richard P. White. Mr. Earle entered the

FEB. 25

1928.]

FINANCIAL CHRONICLE

class of '79 at Harvard, but his health failed and he was
forced to leave. Shortly afterwards he obtained a position in an attorney's office and at the age of 24 was admitted to the bar. Later, when as a member of the law
firm of Earle & White he was rapidly becoming a successful lawyer, his interests were suddenly directed into constructive finance. The following regarding his career we
take from the Philadelphia "Ledger" of Feb. 20:
The Tradesmens National Bank got into difficulties. Its stock, which
was $50 par, sold for $40. Mr. Earle was called in and he soon
cleared up the situation. The stock eventually passed $250 a share.
There were other financial institutions for which his services were
called. He frequently gave them without cost.
Mr. Earle's work in saving the Real Estate Trust Company, of
which he later became President, was regarded as his most marvelous
achievement. The President, Frank K. Hippie, a man prominent in
social and church circles, killed himself on a Sunday morning in
August, 1906, and after his death it was learned that the bank had
long been in difficulties. The respected Mr. Hippie, it developed, had
lent more than $1,000,000 on a sugar plant project and other refiners
refused to permit the doors of the plant to open. The crash followed
and there were more than 12,000 depositors left demanding their
money. Mr. Earle was called in.
For days he worked on a financial statement, showing by carefuly
tabulated figures that if the trust company were only left alone it could
pay dollar for dollar.
It was said to be a fine financial statement, one that would have
convinced bankers and business men that the only way to recover their
deposits was to let the bank reopen. Mr. Earle read it over. Then
he tore it up. He let his imagination "parry him into the minds of
widows and small wage-earners whose entire savings were in the bank.
Ale wrote a letter instead, which has since been called the most remarkable financial document in history. The letter was addressed to
each of the depositors and inquired, as a friend, what each wanted to
do in the situation. It was the psychology of this letter than captivated the depositors. Most of them agreed to leave matters in Mr.
Earle's hands. Every one of them received his money in full.
It was estimated in 1911 that Mr. Earle had saved, in his role of
financial resuscitator, the deposits of 50,000 Philadelphians, but the
Real Estate Trust Company rehabilitation was the last of his bank
resuscitations. He turned his attention and his talents to the railroads.
He was Chairman of the committee which reorganized the Oklahoma,
Choctaw & Gulf Railroad Company. The stock rose from $1 to $90.
Mr. Earle received a lawyer's fee. He was also chairman of the
Philadelphia branch of the Reorganization Committee of the Reading
Railroad years ago, wherein his success was even more marked.
After rehabilitating two concerns—"galvanizing two corpses" a newspaper account of that day described it—Mr. Earle had established his
reputation as a financier. He first came into important notice, however, at the time of the failure of William M. Singerly, whose Chestnut
Street National Bank and Chestnut Street Trust Company closed their
doors suddenly to the great astonishment of the public. Mr. Singerly's financial collapse was complete and death soon followed.
Mr. Earle (and later Mr. Richard Y. Cook was associated with him)
was made receiver. They found the vaults almost empty and about all
the important assets were notes of the Philadelphia Record Company.
The Record was, had been for years and still is, a prosperous newspaper.
Unfortunately, Singerly had mortgaged it and the mortgage was
about due. It was then Mr. Earle took the unusual step of raising
the money to operate the paper and save it for the bank's equity. Mr.
Earle became its publisher. The paper was sold eventually, netting
enough to pay every depositor in the bank in full with five years' accumulated interest.
After this, Mr. Earle's constructive financiering ability was nationally recognized.
A score of other gigantic enterprises responded to his efforts, recovered, "picked up their beds and walked," as a railroad President in
the Northwest once said. By the time he reached middle life Mr.
Earle had amassed a fortune in his contacts with big business, was a
director in a score of giant enterprises and President of several. But
his home and his library remained his first loves.

A special press dispatch from Philadelphia on Feb. 19
to the New York "Times" in regard to Mr. Earle's death
said in part:

Although Mr, Earle was rarely active in politics, he entered the
mayorality campaign in 1911, defeating in the primary William S.
Vare, present United States Senator-elect. This was the only time
Mr. Vare ever sought the Mayor's chair. In the election Mr. Earle
was defeated by the late Rudolph Blankenburg, who ran as an independent on a reform platform.
The bitter factional fight that developed in that campaign left results
in local politics that can be traced to the present day. Mr. Earle ran
on a platform of business in city administration, and the late Senator
Boise Penrose, then titular head of the local Republican organization,
resented the entry of Mr. Vare to split the organization.

Stockholders of the Tenth National Bank of Philadelphia at a special meeting on Feb. 17 approved the proposed
increase in the bank's capital from $500,000 to $1,000,000,
referred to in our issue of Feb. 4, page 670, according to
the Philadelphia "Ledger" of Feb. 18. The new stock will
be issued to present shareholders on a basis of one share of
new stock for each share held at the price of $300 a share,
plyable in three instalments of $100 each. Officials of the
tnk announced, it was stated, that the increase in capital
was made necessary by the steady growth of the institution.
Directors of the Haddington Title & Trust Co. of Philadelphia (West Philadelphia) on Feb. 21 declared a stock
dividend of 20% payable Mar. 15 to stockholders of record




1147

Feb. 21, according to the Philadelphia "Ledger" of Feb. 22,
which continuing said:
The issuance of 250 shares of stock of $100 par value each was
authorized for the dividend, making the capital of the institution $150,000. The transfer of $25,000 from undivided profits to capital was
authorized and the transfer of an equal amount from the former account to the surplus was approved. The surplus of the institution,
including the increase, is $200,000. A balance of $45,000 remains in
the undivided profits account.

A copy of the annual report of the Fidelity-Philadelphia
Trust Co. of Philadelphia, in pamphlet form, has just
recently been received. The statement covers the twelve
months ending Dec.31,1927 and was presented to the bank's
shareholders at their recent annual meeting by William P.
Gest, Chairman of the Board of Directors. Total resources are
shown at $130,915,022, of which cash and due from banks
amounted to $12,130,673. On the liabilities side of the
statement deposits are given as $90,915,418, a gain during
the year of $8,672,940, and combined capital, surplus and
undivided profits as $31,579,356. Gross earnings for the
year were $4,910,285 and from this amount was deducted
$2,411,989.69 consisting of operating expense, including
additional compensation of 5% on salaries paid to all officers and employees, and Federal, State, and City taxes.
After such deduction, the net earnings for the year were
$2,498,295.26. A further charge was made of $73,451.16
being miscellaneous items charged off and losses on securities sold. Four quarterly dividends of 6%, or $402,000
were paid, amounting to $1,608,000. From the undivided
profits account $200,000 was transferred Dec. 31, 1927, to
the reserve fund for building, making the undivided profits
account on that date $3,879,356, a gain for the year of $616,844. The above transfer of $200,000 makes the reserve fund
for building $1,0e0,000. The total individual trusts in
charge of the company at the end of the year were $651,661,152, a gain of $26,942,757. The company is also trustee
for $893,708,000 of corporate trusts. The total collateral
held in this capacity amounts to $155,729,485.
The Fidelity Building Corporation, all the stock of which,
as well as the second mortgage bonds are owned by the
Fidelity-Philadelphia Trust Co., has under construction a
30
-story bank and office building at Broad and Walnut
Streets, the cost of construction of which, including the
trust company's office, is estimated at $12,000,000. The contract provides for completion by Sept. 1, 1928, but the progress to date has exceeded expectations and it is hoped that
the building will be ready for occupancy on June 1st.
William Ramsey Nicholson, Sr., President of the Philadelphia Company for Guaranteeing Mortgages of Philadelphia and former President of the Land Title & Trust Co.
of that city, died suddenly of heart disease at his winter
home in Pasadena, Cal., on Feb. 22. Mr. Nicholson, who
was in his 77th year, was born in Philadelphia and educated
in the public schools and in the Locust Street Grammar
School. Upon finishing his education, he entered the office
of William Nelson West to study law. Subsequently he became a partner In the firm. The deceased financier took a
keen interest in real estate and from 1880 to 1889 was one
of the pioneers who turned their attention towards the
development of West Philadelphia. His firm built more
than 100 of the first houses to be erected in that section,
and Mr. Nicholson organized and became President of the
West Philadelphia Title & Trust Co., a position he relinquished later to accept the Presidency of the Land Title &
Trust Co. For thirty-seven years prior to the merger last
fall of the Land Title & Trust Co., the Real Estate Title
Insurance & Trust Co. and the West End Trust Co., to form
the present Real Estate Title & Trust Co., Mr. Nicholson
had continued to hold the Presidency of the first named
institution and following the consolidation became Chairman of the Board of the enlarged concern, bolding the
office until Dec. 14 last, when he severed his connection
with in and devoted all his time to the Philadelphia Company for Guaranteeing Mortgages, which he founded
twenty years ago. Among other interests, Mr. Nicholson
was a director of the Fourth Street National Bank, the
Wheeling & Lake Erie Railroad Co. and other corporations,
and was President of the Philadelphia Stock Exchange
Building Co. He was an active worker in the Y. M. C. A.
and was Chairman of the committee which in 1911 raised
$1,000,000 for a new building.
Charles J. Bell, for the past thirty-eight years associated with the American Security & Trust Co. of Wash-

•

1148

FINANCIAL CHRONICLE

• ington, D. C., an institution which he helped to organize,
and for thirty-five years its President, on Feb. 21 was
elected Chairman of the Board of Directors, while Corcoran Thom, heretofore First Vice-President, was advanced to the Presidency in his stead, according to the
Washington "Post" of Feb. 22. Mr. Thom, the new President, is a native of Washington. After completing his
scholastic education, he entered Columbian University
(now George Washington University) receiving therefrom
the degree of LL. B. Later he was admitted to the bar
of the District of Columbia and practised law for several
years as a member of the firm of Blair & Thom. He was
also Secretary of the Bar Association for several years. In
1919 Mr. Thom entered the American Security & Trust Co.
and devoted his full time and energies to the further
development of the trust department of the institution and
later took charge of the banking department for several
years.
Mr. Bell, the new Chairman of the Board, was born in
Dublin, Ireland, and following graduation from Wesleyan
Connexional College in Dublin, began his banking career
with the Imperial Bank of Canada. He later assisted
in the organization of the National Telephone Co. of England and was general manager of the company until going
to Washington in 1881 where he organized the banking
firm of Bell & Co. In 1889 with the organization of the
American Security & Trust Co., Mr. Bell became its VicePresident, and on Jan. 24, 1893, succeeded to the Presidency, the office he has now relinquished to accept the
Chairmanship of Board.
Starting in 1889 with a capital of $1,280,000 and resources of slightly over $2,800,000, the American Security
& Trust Co. under the management of Mr. Bell, has grown
steadily until today it is an institution capitalized at
$3,400,000 with surplus of like amount and total resources
In excess of $38,000,000. Beginning operations at 1405 G
Street, Northwest, the company now occupies a handsome
main office at Fifteenth Street and New York Avenue,
Northwest, and in addition operates five branches in various sections of the city housed in handsome buildings
erected and owned by the bank. At the meeting of the
directors on Feb. 21—the first presided over by Mr. Bell as
Chairman—it was voted to transfer $400,000 from undivided profits to surplus account, thus bringing the latter
item up to $3,400,000, or equal to the capital of the institution.
Williard Perry, Treasurer of the Commonwealth Trust
Co. of Pittsburgh, has been elected a Vice-President and
a director of the Mount Lebanon Bank of that city, according to the Philadelphia "Ledger" of Feb. 16, which furthermore stated that David S. Cooper, Assistant Secretary and
Treasurer of the Commonwealth Trust Co. has been elected
a director of the Mount Lebanon Bank and also of the Bank
of Aspinwall`, Pittsburgh.
A special dispatch from Columbus, Ind., on Feb. 18 to
the Indianapolis "News" stated that according to an announcement made on that day a proposal to consolidate the
Irwin's Bank and the Union Trust Co., both Columbus
institutions, has been agreed upon by the owners of the
former, William G. Irwin and Mrs. Linnie Irwin Sweeney,
and the plan will be submitted to the stockholders of the
Union Trust Co. on Feb. 27, when their approval is expected. The enlarged institution will be known as the
Irwin-Union Trust Co. and will occupy the present quarters of the Union Trust Co., a large building completed
several years ago. William G. Irwin, for many years
President of the Irwin's Bank, will be President of the
new institution, it is understood, and other proposed officials include the following: W. E. Parker (President of
the Union Trust Co.), John W. Suverkrup, Hugh T. Miller, L. K. Ong, and Frank P. Brockman, Vice-Presidents;
C. M. Setser, Cashier; Meredith Lienberger, Archie Cox,
Scott Setser, and George L. Vorwald, Assistant Cashiers,
and William H. Scott, Secretary. These men are employees of the two banks and it is said all other employees
of the institutions will be retained. Continuing the dispatch said:
Mr. Irwin and Mrs. Sweeney are owners of the Irwin Bank, while
216 persons own stock in the other institution. The Irwin Bank was
established by Joseph I. Irwin, father of William G. Irwin and Mrs.
Sweeney in 1871. The Union Trust Company was formed June 5,
1922, by the merger of the Peoples Trust Company and the Farmers
Trust Company banks.




[Vox,. 126.

Discussing the proposed merger, Mr. Irwin said it is in accordance
with a trend toward concentration of larger units of capital, production
and distribution, and is founded on certain economic facts, including a
saving in time, money and energy.
W. E. Parker, president of the Union Trust Company, expressed a
similar opinion as to the proposed consolidation.
The Citizens' State Bank of Wolcott, Ind., an institution
capitalized at $25,000, was closed on Feb. 16 by order of
Luther F. Symons, the State Bank Commissioner, L. K.
Billings, a State Bank Examiner, being temporarily placed
in charge of its affairs, according to the Indianapolis
"News" of the same day. The bank's embarrassment, it
was said, was attributed by the Bank Commissioner to
"frozen assets". It was furthermore stated that Thomas
D. Barr, Deputy Bank Commissioner, had gone to Wolcott
the day the bank closed to make investigations. I. Leopold
was President of the closed bank and Charles H. Kleist,
Cashier.
John W. Staley, President of the Peoples' Wayne County
Bank of Detroit, died suddenly at his home in Grosse
Pointe Village on Friday, Feb. 17, the day after the consolidation of the Peoples' State Bank and the Wayne
County & Home Savings Bank, for which he had labored
for months, became effective. Mr. Staley was in his 57th
year. Death was due to a heart attack which followed a
week after he was taken ill at his home. He had not been
confined to his home, however, and had been at the bank
three times last week, the last time to attend the first
executive meeting of the new organisation on Thursday,
Feb. 16. Mr. Staley had recently spent three weeks in
Augusta, Ga., to rest after the strain he had been under
in bringing about the consolidation of the institutions in
which resources of $290,000,000 were involved, but on his
return the week before his death had not recovered fully.
The deceased banker was born in Danville, Pa., but he
lived the greater part of his life in Michigan, attending
Albion College from which he was graduated with the
degree of B. A. in 1892. The same year he entered the employ of the First National Bank of Detroit as an assistant
teller. He was made an Assistant Cashier of the institution in 1908 and four years later (1912) a Vice-President.
In 1917 he resigned from the First National Bank to become a Vice-President of the Peoples' State Bank and two
years later was elected President, the position he held until
Wednesday of last week, Feb. 15, when he became President of the new organization—the Peoples' Wayne County
Bank. Mr. Staley was a director of the Bankers' Trust
Co. of New York and a director of the Detroit branch of
the Federal Reserve Bank of Chicago. He was President
of the Association of Reserve City Banks in 1917 and
President of the Michigan Bankers' Association in 1920.
For two years he was representative of finance on the
board of directors of the Chamber of Commerce of the
United States. During the World War the deceased banker
served as Executive Chairman of the Liberty Loan Committee for Detroit and Wayne County.
A special dispatch from Maquoketa, Iowa, on Feb. 15 to
the Des Moines "Register" reported the closing on that
date of the Bellevue State Bank of Bellevue, Iowa.
"Frozen assets" were given as the cause of the bank's
embarrassment. Louis H. Lampe is President of the institution and L. F. Schmitt, Cashier.
Judge Edmond W. Wells, for the past eleven years President of the Bank of Arizona of Prescott, Ariz., and now
82 years of age, announced his resignation as President of
the institution on Feb. 14, according to an exclusive dispatch from Prescott on that date to the Los Angeles
"Times". M. B. Hazeltine, heretofore a Vice-President of
the institution, was appointed President to succeed Judge
Wells. Judge Wells went to Prescott in 1864 and in 1882
with associates purchased control of the Bank of Arizona.
For seven years (according to the dispatch) Judge Wells
was clerk of the United States District Court and was successively County Attorney, Assistant United States Attorney, member of the Territorial Legislature and the Territorial Code Commission, Justice of the Supreme Court of
Arizona and Attorney-General under Governor Brodie, besides a member of the Constitutional Convention. In 1912
he was Republican candidate for Governor of the newly
created State, losing by a narrow margin.
-4--

FEB. 25

1928.]

FINANCIAL CHRONICLE

The Lincoln State National Bank of Lincoln, Neb., on
Feb. 7 changed its title to the Lincoln National Bank &
Trust Co.

1149

the Board of Directors, a newly created office: Thomas P.
Denham, heretofore Executive Vice-President, has become
President, while John T. Walker, Jr., who until recently
served as Second Vice-President of the National Bank of
Commerce in New York in charge of business in the Sixth
Federal Reserve District, has been elected Executive VicePresident and will assume his new duties on March 1. Mr.
Lane, the new Chaitman of the Board, issued the following statement concerning the changes:

The Exchange Bank of Schmidt & Koester, Marysville,
Kan., has taken over the Citizens' State Bank of Home
City, Kan., according to an announcement by Roy L. Stone,
State Bank Commissioner for Kansas, as reported in the
Topeka "Capital" of Feb. 14. The consolidation, it was
stated, gives the Exchange Bank of Schmidt & Koester a
"The change in the personnel of the officers of this bank simply
capital of $75,000, surplus of $31,000, and deposits of $1,- means that we have strengthened the organization from the top rather
than the bottom. For the past twenty-five years we have been building
131,539. S. C. Schmidt is President; Charles J. D. Koester,
up from the bottom, following the growth of Jacksonville and Florida.
Vice-President, and F. J. Olson, Cashier.
"In short, we have builded on a solid foundation and have succeeded
in creating one of the foremost financial institutions of the South.

I

A dispatch from Houston, Tex., to the "Wall Street do not intend to part with my stock holdings; as a matter of fact I
Journal" on Feb. 20 stated that the Gulf State Bank and will now have more time to actively direct the policies of this bank."
From a recent issue of a Jacksonville paper, we take
the Guaranty Trust Co., both of that city, have consolthe following:
dated under the title of the City Bank & Trust Co. The
Mr. Lane has occupied the presidency of this
continunew organization is capitalized at $200,000 with surplus ously since its inception almost twenty-five years organization came
ago. He
to
and undivided profits of $60,000 and has deposits in excess Jacksonville from Valdosta, Ga., where he was vice-president of the
Merchants Bank of that city, which bank was owned by his father,
of $2,000,000. J. A. Elkins, formerly President of the Guarthe late R. Y. Lane, and himself. The Atlantic National Bank was
anty Trust Co., is President of the new bank.
organized on August 1, 1903, by Mr. Lane, assisted by his brother,
That the Laurens National Bank, Laurens, S. C., one of
the
the oldest banking institutions in Laurens County, had
failed to open for business on Feb. 15, was reported in a
dispatch from the Association Press from Laurens on that
date, appearing in the New York "Times" on Feb. 16. The
dispatch went on to say:
"This bank," a statement posted on the bank door said, "under the
direction of the Controller of the Currency, is closed by resolution of
the Board of Directors. Thomas H. Davis, National Bank Examiner."
No reasons were given.

According to a special dispatch from Knoxville, Tenn.,
Oil Feb. 18, to the Nashville "Banner," an agreement to
consolidate the Holston National Bank of Knoxville and
the Union National Bank of that city, was unanimously
approved on that day (Feb. 18) by the respective directors
of the institutions. The agreement covering the merger,
it was said, would be submitted to the Comptroller of the
Currency at Washington within the next few days, and if
approved by him, meeting of the stockholders of each institution would be called within thirty days to vote on the
proposition. In continuation the dispatch said:
The consolidated institution will become the Holston Union National
Bank. J. Basil Ramsey, who recently succeeded Joseph P. Gaut as
president of Holton National Bank, will be president of the consolidated institution. Both units of the bank will continue to operate
in their respective banking houses, both will bear the Holston Union
National Bank title and each will operate under its present officers.
The Holton Trust Company, which is a branch of the Holton National,
will become the Holton Union Trust Company. The combined capital
stock, surplus and profit will be more than $2,000,000 and the combined
resources more than $18,000,000. The combined deposits will be
$13,000,000.
Rogers Caldwell of Nashville is one of the chief stockholders of the
Holston National Bank. The Holston National Bank several months
ago took over the Third National Bank.

Deposits of the First National Bank in Palm Beach as
of Feb. 14 amounted to $2,482,000, according to announcement made Feb. 18. The bank, located at Palm Beach,
Fla., began business Dec. 1 last year, and the statement
of condition as of Dec. 31 1927 showed total resources of
$1,273,961, with capital of $100,000; surplus of $50,000 and
undivided profits and reserve for contingencies amounting
to $5,000.
The institution, which is affiliated with the Central Union
Trust Co. of New York and the Farmers' Loan and Trust
Co., is headed by F. A. Shaughnessy, formerly of the Central Union Trust Company. Directors include H. E. Benis,
Vice-President of the Florida East Coast Hotel Co.; S. Sloan
Colt, Vice-President of the Farmers' Loan and Trust Co.
of New York; William S. Gray, Jr., Vice-President of the
Central Union Trust Co.; John F. Harris, of Harris, Winthrop & Co.; Edward F. Hutton, Chairman of the Postum
Co.; John C. King, Anthony R. Kuser, Director of the Public Service Corporation of New Jersey; J. Leonard Replogle;
Howard W. Selby, Vice-President of the Central Farmers'
Trust Company; Edward Shearson, of Shearson, Hammill
& Co.; Mr. Shaughnessy; Charles A. Wight, President of
tile Central Farmers' Trust Co., and H. C. Woodruff, President of the Palm Beach Stores.
The following important changes have taken place in
the personnel of the Atlantic National Bank of Jacksonville, Fla.: Edward W. Lane, President of the institution
since its organization in 1903, has become Chairman of




Mills B. Lane, president of the Citizens and Southern National Bank
of Savannah, and Fred W. Hoyt, both of whom have served on the
board of directors continuously since that date. From a capitalization
of $350,000 it has grown now to $2,000,000 with surplus and undivided profits of over $1,000,000.
The entire increase in capital stock of the bank has been front the
earnings of the institution. On December 31, 1922, a stock dividend
of 300 per cent was paid, increasing the capital to $1,400,000, and a
further dividend of approximately 42 per cent was paid on December
31, 1925. During its operations, in addition to the stock dividends of
$1,650,000, cash dividends of $1,727,000 have been paid.
In the last few years Mr. Lane has effected the organization of four
affiliated institutions. These include the Riverside Atlantic, the Springfield Atlantic, and Fairfield Atlantic Banks of Jacksonville, and the
Sanford Atlantic National Bank of Sanford, Florida. The success of
the Atlantic Bank and its affiliations is due in a great measure to the
careful and prudent mana-zement of its president, Mr. Lane, who will
continue to head the institution. He commands the confidence of the
people of Florida and is well and favorably known nationally.

The Farmers' & Merchants' Bank of Benson (Omaha),
Neb. was purchased on Feb. 11 by Dr. A. S. Pinto and Dr.
J. M. Heumann of Omaha from C. C. Cooper, who has
owned the institution for the last six months, according
to the Omaha "Bee" of Feb. 12. Dr. Pinto was
reported
as saying that the bank has deposits of $1,200,000
and will
be reorganized with Benson merchants as directors.
In its issue of Feb. 16 the Los Angeles "Times"
stated
that Herman F. Hahn, heretofore a Vice-President of the
National City Bank of Los Angeles, had tendered his resignation to the directors of that institution to take effect
Feb. 18, in order to accept the Presidency of Gatzert Co.,
of California, located in the Great Republican Life Building, Los Angeles, and associated with Gatzert Co. of Chicago, large street improvement bond house, having offices
in Chicago and Ne wYork. Mr. Hahn, the "Times" went on
to say, entered the employ of the California Bank as a
clerk in the credit department in 1920 and two years later
was appointed Manager of the credit department of the institution. In 1925 he was promoted to a Junior Vice-President, and two years later (1927) was elected a Vice-President of the National City Bank of Los Angeles (the position he has now resigned), which is affiliated with California Bank interests.
Thomas A. Morrissey, formerly a Vice-President of the
Merchants' National Trust & Savings Bank of Los Angeles,
on Feb. 12 was elected President of the Pacific National
Bank of that city, according to an announcement made following the monthly meeting of the directors of the Pacific
National Bank, as reported in the Los Angeles "Times" of
Feb. 13. Mr. Morrissey succeeds E. M. Smith, who had
been President of the institution since its organization and
who was made Chairman of the Board of Directors. The
directors also announced the election of Fred Swenson,
Executive Vice-President of the bank, to the Presidency of
the Pacific National Company, the parent holding corporation, to succeed Mr. Smith in that capacity. In continuation the paper mentioned said:

Mr. Morrissey is well known in local banking circles and has been
associated with Los Angeles banks in executive capacities for the last
eighteen years. He was instrumental in the growth and development of
the Merchants' National Bank and only recently resigned from its official staff after many years of service.
Mr. Smith, who is also president and principal owner of the Emsco
Derrick and Equipment Company, large manufacturer of oil equipment,
is one of the founders of the Pacific National Bank. The bank commenced business in 1923 and on January 1, last, showed resources of
$10,627,665.84.
Mr. Swensen, who is a former classmate of Mr. Morrissey, first
joined the Los Angeles Hibernian Savings Bank and in 1920, he
became

1150

FINANCIAL CHRONICLE

[VOL. 126.

assistant cashier of the Home and Hibernian Bank of Los Angeles, profit and loss account. Total assets are shown in the
which is now the California Bank. Mr. Morrissey, in 1920, was cashier report at $50,716,541 (the first time in the bank's history
of the same bank.
they have passed the $50,000,000 mark), of which $28,498,The Los Angeles-First National Trust & Savings Bank 814 are liquid assets, or 64% of the bank's total deposits and
and the First Securities Co., Los Angeles, will open joint other liabilities to the public; $7,516,255 of these quick asoffices in New York City about March 15, according to an sets consists of cash and bank balances. Total deposits are
announcement made Feb.9 by President Henry M.Robinson given as $40,284,629, of which $34,010,904 are interest-bearfollowing the monthly meeting of the board of directors. ing deposits. The bank's paid-in capital is $4,000.000 and
The New York office will be in charge of Paul K. Yost, its reserve fund $1,500,000. At present 133 branches and
who has been elected Vice-President of the bank. Mr. Yost 191 sub-branches are being operated by the Provincial Bank
was formerly Vice-President of the American Exchange of Canada in the Provinces of Quebec, Ontario, New BrunsIrving Trust Co. of New York, and will take office with wick and Prince Edward Island. Sir Hormisdas Laporte
the Los Angeles-First National on Feb. 20. He is a Cali- B. Rolland, Second Vice-President, and Charles A. Roy,
fornia man, a graduate of the University of California at General Manager.

Berkeley, and began his banking life in San Francisco.
Mr. Robinson also announced that L. W. Eley, well known
in California banking circles, on Feb. 10 became Cashier
of the Los Angeles-First National. Mr. Eley entered the
service of the bank on April 1 1902 and has been in charge
of the Transit Department. He was appointed Assistant
Cashier in 1923 and elected a Junior Vice-President in 1924.
He is a native of London, but has lived in Los Angeles
nearly all his life.
The Los Angeles "Times" of Feb. 16 stated that a newly
organized institution, the First National Bank of Vista, in
Northern San Diego County, Cal., would open for business
on Feb. 18, according to an announcement the previous
day (Feb. 15) by W. C. Bissinger, the Cashier of the institution. The new bank, according to the organizers, has
been made necessary by the rapid settlement and development of the district which embraces 14,600 acres of irrigated lands. The institution is capitalized at $25,000.
The officers are: A. E. Bennett, President; John A. Whetstone, Vice-President, and W. C. Bissinger, Cashier.

We have received the annual report of the Commer•
cial Bank of Scotland, Ltd. (head office Edinburgh), for
the fiscal year ended Oct. 31 1927, as presented to the shareholders of the institution at their annual general meeting
on Dec. 15. After providing for rebate of discount and interest and for all bad and doubtful debts, net profits for
the twelve months were £335,126, which when added to
£76,843, the balance to credit of profit and loss brought
forward from the preceding fiscal year, made the sum of
£411,969 available for distribution. Out of this sum, the
report shows, there was applied in July in payment of the
semi-annual dividend on the "A" and "B" shares at the
rate of 16% and 10%, respectively, £100,000 (under deduction of income tax £25,000), leaving a balance of £311,969,
which the directors recommended be allocated as follows:
£100,000 to pay the second half-yearly dividend on the

"A" and "B" shares at the rate of 16% and 10%, respectively (under deduction of income tax, £25,000), £50,000

to be added to reserve fund; £30,000 to be credited to officers' retiring fund, and £50,000 to be applied in reduction
of the cost of the bank's properties, leaving a balance of
£81,969 to be carried forward to next year's profit and loss
account. Total assets of the bank on Oct. 31 1927 were
£41,796,604, while total deposits were £33,616,659. The paidup capital of the institution is £1,750,000, and its reserve
fund £1,900,000. The Earl of Mar and KeIlie, K. T., is
Governor, and Alexander Robb, General Manager.

De Javasche Bank at Batavia, the bank of issue for the
Dutch East Indies, celebrated the centenary of its foundation on Jan. 24 1928.
The 27th anual report of the Provincial Bank of Canada (head office Montreal) covering the fiscal year ended
Nov. 30, 1927, was presented to the bank's shareholders at
their recent annual meeting and makes a very gratifying
showing. Net profits for the period, after deducting charges
of management, interest due to depositors, rebate on current discounts ($83,463) and provision for losses and doubtful debts, were $508,608, and when added to $276,436, the
balance to credit of profit and loss brought forward from
the preceding twelve months, made $785,044 available for
distribution. Out of this amount the following appropriations were made; $360,000 to pay four quarterly dividends
at the rate of 9% per annum; $63,600 to take care of Dominion Government taxes and $51,034 for amortization
in full of the cost of installation and maintenance of new
branches and written off "bank premises," other "real estate" and "furniture and fixtures" accounts, leaving a balance of $310,410 to be carried forward to the current year's




THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been decidedly reactionary the
present week. Liquidation and realizing sales have been
manifest and many of the speculative favorites have from
time to time been under pressure. The interesting feature
of the week was the decrease of $91,069,000 in brokers'
loans, as reported at the close of the market on Thursday.
Stock prices slipped further downward on Saturday as a
result of the avalanche of selling that came into the market
during the early trading, the total turnover reaching top
figures with 1,802,710 shares sold, as compared with a
previous record for the Saturday two-hour session of 1,603,000 shares made on Dec. 17. Losses ranging from one to
nine points were sustained by many of the speculative
favorites and there was a long list of lesser lights that
dropped their lowest prices in a long period. GreeneCananea was one of the weakest stocks and at 114 was down
over four points in addition to 14 lost on the previous day.
-Texas was down about four points and Vanadium
Freeport
was off about 12 points from its high of the preceding day.
Midland Steel Products preferred slipped back 16 points
during the preceding day and at 202 had recorded an additional loss of 10 points. The generally accepted market
leaders were fairly well supported, United States Steel common closing with a fractional loss and General Motors
improved about a point. A few issues moved against the
current, Mullins Manufacturing Co. advancing over four
points, Standard Milling 33 and Union Pacific 13' points.
Liquidation was resumed as the market opened on Monday, though the selling was not so fast and a short-lived
rally broke the monotony of the afternoon session. Many
of the leading issues, including both industrials and the
so-called specialties, continued to tumble, though there
were numerous instances of high-class stocks that stubbornly resisted the bearish influences. United States Steel
Common was forced down to a new low for the movement
and sold at 138%, though part of the loss was recovered
before the close. Motor shares sold off with the rest of the
market and such stocks as Nash Motors, White, Chrysler
and Hudson were conspicuous in the downward swing.
Other weak issues included R.J. Reynolds"B" stook, which
receded about five points making a total of about 12 points
from its high of the preceding week, Gold Dust was heavily
sold and dropped five points to 88, International Nickel
recorded a loss of four points as it sold below 80 and both
-Texas were offered in large
Radio Corporation and Freeport
blocks.
The stock market recovered to some extent on Tuesday.
Figh-grade railroad stocks moved to the front, Canadian
Pacific crossing 200 on a comparatively small turnover and
sizable gains were scored by Chesapeake & Ohio, Union
Pacific, New York Central and Reading. Southern Railway
was also in demand at higher prices and both Erie and New
Haven attracted considerable speculative interest. The
independent motor stocks moved briskly ahead, the largest
advances occurring in such stocks as Nash and Chrysler,
though satisfactory gains were also made by Hudson, Studebaker, Packard and Hupp. In the copper group, GreeneCananea was especially noteworthy and bounded forward
six points to 123, followed by A. M. Byers with five points
to 101% and Calumet & Arizona with five points. As the
day advanced the specialties displayed considerable improvement, Gold Dust moving upward four points, CluedPeabody five points, while good gains were recorded by
Case Threshing Machine, Standard Milling, General Railway Signal and Warren Brothers. The stock market was
closed on Wednesday in observance of Washington's Birthday.

FINANCIAL CHRONICLE

FEB. 25 19281

Price movements were somewhat confused on Thursday
and, while there were sporadic efforts to rally or depress
the market, little progress was made in either direction.
The turnover scarcely equalled Saturday's two-hour session
and was the smallest full day session in some time. United
States Steel common was somewhat higher in the early
trading, but failed to hold its gain. Vanadium Steel sold
off at the opening, but improved later in the day. General
Motors at 136 was fractionally higher and the gains were
somewhat better in such independent issues as Nash, Studebaker and Hudson. With the exception of Montana Power,
which reacted downward, public utilities were generally
higher, especially Consolidated Gas, International Telephone, Brooklyn Edison and Peoples Gas of Chicago all of
which recorded substantial gains. Gold Dust turned upward and crossed 97; Victor Talking Machine reached a new
top for the year at 64 and Radio Corporation sold up to
/
927s, as compared with its previous close at 90%. GreeneCananea made a spectacular advance of four points to above
126 and American Can sold in large blocks at improving
prices. Most of the rubber stocks were under pressure and
American Express issues slipped back about 10 points. Railway shares as a rule lost ground, particularly Seaboard Air
Line, both common and preferred dropping back two or
more points.
Prices were somewhat improved as the market opened on
Friday, though the heavy selling stopped the upward movement, particularly in the industrial group where stocks
drifted back and forth without definite trend. As the day
advanced railroad shares moved to the front under the
leadership of Wabash, which at one time showed a gain cf
five or more points. Kansas City Southern, Mo.-Kan.Tex. and St. Louis Southwestern were also strong. In the
late afternoon trading General Motors displayed marked
improvement and moved into new high ground on the recovery of 1369'. United States Steel common was in
supply throughout the day. Specialties like International
Nickel, Greene-Cananea Copper, Gold Dust and Houston
Oil opened higher but failed to maintain their gains and
rubber stocks were again weak. Montana Power was the
feature of the utilities and closed with a gain of four points.
The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Number of
Shares.

Railroad.
&c..
Bonds.

1.802.710
2.554.700
1,763,630

Wed Ended Feb. 24.

$4.587,000
$2.083.000
6,230.000
3.354.000
5,180.000
2,820,000
HOLI DAY
6.473.000
2.815,000
6.749,000
2,224,000

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

1.766.730
1,816,300

Total

9,704,070

Sales at
New York Stoat
Exchange.

829,219.000

Week ended Feb. 24.

United
States
Bonds.
$219.000
1,770,000
784,000
276,500
255.000

$13.296.000

$3.304.505

Jan. 1 to Feb. 24.

1928.

1927.

1928.

1827.

9.704,070

9.418,089

97.912,125

74,704,350

83.304.500
13.296.000
29,219.000

85.552.600
13,348.500
38,841,000

$34.269.500
143,966,625
309,303.300

$40,835,750
178,254,200
409.384.700

$45,819.500 $57,742.100

Stocks-No of shares_
Bonds .
bonds___
Governmet
State and ibroign bonds
Railroad & wise. bonds
Total bonds

State.
Municipal &
Foreign Bonds.

8487,539,425

$628,474,650

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Feb. 24 1928
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised

Philadelphia.

Baltimore.

Shares. Bond Sales. Marra. Bond Sales. Shares. Bond
Sales.
-*24.993
$14.000 a23.865
$29,000
2.540
812.000
*37.926
23.600 a34,929
30.100
2,535
24,200
*32.093
16,000 029,892
30,500
2,202
37.000
HOLI DAY
1101.1 DAY
110L1 DAY
*27.202
15,000 a29.583
20.500
1.662
20.000
20,649
19.000 a22,543
72,000
1,259
18,000
142.863
$87.600 140.812 $182,100
10.198 $111.200
162,457

8235,250

195,593

8163.700

15,683

$165.400

•In addition sales of rights were: Saturday. 2,002; Monday 983: Tuesday. 4,245:
Thursday. 2,274.
a In addition sales of rights were: Saturday. 3,860; Monday, 6,555; Tuesday,
6,210; Thursday. 3.700; Friday, 18.706.

THE CURB MARKET.
week's downward trend to values was continued in the
Last
beginning of this week's session but subsequently prices
became firmer and part of the preceding week's losses were
recovered. Oil stock continues the feature. Continental
Oil after early loss from 16% to 16 improved to 17%, the
%
close to-day being at 175 . Illinois Pipe Line gained three
points to 184%. Northern Pipe Line sold up from 104
to 106 nand at 105% finally. Penn. Mex. Oil receded at




1151

first from 33 to 29 then moved up to 383 reacting finally
%
to 37%. Prairie Oil & Gas eased off from 48% to 48, then
advanced to 49%, the close to-day being at 49. Prairie
Pipe Line gained almost seven points to 214 but reacted and
finished to-day at 210. Standard Oil (Indiana) rose from
70% to 753, the Inal transaction to-day being at 74
Vacuum Oil after deline from 1383,. to 136% ran up to 149,
the close to-day being at 146% Gulf Oil fell from 102, to
1.
101%,advanced to 1093 and closed to-day at 109. Among
4
industrial and miscellaneous issues Bancitaly Corp. was
active weakening at first from 1748 to 171, then selling
4
up to 179%, the close to-day being at 1785 . J. I. Case
/
Plow Works moved up from 6% to 113,reacted to 7% and
finished to-day at 87 . Celanese Corp. of Amer. rose from
%
773 to 84%, and reacted finally to 82
.
W. A. Scheaffer
Pen. Co. advanced from 44 to 48. Sparks-Withington
%
sold up from 575 to 62 and to-day dropped to 47, the close
being at 513 . Tubize Artificial Silk, Class B, moved up
4
from 4663 to 493 reacting finally to 485. Amer. Gas &
Elec. corn. advanced from 119 to 1297s.
/
A complete record of Curb Market transaction for the
week will be found on page 1180.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).

BONDS (Par Value).

West Ended Feb. 24.
Ind &Misr
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Mining.

011.

Domestic.

Foreign Govt.
$174,000
350,000
438,000

122,050
69.410

60.810 32.081.000
50.000
2.930,000
3,845,000
66.580
HOL DAY
2.731.000
89,210
2,770.000
63.560

512,320

330.160 $14.157,000

$1,792,000

205,775
206,515
214,080

83.710
109,950
127,200

209.610
195,595
1.031,575

429.000
401,000

COURSE OF BANK CLEARINGS.
Bank clearings this week will show a satisfactory increase
over a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ending to-day (Saturday, Feb.25),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 8.1%
larger than for the corresponding week last year. The total
stands at $9,585,139,807, against
,864,417,174 for the
same week in 1927. At this centre there is a gain for the five
days of 15.5%. Our comparative summary for the week is
as follows:
Cleartngs--Returns by Telegraph.
Week Ended February 25.

Per
Cent.

1928.

1927.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

$4,665.000.000
475.608.606
357 000.000
313.000.000
91.475.990
101.200.000
169,638.000
141.780.000
120,461.341
121.242.388
83.359 254
72 535.5.38
45,1:77,625

$4.038.000.000
497.539.742
315.000.000
100.822.036
103.100 000
142.334.000
143.058.000
149.343.661
123.5:0.914
83.469.137
70.077.016
54.226.361

+15.5
--4.4
--7.0
--0.6
--11.3
--1.8
+19.2
--0.1
--19.3
--1.9
- 0.1
+3.5
--I5.8

Thirteen cities, five t.ays
Other cities, five days

86.158.0.8.743
1.229,537.763

86.208,507.867
1.187.786,810

+8.9
+3.5

Total all cities, five days
All cities, one day

7.987.616.506
1.597.523.301

37.386.294.677
1.468.122.497

+8.0
+8.8

$9,545,139,807

88.864.417.174

+8.1

Total all cities for week

3811.000.000

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly in the above the last day of
the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous-the week ended Feb. 18. For
that week there is a decrease of 10.2%, the 1928 aggregate
of clearings for the whole country being $10,118,163,383,
against $11,267,947,153 in the same week of 1927, but the
falling off is due mainly to the fact that Lincoln's Birthday,
a holiday in a good part of the country, fell in this week the
present year, while last year it fell in the previous week.
Outside of New York City the decrease is 11.8%, the bank
exchanges at this centre having decreased 9.0%. We group
the cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in the
New York Reserve District (including this city) there is a
falling off of 9.2%, in the Boston Reserve District of 1.6%,
and in the Philadelphia Reserve District of 26.9%. The
Cleveland Reserve District shows a loss of 14.0%, the Richmond Reserve District of 3.3% and the Atlanta Reserve Dis-

1152

trict of 10.4%, the latter due mainly to the falling off at
the Florida points, Miami having suffered a decrease of
53.0% and Jacksonville of 19.7%. The Chicago Reserve
District falls 12.5% behind, the St. Louis Reserve District
3.6% and the Minneapolis Reserve District 6.1%. The
Kansas City Reserve District shows 7.0% decrease, the Dallas Reserve District of 21.0% and the San Francisco Reserve
District of 7.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Ipc.or
Dec.

Week End. Feb. 18. 1928.

1928.

1927.

Federal Reserve Dist*
1st Boston.. _ _12 cities
2nd New York _11 "
3rd Philacielphial0 "
4th Cleveland_ 8 "
5th Richmond _ 6 1,
6th Atlanta__ _.13 .1
7th Chicago_ _20
8th St. Louis__ 8
9th Minneapolis 7
10th Kansas City12
5
11th Dallas
12th San Fran_ _17

524 988,960
6,098,423,995
523,790,563
404,823,098
180,568,987
202,0E3,406
939,728,258
230,063,557
114,619,705
245,369,429
71,769,760
581,935,665

533,496,064
6,712.740,652
716,630,466
476,487,807
186,823,449
226,465,954
1,073,628,050
238,544,664
122,069,909
263,979.989
91.982.932
626,097,215

1925.

1926.

503.704,592
-9.2 6,002,102,691
664,344,489
452,667,513
-14.0
203,228,864
260,221.639
-10.4
-12.5 1,076,165,291
256,131,182
-3.6
131,571.000
-03.1
255,236,163
85,359,501
691,363,755

513,034,935
5,853,585,994
588,630,888
401,397,900
192,217,098
232,465,954
964,211,119
242.262,486
126,971,146
252,476,970
87,212.398
453,937,392

129 cities 10,118,163,383 11,267,947,153 -10.2 10,482,096,670
Total
4,137,605,219 4,696,662,316 -11.8 4,606,157,920
Outside N. Y. City

9,908,615,042
4,175,283,099

299,995,183

280,093,718

Canada

31 cities

383,943,474

320,137,517 +19.5

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended February 18.
Ckarings at
1928.

1927.

Inc. or
Dec.

First Federal Reserve Dist rict-Bosto n11.2
663,281 588,058
Maine-Bangor._
14.4
3,790,985 3,245,787
Portland
1.3
-Boston_ _ 470,000,000 476,000.000 Mass.
2,140,781
2,031,049 +5.4
Fall River _ _
a
a
a
Holyoke
1,162.496
1.237.370 -6.1
Lowell
a
a
a
Lynn
1,286,544
1.290,058 -0.3
New Bedford_ _
5,317,264 -0.6
5,286.751
Springfield. _ _ _
3.402.971 6.8
3,170,775
Worcester
16.431.926 -10.8
14.659,591
-Hartford
Conn.
7,840,456
8.368.354 6.3
New Has en_ _ _
15,003,700
14,273,900 +5.1
-Providence
R.1.
688,906 12.6
602,021
N.H.-Manches't
Total(12 cities)

524.986.960

533,496,064

-1.6

1926.

589,284
2,875,810
446,000,000
2,391.6/7
a
1,095.061
a
1,228,513
5,926,112
3.302,249
18,614,484
7,527,528
13,574,000
579,874
503,704.592

1925.

710,861
3.135,817
458,000,000
2,805,882
a
1,276,006
a
1,732,415
5,573,671
3.197 000
15,005.211
6.959,118
13,959,400
4179,560
513,034.935

-New York
Second Feder al Reserve II istrict
6,574.086
7,426.610
6.738,219 --2.5
-Albany._
6,571,600
N. Y.
1,355,500
1,086.100
-5.3
1,082,300
1,432,000 Binghamton _
57,619,018
50,510.862
58,350,075 -18.5
47,538.043
Buffalo
1,082,940
1,175,729 929,537
-24.6
886.285
Elmira
c1,288.491
1.638,214
1.862,882 1,475.000
-30.8
Jamestown
-9.0 5,875.938.750 5,733,331.943
New York_ _ _ 5.980.558.164 6,571,284.837 11,557.517
-21.5
11.935.696
13.774,623
15.204,259 Rochester
5,138,191
-15.6
5.973,697
6.873.729 .5,800.000
Syracuse
2,630.350
2.890,602
-2.3
e3,123,654
3,198.200 Conn.-Stamford
694,147
453.201
991.821 -36.8
630.311
-Montclair
N. J.
32.790.151
41,089,946
45,622.901 -15.1
38,736,251
Northern N. J.
Total (11 cities) 6,098,423,995 6.712,740,652

9.2 6,002,102,691 5,853,585,994
-

Third Federal Reserve Dist rict-Philad elphia
1,417,104
1,495,278
1.665.135 -22.2
1,296.139
Pa.-Atoona._ _
4.165 183
4,050,794
5.014.606 -18.4
4,091,033
Bethlehem.
1,429.894
1,221,817
1,595,197 -14.2
1,368.428
Chester
2.352,260
2.453,568
14.2
2.465,192 2.114,882
Lancaster
Philadelphia... 481.000.000 eacoonmo -28.2 623.000.000 560.000,000
3.279,930
4,074,001
4.732.964 -17.5
3.906.974
Reading
808
6,169.075
0.
6.659.537 -11.1
5,921,022
Scranton
21:. 1.974
3,571,129
3.840.154 +0.5
3,867.733
361.569 Barre
1,851,370
1.816,171
3.0
2,032,738 1,971,482
York
16,703,721
4,651,300
18.615,945 -1.9
18.252,870
N.J.-Trenton_ _
a
a
a
a
a
Del.- WIlinIng'n.
- -26.9 664,344,489 588,630,888
523.790.563 716.630.468 Total(10 cities)
Fourth Feder al Reserve Di trict -des eland.
5.569,000 +44.4
8.044.000
_
Ohio-Akron
4,951.634 +9.3
5,409,886
Canton
84.974.263 -12.4
74,464,228
Cincinnati_ _ _ _
135,829,355 144,370,643 -5.9
Cleveland
15.9
21,253,500 17,876,400
Columbus _ _
a
a
a
Dayton
a
a
a
Lima
1,906,337 +2.4
d1,951,732
Mansfield
a
a
Springfield.
a
Toledo
'
5,244,830 +8.4
5,683,508
Youngstown _ _
a
a
Pa. Erie
163,989 208.217.600 -25.3
Pittsburgh
1551

5.098.000
4,304,886
87.987.895
130,769.304
15,919,600
a
a
2,053,836
a
a
4,734,329
a
201,799,663

5,311,000
5,042.779
77.181.104
118,198.751
15,334,900
a
a
1.928,327
a
a
5,028,048
a
173,372,999

476,487.807 -14.0

452,667,513

401,397,908

Fifth Federal Reserve Dist rict-Richm ond1.781,821 -25.5
1,327.214
W. Va-Hunt'g'n
5.376.027 -1.5
5.293.655
Va.-Norfolk _
45,194,000 -4.4
Richmond __
43.198.000
15.6
2.723,033 S.C.-Charleston
.2.300,000
Md.-Baltimore_ 102.655.944 104,967,518 -2.2
26,781,050 -3.7
25.794.184
D.C.-Washing'n

1,615.582
8,132,277
51,419.000
2,382,625
114,559.235
25,120,135

.790.365
8,293.672
54,392,000
2,651,410
101.876.189
23.213,462

Total(8 cities)

404.823.098

-3.3

203,228,854

192,217,098

.Sixth Federal Reserve Dist rict-Atkin t a
7,840,199 +6.9
48,379.574
Tenn.-ChatVga
4.077,100 -8.8
Knoxville
.3.800,000
25.892.206 -8.7
Nashville
23,636.069
57,201,493 -7.4
-Atlanta _
52,563.161
(la.
2.360.331 -16.8
Augusta
1,963,320
5.4
2,092.649 Macon
1,978,984
a
Savannah
a
a
23.413.757 -19.7
18.797,148
Fla.-Jack'nville
53.0
7,825.028 Miami
3.675.000
24,961.548 -0.1
Ala.-Birming'm.
24,943.006
1.961.879 -22.3
Mobile
1.523.883
2.244.000 +4.1
2,337.000
MIss..-Jackson _
351.420 +25.8
442,200
Vicksburg 11.0
85.244,346 58,044,081
Orleans..

9,062,837
3,245,733
24.593.653
76.563,606
1,965.756
1,589.658
a
37,717.984
20,884,322
24,996,908
1.888.502
2,040,309
383.014
55,289,357

7,466,843
3.469,000
23,379.894
67,175,758
2.251.619
1,386.951
a
23,694,609
12,388,553
27,598,227
2,007,298
1,824,000
380.079
59.623,877

10.4
225,485.954 -

260.221,639

232.846,708

Total (6 citieS).

Total(13 cities)

[V or.. 126

FINANCIAL CHRONICLE

180,568,987

202,083,408




186,823,449

Week Ended February 18.
Clearings at
1928.

1927.

Inc. or
Dec.

1926.

1925.

$
s
$
s
%
Seventh Feder al Reserve D istrict-Chic ago
289,359
Mich.-Adrian _ _
301,094
265,896
300,580 -3.7
Ann Arbor_ _ ._
872,213
1,107,612 -21.3
969.485
1,008,960
170,175.394 184,366,711 -7.7 181,472,030 162,659.231
Detroit
Grand Rapids_
7.526.932
9,206.888
9,139,314 -17.6
7,257,521
2,498,881
Lansing
2,687,900
2,800,000 -10.8
2,498,629
2.092,117
-Ft. Wayne
Ind.
3,116,730
3,267,728 -8.4
2.598,109
Indianapolis...
22.731,000
22.957,000 -1.0
15.605,000
21,612,000
2,795,100
South Bend _ _ _
3,727,200
3,254,300 -14.1
2,647,000
Terre Haute...
5,688,285 -9.9
5.124,186
5,377.321
5,688,765
42,825,090
Wis.-Milwaukee
42,513,168 +0.7
40,102,019
38,617,305
2,580.281
Iowa-Ced. Rap_
2,522,976
2,785,906 -7.4
2,334,820
Des Moines_ _ _
8,592,704
11,221,752
10,156,525 -15.4
10,472,903
6,343,006
Sioux City
7,424,320 -14.6
7,118,277
7,277,702
Waterloo
1,256,804
1,167,037
1,074,103 +17.0
1,489,234
1,514,686
-Bloomington
111.
1,701,952
1,580,363 -4.7
1,407,090
Chicago
649,076,802 761,475,154 -14.8 770,906,720 691,050,501
a
a
a
a
Danvillea
1,247,024
1,327,032 -6.0
Decatur
1,479.399
1,479,281
5,006,630
4,795,137 +4.4
Peoria
5,451,965
5,043,557
3,565,058
Rockford
3,335,454
4,282,613 -16.8
2,476,558
Springfield....
2,714,991
3,323,199 -15.8
2,337.334
2,682,815
Total(20 cities) 939.728.258 1,073.628,050 -12.5 1,076,165,291
Eighth Federa I Reserve Dis trict-St. Lo uis5,126,447
Ind.-Evansville.
5,237,756
6,275,319 -18.3
Mo.-St. Louts
145.400,000 143,888,486 +1.1 164.700,000
41,276,411
Ky.-Louisville..
41,032,332
44,631,079 •-7.5
513,879
Owensboro....
570.582
587,728 -12.6
-Memphis
22,009,379
Tenn.
27,626.399
26,065.482 -15.6
14,119,769
14.920,091
15,102.869 -6.5
-Little Rock
Ark.
307.453
409.183
375,910 -18.2
-Jacksonville.
Ill.
1,310,219
1,634,839
1,617.791 -19.0
Quincy

964,211,119

Total(8 cities). 230,063,557 238,544,664 -3.6 256,131,182
Ninth Federal Reserve Ells trict-Min n eapoll s6,538,254
6,696.582 -14.4
45,731,418
-Duluth
Minn.
82,725,192
71,963.076
76,077,834 -5.4
Minneapolis
35,608.755
32,907,967 -7.6
30.413,140
St. Paul
1.837.023
1,793,477 +8.0
1,937.715
No. Dak.-Fargo
1,482,273
1,225.648 -10.9
-Aberdeen
1,092,115
S. 03.
557,022
626.401 +1.6
630,241
Mont -Billings.
2,822,481
2.742,000 +3.8
2,846,000
Helena

242,262,486

Total (7 cities). 114 619,705 122,069,909 -6.1 131,571,000
Tenth Federal Reserve Dis trict-K a n s as City346,509
349,523 -2.6
340,439
Neb.-Fremont..
692,290
492,371 +18.0
581,102
Hastings
4,674,934
4,854,659 - 2.
4,717,538
Lincoln
43.304,044
Omaha
43.883.375 -6.2
41,147,588
3,281,867
Stan -Topeka..
3,156,677 +5.6
3,332,924
7,466,696
8,101.440 -2.2
Wichita
7,923,395
Mo.-Kan. City, 126.740,911 140,884,447 -9.0 133,628,878
7.761,391
St. Joseph....
6,314.994 +13.0
417.132.954
a
a
a
Okla.
a
-Muskogee
30,999,505
Okla. City
32,450,218 -10.5
29,051,569
a
a
Tulsa
a
a
1,086,392
-Col.Spgs.
Colo.
1,307,426 -15.0
1,098,862
20,639,776
20,861,609 +5.5
Denver
*22,000,000
1,353,881
Pueblo
1,302.210
1,323.250 -1.6

126,971.146

Total(12 cities) 245,369.429 263.979,989 -7.0
Eleventh Fade ral Reserve District
-Da las1,436.060
Texas-Austin__ _
1,475,881 -2.7
Dallas
47,142,893
57.629,396 -18.2
Fort Worth_ _ _ d 11,958.570
11.372,872 +5.2
Galveston
5,186,000
15.549,000 -66.6
a
Houstona
a
La.
6,046,244
-Shreveport.
5,955,783 +1.5
Total (5 cities)
71.769,760
91,982,932
Twelfth Feder al Reserve 13 istrict-San
44,631,556
Wash.-Seattle_
51,003,192
Spokane
12,459,000
13,382.000
a
Tacoma
a
Yakima
1,333,034•
1.444,057
Portland
34,483,103
35,589,839
Utah-S L City._
15,935,946
18,015,778
a
a
Nev.-Reno__ _
a
Arizona-Phoenix
a
Cal.-Fresno....
3,304.370
3.958,691
Long Beach_ _
.
8,334,569
8,199.537
Los Angeles_ _ _ 204.020,000 222.695.000
Oakland
19,082,036
24,206,164
Pasadena
7,401,197
7,760,955
Sacramento...
6,617,616
7,075,329
San Diego
5,519,426
7,635.404
San Francisco _ 209.571,000 215,548.000
San Jose
2,932,964
2,847.348
Santa Barbara_
1,745,248
1,672,350
Santa Monica _
2,239,300
2,427,171
Stockton
c2,325,300
2,636.400

5,159,260
154.400,000
41,970,935
549,293
24,576,769
13,817,129
348.769
1,440,331

7,986,443
79,734,547
32,341,103
1,878.495
1,370.857
555,853
3,103.848

461,687
598,218
5,419.110
44,413.669
3,251,904
7,563,707
131,622,096
7,721,297
a
27,445,149
a
1,162,015
21.591,473
1.226,645

255,236,163

252,478,970

1,737,207
55,352,636
14,312,616
8.692.000
a
5.265,042

1,821,915
56.501,868
14,845,938
8,798,068
a
5,274,609

87,242,398
-21.0
85,359.501
Franci sco.42,205,201
48,992.023
-12.5
11,366,000
12,335,000
--6.9
a
a
a
1,226.344
1,517,132
-7.7
36,979.705
43.491.879
-3.1
18,332,6 30 16,316.8
-11.5
a
a
a
a
a
a
2,917.197
-16.5
3.882,011
7,751,600
+ 1.6
8.533.910
-8.4 190.238,000 157,976.000
19.418,659
-21.2
24,262.333
6,493.577
7.360,431
-4.6
7,878,239
-6.5
7,332.861
5.016,365
-27.7
6.559,724
-2.8 208,876,000 129.976,750
2.391.526
2,989,431
+3.0
1,328,512
+4.4
1.592,553
2,105,411
-7.7
2,415,937
2.589,500
2,651,900
-11.8

Total(17 cities) 581,935,665 626,097,225 -7.1 591.363,755 453,937,392
Grand total (129)
cities
4
10118.163.383 11267,947.153 -10.2 10481.696,670 9,908,615,0 2
9
Outside Newyork 4,137,605,219 4,696.662.316 -11.8 4.605,757.920 4,175,283,09
Week Ended Feb. 16.
Clearings at
Inc. or
1928.
1925.
1927.
1926.
Dec.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
I.ondon
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _
.
New Westminster
Medicine Hat_ _ _
Peterborough..
Sherbrooke
Kitchener
Windsor
Prince Albert..._
Moncton
Kingston
Chatham
Sarnia

$
129,345,792
126,620,625
41,284,521
19,717,607
7,185,890
5.651,804
2.789.524
5,613,225
11,497,692
2.228.351
2,258,462
2.603,195
5,046.864
4,651,630
453.265
593.214
1,826,460
1,056,635
1,165,635
806,092
724,401
335,830
765,499
774.507
1,224,428
4,527,240
363,717
817,054
685,884
803,791
524,640

71
100.528,085
115.094.251
34.356,747
16,848,165
6,122,338
4,961,826
2,773,020
5,431.328
6.159,974
2,426,865
1,811,568
2,751,240
4,128,140
3,132,733
398,989
391.295
1,463,366
996,874
941.419
669,475
640,479
246,919
659,799
775,952
953,023
3,736,132
386,794
764,939
584,882
686,698
525,914

%
+29.7
+10.0
+20.3
+17.0
+17.4
+13.9
+0.6
+3.4
+86.7
-8.2
+24.7
-5.4
+22.3
+48.8
+13.6
+51.6
+24.8
+6.0
+23.8
+20.4
+13.1
+36.0
+16.0
-0.2
+28.5
+21.2
-6.0
+6.8
+ 17.3
+17.1
-0.2

$
101,055,298
95,389,351
36,617,322
15,133,532
5,840,440
3,579.326
2,492,104
4,274,361
6,968.717
2.633.126
1,803,602
2,247,512
5,712,514
2,584,851
393.552
502.628
1,509,454
913,015
1.029,607
646,1)39
621,707
229,489
571,701
575,723
904.136
4,180,903
328,392
623.783
541,918

$
92.379,438
84,942,111
40,167,406
14,021,000
5,477,476
4,550,280
2,816,724
4,090.925
5,818,065
2,432,890
1,984,000
2.454,419
3,739,281
3,069.122
559,693
404,299
1,345,124
961.509
717,124
667,041
571.512
250,139
758,007
751.273
913,574
2,696.789
325,870
657,661
570,897

Total(31 cities)

381,943,474

321,350,129 +19.5

299,995.183

280,093.718

a No longer report clearings. b Do not respond to requests for ngures. c Weeii
ended Feb. 15. 4 Week ended Feb. 16. e Week ended Feb. 17. *Estimated.

F1413.

25 19281

FINANCIAL CHRONICLE

1153

Condition of National Banks Dec. 31.
-The statement of condition of the national banks under the Comptroller's
call of Dec. 31 1927 has been issued and is summarized below. For purposes of comparison, like details for previous calls
back to and including June 30 1926 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON JUNE 30 AND DEC. 31
1926 AND MARCH 23, JUNE 30, OCT. 10 AND DEC. 31 1927 (in Thousands of Dollars.)
Figures are given tn thousands of dollars.
Resources
Loans and discounts (including rediscounts)_a
Overdrafts
United States Government securities owned
Other bonds, stocks. securities. &c
Customers' liability account of acceptances
Banking house, furniture and fixtures
Other real estate owned.
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Cash in vault
Amount due from national banks
Amount due from other banks, bankers and trust companies
Exchanges for clearing house
Checks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer
United States Government securities borrowed
Bonds and securities, other than United States, borrowed
Other assets
Total

June 30'26 Dec. 31 '26 Mar. 23'27. June 30 '27. Oct. 10 '27 Dec. 31 '27.
7.978 banks 7,912 banks 7,828 banks. 7,796 banks. 7,804 banks 7.765banks.
13.417.674 13.573,275 13.647.640 13.955.696 14,366.926 14.831,259
14.503
9.788
12.662
9,332
9.719
10,313
2,469.268 2.282.571 2.652.367 2,596.178 2,675.542 2.747,854
3.372,985 3.507.821 3,671,313 3.797.040 3,941,438 4.151,944
283,589
253.131
232,460
246.250
255.464
369,855
698,516
632,842
680.218
700,337
663,959
644.880
122,161
115.817
115,869
117.571
114.108
122,885
1.381,171
1,359,386 1.400,317 1.406.052 1,413,792 1.509,253
502.036
496.916
501,409
443.145
543,268
520.399
375.251
364.204
352,709
359.951
373.905
361,376
1,080.617 1,124.188 1,026.760 1,044.653 1,125,872 1,177,334
459,842
426,381
400,822
393,174
423.766
473,881
790.496
947,946
899.901
969.432
675,661
626.687
86,479
101,574
74.304
97.179
106,281
117,264
86,832
89.480
69.316
106.363
47,126
72,928
33.079
32.917
33,023
32,505
32.810
33,306
14.780
17.721
24,442
16.986
20,743
23.787
2,948
3.826
3.173
4,646
3.299
3.550
219.742
242.405
213,803
247.830
273,561
241,625

25,315,624 25,683,849
LiabIlItiesCapital stock paid in
1,412.872 1.410,723
Surplus fund
1,198,899 1,216.979
Undivided profits, less expenses and taxes paid
477.587
477.217
Reserved for taxes, interest, &c., accrued
64.618
61.308
National bank notes outstanding
651,155
646.449
Due to Federal Reserve banks
33.794
38,179
Amount due to national banks
979.814
983,661
Amount due to other banks, bankers and trust companies
1.885.848 1,816.955
Certified checks outstanding
217.123
219.759
Cashiers' checks oetsra n•lina
288.669
365.087
Dividend checks outstanding
Demand deposits
10,778,603 10.768,669
Time deposits (including postal savings)
6,313,809 6.533.442
United States deposits
144.504
138.239
Total deposits
20,642,164 20,863,991
United States Government securities borrowed
24.442
23,787
Bonds and securities (other than United States) borrowed
3.173
3.299
Agreements to repurchase United States Government or other securities sold_ _
3.489
18.485
Bills payable (including all obligations representing borrowed money other than
rediscounts
253.807
391.593
Notes and bills rediscounted
168.149
138.716
Acceptances of other banks and foreign bills of exchange or drafts sold with
endorsement
100.652
95.349
of credit and travelers checks outstanding
Letters
12.880
7.778
Acceptances executed for customers and to furnish dollar exchange less those
purchased or discounted
221.131
250.361
Acceptances executed by other banks
29.801
23.268
Liabilities other than those stated above
50.805
54.546
Total
25.315,624 25.683,849
Details of Cash in Vault
Gold coin
17.869
17.237
Gold certificates
54.155
Clearing house certificates based on gold and gold certificates
76
Clearing house certificates based on other specie and lawful money
23
Standard silver dollars
7.129
38,166
Subsidiary silver and minor coin
29,724
Silver certificates
30.457
Legal tender notes
26.740 . 297.306
National bank notes
67.123
Federal Reserve and Federal Reserve Bank notes
126.655
Details of Demand Deposits
Individual subject to check
9.754.457 9,855.073
Certificates due in less than 30 days
217,106
218.395
State and municipal
622.005
542.715
Deposits subject to less than 30 days notice
19,280
14.086
Dividends unpaid
35.273
38.834
Other demand deposits
130.482
99.566
Details of Time Deposits
Certificates due on or about 30 days
1.271,807 1.265.364
Other time deposits
4.837.465 5.065.554
State anti municipal
134.443
131.076
Postal savings
70.094
71,438
Percentages of Reserve
Central Reserve cities
13.37%
12.78°'
Other Reserve cities
10.04%
10.19%
All Reserve cities
11.52%
11.33%
Country harms_
7.49%
7.54%
Total United States
9.68'2
9.58%
a Includes custemers* lianility under letters of credit. * Includes savings deposits.

25,699.147 26,581.943 27,213,824 28,164,219
1,499.384
1,273.029
571,482
78,521
649.886
36.107
1,076.860
1.894,696
281.479
227.217

1.474,173
1.256.945
508.421
70.326
650.946
36.379
976.119
1.844,439
223.884
315.106

1,460.491
1.239.810
519.670
70.409
642.558
35.281
980,891
1,764.982
200,381
201,921

10,430,341 10.923,729 10,924,311
7,056.467 7.315.624 7,590.944
255,624
139.843
241.945
20,912,209 21,775,129 12,287,238
14,787
17.746
17,011
2,948
3.826
4.646
3,045
3.529
4.480

1,528,509
1,314,438
530,753
76,451
650.373
39.381
1,045,133
2,110,933
68.569
358.410
29.620
11.230,047
7,808,437
169,473
22,860,003
20.967
3,550
12,843

306.203
92.840

248.018
120,024

235,759
80.571

410,149
71.233

95.035
9.812

111,010
15.449

157.422
10.684

194,530
9.220

242.265
• 17.636
64.072

248.184
20.353
57.870

278.967
18,444
51,657

374,852
14.506
91,842

25,699.147 26,581.94
17,470

}

37,592
318.843 t

27,213.824 28.164.219

17,121
47.629
28
159
6.833
30.723
30.125
27.276 •
67.987
136.323

17,523

16,997

36.920

39.283

320,808

305.096

9.449,783
192.156
638.004
14.772
3.084
132,542

9.787.513 *10,030,423 10,260.782
194.846
210,788
205.075
566.537
582.553
693.835
13.733
12,436
11.705
3.461
36.550
115.311
163.488
189.051

1,295.199
5,473.011
211.781
76,476

1.137 992
5,875.67(
224.848
77,114

13.68%
10.28%
11.71%
7.48%
9.80%

13.03%
9.89%
11.24%
7.539
9.58%

6,297.889 17,499.109
1.003,195
230.698
209,526
80.332
78,630
13.03%
9.64%
11.05%
7.39%
'
9.40%

12.80%
10.25%
11.37%
7.61%
9.72%

-The New 1 ork Trust Co. has been appointed registrar ot Maury-Cole
-The current Investment Review of Reynolds, Fish & Co., 120 BroadCo. common and preferred stocks and also of Union Mortgage Co. common way, New York City, contains an analysis of Anaconda Mining Co. and
and prJerred stocks.
a discussion of the position of Copper Companies.
-A circular on American Associated Investors Corp. 10
-year 6% gold
Orton, Kent & Co., members Now York Stock Exchange, 60 Broad
debentures, series A. has been issued for distribution to investors by Frazier
St., New Yorx City, are distributing their market letter discussing General
& Co
Motors and Baltimore & Ohio RR.
-Macaulay & Co.. 42 Broadway, New York, have issued a quotation
-"Attractive Discount Foreign Issues" is the subject of a folder which
sheet on Brooklyn,Long Island and Staten Island bank,trust and title stocks.
has been prepared for distribution to investors by F. J. Lisman & Co., 20
-Edward Lowber Stokes & Co. have prepared a circular on the New
Exchange Place, New York City.
York, New Haven & Hartford RR. Co.5% collateral gold notes.
-Dominick & Dominick, members New York Stock Exchange, 115
-A.D. Mendes & Co., 43 Exchange Place, New York City, have issued
Broadway, New York City, have prepared for distribution an analysis on
for distribution a booklet entitled "The Marketability Fallacy."
-The National City Bank of New York has been appointed transfer the National Cash Register Co.
agent of the no par value common stock of the Elcar Motor Co.
-The Murray Hill Trust Co. has been appointed registrar of 1,000
-Lewis & Stoehr. Inc., dealers in public utility and industrial issues, shares class A preferred and 1,500 shares class B preferred, all par $100
have moved their offices to 43 Exchange Place, New York City.
each, of Realty Credit Corp.
-Morton Lachenbruch & Co., 42 Broadway. New York, have prepared
-The Bank of America has been appointed transfer agent of the Mutual
•circular on Industrial Acceptance Corp. common stock.
Industrial Service, Inc., covering 20,000 shares of "A" stock and 180,000
-"Good Will" is the subject of a booklet on financial advertising, issued shares of common stock.
for distribution by Rudiph Guenther-Russell Law, Inc.
Robert L. Pugh, formerly with Gods. Windmill & Co., is now asso-3, E. W. Thomas of the Thomas Investing Co. of Dallas has been ciated with Paton, Peterson & Co., Inc., 120 Broadway, New York. in
director of the Investing Corp. of America.
their trading department.
elected a
Curtis & Sanger are distributing their monthly analysis and quotation
Eastman, Dillon & Co., members New York Stock Exchange. anbank and insurance company stocks.
nounce that McElroy Moss has become associated with the Washington
Pamphlet of
become associated with Allen & Co., 20 Broad office of their company.
Joseph II. Dube has
St.. New York, in their sales department.
-Holt, Rose & Troster, dealers in investment securities, 74 Trinity
Prince & Whiteley, 25 Broad St., NewY ork City, are distributing Place, New York City, are distributing a special analysis on National
Food Products Corp.
of Marland 011 Co.
aa analysis




1154

-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Thum.,
Wed.,
Tues.,
Sat.,
Mon.,
London.
Feb. 24.
Feb. 23.
Feb. 22.
W'k End.Feb.24. Feb. 18.
Feb. 21.
Feb. 20.
264d.
26 3-16d.
26 3-16d. 26 3-I6d. 264d.
Mel, per oz_ 26)4d.
Gold.per fine oz 848.114d. 848.114d. 848.114d. 84s.113ed. 848 1134d. 84s.114d.
55 11-16 55 1146
5534
5531
5534
Consols, 2)4%_
10154
10134
10134
10134
10134
British, 5%...
9734
9734
9754
974
974
British. 434% _
French Rentes
67.20
67.55
67.60
07.75
67
(in Paris) _fr. ____
French War L'n
86.60
86.35
86.10
85.75
85.05
(lnParis).fr

The price of silver in New York on the same days has been:
Silver In N.Y., per oz.(cis.):
5734
Foreign
5734

5734

Holiday

5734

5734

(
grimuurcial andiftiscetlaneon54C111.9
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZED RECEIVED.
-The First National Bank of Cumberland, KY
Feb. 16
Correspondent. C. G. Blair, Cumberland, Ky.
-The Point Pleasant Beach National Bank, Point
Feb. 16
Pleasant Beach. N. J
Correspondent. James W. Pearce, 706 Atlantic Ave.,
Point Pleasant Beach, N. J.
-The Hudson National Bank of New York, N. Y
Feb. 16
Correspondent, George D. Hauser, 149 Water St,
New York. N. Y.
-The Uptown National Bank of Chicago, III
Feb. 18
Correspondent. J. Perry Quinlan, 5621 Broadway Ave..
Chicago, Ill.

Capital.
$35,000

100.000

250,000

200,000

CHARTERS ISSUED.
50,000
-The National Bank of Pico. Calif
Feb. 16
President, C. L. Edmonston; Cashier, Percy E. Wile.
-City National Bank & Trust Co. of Philadelphia, Pa 1,000,000
Feb. 17
President, G. E. Stauffer; Cashier, R. E. Aldrich.
CHANGE OF TITLE AND LOCATION.
-The Farmers National Bank of Strandburg, South Dakota, to
Feb. 13
"Farmers National Bank of Estelline. South Dakota.
CHANGE OF TITLE.
-Operative National
-Brotherhood of Locomotive Engineers Co
Feb. 15
Bank of Cleveland, Ohio, to
"Engineers National Bank of Cleveland."
-The Niagara County National Bank, Lockport, N. Y.,
Feb. 13
"Niagara County National Bank & Trust Co."
VOLUNTARY LIQUIDATIONS.
$50,000
-The Charter National Bank of Media, Pa
Feb. 13
Effective Jan. 31 1928. Liquidating committee,
William B. Miller, Horace Darllngton and Howard
M. Lutz. Media, Pa.
100,000
-The Citizens National Bank of Alameda, Calif
Feb. 13
Effective Dec. 29 1927. Liquidating agent, Edw. C.
Aldwell. San Francisco, Calif.
Absorbed by Bank of Italy National Trust & Savings
Association. San Francisco, Calif.
-The First National Bank of Suisun. Calif
Feb. 14

Feb.

Feb.

100,000
Effective Dec. 9 1927. Liquidating agent, A. H.
Leydecser.
200,000
-The National Bank of Idaho at Pocatello, Idaho
16
Effective Feb. 11 1928. Liquidating agent, First
Security Bank of Pocatello. Idaho.
Succeeded by First Security Bank of Pocatello, Idaho.
25,000
16-The Corrigan National Bank, Corrigan. Tex
Effective Jan. 25 1928. Liquidating agent, The
State Bank of Corrigan, Tex.
Citizens
Absorbed by the Citizens State Bank of Corrigan,Tex.

CONSOLIDATIONS.
-The First National Bank of Paterson, N. J
Feb. 14
The Eastside National Bank of Paterson. N. J
and
Consolidated under the Act of Nov. 7 1918 under the
charter and title of "The First National Bank of
Paterson," No. 329. with capital stock of
-The First National Bank of Rocky Mount. N.0
Feb. 15
and

600.000
200,000

680,000
125.000

60,000
The First Banking Trust Co., Rocky Mount. N.0
Consolidated under the Act of Nov. 7 1918 as amended
and title of "The
Feb. 25 1927. under the charter
First National Bank of Rocky Mount," No. 7362,
150,000
with capital stock of

BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Feb. 14-The First National Bank of Paterson N. J.
Location of branch-Vicinity of corner of Broadway and Madison
Ave.. Paterson.
-The National City Bank of New Rochelle, N. Y.
Feb. 18
Location of branch-On the south side of Union Ave. between
Webster Ave. and Charles St., New Rochelle.

-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo of this
week:




(Vol,. 126.

FINANCIAL CHRONICLE
By Adrian H. Muller & Sons, New York:
$ per share.
Shares. Stocks.
7 Splogler-Van Beuren Est., Inc__ 60
100 Canadian Gold Car Htg. &
2%
Lot. Co
30.000 Delvatex Pet. Corp. pref.,
par $I
01
$75
pars10 1ot
4,000 Am.WIreCordTireCo.,no
100 Gen. Florida Co.. Inc., pref.
.$30 lot
_
75 Gen. Florida Co.. Inc.,corn . _310 lot
$5,000 Kenshire Apartments 614%
1st mtge. gold, due Oct. 15 1941_ ___
$50,000 Madison Clark Bldg.. 1st
mtge. 64% serial gold bonds,
due Mar. 15 1941
$25,000 Kensh ire Apartments614%
let mtge.gold,due Oct. 15 1941_ _ ___

$ per Mare.
Shares. Stocks.
$25,000 Victory Sparkler & Spes.
,
Co. 1st mtge. gold bonds. due
...
Nov. 1 1937
$22.000 Kenshire Apartments054%
23
151 at mtge.
.
goi4 due Oe eei Corp1
Nineteen John Eltrt. t 5 ni4$100 lot
2 Happy Productions, Inc.. corn.,
no par 1 Happy Productions.
$2 lot
Inc. pref
Per Cent.
Bonds.
$11,000 Spingler-Van Bowen Est.,
Inc., deb. 6s Sept. 1 1962,regstd 90
$10,000 Bldg. Mat. Corp. 8. f. dr
$50 lot
1st ref. 75

By Wise, Hobbs & Arnold, Boston:
$ per share.
$ per sh.1Shares. Stocks.
Shares. Stocks.
1 Boston National Bank
76
150
4 Graton & Knight Co., pref
10734 ex-div. 5 spec. units First Peoples Trust.-62-64
5 Pepperell Mfg, Co
100 Springfield Gas Light Co.,
10 Connecticut Mills, corn. Cl. A.
v. t. c., par $10
60c.
65
undep., par $25
10 Insurance & Bank Stock Trust,
2 Boott Mills
118
4834 on"A"
class A 2 class 13
12 Hamilton Woolen Co
1534
45
153 Mass. Utilities Invest. Trust,
25 Arlington Mills
4 Nashua Mfg. Co., pre(
9734
common v. t a
1134-12
10 Great Falls Mfg. Co
634 3 Edison Elec. Ill. Co. of Brockton,
10 U.S. Envelope Co., con... _310 ex-dIv.
66
undep.. par $25
30 Old Colony Investment Trust__ 3854 18 Rockland Light & Power Co.,
734
cony. pref., V. t. 5., par MO__ 85
43 Draper Corp
25 Western Massachusetts Cos.__ 5934 3 Beverly Gas & Elec. Co., par $25_ 88
14034 600 Mass. Utilities Invest. Trust,
11 Reversible Collar Co
11S(
common v. t 8
100 Gray Realty Co., Inc.. 8%
734
pref., par $10
s per Meta.
Rights.
1634 100 First National Bank
38%
30 Craton &Knight Co., corn
11234
st
100 Boon Wharf Co

By H. L. Day & Co., Boston:
$ per share.
Shares. Stocks.
3254
5 Nat. Shawmut Bank
225
10 Liberty Trust Co
2954
25 Beacon Trust Co
6 Warren Nat. Bank, Peabody-_-_190
13034
5 Danvers Nat. Bank.,
1 Warren Nat. Bank, Peabody_ ___190
10 Waltham Nat. Bank, par 875___14134
.326
3 Central Trust Co., Cambridge..
5 Hadley Fails Trust Co., Holyoke.203
20 Nonauttt Sifting Co
18
714
20 Fairhaven Mills, pref
25 Naumkeag Steam Cotton Co._ 172
107.ex-div.
27 Pepperell Mfg. Co
434-44
50 Androscoggin Mills
100 Springfield Ry. Co.. lot prof_ 60
4 units First Peoples Trust
41
100 Draper Corp
73-7334
22 Plymouth Cordage Co
98
1044
7 Boston Insurance Co
10 Firestone Footwear Co., pref.__ 9134
15 Quincy Mgt. Cold Stor. & Ware384-3834
house Co., corn
60 Wiggin Terminals, Inc., pref___ 31
5 Collateral Loan Co
15014
7 New Engl.Pow. Co.. pref_11534 dr div

$ per share.
Shares. Stocks.
22 Commonwealth Edison Co
17334
4 Bigelow-Hartford Carpet Co.. pfd 10354
34 Hood Rub. Co..74%, pfd.100-10034
40 Blackstone Val. G. & El. Co.,
corn., v.t.c., par $50
131
12 Armstrong Rubber Co., corn.. cl.
A 500 Ucan Safety Hair Cutter,
par $10 200 Coidak Corp., corn.
A 25 Rheabat Corp.. pref. 25
Rheabat Corp., corn 50 Stanley
Steel Welded Wheel Corp., corn.,
par $10 50 Stanley Steel Welded
Wheel Corp., pref., par $IO 250
Wickwire Spencer Steel Corp..
$55 lot
corn., V. t. C.
50 Mass. Utilities by.Trust, pref.,
454 & div.
par $50
75 Mass. Utilities Inv. Trust, coin.,
1134
v. t e
Per Ceti.
Bonds,
$100 Old Colony Investment Trust,
94
434s, Feb. 1947
$ per Right.
Rights.
12 Mass. Bonding & Insur. Co____ 33
1434
60 Lynn G.& El. Co., undep

By Barnes & Lofland, Philadelphia:
$ per share. Shares. Stocks.
Shares. Stocks.
$ Per share.
7304
10 De Long Hook & Eye Co
5 Germantown Trust Co
10
1 Overbrook Nat. Bank
1784 20 Commonwealth Cas. Co., no par 21
227
10 United N. J. RR. & Canal
2 First Nat. Bank of Plata
570
400
3 Sixth Nat. Bunk of Phlia
1,000 Am paro Mining Co., par $1..584
Per Cent,
Bonds.
5 Erie Nat. Bank
180
25 Republic Trust Co, par MO....170
$300 Benevolent Protective Order of
7334
Elks. eon. 6a, 1942
10 I.ancaster Ave. Title & Tr. Co.,
8514 $6,000 Mtge. Bond & Warrant of
Par $50
5 Guarantee Trust & Safe Dep. Co_495
Harold S. Logan to Nelson G.
5 Pa. Co. for Ins. on Lives, &o__ _980
Templeton and John S. Hinkle,
5Susquehanna Ti. dr Tr.Co., par $50 83
Jr., dated Jan. 20 1926, secured
upon No. 2459 Marshall Road,
2 Cobbs Ck.Ti. & Tr. Co.. par $50_108
1 Commonwealth Ti. Ins.& Tr. Co_660
Upper Darby Township, Dela1 Integrity Trust Co., par $50
696
ware Co., Pa.. Interest appor10 Media (Pa.) Title dr Trust Co_154
tioned to date of settlement.$4,861 lot
23 Merchantville Trust Co., N..1_175
$6,000 Mtge. Bond & Warrant of
10 units Bankers 13ond & Mtge. Co.,
Harold S. Logan to Nelson G.
Templeton and John S. Hinkle,
old
115
10 units Bankers Bond & Mtge. Co.,
Jr.. dated Jan. 20 1926, secured
new
115
upon No. 2501 Marshall Road,
25
40 Hillside Cemetery
Upper Darby Township, Bela5 Phila. Bourse. pref., par $25
2534
ware Co.. Pa., interest appor5 Frankford dr Southwark Pass. Ry.25634
Wined to date of settlement.$4,861 kit
1 Corn Exchange Nat. Bank
835
85,000 Phila. & Garrettford St. Ry.
68
2 First Nat. Bank & Tr. Co., Mer1st is, 1955
.
310
chantvIlle, N. .1
$5,000 Latrobe-Connellsville Coal &
98
30 Mitten M. & M. Bank dr Trust
Co., 1st 6s, 1931
Coke
6234
115
Co., stamped
10 Roslyn National Bank
63
10 Mitten M. & M. Bank & Trust
1 Manheirn Trust Co
125
Co., unstamped
1 Bank of No. Amer. dr Tr. Co.
...485
$ per Right.
Rights.
35134
358
3 Nat. Bank of Germantown
5 Union Bank & Trust Co
351
4 Allegheny Title & Tr. Co., par 850 70
21 Nat. Bank of Germantown
49
3
8 Market St. TI. dr Tr. Co., par 850.475
2-3 Nat. Bank of Germantown
49
-3
Germantown.
8-10 Market St. Title & Trust Co..
I 3 Nat Bank of
30
par 850
470
9 liolmesbrag Trust Co
92
5 Richmond Trust Co
120
10 Tenth Nat. Bank
90
5 69th Bt. Ti.& Tr. Co.. Par $50-127 10 ['with N it. II 3 ric

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).
Alabama & Vicksburg
Atlantic Coast Line Co.(Conn.) (qtr.).Chesapeake Corp.(qme.)
Chesapeake & Ohio, corn. (guar.)
Preferred A
Fond.,. Johnston & Glovers. pfd.(qui
Hocking Valley (quar.)
New York Lackawanna dr West.(quar.)_
N. Y. N. H.& Hartford. pref. (guar.)._
Reading Company.2nd pith (qu
St. Louis Southwestern, pref.(quar.)...
Vicksburg, Shreveport & Pac., corn. _
Preferred

Per
When
Cent. Payable.

Books Closed
Days Inclustre.

Apr. 1 Holders of roe. Mar. 8a
3
•$2.50 Mar. 10 *Holders of rec. Feb. 29
.75c. Apr. 1 *Holders of rec. Mar. 8
H
„4 Apr.
*2.34 J r 1 *Holders of rec. Mar. 8
.
s3*Holders of rec. June 8
14 Mar. 15 Holders of rec. Mar. 10a
.254 Mar.31 *Holders of rec. Mar. 8
•1.- Apr. 2 *Holders of ree. Mar. 14
n
134 Apr. 2 Holders of rec. Feb. 29a
50c. Apr. 12 *Hoiders of rec. Mar. 22
.
134 Mar. 31 Ho lders of roe. Mar.12a
234 Apr. 1 Holders of rec. Mar. sa
234 Apr. 1 Holders of rec. Mar. 8a

Public Utilities.
Amer. Public Utilities, prior pref. (go.). *$1.75 Apr. 2 *Holders of roe. Mar. 15
.$1.75 Apr. 2 *Holders of rec. Mar. 15
Participating preferred (quar.)
Apr. 14 *Holders of rec. Mar.23
*2
Bell Telephone of Canada (quar.)

FINANCIAL CHRONICLE

FEB. 25 1928.]
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Public Utilities (Concluded).
•134 Apr. 14 *Holders of rec. Mar. 20
Bell Telep. of Pa., pref. (quar.)
53h Apr. 2 *Holders of rec. Mar. 10
Boston Elevated,•com.(quar.)
*345 Apr. 2 *Holders of rec. Mar. 10
preferred
Second
$1.25 Apr. 2 "Holders of rec. Mar. 7
Brooklyn Union Gas(quar.)
Chic. No.Shore & Milw., prior lien (qu.) *134 Apr. 1 'Holders of rec. Mar. 15
*1 h Apr. 1 *Holders of rec. Mar. 15
, Preferred (quar.)
1
Chic. Rapid Transit, pref. A (monthly)_ *65e. Apr. 1 'Holders of rec. Mar.20
•
650. May 1 'Holders of rec. Apr. 17
Prior preferred A (monthly)
.
650. Jtme 1 'Holders of rec. May 15
Prior preferred A (monthly)
"60c. Apr. 1 *Holders of rec. Mar. 20
Prior preferred B (monthly)
*60e. May 1 *Holders of rec. Apr. 17
Prior preferred B (monthly)
*60c. June 1 *Holders of rec. May 15
Prior preferred B (monthly)
•144 Apr. 1 *Holders of rec. Mar. 10
Cleveland Ry., corn. (quar.)
"244 Mar. 1 *Holders of rec. Feb. 20
Connecticut Power Co., corn.(quar.)_
"134 Mar. 1 *Holders of rec. Feb. 20
Preferred (Qum.)
Consolidated Gas, N.Y.(pref.)(qu.)_ _ _ *$1.25 May 1 *Holders of rec. Mar.30
134 Apr. 2 *Holders of rem Mar. 5
Eastern Texas Elec. Co., pref.(guar.)._ •
Electric Power & Light•134 Apr. 2 *Holders of rec. Mar. 12
allot. ctfs. (quar.)
Pref. Se pref.
1( Apr 1 Holders of rec Mar 12
Electric Public Serv., pref (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 12
Electric Public Util., prof.(quar.)
$4.50 Apr. 1 Mar. 2 to Apr. 1
Frankfort & Southwark Pass. Hy.(qu.)
Mar. 31 *Holders of rec. Mar. 30
*2
Illinois Bell Telep.(guar.)
23s Mar.15 Holders of rec. Mar. 1
Laclede Gas Light, corn
4,134 Apr. 2 *Holders of rem Mar. 3
Mackay Companies, com.(quar.)
•1
Apr. 2 *Holders of rec. Mar. 3
Preferred (quar.)
131 Apr. 2 Holders of rec. Mar. 13
Montana Power,corn.(quar.)
q11.). •45e. Mar.31 'Holders of roe. Mar. 15
New England Public Serv., cam.(
*$1.75 Mar.15 'Holders of rec. Feb. 29
Prior lien stock (quar.)
•$1.75 Mar.31 *Holders of rec. Mar. 15
$7 preferred (quar.)
411.62 Apr. 14 *Holders of rec. Mar.31
Adjustment preferred (quar.)
411.60 Apr. 14 *Holders of rec. Mar. 31
$6 preferred (guar.)
2
Mar.31 Holders of rec. Mar. 10
New England Telep. & Teleg. (quar.)
New York Steam Corp.7% pfd.(quar.)_ *134 Apr. 1 "Holders of rec. Mar. 15
"144 Apr. 1 *Holders of rec. Mar. 15
6% preferred (quar.)
.
3134 Apr. 15 *Holders of rec. Mar. 20
New York Telephone(quar.)
Northwest Utilities, prior lien pi. (qu.).. 134
*1% Apr. 1 'Holders of rec. Mar. 20
Ohio Bell Telep., Prof• (quar.)
*144 Mar. 1 *Holders of rem Feb. 10
Ohio Power Co.. pref.(quar.)
Ohio Pub.Serv., 1st pf. A (monthly)_ .• 58 1-3e Mar. 1 *Holders of rel. Feb. 15
_
134 Mar. 15 Holders of rec. Feb. 29
Oklahoma Gas & Elec., pref.(guar.)
•134 Mar.31 *Holders of rec. Mar. 20
Pacific Telep. & Teleg., corn. (quar.)
*144 Apr. 16 *Holders of rec. Mar.31
Preferred ((Wax.)
Pennsylvania Water & Power (quar.)_ _ _ 6234e. Apr. 2 Holders of rec. Mar. 16
Apr. 1 "Holders of rem Mar. 10
*S2
Philadelphia Traction
Rochester Gas & Elec.,7% pfd. B (qu.)_ *134 Mar. 1 "Feb. 14 to Feb. 29
•
134 Mar. 1 "Feb. 14 to Feb. 29
preferred series"C"(quar.)
0%
"144 Mar. 1 *Feb. 14 to Feb. 29
6% preferred, series"D"(quar.)
2
Apr. 2 Holders of rec. Mar. 60
Savannah Elec. & Pow. deb. A (quar.)
134 Apr. 2 Holders of rec. Mar. 6a
Debenture B (quar.)
3
Apr. 2 Holders of rec. Mar. 6a
Preferred
$3
Apr. 1 Mar. 2 to Apr. 1
2d & 3d Ste. Pass. Sty., Phila.(quar.)
50e. Apr. 10 Holders of rec. Mar.26
Shawinigan Water & Power (guar.)
*2
Apr. 16 *Holders of rec. Mar. 31
Southern N. E. Telco. (quar.)
Southwestern Gas & Elec., 7% pf.(qu.)_ •134 Apr. 2 *Holders of rec. Mar. 15
Apr. 2 'Holders of rec. Mar. 15
*2
Eight per sent pref. (quar.)
Mar. 15 Holders of rec. Feb. 29
Standard Gas & Elec.8% pref.(guar.)._ 2
*50e. Mar. 1 *Holders of rec. Feb. 15
Toledo Edison Co.,6% Pref. (monthly)
• 58 1-3c Mar. 1 'Holders of rec. Feb. 15
Preferred A (monthly)
11.75 Apr. 2 *Holders of rec. Mar. 15
4
Utah Gas& Coke,pref Apart. pf.(qu.)
Fire Insurance.
Niagara Fire (quar.)
Trust Companies.
Equitable (quar.)

$2.50 Apr. 6 Holders of rec. Mar. 2
3

Mar. 31 Holders of rec. Mar. 16

Miscellaneous.
'500 Apr. 4 *Holders of rec. Mar. 16
Aetna Rubber, corn. (guar.)
4
.134 Apr. 4 *Holders of rec. Mar. 16
Preferred (quar.)
20c Apr. 2 Holders of rec. Mar. 14a
Amer.Home Products(monthly)
__
(guar.)_
Mar. 1 Holders of rec. Feb. 200
$1
Amer. Laundry Machy,corn.
*$2 Mar. 31 *Holders of rec. Mar. 13
Locomotive,corn.(guar.)
Amer.
"134 Mar. 31 'Holders of rec. Mar. 13
Preferred (quar.)
'
1 54 Apr. 1 'Holders of rec. Mar. 10
American Piano, pref. (quar.)
Apr. 2 Holders of rec. Mar. 12a
$1
American Safety Razor (guar.)
25c Apr. 2 Holders of rec. Mar. 12a
Extra
*134 Apr. 1 'Holders of rec. Mar. 10
Co. (Ill.). prof.(guar.)
Armour &
134 Apr. 1 Holders of rec. Mar. 10
Armour & Co.(of Del.), pref. (quar.)_ _
134 Mar. 1 Holders of rec. Feb. 15
Ascii Limited, pref.(quar.)
(No. 1). *3734 Mar. 1 *Holders of rec. Feb. 20
Atlas Diesel Engine, A & B (au.)
*50c Mar. 1 'Holders of rec. Feb. 17
Atlas Portland Cement (quar.)
Bancroft(Joseph) Se Sons Co.com.(qu.). 6234c Mar. 31 Holders of rec. Mar. 15
(quar,)
134 Mar. 1 Holders of rec. Feb. 23
Bird Grocery Stores, Prof.
Apr. 2 *Holders of rec. Mar. 20
*$1
Borg & Beck (quar.)
Woven Hose& Rub.,com.(quo _ $1.50 Mar. 15 Hinders of rec. Mar. 1
Boston
-Amer. Tobacco, ord. (Interim)_ _ _ (n) Mar.31 Holders of coup. No. 122
Brit.
(quar.)
'
3754c Apr. 1 'Holders of rec. Mar. 20
California Ink, class A & B (guar.)
'$1.50 Mar. 19 "Holders of roe. Mar. 3
Calumet & Arizona Mining
Mar. 1 *Holders of rec. Feb. 15
443
Canada Bread, Ltd.. common
134 Mar. 31 Holders of rec. Feb. 29
Canada Cement, Ltd., pref. (quer.)
5134 Mar. 15 Holders of rec. Mar. 1
Canada Foundries & Forg., pref
(qu.)
*144 Apr. 1 *Holders of rec. Mar. 12
Case (J. I.) Thresh.Mach., corn.
*134 Apr. 1 *Holders of rec. Mar. 12
Preferred (quar.)
•500 Apr. 10 'Holders of rec. Mar. 24
Central Alloy Steel, corn. (quar.)
"13.4 Apr. 1 *Holders of rec. Mar. 13
(quar.)
Preferred
*750 Mar. 31 *Holders of rec. Mar. 1
Certo Corporation (quar.)
•
250 Mar. 31 *Holders of rec. Mar. 1
Extra
•250 Apr. 2 *Holders of rec. Mar. 20
Chicago Yellow Cab (monthly)
"25e May 1 *Holders of rec. Apr. 20
Monthly
.
25c June 1 *Holders of rec. May 18
Monthly
Apr. 1 "Holders of rec. May 7
*2
Commercial Solvents (quar.)
1
Mar. 15 Holders of rec. Feb. 29
Shale Brick, pref. (quar.)_
Cooksville
(quar.)
144 Mar. 15 Holders of rec. Mar. 1
Crane Company. common
134 Mar. 15 Holders of rec. Mar. 1
Preferred (guar.)
•25e. Apr. 1
Crosley Radio Corp.(quar.)
•250. July 1
Quarterly
"250. Oct. 1
Quarterly
'25e. Janl'29
QuarterlY
Mar. 1 Holders of rec. Feb. 29
$3
Chemical, corn
Dewey & Almy
$3.50 Mar. 1 Holders of rec. Feb. 29
Preferred
•134 Apr. 2 'Holders of rec. Mar. 20
pref. (quar.)
Doehler Die-Casting,
'8754c Apr. 2 *Holders of rec. Mar. 20
Preferred (50% Paid) (quar.)
134 Apr. 2 Holders of rec. Mar. 15
Dominion Glass common
134 Apr. 2 Holders of rec. Mar. 15
Preferred (quar.)
$2.50 Mar. 15 Holders of rec. Mar. 1
de Nom.,corn.(quar.)_
Dupont(E. I.)
134 Apr. 25 Holders of rec. Apr. 10
Debenture stock (quar.)
Mar. 1 *Holders of rem Feb. 20
Razor, prior pref. (qu.) "$1
Durham Duplex
*134 Apr. 1 'Holders of rec. Mar. 20
(quar.) _ _
Elsenlohr (Otto) & Bro. pref.
(guar.)
•$1.25 Apr. 2 *Holders of rec. Mar.20
Controller & Mfg.
Electric
$1.25 Apr. 2 Holders of rec. Mar. 8
(quar.)
Electric Storage Battery (quar.)
34 Mar.24 Holders of rec. Mar. 1
Corp.
Emporium Capwell com.(quar.)
*50c. Feb. 28 *Holders of rec. Feb. 17
Park, Inc.,
Fashion
*50e. May 31 *Holders of rec. May 17
Common (quar.)
*50c. Aug. 31 *Holders of rec. Aug. 17
Common (quar.)
'50e. Nov.30 'Holders of rec. Nov.30
Common (quar.)
Apr. 1 *Holders of rec. Mar. 13
(quar,)
"2
1st pref.
First Nat Pictures, (quar.)
"250. Apr. 2 *Holders of rec. Mar. 15
Formica Insulation
•100. Apr. 2 'Holders of rec. Mar. 15
Extra
•
250. July 2 *Holders of rec. June 15
Quarterly
•10e. July 2 'Holders of reo. June 15
Extra
"25e. Oct. 1 *Holders of rec. Sept. 15
Quarterly
"10c. Oct. 1 *Holde.s of rec. Sept. 15
Extra
"250. Jan.2'29 *Holders of rec. Dec. 15
QuarterlY
•10e. Jan.2'29 'Holders of rec. Dec. 15
Extra
•134 Mar. 1 *Holders of roe. Feb. '23
(quar.)
Gair (Robert) Co, pref, corn.(quar.)
*$1.25 Apr. 1 *Holders of rec. Mar. 10
General Railway Signal,
"144 Apr. 1 *Holders of rec. Mar. 10
Preferred (guar.)
"Mc. Mar. 15 *Holders of rec. Mar 1
CO. (quar.)
Gold Seal Electrical
$1 75 Apr 1 Holders of roe Mar 1
Tire & Rubber, 1st pf (quar)
Goodyear
$1 75 Apr 1 Holders of roe Mar 1
Preferred




Name of Company.

1155
Per
When
Cent. Payable

Books Closed
Days Inclusive.

Miscellaneous (Concluded).
Goodyear T.& R., 1st pr. & Pf.(quar.)- *154 Apr. 1 *Holders of roe. Mar. 1
62)4c Apr. 2 Holders of rec. Mar. 15
Gotham Silk Hosiery (quar)
% Apr. 2 *Holders of rec. Mar. 15
Gulf States Steel, pref. (quar.)
*124.50 Mar. 1 *Holders of rec. Feb. 23
Hamilton-Brown Shoe (monthly)
*25e. Mar. 15 "Holders of roe. Feb. 15
Hecla Mining (quar.)
Heywood Wakefield Co., 1st az 2d pref- _ 413.50 Mar. 1 *Holders of rec. Feb. 21
Honolulu Consol. Oil, corn.(quar.)
*50e. Mar. 15 *Holders of rec. Mar. 5
4
11 Mar. 31 "Holders of rec. Mar.20
Hood Rubber Co., com.(quar.)
Insuranshares Management Co.
83e. Mar. 1 Holders of rec. Feb. 15
Combination A & B ctfs., ser. A, 1927
780. Mar. 1 Holders of rec. Febi 15
Combination A & B ctfs., ser. C, 1927
50c. Mar. 1 Holders of rec. Feb. 15
Combination A & B ctfs., ser. F, 1927
260. Mar. 1 Holders of rec. Feb. 15
Combination A & B Mts.,ser. H,1927
3744c. Mar. 1 Holaers of rec. Feb. 24
Johansen Shoe (quar.)
1244e. Mar. 1 Holders of rec. Feb. 24
Extra
Mar. 15 "Holders of rec. Mar. 1
4
.4
Keeley Silver Mines,Ltd
50e. Apr. 2 Holders of rec. Mar.21
Kelsey-Hayes Wheel, common (quar.)
$1.25 Apr. 2 Holders of rec. Mar. 2
Kennecott Copper Corp.(guar.)
*3735e Apr. 1 *Holders of rec. Mar. 9
Kraft Cheese (guar.)
•1% Apr. 1 *Holders of rec. Mar. 9
Stock dividend
*40c. Apr. 2 'Holders of rec. Mar. 19
Laboratory Products, corn.(quar.)
be. Mar.15 Holders of rec. Mar. I
Lake Shore Mines, Ltd.(auar.)
be. Mar. 15 Holders of rec. Mar. 1
Bonus
4
Liggett & Myers Tobacco, pref.(qu.) _ 415, Apr. 2 *Holders of rec. Mar. 12
250. Mar. 1 Holders of rec. Feb. 18a
Loblaw Groceterias,
com.(quar.)_
134 Mar. 1 Holders of rec. Feb. 18a
Prior preference (guar.)
Ltd.,
134 Mar. 1 Holders of roe. Feb. 20
Mengel Company, pref.(quar.)
$1.25 Mar. 31 Holders of rec. Mar. 3a
Mergenthaler Linotype (quar.)
25c Mar. 31 Holders of rec. Mar. 3a
Extra
50c Apr. 2 Holders of rec. Mar. 17
Midvale Co.(quar.)
144 Mar. 1 Holders of rec. Feb. 21
Moore Oil& Refining, pref.(quar.)_
_
245 Apr. 2 Holders of rec. Mar.20a
National Surety (quar.)
New Bedford Cordage,com (guar.)
*50c Mar. 1 'Holders of rec. Feb. 21
*1% Mar. 1 Holders of rec. Feb. 21
Preferred (quar.)
New York Auction Co.,Inc.,com.(qu.)_ "3734c Mar. 15 *Holders of roe. Mar. 1
50c Mar. 1 Holders of rec. Feb. 20
North Atlantic Oyster Farms, cl. A (qu.)
Ohio Confection "A"(quar.)
623.40. Mar. 15 Holders of rec. Mar. 5
"134 Apr: 2 *Holders of rec. Mar. 15
Ohio Seamless Tube, pref.(quar.)
•13i
Okonite Co., prof.(cmar.)(No. 1)
134 Apr. 1 Holders of rec. Mar. 15
Otis Steel, prior pref. (quar.)
*750. Apr. 2 'Holders of rec. Mar.20
Page-Hershey Tubes, Ltd., com.(qui
"75e. Mar. 27 'Holders of rec. Mar. 17
Paraffine Cos., corn.(quar.)
•25e. Mar.27 'Holders of rec. Mar. 17
Common (extra)
*50e. Apr. 1 *Holders of rect. Mar. 16
Penn Dixie Cement, com.(guar.)
*134 Mar. 15 *Holders of rec. Mar. 1
Preferred (quar.)
Mar. 1 Holders of rec. Feb. 20
Pepperell Mfg
4
Petroleum Royalties, pref.(monthly).
- 'be. Mar. 1 *Holders of rec. Feb. 25
Preferred(
'b 34e. Mar. 1 *Holders of rec. Feb. 25
extra)
Phillips Petroleum (quar.)
3734e. Apr. 2 Holders of rec. Mar. 15
*8
Mar. 1 *Holders of rec. Feb. 21
Pierce Mfg. (quar.)
.144 Apr. 1 'Holders of rem Mar. 15
Pittsburgh Steel Foundry, pref. (quar.)_ 4
Port Alfred Pulp & Paper, prof. (quar)..
154 Mar. 15 Holders of rec. Mar. 1
Procter & Gamble 6% pref.(quar.)
134 Mar. 15 Holders of rec. Feb. 25a
Remington-Rand Co.. 1st pref. Bluar.)-- •134 Apr. 2 *Holders of rec. Mar. 10
*2
Apr. 2 'Holders of rec. Mar. 10
Second preferred(
guar.)
Sangamo Electric Corp., corn. (quar.). *50c. Apr. 2 'Holders of rec. Mar.10
4,134 Apr. 2 *Holders of rec. Mar. 10
Preferred (quar.)
Schlne Chain Theatres, Inc., pref.(qu.)75e. Mar. 1 Holders of rec. Feb. 15
Southern Ice, pref. (quar.)
154 Apr. 2 Holders of rec. Mar.20
154 Mar. 31 Holders of rec. Mar. 19
Standard Milling, common ((Plan)
134 Mar.31 Holders of rec. Mar. 19
Preferred (quar.)
*62h c Apr. 2 *Holders of rec. Mar. 8
Standard Oil(Ohio),(quar.)
Stanley Co. of Amer.(guar)
"750 Apr. 2 *Holders of rec. Mar. 24
Steel Co. of Canada, cony. pfd.(guar.) _ "134 May 1 *Holders of rec. Apr. 7
Stromberg Carburetor (quar.)
*50c. Apr. 2 *Holders of rec. Mar. 12
Sullivan Machinery (quar.)
Apr. 16 Apr. 1 to Apr. 14
$1
Texas Corporation (quar.)
75e. Apr. 1 Holders of rec. Mar. 2
134 Mar. 1 Holders of rec. Feb. 17
Thompson Products. pref.(guar.)
Tidal Osage 011 (quar.)
*50c. Mar. 15 *Holders of rce. Mar. 5
4
11
Mar.20 'Holders of rec. Mar. 1
Todd Shipyards Corp. (quar.)
$1.50 Apr. 2 Holders of rec. Mar. 2
Union Carbide & Carbon (quar.)
20e Mar. 31 Holders of rec. Mar. 9
United Cigar Stores, corn.(quar.)
1134 Mar.31 Holders of rec. Mar. 9
Common(payable in com stock.)
•134 Apr. 2 *Holders of rec. Mar. 13
United Dyewood, pref. (quar.)
•750 Mar. 10 *Holders of rec. Feb. 23
U.S.Freight (quar.)
134 Apr. 2 Holders of rec. Mar. 10
U.S. Leather, prior pref.(quar.)
4,134 Mar. 10 'Holders of rec. Mar. 1
Vapor Car Heating, pref.(quar.)
*134 June 10 'Holders of roe. June 1
Preferred (quar.)
"134 Sept. 10 *Holders of rec. Sept. 1
Preferred (quar.)
'131 Dec. 10 *Holders of rec. Dec. 1
Preferred (guar.)
•
Vesta Battery, pref.(quar.)
154 Mar. 1 *Holders of rec. Feb. 18
P7-12 Mar. 1 Holders of rec. Feb. 24
Viau Biscuit Corp.. Ltd., 1st pfd
May 1 Holders of rec. Apr. 2
$1
Victor Talking Mach,com
13.4 Apr. 15 Holders of roe. Apr. 2
Preferred (quar.)
154 May 1 Holders of rec. Apr. 2
7% cum. prior pref.(quar.)
$1.50 May 1 Holders of rec. Apr. 2
$6 cum.cony. pref.(quar.)
*35e. Mar. 10 'Holders of rec. Feb. 29
Volcanic Oil & Gas(guar.)
'Sc. Mar. 10 *Holders of rec. Feb. 29
Extra
373.4c. Apr. 2 Holders of rec. Mar.20
Waldorf System com.(quar.)
20c. Apr. 2 Holders of rec. Mar. 20
Preferred (quar.)
*30c .Mar. 1 5*Holders of rec. Mar 1
Walworth Co.,com.(quar.)
*75c. Mar. 31 *Holders of rec. Mar.20
Preferred (quar.)
*50e. Apr. 1 *Holders of rec. Mar. 15
Warner Gear, class A (quar.)
*50c. Mar. 15 'Holders of rec. Mar. 1
Watson (John Warren),(quar.)
*25c. Mar.31 *Holders of rec. Mar. 15
White Motor,com.(quar.)
*134 Mar. 31 'Holders of rec. Mar. 15
White Motor Securities, pref.(guar.). _
• 1
$
Apr. 2 *Holders of rec. Mar. 8
Yale & Towne Mfg.,(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.
Railroads (Steam).
Atch. Topeka dr Santa Fe, com.(quar.)..
Common (extra)
Augusta & Savannah (extra)
Baltimore & Ohio, common (guar.)
Preferred (quarterly)
Bangor & Aroostook, com (quar.)
Preferred (quar.)
Boston & Albany (quar.)
Canadian Pacific, common (guar.)
Preference
Chestnut Hill RR.(quar.)
Cleveland & Pittsburgh. guar. (quar.)_ _
Special guaranteed ((mare)
Consolidated Rli.s. of Cuba, pref.(qu.)_
Cuba RR., com.(quar.)
Delaware & Hudson Co. (quar.)
Gulf Mobile & Northern, pref. (quar.)_ _
Illinois Central,com.(quar.)
Preferred
Maine Central, corn. (quar.)
Preferred (quar.)
Missouri-Kansas-Texas, pref. A (quar.)_
New Orleans, Texas & Mexico (qu.)_ _
N.Y., Chic.& St. L.,com.pf.(qu.)
N.Y N. H.& Hartford, corn. (special)_
.
Norfolk & Western, corn. (quar.)
North Pennsylvania (quar.)
Pennsylvania RR. (quar.)
Phila. Germantown & Norristown (qu.).
Pittsburgh Bessemer az Lake Erie, corn
Pitts. Youngstown & Ash., pref.(cm.) _

When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Mar. 1 Holders of roc. Jan. 270
Mar. 1 Holders of roe. Jan. 27a
July 5 "Holders of rec. June 15
134 Mar. 1 Holders of rec. Jan. 14a
1
Mar. 1 Holders of ree. Jan. 14a
88e. Apr. 1 Holders of rec. Feb. 290
1% Apr. 1 Holders of roe. Feb. 29a
2
Mar. 31 Holders of rem Feb. 29
2% Mar. 31 Holders of rec. Mar. la
2
Mar. 31 Holders of rec. Mar. 1
75e. Mar. 5 Feb. 21 to Mar. 4
8730 Mar, 1 Holders of rem Feb. 100
50e Mar. 1 Holders of rec. Feb. 100
134 Apr. 2 Holders of rec. Mar. 10a
411.20 Mar. 28 *Holders of rec. Mar. 28
214 Mar.20 Holders of rec. Feb. 270
•134 Apr. 2 *Holders of rec. Mar. 15
134 Mar. 1 Holders of rec. Feb. 90
3
Mar. 1 Holders of rec. Feb. 9a
1
Apr. 2 Holders of rec. Mar. 15
1% Mar. 1 Holders of rec. Feb. 15
1% Mar. 31 Holders of rec. Mar. 150
1% Mar. 1 Holders of rec. Feb. 156
1% Apr. 2 Holders of rec. Feb. 150
1
Apr. 10 Holders of rec. Mar. 9a
2
Mar. 19 Holders of rec. Feb. 290
$1
Feb. 25 Holders of rec. Feb. 20a
8734c Feb. 29 Holders of rec. Feb. lo
$1.50 Mar. 5 Feb. 21 to Mar. 4
415e. Apr, 1 *Holders of rec. Mar.15
1% Mar. 1 Holders Of rec. Feb. 20a
1%
75e.
•
g

1156
Name of Company.

FINANCIAL CHRONICLE
When
Per
Cevd. Payable.

Books Closed
Days Inclusive.

Name of Company.

[VOL. 126.
Per
When
Cent. Payable

Books Closed
Days Inclusive.

Railroads (Steam) (Concluded).
Public Utilities (Concluded).
Reading Co., first preferred (quar.)_ _
50c. Mar. 8 Holders of rec. Feb. 16a Wilmington Gas Co.. preferred
3
Mar. 1 Holders of rec. Feb. 10a
St. Joseph South Bend & South.,com _
Wisconsin Power & Light, pref.(qua__
184 Mar.15 Holderaof rec. Feb. 29
34 Mar. 15 Mar. 11 to Mar. 14
Mar. 14
Preferred
215 Mar. 15 Mar. 11 to
Banks.
1)5 May 1 Holders of rec. Apr. 73
St. Louis
-San Francisco. pref.(quar.)
114 May I Holders of rec. Apr. 70 American Colonial Bank of Porto Rico_ _
Preferred (quar.)
2
Mar. I Holders of rec. Feb. 17
Extra
114 Aug. 1 Holders of rec. July 14a
Preferred (quar.)
2
Mar. 1 Holders of rec. Feb. 17
1)5 Nov. 1 Holders of rec. Oct. 15a Port Morris (quar.)
Preferred (quar.)
3
Mar. 1 Holders of rec. Feb. 25
Apr. 2 Holders of rec. Feb. 24a Public Nat. Bank & Trust, stock div___ 020
1%
Southern Pacific Co. (quar.)
Mar.31 Holders of rec. Mar. 1
214 Apr. 2 Holders of rec. Mar. la
Union Pacific, common (quar.)
Trust Companies.
Apr. 2 Holders of rec. Mar. la
2
Preferred
Wabash. Prof. class A (quar.)
114 Feb. 25 Holders of rec. Jan. 250 Title Guar.& Trust (extra)
5 Niar:31 Holders of rec. Mar. 22
Public Utilities.
Fire Insurance.
250. Mar. 1 Holders of rec. Feb. 16a
American Power & Light common (qu.)_
American Telegraph & Cable (quar.)4
tor. 10 Holders of rec. Mar. 31
13g Mar. 1 Holders of rec. Feb. 29a City of New York (quarterly)
23.4 Apr. 16 Holders of rec. Mar. 15a Home Insurance (quarterly)
American Telep. & Teleg. (guar.)
5
Apr. 9 Holders of rec. Mar. 21
Amer. Wat. Wks.& Elec., lot pf.(qua - $1.50 Apr. 2 Holders of rec. Mar. 12a
Mar. 6
Miscellaneous12c. Mar.31 Feb. 24 to
Arkansas Natural Gas (quar.)
Acetol Products, class A (No. 1)
181.50 Mar. 1 Holders of rec. Jan. 31
*60c. Mar. 15 *Holders of rec. Mar. 5
Associated Gas & Elec.. $6 pref. (qua
Acme Steel(quar.)
1 81.6234 Mar. 1 Holders of rec. Jan. 31
$8% preferred (guar.)
"$1.25 Apr. 1 *Holders of rec. Mar. 20
Acushnet Mills(quar.)
/8715c Apr. 2 Holders of rec. Feb. 29
•135 Mar. I *Holders of rec. Feb. 16
Original pref.(qua
Adams Express, corn.(quar.)
181.75 Apr. 2 Holders of rec. Feb. 29
37 preferred (guar.)
134 Mar.31 *Holders of rec. Mar. 15a
Preferred (guar.)
114 Mar.31 Holders of rec. Mar. 15a
134 Mar. 1 Holders of rec. Feb. 180
Baton Rouge Elec Co. pref A (guar.).250 Mar. 1 Holders of rec. Feb. 20
Blackstane Val. Gas & Elec.. corn. (qu.) $1.25 Mar. 1 Holders of rec. Feb. 20a Allen Industries, common
Mar. 1 Holders of rec. Jan. 31
Preferred (guar.)
134
75c. Mar, 1 Holders of rec. Feb. 20
Brazilian Tr., Lt.& Pow., ord (quar.).
Mar. 1 Holders of rec. Feb. 9a Alliance Realty
2
Brooklyn Edison Co. (quar.)
3310 Apr. 10 Holders of rec. Apr. 50
Bklyn.-Manhat. Tran., pf., ser. A (qu.) $1.50 Apr. 16 Holders of rec. Apr. is aieatganiated Laundries, pref.(mthly.). 5918c. Mar. 1 Holders of rec. Fen. 150
Mar. 1 *Holders of rec. Feb. 10
Preferred (monthly)
581,c Apr. 1 Holders of rec Mar. 15a
Canadian Hydro-Elec., 1st pref. (quar.)
Preferred (monthly)
5818c May I Holders of reo. Apr. 15a
Central Ark .Public Service, Pref.(qua - 134 Mar. 1 Holders of rec. Feb. 15a
Preferred (monthly)
581,0 lone. 1 Hoieers of reo. May 15a
Central Gas dr Elec.$6.50 pref.(qu.)_ _ _ _ 1.6214 Mar. 1 Holders of rec. Feb. 14
$1.75 Mar. 1 Holders of rec. Feb. 14
American Arch, common (quar.)
*$1.25 Mar. 1 'Holders of rec. Feb. 18
$7 pref. (quar.)
American Chain, pref.(quar.)
134 dMar31 Mar. 22 to Apr. 1
Central III. Pub. Serv.. pref.(quar.)__ - *81.50 Apr. 14 *Holders of rec. Mar. 31
American Chicle, corn. (quar.)
75c. APr, I holders of rec. Mar. 150
Central Indiana Power, pref. (guar.).
- •114 Mar. 1 "Holders of rec. Feb. 20
Prior preferred (guar.)
%
134 Apr, 1 Holders of rec. Mar. 15a
Central Public Service. class A (guar.)._ iii/435 Mar.15 *Holders of rec. Feb. 24
650 Aar. 1 Holders of rec. Feb. 21a American Colortype (guar.)
•35c. Mar.31 'Holders of rec. Mar.12
Chic. Rapid Tran., prior pref. (qu.)
60c. Mar. 1 Holders of rec. Feb. 21a Amer. Fork & Hoe, corn. (quar.)
Prior pref. series B (quar.)
134 Mar. 15 Holders of rec. Mar. 5a
115 Mar. 1 Holders of rec. Feb. 15
Amer. Home Products (monthly)
20c. Mar. 1 Holders of rec. Feb. 140
Cleveland Elec.Ill., pref.(quar.)
Mar. 1 *Holders of rec. Jan. 21
Amer. Internat. Corp
Apr. 2 IIolders of rec. Mar. 15a
Community Pow. & Gas, 2nd pref.(qua •$2
$1
American Metal,corn.(quar.)
75e. Mar. 1 Feb. 19 to Mar. 8
Consol. Gas,E. L.& P., Bait.. com.(qua *75c. Apr. 2 *Holders of rec. Mar. 15
Preferred (quar.)
114 Mar. 1 Feb. 19 to Mar. 8
Six per cent pref., series D (quar.)-- '11.5 Apr. 2 *Holders of rec. Mar. 15
American Multigraph, cons (quara_ _ _ _
*134 Apr. 2 'Holders of rec. Mar. 15
50c. Mar. 1 Holders of rec. Feb. 17
5)5% preferred, series E (quar.)
$1.25 Mar. 31 Holders of rec. Mar. 15a
Consolidated Gas(N. Y.),corn. (quar.) _ $1.25 Mar. 15 Holders of rec. Feb. 6a American Radiator, corn. (quar.)
Amer. Railway Express (quar.)
•14 Apr. 1 *Holders of rec. Mar. 31
$1.50 Mar.31 Holders of re . Mar. 15a
Consumers Co., prior pref.(quar.)
1.65 Apr. 2 Holders of rec. Mar. 15
American Seating, common (quar.)
6.6% preferred (guar.)
75c. Apr, 1 Holders of rec. Mar.20a
134 Apr, 2 Holders of rec. Mar. 16
Amer. Smelt. & Refg., pref.(quar.)_
7% preferred (guar.)
1.14 Mar. 1 Holders of rec. Feb. 3a
50c. Mar. 1 Holders of rec. Feb. 15
American Stores Co.,corn.(guar.)
50c. Apr. 2 Mar. 23 to Apr. 2
6% Preferred (monthly)
500. Apr. 2 Holders of rec. Mar. 15
Amer. Sugar Refining, pref. (quar.)_ _
6% preferred (monthly)
134 Apr. 2 Holders of rec. Mar. 5a
550. Mar. 1 Holders of rec. Feb. 15
Amer. Sumatra Tobacco, pref.(guar.)._
6.6% preferred (monthly)
154 Mar, 1 Hciders of rec. Feb. 15
55e. Apr. 2 Holders of rec. Mar. 15
American Tobacco, corn.& corn. B (qu.)_ $2
6.6% preferred (monthly)
Mar. 1 Holders of rec. Feb. 100
Apr. 16 Holders of rec. Mar. 200 Amer. Window Glass Co.. prof
2
Detroit Edison Co.(quar.)
$315 Mar. I Feb. 19 to Feb. 29
114
(z)
Holders of rec. Mar. 150 Angle Steel Tool (guar.)
"200. Apr. 16 *Holders of rec. Apr. 10
Duquesne Light, lot pref., series A (au.)
Quarterly
Empire Gas & Fuel,7% pref.(monthlY)* 581-30 Mar. 1 *Holders of rec. Feb. 15
"200. July 16 *Holders of rec. July 10
• 662-3c Mar. I *Holders of rec. Feb. 15
Quarterly
Eight per cent pref.(monthly)
"20c. Oct. 15 *Holders of rec. Oct. 10
Engineers Pub. Serv. Co., $7 pf. (qu.). $1.75 Apr. 2 Holders of rec. Mar. 5a Anticosti Corp., pref. Mara
•I14 Mar. 1 *Holders of rec. Feb. 16
20c. Apr. 2 Holders of rec. Mar. 13a Archer-Daniels-Midland Co.. corn. (au.)
Federal Light & Tract., corn.(qu.)
The. Feb. 28 Holders of reo. Jan. 210
150. Apr. 2 Holders of rec. Mar. 13a
Preferred (quar.)
Corn.(payable in corn,stock)
114 Feb. 28 Holders of rec. Jan 21s
115 Mar. 1 Holders of rec. Feb. 153 Armstrong Cork, corn. (quar.)
•1y.4 Apr. 2 *Holders of rec. Mar. 13
Preferred (quar.)
50c. Mar, 1 Holders of rec. Feb. 8
Federal Water Service. cl A (quar.)
Preferred (quar.)
'134 Apr. 2 *Holders of rec. Mar. 13
m37120 Apr. 1 Holders of rec. Mar. 12a Artloom Corp., common (quar.)
General Gas& Elec., corn. cl. A (qu.)_
75e. Apr. 1 Holders of rec. Mar. 150
$2 Apr. 1 Holders of rec. Mar. 12a
Preferred (quar.)
88 class A pref.(quar.)
114 Mar. 1 Holders of rec. Feb. 170
81 .75 Apr. 1 Holders of rec. Mar. 12a Associated Dry Goods, 1st pf. (quar.)..
pref.(quar.).
$7 class A & class"B"
114 Mar. 1 Holders of reo. Feb. Ila
135 Mar. 1 Holders of rec. Feb. 10a
Havana Elec. Ry.. pref. (quar.)
Second preferred (quar.)
114 Mar. 1 Holders of rec. Feb. 1 la
115 Apr. 2 Holders of rec. Mar. 15
Illinois Power,6% pref.(quar.)
Atlantic Refining, corn. (quar.)
1
Mar. 15 Holders of rec. Feb. 210
134 Apr. 2 Holders of rec. Mar. 15
Seven per cent preferred (quar.)
Atlantic Terra Cotta, pref.(quar.)
Mar. 15'Holders of reo. Mar. 5
134 Mar.31 Holders of rec. Mar. 100 Atlas Powder,corn.(guar.)
Indianapolis Water, pref. (quar.)
$1
Mar. 10 Holders of rec. Feb. 290
uKansas City Pow.& Lt., p1. A (quar.)_ *$1.75 Apr. 1 *Holders of rec. Mar. 14
Auto-Strop Razor, class A (quar.)
750. Apr.
Holders of rec. Mar. 10
*31.50 Apr. 1 *Holders of rec. Mar. 14
First preferred, series B (quar.)
Babcock & Wilcox Co.(quar.)
Holders of rec. Mar. 206
154 Apr.
,
01,4 Mar.20 *Holders of rec. Feb. 29
Kentucky Hydro-Electric, pref. (qu.)
Balaban & Katz, corn.(monthly)
"25o. Mar.
*IIolders of rec. Feb. 20
•$1 Mar. 1 *Holders of rec. Feb. 17
Keystone Telephone. pref.(quar.)
Common (monthly)
"210. Apr.
*Holders of reo. Mar. 20
Louisville Gas & Elec.(Del.). A &B (U11) 4314o. Mar.24 Holders of rec. Feb. 29a
Preferred (quay.)
•114 Apr.
*Holders of rea. Mar. 20
Mar. 15 Holders of rec. Feb. 29
Middle West Utilities, prior lien (guar.). 2
Bamberger (L.)& CO., pref.(guar.).
15-4 Mar.
Holders of rec. Feb. 130
$1.50 Mar.15 Holders of rec. Feb. 29
$6 preferred (quar.)
Preferred (guar.)
15-4 June
Holders of reo. May 120
Monongahela W.Penn Pub.Ser.,pf.(qu.) 4334 Apr. 2 Holders of rec. Mar. 15
Preferred(quar.)
15-4 Sept.
Holders of rec. Aug. 110
20e. Mar. 1 Holders of rec. Feb. 140
Power & Light, corn. (quarj_ _
National
Preferred(quar.)
15-4 Dec.
Holders of rec. Nov. 100
*25c. June 1
Common (quar.)
Bastian-Blessing Co. corn.(guar.)
*50c. Mar.
*Holders of rec. Feb. 20
$1.75 Apr. 2 Holders of rec. Mar. 14
Preferred Mara
Preferred (quar.)
$1.75 July
Holders of rec. June 206
Nebraska Power, pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 14
Preferred (quar.)
$1.75 Oct.
Holders of rec. Sept.2015
• 4314c. Apr. 16 'Holders of rec. Mar.31
Niagara Falls Power, pref.(quar.)
Preferred (awe.)
$1.75 Apr.
Holders of rec. Mar.200
1214 Apr. 2 Holders of rec. Mar. 5
North American Co., corn. (quar.)
Beech-Nut Packing (quar.)
60c. Apr. I
Holders of rec. Mar.240
Preferred (quar.)
134 Apr. 2 Holders of reo. Mar. 5
Belding-Corticelli. pref. (quar.)
•114 Mar. 15 *Holders of rec. Feb. 29
$1.50 Mar. 1 Holders of rec. Feb. 15
North Amer.Edison. pref.(quar.)
Best & Co.,common (quar.)
75e. Mar. 15 Holders of rec. Feb. 240
No. Amer. Util. Securities 1st p1.(qua _ _ $1.50 Mar. 15 Holders of reo. Feb. 29
Bethlehem Steel. pref. (quar.)
114 Apr. 2 Holders of rec. Mar. 50
$1.50 Mar. 15 Holders of rec. Feb. 29
Bloch Brothers Tobacco, corn (guar.)._ 37150. May 16 May 10 to May 14
First pref.allot. ctfs. Mara
$1
Mar. 12 Feb. 5 to Mar. 11
Northern Liberties Gas Co
Common ivar.)
(
3734c. Aug. 15 Aug 10
Aug. 14
to
135 Apr. 2 Holders of rec. Mar. 15
Northern Ohio P.& L.,6% pf.(quar.)
Common (quar.)
3734o. Nov.15 Nov. 10 to Nov. 14
114 Apr. 2 Holders of rec. Mar. 15
Preferred (quar.)
7% preferred (quar.)
135 Mar. 31 Mar. 26 to Mar. 30
114 Mar. 1 Holders of rec. Feb. 20
(qua
Northern States Pow.(Wis.), pref.
Preferred (quar.)
13.5 June 30 June 25 to June 29
03
Mar. 1 Holders of rec. Feb. 170
Northern Texas Electric Co.. fret
Preferred (guar.)
134 Sept. 30 Sept. 25 to Sept. 29
184 Mar. 1 Holders of rec. Feb. 16
Preferred ((Nara
Ohio Edison Co.,6% pref.(quar.)
135 Dee. 31 Dec. 26 to Deo. 30
1.65 Mar. 1 Holders of rec. Feb. 15
Borden Company,corn. (guar.)
6.6% preferred (quar.)
$IM Mar, 1 Holders of rem Feb. Ha
134 Mar, 1 Holders of rec. Feb. 15
Brach CE. J.) & Sons Co.(quar.)
Seven per cent preferred (quar.)
"500. Mar. 1 *Holders of rec. Feb. 18
50c. Mar. 1 Holders of rec. Feb. 15
Brill Corporation, class A
Six per cent preferred (monthly)
"$1.25 Mar. 1 *Holders of reo. Feb. 14
550. Mar. 1 Holders of reo. Feb. 15
Preferred (attar.)
6.6% preferred (monthly)
*114 Mar. 1 *Holders of rein. Feb. 14
*134 Mar. 15 *Holders of rec. Feb. 29
Bristol Manufacturing (quar.)
Hull Power, pref.(guar.)
Ottawa &
1
.134 Mar. 1 *Holders of rec. Feb. 13
134 Mar. 1 Holders of reo. Feb. 15
Brit. Col. Fish de Pack., corn. (quar.)
Penn-Ohio Edison Co.. 7% Pf. (guar.)._
$1.25 Mar. 10 Holders of reo. Feb. 28
Preferred (quar.)
Pennsylvania Gas & El., com.A (qua • 3715c. Mar. 1 *Holders of rec. Feb. 20
114 Mar. 10 Holders of reo. Feb. 28
•314c. Mar. 1 *Holders of rec. Feb. 20
Brown Manufacturing Corp
Common class A (extra)
•210. Mar. 1 'Holders of rec. Feb. 15
•$1.75 Apr. 1 *Holders of rec. Mar.20
Brown Shoe, corn. (guar.)
$7 preferred (quar.)
6234e. Mar, 1 Holders of reo. Feb. 200
•114 Apr. 1 *Holders of rec. Mar. 20
Buckeye Pipe Line (quar.)
Seven per cent preferred Mara
Mar, 15 Holders of rec. Feb. 17
$I
(qu.) $1.50 May 1 Holders of roe. Apr. 20
Extra
Pennsylvania-Ohio Pow.& L.$8 p1.
Mar, 15 Holders of rec. Feb. 17
$1
114 May I Holders of rec. Apr. 20
Bucyrus-Erie Co., corn. (No. 1)
7% pref. (quar.)
250. Apr. 2 Holders of rec. Mar. 106
60c. Mar. 1 Holders of rec. Feb. 20
Convertible preferred (No. 1)
7.2% pref. (monthly)
6215c Apr. 2 Holders of reo. Mar. 100
600. Apr. 2 Holders of rec. Mar.20
Preferred (quay.)
7.2% pref. (monthly)
$1.75 Apr. 2 Holders of rec. Mar. 100
60c. May I Holders of rec. Apr. 20
Burns Bros.. Prof. (guar.)
7.2% pref.(monthly)
154 Apr, 2 Holders of rec. Mar. 130
1 Holders of rec. Feb. 20
550. Mar.
Burroughs Adding Mach.,com.(quara- 6.6% pref.(monthly)
75e. Mar,10 Holders of rem Feb. 27
550. Apr. 2 Holders of rec. Mar.20
By-Products Coke, corn. (quar.)
6.6% pref. (monthly)
50o. Mar,20 Holders of reo. Mar. ba
550. May I Holders of rec. Apr. 20
California Packing (quar.)
8.6% pref. (monthly)
$1
Mar. 15 Holders of reo. Feb. 296
$1.25 Mar. 1 Holders of rec. Feb. 10a California Petroleum (guar.)
Philadelphia Co.,5% pref
25c. Mar, 1 Holders of rec. Feb. 30
500. Mar. 15 Holders Of rec. Feb. 29a Calumet & Heels Consol. Corp.(riar.).
Philadelphia Electric (quar.)
506.
reo. Feb. 280
Holders
Holders of reo. Feb. 10a Campbell,Wyant&CannonFdy,e0m.(qu) *50c. Mar. 15 *Holders of rec. Feb. 15
134 Mar. 1
Pbila.Suburban Water. pref.(qua
Mar. 1
of
Canada Malting (guar.)
Portland Electric de Pow.,50 pref.(qua - 155 Mar. 1 Holders of rec. Feb. 15
•3715c Mar. 15 *Holders of rec. Feb. 29
50o. Mar. 31 Holders of reo. Mar. 8a Canfield 011, corn.(quar.)
Public Ser. Corp. of N..1., corn. (qua
*2
Mar 31 *Holders of reo. Mar.20
134 Mar.31 Holders of rec. Mar. 8a
Common (quar.)
7 Preferred (quar.)
%
*2
June 30 *Holders of roe. June 20
Mar.31 Holders of reo. Mar. 80
2
8% preferred ((Mara
Common (quar.)
*2
Sept.30 *Holders of rec. Sept.20
Feb. 29 Holders of reo. Feb. 30
50c.
6% preferred (monthly)
Common (guar.)
*2
Dee, 31 *Holders of rec. Deo. 20
50c. Mar. 31 Holders of reo. Mar. 8a
6% preferred (monthly)
Preferred (quar.)
134 Dec. 31 Doe. 21 to Jan. 411
Public Service Elec. & Gas,6% pf.(qua
Preferred (quar.)
134 Mar.31 Holders of rec. Mar. 8
.5‘
• 14
1
31 *Holders of reo. Mar.20
30
of rec. Mar. 6
la Seven per cent Prof. (quar.)
134 Mar.31 Holders
Preferred(Mara
)
•114 June 30 *Holders of rec. June 20
50c. Apr. 16 Holders of rec. Mar. 31
Quebec Power,common (quar.)
Preferred (guar.)
'Holders of reo. Sept.20
Apr. 1 Holders of rec. Mar. Is
Radio Corp. of Amer., pref. A (quar.) - 8714c.
Preferred (rpm.)
•11x%
31 *Holders of reo. Deo. 20
Capital City Surety
Southern Calif. Edison 7% pref. (quar.) 4314c Mar. 15 Holders of rec. Feb. 20
•3
Mar. 1 *Holders of reo. Feb. 14
3715c Mar.15 Holders of rec. Feb. 20
Slx per cent preferred (quar.)
Carter (William) Co., Prof.(quar.)
Mar. 15 Holders of rec. Mar.10
Southern Calif. Gas $634 pref. (guar.).- 1.6234 Mar. 1 Holders of reo. Feb. 11
Caterpillar Tractor (quar.)
•35e. Feb. 25'Holders of reo. Feb. 15
500. Feb. 25 Holders of reo. Jan. 31
Southern Colorado Pow.,corn A. MaExtra
•200. Feb. 25 *Holders of reo. Feb. 15
Mar. 15 Holders of rec. Feb. 29
184
si Preferred (quar.)
Celanese Corp, of Am. lot partle.pd.(qu) $1
Mar. 1 Holders of reo. Feb. 17
zi Apr. 1 Holders of roe. Mar.20
Southwestern Bell Telep., pref.(guar.).
Celite Company, common (quar.)
500. Feb. 1 Holders of reo. Jan. 25
Southwestern Power & Light, pref.(qu.) 134 Mar. 1 Holders of rec. Feb. 15
Celluloid Co., pref.((Mar.)
•114 Mar. 1 *Holders of reo. Feb. 10
of rec. Feb. la
135 Mar. I Holders
Tennessee East Elec., 6% pref. (quar.)
First preferred ((mar.)
81.75 Mar. 1 *Holders of rec. Feb. 10
$1.75 Mar. 1 Holders of reo. Feb. is Century Ribbon Mills, Prof. ((Mara
$7 pref.(quar.)
134 Mar. 1 Holders of rec. Feb. 180
Channon (H.) Co., 2d pref. (quar.)„.._ *2
Tennessee Electric Pow.,6% 1st pi. (r111.) 134 Apr. 2 Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar. 20
I% Apr. 2 Holders of rec. Mar. 15
7% let preferred (quar.)
Second pref. (acct, aceum. diva
•10 Apr. 1 *Hloders of reo. Mar.20
1.80 Apr. 2 Holders of rec. Mar. 15
7.2% first preferred (quar.)
Chatterton & Bon
200. Apr. 1 Holders of reo. Mar. 15
Holders of rec. Feb. 15
50c. Mar. I
6% first preferred (monthly)
Chesebrough Mfg. Consol. (quar.)
Mar.30 Holders of rec. Mar. 100
$1
50c. Apr. 2 Holders of rec. Mar. 15
6% first preferred (monthly)
Chicago Yellow Cab (monthly)
33 1-3 Mar. 1 Holders of rec. Feb. 200
600. Mar. 1 Holders of rec. Feb. 15
7.2% first preferred (monthly)
Childs Co.. corn. (quar.)
60c. Mar. 10 Holders of rec. Feb. 246
60e. Apr. 2 Holders Of roe. Mar. 15
7.2% first preferred (monthly)
Preferred (guar.)
114 Mar.10 Holders of rec. Feb. 24
United Gas Improvement (quar.)
$1 Apr. 14 Holders of reo. Mar. 15a Chile Copper Co.(quar.)
6234e Mar.30 Holders of reo. Mar. 26
30o Mar. 1 Holders of rec. Feb. 21
Utility Shares Corp., panic. pref.(qua _
Cities Service, corn. (monthly)
•35 Mar. 1 *Holders of rec. Feb. 14
Virginia Elec.& Pow.6% pref. fquar.)
134 Mar.20 Holders of rec. Feb. 250
Common (monthly)
Apr.34
zu. 2'Holders of rec. Mar. 15
1
114 Mar.20 Holders of rec. Feb. 290
Seven per cent preferred (quar.)
Corn.(payable in common. stock).
*Holders of reo. Feb. 14
WestPenn.Electric Co. class A (titian) _ $1.75 Mar.30 Holders of ree. Mar. 15a
Common (payable in common stock)_. •fli Apr. 2 *Holders of reo. Mar. 15
135 Mar. 15 Holders of ree. Feb. 25
WestPenn Railways,6% pfd.(quar.) - _
Preferred and pref. BB (monthly).
•14 Mar. 1 *Holders of reo. Feb. 14
-




Name of ComPank

1157

FINANCIAL CHRONICLE

FEB. 25 1928.]

When
Per
Cent. Payable.

Books Closed.
Days ifSCIUS08.

Name of Company.

When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continual).
Miscellaneous (Continued).
8734c Mar. 1 Feb. 16 to Mar. 12
Household Products (guar.)
.)Cities Service. (Continued)
41.25 Apr. 2 Holders of rec. Mar. 12a
Hudson Motor Car (guar.)
Mar. 15
Apr. 2 *Holders of rec.
Preferred and pref. BB (monthly)--_
600. Apr. 14 Apr. 4 tt Apr. 18
Illinois Brick (guar.)
3
•5,. Mar. 1 *Holders of tee. Feb. 14
Preferred B (monthly)
60e. July 14 July 4 to July 15
Quarterly
*Holders of rec. Mar. 15
'Sc. Apr. 2
Preferred B tmonthlY)
60e. Oct. 15 Oct. 4 to Oct. 15
Quarterly
- 750. Mar. 1 Holders of rec. Feb. 106
City Ice & Fuel (Cleveland) (guar.).
250. Mar. 1 Feb. 18 to Feb. 29
600. Mar. 1 Holders of rec. Feb. 15a Imperial Oil, Ltd.(guar.)
Cleveland Stone (guar.)
12340. Mar, 1 Feb. 16 to Feb. 29
Extra
150
250. Mar, 1 Holders of rec. Feb.
Extra
(extra) *734 Mar. 1 *Holders of rec. Feb. 14
ord.
50c. June 1 Holders of tee. May 150 Imperial Tob.of G.B.az Ire.,
Quarterly
•10 Mar. 1 *Holders of rec. Feb. 14
Final dividend
500. Sept. I Holders of reo. Aug. 154
Quarterly
July 16 Holders of rec. June 296
dividend). e2
Mar. 1 Holders of rec. Feb. 170 Incorporated Investors(stock
Collins dr Aikman Corp., corn.(guar.).- $1
Mar. 15 Holders of rec. Mar. 1
$5
1% Mar. 1 Holders of rec. Feb. 17a Independence Indemnity
Preferred (guar.)
50e. Mar. 1 Holders of rec. Feb. 200
Indian Motocycle (guar)
16
*e50 Mar. 1 *Holders of rec. Feb.
Collier Insulated Wire (stock div.)
75c. Mar. 1 Holders of rec. Feb. 46
(guar.)
Feb. 25 Holders of rec. Feb. I00 Ingersoll-Rand Co.,corn.
Colorado Fuel & Iron. pref.(guar.).- 2
62340 Mar. 1 Holders of rec. Feb. 154
Steel,corn.(guar.)
15
Congoleum-Nairn Co., pref.(guar.)._ •1% Mar. 1 *Holders of rec. Feb. 240 Inland
$4.45 Mar. 1 Holders of rec. Feb. 15a
Common(extra)
Consolidated Cigar Corp., pref.(qu.) _ _ $1.75 Mar. 1 Holders of rec. Feb.
Common (payable in corn.stock.). - 134 Mar.15 Holders of rec. Feb. 154
.(quar.) *1)( Apr. 1 *Holders of rec. Mar. 31
Consumers Company, prior. pre!
134 Apr, 2 Holders of rec. Mar.15a
Preferred (guar.)
of rec. Feb. 29
*1)4 Mar. 1 *Holders
Cosgrove Export. Brew.(guar.)
$1.50 Apr. 1 Mar. 18 to Apr. 1
$1.2 Mar.30 Holders of rec. Mar. 160 Interlake Steamship (guar.)coin.(guar.) 50c. Feb. 29 Holders of rec. Feb. 170
Coty, Inc. (guar.)
Mar.12 Holders of rec. Mar. la Internat. Combustion Eng.,
6
u1)1. to meet. Feb. 28
Stock div.,
$1.75 Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
of rec. Mar.
Cresson Consol. Gold Min.& Mill (qu.)_ •10c. Apr. 1 *Holders of rec. Mar.31
International Harvester, corn. (guar.).- 134 Apr. 16 Holders of rec. Feb. 260
40
Crowley, Milner & Co.
I% Mar. 1 Holders
Preferred (guar.)
Holders of rec. Mar. 10
500. Mar.31
Common (guar.)(NO. 1)
.134 Mar. 1 *Holders of rec. Feb. 20
4
Milling, 1st pref
International
Mar. 1 *Holders of rec. Feb. 15
*2
Crown Overall Mfg.(guar.)
134 Apr. 1 Holders of rec. Mar. 15a
International Salt (guar.)
*21.75 Apr. 1 *Holders of rec. Mar. 15
let pf.
Crown Willamette Paper.
550. Mar. 1 Holders of rec. Feb. 15
Internat. Securities, corn.. el. A (q11.)
•$1.50 Apr. 1 *Holders of rec. Mar. 15
Second pref.(guar.)(No. 1)
12340 Mar, 1 Holders of rec. Feb. 15
Common class B (qual.)
1% Mar.31 Holders of rec. Mar. 15a
Crucible Steel. Pref. (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Seven per cent preferred (guar.)
2 Holders of rec. Mar. 30
250. Apr.
Cuban-American Sugar, COM.(qUar.)
134 Mar. 1 Holders of rec. Feb. 15
634% preferred (guar.)
1)( Apr. 2 Holders of rec. Mar. 30
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Six per cent preferred (qual.)
Mar.15 Holders of rec. Feb. 29
$2
Cumberland Pipe Line(guar.)
34 Mar. 1 Holders of rec. Feb. 15
International Shoe, pref. (monthly).Mar.15 Holders of rec. Feb. 29
$8
Extra
134 Mar. 1 Holders of rec. Feb. 150
(guar.)
334 Mar.15 Holders of rec. Mar. 16 International Silver, corn.
Curtiss Aeroplane & Motor, pref
134 Apr. 1 Holders of rec. Mar.120
Preferred (guar.)
Holders of rec. Mar. la
500 Mar.15
Preferred (special)
1% Mar. 1 *Holders of rec. Feb. 15
•
Mar. 1 Holders of rec. Feb. 156 Interstate Iron & Steel, pref.(qual.)._._ $2 Apr. 1 Holders of rec. Mar.21
$1
Cushman Sons. Inc., corn. (guar.)
(guar.)
.f$3 Mar. 1 Holders of rec. Feb. 150 Intertype Corp., 1st pref.
Common (payable in 8% pref.)
50c Mar.15 Holders of rec. Feb. 28
1540 Isle Royale Copper
Mar. I Holders of rec. Feb.
7% preferred (guar.)
623.4c Mar. 1 Holders of rec. Feb. 17
Mar. 1 Holders of rec. Feb. 156 Jaeger Machine, corn. (guar.) 1)
2
8% preferred (guar.)
•21 Apr. 16 *Holders of rec. Apr. 4
Jewell Tea, coin. (guar.) (No.
of rec. Mar. 5
.
Decker(Alfred) di Cohn,corn.(guar.) - •500 Mar.15 *Holders
•134 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 200
Preferred (guar.)
500 Mar. I Holders of rec. Feb. 15
June 1 Holders of roe. May 190 Johnson-Stephens-ShInkle Shoe (guar.). •134 Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
20o Jones & Laughlin Steel, corn.(guar.)._
Sept. 1 Holders of tea. Aug.
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar.156
Preferred (guar.)
Apr. 2 Holders of roe. Mar. 15
*Holders of rec. Mar.20
Deere & Co., coin.(No. 1) (guar.)
-* 31.125 Apr.
Mar. 1 Holders of rec. Feb. 156 Kalamazoo Stove, common (guar.)._
Holders of rec. Mar.206
Preferred (guar.)
12340. Apr.
Mar. 15 Holders of rec. Feb. 2S0 Kaynee Company, common (extra)._ 1234c July
2
Holders of tee. June 200
Diamond Match (guar.)
COMMOB (extra)
Mar.15 Holders of rec. Feb. 260
1
12
Extra
Kentucky Cash Credit Co. Corn.(guar.) 15e. Mar.24 Holders of rec. Mar. 12
rec. Feb. 17
*250. Mar. 1 *Holders of
Dictaphone Corp., corn. (guar.)
150. Mar.24 Holders of rec. Mar.
Preferred (guar.)
*250 Mar. 1 *Holders of roe. Feb. 17
Common (extra)
15e. Mar.24 Holders of rec. Mar.12
Preferred (extra)
Mar. 1 *Holders of res. Feb. 17
02
.
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 176
2
Kinney(G.R.) pref.,(guar.)
25e. Apr. 20 Holders of rec. Mar.31
Dome Mines. Ltd..(guar.)
134 Apr. 2 Holders of rec. Mar. 15
Knox Hat, pref. (guar.)
65c. Apr. 14 Holders of rec. Mar. 31
Dominion Engineering Wks.(quar.)
30e. Mar.31 Holders of rec. Mar. 100
Kresge(S.EL) Co..cora.(guar.)
Apr. 2 Holders of rec. Mar. 15
Dominion Textile, Ltd., COM.(qual.)... $1.25
400. Mar.31 Holders of rec. Mar. 100
Common (extra)
13 Apr. 16 Holders of rec. Mar. 31
Preferred (quar.)
134 Mar.31 Holders of rec. Mar.100
Preferred (guar.)
Apr. 10 Holders of rec. Apr. 10
- $1
Dunhill International, corn. (guar.).
100
Kroger Gra% & Bak.,corn.(qu.)(No. 1) 250 Mar, 1 Holders of rec. Feb. 100
20
•6234e Apr. I *Holders of rec. Mar.
Early & Daniel, cons.(guar.)
f5 Apr. 2 Holders of rec. Mar.
Corn.(payable in corn stock)
*250. Apr. 1 *Holders of rec. Mar.20
Common (extra)
1)4 Mar. 1 Holders of rec. Feb. 240
$1.25 Apr. 2 Holders of rec. Feb. 290 Kuppenheimer (B.) pref.(guar.)
Eastman Kodak, corn.(guar.)
Mar. 10 *Holders of rec. Mar. 1
•1
75e. Apr. 2 Holders of rec. Feb. 290 Laguna Land & Water(monthly)
Common (extra)
Apr. 10 *Holders of rec. Apr. 1
•1
Monthly
I% Apr. 2 Holders of rec. Feb. 296
Preferred (guar.)
May 10 *Holders of rec. May 1
*1
Monthly
Holders of rec. Dec. 31
Mar.15
10
Ebsary GYPSUM Co.. Inc
Mar. 1 Holders of rec. Feb. 15
Lake of the Woods Milling, corn.(guar.) 3
•62)40 Feb. 29 *Holders of rec. Feb. 14
Eitingon-Schid Co.(guar.)
134 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
37340 Mar. 1 Holders of rec. Feb. 19
Dry Goods,corn.(guar.)
Ely-Walker
Mar.20 *Holders of rec. Mar. 10
Lamson & Hubbard Corp., pf. accr.div.) h*5
$1.75 Apr. 2 Holders of rec. Mar. 15a
Equitable Office Bldg.. COM.(guar.)
*134 Feb. 29 *Holders of rec. Feb. 18
Apr. 2 Holders of rec. Mar.154 Lanston Monotype Mach.(guar.)
Preferred (guar.)
Feb. 29 Holders of rec. Feb. 4
1
Mar. 1 Holders of rec. Feb. 15a Lehigh Coal & Navigation (guar.)
Erie Steam Shovel, Pref. (guar.)
75c Mar. 1 Holders of rec. Feb. 17
Lehn & Fink Products, corn.(guar.).*50o Mar.24 *Holders of rec. Mar. 1
European Corp., Corn. (guar.)
•25c Mar. *Holders of rec. Feb. 25
LeMur Co. (extra)
Mar.15 *Holders of rec. Mar. 5
•32
(extra)
Ewa Plantation
750 Mar.31 Holders of rec. Mar.120 Libby-Owens Sheet Glass, com.(qu.)... •50e Mar. *Holders of rec. Feb. 20
Fairbanks, Morse & Co., corn. (quar.)-.
•1% Mar. *Holders of rec. Feb. 20
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 116
Preferred (guar.)
Holders of rec. Feb. 150
Mar.
200 Mar. 1 Holders of rec. Feb. 206 Liggett&Myers Tob.,com dr cony.B(qu) $1
Fair (The). corn.(monthly)
Holders of rec. Feb. 150
Mar.
and common B (extra)
$1
Common
200 Apr. 2 Holders of rec. Mar. 2I0
Common (monthly)
Holders of rec. Feb. I5a
Mar.
Lima Locomotive Wks., Inc., corn.(qu.) I
•200 May 1 *Holders of rec. Apr. 20
(monthly)
Common
Holders of rec. Apr. 20
90e. May
•1% May 1 *Holders of rec. Apr. 20
Liquid Carbonic Corp.(guar.)
Preferred (guar.)
Holders of rec. Feb. 170
134 Mar.
Lord &Taylor. lat pref.(guar.)
Mar, 1 Holders of roe. Jan. 31
Pam.Players, Caned.Corp.. let Pf.(qu.) 2
$2.50 Mar. 1 Holders of rec. Feb. 11
Ludlow Mtg.Associates(guar.)
*6234 c May 1 *Holders of rec. Apr. 15
corn. (qua?.)
Federal Knitting Mills,
50c. Mar. 1 Holders of rec. Feb. 160
Manhattan Shirt, corn. (guar.)
•1234 May 1 *Holders of rec. Apr. 15
Common (extra)
Mar.15 Holders of rec. Feb. 24a Marmon Motor Car, common (guar.)._ $1 Mar. 1 Holders of rec. Feb. 15
Federal Mln.& Smelt., pref.(guar.).
•800.
20e Apr. 2 Holders of rec. Mar. 170 Marvel Carburetor (guar.)
Federal Motor Truck (guar.)
•20c.
Extra
e234 Apr. 5 Holders of rec. Mar. 170
Stock dividend
lc.
Mascot Oil (monthly)
•16e. Apr. 17 *Holders of rec. Apr. 3
Securities (guar.)
Fifth Ave. Bus
Mathieson Alkali Works, corn.(guar.).- $1.50 Apr. 2 Holders of rec. Mar. 160
1
Mar. 1 Feb. 15 to Mar.
3
Fifty-five Park Ave., let pref
1% Apr. 2 Holders of rec. Mar.160
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 15
4
Finance Service Co.(Baltimore), corn..
Mar, 1 Holders of rec. Feb. 15a
May Department Stores, corn.(qual.).. $1
134 Mar. 1 Holders of rec. Feb. 15
Preferred(guar.)
*31 Mar. 1 *Holders of rec. Feb. 23
May Hosiery Mills, pref.(guar.)
$1.75 May 15 Holders of rec. May 1
First Federal Foreign Invest Trust
50c. Mar, 1 Holders of rec. Feb. 140
Mar. 1 Holders of rec. Feb. 156 Maytag Co., common (guar.)
pref. (guar.)
Fisk Rubber. 2nd
25e. Mar. 1 Holders of rec. Feb. 14a
Common (extra)
Fitz'mons& Connell Dred-Dock,com.qu. •50c. Mar. 1 *Holders of rec. Feb. 18
$1.50 Apr. 1 Holders of rec. Mar. 100 McCaban(W.J.)Sugar Ref.& Molasses,
Fuller(Geo.A) partio, prier pref.(qu.)
134 Mar. 1 Holders of rec. Feb. 170
pref.(guar.)
$1.25 Mar.15 Holders of rec. Mar. 5
Gamewell Co.. common (guar.)
McCrory Sta. Corp.,com.& con. B (qu.) 50c. Mar. 1 Holders of rec. Feb. 204
May. 1 Holders of rec. Feb. 20
Preferred (guar.)
250. Mar. 1 Holders of rec. Feb. la
Mar, 1 Holders of rec. Feb. 140 McIntyre Porcupine Mines (guar.)
General Asphalt. pref.(guar.)
234 Mar, 1 Holders of rec. Jan. 17
210 Merrimack Mfg.,corn.(guar.)
Mar, 1 Holders of roe. Feb.
General Cigar. pref. (guar.)
234 Mar. 1 Holders of rec. Jan. 17
Preferred
Mar. 1 *Feb. 24 to Mar. 13
General Ice Cream Corp.. pref. (guar.)
$1.25 Mar. 12 Holders of rec. Feb. 180 Metro-Goldwyn Pictures. pref.(guar.)._ 131 Mar. 15 Holders of rec. Feb. 25a
General Motors, coin. (qual.)
50c Mar. 1 Holders of rec. Feb. 15
Paving Brick, corn. (qtr.).
I% May 1 Holders of rec. Apr. 76 Metropolitan
Six per cent pref. (guar.)
•134 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
May 1 Holders of rec. Apr. 76
13% deb. stock (guar.)
Mid-Continent Petrol Corp., pf. (guar.) 134 Mar. 1 Holders of rec. Feb. 154
May 1 Holders of rec. Apr. 76
Seven per cent pref. (guar.)
Mar. 1 Holders of rec. Feb. 10
2
$1.25 Mar. 1 Holders of rec. Feb. la Miller Rubber. prof.(guar.)
Gillette Safety Razor (guar.)
$1.25c Aug. 15 Holders of rec. Aug. 4
Apr. 1 Holders of rec. Mar.15a Minneap-Iioneywell Regul.corn.
Glidden Co.. prior pt. (guar.)
1% Feb. 15 Holders of rec. Feb. 4
Preferred (guar.).(No. 1)
Globe-Democrat Pub. Co.. pref. (qu.). 134 Mar. 1 Holders of rec. Feb. 20
1% May 15 Holders of rec. May 4
Preferred (guar.)
Globe Grain & Milling, corn.(guar.)._ *$1.50 Apr. 2 *Holders of rec. Mar.28
134 Aug. 15 Holders of rec. Aug. 4
Preferred (guar.)
•$1.75 Apr. 2 *Holders of rec. Mar.28
First preferred (guar.)
134 Nov.15 Holders of recs. Nov. 3
Preferred (guar.)
•22 Apr. 2 *Holders of rec. Mar.28
Second preferred (guar.)
Mar. 1 Holders of rec. Jan. 28
$1
Mohawk Mining (guar.)
& Reduo.(guar.)._ cie. Mar.10 *Holders of rec. Feb. 29
Golden Cycle Min.
corn.(guar.) *625i Apr. 2 *Holders of rec. Mar.20
$1
Mar. 1 Holders of rec. Feb. 106 Monsanto Chemical Works,
Goodrich (B. F.) Co.. corn.(guar.)
Apr. 2 Holders of rec. Mar. 90 Montgomery Ward dr Co.,class A (qu.).•$1.7 Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
July 2 Holders of rec. June 8a Montreal Cottons, Ltd.. corn. (quar.)_ _ 1% Mar.15 Holders of rec. Feb. 29
Preferred (guar.)
134 Mar.15 Holders of rec. Feb. 29
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 15
Gorham Manufacturing. 1st pfd.(qOW.)
33
Mtge.Security Corp. of Am.,corn.(qu.) 50c. Mar. 1 Holders of rec. Feb. 17
' 1-3c Mar. 1 *Holders of rec. Feb. 17
(H. W.) CO., corn.(monthly)
Gowan!
• 33 1-3c Apr. 1 *Holders of rec. Mar.21
$1.75 Mar. 1 Holders of rec. Feb. 17
First preferred (guar.)
Common (monthly)
• 331-3c May 2 *Holders of rec. Apr. 20
Mar. 1 Holders of rec. Feb. 17
$2
Second preferred (guar.)
Common (monthly)
• 331-50 June 1 *Holders of rec. May 21
750. Mar. I Holders of rec. Feb. 160
Munsingwear. Inc. (guar.)
Common (monthly)
•25e. Mar. 1 *Holders of rec. Feb. 20
• 33 1-3c July 1 *Holders of rec. June 20
Murphy (G. C.) Co.(guar.)
Common (monthly)
•25e. June 1 *Holders of rec. May 20
Quarterly
•134 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
*250. Sept. 1 *Holders of rec. Aug. 20
Quarterly
Great AU.& Pacific Tea,corn.(guar.)._ •75e. Mar. 1 *Holders of rec. Feb. 11
•250. Dec. 1 *Holders of roe. Nov.20
•144 Mar. 1 *Holders of rec. Feb. 11
Quarterly
Preferred (guar.)
(guar.)
$1.25 Apr. 1 Holders of rec. Mar.22a National American Co.. (quarterly)..... *50c May 1 *Holders of rec. Apr. 15
Great Lakes Steamship
*50c Aug. 1 *Holders of rec. July 15
- 750. Apr. 30 Holders of rec. Apr. 9a
Quarterly
Great Northern Iron Ore Properties
*50c. Nov. I *Holders of rec. Oct. 15
Quarterly
•75e. Mar. 1 *Holders of rec. Feb. 20
Great Northern Paper (guar.)
National Belles Hess Co.. Inc., Pt.(GU.) 134 Mar, 1 Holders of rec. Feb. 210
Greenfield Tap & Die Corp..6% pf.(qu.) 134 Apr. 2 Holders of rec. Mar. 15
$1.50 Apr. 14 Holders of rec. Mar.300
2
Apr. 2 Holders of rec. Mar. 15
National Biscuit, corn. (guar.)
8% pref.(guar.)
134 Feb. 29 Holders of rec. Feb. 156
2
Apr. 2 Holders of rec. Mar.15a
Preferred (guar.)
Guantanamo Sugar, pref. (guar.)
$1.25 Mar.31 Holders of rec. mar.160
*50o. Mar. 1 *Holders of rec. Feb. 15
National Lead, common (guar.)
Hale Bros., corn.(qual.)
•25e. Mar.15 *Holders of rec. Mar. 1
134 Mar.15 Holders of rec. Mar. 20
Preferred A (guar.)
Lamp (quer.)
Hall (C. M.)
1% May 1 Holders of rec. Apr. 230
15e. Mar.10 Holders of rec. Feb. 29
Preferred B (guar.)
Hanes(P. II.) Knitting, com & corn B
75e. Mar.15 Holders of rec. Mar. 20
134 Apr. 2 Holders of rec. Mar.20
National Radiator Corp.. corn.(quar.)
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 5
National Sugar Refining (guar.)
- to, Mar.15 Holders of rec. Feb. 20
Happiness Candy Stores (stock div.)•25e Mal.15 *Holders of rec. Feb. 29
184 Mar. 1 Holders of rec. Feb. 200 National Transit (guar.)
Harbison-Walker Refract.. corn.(qu.)
*500 Mar.15 *Holders of rec. Feb. 29
Apr. 20 Holders of rec. Apr. 106
Extra
Preferred (guar.)
Apr. 2 *Holders of rec. Mar.16
Mar, 1 Holders of rec. Feb. 18a Nelson (Herman) Corp.. stock dividend *el
Hartman Corp., class A (guar.)
July 2 *Holders of rec. June 19
*el
30e. Mar. 1 Holders of rec. Feb. 186
Stock dividend
B (qua?.)
Class
Oct. I *Holders of rec. Sept.18
•e1
Feb. 29 *Holders of rec. Feb. 15
Stock dividend
Inc.. corn.(qu.) *2
Hart Schaffner & Marx,
•500. Apr. 16 *Holders of rec. Apr. 2
Mar.15 Holders of rec. Mar. 1
N. Y.Transportation (guar.)
Hathaway Baking, cony. pref.(guar.).
$1.75 Apr. 1 Holders of rec. Mar. 15
Mar. 1 *Holders of rec. Feb. 16
Nichols & Shepard Co.. prof.(Qum. )
Hathaway Mfg.(guar.)
15e. Mar. 1 Holders of rec. Feb. 1
North Central Texas Oil(guar.)
Hibbard,Spencer, Bartlett & Co.(mthly) 35c. Mar.30 Holders of rec. Mar.23
1,4 Mar. 1 Holders of rec. Feb. 29
Mar. 1 Feb. 19 to March 1
2
Ogilvie Flour Mills, pref.(guar.)
Higbee Co.. 2nd pref.(guar.)
•50e. Mar.15 *Holders of rec. Feb. 18
50c. Mar. 1 Holders of rec. Feb. 15
Ohio Oil (guar.)
Hires (Charles E.) Co.,corn. cl. A (qu.)Apr. 2 Holders of rec. Mar.166
•500. Mar. 1 *Holders of rec. Feb. 18
Omnibus Corp., pref.(guar.)
Hobart Mfg.(guar.)
Feb. 29 Holders of rec. Feb. 154
$1
*10e. Feb. 25 *Holders of rec. Feb. 9
Otis Elevator, corn. (extra)
Hollinger Consol. Gold Minor
250. Feb. 29 Holders of rec. Feb. 150
25 Holders of rec. Feb. 200 Packard Motor Car, monthly
50c. Feb.
Homestake mining (monthly)
256. Mar.31 Holders of rec. Mar.150
250. Mar. 1 Holders of rec. Feb. 25
Monthly
Homestead Funds Corp., corn
254. Apr. 30 Holders of rec. Apr. 140
Monthly
134 Mar. 1 Feb. 21 to Mar. 1
Hood Rubber Products. pref.(guar.)._
250. May 31 Holders of rec. May 154
Mar. 1 *Holders of rec. Feb. 2
Monthly
Horn & Hardart of N.Y..pref.(gU.)---




134

134
134
I%
134
134

134
134

134

134

134
134
114
•134

134
134
134

134
134
134

134
500.

-134
•134

$2

•134

1158

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

[VOL. 126.

Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued)
Miscellaneous (Concluded).
Paramount lam.Lasky Corp.,com.(qu.) $2
Apr. 2 Holders of rec. Mar. 15a U. S. L. Battery, common
*51
Apr. 2 *Holders of rec. Feb. 27
Pender (D.) Grocery Co., el. A (quar.)_ .8734c Mar. 1 *Holders of rec. Feb. 20
Preferred (goar.)
•25c. Apr. 2 *Holders of rec. Feb. 27
Class B (quar.)
50c. Apr. 1 Holders of rec. Mar. 15
Preferred 13 (guar.)
*1.734c Apr. 2 *Holders of rec. Feb. 27
Class B (extra)
25c. Apr. 1 Holders of rec. Mar. 15
U. S. Realty & Improvement (quar.)_
$1
Phelps Dodge Corp.(guar.)
Mar. 15 Holders of rec. Feb. 240
*$1.50 Apr. 2 *Holders of rec. Mar. 20
U.S. Steel, corn.(guar.)
Phillips-Jones Co.. common (quar.)
134 Mar. 30 Holders of rec. Feb. 29a
$1
Mar. I Holders of rec. Feb. 206
Preferred (guar.)
Phoenix Hosiery, pref. (guar.)
154 Feb. 28 Holders of rec. Feb. 4a
1% Mar. 1 Holders of rec. Feb. 170 Vacuum 011 (quar,)
50e. Mar.20 Holders of rec. Feb. 29
Photo Engravers & Electrotyper. Ltd _
500. Mar. 1 Holders of rec. Feb. 15a
Extra
50c Mar,20 Holders of rec. Feb. 29
Pillsbury Flour Mills, corn.(quar.)
40e. Mar. 1 Holders of rec. Feb. 150 Valvoline Oil. common (quar.)
134 Mar. 17
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 15a
Virginia-Carolina Chem., prior pfd.(qu.) 134 Mar. 1 Holders of rec. Mar. 15
Pines Winterfront Co., el. A & B (quar.)
Holders of rec. Feb. 150
75e. Mar. 1 Holders of ree. Feb. 15a
Vulcan Last (guar.)
*75c. Apr. 2 *Holders of rec. Mar. 15
Pittsburgh Steel, pref. (quar.)
I% Mar. 1 Holders of rec. Feb. ha
Stock dividend
*5
Apr. 2 *Holders of rec. Mar. 15
Polar Wave Ice & Fuel, cl. A (quar.)- _ 623c Mar. 1 Holders of rec. Feb. 15
V. Vivaudou, corn. (pay In corn. stk.)
Pratt & Lambert, Inc., corn. (quar.)_
f234 Mar.31 Holders of rec. Mar. 5
.750. Apr. 2 Holders of rec. Mar. 15
Wabasso Cotton (guar.)
*51
Apr. 2 *Holders of rec. Mar. 15
Pressed Steel Car, pref. (quar.)
1 g Mar.31 Holders of rec. Mar. la
Extra
*50c. Apr.
Pro-phy-lac-tle Brush. pref. (quar.)
•15 Mar. 16 *Holders of roe. Feb. 29
Wahl Co.. Prof. (accr, accum. div.)_ _ _ _ .1115( Apr. 2 *Holders of rec. Mar. 15
Pure Oil, corn.(quar.)
1 *Holders of rec. Mar. 23
123(0 Mar. 1 Holders of rec. Feb. 10a Waialua Agricultural Co.,
corn. (quar.)_ *600. Feb. 29 *Holders of rec. Feb. 19
Purity Bakeries, class A (quar.)
75e. Mar. 1 Holders of rec. Feb. 156 Waltt & Bond, Inc., class A
(guar.)._
*50c. Mar. 1 *Holders of rec. Feb. 15
Class B (quar.)
50e Mar. 1 Holders of rec. Feb. I5a
Class B (quar.)
•2734c Apr. 2 *Holders of rec. Mar. 15
Preferred (quar.)
1', Mar. 1 Holders of rec. Feb. 156 Wamsutta Mills(quar.)
Mar. 15 Holders of rec. Feb. 14
$1
Q. R. S. Music, common (quar.)__
•50e. Apr. 16 *Holders of rec. Apr. 2
Warner Gear Co., corn. (quar.)
*25c. Apr. 1 *Holders of
Preferred (guar.)
Mar.31 *Holders of rec. Apr. 2
Wayagamack Pulp & Paper, corn. (dirt.). 75e. Mar, I Holders of rec. Mar. 15
Quaker Oats, coin. (quar.)
rec. Feb. 150
•$1 Apr. 16 *Holders of rec. Apr. 2
Welch Grape Juice, coin. (guar.)
25e. Feb. 29 Holders of rec. Feb. 20
Common (extra)
•53 Apr. 16 *Holders of rec. Apr. 2
Preferred (guar.)
134 Feb. 29 Holders of rec. Feb. 20
Common (payable In com. stock)_ _
.125 Anr. 20 *Holders of rec. Apr. 2
Wesson Oil & Snowdrift, pref. (guar.).134 Mar, 1 Holders of rec. Feb. 15
Preferred (quar.)
•13( May 31 *Holders of rec. May I
Western Auto Supply.
(No. 1)
750. Mar. 1 Holders of rec. Feb. 23
Rand Mines (American shares)
31.52 Feb. 28 Holders of rec. Feb. 21a Western Canada Flour com.(qu.)
Mill, corn.(qu.) _ .35c. Mar. 15 *Holders of rec. Feb. 29
Rapid Electro (quar.)
'311.(c Mar. 15 *Holders of rec. Mar.
Preferred (quar.)
•156 Mar. 15 *Holders of roe. Feb. 29
Reo Motor Car (Quar.)
200. Apr. 2 Holders of rec. Mar. 9a Western Dairy Prod., el.
A (mar.)
31
Mar, 1 Holders of rec. Feb. 90
Extra
20c. Apr. 2 Holders of rec. Mar. 9a Western Grocery, pref (goar.)
'134 July 1 *Holders of rec. June 20
Republic Iron & Steel, corn.(guar.).
Mar. 1 Holders of rec. Feb. 15a Westinghouse Air Brake (quer.)
- $1
500. Apr. 30 Holders of rec. Mar. 31
Preferred (quar.)
14 Apr. 2 Holders of rec. Mar. 15a Westland Oil
.11 Mar. 1 Holders of rec. Feb. 15
Rigney de Co., pref.(quar.)
25c. Apr. 2 Holders of rec. Mar. 20a White (J. G.) Co.,
Inc.. corn
6
Mar, I Holders of rec. Feb. 10
Roach (Hal) Studios, Inc., pref.(quar.)_ *2
Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
134 Mar. 1 Holders of rec. Feb.
3.( Mar. 1 *Holders of rec. Feb. 15
Preferred (extra)
.
0
White (J. G.) Engineering Corp., pf.(qu) 134 Mar, 1 Holders of rec. Feb. 15
Bt. Joseph Lead (quar.)
15
50c Mar.20 Mar. 10 to Mar. 20
White (J. G.) Manes. Corp., pf. (qu.)
134 Mar. 1 Holders of rec. Feb. 15
Extra
25e Mar.20 Mar. 10 to Mar. 20
Williams Tool Corp., pref.(quar.)
2
Apr. 1 Holders of rec. Mar. 20
Quarterly
500 June 20 June 10 to June 20
W ilson & Jones (quan)
•500. Mar. 1 *Holders of rec. Feb. 24
Extra
250 June 20 June 10 to June 20
Extra
*25e. Mar. 1 *Holders of
Quarterly
50c Sept.20 Sept. 9 to Sept. 20
Windsor lintel, 634% pf. (go.)(No. 1)- *134 Mar. 1 *Holders of roe. Feb. 24
rec. Feb. 20
Extra
250 Sept.20 Sept. 9 to Sept. 20
Witherow Steel, 1st pref.(quar.)
•51.25 Mar. 1 *Holders of rec. Feb. 25
Quarterly
• 50c Dec. 20 Dec. 9 to Dec. 20
Woods Manufacturing, Prof. (quar.)_
134 Apr. 2 Holders of rec. Mar. 22
Extra
25c Dec. 20 Dec. 9 to Dec. 20
Woodworth,Inc.,conv.pref.(go.)(No. 1) •6234c Mar. 15 *Holders of rec. Mar. 1
Sanitary Grocery Co., Inc., eon).(au.)
Mar. 15 Holders of rec. Mar. .5
32
Woolworth (F. W.) Co.(quar.)
51.25 Mar. 1 Holders of rec. Feb. 100
Preferred (quar.)
81.6212 Mar. 1 Holders of rec. Feb. 17
Wright Aeronautical Co.(quar.)
50c Feb. 29 Holders of rec. Feb. 15a
Savage Arms Corp., corn. (quar.)
1
Mar. 1 Holders of rec. Feb. 15a Wrigley (Wm.)
Jr. Co.(monthly)
25c. Mar. 1 Holders of rec. Feb. 200
1st pref.(guar.)
Apr. 2 *Holders of rec. Mar. 15
Monthly
25e. Apr. 2 Holders of roe. Mar. 200
2nd pref.(quar.)
*136 May 15 *Holders of rec. May 1
Youngstown Sheet & Table (quar.)
134 Mar. 31 Holders of roe. Mar. 140
Schulte Retail Stores, corn.(quar.)
87340 Mar. 1 Holders of rec. Feb. 15a
Common (quar.)
• From unofficial sources. t The New York Stock Exchange
8734c June 1 Holders of rec. May 15a
has
Common (quar.)
8734c Sept. 1 Holders of roe. Aug. 150 will not be quoted ex-dividend on this date and not untll furtherruled that stock
notice. I Tie
Common (quar.)
New York Curb Market Association has ruled that stock
8714c Dec. 1 Holders of rec. Nov. 15a
will not be quoted exScovill Mfg.(quar.)
.600 Apr. 2 *Holders of rec. Mar. 23
dividend on this date and not until further notice.
Segal Lock & Hardware (quar.)
250 Mar. 15 Holders of rec. Feb. 29
a Transfer books not closed for this dividend. .1 Payable
in preferred stock.
Preferred (quar.)
134 Apr. 15 Holders of rec. Mar.31d d Correction. e Payable in stock.
f Payable in common stock. g Payable in
Shell Union Oil Corp.(quar.)
35e. Mar.31 Holders of rec. Mar. la scrip. h On
account of accumulated dividends.
Shera in Williams Co., pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 15
I Associated Gas & Electric dividends payable either in cash or
Shippers Car Line Corp. pref. (quer.) _ _ 31.75 Feb. 29 Holders of rec. Feb. 17
class A stock
Shreveport El Dorado Pipe Line (quar.)50e. Apr. 1 Holders of rec. Mar.20a as follows: On 58 pref. 3 40-100ths share of class A stock: on $6.50 pref. 3 69-100ths
Shubert Theatres Co.(quar.)
$1.25 Mar. 15 Holders of rec. Mar. la share of class A stock; on original pref. 2 27-100ths share of class A stock; on $7
pref. 3 98-100ths share of claw A stock.
Simon (Franklin) dv Co.. pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 16a
Skelly Oil (quar.)
m Dividend will be paid in Class A stock at rate of $25 per
50e. Mar. 15 Holders of roe. Feb. 150
share unless advised
Sloss-Sheffield Steel & Iron, corn. (111.)- *134 Mar.20 *Holders of rec. Mar. 10
by Mar. 21 of election to take cash.
Preferred (Quar.)
'134 Apr. 2 *Holders of rec. Mar. 20
n British-Amer. To b. dividend Is 10d. per share, and
all transfers received in
Smallwood Stone, cl. A (guar.)
6234c Mar,15 Holders of rec. Mar. 5
order at London, on or before Mar. 3, will be in time
for payment of dividend to
South Penn 011 (guar.)
*50c. Mar.31 *Holders of rec. Mar. 14
transferees.
South Porto Rico Sugar, corn.(quar.)
50c. Apr. 2 Holders of rec. Mar. 10a
o Payable in transferable interest-bearing scrip.
Preferred (quar.)
2
Apr. 2 Holders of rec. Mar. 106
P One month dividend for purpose of bringing dividend payments in alignment
Southern Grocery Stores Corp.corn (qu.) *1236c Mar. 1 *Holders of rec. Feb. 15
with company's fiscal year.
Class A (guar.)
.62340 Mar. I *Holders of rec. Feb. 15
u Called for redemption April 1.
Spalding (A. G.)& Bros., corn.(quar.)
$1.25 Apr. 16 Holders of rec. Apr. 7
to One share for each forty shares outstanding.
First preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 18a
x Stock called for redemption. Dividends payable on presentation
Second preferred (quar.)
of certificates.
2
Mar. 1 Holders of rec. Feb. 18
y Stockholders have option of taking cash or
234% In stock.
Sparks-Withington Co., corn. (quar.)__
*25e. Apr. 2 *Holders of rec. Mar. 15
Preferred (quar.)
•134 Apr. 2 *Holders of rec. Mar. 15
Spear & Co., 1st & 2d pref.(quar.)
134 Mar. 1 Holders of rec. Feb. 15a
Weekly Returns of New York City Clearing House
Standard Chemical (No. 1)
$1
Apr. 1 Holders of rec. Feb. 29
Standard Investing, 36 pref.(guar.)._ *51.50 Apr. 1 *Holders of rec. Mar. 12
Banks and Trust Companies.
Standard 011 (Calif.) (quar.)
6234c Mar. 15 Holders of rec. Feb. 15a
The following shows the condition of the New York City
Standard Oil (Ind.) (quar.)
•6254c Mar.15 *Holders of rec. Feb. 16
Extra
Clearing House members for the week ending Feb. 18. The
.250. Mar. 15 *Holders of roe. Feb. 16
Standard 011 (Nebraska)(quar.)
63e. Mar.20 Feb. 26 to
Mar.20
figures for the separate banks are the averages of the daily
Standard 011(N.J.),com., par $100(q11.) 1
Mar. 15 Holders of rec. Feb. 25
results. In the case of the grand totals, we also show the
Common par $100 (extra)
50c. Mar. 15 Holders of rec. Feb. 25
Common par $25 (quar.)
25c. Mar. 15 Holders of rec. Feb. 25a actual figures of condition
at the end of the week.
Common par $25 'extra)
12360. Mar. 15 Holders of rec. Feb. 25a
Standard 011 of N.Y.(quar.)
40c. Mar. 15 Holders of rec. Feb. 17a
NEW YORK WEEKLY CLEARING HOUSE
RETURNS.
Standard 011 (Ohio), pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 10
(Stated in thousands of dollars-that is, three ciphers
Stlx, Baer & Fuller Co., corn. (quar.)
3736c Mar. 1 Holders of rec. Feb. 15
(0001 omitted.)
Stromberg-Carlson Tel. Mfg. (quar.)--- •250. Mar. 1 *Holders of roe. Feb. 14
Extra
•1234c Mar. 1 *Holders of rec. Feb. 14
Net
Studebaker Corp., corn.(quar.)
$1.25 Mar. I Holders of rec. Feb. 10a
Capital. Profits) Loans,
Reserve
Preferred (quar.)
Week Ended
134 Mar. 1 Holders of rec. Feb. 10a
Discount Cash
with
Net
Time Bank
Sun Oil Co., common (quar.)
250. Mar. 15 Holders of rec. Feb. 256
Feb. 18, 1928. Nat'l, Dec. 31 Irises:
in
Legal Demand
De- CircuPreferred (guar.)
1% Mar. I Holders of roe. Feb. 100
State, Nov. 15 ments, Vault. Deposi- Deposits. posits. lation,
Swan-Finch Oil Corp., pref. (quar.)_'
43340 Mar. 1 *Holders of roe. Feb. 10
(000 omitted) Tr.Coa.Nov. 15, Ac.
tortes.
Tennessee Copper de Chem.(guar.).1234c. Mar. 15 Holders of rec. Feb. 29a
Texas Gulf Sulphur (quar.)
Mar. 15 Holders of rec. Mar. la Members of Fe d. Res.I Bank. Average, Average
$1
)
Average Average. Average At'go.
Thompson (John R.) Co.(monthly)
30c. Mar, 1 Holders of rec. Feb. 23a Bank of N Y &
.
SI
$
$
Timken Detroit Axle, pref. (quar.)
Trust Co__ 134 Mar. 1 Feb. 21 to Mar. 1
8,000 12,690
76,832
484
55,139 6,922
Timken Roller Bearing (quar.)
Mar. 5 Holders of rec. Feb. 20a Bk of Manhat'n 12,500 18,883 177.545 3,183 7,420
$1
18,431
133.7116 30,203
Extra
25c. Mar. 5 Holders of rec. Feb. 20a Bank of America 6,500 5,426
84,904 1,027
86,280 4,484
Transue & Williams Steel Forg. (quar.).
25c. Mar. 15 Holders of rec. Mar. is Nat City Bank. 75,000; 71,176 889,682 4,663 11,429
99
Truseon Steel, corn. (mar.)
*30e. Apr. 16 *Holders of rec. Apr. 5
Chemical Nat'l_ 5,000 19,075 149,109 1,285 88.630 *872,232 178,334
17,148
131,872 5,350 346
Preferred (quar.)
Nat Bk of Comm 25.000 44,438 387.116
lg Mar. 1 Holders of rec.dFeb. 20
467
330,528 29,913
Underwood Computing Mach., pf.(qu.) 134 Apr. 2 Holders of rec. Mar. 15
ChatPhNB&Tr 13,500, 14,356 223,314 2,490 44,137
23,141
162,304 43,339 6.142
Underwood-Elliott Fisher Co.
Ilanover Nat'l- 5,000; 26,473 142.073 1,427 18,810
128,420 2,964
Common (quar.)(No. 1)
31 Apr. 2 Holders of rec. Mar. 17a Corn Exchange_ 11,000, 16,493 204,585 4,432 24,072
172,894 30,321
Preferred (quar.)(No. 1)
Apr. 2 Holders of rec. Mar. I70 National Park__ 10,000 24,719 188,819
$1.75
829 18,437
138,191 17,183 4:1 a2
3
Preferred B (quar.)(No. I)
Bowery & E Riv 4,0001 7,115
$1.75 Apr. 2 Holders of rec. Mar. 17
77,818 2,113 7,264
49,721 23,033 3,286
Union Mills, corn. (quar.)
First National_ 10,0001 82,799 342,273
•500. Mar. 1 •Ilolders of rec. Feb. 15
525 31,049
236,151 12,159 0,764
Preferred (quar.)
Am Ex Irving Tr 32,0001 31,014 448,083 3,139 52,54
*134 Mar. 1 *Holders of rec. Feb. 15
392,456 48.167
Union Storage (quar.)
Continental Bk. I,O00 1,352
62%0 May 10 Holders of rec. May 1
8,569
122
993
6,594
500
Quarterly
Chase National_ 50,0
62)60 Aug. 10 Holders of reo. Aug. 1
55,674 687,548 4,753, 76,180 *586,847 62.056
Quarterly
Fifth Avenue_
62%e Nov. 10 Holders of rec. Nov. 1
5001 3,261
29.301
7011 3,430
25,347 1,707
Union Tank Car (quar.)
$1.25 Mar. 1 Holders of rec. Feb. 186 Garfield Nat'l__ 1,000 1.870
16,469
460 2,302
15,904
413
Un. Biscuit of Amer., corn.(qM.)(No. 1) 400. Mar. 1 Feb. 19 to Feb. 29 Seaboard Nat'l_ 9,000:14,201
146,709 1.035; 17,874
133,680 8,181
United Biscuit, class A (quar.)
Bankers Trust_ 20,000 41,373 , 83,492
Mar. 1 *Holders of rec. Feb. 10
*51
896 39,871 *342,417 50,114
United Bond & Share Corp.
U S Mtge & Tr_ 3,000 5,497
67,870
7251 7,930
61,492 3.984
Participating preferred (quar.)
250. Mar. 1 Holders of rec. Feb. 15
Guatanty Trust 30,000 33,930 508,107 1,2911 51,064 *455,992 82,155
United Drug, corn. (quar.)
234 Mar. 1 Holders of rec. Feb. 150 Fidelity Trust__ 4.000 3,459
46,891
585 5,541
41,293 4.326
United Fruit (guar.)
Holders of rec. Mar. 36 N Y Trust
Apr. 2
31
10,000 23,538 191,315
623, 19,049
144,402 32,881
Extra
51.50 Apr. 2 Holders of rec. Mar. 3a Farmers L & Tr 10,000 21,384 142.058
580 15,275 *113,937 17.468
United Paper Board, pref. (quar.)
I% Apr. 16 Holders of rec. Apr. 20 Equitable Trust 30,000 25,154 292,27
1,066 30,593 *329,937 37,413
S. Envelope, common
U.
Mar. 1 *Holders of rec. Feb. 15
*4
Common (extra)
Mar. 1 *Holders of rec. Feb. 15
Total of averages 384,000605,410 5.912,752 38,901629.216 c4,046,864 733.57023.823
*4
Preferred
'334 Mar. 1 *Holders of rec. Feb. 15
U.S. Hoffman Machinery (quar.)
Mar. 1 Holders of rec. Feb. I70 Totals, actual condition Feb. 185,869,199 38,605616.539 e4,624,327 725,01523,867
$1.
U.S.Cast Iron Pipe & Fdy., corn.(qu.)_
234 Mar. 15 Holders of rec. Mar. la Totals, aaual condition Feb. 11 5,923,107 39,8241310,316 c4,665,392 735,963 23,848
COM111011 (quar.)
234 June 15 Holders of rec. June la Totals, actual co nditionlFeb. 45,085.639 39,624 014,653c4,720.845720.444 23,980
Common (quar.)
State Banks
2% Sept.15 Holders of rec. Sept. la
Common (guar.)
2% Dec. 15 Holders of roe. Dec. la Not filemberso
Preferred (guar.)
131 Mar. 15 Holders of rec. Mar. la Peril Res. Bk
Preferred (quar.)
134 June 15 Holders of rec. June la State Bank.... 5.000 6,2921 104,431 4,027 2,376
,
37,740 81,277
Preferred (quar.)
134 Sept. 15 Holders of rec. Sept. la Colonial Bank_ _
1,400 3.519
35,473 3,758 1,854
29.058 8.552
Preferred (Guar.)
1.34 Dec. 15 Holders of rec. Dec. to
U. S. Dairy Products, ci A (qu.)(No. 1) $1
Total of averages 0,4001 9,811 139
May 31 Holders of rec. May 15
8,385 4,230
66,798 87,829
First preferred (quar.)
$1.75 Mar. 1 Holders of rec. Feb. 15a
Second preferred (quar.)
Mar. 1 Holders of rec. Feb. 15a Totals, actual condition Feb. 181 139,783 8,189 4,433
$2
66,401 67,817 _
Gypsum, corn. (quar.)
U. S.
Totals, actual co ndition Feb. 11 140,531 8,016 4,139
•40e. Mar. 31 *Holders of rec. Mar. 15
67,137 67,858
Preferred (guar.)
Totals, actual co ndition Feb. 4 139,938 8,188, 3,758
'154 Mar. 31 *Holders of rec. Mar. 15
66,189 67,828 -_-_
Name of Company.




*134

FEB. 25 1928]

FINANCIAL CHRONICLE

Net
Reserve
CapitaL1Proftts. Loam,
Time Bank
with
Net
Discount, Cash
Week Ended
in
Legal Demand
De- CireuFeb. 18 1928. Nat'l, Dec. 31 InvestState, Nov.15 meats, Vault. Deposi- Deposits. pans. lotion.
tortes.
(000 omitted) Tr.Cos.Nov.15 &c.
'
Average Average Average Average Average As ge
Trust Co's
$
$
$
$
$
$
$
$
Net Memberso
Fedll Res. Bk.
41,387 1,947
TItie Guar & T 10,000 21,171 69,293 1,625 4.637
95. 2,476
22,655 1,801
Lawyers Trust_ 3.000 3,602 28,14.
13,f 1 , 24,773

97,442

2,581

7,113

99,912
95,820
94,754

2,520
2.638
2,526

7,786
6,830
6,851

67.457
62,500
60.151

Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.

3,74
3,736 ---3,817

Gr'd agar.,area 403,400639,9956,150,098 49,866640,559 g4,777,704805,14723,823
Comparison wl h prev.week_ --29,474 --807 8,123 -46,498+1,84: --107
Gr'd aggr., act' cond'n Feb. 186,108,894 49,314628,73864,758,185797.17523,867
Comparison wl h prey.week- -50,564 1,16 +7,473 -36,844 10,382 +21
Gr'd
Gr'd
Gr'd
Gr'd
filed

aggr., act' cond'n
aggr.. act' cond'n
agar., act' cond'n
acer., ad' cond'n
aggr., act' cond'n

Feb. 116,159,458
Feb. 46,220,331
1551. 286,233,739
Jan. 216,227.161
Jan. 146,315,587

50,478621,285
50,338625.262
51,8941652.485
51,774634,407
53,184627,431

4,795,029807,55723,846
4,847,185792,08923,980
4,851,298790,94823,874
4,882,535786,97123,535
4.944,743790,41423,416

-U. S. deposits deducted from net demand deposits in the general totals
Note.
above were as follows: Average total Feb. 18, 89,607,000. Actual totals Feb. 18.
$9,256,000; Feb. 11. $10,272,000; Feb. 4, 515,048,000; Jan. 28, 520,067,000; Jan.
21. 823.448,000; Jan. 14, 529.334,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Feb. 18, 5861.182,000; Feb. 11, $846,415.000:
Feb. 4, 8856,135,000; Jan. 28, 8834,982,000; Jan. 21, 5807,204,000; Jan. 14, 5862,620,000. Actual totals Feb. 18, 8838,336,000: Feb. 11, 5823,722,000; Feb. 4,
$882.278,000: Jan. 28. $871,244,000; Jan. 21, 5796,808.000; Jan. 14, 8816,893,000.
•Includes deposits in foreign branches(not Included In total footings as follows:
National City Bank, $260,456,000; Chase National Bank, $14,347,000; Bankers
Trust Co.. $47,632,000; Guaranty Trust Co.. $73,086,000; Farmers' Loan lc Trust
Co., $2,240,000; Equitable Trust Co., $103,183,000. Balances carried in banks In
foreign countries as reserve for such deposits were: National city Bank; $37,808,000:
Chase National Bank, 82,140,000; Bankers Trust Co.. $709,030; Guaranty Trust
Co., $4,225,000; Farmers' Loan & Trust Co., $2,240.000; Equitable Trust Co..
$6,700,000.
c Deposits in foreign branchec 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:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages,
Cash
Reserve
in
Reserve
in Vault. Depositaries

Total
Reserve.

Reserve
Required.

Surplus
Reserve.

Members Federal
Reserve Bank_
State banks•
Trust companies._

$
$
629,216.000 629,216,000 626,099,420
4,230,000 12,675,000 12,023,640
2,580,000 7,113,000 9,693,000 9,606,300

3.116,580
591,360
86,700

Total Feb. 18Total Feb. 11..
TotalFeb. C.__
Total Jan. 28_.,

10,965,000 640.559,000 651,524,000 647.729.360
11,003,000 648,682,000 659,685,000 653,720,660
10,836,000 657,071,000 667,907,000 662,844,730
11,124,000 654,164.000 665.288,000 660,152,490

3.794,640
5,964,340
5,062,270
5.135,510

8

•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 the amount of reserve required on net time deposits, which was as follows:
Feb, 18, $21,768,450; Feb. 11, $22,078,890; Feb. 4, $21,580,440; Jan. 28, 521,475,800; Jan. 21. 821,473,880; Jan. 14, 521,469,950.

Week Ended-Oct. 22
Oct. 29
Nov. 5
Nov.12
Nov.19
Nov.28
Dec. 3
Dee.10
Dec. 17
Dec. 24
Dec. 31
Jan. 7 1928
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Fah 12

Members Federal
Reserve Bank
state banks•
Trust companies- _

8,189.000
2,520,000

Total
Reserve.

a
Reserve
Required.

$
616.539,000 616,539,000 622.930,96u
4,433,000 12,622,000 11,952,180
7.786.000 10,306,000 10,118,550

Surplus
Reserve,
6,391,960
669,820
187,450

•Not members of Federal Resrve 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. 18 521,768,450; Feb. 11, 521,948,660; Feb. 4, $21,613,320; Jan. 28, 521,577,710; Jan. 21, 521,450,510 Jan. 14 $21,547,380.

State Banks and Trust Companies Not in Clearing
--The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figured Furnished by State Banking Department.)
Feb. 18.
Previous Week.
$1,432,875,000 Dec. 55,405,900
and Investments
Loans
5,254,000 Dec. 603,700
Gol
23,407,500 Dec. 1,079900
Currency notes
116,387,400 Dec.
Deposits with Federal Reserve Bank of New York_
108,700
1,466,667.500 Inc. 3,903.200
Time deposits
Deposits eliminating amounts due from reserve deother banks and trust compositaries and from
6,205,900
panies In N.Y. City, exchanges & U.(S. deposits_ 1,375.472,000
188,646,300 Dec, 7,015,400
Inc.
Reserve on deposits
Percentage of reserve, 21.2%.
RESERVE.
-State Banks-Trust Companies
536,030,400 18.09%
5109,018,500 15.86%
Cash In vaults
33,196,800 4.83%
Deposits In banks and trust cos.__ 10,400,600 5.22%
546,431,000 23.21%

$142,215,303 20.69%

•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb. 18 WU $116,387,400.




Reserve in
Depositaries,

$
5.952.316.500
5,960,174,600
6,030,524,900
6.056,967,900
6,148,900,500
6.183,811,700
6,266,367,500
6,286,819,400
6,292,581,100
6,261,887,800
6,324,178,700
6.578,552,700
6,403,172,400
6,336,686,500
6,279.035,900
6,289.144,400
6.205,879,900
R lAg 17A non

$
82,589,900
84.457,300
83,515,500
87,395,500
85.950.800
86.031.600
86,962,900
89,085,500
97.111,900
105.223,300
98,285.100
90,382,500
87,029.800
79,986,800
78,740,100
81,738.000
81,018,100
75 A27 AINI

$
777,194,400
773,177,400
791.129,000
778,567,000
802,801,300
800,450.800
818,811,500
811.488,000
822,545,300
808,138,600
825,703,100
873,495.100
842.208,300
832,138,000
814.959,800
813,688.600
799,967,800
non A42 MI

RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Sated in thousands or dollars. that is, three ciphers [0001 omitted.)
Loans,
Discows**.
Net
Profits. Investmeats.

CLEARING
NON-MEMBERS Capital.
Week Ending
Feb. 18 1928.
Member of
Fed'I Res're Bank.
Grace Nat Bank_ _
Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr. Bayonne_

Reserve
Net
NO
with
Cads
emend Time
in
Legal
Vault. Deport v..,
•"
tortes.
Avarua*.

Average. Average
1,000

98

2.003

4.102

1,397

5.777

74

356

1

Gr'd aggr.. Feb. 18
1.500
Comparison with prey. week

2,748

464
+63

1.586
-71

12,967
-401

9.879
+91

Gr'd aggr.. Feb. 11
Gr'd aggr.. Feb. 4
Gr'd aggr., Jan. 2e
Gr'd aggr.. Jan. 211

2,747
2,748
2,748
2.748

391j
392
418,
464

1,657
1.761
1,683
1.4

13,368
14,133
13,184
11.984

9.788
10.046
10,075
10.066

500

1,500
1,500
1,500
1,000,

26,7
27,89
26,854
25,015

a United States deposits deducted. $30,000.
Bills payable, rediscounts, acceptances and other liabilities, $3.861,000. Excess
In reserve, $23,250 Increase.

Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
.

BOSTON CLEARING HOUSE MEMBERS.
Feb. 22.
1928.

Total Feb. 18___ 10,709.000 528,758,000639,487.000645,001.690 5,534,690
Total Feb. 11____ 10.654.000 621,285.000 631,939,000 650,039.510 -18100510
10.714.000 625,262,000 635.976.000 656.259,840 -20,283,840
Total Feb.
Total Jan. al.__ 10,766,000 652,485,000 663,251,000 656.822.480 6,428,520

Total

Total Casts
in Vaults.

New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:

Actual Figures.
Cash
Rescue
Reserve
in
in Vault. Depositaries

Demand
Deposits.

$
7,307,457,600
7,322,436.700
7,369,553,800
7,421,396,900
7,501,257,200
7.528,722,000
7,601,347,100
7,587,309,500
7,567,275,900
7,632,582,400
7,757,544,200
8,004,166,800
7.818,901,000
7,709,982,100
7,697,182,000
7,697,104,000
7,617,852,900
7 AR9 07R f1/111

64,042

Totals,actual c ndition Feb. 18
Totals, actuate ndition Feb. 11
Totals. actual ndition Feb. 4

Total of average

1159

Changes from
Previous Week.

Feb. 15.
1928.

Feb. 8.
1928.

$
$
$
$
78,400,000
78,400,000
78,400,000 Unchanged
Capital
94,215,000
94.215,000
94,215,000 Unchanged
Surplus and profits
Loans, Meets & invest_ 1,091,433,000 Dec. 5,692.000 1,097.125,000 1.103,412,000
Individual deposits.-- 676.826,000 Dec. 5.866,000 682,692.000 687.637,000
155,684.000 Dec. 4,093,000 159,777.000 166,787,000
Due to banks
852,000 276.959,000 276,502,000
277,811,000 Inc.
Time deposits
3,929,000
3,745,000 Dec. 184,000
5,414,000
United States deposit&
307,000
28,917,000
31,833,000
29,224,000 Inc.
Exchanges for Crg Wee
737,000
82,882,000
83,619,000 Inc.
84,890,000
Due from other banks
83,983,000
82,895,000 Dec. 1,088.000
85,373,000
Res've In legal depot:Gee
9,957,000
10,326,000
9,674,000 Dec. 283,000
Cash In bank
319.000
R.Afeve ArePAR in F R Etk
766.000 Dec. 447.000
1.062.000

-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Feb. 18, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies net
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Week Ended Feb. 18 1928.
Two Ciphers (00)
omitted.

Members of
Trutt
F.B.Sv:teml Companies

Feb. 11
1928.

Feb.4
1928.

Total.

61,800.0 $61,800.0
Capital
9.500,0
61,800,0
52,300,0
Surplus and proflts
17,449,0 183,274,0 183,274.0 183.274,0
165.825,0
Loans, disets dr Inveet. 999,988,0
97,355,0 1.097,343.0 1.102,558.0 1,096,018,0
Exch. for Clear. House
33,008.0
42,867,0
36,024.0
35,145,0
879.0
Due from banks
89,051,0 101,673,0
101.638,0
464,0 102,102,0
Bank deposits
141,847,0
3,899,0 145,746,0 146,261,0 149,824,0
Individual deposits__ _ 614,028.0
49,613,0 663,641,0 660.183,0 676,068.0
Time deposits
196,503,0
26,941,0 223,444,0 220.702.0 222,785,0
Total deposits
952,378,0
80,453.0 1,032,831,0 1,027.146.0 1,048,677.0
9,158,0
8.702,0
8,595,0
Res. with legal depos8,595,0
71,477,0
71,157,0
70,555,0
Res. with F. It. Bank_
70,555,0
11,682,0
11.623,0
11,629,0
Cash In vault
9,131,0
2,498,0
92,315.0
91.482,0
90,779,0
Total res. & cash held_
79.686,0
11,093.0
80.104,0
80,396.0
79,192.0
Reserve required_ _ _
69,347,0
9,845,0
Excess reserve and cash
12,211,0
11.086,0
11,587,0
In vault
10,339,0
1,248,0
• Cash In vault not counted as reserve for Federal Reserve members.

1160

FINANCIAL CHRONICLE

[VOL. 126.

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb. 23,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present tho results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) give sdetails 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 1128, 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

FEB. 22 1928.

Feb. 21 1928 Feb. 15 1928. Feb. 8 1928. Feb. 1 1928. Jan, 25 1928. Jan. 18 1928. Jan, 11 1928. Jan 4 1928, Feb. 23 1927.
5
S
5
RESOURCES.
5
$
$
$
$
$
Gold with Federal Reserve agents
1,384,121,000 1,366.926,000 1,422.938,000 1,419,336,000 1,465,875,000 1,530,476,000 1,524,657,000 1,477,638,000 1,560,960,000
50,116,000
46,973,000
45,898,000
47,455,000
52,849,000
Gold redemption fund with U.S. Treas_
53,955,000
51,068,000
38,751,000
01,447,000
Gold held exclusively agst. F.It. notes 1.436,970,000 1,412,824,000 1,473,054,000 1,466,309,000 1,513,330,000 1,584,431,000 1,575,725,000 1,529,085,000 1,599,711,000
749,105,000 763,847,000 695,604,000 697,839,000 636,954,000 551,153,000 572,502,000 594,958,000 621,859,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks_ 633,711,000 636,961,000 648,933,000 634,830,000 668,794,000 672,044,000 659,672,000 618.458,000 761,528,000
Total gold reserves
Reserves other than gold

2,819,786,000 2,813,632,000 2,817,591,000 2,798,978,000 2,819,078,000 2,807,628,000 2,807.899,000 2,742,501,000 2,983,098,000
164,564,000 167.179,000 167,474,000 171,652,000 168,956,000 167.934,000 159,324.000 146,719.000 157,938,000

Total reserves
Non-reserve cash
BIlis discounted:
Secured by U.8. Govt. obligations
Other bills discounted

2,984,350,000 2.980,811,000 2,085,065,000 2,970,630,000 2,988,034,0002.975,562,000 2,967,223,000 2,889,220,000 3,141,036,000
79,007,000
76,242,000
71,496,000
84,434,000
92,558,000
94,118,000
66,126,000
93,146,000
81,352,000
318,181,000
162,909,000

Total bills discounted
Bills bought in open market
U. 8. Government securities:
Bonds
Treasury notes
Certificates of indebtedness

•

200,925,000
170,119,000
461,044,000
353,227,000

Total U. 8, Government securities._
Other securities (see note)

298,164,000
160,620,000

296,528,000
126,004,000

262,785,000
122,439,000

284,781,000
127,278,000

297,370,000
141,771,000

350,933,000
169,946.000

210,357,000
187,572,000

481,090,000
354.787.000

458.784,000
369,273,000

423,432,000
377,393,000

385.224,000
347,305,000

412,059,000
369.035.000

439,141,000
392,567.000

520,879,000
387,131.000

397,929,000
280,189,000

55,387,000
207,741,000
138,384,000

57,434,000
213,704,000
137,295,000

56,443,000
210,765,000
134,131,000

61,901,000
233,082.000
138,678,000

56,184,000
244.266,000
140.447.000

65,033.000
243,857,000
190,478,000

226.765.000
100,581,000
217,917,000

293.322,000
104,583,000
229,498,000

56,788,000
93,075,000
155,345,000

401,512,000
500,000

408,433,000
500,000

401,339.000
500,000

433,661,000
500,000

440,897,000
500,000

499,368,000
500,000

545,263,000
760,000

627,403,000
880,000

305,208,000
2,000,000

Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources

1,216,283,000 1,244,810,000 1,220.806,000 1,234.986,000 1,173,926,000 1,280,962,000 1,377.731,000 1,536,293,000

985,326,000

Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits

4,991,800,000 5,144.758,000 4,952,142,000 4,981,035,000 4,942,522,000 5,126.861,000 5,181.732,000 5,440,513,000 4,874,303,000

568,000
649,135,000
59,055,000
10,913,000

568,000
772,437,000
59,051,000
10,839,000

568,000
588,326,000
58,869,000
10,411,000

568,000
621,207,000
58,755,000
10,455.000

568,000
618,190,000
58,731,000
10,515,000

568,000
705,805,000
58,724,000
11,122.000

566,000 , 566,000
670,056,000 860.067,000
57,972,000
68,122,000
15,043,000
14,888,000

659,000
610,228,000
58,351,000
12,577,000

1,591,898,000 1,586,195,000 1,584,183,000 1,576,985,000 1,584,922,000 1,623,785,000 1,679.624,000 1,760,710,000 1,708,330,000
2,357,083,000 2,301.150,000 2,395,037,000 2,404,673,000 2.354,712,000 2,431.764,000 2,473,358,000 2,485,757,000 2,165,653,000
23,681,000
26,457,000
26,385,000
24.000,000
21,786,000
27,727,000
15,160,000
15,752,000
17,134.000
4,844,000
5,324,000
5,151,000
7,045,000
5,805,000
4,707,000
5,658,000
5,652,000
4,825,000
18,765,000
21.308,000
18,601,000
18,178,000
19,310,000
16,595,000
19,061,000
22,126,000
29.138.000
—
2,404,853,000 2,443,759,000 2,445.174.000 2,451,902,000 2,401,614,000 2,471,643,000 2,517.443,000 2,536,299.000 2,214,682,000
613,456,000 734,306,000 543,749,000 573,990,000 077,945,000 654.526,000 609,065,000 768,850,000 584,874,000
136,474,000 135,877.000 134.619,000 134,440,000 134.209.000 133.775,000 132,585,000 132,512,000 126,509,000
233,319,000 233.319,000 233,319,000 233,319,000 233,319,000 233,319,000 233.319,000 233,319,000 228,775,000
11,302,000
11.098,000
11,800,000
10,399,000
10,513,000
11,133,000
9,813,000
0.696,000
8.823,000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

4,991,800,000 5,144,758,000 4,952,142,000 4.981,035,0004,542,522.000 5,126,861.000 5.181,732,000 5,440,513,000 4,874,303,000
Total liabilities
Ratio of gold reserves to deposits and
70.56%
F. R. note liabilities combined
69.8%
69.9%
69.5%
70.7%
68.6%
76.05%
66.9%
63.8%
Ratio of total reserves to deposits and
74.7%
F. R. note liabilities combined
74.0%
74.1%
73.7%
75.0%
72.7%
80.1%
70.7%
67.2%
Contingent liability on bills purchased
241,238,000 241,697,000 238,821.000 237,364,000 231,881,000 232,291,000 233,812,000 232.181,000
for foreign correspondents
92,002,000
—
$
8
Distribution by Maturities-s
s
s
a
s
$
s
1-15 days bills bought in open market _ 118,113,000 111,592,000 112,598,000 122,331,000 122,510,000 149,752.000 172,388,000 182,427.000 140,345,000
389,673,000 412.890,000 385,943,000 362,922,000 318,991.000 347.115.000 372,923,000 449,009.000 309,200,000
1-15 days bills discounted
700,000
100,000
1-15 days U. S. certif. of Indebtedness.
5,000,000
93,000
93,000
15.272,000
1.606,000
1-15 days municipal warrants
100,000
70,958,000
71.103,000
69,436,000
72,232,000
16-30 days bills bought in open market _
73.182,000
73.298,000
61,531,000
80.578,000 102.696.000
19.353,000
17,033.000
20,415,000
15,929,000
16-30 days bills discounted
14.912.000
15.342,000
26,246,000
14,383,000
18.059,000
15.441,000
5,912,000
16-30 days U. S. certif. of indebtedness_
35,473,000
16-30 days municipal warrants
20,000
bills bought in open market _ 119,308,000 115,829,000 111,343,000
97,967.000
74,684,000
31-60 days
67.676.000
51,939,000
79.449,000
75,568,000
25,345,000
27,022,000
27,125,000
26,751,000
22.552,000
28.255,000
31-60 days bills discounted
35,922,000
27.294,000
27,010,000
7.200,000
20,419,000
55,577,000
57,519.000
31-60 days.U. S. certif. of indebtedness.
90,841.000
31-60 days municipal warrants
51,895,000
40,466.000
70,974,000
80,845,000
73,660,000
51-90 days bills bought in open market _
23,234,000
57,376,000
26,341,000
17,811,000
19,730,000
15.571,000
19,876,000
17,352,000
75,015,000
61-90 days bills discounted
17,628,000
16,186,000
17,095,000
11-90 days U. S. certif. of indebtedness
14.264,000 105.220.000 114,569,000
51-90 days municipal warrants
4,368,000
4,382,000
4,922,000
4,018.000
3.269,000
Over 90 days bills bought in open market
3,140,000
2,776,000
2,099.000
6,092,000'
6,487,000
6,123,000
6,458,000
7.318.000
3,294,000
Over 90 days bills discounted
8,933,000
7,006,000
8,355,000
125,172,000 121,154,0001 113,712,000
78,101,000
82,835,000
7,083,000
Over 90 days certif, of indebtedness_
27,738,000
77,850,000 155,345,000
99.544.000
Over 90 days municipal warrants
!
F. R. notes received from Comptroller 2,889,110,000 2,897.758,0002.910,017.000 2,924,622,000 2.045.157,0002.971,203,000 2,991,317,000 3,020,347,000 2,928,346,000
889,305.000 888,705,000, 889,119,0001 900,570,000 900.551,000 845,755,000 817,415,000 801,857,000 861,698,000
F. it. notes held by F. It. Agent
2,009,053,000'2,020,898,000 2,024,052,000 2,044,606,000

Issued to Federal Reserve Banks
1,999,805,000
Flow Secured.—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board___..
By eligible paper
Tntal

2,125,448,0 2.173.902,000 2,218,490,000 2,066,648,000

I
414,841,000 414,840,000, 414,441,0001 405,495,000 414,240,000 411.341,000 408.050,000 407,951,000 362,953,000
99.461,0001
98,023,000 112,742.000 107,902,000
94,611,000
97.197.000 100,781,000 105.359.000 101,470,000
852.625.000 910,474,000, 901,099,000 943.733.000 1,021.938,000 1,014,920,000
874,669.000
964,328.000 1,096,537,000
787,140,000 809.605,000, 805.059,000, 765,210,000 704,650.000 755.i42.000 808,940,000 873,849,000 654,539,000
;
2 171 201 000 2.176.531,0002.227,997,0002.184.546.000 2.170—25.0062 2RA 015 none 999 KO, nnn n 9m1 AO., nnn 9 9to soo non

NOTE.—Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately the amount of balances held abroad and amounts due
so foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACII OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 21 1928.
Two ciphers (00) omitted.
Federal Reserve Bank of—

Total.

Boston.

S
RESOURCES
$
Gold with Federal Reserve Agents 1,384,121,0 100,973,0
Gold red'n fund with U.S.Treas.
52,849,0 3.937,0
Gold held excl. agst. F.R.notes 1,436,970,0 104,910,0
Gold eettle't fund with F.R.Board 749,105,0 40,499,0
Gold and gold certificates
633,711,0 26,919,0
Total gold reserves
Reserves other than gold
Total reserves
gon-reserve cash
Bills discounted:
Sec. by U. B. Govt. obligations
Other bills discounted

New York.
5
310,025,0
14,683,0
—
333,708,0
301,516,0
402,434,0

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap, KaN.City. Dallas. San Fran.

$
S
$
$
s
8
$
3
$
3
86,549,0 160,682,0 47,285,0 133,743.0 226,725.0 22,841,0 47,564,0 53,160,0 31,205,0 154,469,0
9.312,0 4,267,0 2,163,0 2.311,01 4,842,0 2,882,0 2,343,0
1.250,0 1,445,0, 3,414.0
95,861,0 164,849,0 49,448,0 136,054,&231,587.0 25,723,0 49.007,0 54,410,0 32,650,01 157,883.0
39,421,0 48,481,0 20,737,0 10,586,0'145,231.0 19,563,0 23.904,0 37,634,0 22,523.0 39.010,0
24,620,0 44,086.0 9,565,0 7,716.0 55,865,0 12,377,0 4,901,0 7,275,0 8,212.0 29.741,0

2,819,786,0 172.328,0 1,037.658,0 159,902,0 257,416,0 79,750,0 154,356.0 432 663 0'
31.902,0 9,764,0 14,323,0 10,746.0 15,172.01 20,054,0
164,564.0 14,908,0
1
2,984,350,0 187,236,0 1,069,560,0 169,666,0 271,739,0 90,496,0 169,528.0 452.717,0
22,252,0 2,502,0 5,087,0 7,314,0 4,100,0 8.090,0
71.496,0 6,976,0
290,925,0 20,083,0
170,119,0 23.299.0

57 663 0 78 712 0 99 319 0 63 385 0 226,634,0
14,380,0 4,814,0 6.956.0 10,275,0 11,270,0
72.043,0 83,526,0 106,275,0 73.600,0 237,904,0
4,458,0 1.375,0 2.046,0 3.000.0 4,296,0

63,895,0 42,221,0 34,743,0 8.953,0 4,064.0 46,634.0 16,523,0
23.951.0 9,814,0 19,859.0 19.238,0 25,045,0 15,184,0 12,728,0

461,044,0 43.382,0
353.227,0 35,608,0
858.0
55,387,0
207,741,0 11,391.0
138,384,0 9,699,0

3,384,0
585,0
755,0
39.175,0 18,027,0 37,357,0
33,359,0 16,251,0 11,628,0

1,153.0
3.941,0
3,355,0

119,0 19,927.0 7,125,0
5,114.0 23,540.0 17.011,0
4,740,0 20,033,0 7,782.0

....... ... ,. .-.

.n. etn n

eyenlon

An nAn n

o AAn n

n non n

_ ._..._-




ni AAO n

2,706,0
5,414,0

2,267,0 45,245,0
1.701,0 12,451.0

87,846,0 52,035,0 54,602,0 28,191,0 29,109,0 61,818,0 29,251,0 4,036,0 8.210,0 3,968,0 57,696,0
102,797,0 34,988,0 30,404.0 18,840,0 11,131,0 41,325,0 14,222,0 11,243,0 12.849,0 13,916,0 25,804.0

Total bills discounted
3111s bought In open market
Cl. El. Government securities:
Bonds
Ereasury notes
'3ertificates of indebtedness
.. _

3.501,0
1,435,0

OA 000n

oo ennn

ot nlo n

52,0
4,510,0 9,000,0 7,820.0
8,764,0 10,913.0 10,180,0 22,328,0
4,852,0 8.965,0 6,917,0 10,803,0
so .oe n

no noo

n

OA nlo n

00 102C

RESOURCES (Conduded)Two ciphers (00) omitted.

Boston.

Total.

New York.

$

$

•
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.

Phila.
$

$
500,0

)ther securities
Total bills and securities
Due from foreign banks
Jncollected Items
lank premises
kll other resources

1161

FINANCIAL CHRONICLE

FEB. 25 1928.]

$

$

$

$

$

$

$

$

$

500,0

266,561,0 121.886,0 134,746,0 55,480,0 50,213,0 166,643,0 75,391,0 34.824,0 50,027,0 42,801,0 116,773,0
18,0
17,0
35,0
13,0
21,0
68,0
46,0
51,0
25,0
21,0
216,0
171,229,0 54,237,0 61,885,0 51,526,0 26,956,0 76,535,0 32,074,0 11,783,0 37,615,0 26,310,0 37.618,0
16,516,0 1.756,0 6,865,0 3,053,0 2,829,0 8,646,0 3,891,0 2,202,0 4,308.0 1.791,0 3,374,0
668,0
504,0
542,0
747,0 1,084,0
253.0 1,127,0
402,0 1,445,0 1.390,0
2,662.0

1,216.283,0 100,938.0
568,0
37,0
649,135,0 61,367,0
59,055,0 3,824,0
10,913,0
89,0

4,991,800,0 360,467,0 1,548,996,0 350,346,0 481,500.0 208.296,0 255,092,0 714,089.0 188,625.0 134,807,0 200,793,0 148.121,0 400.668,0
Total resources
LIABILITIES.
F'. R. notes in actual circulation_ 1,591,898,0 122.598,0 350,348,0 124,330,0 193,714,0 65,826,0 140.927,0 236.596,0 52,674,0 56,138,0 60,134,0 38,114.0 150,499.0
Deposits:
Member bank-reserve aco't 2,357,083,0 149,022,0 917,038,0 138,020,0 185,672,0 72,231,0 70,404.0 348,071,0 83,496,0 55,535,0 90,985,0 68,826,0 177,780,0
6,111.0 1,178,0
1,587.0
1,992,0 1,727,0 1,882,0 2,119,0 1,203,0 1,385,0 1,285,0 1,330,0
Government
23,681,0 1,882,0
326.0
161,0
165,0
124,0
197,0
638,0
193,0
344,0
2,029,0
436,0
477,0
234,0
5,324,0
Foreign bank
179,0 5,161.0
725,0
138,0
608.0
111,0
957,0
18,765,0
864,0
181,0
174,0
9,555,0
112,0
Other deposits
Total deposits
Deferred availability items
Davits'paid in
3urplus
all other liabilities

934,733,0 139,746,0 188,600,0 74,641,0 72,435,0 351,548,0 86.420,0 57,000,0 93,260,0 70,451,0 184,597,0
155,743,0 50,461,0 59,596,0 48,400,0 26,156,0 71,692,0 33,020,0 10,772,0 33,604,0 26,352.0 39,124.0
42,193,0 13,644,0 14,217,0 6,246,0 5,180,0 19,116,0 5,353,0 3,027.0 4,248,0 4.301,0 9,481,0
63,007,0 21,662,0 24,021,0 12,324,0 9,996,0 32,778,0 10,397,0 7,039,0 9,046,0 8,527,0 16.629,0
338,0
376,0
501,0
831,0
761,0
398,0 2,359,0
2,972,0
503,0 1,352,0
859,0

2,404,853,0 151,422,0
613,456,0 58,536,0
136,474,0 9,468,0
233,319,0 17,893,0
11,800,0
550,0

Totaillabllities
4,991,800,0 360,467.0 1,548,996,0 350,346.0481,500,0 208.296,0 255,092,0 714,039.0 188,625.0 134,807,0 200,793.0 148.121,0400,668.0
Memoranda.
71.0
69.3
67.8
73.8
51.8
77.0
64.2
71.1
64.4
79.5
Reserve ratio(per cent)
68.3
83.2
74.7
Donthagent liability on bills pur17,051.0
chased for foreign correspond'ts 241,238,0 18.011,0
68,810,0 22,814,0 24.976,0 12,248,0 10,086,0 33,381.0 10,327,0 6,484,0 8.645,0 8,405,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
circulation
407.907,0 23,892,0 127.709,0 37.219,0 33,980.0 21,147,0 32,206,0 41,126,0 7,022,0 5,278,0 7,303,0 8.511,0 62,514,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEBRUARY 211928.
1
Federal Reserve Agent at-

Total.

Boston.

New York.

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Ctly. Dallas. San Fran.

S

S

F. R. notes issued to F. R. Bank- 1,999.805,0 146.490,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates__ 414,841,0 35,300,0
Gold redemption fund
94,611,0 17,673,0
Gold fund-F.R. Board
874,669,0 48,000,0
Eligible paper
787,140,0 78,990,0
Totalcollateral

Phila.

$
$
$
$
S
$
$
$
$
763,417,0 190,499,0 273,774,0 112,572,0 233,273,0 456,022.0 75,746,0 81,230,0 106,797,0 68,007,0 296,513,0
285,360,0 28,950.0 46,080,0 25,599,0 60,140,0 178,300,0 16,050,0 19,814,0 39,360,0 21,382,0 83,500,0
478,057,0 161.549,0 227,694,0 86,973,0 173,133,0 277,722.0 59,696.0 61,416,0 67,437,0 46,625,0 213,013,0

Two ciphers (00) omitted.
$
$
F.R.notesrec'd from Comptroller 2,889,110,0 231,260,0
F.R.notes held by F. R. Agent__ 889,305,0 84,770,0

40.000,0
14,987,0
99,482,0
83,419,0

17.303,0
9,300,0 14,167,0
205,150,0
42,600,0 31,021,0 20,000.0
18,875,0 7,622,0 12,982,0 4,764,0 4,343,0 1,725.0 2,041,0 1,397,0 4,300.0 3,902,0
95,000,0 78,927,0 105.000,0 11,500,0 109,400,0 225,000,0 11,500,0 32,000,0 48.860,0 10,000,0
180,649,0 76,820,0 84,078,0 43,015,0 39,558,0 103,004,0 43,187,0 15.951,0 20,857,0 17.612,0

409.674.0 163.369.0 244.660.0 90.300.0 173.301.0 329.729.0 66.028.0 63,515,0 74,017,0 48,817,0 237,883,0

2.171.261.0 179.963.0

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 649 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
forthe latest week appears in our department of "Current Events and Discussions," on page 1128,immediately following which
we also give the figures of New York reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS FEBRUARY 15 1928 (In thousands of dollars).
1
.
Total.
Boston. New York Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Reserve DistrictFederal

a

Loans and Investments-total

S
$
$
s
$
21,666,105 1,514,943 8,245,325 1,215,178 2.141,291

690,030

615,725 3,131,728

733,823

381,796

659,594

446,346 1,890,327

Loans and discounts-total

15,130,631 1,046,881 5,817,972

515,471

495,210 2,225,746

514,514

248,234

438,666

344,043 1,273,033

2,359
80,016
165,859

3,368
136,010
299,288

3,491
90,480
250,072

4,495
340,646
927,892

132,240
Secured by U. S. Gov't Wigs's
6,349.801
Secured by stocks and bonds_
All other loans and discounts_ _ _ _ 8,648,590

786,230 1,424,631

s

s

S

$

$

a

a

5,192
53,737
382,934 2,806,201
658,755 2,958,034

7,900
431,022
347,308

17,035
644,101
763,385

3,063
159,268
353,140

5,397
21,876
120,461 949,053
369,352 1,254,817

4,307
209.519
300,688

6,535,475

463,062 2,427,353

428,048

716,660

174,559

120,515

905,982

219,309

133.562

220,928

102,303

617,294

2,985,911
U. S. Government securities.
3,549,564
Other bonds, stocks and securities

169,955 1,183,275
298,107 1,244.078

121.845
307.103

320,845
395,815

75,156
99,403

55,403
65112
5

382,616
1
23366

83,790
35519

70,283
63,279

105,162
115,766

72,962
29,341

344,619
272,675

81,488
14,460

123,433
28,794

43,137
11.784

40,520
10,886

263,821
48,757

50,983
6,953

25,232
5,761

50,117
11,460

36,829
9,380

121,273
21,231

Investments total
-

Reserve balances with F. it. Bank
Cash In vault

1,702,104
254,520

99,938
18,924

817,333
66,125

13,716,384
6,660,589
34.770

Due from banks
Due to banks

949,959 6.031,864
488,543 1,622,949
3.034
11,647

758.892 1,067,338
294,687 924,117
3,016
3,499

380,873
246,687
1.207

3.51,807 1,862,589
239,375 1,205.426
1,862
3,106

429,215
246,485
648

226.881
137,575
296

506,937
164,573
749

317,055
117,877
1,920

833,474
972.295
3,786

1,247,409
3,633,213

Net demand deposits
Time deposits
Government deposits

55,764 150,692
159,671 1,377,808

56,889
177,215

102,866
273,02'

54,547
116,133

80,559
132,102

256,289
541,213

61,001
157,059

53,587
103,446

130,806
238,478

70,129
124,457

174,280
232,606

37,304

15,499

14,270

31,628

15,409

1,500

5,541

2.606

47,382

1,855
751

44,422
2,961

45

se

Borrowings from F. R. Bank-total

360,418

20,871

129,683

38,724

Secured by U.S. Gov't obliga'ns_
An other

257,119
103,299

8,113
12.758

100,774
28.909

30,670
8.054

25,283
12,021

5,182
10,317

1,949
12,321

24,680
6,948

9.369
6,040

1,500

3,322
2,219

649

36

82

48

71

AA

.
2'1

WI

RO

24

65

nn,rn bin of reporting
.

banks

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. 211928, in
comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury..
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
TOW gold reserves
Reserves other than gold

Feb. 211928. Feb. 15 1928. Feb. 23 1927.
5
319,025,000 259.095,000 408,877,000
14,683,000
11,171.000
8,003,000
333,708,000
301,516,000
402,434,000
1,037.658,000
31,902,000

270,266,000
319,990,000
404,740,000

416,880,000
151,648,000
501,468,000

994,996,000 1,069,996,000
32,161,000
32,059,000

1,069,560,000 1,027,157,000 1,102,055,000
Total reserves
22,252,000
24,298,000
21,368,000
Non-reserve cash
Bills discounted
63,895,000 114,953,000
62,761,000
Secured by U. S. Govt. obligations_ -23,951,000
38,857,000
26,574,000
Other bills discounted
87.846,000
102,797,000

153.810,000
96,396,000

89,335,000
53,533,000

3,384,000
39,176,000
33,358,000

3,384,000
42,171,000
35,063,000

2,683,000
14,489,000
36,946,000

Total U.S. Government securities--

75,918,000

80,618,000

54,118,000

Total bills and securities (See Note)...

266,561,000

330,824,000

196,986,000

Total bills discounted
Bills bought in open market
U.S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness

Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Total resources

Feb. 21 1928. Feb. 15 1928. Feb. 23 1927.
$
$
S
216,000
171,229,000
16,516,000
2,662,000

216,000
223,797,000
16,516,000
2,733.000

659,000
141,857,000
16,276,000
2,622.000

1 548,996,000 1.625,541,000 1,481,823,000

LiabilitiesFern Reserve notes in actual circulation
Deposits-Member bank, reserve acct-Government
Foreign bank (See Note)
Other deposits

350,348,000
917,038,000
6,111,000
2.029,000
9,555,000

347,293.000
942,040,000
3,338,000
1,549,000
12,806.000

412,668,000
825,430,000
1,931,000
1,980,000
9,632,000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

934,733,000
155.743,000
42,103,000
63,007,000
2,972,000

959,733.000
210,379,000
42,098,000
63,007,000
3,031,000

838,973,009
128,944,000
37,208,000
61.614,000
2.416,000

Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined.
Contingent liability on bilis purchased
for foreign correspondence

1.548,996,000 1,625,541,000 1,481,823,000
83.2%

78.6%

88.0%

68.810,000

69,269.000

25,696,900

-Beginning with the statement of Oct. 7 1925, two new items were added In order to show separately the amount of balances held abroad and amounts due to
NOTE.
foreign correspondents. In addition, the caption -All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
"Other securities." and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of, be
discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which,it wasstated,are the only item include therein.




1162

FINANCIAL CHRONICLE

[VOL. 126.

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in Liberty
Loan bonds and Treasury certificates on the New York
Wall Street, Friday Night, Feb. 24 1928.
Stock Exchange. The transactions in registered bonds are
Railroad and Miscellaneous Stocks.—The review of the given in a
footnote at the end of the tabulation.
Stock Market is given this week on page 1150.

Vaulters'

azette.

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. 24.

Saks
for
Week.

Range for Week'
Lowest.

Par. Shares $ per share.
Railroads—
Atch, Topeka S Fe RyS_ 39,300 334 Feb
Boston & Maine
100
300 58 Feb
Can Pacific etfs full paid_
30019434 Feb
C C C& St Loulspf_100
90 110 Feb
Chic, Milw & St Paul Co
d full paid
2,900 49 Feb
Fret,cot d, full paid
900 59 Feb
Duluth SS & A
100
400 334 Feb
Preferred
100
500 5 Feb
Erie & Pitts
50
150 6514 Feb
III. Cent, L L V
100
15 83 Feb
Nash, Chatt & St L 100
201 80 Feb
50 8834 Feb
Northern
_ _50
30 165 Feb
Pitts, Young & Ashpf100
Central_Pitts Ft W & Chic pf _100
2016134 Feb
210 12111 Feb
So Ry M &0ctfs_ _ _100
Twin City Rap Trail.156
440 53 Feb
Vicksburg Shrev&Pacl 6
1010534 Feb

1

1

Lowest.

24 314 Feb
3%
18 58
Feb 61
23 19414 Feb 201
20 109% Jan 111

Jan
Jan
Feb
Feb

20 4934 Feb
20 60 Feb
21 434 Feb
20 534 Feb
24 67 Feb
24 83% Feb
20180 Feb
20 8834 Feb
21 167 Feb
23163 Feb
20 13034 Feb
18 54 Feb
20 10534 Feb

23 4834
23 59
24 334
24 5
24 6534
24 8134
20178%
20 8814
21 165
2416134
24 100
18 48
2 10334
0

Feb 49%
Feb 60
Feb 614
Feb 911
Feb 67
Jan 84
Feb 200
Feb 8814
Feb 170
Feb 16434
Jan 159%
Jan 54
Jan 111

Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan

24 8234 Feb
20 75 Feb
23 113 Feb
23 144 Feb
21 7314 Feb
21 834 Feb
24 3434 Feb
21425 Feb
18 8534 Feb
20 16534 Feb
23 4234 Feb
23 434 Feb
21 8 Feb
21 40 Feb
18 2634 Feb
18 3534 Feb
20
% Feb

2 81
211
4
53
23 112
23 142
18 72
20 634
141 30
21 388
24 8534
23 159
23 4234
18 134
20 2%
21 32
23 2414
21 3334
id
g

Feb 82%
Jan 75
Feb 116
Jan 144
Jan 74%
Jan 911
Jan 3714
Jan 425
Feb 8714
Feb 187
Feb 44
Jan 6%
Jan 12
Jan 46%
Feb 29%
Fe 3714
Feb
41

Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb

24 11034
21 110
21 73
20 98
23 114
2411334
24 234
18210
18695
18 134
18 106

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb

23107
21 110
21 72%
20 9634
21 112%
20 108
24 234
2417834
20688
23
A
2310434

Jan 111
Feb 110
Feb 73
Jan 99
Feb 114
Jan 115%
Feb 2%
Jan 210
Feb 705
Feb 1%
Feb 10734

Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan

Feb
Feb
Feb
Feb

24 2534
18 64
18 38
1811534

Feb
Feb
Feb
Feb

24 21
Feb 25% Feb
23 56
Feb 64
Feb
18 37
Jan 40% Jan
18 10834 Jan 115% Feb

Feb
Feb
Feb
Feb
Feb
Feb
Feb

23111
18 18
20 109
21 27
18 3234
20 7134
2010234

Feb
Feb
Feb
Feb
Feb
Feb
Feb

18 109
24 16%
20104
21 2534
23 30%
24 7014
2010134

100
100 112% Feb
Int Nickel pref
1,300 25 Feb
Int Silver rights
*12,900 114 Feb
Johns-Manville
200 11911 Feb
100
Preferred
Kan City L & P pf B—* 600 111% Feb
20 108 Feb
WI' pf_100
Kelsey-Hayes
Kroger Groc & Bak___*20,700, 75 Feb
20, 45 Feb
5
Kuppenhelmer
600, 59 Feb
*
McCall Corp
• 4,200 3434 Feb
National Radiator
* 1,300 94 Feb
Preferred
30 116 Feb
National Supply pref 100
100 11344 Feb
100
Outlet Co pref
Pacific Gas & Elec rights 3,6001 134 Feb
12010634 Feb
.
Penick & Ford prof _100
200 4714 Feb
Phillips-Jones Corp_ ___*
100 88 Feb
Prophylactic Brush Cot
Pub Serv of N J rights__ 1918001 5-16 Feb
Reis (R)& Co 1st pf_ 100 400 6134 Feb
Reo Motor Car
10 8,200i 2314 Feb
Richfield 011 of Calif _25 2,1001 24 Feb
2,500 36 Feb
standard Cora Tob
100, 25 Feb
1
Tob Prod Div etfs A....10
United Biscuit
* 1,400' 3634 Feb
100
200116 Feb
Preferred
United Dyewood_ _ _ _100
3801 5 Feb
Universal.Leaf Tob ____ 4,500 71 Feb
West Dairy Prod cl A...• 1,200 5534 Feb
Class B
• 4,600 27 Feb
Wait Penn El pf (6)_100
44010134 Feb

2111234 Feb
20, 26 Feb
20 118 Feb
2011934 Feb
201 111% Feb
21108 F3b
18 7834 Feb
23 46 Feb
20 6234 Feb
18 3634 Feb
24 96 Feb
18 116 Feb
2411334 Feb
18 2 Feb
2010834 Feb
21 48 Feb
24 9014 Feb
20
% Feb
20 65 Feb
18 2434 Feb
18 2514 Feb
24 37 Feb
21 25 Feb
23 3734 Feb
21 117 Feb
18 11 Feb
18 7434 Feb
21 5634 Feb
20 2914 Feb
2110334 Feb

Jan 111
Feb 20%
Jan 109
Jan 28
Jan 37%
Feb 7414
Jan 103%

Feb
Jan
Feb
Feb
Jan
Jan
Jan

2111034 Jan 112%
23 25
Feb 26
24 114
Feb 125
2311934 Feb 120
2011134 Jan 111%
2110634 Jan 110%
23 74% Feb 80%
20 45
Feb 50
23 56
Feb 66
23 34% Feb 40%
18 94
Feb 9814
18 116
Feb 119
24113% Feb 113%
18 1% Feb 2
21 10334 Jan 10834
21 47% Feb 53%
18 69% Jan 91
44
18 1-128 Jan
24 61% Feb 65
23 22% Jan 28
23 23% Feb 27%
24 36
Feb 37
21 25
Jna 25%
18 36% Feb 42%
20 11414 Jan 118
23
Feb 11
Feb 84%
24 71
24 5334 Jan 56%
24 2034 Jan 29%
Jan 103%
18 101

Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jail
Feb
Jan
Jan
Jan
eb
Jan
Feb
Feb
Feb

342

Bid
Ask
74% Mtge Bond__ 185
325 N Y Title &
Mortgage_ _ 555
483
340 U S Casualty_ 450
Union Guar.
140
346
&

Ask
195 Realty Assoc'
(Bklyn)corn
1st pref ____
560
2d prat...-.
470
Westchester
155
Title & Tr_

Bid

int.
Rate.

June 15 1928-- 334%
Mar. 15 1928 ___ 354%
Dee. 15 1928-- 31.1%




B44.

Asked.

Maturity.

liaZ.

Bid.

_
100liss
-100"n
10055n
61
1032 st
103"st
103"st
30
1152sn
115iiii
115"st
6
110218
11025u
110241
6
107"st
107554,
107un
2
102"n
102"ss
102"st
Ins

____

____

_
_
_-----_
100ass 100Ist10
---i
0"st 100"ss
100iin 100"st HOLI- 100"ss 10055n
100,5
” 10015n DAY 10015,, 100551:
42
47
23
21
103"ss 103"st
103"n 103ust
10324st 103"ss
103"st 1035511
103"ss 103"ss
103"st 103"st
53
80
28
57
115"n 115"st
115"al 115"so
115 in 115 In
,
115"3, 115":11
115"n 115"as
115lin 115"11
139
249
1
31
11052n 11055n
11015n 110",,
11015n 110 5,1
1105514 1101•3
110"n 110"ss
110liss 110",
267
569
1
31
107"ai 107"n
107"is
---10725n 10710,,
108",,---107"st 10850ss
107"11
102
978
102"si 102"11
102"ai
102",,10221u
102"st
--10230st 1025511
10224n
--27
4
'

Foreign Exchange.—

4.8734@

To-day's (Friday's) actual rates for sterling exchange were
for checks and
for cables. Commercial on banks,
sight,
sixty days,
ninety days,
and documents for payment,
Cotton for payment.
and grain for payment,
To-day's (Friday's) actual rates for Paris bankers' francs were
for short. Amsterdam bankers' guilders were
for
short.
Exchange at Paris on London,
francs; week's range,
franca
high and
francs low.
The range for foreign exchange for the week follows:

4.8734

4.87 25-32(4)4.88
4.87;4(4)4.8734;
4.8351(4)4.8334;
4.8234;
4.8234(4)4.8334.
4.8634,
4.8631.

4.82@

3.9334@
40.20(4)40.23

3.9334

124.02

124.02

124.02

Sterling, Actual-High for the week
Low for the week

Checks
4.87 11-16
4.87 1-16

Cables
4.88 3-32
4.8734

Paris Bankers' Francs—
High for the week
Low for the week

3,933'
3.92%

3.93%
3.9334

Amsterdam Bankers' Guiders—
High for the week
Low for the week

40.24
40.18

40.26
40.22

Germany Bankers' Marks—
High for the week
Low for the week

23.87
23.83

23.88
23.85

The Curb Market.—The review of the Curb Market is
given this week on page 1151.
A complete record of Curb Market transactions for the
week will be found on page 1180.
New York City Banks and Trust Companies.

AU prices delta re

625

3
995111
9951ii Mar. 15. 1928-995
Sept. 15, 1930-2 3l.% 9955n
9955,i 100
, gun. Mar. 15.1930-32 354% 99"j
99254
nee. 15. 1930-32 314'7. 995Sn

____

3 ,11 1005541
1st 3
%
10115,1 to 10115n
3 3rd 4Ms
100 ,1 to
81 1st 414,
_1025541 to 10255111 22 4th 41144
103"st to 10355n

100
99541
993In
991111

All

295 , 300
__
97
9434

Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.

_ __
__
103
1032n 103ist
-103
103
10251
.
103
103 st 103 n
,
,
1
12
4

101"st 101"st
10115n 10114n
1011ln 101%,
1
85
10115u
--__
10155n
10Close
55.2
1 -____
102"ss 103in
102",,10255n
102341 10255
.
11
15

Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:

Asked,

New York City Realty and Surety Companies.
Au prices dollars per share.
Bid
73
___
473
336

Total sales in $1,000 units__
Converted 4%% bonderigh
of 1932-47 (First 4344) Low_
Close
Total sales in 51,000 units__
Second Converted 434% High
bonds of 1932-47 (First Low_
Second 434,
Close
Total sales in $1,000 units__
Third Liberty Loan
High
.
434% bonds of 1928... _ Low.
(Third 41(s)
Close
Total sales in $1,000 assns.__
Fourth Liberty Loan
High
AU% bonds of 1933-38_ Low_
(Fourth 414s)
Close
Total saks in 21.000 units_
Treasury
!High
434*, 1947-52
Low.
Close
Total sales In $1,000 units__
(High
45, 1944-1954
310w.
Close
Total sales In $1,000 units__
(High
5.1546-1956
,01
Low_
Close
Total tales in $1.000 units__
(High
111 11s. 1943-47 •
Low_
Close
Total sales in 51.000 tI/Ilif

Banks—N.Y Bid
A m erica*
455
Amer (talon'. 208
Bowery East11 695
Bronx Boros. 650
Bronx Nat.__ 625
Bryant Park* 220
Capitol Nat.
Bank & Tr_ 310
Cent Mere Bk
& Trust Co 290
Central
205
Chase
547
Chath Phenix
NatBk &Tr 600
Chelsea Exch.v295
Chemical__ 915
Colonial'..... 1100
Commerce_ _ _ 548
Continental_• 390
Corn Each.... 595
Coemop'tan*.. 400
Fifth Avenue- 2250
First
3575
Garfield_ _
500
Grace
325
Hanover
1265

•No par value.

Alliance R'lty
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee

First Liberty Loan
High 101"st 101"st 101"st
314% bonds of 1923-47_ Low_ 101542 10115,1 101I5n
(First 314s)
Close 101241 10115n 10115n
Total sales ta $1.000 units_ __
4
28
10
Converted 4% bonds of1High
____
_ _ __
____
1932-47 (First 440
Low_
____
____
____

Highest.

$ per share. $ per share $ per share.

18 3% Feb
18 58 Feb
18201 Feb
18 111 Feb

Indus. & Miscall.
Am & Fdy Pwr 2d pfd A_
600 81 Feb
•
30 7434 Feb
Alliance Realty
100 112 •Feb
Am Mach & Fdy pfd ext..
30 14334 Feb
Am Radiator, pre:._ _1
500 72 Feb
Austrian Credit, Austal
Autosales
* 3,100 7% Feb
5
500 3234 Feb
Preferred
30425 Feb
Bank of America_ _ _100
900 8534 Feb
Belgian Nat Rya part pf_
50 5.400159 Feb
Burden Co
10 4234 Feb
50
Beech Creek
1,600 311 Feb
Brit Empire Steel_ _ _1
British 2d pref._..1II 2,700 634 Feb
100
100 40 Feb
1st pref
10 4.300 2434 Feb
Bucyrus
-Erie Co
510,100 3334 Feb
Preferred
1,400
14 Feb
Butterick Co rts
1
Cent Alloy Steel, pref..I
2011034 Feb
CertFeedProd2dpf10
600 110 Feb
ConnRy&Lt,pref..10
30 7214 Feb
Crown-Williamettelstpt*
100 98 Feb
Cushman's,ons pfd 8%.120112% Feb
Devoe&Reyn•ds 1atpf100
30 11214 Feb
Fairbanks Co
251
100 214 Feb
EquitOitBldg,pfd_..100
16020034 Feb
Farmer Loan & Tr_ --100
20688 Feb
Fox Film, rts
33,700
14 Feb
Fuller G A pr pref
*
30010434 Feb
General Cable
*
100 2534
Class A
*33,500 5934
100 38
General Gas & El cl IL__
1011534
Gen Ry Signal pref_ _100
Gotham Silk Hosiery
1
100
150 110
pref ex-warr
Graham-Paige Motors_*22,100 1634
10 109
Gulf States SU 1st pf_100
80 27
Hackensack Water pfA25
300 3134
Hershey Chocolate___*
* 2,700 7034
Preferred
500 102
Prior preferred— _100

Range Since Jan.l.

Highest.

Daly Record of U. S. Bond Prices. Feb. 18. Feb. 20. Feb.21.Feb. 22. Feb. 23. Feb.24.

Ask
Ad
Hanks.
Bid
Trust Cos. Bid
Ask
465 Harrim an _ _ _ _ 900
New York.
218 Manhattan* _ 562 568 Am Ex Iry Tr. 400 404
705 National City 738 744 Bank of N Y
675 Park
647 653
& Trust Co 655 665
675 Penn Each... 202 212 Bankers Trust 1035 1045
250 Port Morrie_ 650 750 Bronx Co Tr_ 390
Public
680 690 Central Union 1365 laiii
320 Seaboard.... 760 770 County
490 510
441 451
Seventh
225 235 Empire
295 States
590 610 Equitable Tr_ 415 420
211 Trade*
270 285 Farm L & Tr_ 695 705
553 United
300 375 Fidelity Trust 345 355
545 555
Yorktown*
200 220 Fulton
610
Guaranty Tr_ 617 621
Brooklyn.
305 Dewey •_____
300 Interstate. _ _ 252 258
925 First
435 445 Lawyers Trust
Globe Each*. 250 290 Manufacturer 795 805
554 Mechanics'* _ 330 340 Murray Hill _ 830 840
410 Municipal* _ 420 426 Mutual(West805 Nassau
chester) - 310
398 408
N Y Trust___ 665 iiL
450 People's
850
2325
Times Square 180 186
625
Title On & Tr 767 774
515
US Mtg & Tr 450 460
United States.2800 2860
_—
Weetabest'rTr 1000 1100
1275
Brooklyn.
*State banks.
Brooklyn.... 1250 1325
New stook.
Kings Co_ -- 2800
z Ex-dividend.
Midwood_
270 290
Ex-stook div ldend
per dare. V Ex-righta.

••

1163

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SEVEN PAGES
For sales dining the Week Of stocks usually Inactive, see preceding page

-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
S aturday,
F eh. 18.

Monday,
Feb. 20.

$ Per share $ Per share
183 184'z
183 184
8
8
1035 1035 *1035 104
8
17618 177
176 177
4
8
109 1097 10918 1103
4
4
4
*7914 803 *793 803
73
7112 71
71
•11014 11212 11014 11014
564 5612
*5618 57
8
863 865
8
87
87
17
1712 1714 18
5014 5014
5014 52
*
*7112 7412
*7112 80
*6112 64
*6112 64
1994 1994 19918 201

Tuesday,
Feb. 21.

Wednesday, Thursday,
Feb.23.
Feb. 22.

Friday,
Feb. 24.

$S per share $ per share $ per share S per share
8
1843 1853 1847 18612
4
4
1837 185
8
1033 1035 *10334 104
8
8
104 104
1703 17614 170 173
8
176 17614
10918 1103 110 11112
8
10914 11014
8012 *8012 8034
*80
80
80
7214 743
4
714 72
7158
71
112 11212 11014 11118
11012 11012
573 5712
8
5712 58
564 573
4
8612 8612 8612 8612
*865 87
8
1812 177 1814
8
18
173 185
4
8
5018 5018 *504 51
5018 5018
65
60
6814 70
7112 7113
06112 64
*6112 64
*6112 64
201 2044 203 2053
8
20014 203

*94
94
___
94
_ __ _ *94
*94
*94
01034
*1035
8
8 8
•1034 _ __ •1035 _ _ •1035 104
*295 310 *295 310
'
1
*295 366 *295 316 '295 306
1873 18912 189 19012
4
18734 18812 1854 1884 18612 1S912
55
8 6
55
8 53
8
512 6
4 '512 6
53
4 53
8
8
8 14
812 9
8
7 8 814
7
814 814
3712 3712
*37
38
3712 3712 3712 3712 3712 3712
*62
6312 6218 6418
6312 6212 6212 6212 8212
63
93 10
4
10
1012
912 10
93 1014
4
93
4 94
2212 2334 23
235
8
4
4 213 2212
8 2012 223
8
223 225
17
173
4 1714 1714
*1612 1713
1612 17
16
16
*1514 19
1612 1612 *16
19
*1612 18
18
•16
____ ____
'29
35
35
36
*29
*30
36
*31
*29
35
35
38
*29
*30
36
*31
8114 813
4 8114 8214
804 8112
7914 81
7958 80
•140 144 *140 144
•140 144 *140 144 *140 144
8
10712 1083 108 10914
4
10614 1063 1064 10712
106 107
10712 10712 107 108
4
107 10712 1073 1073
4
*107 108
1007 1007 100 100
8
8
•101 102 *101 102 *101 102
•10512 111 *106 110
8
*106 1075 10614 10614 106 10618
*7712 78
07712 80
*7712 784 *7712 784 *7712 78
7514 7514 *75
7512
4
4
4
•733 7512 *733 7514 *733 7514
72
713 7212
4
72
715 72
8
72
8 71
703 703
8
*92
95
9214 9214 092
92
92
-*92___
16512 16612 166 16012
16412 1654
164 165
16312 164
133 133
*132 1333 133 13334
4
129 130
130 130
5118
51
51
5112 52
5012 5114 51
52
52
503 514 50 4 523
4
3
4
3
4 49 8 5114 5012 5112
4
493 503
5413
54
5414 .5412 5514
54
55
54
8
545 55
*5212 5412 *5212 5412
*5212 54
*5212 54
•5212 53
8
933 9412 94 d 94
4
8
935 93 8 935 951 *937 943
8
5
933
4 9234 923
9112 92
*9114 93
92
93
*92
22
225
.8 22
2214
215 2210
8
8
2214 215 22
21
47
48
Stock
46
48
4814 4612 5012
454 4514 46
*103 106 *103 106
104 104 '10318 106
*104 106
*1012 14
*1012 14 Exchange •1012 14
11, 11,2 •1012 13
2
69
68
69
69
69
69
68
*68
69
69
Closed
345 347 *34614 367
375 *347 375 *347 375
*347
8
5214 5212 52
523
8
514 527o 5118 513
5112 52
8712 86
*813 8212
4
*83
86's Washing- *8312 86
83
83
135 13612 136 137
1333 135
8
13312 1344 13312 134
ton's
13412 1341
135 136
13614 13614
*133 136 *133 135
8114 8114 *80
813
4
8012 8012 814 8134 8012 80'2
*3838 40
*3812 391
397 40
8
Birthday *3912 40
3912 3912
72
*7212 733
4
*7212 733 *7212 733
4
72
4
*7112 72
3512 3312 3534
343 343 '3318 34
8
8
33
34
*33
*218 3
0212 314
212 2 2
,
*212 314 *21 2 314
5418 533 563
4
4
4 53 4 544
54
4
5218 513 523
3
52
*70
71
72
*7114 72
•70
71
*70
72
*71
8418 8478 8412 86
853 863
4
4 863 884
8
85 85
147 147
146 148
14812 14812 147 147 •146 148
8
8214 *753 8214 *753 797
8
*775 794 *774 797
8
8
8
*80
4 41
41
42
4112 413
4 42
4214 4214
4114 423
•412 512 *412 512
412 412 *413 512
*412 512
27
27
*20
27
*20
"20
27
*20
27
*20
473 473 *46
4
4
48
48
*47
48
48
4618 48
15
*10
15
•10
15
*10
*10
15
15
*10
212 212
212 25
8 212
212
214 212
212 212
4212 4212 42
44
42
4318 43
44
42
42
80
noit 78
78
78
793 795 *77
8
8
7812 77
*6812 69
*6812 69
*6812 69
*6812 6912 *6812 69
3438 3114 35 4
34
345 345
8
8 35
37
3312 34
,
1063 107
8
10612 107
10612 1064
4
8
1065 1063 10618 107
4334 4412 4413 457
445 453
8
4 453 4612
4
8
8 45
433
10518 1063 10512 10814
105 10714 106 1061 2
4
10612 107
214
214 *24 212
25* 214
2 8 24
,
212
•2
,
133 4 135
138 135
*13212 135 *13212 135
*13414 135
1574 1583 1574 1594
8
8
15814 1564 1E618 1574 1563 15822
129 129
129 130
130 1313
4
4
128 1283 128 128
108 109
108 108
10812 10812 1081z 1084 10812
10812
179 183 *175 1833
175 175 *172 180
4
•172 180
8
4
8
60 8 614 607 625*
5
604 6018 6114 603 615
60
8
11412 1142
11412 1147 1144 1154
1144 115
8
115 115
25
26
245* 243 25 8
257 263
8
4
3
8
2418 2412 24
813
812
614
7
*6
812 *6
6
*612 8
41
41
•41
46
44
*42
*41
45
46
*40
181 181
180 4 182
3
182 18212
18038 18112 18012 181
87
87
87
87
*gots 8678 *864 867 *8614 87
8
9314 933
4 934 945
8
933
4 9212 934 933 934
03
91
91
9118 913
4 913 92
8
8
9114 9238 905 01
24
no 24 *20 24
2018 201 '20
20
20
634 644 64
634 6414
8
6514
633 64
6358 64
28
*25
28
2512 2512
27 .24
253 254 •25
4
129 129
128 1313
4
12612 1261 127 129
129 129
99
99
,
,
"96
8
98
*983 99'z 99 2 99 2
*973 100
4
*96
9812
*96
99
435
09
984 984 *99 100
123 12412
124 124
123 12412
8
1214 1213 12114 123
9712 9812
9712 98
984 994
981
9712 96
97
423
4
423 423 "4218 424
4
4
431 *42
4312 '42
*42
4418 4418
4418 444 *44
45
45
544
44
44
*50
50
55
50
•50
56
51
51
55
*51
11012 11178 11112 1123
10912 110581
8
8
10918 11012 1093 110
*100 102 *100 102
101 101 *100 102
•100 101
6812 6912 69
73
69
68
69141
on 6914 68
*915 9212 92
8
92
8
8
*915 921 "913 9212
92
92
16
195
8 1614 183
10581
8
8
1812 194 187 194 19
23 - 2612 22
2414
8
4 255 265*
8
8 253 263
2518 267
12014 1204 x11834 1204
120 1207
s1
11912 121
119 11912
142 1434 143 14412
sI
141 14112 1414 1421 14212 1437
1
995 10014 100 10014
8
•100 10014 *100 10018 10014 100 4
11212 11412 112 1147
8
4
1133 113 114121
112
8
1117 114
*2912 30
*2912 30
301
2918 2918 3012 3012 *2912 19232
192 19614 19434 196
4
19012 1523 191
18912 19112
844 85
85
88
85 I
85
8518 854 *8512 87
56
6012 657
55
8
543
4
8
5212 523 534 53
51
9114 91,
92
4 9112 91,
2
*90
1)1
91
92
•90
*85
89 '85
90
*8412 89
*8412 89
*8412 89
3514 3618 3514 3812
384
3414 34
33
324 3412
37
383
8 39
3913
38
3658 373
4 36
36 8 *37
'
295 32
8
32
32
8 3012
4
303 304 *304 3012 295 58
594 594 58
59
5712
574 5712
5712 58
70 '69 70
*69
70
*69
70
*69
70
*69
•72
75
*72
75
75
*72
72
72
74
•72
d Ex-div. & ex-rights
•Bid and asked Prim, X Ex-dividend.




Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Par
Shares
Railroads.
12,900 Atcb Topeka & Santa Fe...100
100
500 Preferred
100
8.200 Atlantic Coast Line RR
100
18,400 Baltimore & Ohio
100
100 Preferred
50
3,300 Bangor & Aroostook
100
100 Preferred
2,400 Bkin-Manh Trac v t o_No par
No par
800 Preferred v t c
4,700 Brunswick Term & Ry Sec_100
100
110 Buffalo & SUSQ pref
110 Buffalo Rochester & Pitts_100
100
Canada Southern
100
20,500 Canadian Pacific
paid
2nd inst
__
100
20 Caro Clinch( & Ohio
Certifs stamped
100
Central RR of New Jersey_100
100
11,200 Chesapeake & Ohio
100
2,300 Chicago & Alton
100
3,300 Preferred
4,200 Chic & East Illinois RR_100
100
2,000 Preferred
100
5,700 Chicago Great Western
100
9,700 Preferred
100
1,000 Chicago Milw & St Paul
100
200 Certificates
Preferred
100
______
Preferred certificates____100
6,700 Chicago & North Western_100
100
Preferred
8,100 Chicago Rock Tel & Pact:10_100
100
800 7% preferred
100
500 6% preferred
100
6001Colorado & Southern
100
I First preferred
100
101 Second preferred
2,600 Consol RR of Cuba pref....100
100
70 Cuba RR pref
100
7,200 Delaware & Hudson
1,600 Delaware Lack & Western_ 60
1,400 Deny & Rio Or West pref .1,0
IVO
32,900 Erie
Rio
6,100 First preferred
Second preferred
IGO
3,900 Great Northern preferred 100
100
5,800 Frei certificates
7,200 Iron Ore Properties_ No par
3,100 Gulf Mobile & Nor1hern 100
100
200 Preferred
100 Havana Electric Ry__ _No par
400 Preferred
100
20 Hocking Valley
100
6,200 Hudson & Manhattan
300 Preferred
100
100
6,800 Illinois Central
100
900 Preferred
300 Railroad Sec Series A__1000
400 lot Rye of Cent America....100
100
30 Preferred
1,700 Interboro Rapid Tran v t 0.100
100
80 Iowa Central
100
10,900 Kansas City Southern
100
Preferred
50
3,400 Lehigh Valley
100
300 Louisville & Nashville
Manhattan Elevated guar_100
100
900 Modified guaranty
100
109 Market Street Rallway
100
Preferred
100
500 Prior preferred
100
Second preferred
2,400 Minneapolis & St Louis_ _100
2,400 Minn St Paul & 88 Marle_100
100
600 Preferred
100
Leased lines
6,500 Mo-Kan-Texas RR_No par
100
2.900 Preferred
100
11.000 Missouri Pacific
8,400 Preferred
100
700 Nat Rye of Mexico 2d pref_100
70 New On Texas & Mexico 100
100
32,700 New York Central
3,500 NY Chic & St Louis Co
100
1.200 Preferred
100
50
70 N Y & Harlem
41,700 NY N H & Hartford
100
8,200 Preferred
6,900 NY Ontario & Western __ _100
200 N Y Railways pref ctfs_No par
100 Norfolk Southern
100
3,200 Norfolk & Western
100
300 Preferred
100
4,900 Northern Pacific
100
3,100 Certificates
100
300 Pacific Coast
100
32,200 Pennsylvania
50
200 Peoria & Eastern
100
3,300 Pere Marquette
100
200 Prior preferred
100
100 Preferred
100
1,700 Pittsburgh & West Va
100
5,600 Reading
50
100 First preferred
50
400 Second preferred
50
200 Rutland RR pref
100
8.100 St Louis-San Francisco__ _100
100 Preferred A
100
4,500 St Louis Southwestern.....100
200 Preferred
100
22,500 Seaboard Air Line
100
12,700 Preferred
100
12,000 Southern Pacific Co
100
16,300 Southern Railway
100
900 Preferred
100
7,700 Texas & Pacific
100
300 Third Avenue
100
29,100 Union Pacific
100
800 Preferred
100
40,500 Wabash
100
500 Preferred A
100
Preferred B
100
20,800 Western Maryland
100
1,100 Second preferred
100
1,600 Western Pacific new
100
1,800 Preferred new
100
Wheeling & Lake Erie Ry__100
200 Preferred
100

PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest

Highest

PER SHARE
Range for Previous
Year 1927.
Lowest

Highest

S per share $ per share $ per share
1953 Jan 6 16134 Jan 200 Aug
4
10514 Jan 25
993 Jan 1063 Dec
8
4
18614 Jan 4 1747 Apr 20512 Aug
8
Oct
119 Jan 7 10612 Jan 125
84 Jan 16
7314 Jan 83 June
44
Jan 10312 May
8414 Jan 11
115 Jan 10 10112 Jan 122 June
53 Aug 704 Jan
62 Jan 28
7818 Oct 88
Jan
883 Feb 14
8
8
712 Oct 193 Dec
2014 Feb 16
53 Feb 8
40
Apr 58 June
70 Dec 115 Mar
80 Jan 7
69
Jan 85 Dec
63 Jan 14
Jan 219 Dec
2153 Jan 7 165
4
21212 Jan 6 20318 Dec 21512 Dec
8338 Jan 9514 Dec
96 Jan 14
Oct
9812 Feb 106
104 Feb 8
Jan 348 June
30912 Jan 18 285
4
20514 Jan 6 1513 Jan 21812 Oct
105 June
8
43 Jan
4
714 Jan 3
1858 July
712 Jan
1214 Jan 6
3012 Jan 51 July
4312 Jan 4
8
43 Jan 847 Oct
76 Jan 3
812 Jan 2212 May
8
133 Jan 8
8
2314 Jan 447 June
293 Jan 6
8
1934 Den
Jan
9
207 Jan 11
8
Jan
1914 Dec
9
20 Jan 9
185 Jan 3712 Dec
8
39 Jan 11
184 Jan 373 Dec
8
3818 Jan 9
8
783 Jan 9712 Sept
8812 Jan 6
Oct
148 Jan 24 12414 Jan 150
6812 Jan 118 July
11214 Jan 3
4
110 Jan 3 1023 Jan 11134 Dec
9514 Jan 104 Nov
10212 Jan 7
4
84
Jan 1373 July
116 Jan 6
Jan 78 Dec
70
78 Feb 2
OeI
68
Jan 75
8
7218 Jan 3 757 Jan 3
65 Aug 77 May
6918 Jan 26 75 Feb 16
Dec
7914 Apr 93
8814 Jan 16 9214 Feb 23
16314 Feb 10 188 Jan 6 17118 Jan 230 June
129 Feb 20 140 Jan 5 13018 Oct 173 Mar
4
4118 Jan 673 June
5012 Feb 20 584 Jan 5
4
3912 Jan 693 Sept
494 Feb 7 6612 Jan 4
8
523 Jan 8614 Aug
54 Feb 20 637 Jan 7
8
Jan 8412 Aug
49
5212 Feb 17 62 Jan 6
8
795 Jan 1037 Sept
8
9312 Feb 6 98 Jan 4
8518 Mar 101 Sept
9118 Feb 7 963 Jan 7
4
18 July 2834 Sept
21 Feb 18 25 Jan 24
8
3518 Jan 785 July
4514 Feb 7 5814 Jan 7
Jan 11214 Apr
104 Feb 20 10712 Jan 7 105
8
1412 Dec 307 Jan
1112 Feb 18 13 Feb 8
68 Dec 8312 July
68 Jan 23 694 Feb 4
Oct
Jan 425
345 Feb 23 370 Feb 2 200
51 Jan 3 5712 Jan 9
4012 Jan 85e May
83 Jan 16 92 Jan 10
78
Jan 9012 May
1313 Jan 11 14434 Jan 27 12118 Jan 13938 Oct
4
13018 Jan 13 144 Jan 27 1204 Jan 140
Oct
74
Jan 83 Oct
80 Jan 4 817 Jan 12
8
374 Jan 18 414 Jan 26
23 Apr 424 Oct
694 Jan 3 72 Feb 20
82
Apr 744 Oct
29 Jan 5 3812 Feb 2
3012 Aug 524 Feb
212 Jan 16
Jan
812 Feb
212 Jan 16
1
7012 July
4914 Feb 7 6318 Jan 7
4114 Jan
70 Feb 8 737 Jan 25
8
647 Jan 7312 Dec
8
8418 Feb 20 9734 Jan 14
8812 Oct 13712 June
146 Feb 7 155 Jan 11 12838 Jan 15918 Oct
Feb
75 Jan 9 8514 Feb 2
7814 Dec 90
40 Jan 10 457 Feb 2
4134 Dec 544 Feb
8
44 Jan 17
578 Jan 17
43 Nov
8
67 June
8
25 Jan 17 25 Jan 17
18 Feb 2518 June
4618 Feb 18 5412 Jan 17
4
413 Feb 593 Aug
8
1712 June
15 Jan 17 15 Jan 17
1112 Oct
452 Feb
138 Jan
214 Feb 21
314 Jan 11
42 Feb 8 523 Jan 6
Jan 5612 Dec
8
27
Apr 884 Dec
50
75 Feb 7 84 Jan 11
5814 Mar 71 Nov
6714 Jan 10 7112 Jan 9
5612 June
3318 Feb 8 4112 Jan 3
3112 Jan
95 4 Jan 10912 Dec
3
10618 Feb 20 109 Feb 3
Apr
374 Jan 62
417 Feb 7 63 Jan 6
1
904 Jan 1185 Nov
105 Feb 20 11553 Jan 9
8
118 Aug
314 Oct
2 Feb 17
3 Jan 7
Jan 1597 June
8
13314 Feb 21 139 Jan 11 121
156 Feb le 16412 Jan 3 13714 Jan 17112 Oe
128 Jan 10 13712 Jan 23 8110 June 24012 May
108 Feb 23 110 Jan 4 102 M*r 110 Dee
168 Jan 3 188 Jan 28 187 Dec 185 Apz
8
415 Jan 6314 Dec
8
594 Jan 16 675 Feb 3
8
1134 Jan 3 1153 Feb 3 1103 Oct1143 Nov
4
8
2314 Jan 412 Sept
4
24 Feb 20 323 Jan 4
4
45 Dec 104 Jan
8
814 Feb 2
514 Jan 24
3718 Jan 6412 June
41 Feb 21 4912 Jan 11
Jan 202 Nov
17914 Feb 8 192 Jan 6 156
83 June 90 July
87 Jan 5 8718 Jan 25
78
Jan 10218 Dee
8
923 Feb 7 987 Jan 3
8
8
84 July 997 Dos
905 Feb 20 9718 Jan 4
8
1514 Feb 314 Dec
20 Feb 18 26 Jan 12
Oct
563 Jan 88
4
63 Feb 9 6514 Jan 23
20
Jan 463 July
4
2512 Feb 24 35 Jan (5
1244 Feb 9 1313 Feb 21 11412 Jan 14018 May
4
93 Jan 0914 Dec
99 Jan 18 10012 Feb 2
894 Jan 9712 Dec
9712 Jan 39 9914 Jan 13
12114 Feb 20 1473 Jan 3 12212 Jan 174 Mat
8
94
Jan 1234 June
9414 Feb 7 10512 Jan 3
4212 Feb 16 434 Feb 4
4012 Jan 4312 Dec
4334 Jan 60 Feb
44 Jan 28 454 Jan 6

$ per share
183 Feb 17
10212 Jan 5
170 Feb 24
109 Feb 7
80 Feb 10
69 Jan 5
11014 Feb 20
5338 Jan 17
82 Jan 4
1412 Jan 5
50 Feb 3
60 Feb 24
6212 Jan 19
198 Feb 7
197 Feb 8
94 Feb 14
1035 Jan 14
8
2974 Feb 17
1857 Feb 20
8
55 Jan 30
8
74 Feb 20
3712 Feb 17
6218 Feb 24
018 Feb 8
2012 Feb 20
1512 Feb 2
8
155 Feb 2
303 Feb 3
8
3038 Feb 2
7914 Feb 20
140 Feb 15
108 Feb 18
10614 Feb 9
100 Feb 24
106 Feb 21
75 Jan 14

50 Feb 21
109 Feb 7
100 Jan 31
6712 Feb 8
9112 Jan 11
16 Feb 23
22 Feb 24
11758 Feb 7
13912 Feb 8
995 Feb 23
8
9912 Jan 3
284 Jan 10
18612 Feb 6
843 Jan 5
8
51 Feb 18
8812 Feb 7
87 Feb 4
3134 Feb 8
3312 Feb 8
2814 Feb 7
5718 Feb 9
70 Jan 27
72 Feb 20

5714 Jan 5
1157 Jan 7
8
102 Jan 4
797 Jan 7
8
95 Jan 3
3012 Jan 3
38 Jan 3
124 Jan 3
147 Jan 3
10214 Jan 17
1193 Feb 1
4
33 Jan 27
19614 Feb 23
8714 Jan 20
684 Jan 14
95 Jan 10
9212 Jan 14
5014 Jan 7
50 Jan 6
3712 Jai) 13
6218 Jan 6
70 Jan 27
77 Jan 11

43
1003
4
96
81
767
8
2818
3212
10614
119
94
534
283
4
15912
77
4012
76
65
4
133
23
2518
55
2712
471s

Jan
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Mar
Jan
Aug
Jan
Ma
Jan
J80
Jan
Jan
Jan
Apr
Apr
Jan
Jan

69 May
11714 June
104 Jul,
93 June
94 4 Dee
3
4114 Feb
4558 July
1267 Dec
8
149 Dec
10118 Dec
1034 Nov
Feb
41
1973 Dec
4
85 4 Dee
3
81 June
101 June
98 June
677 June
1
6712 June
4712 June
784 Feb
130 Feb
97 May

1164

New York Stock Record-Continued-Page 2

For sales durin.: the week of stocks usually Inactive, see second
page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb IS

Monday.
Feb 20.

Tuesday,
Feb. 21.

Wednesday, Thur.ony,
Feb. 22.
Feb. 23.

$ per share $ per share $ per share 3 per share $ per share

Friday,
Feb. 24.

Sales
for
the
Week.

S per share

Shares

STOOKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan, 1.
ZOn basis of 100-share lots
Lowest

Highest

PER SHARE
Ranee for PreeioUS
Yew 1927
Lowest

H1ghest

Per share
per,share $ per share
$ per share
Industrial & Miscellaneous. AS4
,,
*73
74
72
73
•
72
743
4
73I4 7514 7412 7412 2,300 Abitibi Pow& Paper
new No Par 72 Feb 20 81 Feb 1
9612 9612 97
9714, 05
96
97
063
4
*9614 9912 2,500 Abraham& Straua
NO Par 95 Feb 21 1093 Jan
*1103 111
4
III 111 1 1107 1107
4
4
8
*1107 111
3
5 6214 Mar 1188 Nov
111 111
8
240 Preferred
100 1103 Feb 17 113 Jan 10 109 Aug 11313 Feb
4
•275 280 1 285 290 1.275 285
270 270 *232 255
1,000 Adams Express
100 195 Jan 4 ,31111 Feb 7 124
1218 121 1
13
Jan 210 Nov
13
4
123 13
.13
133
133 1334 1,100 Advance lturnely
4
100 1113 Feb 8
3612 3612 36
758 Oct
15% Feb
1412 Feb 10
3613. 3618 3618
38
38
40
40
1,100 Advance Iturnely prof
100 3414 Jan 17 4312 Feb
313 34
4
3,3 3131
10 224 Get 454 Nov
3
318
3
3
4 3
318 7.801 Ahumada Lead
%
23 Jan 17
18114 182
4
181 1824 *181 183,2
618 Sept
231 June
4 Jan 11
181 181
1823 183
4
2.101) Mr Reductlou.
par :178 Jan 10 19812 Jan
97 1058
93 10 1
4
97 1012
13412 Jan 19918 July
1014 1012 1014 10% 25,000 Alas Rubber. Inc
No pay 9 4 Feb 18 143 Jan 25
12 3.%
5
,
35
384
3
35
3
712 June
1344 Mar
334
24
384
3% 33
4 5.800 Alaska Juneau Gold Min__ 10
1 Jan 5
26
2613 25
26
25
414 Feb 2
214 Feb
1 June
25
26
2618 263 2712 2,700 Albany Pert Wrap Pap_iVo par
4
*10814 101)
25 Jan 9 31 14 Jan
108 109
109 109
18
Apr 32 Sept
10812 101
1087 1087
8
8
220 Preferred
7 14618 14813 147 14813
100 9812.Jan 17 1097 Feb 26 96 June 102 Sept
146 147
8
6
1473 14812 1463 14812 20,900 Allied Chemical A Dye_No par
8
146
12412 12412 12314 12314 12314 12314
Jan 16914 Sept
.12312 12534 .12312 12512
300 Allied Chemical & Dye pref _100 1224 Feb 18 15812 Jan 9 131
11513 116
Jan 4 12534 Feb 14 120 Mar 124 Aug
11514 117 I 116 11713
.117 1183 118 12014 4.300 A1113-C1,almers Mfg
4
100 11518 Feb 18 123
4
Jan 1183 Dee
Feb 6 88
Preferred
10(1
-j.ji2 -fit;
109 Feb 11212 Apr
Tif
s
113 -12
4 .
.171
1134 1214
1.700 Amalgamated Leather_No par
1112 Jan
*70
76
*70
2418 Feb
75 .70
144 Feb 2 11% Noy
4
74
.70
76 .70
76
Preferred
70 Jan 1 .73 Feb 1 68 Dec 108 Feb
2734 27 81 2713 28121 273 283
,
4
8
2918 2934 2934 29,
2 7,000 Amerada Corp
No par 2718-Feb 20 32% Jan 6
37% Feb
' 17
173
4
1534 1718 1714 1814
273 An
8
1738 18
1753 1813 5,800 Amer Agricultural Chem..100
15 8 Feb 20 21% Jan 9
,
6012 61
818 Apr 2112 Dec
5553 607
3 58
604 618 61
597g
8 9,300 1 Preferred
627
100 55% Feb 20
72% Deo
804 8013 8012 8034. 82
2814 AD
84
71% Jan 7
8612 8412 85
8412
2,700,Amer Bank Note
10 74% Jan 17 8711 Jan 27
*61 13 63
*61 18 6112 *6118 62
Jan 98 Nov
41
61 18 6113 *61
62
101 Preferred
50 61 Feb 10 65% Jan 3
15
15
6612 Jan 65 Sept
.1418 16
*1414 153
.
1414 16
*15
4
16
100 American Beet Sugar__No par
137 Feb 15 1712 Jan 11
8
•36
39
•36
,
40
1518 Oct 234 Mar
•36
39
37
37
*37
200 Preferrel
39
100 36 Feb 17 40 Feb
1538 1673 17
1714. 17
35 Dec 6018 Jan
8
17
1614 17 .1614 17
3,800 Amer Bosch Magneto__No par 15%
Feb 18 22% Jan 4
43
4318 4218 4313' 4213 44
Jan 264 Oct
4
13
4414 4318 44
44
4,900 Am Brake Shoe & F newNo par 424
*12412 12512 .12,12 12512.12412 12512
Feb 20 4918 Jan 27
36% May
46 July
*12412 12312 .124 12312
1 Preferred
100 12418 Jan 4 12613 Feb 4 117i, Feb 128 Mar
1513 1618
15 8 16
3
3
153 16,
4
1614 16 2 16
8
164 5,300 Amer Br mu Boyer! ELNo par
,
1413 Jan 5 IS Jan
57
614 Aug 39% Jan
57 I 56
5612 5612 5612
5612 59
*5713 59
240 Preferied
100 55 Feb 7 63 Jan 31
75% 763
4 7413 763
40 Aug 98 Feb
3
753 771
3
7618 7314 753 7738 144,600,AmerIcan Can
4
25 7012 Jan 18
1013912 140 •13913 1393 .13812 1393
4
8
823 Feb 91 43% Mar 7758 Dee
.13812 13912 13112. 140
1,100! Preferred_
4
100 13634
10413 105 • 104 10518 10412 105.
4 "
Ja6 1413 17
10412 105
10412 105
6,100 American Car & Fdy_No par 104 Jan 10 140 Jan 3 126
•131 132
Feb 11 11112 Jan 31 95 July Ill Dee
13058 131 •131 133
.131 133 .131 133
2001 Preferred.
100 13034 Feb 20 13312 Jan 30 12434 Oet 13444 June •
*993 10012 *9934 10012 *993 10012
4
3 10012 9912 9931
*99
4
200 American Chain prof
100 9912 Feb 24 1017 Jan
71
71 12 7014 72
8
71
5; 981s 1».. 103 Sept
73
71' 717
71
7134 3,7001Arnerican Chicle
No par 69 Jan 12 765 Feb 141
*107 109 *107 1083 *107 1083
4
Jan 743 Nov
8
4
36
*107 108% .107 104%
4
Prior preferred
No par 107 Jan 5 110
11
12
1112 12
Jai 110 Dee
1134 12
Jan 31 90
12
12
12
1212 8.301 Amer D.-markt, Syndicate_ lf
11 Feb 18 14 Jan 10
1512 Nov
.
55
93 All'
60 .55
59 1 .
.
56
59
4
5934 593
56
56
100 Amer Encaust1e Tiling_No Par 53
5712 Nov
186 189, 190 19312. 189 194
1 Jan 4 67 Jan 231 383 A lig
4
8
183 186
176 182
9,200 American Express
100
223 2314 223 2312 23
4
231
Jar 183 Nov
4
2318 2334 2313 2312 3,900 Amer & Forth Power __No par 169 'Jan 10 195 Feb 17 127
223 Jan 16 2715 Jan 23
4
18% Feb 31 Dec
10712 10712 107 107
107 107
107 107
10612 10612
600 Preferred
No pa
117 117 •I17 1214
4
8
12
1214
•1214 123 .1214 123
8612 Feb 1094 Dee
4
400 American IIIrle & Leather.100 10512 Jan 10 16812 Jan 3
4
103 Jan 3 15 8 Feb 1
4
53
533
74 Al,
8
6
127 Oct
4 5313 55
,
5612 5612 5553 5538
558 5612
1,000 Preferred
100 5214
59
60
60
6lI4 63
8
8
48 1,1st 667 J111.1
63
627 633
4 62
8.803 Amer Home Products__No par 5') Feb 17 673 Feb 1
63
Feb 18 6712 Jan 3
3118 31 1 3 31
305 Jar
3114 31
71 Nov
:11
3113 31
31,2
3112 14,200 American lee New
No pa
28 Jan 10 34% Jan 27
.93
94
*93
94
*93
25% 0,1 32 Aug
94
93
94
*93
933
Preferred
100 90 Jan 7 94 Feb
7518 7612 7414 763
4 733 75
Jan 9812 May
4
I
84
735 7412 7312 7434 16.200 Amer Intermit Corp....No pa
8
71 Jan 5 89 Jan 13
512 512
55
512 5 8
55
5
54 5
3
723* Dec
34
37 MaT
1,500 Amer La France & Foarnite 1
512 534
514 Jan 12
62
62
*00
64
Jan
*60
10
643
4 June
4
.64
6 4 Jan 27
3
6434 643 6434
300
4
Preferred
10
56 Jan 10 654 Feb 2
6612 6734 6612 69
68
60 , oec 6014 Jan
703s
645 7113 68% 7312 47,300 American 1.1useed
3
10
56% Jan 13 7812 Feb 7
90
90
.9058 91 14 9113 921 3
7212 Nov
2018 Apr
93
9414 9318 95
2,400 Preferred
10
8613 Jan 13 9634 Feb 7
10773 10812 1075 1083 1073 1087
8
8
4
8
8
465 Mar 9212 Nov
1083 110
4
110 1103
8 4,400 American Locomotive_No pa 1
31127
0734 Feb 20 115 Jan 31
_
*127
•127
Stock
.127
9911 Oct 116 May
•I27
Preferred
10 12512 Jan 26 128
155 157
153 154 *152 158
11914 Fel) 127 July
153 155
15214 114 - _ 1,665 Amer Machine & Fdy.
__No pa 15214 Feb 24 178 Jan 14
221 221 .215 22912 .270 22912 Exchange .210 22912 .210 22912
7314 Jan 18812 Dec
10 Preferred
100 221 Feb 18 22513 Jan 25
40
417
4018 4013 40
Jan 17 12513 Jan 247 Deo
4014 4012 40
401 3
4018 4,000 Amer Metal Co Ltd___No pa
40 Feb 18 4613 Jan 3
11714 11714 11714 117% 11718 117,
30i8 Nos 493 Dee
8
11712 11712 11714 11714
3 Closed
320 Preferred
100 11012 Jan 11 11958 Feb
20
20
1912 20
1813 19
Jan 113 2 Dee
,
IS
15 108
1812 1918 191S 5.600 American Plano
No pa
18 Feb 23 25 Feb 7
837 8418 77
3
85
70
2012 Der 4314 June
7614 Washing75
76
76 14 77
590, Preferred
100 70 Feb 21 90 Jan
64
65
6414 6512 65
,
84 N1.1 11014 Mar
66 4
,
3
66
66% 653 66% 12.400 Am Power & Light____No pa
4
13114 13212 13134 13313 134 13612
6214 Jan 11 6914 Jan 27
ton's
Jan
733 Oct
13714 143
3
54
139 143
34,000 American Rallator
2 13018
131 13312 1341 2 138
12912 1383
4
8
118 1261* 120 122
14,500 Amer Railway Ex[meas....100 110% Jan 18 143 Feb 23 11012 JtlI1 1477 Sent
Jan 4 13831 Fel)
5514 5712 5514 58
57
8712 Apr 11614 Nov
593 Birthday
21
4
5934 613
4 5818 6012 12.800 American Republics_ __No pa
5114 Feb 7 7612 Jars 3
WA Jan 8214 DO
56
5612 56
57
5614 56,2
5612 56341 5613 57
1.700 American Salty Razor._ 100 5
01 Jan 10 5412 Jan
385 387
8
3818 39
39
39
42 July 6478 Nov
38 4 39 I .385 393
3
1,500 Am Seating v t c
No par 3853 Feb 18 403 Jan 3
4
4
4 18 43
3
414 414
3
7
4
44
44 41
387* oct 51 July
3.400 Amer Ship A Comm...No par
37 Jan 3
105 10512 •100 104)2 104 104
45 Feb 2C)
6% Jan
211 Oct
.100 1101.100 105
120 American Shipbuilding._ _ _100
170 1717 16914 1723 1707 17212
8
s
Jan 12334 Nov
80
17118 17312 171 18 172% 31,700 Amer Smelting dr Refining_100 104 Feb 21 119 Jan 6
16914 Feb 2) 18413 Jan 4 13253 Jan 188%
1323 133 .13234 13334 •13213 13414
4
•133 13414. 13314 13312
800 Preferred
10 1313* Jan 0 135 Feb 2 11914 Mar 133 Dee
15212 15314 15614 15614 *15112 15612
Dee
.1513 15612 1513 15612
4
.
700 American Snuff
4
•106% 107 *10612 109 *1063 107
100 141 Jan 5 1613 Feb 16 1193 Jar 1463 Nov
4
4
4
8
107 107,•1063 107
210 Preferred
4
100
55
538 55
565
8 56, 58
9412 JuI 10613 Oct
3
5612 58141 5512 5712 25,700 Amer Steel Foundries__No pa 1027 Jan 5 107 Jan 26
53 Feb 18 703 Jan Ii
114 114
114 114 *114 11414
41'2 Apr
4
723 Deo
11414 114141 11412 11412
90 Preferred
100 1123 Jan 7 115 Jan
4
55
56
56
57
57
July 115
5712
Jan
573 593
8 5818 59
9,200 Amer Sugar Refining
100 55 Feb 18 7814 Jan 21 11014 Nov
10012 10012 10214 10214 *10214 105
0584 May
12
6514
10418 1044 1048 105
600 Preferred
100 100 Feb 17 11014 Jan 28 104 Nov 11612
5412 53 4 4913 55
3
5014 53
46
Ma/
504 484 49 2 28.600 Am Sum Tob v t C
,
No pa
55 Feb 18 6212 Jan
30
30
*29
31
.29
31
41 14 Jai, 6844 Oct
3018 3018 294 293
300 Amer Telegraph & Cable.
4
.100 293 Feb 24 32 Jan 7
178 1783 17612 1777 1774 1773
8
17712 1773 17714 1773
Apr 308 Aug
26
4
4,
4 9.500 Amer Telep & Teleg
100 15712 Feb 17 181 Jan 17 14914 Jun 185% Oct
1563 157 ; 158 1583 159 159 3
3
8
,
6
15918 159181 16014 1604. 5.100 American Tobseco cont.__
50 1563 Feb 18 176 Jan 3 120
8
15612 157 1 1573 160
8
158 159
15914 1603 160 161
Jun 189 Nov
4.
6,500 Connnon Clam B
50 15612 Feb 18 177 Jan 3 11914 Jan 186 Nov
*117 118 , 11111714 119 *117 119
.117 119,*117 119
Preferred
100 118
11658 11658 11633 117
1173 1173*
8
.1173 118 1 1173 118
4
,
4
700 American Type Founders_ _10 1153 Jan 10 120 Jan 4 110, Jaa 120 Dec
8 Feb 10 1263 Jan 3 1197, NoV 146 Feb
112 112 1 112 112
112 112
112 112 1.11012 1133
4
100 Preferred
4
1075 Jan 7 114 Jan 10 10714 Feb 116 Sent
8
5518 5512 5518 5612 5514 5512
551 56% 55) 5514 7,000 Ann Wtr Wks & Ele newNo 10
pa
5414 Feb 8 61 Jan 3
4105 106
105 105 *104 105
7218 Sept
.104 105 .103 105
46 Aug
100 1st preferred
10112 Jan 10 105 Feb 20
2214 2234 23
9973 (St 10312 Dec
2312 2253 23 4
23
2314' 23
,
2334 3,100 American Woolen
100 2018 Jan 3 243 Feb 14
4
1 1614 June 3353 Jon
5612 567
5614 573
4 5612 5754
58
59
5812 593
8,800 Preferred
8
100 497 Jan 3 6214 Feb 141
1718 1713 15 4 17
16
4618 June 861s Jan
17
3
17
1712 173 18
4
3.500 Am Writing Paper etts_No par
1534 Jan 11
43
43
1912 Feb 9,
2414 Oct
43 43
9% May
44
46
464 48
464 1,100 Preferred certificates
46
100 41 Jan 5 48 Fe . 23' 25 4 Ain
5714 Aug
1213 14
1314 15
8
157 171
3
167 17%
2
1513 1753 33,100 Amer Zinc, Lead & Smelt
25
634 Jan 10 1833 Feb 1
62
1014 Feb
657
7014 74
64% 69
5% Seta
7014 723
4 68
70
16,000 Preferred
5412 55
Oet
614 Feb
35
5414 5514 5434 56
543 5612 547 553 28,700 Anaconda Copper allning__26 40 Jan 16 77 Fell II
4
8
50 54 Jan 18 5938 Jan 4
56
6012 Deo
56
41 14 J,I,
5514 56
56
56
*56
56% 563
57
W
1,100 Archer Dan'Is MIdi'd_No par
8
5,5% Feb 2') 61 Jan 27
*112
38 Niat 63 Deo
,2
1123 114 *113
.113 114
4
114 114
30 Preferred
100
89% 891
.114t 11312 Dee
8918 8918 903 9034
9012 9012 .9018 9012
500 Armour & Co (Dell pref...100 1124 Feb 20 114 Jan 31 106
863 Jan 3 917 Jan 30
8
1334 14
79
Drl 96% Feb
133 1414
4
143 14% 145 147 20,500 Armour of Illinois Class A.
8
14
15
s
_25
11 14 Jan 16 1614 Feb 14
814 Mas
814 812
858 914
1573 Jan
814 813
812 87 61,200 Class B
8311 918
8
25
9% Jan
65 Jan 10 1012 Feb 14'
8
7712 78
6 Ire(•
7
7 78
7718 77
*77
3,000 Preierred
773 78
773 78 2
4
4
,
100 6718 Jan 12 8018 Feb 14
4418 4418 45
Apr
8614 Jan
60
46
*45
46
45
4
443 46
45 2 1,200 Arnold Constable Corp_No pa
,
44 Jan 17 51% Jan 24
•
2612 27
21
Al" 6513 Nov
14
2613 2612 •26
27% .26
.26
100 Art Metal Conatruction_ _ _ _10
27
27,
4
2513 Jan 10 2714 Feb It
42
42
1st
32 June
22
.42
43
42
43
43
*42
•42
42
200 Artioont Corp
No pa
42 Jan 4 43 Jan 5
•
10834 115 .109 115 01109 115
40% 11ec 54% Jan
*109 115 *109 115
Preferred
100 110 Jan 23 111 12 Jan 26 10918 Nov I14'2 Nov
427 4313 43
4314 4318 43
4314 4312 434 4318 3,600 Assoc Dry Goods
,
No pa
427 Feb 18 483 Jan 23
108 108 31108 III *108 111 8
8
39% Feb 63% Nov
4
•108 Ill *108 111
100
1s1 preferred
100 103 Feb 18 11218 Jau 13
•112 120 'Ill 120 .116
97% Mar 112 Deo
*112 119 .112 119
2d preferred
119 1
,
101 112 Jan 3 11912 Jan 27 106 Mar 114 Dec
3712 38
38
39
381s 38
*3812 39
39
200 Associated 011
39
2
3712 Feb 18 41% Jan 3
3713 3714 3714 393
35 (Pt 60% Feb
3912 41
3018 3914 4.100 At'0&W1188 Line No pa
3 38% 3918
3718 Feb 18 455 Jan 23
40
40
30 4 Mar 4312 Nov
3
*38
.40
41
41
42
41
3140
600 Preferred
42
10
415 Nov
8
39 Jan 10 413 Jan 24
973* 98
4
294 Mar
8
9713 98% 2973 08 2
4
9,400 Atlantic Refining
99 1013
4 993 100
4
,
100 93 4 Feb 9 1097 Jan 6 104
3
8
Dee 1314 Aug
41 11614 1163 11614 11614 411614
4
5 11614 1164 .11614 1163
2001 Preferred
4
11634
100 116 Jan 6 11814 Jan 3 1154 Feb 119 Aug
65
65
6612 65% 66
.65
4,00 Atlas Powder
*65
6612 .65
6612
No par 63 Jan 3 67% Jan 27
66% Mar 70 June
•106 107
106 106 I 106 106
7 .107 10812
106
90 Preferred
100 10213 Jan 20 109 Feb
10% 1058 1114 12
4 1214 1214
4
1,000 Atlas Tack
113 113
12
12
No pa
814 Jan 5 167 Feb 3
4 8 4%
8
3
.412 431
412 45 . .413 43
4 2,000 Austin, Nichols&Co vteNo par
412 43
4
43 Jan 3
•28
1014 Jan
612 Jan 5
35
.28
341
3412 .28
*28
35 1 .28
1 Preferred
3413
Jan
4431
4
44
4418 *437 4412 44
4418 441
44
44
700 Autostr Sat Razor A__ _No 100 26 Jan 5 311 Jan 21 123:2 NNI1J1),,e:ver 61 Nov
44
par 4318 Jan 10 4814 Jan 23
3
497
244 245 .243 247 .246 250
257 2533
247 250
1,100 Baldwin Locomotive Wks,100
242 Feb 10 258 Jan 4
2663 Beta
4
119 1193 •11.83 121 .11834 121
4
118 1184 .1184 121
4
700 Preferred
-2514 July
100 118 Feb 23 121 Jan 13 116
.lat
*10913 112 .10912 112
100 Bomberger (L) & Co pref.
510912 112 *10912 112
11012 110,2
_100 108% Jan 24 11178 Jan 5 I987 j ue 1'1)27 8 JulyAp r
j‘'
06:4 Mar 1107 Dee
43
43
*4313 46
400 Barnett Leather
431
4312 4312 43
*4312 477
Na par 43 Feb 18 5212 Feb I
.
954 1\ia rr 597, Feb
J i
40
•105 _ _ _ _ *105
105 105 *105
____ .105
10 Preferred100
106 Nov
104 Jan 3 105 Jan 27
2218 2214 2218 2218 2214 lir;
a
2212 2314 227 /33 15,000,13arnadall Corp class A
125 2218 Feb 18 2612 Jan 14
20
34 Out 36% Feb
*22
24
*2212 24
*2212 24
*213 24 .22
1 Class 11
4
24
2013 oct 3214 Feb
26 22 Feb 14 253 Jan 13
4
11513 1164 11814 11912 1183 119
120 12112 12212 13112 8,200 Bayuk Cigars, Inc
4
No par 10114 Jan IS 13112 Feb 24
4915 Jan 109 Dec
10812 10812 109 109 3110812 1087
8
1085 10853 10853 1087
180; First preferred
8
8
100 10744 Jan 10 109 Jan 4 101
Jail 110 Aug
1412 147
5 1414 15
8 1414 15
15
4,200 Beacon 011
14
1418 14 4
,
No par
Wt. 1814 June
14 Feb 23 1712 Jan 5
14
72
7312 723 737
76
75
75
77
6,400 Beech Nut Packing
4
7412 75
60% Apr 7414 Nov
2(
7134 Jan 17 8312 Feb 9
Preferred
Jan
- joi, 167; -1634 16.7g 2,200 Belding Ilem'way Co...No 100 116 Jan 9 116 Jan 9 11412 July 119 Mar
"1938 -1612 1953 IA 1611 167.
3
yar
16ts
2714 Jan
1818 Jan 20 22 Jan 12
46612 563 255 2 56
56% 56% 56% 56% 56, 56%
,
2,000 Best & Co
4
8
No poe 5334 Jan 19 597 Feb 6
3
49% Aug 503 Nov
3
563 58
4
5513 5714 5512 5712
573
57
4 5655 573 45,000 Bethlehem Steel Corp
4
100 5518 Jan 20 6213 Feb 7
4334 Jan 6612 Sept
• Bid and asked prices; no sales on his day. z Ex-dividend. a Ex-rights




New York Stock Record-Continued-Page 3

1165

For sales during the week of stocks usually Inactive, see third page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 18.

at'many,
Feb 20.

Tuesaay,
Feb. 21.

Wednesday, Thursday,
Feb. 22.
Feb. 23.

Friday,
Feb. 24.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. I.
On basis of 100-share lots
Lowest

Highest

PER SHARE
'Range for Prertotis
Year 1927
Lowest
Highest

S per share S per share $ per share
$ per share $ bee share S per share $ per share $ per share $ per share Shares Indus. & Miscei.(Con.) Par $ per share
4
8
1205 12034 1205 12014 2,400 Beth Steel Corp pr (7%) _100 120 Jan 3 121 Jan 9 1043 Jan 120 Dec
8
1205 1203
8
120) 121
8
121 121
4
34 June 527 Nov
,
384 3812
*39
3934
39
3812 40
800 Bloomingdale Bros____No par 3812 Feb 20 4412 Jan 5
39
40
40
I Preferred
100 10912 Jan I I 111 Jan 11 10912 jar, 114 Nov
Ill 111
40.
III 111
•10912 Ill *10912 III *11012 111
44
Jan
95 Dec
*85
94
93
91
& Co pref100 93 Feb 20 9612 Jan 2(
*90
9314
*87
94
94
94
140'Blumenthal
8
6318 Jan 693 Dec
3
NO par 6514 Jan 3 78 4 Jan 27
6812 694 6812 684 4.900,Bon And, class A
6813 7012 6912 70
6818 69
83 AIM
8
412 Sept
74 Jan 9
514 Jan 4
No par
500 Booth Fisheries
*6
*6
614
*6
612
6
6
614
6
614
38 Sept
5714 May
8
100 417 Feb 8 49 Jan 11
lot preferred
*43
49
*42
48
*43
.43
45
•42
50
50
3012 Sept
18 May
1,300 Botany Cons Mills class A..50 1818 Jan 28 23 Jan 4
20
20
1834 1912 20
197 197
8
8 20
20
20
1912 Sept
363 Feb
8
2118 213,3 21 12 213
21 13 2178 214 2314 38.400:Briggs Manufacturing_No par 21 18 Feb 4 2514 Jan 4
4 21 12 217
8
Dec
4
100 2063 Jan 10 23334 Feb 15 14812 Feb 225
6.900. Brooklyn Edison, Inc
22512 2271 1 22514 227
22512 2273 223 2263 2241 4 2253
4
4
4
895 Apr 13712 Dec
8
No par 145 Feb 20 15614 Jan 31
148 148 1 145 146
2.100!Bklyn Union Gas
148 14934 *143 149
1483 1483
4
4
5014 Dec
3012 Feb
par 47 Jan 10 51 Feb 2
48
48 I x4712 44
No
4712 475
8 4713 47,2 2.000J3rown Shoe Inc
47 8 47,2
,
347 Jan
2
254 July
29
29
3014 303
8 271 2 3018 *29
287 287
8
8 3.700.Brunew-Balke-Collan'r_No par 2712 Feb 20 34 Jan 4
29,
2
8512 June 1'2534 Jan
8
4
300 Burns Bros new clAcomNo par 9312 Feb 17 997 Jan 11
9412 9412
*94
96
8
*9312 96 I *933 944 937 94
343 Jan
4
1614 Mar
17 Jan 5
Feb16
1012
No par
New class B com
600
1612 1612
*1612 163
4
*165 163
8
4, 161 2 1612 1612 1612
90 June 010
Jan
4
100 973 Feb 21 100 Feb 4
973 9812
8
*9812 99
4
*9812 99 I 983 99
120 Preferred
*9812 09
150 155 I 1504 134
Burroughs Add Mach_ _No par 139 Jan 14 165 Feb 3 r0 Mar 145 Dee
156 1593 158 159
4
7.200
153 155
293 Jai, 69 Nov
4
583 Feb 24 635* Jan 27
4
593
4 5912 60
5918 5918 583 59
59
1,600 Bush Termina, new ____No par
4
51)
60
9114 Jun 1117 Dee
s
111 111 I 110 III
100 10714 Jan 4 11112 Feb 23
11018 11013
270' Debenture
8
11018 11112 11018 1107
100 1144 Feb 15 119 Feb 4 10358 Feb 120 Aug
1151 1133 *116 1163
117 117
*11514 116 4 *11512 1 163
,
70 Bush Term Bides, pref
,
4
4
4
518 May
33 Mar
4
413 4 3
5 Feb 23
418 Jan 19
5
,
45*
43
4
5.700 Butte Copper & Zinc
47
8 5
444 ,)
43
4 43
4
44
Oct 613 Feb
4
8
45 Feb 7 527 Jan 7
10
4518 451 2 451
4514 4518 *4312 4614
, 40
1,500 Butterlck Co
*453 47
4
113 Jan
4
73 Nov
2
12's Feb 10
9 Jan 11
958 9 4
, 10,8 1018
10
1014 1012 1014 101 1
1014 Ma
1,000 Butte & Superior Mining
9212 June
Jan
66
7438 Jan 27
No par 66 Feb 21
6812 66
685 684 69
8
809 By-Products Coke
*67
70
67
6712 6712
4
Jan 1023 Dec
42
99 1023
4 9412 101 14 97 10112
No par 9013 Jan 16 11712 Jan 27
9912 54,900 Byers & Co(AM)
9712 10114 96
4
100 110,4 Feb 3 11212 Jan 14 1053 May 11212 Des
'11034__ . *1103 . . *11034 . ..
10 Preferred
4
4
*1103 ____ 1103 11014
4
6014 Apr 79 Dec
723 Feb 20 7913 Jan 7
8
8 723
7212 74- 1 723 '.4 73 - 14
7412 744 5.800 California Packing____No par
74
75
73
Oct 3272 Jan
20
25 24 Jan 5 264 Jan 9
244 244 2414 244 2412 247
25
2514 2518 253* 17.900 California Petroleum
8
.258 Jan
114 Scot
23* Jan 6
17 Jan 5
8
10
2
218
2
2
3.700 Callahan Zlnc-Lead
2
2
2
2
2
218
6112 June 12312 Dec
10 89 Feb18 1204 Jan 3
8
4
923 9538 935 953 18.700 Calumet Arizona Mining
8
893 923
4
4 9112, 95
89
93
141 July
,
243 Dee
4
,
205 31 18 21 18 2123 21 12 213
8
25 2018 Jan 10 237 Feb 3
15,000 Calumet & Ilecla
2114 213
4 21 14 22
4
Jan 6012 Aug
8
8
5813 607
8
6152 6213 6012 617 30.600 Canada Dry Ginger Ale.No par 547 Jan 5 685 Feb 15. 36
8 5918 1)034 61 12 6254
,
Jan 2 44 Oct
247 Jan 21 276 Jan 9 132
100
252 2521 2' 250 253
258 258
247 2543
236 2594 4,300 Case Thresh Machine
4
Feb 129 Dee
*126 1271 2 1211 126 •123 i2712
200 Case Thresh Mach pref.100 126 Jan 30 12912 Jan 11 III
123 12712 *123 12712
24
Apr 33
Apr
2858 2912 2834 297
8
287 2912 287 293
8
8 283 2914
4 3,300 Central Alloy Steel____No par 283* Jan 16 3212 Jan 4
4
83 Jan 2472 Nov
8
100 2318 Jan 26 23,8 Jan 26
Central Leather
1512 May
714 Jan
-Certlfleates
10
Oct
54
Jan 94
__
Preferred
10
4
54
Jan 783 July
Preferred certificates
100
163 Aug
4
1012 Jan
300 Century Ribbon Mills_ _No par 11 12 Feb 18 1412 Feb 16
*1158 117
8
12
12
*1134 12
,
2 1134 *11 3 12
4
70
Jan 883 Dec
.8014 81 12 58014 8112 8014 8014
100 8014 Feb 21 82 Jan 12
10 Preferred
*8014 87
*8014 86,2
8
,
6212 6312 62 8 63
6312 6312 634 6312 6.600 Cerro de Paso Copper_No par 5812 Jan 3 697 Jan 3, 58 June 7212 Dec
627 63
8
5534 May
Jan
42
57
57
58
5812 5818 5812 6,300 Certain-Teed Products_No par 5412 Jan 3 6212 Jan 24
8
57
571 2 573* 577
•11834 120 *11434 120
11912 120
*120 12014 120 120
1st preferred
100 119 Jan 26 120 Jan 26 106 Feb 118 11 Dec
500
2
65 Dec 787 Aug
75
75
75
*75
*75
76
75
75
76
NO par 73 Feb 17 77 Jan 12
600 Certo Corp
75
14 Mar
44 Nov
7 Jan 4
*55
8 6
300 ChandlerClevelandMotNo par
4
53
4
8
53
4
55 Jan 3
4 *512 53
53
4 53
53
4 53
4
13 June 2614 May
1518 1518
15
8
15
75
15
1514 *15
1412 Feb 17 177 Jan 4
No par
900 Preferred
16
75 8
,
8
4
643 June 867 Ocl
73
7312 74
8
74
733
4 73
7412 74
75
7512 7,203 Chesapeake Corp
No par 73 Feb 20 817 Jan 6
126 128
125 127
126 12612 "12614 127
125 12634
1.800 Chicago Pneumatic rool_ _100 125 Feb 20 141 14 Jan 30 12012 Jan 13714 Mm
47
Ocl
*3612 3718 236
38 July
37
*3512 3634
160 Chicago Yellow Cab__ _No par 35 Feb 10 43 Jan 14
4
3
84 364 *363 37
2
4853 Mar 653 Aug
4324 4412 4318 4412 44
4432
4412 4518 r4318 45
6.200 Childs Co
No par 4318 Fell 20 5212 Jan 7
443
3818 3812 374 383
3318 June . 8 Dec
4
8 38
39
383 394 3814 383 12.400 Chile Copper
8
8
4
4
25 373 Feb 20 427 Jan 7
24
Api
221s Jan
-Cliino Copper
5
firii iiiC 111-3- lior2 Ilia
8
*116 1197 11514 11712 2.100 Christie-Brown tern ctfsNo par 85 Jan 4 131 Jan 23, 347 Jan 9078 Dec
4
8
6312 Dec
583
563 5714 57
4
4
Stock
8 573 587
58
8
5918 577 59
8
No par
75,700 Chrysler Corp
543 Jan 16 63 Jan 3, 3818 Jan
4
8
8
1145 1145 1145 1145 115 115
8
8
*11312 115 *11312 115
8
8
500 Preferred
No par 1135 Jan 9 11518 Jan 10 1023 A1,r 116 Dec
*5214 533 *5214 54
4
*5214 54 Exchange *5214 54
4614 Mar 54 Dec
*5214 54
City Stores class A____A'o par 51 14 Jan 19 5313 Jan 4
753
4 7612 8312
74, 744 75
8
4112 APr 6412 Dec
8014 8212 801, 8114 10,900 Class B
4
No par 62 Jan 5 883 Feb 15
Closed
8 8578 90
8414 8512 8414 863
89's 91
51 June 8412 Oct
893 9214 16,900 Cluett Peabody & Co No par 7712 Jan 10 943 Feb 9
4
4
*120 122 *120 121 *120 12014
•12014 121 *12014 121
Preferred
100 11812 Jan 11 122 Jan 23 11114 Jan 12514 Not
128 130
Washing- 129 13012 12912 130
129 131 14 127 130
8
19.500 Coca Cola Co
No par 127 Feb 20 1375 Jan 16 c9612 Apr 19912 API
8 8712 90
8812 9214
8
8712 923
8714 807
2 8718 90
86 Aug1133 Der
4
35.300 Collins & Altman new_No par 874 Feb 24 1113 Jan 3
ton's
10512 1053 *10012 106 *10513 106
4
4
1055 1055 10514 10312
8
8
500 Preferred
100 10514 Feb 24 109 Jan 3 10212 Sept1093 Dal
71
713
4 68
8
7314 7014 713
6912 72
8
0914 7014 33,500 Colorado Fuel & Iron
425 JanI 963 Jul]
8
Jan 31
100 63 Feb 20 8412
89
8914 4,100 Columbian Carbon v t eNo par 88 Feb 18 98 4 Jan 24
89
89
91)
Birthday
88
,
2 88 4 89
88
10114 Not
667 Ja
8
,
9014 907
8 9013 9112 9012 9114
91
9212 914 923 13,500 Colum Gas & Mee new_No par 895 Jan 4 973 Feb If 827 Feb 983 Mal
4
8
8
8
8
108 108 *1077 108
8
*10712 108
1074 1077 *10712 108
8
300 Preferred new
101 10712 Feb 16 11018 Jan 3, 9912 Jan 11018 De,
6412 65
633 65
4
8412 65
6514 66
65
485 Slay 783 00
8
6514 5,200 Commonwealth Power_No pa
4
624 Jan 11 69 Feb 11
2112 21 1 2 21
4
213
4 2112 213
*2112 22
2112 2112 1,500 Commercial Credit__--No par 21 Feb 20 235 Jan 41
14 June 2412 Der
8
2334 2312 23 8
4
*23
233 *23
23
23
23
7
23
17 June 2412 Sep
90 Preferred
25 23 Feb 3 24 Jan 24
*2314 2434
24
*24
243
4 23
*2312 2412 *2312 2412
2
187 June 25 De,
50 Preferred B
25 23 Feb 7 25 Jan 7
8912 8912 8914 8914
90
90
895 894 *893 897
8
69 July 8938 Dec
100 let preferred (645%)-.100 873 Feb 2 90 Feb 14
8
8
4
57
56
563 *56
8
57
57
*56
57
57
41 12 May 62 De,
57
8
700 Comm Invest Trust_...No par 56 Feb 20 625 Jan 7
4
*104_
105 105 *101 1063 "104 10612
104 104
9412 Sept 102 De
110 7% preferred
100 99 Jan 27 106 Feb 17
*95
95
96
957 - -7- *95
8 95 8
96
96
96
863 July 9814 Del
2
96
600 Preferred (694)
100 95 Jan 4 97 Feb 15
160 16212 15912 16114 7,300 Commercial Solvents__ Nova,15312 Feb 38 1693 Jan 3 145 Nov 203 Sep'
4
15312 15614 156 1603 159 16114
4
49
4912 4912 4912
50
*49
50
51
.49
39 Aug 53 De
50
700 Conde Nast Publica___No par 48 Jan 14 52 Feb 6
2418 243
24
244
2312 234 234 24
4
4 2418 257 25,700 Congoleum-Nairn lue__No par 23 2 Feb 8 2912 Jan 3
174 Jan 293 De
8
3
71
703 717
4
8 70
717 717
8
67 67
8 72
47 Mar 8812 De(
723
4 3,100 Congress Cigar
8
No par 67 Feb 18 817 Jan 3
514
444
' 12
12
*14
12
*14
5 Jel
8
4 Feb
*14
12
Jan 10
14
Conley Tin Foil stpd_ No par
12
14 Jan 10
8012 8112
8012 815
8 7912 80
8112 8'212 82
4
7414 Oct 863 Jul)
8218 4,500 Consolidated eigar
No par 7912 Jan 20 85 Jan 4
103 103
103 103 *100 102
*10012 103 *100 103
300 Preferred
100 98 Jan 24 103 Feb 211 694 Aug 10654 Au!
I
1 12
1 14
212 Fat
Us
1,
1 14
12 Oct
1 14
8
14
*1
118 1,400 Consolidated Distrib'ersNo par
112 Jan IZ
4 Jan21
13118 1327 131 13212 94,300 Consolidated Gas(NY) No pa 1193 Jan 10 1393 Feb 9' 94 Mar 1253 De
4
8
8
4
12712 1287 1283 1303 1301s 13158
4
4
8
10112 1013 1015 1013
10112 101 12 10iis mils 10112 10112
4
93 Mar 103 Del
8
4 2,000 Preferred
No par 10118 Feb 16 10212 Jan 4
312 34
33
2 35
3 8 312
3
8
74 Jun
34 Mar
44 Jan 4
33
8 34 8,700 Consolidated Textile.-_No par
338 34
318 Feb 9
49
4 483 49 8
4912 50
4
4818 483
4 4818 483
2
3312 Apr 747 Ja1
50
,
7,300 Continental Baking clANo par 47 Jan30 5312 Jan 13
54 514
518 514
1014 JAI
54 514
4 May
5
514
3
54 8,600 Class B
8 Jan 13
5 Feb 23
No par
9512 943 95 8
9514 9514 9513 9512 1,700 Preferred
9512 95
6512
4
4
72 Apr 973 No
,
100 9234 Jan 3 9612 Jan 20
8938 8914 0018
89
8752 8918 87
907
8 887 897 29,900 Continental Can, IncNo par 8014 Jan 10 9212 Feb 9
2
583 Apr 867 De
4
8
8
*1243 126 *12434
4
125 12512 *125 126 *125 126
Jan 126 Jun
_
12512 Feb 18 120
140 Preferred
100 123 Jan
18
753
4 75
75
7512 761, 75
7412 Dec 934 De
8
2 7612 5,900 Continental Ins temp (ifs 10 75 Feb 15 837 Jan 17
'2 76, .-75
'3 75
8 104 1038
1014 1012 1014 1012 7,500 Continental Motors.. No par
1014 10's 1014 103
1334 Ja
87 Nov
8
1014 Feb 18 1134 Jan 23
2
6572 6614 6512 6614 657 6714
67
673
4 665 673 18,400 Corn Products Refining__ __25 643 Jan 3 715 Jan 11
467 Jan 68 No
2
8
8
8
8
413912 140 1+13812 140 *13812 140
*13812 140 *13812 140
Jan 14214 De
Preferred
13812 Jan 16 1404 Jan II 128
100
13612 13914 138 1394 12,000 CotY. Inc
130 131121 12 12 131 14 1331s 13612
Jan 123 De
56
No par 123 Jan 3 142 Jan 27
3
8
8614 865
4 843 8512 85 4 8612
8 853 86
834 853
764 Oct 96114 Ma
8
7,100 Crucible Steel of America_ _100 83 8 Feb 18 93 Feb 7
,
.111 115 .111 115
4
•113 114 *100 1133 *100 1133
Jan 115 Sec
113 Jan 3 1151s Jan 26 103
Preferred
100
2412 2418 2418
24
25
2634 2578 267
24
24
1812 Aug 344 Ja
8 7.000 Cuba Co
No par 24 Feb 18 2812 Jan 13
53
4 53
512 53
4
512 512
6
618
47 Oct10
8
54 Ja
64 612 1,300 Cuba Cane Sugar
71 Jan 12
,
612 Feb 16
No par
4 2412 25
25
8 2412 243
2512 *2512 2612 3,900 Preferred
243
24
5034 Ja
284 Nov
2
100 24 Feb 18 323 Jan 12
1918 194 1914 1912 193 20
4
1934 2014 20
2812 .Ja
184 Nov
204 4,800 Cuban-American Sugar
4
10 194 Feb 18 233 Jan 3
4
*10134 105 *10134 105
10112 10112 10112 10112'1013 105
9712 Nov 107 Au
400 Preferred
100 10112 Feb 16 108 Feb 1
111
1112 *11
.11
1112 *11
1112 *11
•Il
1112
18
Ja
1012 Nov
Cuban Dom'canSugnewNo par
11 Feb 16 12 Jan 4
6512 67
6552 665 17,900 Cudahy Packing new
6414 6518 6214 6518 6514 671
8
434 Apr 58% Set
8
60 64 Jan 3 723 Feb 14
575 58 2 5512 58
5738 5614 5713 5718 5814
8
56
,
9,000 Curtis Aer & Nlot Co_No par 5513 Feb 24 6458 Jan 3
3
451g Nov 69 4 De
1393 *138 1393
4
*138 1393 *138 1393
4
•138 1394 *138
4
Preferred
100 1173 Jan 5 13812 Feb 17 III Nov 118 De
4
1554 15514 *151 156
*151 154
1537 15612 1,000 Cushman's Sans
8
*152 163
DC
Apr 152
NO par 144114 Jan 13 171 Jan 31 103
*122 123 *122 123
•122 123 *122 123 *122 123
Apr 125 De
Cushman's Sons pref (7)_.100 114 Jan 11 125 Jar)20 107
537
52
52
544 543
4 534 5318 2,300 Cuyarnel Fruit
6212 52
*52
Apr 5312 Of
30
3
No par 51 Jan 3 55 4 Jan 20
3612 373
4
,
8 36
36514
8 343 36 2 36
8
367 16.100 Davison Chemical v t e_No par 344 Feb 18 464 Jan 6
8
343 363
2614 Apr 4812 DC
117 1173
1174 119
117 117
1173 1173
8
8
1167 117
8
270 Deere & Co pref
100 11512 Feb I 119 Jan 4 10512 Jan 1254 NO
18113
180
180 180
1753 17558 175 176
8
17614 177
1,700 Detroit Edison
4
100 16612 Jan 11 1943 Feb 3 13312 Jan 17012 De
49
50
2 5018 51
50
487 503
8
5158 5,000 Devoe dr Reynolds A__No par
49
48
364 Aug 427k De
40 Jan 3 5212 Feb 16
150 1513
1523 15312 1523 15312
148 152
4
4
390 Diamond Match
14918 151
3
100 13438 Jan 18 161 Feb 2 115 Feb 147 4 Bel
8
18
1814 1852 23,200 Dodge Bros Class A__ __No par
19
1714 174 175 18
173
4
17
1314 Oct 2712 Ja
Jan 4
17 Feb 18 244
2
6918 71
8
685 6912 693 70
6914 70
69
11.000 Preferred certlf
68
5812 Oct 85 Fe
No par 6812 Feb 18 754 Jan 4
117
12
8
4
8 117
12
1184 1154 2,500 Dome Mines. Ltd
4
113 1212 113 117
7 June 144 De
No par 1134 Feb 18 1313 Jan 6
--- ---- ---- ---- ---Douglas Pectin
Jan 80 Jul
46
No par
603 6112 603 613
4
-e.(5.
12
4
4 4,200 Dunhill International__No par 551Jan 9 65 Jan 23
49 Aug 6212 Of
11614 1164 1163 1163
1164 11614 11614 11614
2
8
*11614 117
900 Duquesne Light let prof _ _.100 11512 Jan 3 1164 Feb 24 11414 Mar 11752 No
2
165 16512 16534 166
8
4,800 Eastman Kodak Co_-__No par 163 Feb 20 1713 Feb 3 1264 Jan 17$14 Set
164 1647 163 16412 16312 165
2
*1293 130
8
8
8
1293 1294
8
10 Preferred
2
*1293 130 *1293 130 *1293 130
100 129 Jan 3 130 Jan 24 11914 Jan 13112 Of
29
3012 297 3014 20,400 Eaton Axle & Spring _No
29
8
293
4
2958 2812 29
28
21 14 Oct 294 Jut
2
par 26 Jan 11 313 Feb 16
321 323
320 323
313 31812 317 321
9,200 El du Pont de Nem new No par 310 Jan 10 335 Feb 9 168
315 317
8
Jan 3437 04
*113 11512 11512 1153
4
4
200 6% non-vet deb
•113 116 *113 115 *113 1153
100 11513 Feb 24 1204 Jan 4 10512 Feb 118 De
•1614 165
8 1614 1614 2,300 Elsenlohr & Bros
1612
157 1612 16
8
16
16
Mg Fe
1034 Nov
25 1212 Jan 3 19 Jan 23
11912 1227 12014 1223 20,600 Electric Autollte
8
11812 1197
8
117 120
4
11812 122
6313 Jan 102 De
No par 98 Jan 3 1243 Feb 17
2
1412 1512
13
147
8
1314 133 34,300 Electric Boat
4
1312 15
1312 14
1312 Mar 2212 Au
1214 Jan 31 16 Feb 14
No par
3212 333
8 323 3318 26,900 Electric Pow & Lt
324 33
4
8
1
317 3212 3218 33 *12212 ____
No par 283 Jan 10 344 Jan 19
1612 Jan 32 8 De
4
•12212 12512 *12212 12512
Allot ctfs for pref 40% Pd-- 1203 Jan 17 123 Jan 27 1037 Jan 12214 De
*122 125 *122 125
2
4
1083 1083 109 109
4
8
4
4
500 Preferred
4
4
Jan 109 No
*107 8 1083 10814 1083 *1083 1083
7
96
No par 10612 Jan 10 109 Feb 24
15
1538 145 15
8
52,100 Electric Refrigeration...No par 114 Feb 6 153 Feb 15
14
1514
1312 1312 14
3
13
53 Nov 37 2 Ja
4
4
6912 7078 *6912 71315 3.400 Eleo Storairt, Flamm,. Ma ,ese no rah 20 7n3, ran a
2
4 697 704
693
f1:44 May 7912 Ja
RAU 694,2 69
a Ex-rtghts 6 Ex-warrants.
• Bid and asked prices: no tales on els day. •Ex-dividend

Ha-




New York Stock Record-Continued-Page 4

1166

For sales during the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 18.

Monday,
Feb. 20.

Tuesday,
Feb. 21.

Wednesday, Thursday,
Feb. 23.
Feb.22.

Friday,
Feb. 24.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots

PER SHARE
Range for Previous
Year 1927

Lowest
Highest
Lowest
Highest
$ per share $ per share 5 per share $ per share $ per share 3 Per share Shares Indus. & Miscel. (Con.) Par $ per share
$ per share 3 per share $ per share
%12 8
*7
8
*612 8
8 8
63
4 63
4 *63
100 Elk Horn Coal Corp___No par
612 Feb 14
9 Jan 9
7 Dec 1558 May
1518 16
154 1512
•1514 1634
15
15
*1518 18
110 Preferred
50 15 Feb 23 19 Feb 15
15 Dec 2734 May
*6
7
612
514 53
*6
53
4 6
'
4
06
7
500 Emerson-Brant Class A.No par
514 Feb 21
93 Feb 1
8
3
Oct 13 Apr
*2812 3318 *2812 3318 *2812 3318
•323 3318 *2812 3318
4
Emporium Corp
No par
30 July 3712 Mar
7914 793
4 7912 795
785 7912 79
795
8
7814 79
8
8 4,000 Endicott-Johnson Corp__ 50 753 Jan 10 827 Feb 1
4
8
643 Jan 8114 Dec
4
*12312 124 *1235 124 *1205 124
*1235 124
8
8
8
1235 1235
8
8
200 Preferred
100 12114 Jan 27 1243 Jan 11 1164 Jan 125 Sept
4
33
335
3312 3312
8 3312 34
3312 333
4 3312 333
4 3,100 Engineers Public Serv__No par 33 Feb 18 365 Jan 28
8
218 Jan 393 Oct
4
8
•10812 110 *10812 1087 '
*1083 109
4
8 01033 10918
4
10812 10812
100 Preferred
No par 107 Jan 24 109 Jan 4
933 Jan 1083 Dec
4
s
53412 36
36
300 Erie Steam Shovel
*3412 36
4 3318 3318 *34
333 333
4
6 334 Feb 20 383 Jan 23
5
2434 Jan 357 Dec
8
Certificates
5 35 Jan 5 37 Jan 13
3012 Sept 354 Dec
*HO- fii- *Ho" ill- *lib III"
•110 113 *110 114
Preferred
100 11114 Feb 1 116 Jan 13 10112 Jan 11358 July
10258 10258
1015 1034 102 103
10214 1023 10234 10878 5,200 Equitable Office Bldg_ _No par 9018 Jan 7 1087 Feb 24
8
8
8
843 Sept 9312 Deo
8
7012 7012 6912 7012 7014 7012
70
7018 6912 6912 3,600 Eureka Vacuum Clean.No par 6912 Feb 20 79 Jan 3
60 Aug 777 Nov
8
2278 *20
2014 2014
*20
*20
22
21
no 21
100 Exchange Buffet Corp_No par 20 Jan 30 22 Jan 28
154 Jan 23 Deo
536
3612 *36
37
*36
3612
53614 3612 365 365
100 Fairbanks Morse
8
8
No par
3212 Jan 5 4014 Jan 20
3014 Nov 43's May
*10514 110
3
1053 105 8 *10514 110
*106 110 *106 110
8
100 Preferred
100 104 Jan 9 1064 Feb 2 107 Dec 112 Mar
11314 1143 11418 11512 1147 1164
115 1163 11518 116
4
8
41,900 Famous Players-Lasky_No par 11114 Jan 16 1173 Feb 14
8
4
92 July 11538 Dec
Preferred (8%)
100 12118 Jan 3 124 Jan 6 1147 July 1243 Jan
8
8
-4514 49 2 -,- 12 - -1I9
4934 50 ------760 Federal Light & Trac
4612 -LiEi- - 4
15 42 Jan 10 55 Jan 31
iii33712 Jan 47 May
1013 1013 102 102 *10018 10112
10112 10112 *10112 102
4
4
1,200 Preferred
No par 98 Jan 6 105 Jan 25
914 Feb 100 Aug
•115 145 *120 145 *120 145
*115 145 *110 145
Federal Mining dr Smelt'g_100 140 Feb 7 140 Feb 7
60
Feb 187 June
*9412 95
*9412 0512
*9412 96
*0452 9512 *923 94
4
Preferred
100 9114 Jan 3 96 Feb 10
754 Jan 97 Mar
1814 1814
•18
1818 1818 •1814 185
1814
1814 1812
Federal Motor Truck_ _No par
500
18 Feb 17 2134 Jan 4
8
17 Dec 304 Jan
200 200
*197 203
20412 206 *198 202 *195 205
700,Fidel Phen Fire Ins of NY. 25 18312 Jan 11 214 Feb 2
9312 Feb 230 Dee
•1218 1212 1212 1212 12
*12
123 *12
4
12
No par
60 Fifth Ave Bus
114 Jan 9 15 Jan 18
123
4
10 Nov
144 May
2001First Nat'l Plc. 1st prof _100 10514 Jan 13 109 Feb 8
•106 109
106 106 *106 109
106 106 *106 109
9711 Jan 10612 Dee
31
2912 3034 2934 304 31
3112 32
31
4,400 First Nat'l Stores
31
No par 284 Jan 8 337 Feb 14
8
1914 May 30 Feb
8
1514 153
15
1518 147 15
22,800 Fisk Rubber
8 1514 1514
8
No par 147 Feb 24
1514 154
174 Jan 4
1434 Oct 20
Apr
8912
•85
*86
8912 '
100 1st preferred stem ped___100 8914 Jay 13 9112 Jan 10
086
8912 8912 *85
90
89
81
Jan 100 Sept
*90
1st preferred cony
95
*90
*90
*90
95
97
97
*90
100 94 Feb 17 973 Jan 5
95
4
9412 July 102 Sept
67
681 4 6918 6812 6914 74,300 Fleischman Co new_ __No par 66 Feb 20 7412 Jan 24
68
66
8712 67
4618 Feb 7118 Dec
683
8
44
4312 4312 54312 45
44
4318 44
No par 43 Jan 10 513 Jan 3
43
1,300 Foundation Co
43 8
7
35 Nov
4
885 Apr
8
8
7712 7814 7712 78
783 8014 793 80
4
22,600 Fox Film Class A
No par 7712 Feb 18 8814 Jan 21
773 783
4
50 June 8512 Dee
4
*1103 1123 *1103 11212 *1103 1123
*1103 1123 *110 4 1123
Franklin-Simon pref
4
4
4
4
100 111 Jan 5 113 Feb 14 109 Dec 115 Aug
4
3
4
4
4
6618 70
tic) par 655 Feb 20 10914 Jan 11
7112 6818 7112 258,300 Freeport Texas Co
65 8 7012 7018 7218
5
69
8
344 Jan 10612 Dee
197 21
20 5 21
8
3
21
205 2114 6.400 Gabriel Snubber A
8
217
8 2112 213
No par 1938 Jan 27 2812 Jan 5
22 Dec 59 Aug
4
1234 1318
13
133
4 13
133
4 8.900 Gardner Motor
123 1314 1318 133
4
115 Jan 17 163 Feb 2
8
No Dar
4
4
1511 Dec
612 Jan
627 624 62
6212 4.300 Gen Amer Tank Car
8
6112 607 6112 61
8
61
No par 604 Feb 20 6612 Jan 4
46
6212
Jan 644 Dec
1107 1107 *11014 111
8
8
*11014 111 *11014 111 *11014 111
100 Preierre,1
100 110 Jan 9 1108 Feb 23 1063 Mar 11212 Sept
8
8
7314 7512 733 75
23,400 General Asphalt
72
7312 7114 733
100 7114 Feb 20 9314 Jan 9
4 7218 74
65 Aug 963 Mar
4
8
115 11512 114 11412 11414 11514
1154 1157 *116 125
1,100 Preferred
100 114 Feb 20 14014 Jan 7 10714 Aug 1447 Mar
8
•1384 13912 *13814 13912 *13814 13912
*13814 13912 13912 13912
10 General Baking pref___No par 134 Jan 26 140 Feb 7 1184 Ain' 140
Oct
71
70
7114 693 7014 6,300 General Cigar, Inc new_No par 87 Jan 19 754 Feb 2
684 69 4 683 694 70
4
3
52
4
Jan 744 Dee
•12414 __ _ •12414 _ _
'128_._ 128 128 *1244 _ _
100 Preferred (7)
100 128 Feb 3 128 Feb 3 116
Jan 135 Sept
564 5618 574 5714
-800 Gen Outdoor Adv A. .No par 5618 Feb 23 587 Jan 3
*5612 58
564
55611 58
5614 545 Apr 597 Nov
8
8
s
•4412 45
46
4618 447 46
4414 45
45
8
4512 3,800 Trust certificates _ __No par 424 Feb 11
5238 Jan 7
37
Jan 584 Nov
127 12818 126 1273 37,600 General Electric New.. No par 1254 Feb 20 13814 Jan 3
12518 1274 12512 1273
1253 127
8
4
4
81
Jan 1464 Sept
•113 1112 1112 1112 2,900 General Electric special____ 10 1114 Jan 23 1158 Jan 6
8
1112 1112 *1138 1112 1138 1112
11 June 115 Jan
8
*3814 3718 37
8
3612 3612 365 365 *3612 3714
3718
8
600 General Gas & Elec A _ _No par 3514 Jan 18 394 Jan 26
34 Apr 4712 Feb
*11214 113 *11214 113
*112 114 *11212 114 *11218 113
Gen Oas & Elec of A (7) No par 10812 Jan 4 11212 Feb 6 100
Jan 1104 Oct
*123 125 *123 125
12212 12212 12238 1224
*125 130
300 Preferred A (8)
No par 1224 Feb 21 12618 Jan 19 11314 Mar 12338 Nov
107 107
107 107
200 Preferred B (7)
96
*108 107 *106 107 *10618 107
No par 10512 Jan 17 107 Feb 9
Jan 1054 Deo
1347 13614 1343 1363 343,100 General Motors Corp now__25 130 Jan 10 13912 Jan 4 11314 Aug 141
8
13212 1344 13312 13514 13458 1354
4
4
On
125 125
4
1243 1243 125 126
125 1253
•1243 125
4
4
4 1,800 7% preferred
100 12312 Jan 26 1265 Jan 6 1184 Mar 1253 Dec
8
4
Stock
1 108
'
__
_ _ *108
'108
___ *108
_
*108
_ _ __ _ ___ Gen Motors Corp 5%deb p1100
104 Mar 10934 Dec,
1045 11:112 1043 107
8 104 107
-1033 10612 10214 106
4 4 - -18 23,900 Gen Ry Signal new____No par 10214 Feb 20 1235 Jan 3
8218 Jan 1534 Sept
8
6714 6912 Exchange
8
6712 6912 665 69
67
6912 6612 68
13.700 General Refractortes_No par 6612 Feb 24 82 Jan 3
38
Jan 81
Dec
994 100
9858 994 9914 100
9978 10258 10,500 Gillette Safety Razor__No par 9812 Jan 16 104 Jan 24
993 100
4
953 Nov 10912 Oct
4
3812 39
Closed
8 363 3934
4
384 387
3714 38
363 374 15.800 Gimbel Bros
4
3512 Dec 59 Sera
No par 357 Jan 10 434 Jan 31
8
93
9512 96
*9512 9614
94 94
94
9418 2,500 Preferred
91 Nov 10812 July
94
100 93 Feb 21 98 Jan 12
4
Washing2034 2114 203 2118 207 21
8
4
21
1413 May 22 Mar
213
8 21
2114 8,500 Glidden Co
8
8
No par 203 Jan 27 213 Feb 2
9814 97
964 9818 98
9712 9812 *98
9812
9812
290 Prior preferred
100 95 Jan 4 9914 Feb 7
86 Aug 101 June
ton's
8 88
914 943
944 9018 944
9314 973
4 924 9512 204,800 Gold Dust Corp v t o.__No par
42 Mar 783 Deo
71 Jan 16 10534 Feb 15
4
8114 83 a 8012 8212 47.000,Goodrich Co (B F)____No par 80 Feb 18 993 Jan 4
307
8212 844
8 8012 83
80
423 Jan 9612 Deo
4
8
10912 10912 Birthday •1094 110
10912 10912 *10912 110
3001 Pre erred
1095 110
8
100 10912 Feb 17 11214 Feb 7
95 Jan 11112 Dec
57
14 6014 5912 62
5712 60
5812 60
42.100 Goodyear T &Rub__ -No par 571 1 Feb 20 7212 Jan 4
59
60
483 Aug 694 Dc,,
8
9814 9812 983
9812 983
4 98
9812 983
No par 973 Jan 5 9912 Jan 13
4 9814 9812 3,1001 1st pref
9212 Nov 984 Dec
4
4
8312 8318 833
8 8318 86
83
847 8712 8518 863 13,700 Gotham Silk Hoslery_No par 78 Jan 4 874 Feb 7
8
8
573 Jan 855 Deo
8
8
8212 834 8312 84
83 8 863
5
8
85
87
8514 865
8 6,000 New
No par 7812 Jan 5 877 Feb 9
8
53 Jan 8512 Deo
123 123 *12114 122 *12114 122
122 12212 *122 123
400 Preferred New
100 115 8 Jan 16 123 Feb10 104
5
Jan 122 Sept
14
*83
8 9
584 9
9
5
9
600 Gould Coupler A
84 8 8 *S13 9
8
8 Jan 3 125 Feb 2
No par
4
Oct 114 Nov
39/8 398
8 3918 3912 3938 40
3912 40
40
4012 11,100'Granby Cons M Sm & Pr.100 3918 Feb 18 4312 Jan 3
3118 Jan 45 May
4 3112 32
3134 3214 32
4 3112 313
314 313
323
4 6,100 Great WesternSugarnewNo par 31 Jan 26 38 Jan 7
3518 Dec 445 Sept
8
114 114
11212 114
1134 114
114 115
,
114 117
630 Preferred
100 11212 Feb 20 120 Jan 3 1164 Feb 123 Sept
4
113 1197 114 1193 11712 1224
12014 1263 11812 124 176.600 Greene Cananea Cormer_100 113 Feb 18 16412 Jan 4
8
8
2914 Jan 15112 Dec
14
712 712 *714
7
712
714
7
7
3.000 Guantanamo Sugar___ _No par
7
94 Jan 4
7 Feb 23
Vs
7 Oct
1114 May
105 105 *105
10518 10514 .105 10612
010518
_ _
40 Preferred
100 105 Feb 23 107 Jan 7
957 Jan 106 Dec
8
*5212 54
5214 - .12 1,100 Gulf States Steel
52
523 - -34 5214 5212 5214 53
4 52
100 51 Jan 9 574 Feb 7
40
Oct 84 Feb
*25
2618 24
2312 28
340,Hackensack Water
2312 25
25
25
25
25 23 Jan 5 30 Jan 31
22 Aug 27 Jul).
7314 7314 74
160 Hanna 1st pref class A_ _100 8512 Jan 5 793 Jan 19
74
75
754 *7214 75
*7314 733
4
4
56
Jan 723 Dee
8
*26
27
*26
4
27
263 263
1,300 Hartman Corp class A _No par 24 Jan 5 27'8 Feb 3
4
3
2514 2514 25 8 27
224 Oct 2714 Mar
2212 2312 2218 2214 4,100 Class 11
5
21
214 2118 224 2214 23 8
No par
194 Jan 4 254 Jan 27
184 Dec 293 Apr
8
___ Hayes Wheel
____
_
No par
1512 Feb 2812 Mar
•114 119 *114 1 -19
100 Helms (G W)
.iii25 112 Jan 17 11812 Feb 20
iiii2 1-1812 *114 11812
7612 Jan 125
Oct
a'125 Ed" •125 129 •125 129
*12512 129 '
0125 129
Preferred
100 121 Jan 3 128 Jan 16 1184 Jan 130 July
_
2512 26
24
2512 1,600,Hoe (10 dr Co
26
27 27
No par 24 Feb 24 304 Jan 20
2612 2612 26
22
Jan 417 July
3
31
:31 '
03012 31
No par 2912 Jan 10 345 Jan 24
1,300 Hollander dr Son (A)
314 32
31
324 *3118 323*
8
3114 June 403 Oct
4
100 Homestake Mining
*6912 71
*6912 71
100 67 Jan 4 7412 Jan 7
*70
71
71 '
6912 6912
070
60
Oct
Jan 75
6478
6418 6412 6412 6412 3,100 House)Prod.Ino.ten) ctfNopar 644 Feb 21 6912 Jan 28
65 65
6418
6412 65
434 Jan 704 Nov
34,700 Houston Oil of Tex tern ctfs100 1273 Feb 24 15618 Jan 3
12814 13312 1273 132
4
4
129 131
130 134
128 131
Ost
604 Jan 175
43
434 44
437 17,300 Howe Sound
8
No par 405 Feb 18 454 Feb 2
404 42
4134 4138 43
8
41
343 July 4838 Dec
4
804 823
4 8114 83 176,800 Hudson Motor Car_ _No par 75 Jan 16 89 Jan 31
773 79
4
7714 8018 784 80
4814 Jan 9112 Aug
3718 3838 367 375 74,900 Hupp Motor Car Corp
8
367 377
8
10 29 Jan 16 414 Jan 27
3612 374 3612 38
8
8
Oct 3614 Deo
16
8 24
2412 9,800 Independent 011 & Oae.No par 213 Feb 20 2814 Jan 9
237 245
4
8
22
2218 2134 223
8 2212 243
4
175 May 324 Feb
8
42
No par 3812 Feb 14 4412 Jan 4
8
300 Indian Motocycle
39
405 405 •41
8
39
*39
.
3912 3913 391
'
13 Mar 47 Deo
10 Preferred
102 102
'102 103 *102 103 *102 103
102 103
100 10014 Jan 3 105 Jan 9
4
92
Jan 1023 Dec
9
10
1014 1014 3,400 Indlan Refining
9 Feb 18 125 Jan 13
1014 1014
914
94 95
8
914 10
8
1218 Sept
7'z May
912 912 *93 10
700 Certificates
4
10
812 Jan 16 103 Jan 13
812 812
8 8 85
5
8
85
8 9
8
12 Sept
714 June
200 Preferred
103 104 *103 10518 *103 104
104 10518
103 104
100 101 Jan 4 109 Jan 19
Oct 112 Mar
99
500 Ingersoll Rand new___ _No par 90 Feb 18 94 Jan 6
90
9012 9012 *9012 91
90 .90
92
904 903*
964 Apr
8718 Nov
Preferred
118 120 *118 120 *118 120
100 116 Jan 4 118 Feb 9 1063 July 120 May
•118 120 .118 120
4
48
4,700 Inland Steel
481 4 485
4814 48
8
4912
49
No par 48 Feb 17 63 Jan 3
4812 4812 484
Feb
41
f, 8 Dec
23
116 118 *11818 117
500 Preferred
1164 1164
100 11512 Jan 6 118 Feb 18 111
*11618 117
11618 117
Oct
Jan 118
1812 19
1812 187
4 3,500 Inspiratlon Cons C000er...20 1812 Jan 16 21511 Jan 3
8 185 187
1812 183
8
8
1812 183
4
1212 June 2512 Jan
1612 164 16
143 1512 15
1618 154 16
1514 5,100 Intercont'l Rubber__ __No par 143 Feb 23 213 Jan 4
8
8
11 Nov 25 Nov
4
137 137
8
8 1314 133 '
2,200 Internet Agr1cul
13
13
1318 1314
4 01314 14
No par
13 Feb 24
8
103 Dec
157 Jan 3
8
618 Apr
55
544
55
700 Prior preferred
*52
52
55
100 52 Feb 20 60 Jan 3
*52
5212 *50
55
33 Mar 6812 Ma,
12614 12834 119 12512 1225 128
20,100 lot Business Machines_No par 114 Jan 18 1474 Feb 3
130 1334 130 131
8
5318 Jan 1194 Des
62
63
62
634 634 63 4
8 834 634 4,800 International Cement_.No par 58 Jan 3 654 Feb 16
6318 637
8
3
4514 Jan 653 May
110 1114 *110 1113 *110 1113
Preferred
4
4
5110 1113 *110 1113
4
100 10812 Jan 4 11014 Feb 10 100
Oct 113 Dee
4
4512 457
8 4514 474 4614 4814
4814 74,200 Inter Comb Eng Corp__No par 4514 Feb 20 554 Jan 3
47
4714 49
401s Oct 84 Mar
10314 104 *10314 104
300 Preferred
8
8
1033 1033
104 104
•10314 104
100 1033 Feb 24 10512 Jan 3 101
8
Oct 1054 Dee
2274 230
2243 228
4
9,700 International Harvester...100 2244 Feb IS 2474 Jan 7 135 2 Jan 2554 Dee
232 233
23014 234
230 234
1
•
137 1383 137 138
4
300 Preferred
137 137
•1361 4 13812 *13614 13712
100 137 Feb 20 142 Jan 7 1263 Jan 139 Deo
4
5412 44 *414 45
800 lot Mercantile Marine
8
45
8 45
412 412
8
4
414
100
4 Feb 21
83
4May
34 Oct
53 Jan 9
8
354 3512 3414 35
5.300 Preferred
4
3612 3612 *353 37
35
363
8
100 3414 Feb 20 445 Jan 17
3
3212 Oct 55 8 May
8
934 963
4 954 984 97
4
9712 9914 9714 1003 37.100 International Match pref _35 9318 Jan 3 10812 Jan 7
994
62 Mar 9512 Dec
4
7812 844 784 8134
7358 773 586,300 Internationa Nickel (The).25 735 Feb 24 993 Jan 27
8314 86
763 824
4
8
384 Jan 8912 Dec
4
6812 6912 6712 703
8
8 6812 70
3
6812 70 4 685 7012 50,800 International Faper___No par 674 Jan 16 7812 Feb 8 03912May 8112 Nov
101 106 *101 106- _ _ _ _ _
Preferred (6%)
•101 106 •101 106
100 10014 Feb 6 103 Jan 6
8514 July 106 Dee
107 107 *105 107
2.000 Preferred (7%)
106 106
105 10512 1034 107
9612 Jan 1124 Dec
100 1034 Feb 24 108 Jan 14
63
634 *64
67
65
•63
60 International Salt
64
64
64
64
100 63 Feb 18 683 Jan 12
63 Sept 75 Dec
4
___
International Shoe____No par
Oct
Jan 239
160
•
15616 -- •itio- Ili' iii- 1e:6 -2
550 International S.Iyer
4
16i- fici" 16O41163100 158 Feb 21 196 Jan 24 13512 Mar 199 Nov
•
131 135 *131 135 •131 135
'30 Preferred
131 131 *131
Oct
100 128 Jan 3 131 Jan 27 109 Mar 128
13912 143
140 141
140 142
14212 1464 145 14878 18,300 Internet Telep & Teleg
100 13912 Feb 20 1493 Jan 4 12214 Jan 15878 Sept
8
'
•313 35
35
4
0 32
*32
Intertype Corp
*313 35
35
•324 35
4
1912 Jan 3912 June
No par 31 Jan 17 3812 Jan 20
51
51
61
51
Island Creek Coal
52
*5112 5212
500
*5112
52
52
1 51 Feb 17 56 Jan 4
4812 Mar 67 Sent
81
8012 8012 8118 824
81
8114 1,200 Jewel Tea. Inc
4 81
823
82
No par 80 Jan 17 8812 Feb 10
5312 Jan 86 Dee
122 123 •122 123 *122 124
Preferred
*122 124 *122 124
100 120 Jan 18 123 Jan 18 11112 July 12512 Mar
12214 12212 12214 12212 512214 12212
50 Jones dr Laugh Steel pret_100 1203 Jan 4 1233 Feb 9 117 Feb 123
Oat
*12214 12212 12214 12214
4
4
2938 304 30
317
337
8 3118 35
8 8,100 Jones Bros Tea. Inc____No par 204 Fob 18 4034 Jan 10
33
3338 35
8
1013 Jan 343 Deo
958 93
4
912 03
1012 105
4
8 5,600 Jordan Motor Car
1014
9 4 97
3
10
124 July 2211 Jan
8
No par
4
812 Jan 16 143 Jan 3
115 1161.'
0116 1181. 115 115
4
,115 1151, •116 1184
100 Kan City P&L 1st of ANo oar 115 Jan A 116 Feb 17 109 Dee 11512 Dee
• Bid and asked prices: no sales on this day, s Ex-dlvidendr a Hi-rights.




New York Stock Record-Continued-Page 5

1167

For sales during the week of stocks usually inactive, see fifth page preceding.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday, I Monday,
Feb. 20.
Feb. 18.

Tuesday,
Feb.21.

Wednesday, Thursday,
Feb. 23.
Feb. 22.

Friday,
Feb. 24.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest

Highest

PER SHARE
Range for Precious
Year 1927
Lowest

Highest

S per share S per share $ per share
$ per share S per share $ per share $ Per share Shares Indus. & Miscel.(Con.) Par $ per share
49
4
Apr 655 Dec
6712 7014 678 6812 21.500 Kayser (J) Co v t c____No par 625 Jan 5 713 Feb 15
3
6812 693
912 Jan 324 Nov
1
/
25 15 Feb 17 2738 Jan 3
1718 173 21,300 Kelly-Springfield Tire
4
1718 1712
s
4
163 173
35 Feb 102 Sept
100 5514 Feb 17 84 Jan 6
200 8% preferred
64
64
67
.62
8
.583 673
4
Jan 9713 Sept
44
100 58 Feb 17 80 Jan 26
64
600 6% preferred
64
64
64
65
*61
Oct 27 July
19
8
23
700 Kelsey Hayes Wheel__ No pa? 2212 Jan 10 255 Jan 17
2312 2312 23
24
*23
Feb 9038 Deo
GO
8
No par, 80% Feb 20 873 Feb 10
8
813 824 808 8218 26,400 Kennecott Copper
8112 8212
1 Mar
14 June
Keystone Tire & Rubb _No par'
rO% June 45
Jan
No par 3813 Jan 16 52 Jan 19
565 Kinney Co
-i6i2
s
1i4
7,.02 -,- 3- ;ii- liC -ii ii56 June 93 Dee
100 8914 Jan 6 97 Jan 24
370 Preferred
9118 937
91
91
8
917 917
91
9212 92
923
49 June 627 Feb
25 5914 Jan 3 74 Jan 9
8
6212 6414 605 6314 14,700 Kraft Cheese
8
4
1
/ 644 623 633
63
4
6312 64
7 Jan 7714 Sept
45
10 6058 Feb 24 7313 Jan 24
6614 664 6612 6612 9,300 Kresge (88) Co new
6512 6518 663
4
65
8
653 66
1
/
100 1134 Jan 19 117 Jan 3 11018 Feb 118 July
40 Preferred
114 114
115 115
8
*115 1157 .115 11578 .115 1157
10 June 18 Dee
1312 Jan 18 15 Jan 31
8
1413 145
4
700 Kresge Dept Stores___ _No par
8
.145 143
1413 1412
4
4 1412 143
4
143 143
45 Nov
80
Jan
4
100 513 Feb 1 55 Feb 8
100 Preferred
.5312 60
54
54
55
65 .54
65 .53
.53
Jan 10512 Sent
59
No par 87 Feb 20 9714 Jan 25
Kress Co new
500
4
8813 8812 884 883
88
88
88
87
89
.87
4
Laclede Gas L (St Louts)__100 200 Jan 10 260 Feb 2 1733 Jan 26712 June
.200 240 *200 240
*200 240 *200 240 .200 240
96
Jan 130 May
100 100 Jan 5 12412 Jan 26
10 Preferred
•105 115 .105 115
120 120
*103 115 .103 115
2012 Jan 372 Nov
8 3,400 Lago Oil & Transport_No par 2738 Feb 20 357 Jan 14
2912 293
2818 30
2812 2812
8
273 28
28
28
66
Jan 8812 Oct
No par 7912 Jan 10 8838 Feb 24
8
883 37,800 Lambert Co
4
/
841 85% 85
8
843
83
8212 83
5
82 8 83
Jan
7
1812 Dec
4
1
/
17 Jan 3 2258 Feb 2
No par
1814 1814 4,500 Lee Rubber dr Tire
1814 10
4
183 19
1814 1314
1814 1814
3258 Apr 43 Nov
No par 38 Jan 17 45 Feb 15
4
404 423 13,400 Lehn & Flak
417
41
8
4018 4038 4012 4114 407 4238
1
/
2014 Sept 344 Dec
No par 3014 Jan 18 3618 Feb 7
4,700 Life Savers
31
31
32
*31
32
3112 3212 32
3212 3314
18713
103 110 .10512 10814 2,200 Liggett dr Myers Tobacco__25 105 Feb 20 12212 Jan 3 08658 Feb 128 Sept
4
1
/
1054 1063 105 10614 106 106
Feb 128
Oct
8
25 1047 Feb 20 12312 Jan 3
8 9,400 Series 13
107 10818 106 1073
4
106 1068
8
1047 107
1051,2 106
4
100 13514 Jan 30 13814 Jan 11 1243 Jan 140 Dec
Preferred
*136 140 *136 140
•136 x 140 .136 140 .136 140
49
Oct 76% Ape
No par 55 Feb 20 6514 Jan 3
Wks
1,100 Lima Loc
56
564 561 4 .55
56
56
56
56
56
56
7
4
452 Sept 783 flee
4
4
664 65, 6514 8,900 Liquid Carbonic certifs_No par 6312 Feb 20 77 Jan 13
66
8 6412 6712
6518 65% 6312 655
s
487 Jan 6378 Mar
8
No par 67 Jan 10 637 Jan 27
8
4
593 6018 5914 603 18.400 Loew's Incorporated
5838 60 4 60
,
'2 5934
4
573 69
Oct
5
7 Jan 4
Feb 9
758 Jan
4
53
No par
612 6% 7.700 Lott Incorporated
612 634
612 63
6
6
612 612
4
2513 Dee 43 Mar
4
Long Bell Lumber A.....No par 26 Jan 3 353 Feb 3
8
*313 32
8
.313 32
8
.313 32
*3138 32
.30032
574
8
4 5012 515 13,200 Loose-Wiles Biscuit new_ _25 4918 Jan 10 58 Jan 27 13513 July 123 Dec
513
51
4
503 511
513
5014 F 5112 50
Jan
Nov
100 120 Feb 8 123 Jan 6 118
10 1st preferred
4
.120 1213 .120 121
•120 121
120 120
•120 121
157 Mar 171 May
100
2d preferred
___ __ ____
____ ____
7
2312 May 4738 July
25 35 Feb 21 4014 Jan 24
16.000 Lorillard
37
3614 367 363 365;
-5634 If" -55" li" "ia
4
100 11212 Jan 18 1133 Jan 10 107 June 11813 Jan
Preferred
.111 115 .111 115
•111 115 .111 115 *I 1 1 114
Oct 12 Aug
10
4
123 Jan 9
911s Feb 21
95 1014
9% 1014 14,700 Louisiana 011 temp ctfe_No par
97 10
8 934
93
4 97
93
8514 Dec 97 Feb
100 80 Feb 21 91 Jan 6
60 Preferred
*8312 89
88
85
8312
8312 80
.75
*___- 87
8
235 Jan
3013 Dec
2,400 Louisville 0 & El A__ _No par 28 Feb 7 297 Feb 10
4
283 29
4
283 29
2918
8
285 2918 29
28% 281
Oct 3314 Mar
20
8
No par 255 Jan 11 3412 Feb 6
,
3012 31 8 8.200 Ludlum Steel
3114 32
4
8 2912 313
4
2938 3012 293 303
43 Nov 5814 Dec
200 MacAndrews & Forbee_No par 46 Jan 6 5118 Jan 4
3
*4812 50 8
49
49
50
.48
48% 4878
51
.48
8
100 10918 Feb 24 1193 Jan 27 105 June 134 Aug
600 Mackay Companies
10918 10918
.1091. 110
10914 10914 10914 10914
110 110
67 Aug 74 Aug
100 6814 Jan 13 7014 k eb 17
200 Preferred
71
7014 7014 .70
72
*70
*6912 72
*6912 72
i
8814 Jan 1188 May
*
No par 973 Feb 18 1077 Jan 3
8
9812 10014 9814 995 42,800 Mack Trucks. Inc
8
9818 1003
8
973 98'2 9758 991
Jan 113% July
109
100
1st preferred
---- ------- --Jan 10712 June
---- --102
100
•
20 preferred
_
Jan 24312 Nov
No par 235 Jan 10 275 Jan 24 124
ioo Macy Co
*iii 216 iia 216
--5I*HY 20--"*Z515" 2 *331.1 2861
8
2012 Aug285 Oct
4
2412 25
4 4,100 Madison Sq Garden_No par 2214 Jan 9 263 Jan 19
2412 243
24
24 2
8
8 225 24
4
233 243
3
2911 Feb58 4 Dee
No par 45 Feb 18 5612 Jan 4l
8 46
465
46
8
463 13,700 Magma Copper
8
465
8 4518 4614 46
457
45
4
1113 Apr 203 Dec
16 Jan 20 224 Feb 21
4 2112 225 19,200 Mallbason (H RI & Co_No par
223
22
8
4
223
21
8
195 20% 207s 21
4
663 July 95 Dec
100 8718 Jan 30 92 Jan 3
9112 9113 9112
70 Preferred
.91
4
913
91
88 .8914 91
88
27 Nov46 Feb
100 3412 Feb 10 41 Jan 14
Manati Sugar
37
.30
37
*30
37
.30
37
37 .30
•30
4
Oct802 Dee
48
100 70 Feb 17 88 J80 17
300 Preferred
7014 7014 *65
70
70
70
75
.70
72
72
4
3918 Dec493 Aug
No par 364 Feb 23 40% Jan 24
1,100 Mandel Bros
37
4 37
4
363 363
37
3712 37
37
*3712 38
Oct132 Aug
43
No par 50 Jan 11 547 Jan 3
4 6,000 Manta Else Hupply
52
533* 5212 523
s
7
4 51
513
52
8 50
8
515 523
3
2414 Jan 35 4 Dee
25 313 Feb 18 3638 Jan 23
Stock
900 Manhattan Shirt
.3212 3312 3314 3314
4
313 3218 313 3138 317 32
Oct
Jan 60
40
4
Manila Electric Corp__No par 453 Feb 6 50 Feb 3
.45
51
*45
51
51
.45
51
.45
51
•45
Oct 2214 Jan
12
011 Expl___No par 1212 Feb 20 1818 Jan 13
8 1,900 Maracaibo
8
1338 137
8 137 137
13 Exchange
13
4
1212 123
s
1234 127
31 June 5813 Jan
No par 33 Feb 17 383s Jan 16
8
343 354 3412 34% 25.700 Marland 011
8 3314 34,
8
3314 3318 335
33
8
Jan 557 Nov
27
No par 4618 Feb 20 5212 Jan 6
4612 4612 1,800 Marlin-Rockwell
47
Closed
47
4612 4612 4018 4612 4612 47
3
151 Dec 24 4 Feb
4
1252 Feb 24 153 Jan 3
13
8
125 13
13
800 Martin-Parry CorpNo par
127g 13
8
8
•127 1312 127 13
4
82 Jan 1323 Deo
8
4 4,000 Nlathieson Alkali WorksNo par 119 Feb 20 1313 Jan 25
4
121 1217s Washing- 11912 1223 12012 1233
12018 12014 119 121
Jan 120 Dec
Preferred
.116 11612 .116 116,
100 115 Jan 12 117 Feb 2 103
2
•116 11612 .116 11612 *116 11612
8
4
663 June 903 Nov
25 78 Feb 17 853* Jan 3
7814 79
ton's
4
783 784 5,400 May Dept Stores new
7814 73
7818 7812 79
78
*
238 Jan 3514 Dec
3012 Feb 20 3412 Jan 12
4
/
No par
311 3118 3118 3118 2,900 Maytag Co
3012 31
3012 31
4
303 31
55 Mar 90 Dec
400 McCrory Stores class A.No par 77 Feb 18 88 Jan 3
8118
81
8
795 795
4
803 Birthday
80
80
z77
77
77
5812 Mar 9638 Dec
No par 81 Feb 20 89% Jan 3
*8212 84
83
83
400 Class 13
83
4,8118 84
83
81
z81
97 Mar 11612 Sept
100 109 Feb 8 111 Jan 10
4
4
300 Preferred
1093 1093 1093 1093
4
4
.10918 11114 *10918 114 .10934 114
2411 Mar 28 4 Oct
3
28 Feb 4
8
s
203 263
.8 263 Feb 24
8
200 McIntyre Porcupine MInes.
.263 27
8
8
*263 27
27
27
4
.253 27
4
243 Jan 2614 Feb
2518 Jan 6 27 Feb 9
2614 2014 .257 2614
300 Metro-Goldwyn Pictures pf.2
8
2614
2614 26
2614 .26
.26
914 Feb
3 Aug
6% Feb 9
6
6
614 614 3,000 Mexican Seaboard 011__No par
45* Jan 19
4 612
53
4
53
,
52
8
5% 57
13% June 203 Dec
4
5 173 Jan 5 1912 Feb 7
1812 1812 185 187
8 4,300 Miami Copper
8
8
8
1814 185 185
18
18
18
8
2512 Oct393 Jan
26
2612 26
2614 13.900 Mid-Continent Petro_.No par 2518 Feb 20 2913 Jan 3
4
4 2514 253
2514 2618 2518 253
Apr 105 Feb
97
100 10314 Feb 20 105% Jan 16
100 Mld-Cont Petrol pref
*10214 10512.10214 10512
*103 10512 10314 10314 *10214 1051 2
4
33 June
15a Jan
8
33 Jan 5
8 5.400 Middle States 011 Corp
8 25
25
8
10
212 25
23* Jan 3
4
212 23
212 212
212 258
4
23 June
Ds Jan
8
23 Jan 5
113 Jan 3
10
178
17
400 Certificates
13
4
4
13
8
17
4
4 .13
13
4
13
•1% 2
Apr 315 Deo
___100 199 Feb 18 290 Jan 4 108
201 205
20212 207
6,800 Midland Steel Prod pref.
4
200 20414 2023 207
199 211
4
363 Apr
1712 Nov
21
21
No par 21 Feb 17 27 Jan 3
21
21
1.100 Miller Rubber ate
21
21
21
21
21
21
8112 Jan 10912 Oct
100 10214 Jan 10 16538 Feb 2
8
158 16212 16012 1643 139,300 Montana Power
4
146 14812 145 14812 150 1623
603* Feb 1231s Dec
1335g 1365 13212 13512 190,800 Montg Ward & Co III corp_10 117 Jan 19 14914 Feb 8
8
8
13514 13712 13112 13712 13312 1365
8 June 1213 Jan
712 Jan 4
538 Feb C
8 53
53
No par
53
4
4 4,800 Moon Motors
53
4
558 57
8
55s 57
4
4 53
53
32
33
112 Oct438 Jan
3% Feb 23
314
33 23,800 Mother Lode CoalltIon_No par
238 Jan 27
8
314 312
27s 318
2%
27
613 Sept1658 Mar
812 Jan 27
7 Feb 17
7114
7
7 14
7
No par
400 Motion Picture
*684 714
*612 7
•612 7
17 Nov
4
383 Apr
18 Feb 17 2314 Jan 12
I 1958 21 20 2012 8,600 Motor Meter A
No par
1814 1814 181. 1912 20
18
2
20% Jan 277 Mar
2838 2738 2812 10,100 Motor Wheel
28
No par 2512 Jan 12 2858 Feb 23
8
2712 2712 277
26
26
26
Jan 7914 Dee
10
8014 767 79
No par 7258 Feb 17 93 Feb 2
78
17.200 Mullins Body Corp
8
80
4 78
783
78% 76
75
Jan 11014 Dec
80
4
100 1043 Jan 17 11034 Jan 9
•10712 10812.10712 108%
Preferred
*10712 109 .10812 109 .10712 1091
4
358 May 53 Nov
8
473 4712 48
No par 47 Feb 20 53 Jan 23
1,400 Munsingwear Inc
48
.
4714 4714 47 4
4714 471, 47
1814 Oct43 Feb
3112 Jan 4
No par 2113 Feb 1
2414 2412 235* 245
Murray Body new
8 4.400
8
2218 2212 2212 2252 227 23
6014 Apr 1017 Dec
8
8
84
No par 8014 Feb 20 1013 Jan 3
83% 85
65,200 Nash Motors Co
85
83
8118 81% 8014 8214 81
5 Feb
712 Oct
714 Jan 4 14 Jan 31
1212 12
_10
12
4,500 National Acme stamped
12
8
8
1112 117 123
1112 11
108
31 18 Sept 4612 Dec
8
57
8
567 57
No par 41 Jan 3 613 Jan 26
5712 4,100 Nat Bellm Hess
5614 56
5612
5618 55
56
8514 Sept 97 Apr
100 904 Jan 3 101 Jan 26
98
.95
98
200 Preferred
.05
98
08 .95
*96
98
98
948 Jan 187 Dec
25 16214 Jan 19 182 Jan 27
4
1643 1673 11,500 National Biscuit
165 168
4
s
1667 16012
4
163 1643 164 166
Jan 142 Dec
100 1384 Feb 16 143 Jan 9 130
200 Preferred
•13512 141 *13512 141
13814 13812 *13512 142 *13512 1427
1
8
397 Jan 5138 Dee
8 4934 51
4058 507
16,500 Nat Cash Register A w iNo par 4714 Jan 16 53 Feb 2
8 49
493
49
4912 49
49
5914 May 687 Aug
8
8 6712 685 26,800 Nat Dairy Prod
6654 685
8
6612
No pat 6413 Jan 5 7212 Feb 1
6512
6618 65% 68
65
2014 June 2738 Mar
4
2314 23
200 Nat Department Stores No par 2178 Jan 5 243 Feb 2
.23
23
233 *23
2314
2312 2312 .23
8912 July 9414 Jan
9112 9112 9158
.91
100 91 Jan 10 92 Jan 23
200 let preferred
911
.91
91
9112 91
4,91
17 Feb 60
4
Oct
444 454 4412 4514 23,000 Nat Distill Prod etts___No par 43 Feb 20 5812 Jan 9
8 4414 453
463
43
4318 48
43 Mar 8954 June
8
400 Preferred temp etre__No par 6214 Feb 20 713 Jan 9
644 *6312 64
.63
8 6214 6214 .6214 631
647
64
1918 Apr 353 June
2412 25
8
8
2712 1.300 Nat Enam & Stamping ___ _100 237 Feb 20 305 Jan 26
.28
8
8 *2412 26
8
2412 2412 237 237
6918 Apr 917 July
8
8
.9014 02
*9012 92
Preferred
100 91 Jan 17 915 Jan 13
*9014 92 .9014 02
.9014 02
1287 129
129 129
1,100 National Lead
4
100 126 Jan 10 138 Jan 31 595 May 2023 May
12712 12712 *128 129
129 129
300 Preferred A
4
.139 140 .139 1393
4
100 139 Jan 3 139 Jan 3 11312June 1393 Dec
139 139
4
•139 1393 139 139 .109 116
.109 116 *109 116
Preferred B
8
100 113 Jan 19 1163 Jan 5 1047 June 11514 Dec
4
.108 116
•108 116
2558 25
8
253 124,100 National Pr & Lt etre_ _No Par 2158 Jan 16 275s Jan 27
25
2518 2512
1
1914 June 26 Sept
204 2514
2412 25
900 National Supply
9012
90 .90
00
76 May 977s Dee
50 00 Feb 21 9612 Jan 3
90
.9012 9178 9012 9012 90
322 32714 3,620 l'sratIonal Surety
320 325
100 298 Feb 7 355 Jan 3 0218 July 373 Dec
318 32912 31913 32884
330 334
500 National Tea Co
16214 16214 .162 16312
No par 160 Jan 17 17314 Jan 3 108
Apr 180 Dec
4
16212 1643 162 162
•182 164
19% 20% 195 197 42,300 Nevada Consol Copper_No par
8
8
4
173 Jan 18 2312 Feb 6
4
123 June 2052 Dec
8
197s 195 2014
185* 1912 19
10,500 N Y Air Brake
4
453 46
4
453 47
No par 4312 Jan 17 5012 Feb 10
3914 Oct 50 June
8 4512 47
8
8
445 4512 445 455
N Y Canners
No pa
1318 Apr 217i Jam
_ _
_
, ___ ___
Preferred
Jan
No pa
43 Mar 72
500 New York Dock
SE
ii ;212 •Li 100 52 Feb 18 6414 Jan 4
34
Jan 6538 Nov
62i2 ii; '
T2 -65- .
-- biPreferred
*8712 92
92
*85
100 9014 Feb 2 95 Jan 4
7218 Feb 9312 Nov
92
•85
92
02 .85
*85
160 N Y Steam pref (6)____No par 9914 Jan 3 10214 Feb 24
10114 10114 10114 10214
9313 Feb 10212 Oct
8
1013* 1017
•10112 10213 *10112 10212 1133 1133
114 1145
100 First preferred (7)_ __No par 102 Jan 30 1145 Feb 24 105
8
114 114
8
Jan 11412 Oct
4
4
4
*113 1133 11212 113
700 Niagara Falls Power pt new.25 28 Jan 3 283 Feb 17
8 2814 2814
*2814 283
4
27% Jan
29% Mal
8 288* 2812
8 .2812 285
.2812 285
10 58% Jan 5 621s Jan 14
3
6018 6038 6018 60 4 28,000 North American Co
4558 Jan 6412 Oci
8 6014
'
5912 6018 5918 601 s 597 547
1,200 Preferred
55
55
50 5314 Jan 3 55 Feb 23
55
55
50
55 Ails
Jan
54%
543 543
55
.53
400 No Amer Edison pref __No par 10212 Feb 15 1057 Feb 7
4
4
,
8
103 1033 *1023 1033
Oct
8
965 Jan 105
103 103
01024 10312 .103 104
300 Northwestern Telegraph__ _50 50 Jan 5 52 Jan 14
.5013 51
*5012 51
471 Jan 58 SeP1
51
51
51
51
.5012 51
51 Fet
3
3
3 Jan 10
314
600 Norwalk Tire & Rubber__ 10
4 Jan 3
.3
I- 314
17 Jun
314 .
3
3
314
314
Nunnally Co (The).....-No pa
818 Jan 28
9 Jan 24
*812 9
812 87
.
Jar
8
82 Dec 13
912 *812 912
8
* 12
01 2
*812
25 33 Feb 18 41 Jan 11
3412 3412 3412 3514 4.300011 Well Supply
3114 Jan 3878 Der
4
334 333 34
2 33
337
33
100 107 Jan 26 11012 Jan 11 1023 Mar 110 Juni
180 Preferred
8
1085 10854 *10814 10812
4
4
1083 10318 10818
108
108 108
No par
1218 Feb 18
1434 Jan 26
4 3.300 Omnibus Corp
123
1258 1258 •12
11 Mar 1718 Juno
2
1218 123
1218 1214 1218 1212
100 00 Jan 11 96 Feb 7
200 Preferred A
9612
.96
96
*93
81
Jan 9912 Ma,
.953 9612
96
96
98
96
8
72
1,200 Oppenhelm Collins & CoNo par 7112 Feb 21 8812 Jan 7
4
7214 723 723
4
5812 Feb823 Del
7112 72
7212
72
*7212 73
1 2214 Feb 20 2412 Jan 9
400 Orpheum Circuit. Inc
•2214 2314 *224 2312
8
237 Dec35 API
4
*2214 223
2214 23
23
23
100 9912 Feb 21 102 Jan 5 102 Nov108121111)4
100 Preferred
8
8
2
.97 1007 •97 1007
9912 9912
100
*9912
*9912 100
50 14718 Feb 20 15812 Jan 17 z103 Feb155% Oc'
14714 14812 14712 14812 1,900011* Elevator
14718 14712 148 149
14712 149
100 1191 Jan 24 12112 Jan 12 108 Feb124 4 Ass
4
/
3
20 Preferred
*11914 121 *11914 121
4
4 1203
*12012 120% 120% 12034 1203 117
1012 Jan 18 1312 Feb 8
No par
8
4
1
/
7 Feb1212 JUDI
117 1212 9.400 OUR Steel
8
117 1214
8
8
4 115
1132 1112 1113 113
81-411Tigtalis •ift-rilLa$12
• um and aallOg Dr100Ia se OWN 011 till/ gars II
$ per share $ per share
67% 6812 6713 69
153 1612 1618 1718
4
643
*60
66
56
61
60
60
•55
23
23
*2312 24
8014 80% 80% 82




- -ii1; -ia,w - ---

New York Stock Record-Continued-Page 6

1168

For sales during the week of stocks usually Inactive. see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.

PER SHARE
PER SHARE
Sates
STOCKS
Range Since Jan. 1.
I
for
Range for Previous
NEW YORK STOCK
On basis of 100-share lots
Friday,
the
}'t 1927
EXCHANGE
.--Feb. 24.
Week.
Lowest
Highest
Lowest , Highest
-$ pet share S per share 3 per share $ per share $ per shore s per share shares Indus. & anscel.
I
(Con.) Par $ per share
$ per share $ Per share i Per share
85
8512 84
8412 *843 86
4
8512 85is .85
86
701) Otis Steel prior pref
100 8212 Jan 10 9034 Feb 7
61% set) 91 Nov
*84
88
86
86
82
82
*82
*82
86
86
200 Outlet Co
No par 82 Feb 21 91 Jan 5
5234 Jan 99 Des
76
7618 .76
767
8 7818 767
7614 767
8
767 767
8 1,100 Owens Bottle
8
25 7412 Jan 3 798 Jan 7
73 Dec 8511 Dee
*11512 117 *1153 117
8
*116 11614 •116 117
20 Preferred
11534 116
100 1143 Jan 3
4
Jan 120 Nov
453 453
4
4 4514 4512 45
4412 441* •150 4 151
1,000 Pacific Gas - Elec new_._.25 4412 Feb 23 116 JNII 24 107
45
3
497 Feb 6
8
31
1.',4, 50 Dec
138
13
I%
8
112
138
13
138
3
13
1% 2,500 Pacific 011
8
18
No par
114 Jan 3
14 Jan 27
1 May
151 151 14 1501 2 151 *15012 151
171 Jan
15012 151
1503 1503
4
4
370 Pacific Tom)dr Teleg
100 15012 Feb 20 157 Jan 0 124 Aim- 162
Dec
*11812 12212 11814 11E414 .11812 12212
11812 11812 *11812 1221 2
20 Preferred
100 115 Jan 5 123 Feb 3 1113
12 Mar 1 16
5614 57% 5614 5758 563 5712
5712 584 58
Oct
5812 45,300 Packard Motor Car
4
10 6614 Feb 18 6312 Jun 3
333 Apr 82 Dec
._ _
'Paige Det Motor Car.
.No par
17 Jan 17 2038
7% Mar 18% Des
3812 3812 3814 39
39
3914 3914
.39.4 4012 7,100 Pan-Amer Petr & Trans____50 3814 Feb 20 46% Jan 4
40
Jan 6
4008 Dee 657 Jan
8
8
377 383
8 373 3918 3818 393
4
393 4012 395 4014 31.100 C1a.s8 B
8
8
8
50 373 Feb 20 483
4
iol, Dee 663* Jan
031812 19
*1812 19
19
*19
19
184 19
20
300 Pan-Am West Petrol 11..No par 1814 Feb 15 21 Jan 6
Jan 13
1634 Oct 377 Jan
8
113 12
4
13
1112 113
4 113 12%
1312 13
4
1312 1,700 Panhandle Prod dr ref _No par
1112 Feb 11
1812 Jan 8
8
Apr
18% Jan
*70
75
*51
70
70
.51
*55 .75
75
70
100 Preferred
100 70 Feb 21
64 Sept 83 Nov
3414 3412 343 3412 3412 3454
4
8
3412 3412 343 3434 3,500 Park dr TIMM tern etfa_No par 3414 Feb 18 81 Jan 4
375 Jan 4
8
20
Job 465 Oct
10
8
103
8 10
1012 107
10%
1014 1034
8 1012 1114 44,900 Park Utah C NI
1
934 Jan 3 1412 Jan 5
Jan
6
1012 Dec
3
318
3
3
314
318
27
8 3
4,3011 Pathe Exchange
3
314
No par
2 Feb 8
412 Jan 61
3% Dee
12 June
1192 1218 1218 1312 1214 1312
123 1312 1212 12% 7,000 Patbe Exchange A new _No Par
8
818 Feb 9 1812 Jan 141
IS% Doc 4314 June
24
2412 2414 2.5% 243 2518
25
2514 245 25
5,400 Patin° Mines & Enterpr____20 23 8 Jan 3 3038 Jan
8
8
7
30
IS% Aug 277 Feb
8
163 1612 *165 17
8
1612 17
1612 17
8
1712 1812 6.900 Peerless Motor Car
50 1618 Jan 27 235 Jan 4
8
20
Apr 32 Jan
2358 2412 233 2478 243 247
8
2412 253 *2412 25
8
8
8
1,600 Penick & Ford
No par 223 Jan 7 283 Jun 24
8
8
11112 Sept 277 May
*1012 1112 *1012 11
103 10,2 *10, 11
8
1012 1012
400 Penn Coal & Coke
4
50 10 Feb 9 14% Jan 5
1014 Jan 26l May
2414 2418 2412 2412 25
24
257g 26
25
2614 8,100 Penn-D0xle Cecnent____No par 225 Jan 11 2712 Jar)31
8
21, 1 10c 3934 Jan
2
96
96
*96
*9512 961s 963 963
8
8
9612 *96
964
200 Preferred
100 94 Jan 5 963 Feb 21
8
91 Sept 100 May
Penn-Seaboard St'l vte No par
14 June
1 18 Feb
iio- 1- - 16934 17212 16914 172
1f393 17 3- 1 72- iii - - 1,000 People's G L & C (Chle)...100 1513 Jan 6 18912
75
- 4 -- 4 7
3
14
Feb 2 126
Jan 1683 Nov
4
*148 165 *148 165
*145 160 *146 163 .148 163
Philadelifhla Co (PIttsb)___60 14912 Jan 19 163 Jan 31
8514 Jun 15312 Dee
*4514 49
*4514 49
*4514 48
*4514 49
*4514 49
5% preferred
50 4612 Jan 18 4818 Jan 18
40
Jan 51 Dec
523 624 6212 5212 523 527
4
527 53
8
8
4
53
53
1,700 6% preferred
50 52 Jan 3 53 Feb 7
50
Jan
5312 Sept
317 33
8
313 32N 32
3114 323
4
4 31,2 32%
323 12,100 Piffle & Read C & I___.No par 2814 Feb 9 393 Jan 3
8
4
3738 June 475 Mar
8
*31
*31
33
*31
34
34
*31
*3014 34
34
Certificates of int.__ No par 29 Feb 10 38 Jan 12
3714 J1Ine 47 Mar
16
16
16
16
1614
1618
1612 16%
16
16
2.100 Phillip Morris & Co. Ltd_10 1538 Jan 11 195 Jan 31
8
IS Sept 41% Jan
3618 37
3612 3714 365 3714 87,000 Phillips Petroleum
3514 37% 35, 36,2
4
8
No par 3514 Feb 20 4312 Jan 14
3614 Oct 6014 Feb
34
34
3512 37
34
*34
35
36
35
363
4 1,600 Phoerix Hosiery
6 28 Jan 12 37 Feb 23
3518 Dee 527 Aug
8
*100 103 *100 1023 *102 103
•102 103 *102 103
4
Preferred
100 96 Jan 9 10314 Feb 14 103
Jan 10784 July
1012 11
113 11 12 1114 115
1012 1114
3
1114 1112
8 5.400 Pierce-Arrow Mot Car _No par
1012 Feb 18
1534 Jan 3
918 Oct 2358 Mar
40
42
42
4012 4018 41
413 42
4
*4214 4212 1,400 Preferred
100 397 Feb 16 5312 Jan 3
8
3734 Oct 10212 Jan
58
58
*5
8
3
5a
38
%
4 1.900 Pierce Oil Corporation
1
3
58
513
25
3 Jan 3
8
34 Jan 3
14 Mar
1 18 June
*16
*16
1812 1614 1614 *1614 18,2
*16
19
19
1.100 Preferred
100 1614 Feb 20 2012 Jan 10
131* Mar 24 June
35
8 33
4
35
312 312
3'z 3'z
8 33
312 312
4 3,200 Pierre Petrol'm tern ctfallo par
312 Feb 16
458 Jan 7
2% Mar
512 June
32; 3314 33
34
35
34
34
333 3512
8
34
9,100 Pillsbury Flour MIlls__No par 323 Feb 18 3712 Jan 9
4
'
30, s Nov 3712 Aug
*109 11212 *10012 110
113 113 *110 113
110 110
500 Preferred
100 108 Jan 5 11712 Jan 9 109 Aug 109
Oct
4134 43
45
45
45
4312 4312 45
45
46
4,200 Pittsburgh Coal of Pa
100 4114 Feb 8 5312 Jan 4
5 Mar 7412 Juno
32
*80
*80
8312 *80
8312 *80
8312
8312 *80
8312
Preferred
100 83 Feb 10 88 Jan 12
703 Mar 98 Sept
8
*90
*90
*90
92
*00
92
92
92
90
90
93 Pittsburgh Steel pref
100 90 Feb 14 96 Feb 9
94
Dec 101
Jan
*30
ns 32 *32 38 *30 33
33
*31
33
Pitts Terminal Coal
100 26 Feb 10 3512 Jan 5
3012 Apr 55 Juno
*77
*77
78
77% 77
777
8 77
80
77
77
210 Preferred
100 77 Feb 20 7812 Jan 7
74
Apr 8412 Dec
8 627 64
8
65
6314 643
6312 66
66
6218 65
3,700 Porto Rican-Am Tob el A_100 621s Feb 24 797 Jan 6
8
65 Aug 9112 Jan
2418 273
2418 26
2714 277
28
8 237 263 10,900 Class B
8 25
8
4
No par 23% Feb 24 35 Jan 3
15 Aug 527 Dec
8
1183 120
8
8
4
120 1203 1195 1203 37,100 Postuni Co. Inc
118 1203 1187 12012
4
8
4
No par 118 Feb 20 129% Jul,24
92% Mar 12,08 Dee
23
23
2214 227
22
22
22
2314 02218 233
8
4 1,800 Pressed Steel Car new _No par 22 Feb 18 267 Jan 3
8
3612 Felt 7814 Dee
*83
85
.83
*83
*83
85
85
85
*80
85
Preferred
100 85 Jan 23 88
7612 Feb 92'* May
17
4
1814 1934 1914 1912 8,600 Producers & Refiners Corp 50 16 Feb 17 26 Jan 4
1718 163 17
1714 1812
Jan 10
168 Jan 3378 May
Stock
4114 423 423
4114 4112 41
4
43
43
43 43
460 Preferred
50 41 Feb 20 45 Jun 24
367 Jan 50 Feb
8
4212
4218 415 4212 42
42
42
4212 42
43
15,800 PubServeorp of NJ newNo par 4112 Jan 9 45 Jan 27
32
Jut 467 Sept
8
01053 106 *1053 106
1053 1053 Exchange 1053 10554 *10314 1057
8
8
8
8
4
8
200 6% preferred
100 1033 Jan 6 101114 Feb 7
8
9812 F,M 105 Nov
011812 119
119 11912 *11812 119
*11812 119 *11812 120
500 7% preferred
100 118 Jan 21 120 8 Jan 25 10811 Jan 12014
,
Nov
•13712
__
__ •1373 . _ •138
Closed
4
•138% _ - .138%
8% preferred
100 134 Jan 7 13812 Feb 17 125
J411 13514 Nov
*10918 1093 1093 109 8 *1093 110
_- 8
8 -8 - -3
*1093 10978 1093 109N
8 - 8
700 Pub Serv Elec & Gaa pfd_100 109 Jan 11 11018 Jan 28 102
Jan 11012 Dec
793 80% 795 8012 7922 803 Washing4
8
8018 81
8
8018 803 35.600 Pullman Company new No par 7012 Feb 21 855 Jan
8
8
28
73 4 Aug 843 Dec
3
4
2818 283
4 2818 2814 2814 2814
2818 283
4 28% 293
4 2.400 Punta Alegre Sugar
50 2818 Feb 17 347 Jan 3
8
27
Oct 4638 Jan
2014 2018 203
2018 2014 20
ton's
2012 21
s
2038 203 18,200 Pure 011 (The) 4
25 19 Feb 1 2712 Jan 5
25
Oct 3318
112 112 *111 113
3110 115
0111 114
112 112
200 8% preferred
100 112 Feb 3 112 Feb 3 1113 Jan 11512 Mar
8
Deo
6614 664 8612 66% 6618 6614 Birthday
667 6718 6718 674 5,800 Purity Bakeries class A
8
25 5812 Jan 3 693 Feb 14
8
423 Mar 63 Nov
4
4
13012 1313 12612 13014 1281s 1297
8
1287 1297 12814 13112 7,300 Class 11
8
8
No par 9614 Jan 3 1343 Feb 14 1
4
411 Jan 987 Nov
8
8
8
1097 11014
8
4
1093 1097 1097 110
110 110
110 110
540 Preferred
100 1077 Jan 3 11314 Feb 7
8
8 8714 90%
8 8514 887
8612 877
9018 927
8 0014 933 394,900 Radio Corp of Arner___No par 8514 Feb 20 10434 Jan 9 10114 Jun 110 Nov
8
4118 Apr 101 Dec
*55
56
56
55 8 5558
56
5
*5512 56
*5512 56
200 Preferred
50 5412 Jan 4 577 Jan 9
8
49 May 57 Nov
*395 41
*41% 43
*42
43
8
405 40% *40
8
43
110 Rand Mines, Ltd
No par 4034 Feb 23 45 Jan 17
39 Dec 40 Apr
Ray Consolidated Copper__ 10
1318 July
155 Sept
8
2612 26,2 272727
26
26% 273
8 205 27
8
1,700 Real Silk Hosiery
10 247s Jan 17 30; Jan 26
2012 Nov 49 Apr
89
8612 8912 883 91
4
•9214 94
9412
94
94
360 Preferred
100 84 Feb 7 0412 Feb 21
80 June 99 Mar
Reld Ice Cream
No par 82 Jan 6 9212 Jan 11
3812 Jail 8414 Dec
-Preferred
._
100 110% Jan 6 1103 Jan 8
4
97 May 11012 Nov
63
8 63
8 *6
612
53
4
4 53
512 - -34
6
5
53
4 - -14 1,300 Rels(Robt)& Co
No par
612 Feb 23
7% Jan 6
9
534 July
Jan
28
2734 2878 2712 283
4 28
2834 27
2914
2814 42,701) Remington-Rand
No par 2318 Jan 20 33 Jan 28
2012 Nov
4714 June
*9412 9512 95
*9412 96
9512 9512 *9514 953
9514
300 First preferred
4
100 93 Jan 16 9512 Feb 2
8712 Nov 10212 Apr
*97
99 •
*97
*97
99
*97
*97
99
99
99
Second preferred
100 9912 Jan 10 100 Jan 24
90
•3103 110 *103 110 *103 110
Oct 110 Apr
*103 110 *103 110
Rern'g'tn Type 7% 1st pt _100 110 Feb 7 110 Feb 7
100
Oct 11711 Feb
*__ 115 *____ 115
3--__ 115 e____ 115. *__ 115
8% 2d preferred
100 102 Jan 7 114 Jan 30 104
Dec. 120 Apr
_ ____
_
Replogle Steel
No par
9% Apr
13% Jan
6012 - -12 59% - -1
61
-- 7- 18 4 -5g18 60
6
7
603 6112
-18
19,100 Republic Iron & Steel
6
100 56 Feb 17 694 Feb 7
53
Oct 757 Mar
10712 10712 *1075 109
108 108 *10712 110
10714 10714
8
300 Preferred
100 105 Jun 3 112 Feb 6
965 Jan 108 May
8
812 8 2
814 812
,
8% 812 4,700 Reynolds Spring
83
,
8 88
812 834
No par
818 Feb 18 1012 Jan 23
4 Feb
13 Dec
140 14112 13912 14012 57,600 Reynolds (10..1) Tob Class B 25, 13818 Feb 21
14412 1453 13812 14312 13818 1427s
4
18118 Jun 3
9818 Feb 162 Dec
*173 177 *172 17734 2,500 Russia Insurance Co
173 177
172% 17412
171 174
251 163 Jan 10
4
545 4 46
74
Jun 194
Oct
4612 467
8 4614 464 6,000 Royal Dutch Co(N Y sbares).1 4434 Jan 20 1873 Feb 15
3
4614 4612 4612 4612
483 Jan 14
4
4414 July 5412 Feb
4012 41
403 404 405 403
4
403 41
2,000 &Joseph Lead
4 4038 4012
s
10 4034 Feb 21 433* Jan 4
38 May 437 Mar
8
Safety Cable
-No par
623 Jan 7414 July
4
.6412 06
6314 63
6334 1,300 Savage Arms CorporatIon_100 6058 Jan 12 75
63
a% 644 644
65
Jan 27
4312 Oct 7212 Mar
214 214
214 214
214 214 10,300 Seneca Copper
2
214
218 234
No par
2 Jan 18
38 Jan 3
33 Jan
1 June
6118 6118 61
6112 614 61% 62
614 614 6112
1,200 Shubert Theatre Corp No par 61 Feb 20 693
4 Jan 9
55 Aug 7478 Nov
497 50
50
4978 5030 50
60 2 50
,
501s 8,800 Schulte Retail Stures
5078
No par 408 Feb 18 5334 Jan 191
47
Jan 57 Sept
120 1203 1207 122
8
8
*12014 12154 120 12014
26() Preferred
120 120
100 11912 Jelin 123 Feb 15 11614
Jan 123 Aug
10
*1112 12
12
12
1014 10, 103 •1012 12
1,600 Seagrave Corp
8
4
No par
10 Feb 18 1414
84 Sept 1538 Dee
8418 847
843 8514 83
8
85% 60,900 Sears, Roebuck & Co new Nopar 8218 Jan 10 9212 Jan 3
8214 8512 84
85%
Feb 9
Jan 9112 Dec
51
81
8178 81
8112 82
2,600 Shatuck (F 0)
8112 82
4
83
813 82
No par 8012 Feb 17 923
8
56% Jan 10112 Oct
*41
42
4314 4314 *4234 4412
4234 428 4318 4318
600 Shell Transport & Trading -C2 39% Jan 24 4314 Jan 27
.
Feb 23
413* Oct 477 Feb
8
2418 2412 24
2438 24
2412 254 2512 2534 7,500 Shell Union 011 _
2414
No par 2314 Feb 8 267 Jan 14
8
2450 Oct 315 Feb
*18% 19
8
11,200 Simms Petroleum
1818 1834 1818 183a
1818 2012 197 20
10 18% Feb 20 243 Jan 6, 1414 July 26% Dee
4
693 603
8
6018 603
4 5834 6012 39,700 Simmons Co
4 603 6012 5914 6014
8
No par 583 Feb 24 667 Jan 4
4
8
4
3312 Jan 043 Dee
__ _ __ _I Preferred
100
8001
10714 Jan 1113
-171- likl -174 I75 -iii8 18 2
2
4
-i.U4 - - -, -i6i2 iol; 47,800 Sinclair Cons 011 Corp_No par 1738 Feb 20 2114
2 8
0-1
Jan 5
8
Oct 223 Jan
15
1104 106
104 104
300 Preferred
•10312 103 *10312 10412
10314 10314
100 10212 Jan 4 108 Jan 23
97
Jan 11)412 Dee
2518 25 8 2518 25% 25
3
26
26
25% 2614
8,600 Skelly 011 Co
25%
2' 25 Feb
2418 June 373 Feb
8
1124 125
122 124 *120 124
300 Sloss-Sheffield Steel & Iron 100 121 Jan 15 2814 Jan 13
124 124 0122 126
13 134 Feb 0 11014 Nov 13414 Apt
143* 14% 143* 1412 .1412 15
4 1412 143
4 2,800 Snider Pack1ng
1412 143
No par
1258 Jan 6 17 Jan 11
1192 June 1634 July
46
4614 47
*47
48
47
800 Preferred
*4612 48
47
47
No par 44 Jan 5 60 Jan 11
5214 July
44 Nov
3212 3314 328 332 34
8 345 3534 12,000 So porto Rico Sug new _No par 3212
8
345 353
3412
Feb18 397 Jan 3
8
337 Aug 421* May
134 134 *13312 1363 13312 13312
4
30 Preferred
*13312 13512 *13312 13512
100 133 Fob 1 136 Feb 8 11812 Mar 137 Nov
447 455
( 453 453
4
4
8 45
8
4538 4312 453 453* 7,300 Southern Calif Edison
4538
25 4312 Jan 6 4712 Jan 271 3134 Jan 45 Deo
. 25 4 26
26
3
27
2612 265 2724
27
6,200 Southern Dairies cl A_No par 241
264 27
4
2 Jan 25 277 Jan 5
8
15 May 45 8 Jan
3
1912 93
4
93
4 94
9% 1034
3
103* 1012 1012 1012 3,100 Class B
No par
9 Jan 23 103 Feb 11
Jan
4
'11114___ •11114
834 Oct 20
*11114 115 *112 115
__ *11114
Spalding Bros 1st pref ___ _100 109 Jan
_
7 115 Feb 15 103
Jan 11211 Nov
13
1i
13 13
*1314 15
1238 --70 Spear dr Co
*124 15
1238
No par
12 Jan 16 185 Jan 3
81% May 16 Deo
8012 8012 80
80
8012 80
*79
200 Preferred
*7514 79
80
100 80 Feb 7 84 Jan 23
73 Feb 88 Dec
' 26
26,
8 26
26
8 4,400 Spicer mfg Co
8
2634 2714
8 267 267
2612 267
No par 2312 Jan 12 29% Feb 9
4
2012 Jan 2838 may
n io
__ nlo
__ __ _ _. _ Preferred
_ *110
_
4.110
100 111 Jan 10 11118 Jan 12 104 Feb 11112 Nov
.110-- 3- 5934 - - 8 60 - 60
6 4
6
603
61 4 601z -61
60% 14,300 Standard Gas & El Co_No par 577
- 3
61
Jan 12 05 Jan 27
Jan 604 JIM
54
*863 67
4
66% 6712 67
674 671 2 2.100 Preferred
*6714 68
6712
60 65 Jun 3 6712 Feb 20, 5718 Jan 6012 Nov
101 104
10112 10412 10412 103
10512 10814 105 106% 10,700 Standard Milling
11.10 100 Jan 5 118 Feb 1
8
7014 Jan 1(43 Dec
8
1037 10412 *10214 10414 10312 10412
8
105 1053
150 Preferred
*10314 105
100 10018 Jan 3
Jan 103 Doe
84
4
63
5314 533
5314 5318 5312
533 54
4
10,000 Standard 0)101 Cal newNopar 63 Feb 20 1053 Jan 12
6318 537
7
56% Jan 14
503 Apr 6034 Jan
8
373 3814 377 3812
4
373 37
4
8
8
3812 3914 x38% 387 23,400 Standard 011 of New Jersey_25 373 Feb 18 4014 Jan 7
4
3518 Apr 4138 Feb
283 29
4
4
283 29
287 29
8
28% 2912 2918 2912 18,900 Standard 01101 New York _25 28% Feb 17 313 Jan 3
s
2954 June 3418 Jan
4 4 512
434 438
3
53
5 2 73
,
4 77
8
8
534 634 43,400 Stand Plate Glass Co__No par
77 Felt 23
214 Jan 3
4% June
2 Ma
21
17% 1712 17
1912 35
271s 30
2,930 Preferred
40
35
100 10 Jan 18 40 Feb 23
8
10 Mar 157 June
135 13612 135 13512
137 137
13512 13512 4,500 Sterling Products
13512 13612
No par 135 Feb 20 150 Jan 20
9012 Jan 14312 Nov
7714 7812 7812 793
4 7934 8018
17,600 Stewart
8018 82
81
80
-Warn Sp earp.No par 7714 Feb 18 85% Jan 3
5414 Mar 8711 Nov
48
443 4518 4518 4512
4
•45
4514 4612 4512 4512 2,000 Strumberg Carburetor_No par 44 Jan 3 5618 Jan 12
2618 Jtllle, 80 Sent
595 603
4 595 615
8
41
8 6012 613
8
81,700 Studeb'rCurp(The) newNo par
6118 6214 603 62
4
57 Jan 10 6714 Feb 9
6312 Sent
49 Juu
124 124
124 124
0123% 124
8
1237 124
270 Preferred
*1237 124
8
10 1227 Jan 14 1261/ Feb 10 118 Feb 12512 Nov
8
•nin
R3.
318311
35a
25n
2In
330
35
8 35
Submarine Boat
8 1.800
No var
3 Feb 14
212 Feb
Pa Jan 4
104 Ma,
•BUJ and asked price.: no sales on sbla day. a Fa-rights. g Ex-dlyldena. SEX-dividend and 0x-rights,
Saturday,
Feb. 18.

Monday,
Feb. 2().




Tuesday,
Feb. 21.

Wednesday. Thursday,
Feb. 22.
Feb. 23.

New York Stock Record-Continued-Page 7

1169

For sales during the week or stocks usual!, inactive. see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday,
Feb. 18.

Monday,
Feb. 20.

Tuesday,
Feb. 21.

IVednesday, Thursday,
Feb. 23.
Feb. 22.

$ Per share $ per share 3 per share 5 per share
38
35,2 3614 3518 3512 .36
.10012
. •10018 1003 1003 1003
8
4
4
212 25
212 212
212 _-- 4
8
23
•19
22
22
•20
.18
23
•13
1312 1314 133
4 133 15
4
53
8 54 • 2 53 . 8 5
5
3
53
,2
4
•143 1512 1512 1512 16
4
16 4
,
16
8
163
8
4
164 1612 163 163
1034 107
8
103 107
8
8 103 107
8
8
50
5034 5014 503
8 503 51,
2
8
6818 694 6914 713
8
8 715 72,2
1212 123
8 125 13
8
1318 1318
2218 227
8 207 224 2218 23
8
24
24
.23
26
25
25
485 483 547
8
8
50
473 475
8
8
3412 343 23412 3412 343 3518
4
4
6012 6012 .5912 594
*597 62
8
144 15
143 15,
4
4
143 1434
4
8312 834 8212 83
834 83,8
0,,_ 21 .... _ 21 •_ _ 21
6- 90
4
.Ril
Do io 89
.
11412 1164 r1134 116
11513 118
10713 108)4 10712 1083 1085 109
4
8
120 121
1193 121
4
12012 122
718
74 7 2
,
718 7 2
714
,
4613 48
4814 &)8 50
5
534
65
66
65
66
653 663
8
4
•11912 12212 12212 12212 11912 1 1912
40
4014 3612 394 393 41
4
13618 1377 13604 13838 13712 13913
8
43
4314 4312 453
4318 43
8
•116 119 .1153 1183 9153 119
4
4
4
3034 31
31
31
.313 33
8
10612 1061 .1(16)2 107
10612 1061
195 195
192 195
192 193
5914 5'314 5914 5914 5914 59,
4
.57
5718 5 12 5712 60 60
13714 137)4 1363 137
4
1367 137
8
993 994 9912 9912 9912 991
8
2218 227
2212 224 2212 2314
.98 1001
951
98 .98 1001
198 200
19772 20018 200 203
*11612 120 *119 122
120 120
16
1634 1613 1612 1612 16)3
.85
863
863 .85
4 85
4
85
8
8 5112 5112
5012 5114 507 523
105 10614 1053 108
8
107 10312
120 120
•118 120 *118 120
4 2212 2314 233 24
22
4
223
55
4
5612 574 587
8 583 5912
108 108
108 108
108 108
6212 63 2
,
624 62 4 6214 63
,
4 51 14 5134
2
517
8 503 523
51
4
4 9914 1003 10014 10072
10014 1013
4012 3912 3912 4018 4012
Stock
40
5213 5212 •5214 53
53
.52
Exchange
4
07
ia6i8 1-- 8 13812 14118 13934 141
Closed
013918 13912 139 13912 139 139
*8914 9412 *8914 9412 9412 94 2
,
__ Washing__ .12712
•12712 _ _ •12812
--.136 142 •136 145 ._ _ _ - 142
2812 287
8
ton's
2812 29
8
287 29
4 S014 83
7714 834 7734 82)
*914 12
.94 94 *918 94 Birthday
4812
4812 .45
.4514 49 .45
63)4 6418 6478
4 61
604 613
5812 6034 603 62
8
613 621
4
4
11812 12112 12052 1243 124 125
10412 105
1045 10458
8
105 105
143 1518 144 151
4
1518 1514
8 4758 4502 474 49
4814 483
49018 91
903
4 907 907
90
8
35 .32
35
35 .32
.32
65
*60
•60
623
8
65
.60
8 233 237
4
23111 234 2314 237
974 9714 .0614 100
09714 100
28
2612 271
4 26
263
26
97 .90
.00
97
97
.90
27
.26
27
27
27
.26
8
2114 22
205 22
204 21
17
173
8 17
107 174 17
8
•113 118 *115 118 *115 118
8 2312 24
,2 2318 237
23
23
493
964 93
93
04
94
8
8 2418 25'8 257 273
245
24
29
2814 281
28
29
28
166 109
18412 166'2 162 165
181
19
18
18
4
183 19
6018 61
604 61
.6012 61
10112 *10012 10112 *10012 1011
•10012
16612 16612 165 166)2 165,8 1651
4
4
4
493 504 483 5112 494 503
8
4 9214 933
8
8 003 923
9014 915
9812 98 2
9812 99
,
99
99
,
1312 .1314 1312 13 2 1312
•13
•323 3312 3414 3414
4
4
*323 34
.10914 11012 .10914 11012 10914 10914
112 112
11214 143
113 113
8
8
8
1144 11441 1147 1147 1154 1153
11018 110 110 *10912 110
110
2018
8
203 2012 2014 2012 2018 3012
8 3014
4 3012 313
313
31
3412 3412 344 344 3414 3414
8 3734 3818
4 3714 373
363 373
8
54
8 5312 5312 53
5312 537
- ii•93
1312
294
704
4
1763
28
.49
544
73
71
7314
29
93
94
*550
.567

2
- 173
05
133
4
2914

111- 4 - .1 8 - 1.7. 11 2
95
05
05
15
8 14
142
8
8
294 295 317
7110 7212 73
179
177 2 179 2
,
,
28
2812 28 2
,
53
*49
53
4712
.43
47
7717 7614 784
4
*693 71
71
741
7412 *73
8
293
8 287 291
93
93
93
95
,
95 4 95

1
- -1.
18 934
1358
8
297
704
17812
2818
53
47
3
75 4
71
7314
30
9318
95

71
17512
28
.47
.43
1
8
735
271
•727
8
2812
03
9418

555
570

550
552 552
56612 56612 560

552
562

Oili" (iii"

--- ( -11 a
.590 600 .595 605 *595 600
415 415 .411 416
417 417
•1270 1295 *1275 1295 *1280 1300

.i.;16- ai•Ina

iii,i-

64 ri--

*676- 6-E2 -

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-sharelots
Lowest
Highest

$ Per share 5 Per share Shares Indus. & Miscel. (Con.) Par $ per share
367 373 x37
8
8
377
8 1,90) Sun 011
No par 3112 Jan 9
*10012 1003 .10012 102
8
100 Preferred
100 100 Jan 6
212 23
4
25
8 23
4,300 Superior 011
212 Feb 17
No par
23 .20
.20
23
Superior Steel
100 18 Jan IS
15
1512 1514 1512 12.000 Sweets Co of America
50 114 Feb 8
.53
8 512 .54 5i2
501) Symington Wire ars__.No par
418 Jan 6
16
16)2 .153 1512 1.800 Class A temp etts____No par
8
123 Jan 13
4
164 165
8
8 153 154
700 Telautograph Corp___ _No par
1.51, Jan 28
103 11
4
107 11
8
3,600 Term Copp & C
1012 Jan 16
No par
8 51 3 52
51 14 517
8
18,500 Texas Corporation
25 50 Feb 17
7112 724 7012 713 118.500 Texas Gulf Sulphur new No par 684 Feb 18
8
1318 137
8
1312 133
4 8.90') Texas Pacific Coal & 011_.__10 1212 Feb IS
8 225 2312 39,600 Texas Pac Lana Trust new...1 207 Feb 20
225 233
8
8
8
24
25
24
25
NO Thatcher Mfg
22 Jan 5
No par
475 475 •47
8
8
4312
300 Preferred
8
No par 475 Feb 21
354 353
4 3512 3512 1,800 The Fair
34 Jan 3
No par
x5914 5914 5018 5918
300 Thompson (J R) Co
25 59 Jan 31
15
15
1518 1514 10.400 Tidewater Assoc 011___No par 143- Feb 20
83
83
.83
833
4 1,000 Preferred
100 8212 Feb 20
197 194 99 8 2014
8
5
8
100 Tide Water 011
100 197 Feb 23
*89
90
893 90
4
6(10 Preferred
100 87 Jan 4
11718 1 198g 116 11812 29,703 Timken Roller Ilearing.No par 11338 Feb 20
1083 10952 1084 1083 21,100 Tobacco Products Carp_ _100 10218 Feb 7
8
4
1214 123
122 122
3.901) Class A
100 113 Feb 7
31.003 TranacTI oil ternatnewNo par
718 Feb 21
72 8
,
714
77
5012 5214 14.00C1 Tranaue & 'Art:llama 8t'; No par 453 Jan 3
5214 533
4
67
681
6614 674 11,600 :1111(1(!f. Elliott. Fisher Co.No pa, 65 Feb 17
•119 120 .119 120
40 Preferred
100 11912 Feb 21
4134 41g 4112 41 12 5.700 Union Bag & Paper Corp_ _10(1 3612 Feb 20
13614 139
1365 13812 29,500 Union Carbide & Carb_No par 136 , Feb18
8
45
453
4 443 447 11,800 Union Oil California
4
8
4
25 423 Feb II
11918 119,8 .117 120
100 Union Tank Car new____100 11918 Feb 23
313 3212 3212 323
4
4 1,10:1 United Cigar Stores new
4
10 303 Fr b 18
.10614 107
107 107
500 Preferred
100 10112 Feb 18
194 19514 152 193
5.300 United Drug
100 190 Jan 5
5914 5914 594 5914 16,200
1st Preferred
51 1 5918 Feb 3
.69
71
.63
744
30 United Dyewood pret
4
100 453 Jan 20
137 1373 137 138
4
2.200 United Frult
No par 136 Feb 11
993 994 98 100
4
260 Universal Pictures Tat 010.100 96 2 Jan 20
,
23
2314 2212 23
5,400 Universal Pipe & Rad No par 2218 Feb 18
.98 10012 .98 10012
50 Preferred
100 88 Jan 5
200 202
194 201
7,703 0 S Cast Iron Pipe & Fdy_100 194 Feb 24
.120 121 .120 121
200 Preferred
100 11658 Feb 7
164 1612 .1614 19
2.500 U 8 DIstrib Corp new __No par
16 Feb 18
84
85
.83
8712
300 Preferred.
100 84 Feb 23
5112 52
5118 52
3.700 US Hoff Mach Corp vteNo par 4918 Jan 3
10814 11018 10814 112
38,90 U S Industrial Alcohol
100 1023 Jan 16
4
.1154 119 .11814 119
100 Preferred
100 119 Jan 13
2412 243
4 235 243
8
8 6,30 U S 1.eather
No par 22 Jan 18
5912 60,
8 584 59
14.400 Class A
No par 52 Jan 5
10812 10812 108 103
1,00(
Prior preferred
100 10514 Jan 4
6312 6414 x6212 6234 5.000 US Realty & Ingot new.No par 61, Feb 4
4
473 51)4 455 4812 88,600 United States Rubber
4
8
100 453 Feb 24
8
9814 1004 9212 9314 17,600
let Preferred
100 9212 Feb 24
404 4014 4018 4014 3,603 US Smelting. Ref & klin__-50 3912 Feb 20
5212 53 .523 523
8
8
400 Preferred
50 51 Jan 26
United States Steel Corp__100
1395 1413 1387 14012 319.900 New
8
8
8
13412 Feb 20
139 1394 139 13912 2,000 Preferred
100 138 8 Jan 5
,
.8914 9412 .8914 9412
200 U S Tobacco
No par 9178 Feb 3
.1274
..12712
__ ____ _ _
Preferred
100 12712 Jan 14
142 142 .142 145
-- -10 Utah Copper
10 139 Jan 17
287 29
8
287 29
8
3,303 Utilities Pow & Lt A__No par 2812 Feb 20
793 824 79
8
8112 167,903 Vanadium Corp
No par 60 Jan 18
.918 94 5918
97
2
Van Raalte
No par
75 Jan 7
8
.45
4812 *45
4812
1st preferred
100 434 Jan 6
63
6412 623 63
4
7,600 Vick Chemical
No par 58 Jan 17
6314 647
8 6112 65 136,900 Victor Talk Iglachine No par 524 Jan 3
1255 1294 124 130
8
12,600 6% preferred
No par 10814 Jan 3
10434 1043 105 106
4
2.500 7% prior preferred
101 12 Jan 6
.15
1514
1518 1514 4,900 Virg-Caro Chem
No par 134 Jan 11
.485 49
8
4734 49
2,600 6% preferred
100 444 Jan 18
903 903
4
4 9(13 90 4 1,500 7% preferred
4
3
100 8812 Jan 16
.32
37
.32
37
Virginia Iron Coal & Coke.100 34 Feb 8
.60
623 .60
8
623
8
Preferred
100 GO Feb 17
233 24
4
233 24
4
3,900 Vivaudou(V).
No par 214 Jan 18
9618 9618 96
96
300 Preferred
100 96 Feb 24
2618 2714 2712 2712
280 Vulcan Detlnning
100 25 Jan 7
.90
97
*90
97
Preferred
100 91 Feb 6
.26
27
.26
27
20 Class A
100 225 Jan 10
8
2112 21)2 21, 2214 9,700 Waldorf System
8
No par
19I2 Jan 3
•163 173
4
8 16)2 17
1,600 Walworth Co Ws
No pa
16 Feb 17
•11.5 118 .1(5 1173
4
Ward Baking Class A_ _No pa 110 Jan 5
2412 243
8 2412 241
8,500 Class B
No pa
23 Feb 18
9418 9418 .9412 96
300 Preferred (100)
No pa
93 Feb 20
257 27
8
254 26
16.100 Warner Bros Pictures A ___ _10 22 Jan 5
29
29)
4 2914 30
5,000 Warner Quinlan
No pa
26 Feb 17
170 171
168 168
3,200 Warren Bros
No pa 15012 Jan 4
1818 1814 18
1818 2.300 Warren Fndry & Pipe No pa
18 Feb 20
*6012 64
6018 601
500 Weber & Hellbr, new c_No pa
6018 Feb 21
•10012 101 *10012 101
Preferred
100 100 4 Jan 30
3
165 165
1654 166)
1,400 Western Union
503 5112 5012 511 29.700 Wstnghse Air Telegraph_100 165 Feb 2(
4
4618 Jan 4
9218 9314 9112 933 64.500 WestinghouseBrake NewNopa
8
Elec & Mtg__5
8818 Jan 5
99
99
.98
99
110 1st preferred
50 953 Jan 5
4
.13
1312 1234 123
200 Weston Elec Instruml_No pa
1212 Jan 6
.3212 33
*32
33
100 Class A
No pa
303 Jan 3
4
109 10914 109 109
60 West Penn Elec CIA VII No pa 10612 Jan 3
11014 112
11218 1123
170 Preferred
10 10914 Feb 2
*11518 1151 115 1151
8 West Penn Power pref
2
100 1143 Jan 18
.10912 110
10912 1091
110 6% preferred
100 10914 Feb 9
*2018 2014 2014 201
1,50( White Eagle 011 ScRefg_No par 2018 Feb 21
3014 31
3012 311 22,10( White Motor
50 3014 Feb 21
3414 341
343 341
8
1,000 White Rock Min Sp ctf_No par 3418 Jan 19
38
383
4 3712 381
4.40 White Sewing Machine_No par 365 Feb IS
8
.5314 5414 *53
541
800 White Sewing Mach pt_No par 53 Feb 21
---- ---- ---- ---Wickwire Spencer ett....No par
1818 183
8
1818 183 29,700 WIllys-Overiand (The)._
4
2
____5 173 Jan 113
.0412 95
9412 94,2
GOO Preferred
100 923 Jan 3
4
1414 1434
14)4 147
8 5,300 Wilegon & Co Inc. new_No par 1112 Jan 3
30
303
4 30
3014 5,100 Class A
No par. 22 Jan 3
72
724 724 7218 1,800 Preferred
100 66 Jan 3
17814 18012 1775 17912 39,100 Woolworth
8
(F W) Co
25 17512 Feb 20
28
23
28
28
1,200 Worthington PA M
100 28 Jan 5
.49
5312 4914 4914
100 Preferred A
100 464 Jan 19
.43
47
.43
47
Preferred B
100 41 Jan 4
77
7834 7212 7712 36,300 Wright Aeronautical__
No par 7212 Feb 24
70
70
71
71
400 Wrigley(Wm Jr)
No par 6934 Jan 27
.73
7412 .73
7412
100 Yale At Towne
25 7212 Jan 26
2918 295s 29
294 54,100 Yellow Truck & Coach Cl B_10 2812 Feb 20
*923 93 .9213 93
4
900 Preferred
8
100 875 Jan 9
9412 95
9412 947
8 5.300 Youngstown Sheet &T _No par 93 Feb 17
•552
•505

555 .552
569 .565

555
569

61,,
8595
.411
........

61., 600
600 *595
416 *412
1300 .1270

610
600
415
1280

*6iO" 6 .1 .- *6,-6-

naked „tom 00 wee on 2tris gays




Friday,
Feb. 24.

Sales
for
the
Week.

a Ex-nicht*.

650

Lowest

I

Highest

S per share $ per share'$ pert hare
394 Jan 18
30 Mar 344 Jan
102 Feb 8
99 Aug 1014 Deo
378 Jan 23
34 Dec
612 Feb
2378 Feb 6
18
Oct 28 May
1512 Jan 9
7
Apr
14
Dec
67 Feb 3
8
218 Sept
6
Jan
183 Feb 2
8
6
Oct
15'4 Nov
164 Feb 15
1112 Mar
1714 Nov
114 Jan 20
1314 Jan
818 June
553 Jan 13
45
8
Apr 58
Jan
804 Jan 4
49
Jan 814 Sept
17 Jan 14
12 Apr
187 June
8
29 Jan 13
154 Jan 40 June
28 Jan 12
1612 Aug 2312 Sept
51 Jan 31
43 Aug 5012 Nov
3712 Jan 27
2414 JaIl 36
Aug
6212 Feb 9
47
Jan 6534 Dec
153 Oct 1918 June
8
1714 Jan 3
83
Oct 903 June
873 Jan 6
4
4
2914 Jan
2214 Jan 6
19 July
90 4 Jan 26
85 Nov
3
90, Sept
8
134 Jan 4
Jan 14212 Aug
78
11412 Feb 14
921 Oct 1175 Dec
8
4
Apr 1237 Dee
128 Feb 14 108
8
1038 Nov
3 4 Apr
3
1012 Jan 12
5912 Feb 7
10 May 50 Dee
4
Jan 70 Deo
713 Jan 21
45
Jazz 125 Dec
12412 Jan 10 120
493 Feb 1
3812 Jan 7314 June
4
9918 Jan 15412 Nov
4
1453 Jan 3
395 June 5612 Jan
8
453 Feb 23
4
Jan 12712 Dec
125 Jan 28
94
323 Dec 384 July
8
315 Feb 10
8
109 Jan 5 104 July 109 June
Jan 20012 Nov
20412 Jan 26 159
5812 Jan 61
6012 Jan 4
Deo
60 Feb 21
364 July 49
Jan
1423 Jan 3 11312 Jan 150 Sept
4
100 Feb 24
963 Dec 1033 Apr
8
4
244 Sept 3714 Mar
274 Jan 3
813 Jan 98 Dec
4
102 Jan 12
22214 Jan 14 19012 Aug 246 May
112 Mar 125 Nov
12018 Jan 21
1414May 2234 July
2014 Jan .
81 May 9614 Sept
903 Jan b
8
44 Oct 633 May
8
3
5S18 Jan2.
69 Mar 11112 Dee
4
1173 Feb 1
10714 Apr 121
Dec
1203 Jan!I
4
14 July 2512 Nov
263 Feb 1
4
4Jitne 5612 Dec
643 Feb :
273
4
89 July 10612 Nov
109 Feb
8
683 Feb 1
54 Apr 6117 Dec
4
6314 Jan
3714.1une 6718 Feb
3
1093 Jan 13
85 4June 11138 Apr
8
8
4518 Jan 3
334 Jan 487 Dec
455 Jan 54 Dec
8
8
537 Jan
215014Sept 176 May
1523 Jan 7 11138 Jan 16012 Sept
4
142 Jan 31 129 Jan 14114 Dec
9712 Jan 13
87 Jan 974 Dee
12712 Jan 14 123 Jan 127 Nov
158 Jan 6 111 Feb 162 Dec
303 Jan 271 27 Jan
8
34 May
9412 Feb 6
37 Jan 6718 Dec
9 4 Feb 15
,
8
5 4Sept 143 Feb
3
464 Jan 3
4214 Dec 64 Feb
6912 Feb 10
48
Jan 635 June
8
65 Feb 24
8
32 July 543 Dee
130 Feb 2
87
Oct 11138 Dee
106 Feb 24
9614 Oct 10212 Dec
163 Feb 1
4
1512 Sept
712May
513 Feb 14
Ms Apr 484 Dec
8
9212 Feb 1
73 June 91 Nov
Jan
38 Jan I7
36 Dec 51
625 Jan 13
8
6212 Dec 764 Aug
253 Jan 4
2014 Dec 3914 June
8
100 Jan2
95 Dec 11812 June
43 4 Jan 1
3
1612 Jan 80 Aug
97 Jan 12
Jan 125 Aug
90
4
38 Jan 11
16
Jan 593 Aug
25 Feb 3
1814 Dee 25 Feb
1858 Jan24
17 Dec 2412 Apr
123 Feb 2
891s Apr 1184 Oct
294 Jan 13
1712 June 3352 Feb
9712 Jan 19
84 Apr 10014 Nov
30 Feb 24
1814 Dec 454 Jan
3412 Dec
8
327 Jan 6
24 Jun
182 Feb 2
65 Jan 180 Nov
2134 Jan3 1
6834 Jan 33
103 Jan 3
17712 Jan 3
573 Jan27
8
3
1003 Jan)
8
105 Jan 1 9
1412 Jan27
3414 Feb2 1
109 4 Jan))1
,
1143 Jan 1 1
4
11658 Jan 4
113 Jan 5
2412 Jan]
413 Jan 4
8
3614 Feb 10
443 Jan)3
8
55 Jan 5
207 Jan 4
8
954 Feb 2
16 Feb 1 4
344 Feb 1 4
773 Feb 1
4
194 Jan 3
3412 Jan2 7
55 Feb 1
494 Feb 1
89 Feb 7
75 Jan 6
75 Jan 1 3
3612 Jan)2
9352 Feb I 1
8
1067 Jan)6

Bank & Trust Co. Stocks.
50 Bank of Commerce
550 Feb 21 575
30 Bank of Manhattan Co___100 560 Feb 21 574
Chase National Bank
100 54812 Jan 3 580
250 Chat Phen Nat Bk & Tr 100 568 Jan 3 1330
Corn Exchange Bank
100 606 Jan 7 608
20 Equitable Tr Cool N Y._.100 410 Jan 17 422
Hanover National Bank
100 1295 Jan 17 1295
National City Bank
100 745 Jan 3 799
20 National Park Bank
100 642 Jan 3 650

s Ex-dividend, • No par value.

PER SHARE
Range for Preston.
Year 1927

Jan
6
Jan)
Jan 9
Jan)3
Jan 3
Jan 7
Jan'7
Jan 7
Jan)6

18
Oct
6514 De
1013 No
4
14412 Jan
40
Oct
675 Jan
8
82 Ma
11 Sep
30 Jul
974 Jan
102
JaIl
111
Jan
10012 Jon
20 Dec
3014 Nov
26
Jan
2112 Mar
48 Feb
4 Oct
134 Oct
87 June
10 MAY
1614 May
1173
4
204
44
37
2412
507
8
7014
25
8312
8018
504
556
528
495
593
390
1270
669
593

Jan
Jan
Dec
Oct
Apr
Jan
Jan
Jan
Aug
Oct

27 June
7512 Aug
1035 Aug
8
176 Dec
504 Sept
943 Dec
4
1037 Dec
2
183 Feb
8
4
343 Apr
111 Aug
112 Setif
118 MAY
111
Dec
274 Feb
563 Feb
8
41:2 Sept
5314 Aug
59 Jan
112 Feb
2414 Mar
96 Aug
174 Feb
327 Feb
s
8414 Feb
10812 Dec
46 June
614 June
5412 June
943 Dec
4
723 Dec
4
8412 Aug
40 Aug
9952 July
10018 Dee

Oct 582
Oct 613
Dec 615
Oct 575
Oot 616
Oct 428
Oct 1310
Oct 745
Nov 655

Dec
Oct
Sept
Dec
Ilec
Oct
Dec
Dec
Oct

1170

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jas. 1 1909 the &change method Of quoting bonds was changed and prices are now "and Interest"
-except for Income and defaulted bonds

BONDS
N. Y. STOCK EXCHANGE
Week EndedFeb. 24.

ii

Prim
Friday,
Feb. 24.

Week's
Range or
Last Sale.

Range
Since
Jan, 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 24.

Price
Friday.
Feb. 24.

Week's
Range or
Last Sale.

fn
0:A

Range
Since
Jan. 1.

High
High No. Low
High
80
Ask Low
Bid
Ask bow
High No. Low
U. S. Government.
Nrman Republic ext'l 78_1949 A0 1073 Sale 10712 107 4 108 106% 1073
4
,
4
Mit Liberty Loan
10312 14 102 10312
344% of 1932-1947
J D 101"33 Sale 1011)3210128/2 128 10111421018,11 Nag (Municipality) 88_ _ _1954 MN 10312 Sale 103
1 1011142101ott G2 Brit & Irel(UK of) 5445.1937 P A 10618 Sale 106
411011,n
8
10612 82 1057 10684
Cony 4% of 1932-47
• D 1022342 Sale 1011,
43 101t ..1031,is
,
10-year cony 5445
,
1929 P A 11812 Sale 118% 11812
8 no% 11811
J D 101)22 Sale 102,24, 103 tt
Cony 444% 01 1932-47
Greater Prague(City) 7453_81952 MN 10512 106 105
10512 15 10434 1091g
26 cony 434% of 1932-47
J D 1034, Sale 102,442Dec'20
Ureek Government sf sec 7s 1964 MN 99 Sale 99
06r4 100
97
99
Third Liberty Loan
9118 47
91
9118
Sinking fund sec 6s
1968 FA 91 Sale 91
MS 1001%2 Sale 10011421001,31 194 1001114100"n
434% of 1928
Haiti (Republic) sf68
993 10118
4
41
1952 A0 100 Sale 99 4 100
,
Fourth Liberty Loan
Hamburg (State) 60
9514 9612
9612 100
1946 AO 9614 Sale 96
A0 1032314 Sale 103,3,21032,42 248 1031132104
434% of 1933-1938
,
2 10314 105
10412 Sale 104
1947-1952 A0 151142 Sale 115 31 1152,42 426 1433)2116122 Heidelberg (Germany) ext 744650 J
10412
Treasury 4448
98 4 100 4
,
3
1944-1954 J o 110124, Sale 110." 110,132 874 10931,211112,2 Hungarian Munie Loan 7448 1945 J J 100 Sale 997
8 1003
4 60
Treasury 48
External ef 7s
94
9812
8
Sept 1 1948 J J 963 Sale 9614
9612 40
19464956 MS 1071742107,14t 10710421072,n 1023 1063%210813u
Treasury 340
32102,142 135 102 1031042 Hungarian Land M Inst 734s '61 MN 9914 993 9938
9814 100
,
2
99 8
,
1943-1947 J D 102,542103 u 1022,
4
Treasury 3448
Hungary (Kingd of) 51 7(48.1944 P A 100 Sale 10258 10312 58 102 103%
State and City Securities.
5 1003 10112 Italy (Kingdom of) ext'l 79,1951 3D 98 4 Sale 9812
4
4
1003
4
9712 9912
,
156
,
99
-434a Corp stock.1960 M S 100 4 Sale 1003
Y City
1 10412 10512 Italian Creel Consortium 75 A1937 MS 96% Sale 96%
10412
9514 97%
l964 pa s 10412 Sale 10412
0714 43
Cis Corporate stock.
Ertl see 5 f 7s ear B
8
94
9653
,
1947 MS 9614 Sale 9614
965 114
2
4148 Corporate stock____1966 A 0 104 8 1055 10258 Mar'27
8
Italian Public Utility ext 78.1952 J J 9714 Sale 90
8
9514 973
4
4
4348 Corporate stock--1972 A 0 1047 1053 1055 June'27
973
4 73
4
2 105/ 10I34 Japanese Govt E loan 48_ _1931 .3.3 93 Sale 93
4
4 1093
4
,
913 9312
4
9312 58
D 109 4 Sale 1093
410 Corporate stock--1971
10914 11018
10914 Feb.
28
30
-year 8 1 6448
,
1954 FA 10212 Sale 10212 102% 80 10114 102%
4448 Corporate stock_Ju1y1967
J 109 8
3
4 1093
4 10 10958 109 4 Leipzig (Germany) a f 7s
,
99 100 4
3
1947 P A 10014 Sale 10014 100 4 26
3
4448 Corporate stock____1965 J D 109 4 Sale 1093
3 10912 10912 Lower Austria (Prov) 744s_ _1950 J O 100 Sale 997
pa% 100
10912 Sale 10912 10912
8 100
34
4445 Corporate stock.. 1963 m
Lyons (City of) 15
10558 Dec'27
99% 101%
-year 6s1934 MN 101 10114 101
9
10114
1955 M N
As registered
1003 Jan'28
4
look, fo- Marseilles(City of) 15yr 68_.1934 MN 101 Sale 101
99 4 10112
,
10114 56
ola
1956 m N
As registered
1 1003 1013 Mexican Irrigat Asstng 4448 1943
347 363
4
4
4 1003
4
3
36
4
36 8 3612
,
4
1959 M N 1003 Sale 1003
3614 25
6% Corporate stock
10118 1013 Mexico(U 8) eat) 59 of 1899 £'45 Q J 49 4 ____ 493 Jan'28 _
4
4
8
493 493
4
4
,
4
4
1958 M N 1003 1018 1013 Feb'28
4% Corporate stock
391g 423
Assenting 58 of 1899
,
3938 39 4 393
1015, 1013
4
4
,
1945
4
39% 42
1957 M N 1003 101 8 10184 Jan'28
4
4% Corporate stock
39
Assenting 58 large
98 4 July'27
,
39%
_
3912 Feb'28
1936 M N
as registered
10814 1083
2538 29
4
108 4 Feb'28
,
25% Sale 25 8
Assenting 4s of 1904
2718 49
,
4144% Corporate stock _ _ _1957 MN 10814
3 10814 1083
273 30%
4
4
283 Sale 28 8
2
Assenting 4s of 1910 large__
,
28 8 10
,
45% Corporate stock_ _ _1957 MN 10814 Sale 10814 10812
93 93
25% 28%
Assenting 48 of 1910 small......
2612 39
25 4
,
344% Corporate at_May 1954 MN 9214 9312 93 Jan'28
9312
Treats fis of'13 assent (large)'33 3,3 -4514 12- 4212 Feb'28
93
Jan'28
4014 44
93
334% Corporate st__Nov 1954 MN
3934 43
Small
---- 10258 Nov'27
393
4
393
4 10
Row York State Canal 48_1960
9112 9312
Milan (City, Italy) ext'l 6448 '62 AO 9318 Sale 93
1043 Oct'27
8
---1961 I
9
314 161
Canal Imp 45
---- 10558 Oct'27
20 102% 104
104
Montevideo (City of) 78____1952 3D 103 Sale 103
1945 I J
Canal Term 44£s
11212 June'27
4 1085, 109
8
Netherlands 6m (flat prices)_ _1972 MS 1087 Sale 1087, 1087
5
_1963 MS ---.
Highway improv't
30
-year external 65
1954 AO 10212 Sale 10210 1027
8 54 102 103%
Foreign Gov't IS Municipals
9558 Sale 95
53
94% 96
94% 97
New So Wales (State) ext 55 1957 P A
97
9512 44
8
Antioeula (Dept) Col 78 A 1945.3.3 967 Sale 9614
943 96
4
94 8 9612
5
External s f 58
3
95% 82
9612 25
Apr 1958 AO 95 Sale 943
4
1945 .3.3 96 Sale 957
External s f 78 ser B
9614 77
96% Norway 20
94
-year exti 68
1943 FA 10212 Sale 10218 102% 59 102 103%
Externals f 7s series C___ _1945 J J 9614 Sale 9512
102% 19 10214 10418
93 4 953
3
4
20
-year external 68
,
1944 FA 10258 Sale 10214
95 4 41
,
1957 AO 95 4 Sale 9514
Ext a f 78 1st ser
9312 96
30
-year external 88
,
1023
1952 AO 10212 Sale 10212
965
95 4 28
,
4 33 101% 10314
1957 AO 95 4 Sale 95
26 series trust rots
10112 63 1005 1025
8
3D 1013 Sale 10114
8
8
9912 10014
40
-year Al 540
,
Argentine Govt Pub Wks 68_1960 AO 100 Sale 99 4 10018 34
4 101 103
Oslo (City) 30
10214
-year 5 1 6s
1955 MN 10214 Sale 102
94
6
(Govt of)
Argentine Nation
FA 100 Sale 100
99 10014
1
8
Sinking fund 544s
,
,
100
995* 1003
D 10014 Sale 99 4 100 8 108
Sink fund 69 of June 1925_1959
1 10318 103%
4
9912 10012 Panama (Rep) Intl 540_1953 J D 1033 Sale 1033
4 1083
4
EMI a f 65 of Oct 1925___ _1959 A 0 10014 Sale 9918 10014 75
8 10258
5 10214 103
Ertl see a 16348
1961 J D 10212 Sale 1023
4 40 10018 10114
,
1957 M S 100 4 Sale 10018 1003
Sink fund 6s series A
9712 66
0512 98
9912 1005* Pernambuco (State of) ext.! 721'47 MS 9714 Sale 97
, 10014 71
External 88 series B-Dee 1958.3 D 10018 Sale 99 4
,
9912 10012 Peru(Rep of) exti 85(of'24)_1944 A0 11018 11014 11012 11018 16 10912 11012
,
Ertl a I fis of May 1928_ 1960 M N 99 4 Sale 99 4 10014 69
A0 11012 11012 11014 Feb'28
135
10912 11014
Ertl 85 (ear of 1928)
,
998 100,8
Extents' f 68 (State Ry)_1960 M S 100 Sale 99 4 100
8
993 10012
2
, 10043 55
107 4 119 10614 1073
,
Ertl sink fd 744s
1944 MN 1075 Sale 107
90
4
Ertl 68 Sanitary Works._ _1981 F A 10018 Sale 99 4
48
8 100
10612 73 10612 10652
9958 10014
Ertl a f see 71 4 (of 19261_ 1959 MS 10612 Sale 10614
.
956
Ertl 65 pub wks(May '27)1961 MN 100 Sale 997
8
8
M S 1038 Sale 103
97
9714
9714 23
EMI a I see 78
103 4 74 1027g 103 4
,
Public Works exti 5445-1962 F A 9714 Sale 97
4
9212 514
92
937
8
Nat Loan °MI a f 68
,
92 4
,
4
903 9218
4
1960 3D 9214 Sale 92
1945 M 5 923 93 92 4
Argentine Treasury 58 E
71
9714 9834 Poland (Rep of) gold 68
8012 84
84
1940 AO 8314 Sale 8314
97 4 116
,
Australia 30-yr 5a___July 15 1955 J J 97% Sale 9714
9714 98
97 8 155
,
975 Sale 9714
8
8912 9152
9138 212
Stabilization loan a f 78_1947 A0 91 Sale 9034
External 5a of 1927__ Sept 1957 M
8
EMI sink fd g 8e
,
8
9812 1007
1950 3.3 10058 Sale 100
1943
8
100 4 166
,
D 1035 Sale 03 8 10414 121 103 1043
Austrian (Govt) a f 78
7 10412 10712
9614 9912 Porto Alegre (City of) 8s
1961 J O 10612 107 1002 107
987
8 48
Bavaria (Free State) 844a_ _1945 F A 9812 Sale 9818
8
11578 95 114 1157
4
Ertl guar sink fd 7He_ __AMES • J 10212 Sale 10218
1027
8 15 10138 1033
Belgium 25-yr ext a f 7.44s g_1945 J D 115 Sale 115
8
947
3
11012 60 109 1107 Queensland (State) extls 17a 1941 A0 1143, Sale 114
114 8 13 11312 115 2
,
1941 F A 110 Sale 110
-year f 88
20
P A 1064 Sale 106
25
10712 44 106 10812
-year external 6e
19 9 j 5 107 Sale 10558 10714 117 10314 10714
5 M J
4
5
-year external 8448
25
144
, 107
Rio Grande do Sul eat'8185.1946 AC 106 10612 1063
987 101
,
1003 Sale 100 8 101
4
15 10512 108
External a 1 6a
2
s
22 1053 1087
8
108 8 145 10612 1087 Rlo de Janelro 25-yr s f 86_ _ _1946 AC 1068 Sale 10614
107
,
-year s 1 7s.. 1955.3 1) 108 Sale 108
External 30
8
11018 61 10512 11012
25-yr exti 88
1947 AO 11018 Sale 11018
1956 M N 106 Sale 106
106% 178 10414 1065
Stabilization loan 75
9112 933
1952 AO 9312 Sale 9318
8 113 11334 Rome (City) exti 64.48
11312
8
4
93 8 243
,
1945 MN 11312 1135 113
Bergen (Norway) af 88
MN
,
,
,
15-year sinking fund 6s-1949 A 0 100 10012 99 8 100 4 16 9858 101 Rotterdam (City) exti68_ _1964 MN 1043 Sale 10458 10478 7 104% 10512
114 120 1193
4 120
9958 Sao Paulo(City) f 8s_Mar 1952
6 11214 120
97
8
99 8 17
,
Berlin (Germany) 644,
1950 A 0 993 Sale 99
14 10378 106
963 9812
4
1957 MN 9812 Sale 9818
9812 33
EMI s f 6448 of '27
1945 A 0 106 Sale 10512 106
Bogota (City) ext'l a I 8a
4
4
5 10618 108%
105 8 70 10312 1053 San Paulo (State) extl a 188_1936 JJ 1063 Sale 1065, 10712
,
Bolivia (Republic of) 88.-1947 M N 10512 Sale 105
8
933 9512
1950 3.3 10818 1087 lOSlz 1081z
6 10612 10812
4
External sec a f 85
9614 63
1958.3 .1 9614 Sale 96
Ext1 see 7s tem
4
9958 19112
4
102 8 19 1003 103%
,
External 178 Water L'n..1956 MS 1013 Sale 1013
10114 39
Bordeaux (City of) 15-yr 68_1934 MN 101 10114 101
943 100
4
73
100
8
Resell (IT S of) external 8s_ 1941 J D 1095 Sale 10958 11014 50 107 110% Santa Fe(Prov,Arg Rep)721_1942 MS 99 Sale 08
106 Sale 1053
241
4
92
9712 Seine, Dept of(France) ext175'42
97
10614 74 103% 106%
External a f 6445 of 1926.._1957 A 0 9612 Sale 9612
8 10112 156
97 100
Serbs, Croats & Slovenes 88_1942 MN 101 Sale 1007
19 6
6
71
9712 10112
,
1962 J D 99 4 Sale 9912 100
78(Central Railway)
N 9912 Sale 9914
10712 10818 Soissons(City of) exti Os..
..l936
9818 100
7345(coffee secur) £(flat)1952 A 0 10714 110 10712 Feb'28
99,
4 26
P A
95
9612 9512
9412 95 4
,
Styria (Prov)
33 10118 103
,
78
Bremen (State of) ern 78_1935 M S 103 Sale 102 8 103
95 4
,
4
94
95
Sweden 20-year 65
1939 JD 1033 Sale 1027, 1037
94 8 20
,
8 68 10212 105
1957 M S 9412 Sale 9412
Brisbane(City)8158
10412 33 104 10512
8518 8858
External loan 5348
1954 MN 10418 Sale 0418
87 8 57
,
Budapest(City)exti a f 6s.. _ _1962 J 12 8714 Sale 87
11112 Sale Ilils
8
27 1113g 1127
112
,
Buenos Aires (City) ext1614111955 J .1 10058 Sale 100 2 10114 39 10058 10134 Swiss Confed'n 20-yr 8 f 813_1940
9612 101
191
4
10412 29 1033 10512
Switzerland Govt ext 5448_1946 AO 104 Sale 104
101
,
D 100 8 Sale 100
Buenos Aires (Prey) extl 75_1957
7914 55
96% 101
Tokyo City 58 loan of 1912,1952 MS 79% Sale 7 4
83
101
7612 79%
83
1058 MN 10012 Sale 10014
Ertl I 7a of 1926
A0 903 Sale 8954
8
Ertl a f 544s guar
8712 90 4
,
893 92
4
18
,
92
903 400
8
Bulgaria (Kingdom) a f 75_1967 jJ 92 Sale 91 4
4
98
98 10114 Trondltjem (City) 1st 5401 9957 MN 973 98
97 4 9812
,
1 61
8
98
10114 61
4
J 1003 Sale 100
Caldas Dept of(Colombia)7445'46
9712 97
4
4 10214 48 1013 10212 Upper Austria (Prov) 78. _1945 JD 97
97
9812
,
6
9714
Canada (Dominion of) 58-1931 A 0 101 4 Sale 1013
8
96
6
1929 F A 101% Sale 10158
1013
4 34 10158 10214 Uruguay (Republic) exti 88_1940 P A 1095 Sale 10914
1097
s 30 109 11012
10
-year 5448
ost2 99 8
MN
9812 Sale 9812
Externals f 65
,
107 8 40 107 109
,
1952 M N 10714 Sale 107
9914 139
be
975 Sale 967
8
e
97 3
,
94
8 25 101 1017 Yokohama (City) mai 68.._196l
1938 F A 10112 Sale 10112 1017
975 188
8
4448
Railroad
3 105 10912
05
108
1954.3 J 10514 106
1 88
Carlsbad (City) 8
4
4
9814 10112 Ala Gt Sou 1st cons A 56_1943 JD 108 ___ 1083 Feb'28
24
10684 1083
101
Cauca Val (Dept) Colom 734e'46 A 0 101 Sale 00'4
Ala Mid 1st guar gold 58_ _1928 MN 1003 ___. 10028 Feb'28
8
1003 1001
2
4
,
Cent Agri)) Bank (Germany)
9018 9114
9912 10118 Alb & Suet) hat guar 340-1946 A0 9014 9114 9114 Jan'28
8 1003
4 23
1950 56 S 10012 Sale 003
Farm Loan a f 78
92
9312 Alleg & West 1st g gu 413--1998 A0 9318 ____ 92
9212
9314 89
92
Jan'28
J 9212 Sale 9212
Farm Loan s f 65 lot W.._ _196(1
9812
9134 9312 Alleg Val gen guar g 45
1942 M
9314 123
4
9712 983
4
08% Feb'28
Farm Loan a f 6s Int ott w 11960 AO 93 Sale 928
8
81 8 841s
,
11114 95 1087 11112 Ann Arbor let g 45
,
July 1995 Q J 81 8 8314 8188 Feb'28
Chile (Republic) exti a f 88 1941 F A 111 Sale 11
9714 99
-Gen g 48-1995 A0 9712 Sale 074
10212 33 10058 10212 Ateh Top & 5 Fe
1942 M N 10212 Sale 102
-year external a f 78_
973
4 08
20
AD ---- -- 96 8 Jan'28
01
124
Registered
96 8 96 8
,
,
8 30 19944 19 13
,
8
-year externals f 85_ _ _1946 MN 1103 Sale 11018 1105
25
Adjustment gold 4e__July 1995 Nov 93% 9712 93 8
2
9314 119
92 2 9458
,
,
93%
External sinking fund 65._1960 A 0 9318 Sale 927
Nov 9012 _ _
915 93 4
Registered
933 173
4
3
8
1961 F A 937 Sale 927
8014 Dec'27
Externalaf6a
937,
937 161
933 95
8
Stamped
92
July 1995 MN 9318 Sale 9318
4
J 933 Sale 033
1961
9314 34
Ry ref extls I 6s
MN
9012 92I2 92 Dec'27
953 9712
4
Registered
973
50
Chile Mtge Bk 6345 June 30 1957 .1 D 971 Sale 9718
97 8 99
Cony gold 4,01 1909
- 93
9812 73
-1)2
8
19 5 3D 917 927 92 4 Feb'28
55
98
8
,
Sf 6348 of 1926_ _June 30 1961 .1 D 9812 Sale
93 2
8
2518 2914
Cons 48 of 1905
JD 913 923 93 Feb'28
2914 31
93
4
4
Chinese(Hukuang Ry)58- _.1951 I D 284 Sale 2812
JD 8518
Registered
9 10114 10178
1013
8
9212 Dec'27
Christiania (Oslo) 30-yr sf 681954 M S 101 10112 10114
Cony g 48 issue of 1910_ _1960 3D -- - --- 93 4 Jan'27
9614 99
98 4 30
,
,
4
Cologne (City) Germany64481950 M S 9818 983 98
8
Eaat Okla Div 1st g 4s____1928
"We
•S 9978 100
913 933
8
4
9338 164
997 Feb'28
8
Colombia (Republic) ($5._ _ _1961 J J 931 Sale 923
Rocky Mtn Div 1st 48_ _1985 33 9314 9418 9312 Feb'28
9314 94
4
4 10118 25 1003 102
Copenhagen 25
-year,1 5;0_1944 J J 101 Sale 1003
go% 9712
Trans
93% 9512
9512 22
-Con Short L 1st 0_1958 3, 95% 96
9738 54
9518
D 97 Sale 97
External 58
1952
op,
103 104%
Cal-Arlz 1,t& ref 444s A..1962 MS 10212 1033 03 Feb'28
9814 25
997e
4
Cordoba (City) exti
7e
1957 JA 98 Sale 98
99l 101
Atl Knoxv & Nor 151 g 58_ _1946 JO 10612
107% 10752
9
101
,
J 100 101 101
Cordoba (Prey) ArgentIna7a 1942
---- 07 8 Jan'28
9914 9914
9412 9658 All & Charl AL 181 A 410_1944 3, 100
9614 60
4
Costa Rica (Repub) exti 75_1951 M N 9614 Sale 953
99 4 Feb'28
,
1s1 30
3
106 107
99% 1007
8
-year IN series B.__ _1944 3.3 107
8
___ _ 067 Feb'28
Cuba 58 of 1904
1944 Pd 18 10012 10114 10012 10012
92
91
10012 101
Atlantic City 1st cons N.__ _1951 3, 91
4
9212 02 Feb'28
External 58 01 1914 mar A_1949 F A 10118 10214 1003 Feb'28
97
96 10014 All Coast Line 1st cons 45 July'52 MS 9714 Sale 97
9104
26
97
8
9712 967
97 4 31
,
External loan 4448 ser C.._1949 FA 97
4
973 97%
8
4 1013 1047g
10312
MS
Registered
97 8 Feb'28
,
Sinking fund 5448
1953 1 .1 103 Sale 103
4
9312 9512
13 1013 104
General unified 1448
103
1964 3D 10214 6;31 0214
9512 41
9514 95
Cundinamarea (Dept
-Col) 78 '46 J D 95
937g 95%
L & N coil gold 48____Oct 1952 MN 933 04
2
1113
4 28 10834 11178
8
937
8
937
8
4
Czechoslovakia(Rep Of)88_1951 A 0 11112 Sale 105
81% 85
All & Day let g 48
7
,
83
1012 1105, 29 10812 112
82 4
1948 .3.3 8214 83
Sinking fund 8s sec B_ _8_1952 A 0 11088 111
74% 7612
5
2d 4a
74 8
,
10514 67 105 106
,
74 8
75
1948.3, 74
External f 7348 seriee A _1945 A 0 10518 Sale 0518
8914 90%
4
9012 908 Feb'28
1949 AO 90
Danish Cone Municip 88 A.-1946 F A 11118 Sale 1012 11118 26 11018 111% Atl a: Yad let g guar 45
10214 10212
Austin & N W 1st gu g 58.1941 33 10212 104
8 12 11018 111
0212 Feb'28
Series B f 8a
1946 F A 1110% Sale 11012 1107
9612 98
64 10518 1064 Balt & Ohio 1st g 45_ __July 1948 AO 9618 Sale 0612
967
8 52
-year exti 68
Denmark 20
1942
.1 10512 Sale 10512 106
965 963
8
4
987
57
Reglatered
July 1993438 Q J 96
9714 9618 Feb'28
Deutsche Bk Am part etf 68.1932 M S 98% Sale 0812
2
9 2 110909 14
9
99
7
%
02
0
68 1003 101
20
101
100% Sale 100 4
-year cony 4445
10012 21
,
M
Dominican Rep Cuert Ad 540'42 Psi 8 180 10012 10014
2 10012 10015
9914 14
100 8
,
MS 1001g Sale 10018
Registered
98 4
,
1940 AO 98% 99
Sat Bee 544e 01 1926
4
Refund & gen 5s series A._1995 JO 1033 Sale 1033
4
1045
8 40 1033 105
4
4
Dresden (City) external 75-1945 M N 10114 1013 10012 10112 16 10014 102
1st g 5.
10412 494 10414 10538
,
1948 A0 10812 Sale 10812 108 8 19 10818 110
▪ 10414 Sale 10414
Dutch East Indies exti 6a-1947
8
Ref & gen 6a series C
8
1113
4 43 111% 111%
8 1045
8 24 1043 10512
1995 Jo 11112 Sale 1113
1962 M 5 10458 Sale 1043
-year external IN
40
06
9712
9612 42
40 10312 10414
PLE&W Va Sys ref 4s 1941 MN 9614 Sale 9614
30
-year external 544s
1953 M 13 10312 Sale 1031 104
1057
8 44 10514 107%
4 10358 10412
Southw Div let 58
-1 1053 Sale 10514
4
,
1950
30
-year external 544a
1953 M N 10312 1037 103 2 104
8
883 911s
8
15 10712 110
Tol & Cin Div 1st ref 48 A.1959.3, 8918 Sale 88 2
,
89,
8 12
8 110
8
J 1097 Sale 1095
RI Salvador (Repub) 8s--1948
10412 179 104 10514
9518 9912
Ref & gen 58 series D
35
99
2000 MS 104 Sale 104
Finland (Republic) exti Os 1945 MS 98 Sale 98
99i2 10112 Bangor & Aroostook let 58..1943 3J ___ 106 103
1 103 103
103
28
External sink fund 75_1950 rrl S 10012 Sale 10012 101
87
89
2
Con ref 4s
88%
9814 1013,
18
883
4
89
100
1951 33 88
1950 M S 997 Sale 99
8
External s 649)
6812 72
7
6812
7212 6812
98 101
Battle Crk & Slur 1st fftl 38-1989 JD 70
4
1007
8
O 99 Sale 99
Finnish Mun Loan 63411 A-1954
07
98
Jan'28
_
98
J 97% 98
98 101
Beech Creek let gug 4a
Feb'28
1938
O 99 100 101
1954
External 6445 serles B
97 97
Jan'28
97
1938 33 10018
2d guar g 5s
11014 180 110% 1105,
French Repub 25-yr ext'l 88_1945 M S 11018 Sale 11018
8512 Aug'27
11534 1163 Beech Crk Ext 1,15 3441_1951 AO
4 86
-year external loan 7348.1941 J D 11614 Sale 11618 1163
20
1
9412
1944 3D 9412 Sale 9412
10812 310 106 10812 Big Sandy hat 4s
4
1949 J D 108 Sale 1073
External 78 of 1924




New York Bond Record -Continued --Page 1
BONDS
•
1' STOCK EXCHANGE t3
t
Week Ended Feb. 24.

Price
Friday,
Feb. 24.

West's
Rome oi
ban Sale.

Range
Since
Jan 1,

BONDS
N. V STOCK EXCHANGE
Week Ended Feb. 24,

1171
Prtcs
Pritlay,
Feb 24.

Week's
Range or
Last Sale.

Range
Sinks
Jan, 1.

..k Lots
Ast Gorr
844
844
filoA NO. Low
Iffoh N. Low
High Cleve Cln Chic de St Louis(Cend)
Mgt
Beet & N Y Alr Line 1st 4e_ _1955 F A
4
ter At Impt 68 series A-_.1929
10214
.1 1018 10214 1013
8431 88
4
8613 8733 8714 Feb'28 _1013 103
4
1 1074 10814
Burns & W let gu gold 48
1938 .1 .1 9734 9814 973
1941
3
804 977
3
4
J 105 4 1077 10812 10812
97 4
3
5
4
Net ImPt es Der C
Buffalo R & P gen gold 58_1937 M S 103 105 103 Feb'28 - - - - 103 10m,
4 104 1051s
1983 J 3 10418 Sale 1044 1041s
Ref & Inlet ba eer D
9.41,
1957 M N
CA
_ 96 4 Feb'28
Corumi 41es
3
1939 .3.3
9614 Sale 913
Calro Div 1st gold 48
983
8 17
96% 96 4
8
BurlUlt&Norletdd
1934 A 0 10314 103% 10213 Jan'28
92
9312 92 Feb'28
10212 10212
C1n W & M Div let g 4e. _1991 J J 98%91% 9314
2
Canada Sou cone gu AS. _1962 A 0 109% Sale 1093
St L Div let coil tr g ft 411-19 MN 9318 96 9313
931/1
9 10914 11018
927 93
3 10933
8
90
14
Canadian Nat 4e.Sept 15 1954 M
91
9113 Dec'27
MN
Registered
100 4 Sale 1003
3
4 101
8 10014 10214
4,01. Feb 15 19341 F A 10013 1605 1003
9712 Jan'28
1940 MS 9712 -.
3
5-year gold 4 ,
Spr & Col Div ht g 4s
8
8 1005*
97'z 971k
8 100 g 101
1957 J
Apr'27
gold 41413
9612
30
-year
W W Val Div Isle
ii 983
3
44 1003 10218
100% Sale 100
. 101
5
Canadian North deed 7s. _1940 J
4
99% 97
1157 Sale 11512 1164 15 11513 11612
8
5 993
8
folis;
Ref & Inept 411s ser E-1977 J J 998-__- 99%
1946.3 J 121 Sale 121
16-year. deb 6 See
10818 111812
CCC&I gen cons g 6s--1934 J J 1081210812 Jan'28
12234 18 121 123
10-yrgold 4tes_Feb 15 1935 13 A 100% Sale 100
103
103 1004
4
10038 11 100 10314 'ley Lor & W eon 1st g be 1933 A 0 103 11143- 103
Canadian Paella+ 4% deb etock... J
J 10112 ----10013 Apr'27
90 Sale 90
Cleve & Mahon Val g be_ _ _1938
9014 115
90
92
1946 M S 9934 10014 100
Coi tr 4 qs
100 Nov'27
1935 M N 100
15 100 10114 CIA Mar let gi, g 431s_
100
Carb & Shaw let gold 4s__ - _1932 M S 9814 99
0 1014 111412 981.3 Aug'26
Cleve & P gen gu 4(48 eer 13_1942
983 Dec'27
4
1949 1 J 8214 Sale 80
Caro Cent 1st cons it 4s
80 165;
-- 10214 Nov'27
1942
J 101%
Series A 4 tee
84
28
9014 Oct'27
Caro Clinch & 0 let 30-yr be 1938
D 105 1051 105 Feb'28
1948 MN 9014
Series C 3(48
4
- 1023 10514
1st dr con g 8s seriee A___ _1952 J D 108 1083 1083
1950 FA 8912 --- - 8918 Nov'27
Series D 310
10 10814 10914
4 109
19813 D 94% 96
Cart & Ad Ist gu g 4s
105 LW,
95
Cleve Sher Line lit gu 4118-1961 A 0 104% -- 105 Feb'28
943
e
95
Jan'28
2 109% 1104
Cent Branch U P let g 4e. _1948 .1 D 88% Sale 883
4 109 4
3
3 - 3
Cleve Union Term 514s
89
7
87% 89
3
1972 A 0 109 4 1097- 1093
1 108 10714
Central of Ga lst g bs_Nov 1945 F A 10814
106
1973 A 0 106 Sale 106
1073 Dec'27
8
1st s f 5s ger B
Consol gold 58
1945 M N los1± 107 10614
1 106'i l07'g Coal River Ry let gu 4s_ _1945 SD 9312 ____ 9212 Nov'27
10614
Registered
6 "66;
F A 104%
99%
8
10212 10212 Colorado & South let g 48._ A929 F A 997 Sale 99%
10212 Feb'28
10
-year eecured es_ _June 1929 .1 D 10138 filift 10114
5
5512 Iso
99 4 32
3
99 4 Sale 99 3
3
Refunding & exten 411e1935
N
1 10114 10214
10114
Ref & gen 511e series B-.-1969 A 0 108
1948 AO 963 98 9718 Dec'27
4
1073 Feb'28
107 10814 Col & H V 1st ext g 49
4
1959 A 0 10312 1041 103% 1037
Ref & gen 5e series C
9612 Dec'27
1955 FA
8 35 10338 10418 Col & Tol 181 ext 4.
Chatt Div pur money g 48_1951 3 D 95% _.._ 9518 Jan'28
9513 9518 Conn Sr Passum Ale lst 4e_.1943 AO 9012 ---- 8813 Mar'27
Mac & Nor Div let g 5e_ _1946 3
9614 Nov'27
Consol Ry deb es
1930 F A 9812
10712 Oct'27
1063
s
Mid Ga & All div 56
1947
8
79 - -1
12
;
81% - -_-- 815 Feb'28
827
1954
Non-cony 45
3
Oct'27
104
103%
Mobile Division 5e
1946 1
78
81
8212 8612 Feb'28
8812
Non-cony deb 4s _ _ _J&J 1955
10614 10614
_ 10614 Jan'28
1067
s
8111
Cent New Eng let go 4s_ _1961 11
80
86
Non.conv deb 48____A&O 1955 A 0 811s -- 8113 Jan'28
8
86 Sale 86
88%
873
s
Central Ohio reorg 4(4.. _ 1930 M
83178% 8314
Non-cony debenture 4e_ 1958 1 J 82 - 2 82 Feb'28
10014 1003 10013 Feb'28 _ _ _ _ 10013 1003
4
4
Central RR of Ga colt g 5,3 1937 M N 100% 1011 4 l00 4 Feb'
9712 32
9812 984
3
1912 J D 973 Sale 97
4
4
3
28 --- 1003 1013 Cuba Nor Ry 1st 514e
Central of N J gen gold 6e
1937 .1 1 1173 Sale 1175
9734 100
98% 26
J 9812 Sale 9814
2 117% 11912 Cuba RR let 50
3
-year be g-1952
8 11758
2 101314 1095±
Registered
5
1937 0 J 11714 119 11714
let ref 7(4s ser A
2 11714 118%
1938 J D 1095± Sale 109% 109 3
1173*
General 48
9912 100
1987
J 97% 977 98% Feb'28
1936
99
let lien & ref (Is ser B
D 99'2100 100 Feb'28
98
8
Cent Pac 1st ref gu g 4e
1949 F A 953 Sale 9514
4
9413 9812
953
4 36
Registered
F A
10012 10012
Day & Mich let cone 4 Yes__1931 J J 99% 10012 10012 Jan'28
Jan'28
94
94
94
95l 9634,
Mtge guar gold 3;is_ _Aug 1929 J D 99 Sale 99
98 4 12
3
9
99
99
9914 Del & Hudson 1st & ref 45. _1943 M N 9814 985± 964
2 100 1014
Through St L let gu 48_1954 A 0 94% -- 94 Feb'28
101
/
1
30
-year cony 5e
94,
,
1935 A 0 101 Sale 101
94
1960 F A 10438 Sale 1041 105'2 40 104 10512
Guaranteed g be
8
15
1937
-year 5 34e
N 1047 Sale 10412 10514 19 10412 107
.
O
Charleston Or Sava'h let Ts. _1938 J J 116
7 1041s 107
1053
8
3
10
-year secured 79
19305 D 105 1053 105
_
1193. Aug'27
Chug & Ohlo fund & imp'511_1929 3 .1 10033 164.111- 10012 Feb'28
96 4 Apr'27
3
100i2 fOlis D RR & lidge let gu 48 -1936 F A
- 4
1939 M N 10713 Sale 10718 10718
let mewl gold 51
47
93
92i 94
7 10614 10714 Den & RU let cons g 4e
1936 J J 927 9314 9233
1939 M N 106
Registered
9814 39
97
Consol gold 4(4s
9712 Sale 9712
11814
1055* Dec'27
1938 1 „I
1992 M F 1023 Sale 1023
General gold 412e
97% 1001
Improvement gold S.
5
4 1033. 26 102% 103%
100 10014 10014 10014
1928 J
4
4,
131
M B 9912 ---- 10214 Feb'28
Registered
91
8914 92
100 10214 Den & RU West gen be-Aug 1955 M N
9012 Sale 90%
10
-year cony 4(4
1930 F A 10012 Sale 10012 1005* 413 100% 101 18 Dee M & Ft D let gu 4s. _ _ _1935 J
2714 31
2714 10
,
2714
2714 49
1040.3 .3
Craig Valley tel 55
8
10233 Jan'28
Temporary ctfs of deposit.....
2612
1023 102%
8
261± 2612
284 274
25
.
Potta Creek Branch 1.t 0.1946 J
913 913 Des Plaines Val lit gen 4343_1947 M 13
Ii 4 9134 Feb'28
10214 1024
8
310214 Feb'28
4
R & A Div 1st con g 4s__1989
94% Feb'28
Jan'28
943 94% (Jet dr Mac_ 1st lien g 4e_
80
8
8012
82 80
I995 S D 80
1989
2d consol gold 48
9253
9253 Feb'28
9112 92 , Gold 4s
Jan'28
,
72
713 72
4
1995 5 D
Warm Springs V 1st be_ -1941 m
10112 -- 10018 Feb'27
3 101% 102
Detroit River Tunnel 4lis_1981 N N 102 ____ 102
102
12
Champ Corp cony be May 161947 M N
99% Bale 9914
_
9912 329 "9918 166- Del Mlesabe & Nor gen ba_ _1941 5 J 1044 ____ 1037 July'27
8
Chic & Alton RR ref g 3s-1949 A 0 7314 7312 7312 Feb'28
Dul & Iron Range let 5e
7314 74
10234 1031.
___ 103 Feb'28
1937 A 0 103
Cif dep Med Oct 1927 Int....
7314 75
7212 7312
7312 Feb'28
Registered
102% 1024,
3
1027 Jan'28
A 0
Ikttiway first lien s(is__Ioso
61 Sale 61
Dill Sou Shore & Atl g be_ _1937 J .1
6112 13
603 62
4
87
1e 90
3
871± 88 s 87% Feb'28
Cite dep Jan '23 & eub coup
60 Sale 60
4
60
60
61" East Ry Minn Nor Div let 48.'48 A 0
95 3 98
5
98 Feb'28 _Ohio Burl & Q-111 Div 834e.1949 3 J 90
90
903 90
3
9118 East T Va & Ga Div g Se_ _ _ 1930 .1
90 3 27
3
100 4 ---- 10312 10312
5 10313 104
3
J j 8938 Sale 8938
Registered
89%
5
893 9014
3
Cons let gold be
3 1091 110
1956 MN 1101g ___ 11018 11018
e
12
1949 3 J 973 Sale 9712
1111901s Division 4e
4
977
3 70
9713 983 Elgin Joliet & East'Mg 54_1941 M N 105 1054 105
4
3 10434 10512
105
1958 NI 8 9713 971 9713
General 43
9714 11
97
98% El Paso & S W 1st 5e
1965 A () 109-- 109% Feb'28
109 109 4_
1
1977 F A 1013 Sale 10134 102
1st & ref 414e ser B
24 1013 102% Erie let consol gold 7e ext_.1930 M S 10512 105 4 10512 10512
4
4
6 10512 10612
1
1971 F A 10814 Sale 108
let & ref 6e series A
3
108k 43 1071 10812
let cons g 4e prior
1996 J J 894 Sale 89 4
3
89% 30
89
904
Chicago & East III let 6s-1934 A 0 108%
1067 10713
3
_ _ 10718 Feb'28
Registered
19975
Jan'28
86
86
86
0 E III Ry (rsew co) con be_1961 MN
8814 Sale 8814
let cons& gen hang 44.-- _1996
884 57
88
93
-84- Sale- 843±
84% 8614,
854 53
1982 N N 11114
Ohio & Erie let gold 5e
_ 111% 11214
2 11012 11214
Registered
19963
_ 8214 Feb'28
8214 83
1s
Chicago Great West let 43_1959 M S 695 Sale 6912
8
6912 7212
Penn coil trust gold U.._ _1951 F A jai, 103 102 8 Feb'27
70 4 116
3
5
_ 10212 10311
- -12
Chile Ind & Loulsv-Ref 64_1947 J
11813
11673 11814
1184 Feb'28
60
-year eons, 48 series A1953 A 0 8712 88
8712
1
8712
8712 8912
1947 3 J 1043
Refunding gold be
4
118 Nov'27
Serlee B
1953 A 0 87 Sale 87
8712 22
87
8912
Refunding 4e Series C___ _1947 .1
95_
9114 May'27
Gen cony te series D
1963 A 0 ____ 937 135 Sept'27
2
_
General be A
1968 1.1 N los gile 108
10634
Ref & Inset 5e
6 1654 107
1967 M N 977 Sale 97 g
8
7
9814 289 "iiis
May 1966 J J 11012 Sale 10914
General 6s B
Erie &Jersey let s f Be__ _1955 J
10 10914 11112
11012
11312 Sale 113 8 11312 16 113 114%
3
-year 4s_ _1966 1
Chic Ind & Sou 50
96
95% 981 96
96
Jan'28
Genesee River 1st s f bs_ _ 1957 J
11334 11433 114
114
5 112% 115
Chle L 8& East let 411s_1969 J D 10212
1 10212 10212 Erie & Pitts
10212 10212
g 3 yis B. _ 194).1
9 3
%
92
94 102 Jan'28
102 102
& Puget ikl Ietgu4al949J
CM
7214 Feb'28
7012 7313
Series C 3313
90 4 94
3
90 4 Jan'28
3
90 4 90%.
3
U S Tr certifs of deposit
71%
73)2 Est RR exti f 7s
713
4
713
4 19
71
1954 MN 10312 Sale 10312 102 4 102 10034 104%
3
Ch M & St P gen g 4nSer A.e1989
9214 Sale 9218
91% 9312 Fla Cent & Penn let ext g 5e_1930 J
9214 24
10212 ____ 10212 Feb'28
10212 1024
Registered
Q
91
91% Jan'28
Consul gold 58_
913
3
1023 ____ 1024 Feb'28
4
102% 1024_
General gold 331s ger B...e1989 J
80 3 8114 Florida East Coast 1s1 4348 19595 D 10011 _-__ 10014 Jan"2
-_ 80% Feb'28
3
100 1004
Gen 4118 series C___May 1989 J .1 102% 1031 1025
861 429
80%3 16 10018 10414
8 1027
let Is ref be series A
1974 MS 8512 Bale 8338
83 8 89%
3
Registered
6 100'4100(4 Fonda Johns & Cloy 4348_A952 MN
10014
10012
5012 20
49 Sale 4812
4518 52
Gen & ref ser A 4SO._Jan 2014 A 0
73% Feb'28
72% 7.3 Fort St U D Co 1st g 4318_1941 J J 985
7
984 Jan'28
9812 984
Guar Tr certlfs of deposiy. _ _
_
7 4 61;3 7114 7334 28 7114 75 Ft W & Den C let g 614s-- -1961 J
75i1
10814 108 4 1083 Jan'28 -- 10833 1088
±- 1
8
11.
Gen ref cony eer
_61 Jao 2014 FA
73% Feb'28
7013 73% Ft Worth & Rio Or 1st g 4e 1928 J J 99 4 993 993 Feb'28 -4
8
3
9914 904
Guar Tr certifs of depoelt
7134 Sale 71%
7012 7.414 From Elk & Mo Val let 819_1933 4 0 1061
7134 43
10712 Oct'27
1934
let eer 6s
1033 1037 103% 104
6 10338 104
4
GRASAMAPlet5e1931 M N 1013 102 1013
s
44
4 1024
9 10114 1614
1932 1 D
Debenture 4345
7173
717
3 25
7414
71
10114 101%
2d extern' Se guar
1011 ____ 10133 Jan'28
8
19313
Bankers Tr conks of deposit _ _
7214 69
7214 Sale 72
71
7414 Galv How & Head let 5e
100
1
1933 A 0 100 Sale 100
9912 100%
1925.3
Debenture 4e
717
3
71%
71
73 4 Ga & Ala Ry let cons 5e_Oct 19453 J 99 Sale 99
3
1
99
99 1003
4
US Mtge & Tr Ws of dell.. ___. 721s Bale 71%
72% 11
9 10011 10038
707 74
3
Ga Caro & Nor 1st gu g 5e 1929 J
1003 100% 10012 10012
e
1934 J
-year debenture es
36
7214 Feb'28
7013 73 3 Georgia Midland let as
7
78 Feb'28
1948 A 0 77
78
78
78
Farm L 8E Tr etre of deo- - 7134
_
7112
4
713
4
703 74
4
Gr R & I ext 1st gu g 4 sis
1941 J J 1003± 10112 100% Jan'28 -- 10014 10013
°Mc & N'weet gong 3 AS- - 1987 M le 85 154 85
85
85
Grand Trunk of Can deb 79_1940 A 0 11514 Sale 1157
16 1157 11812
86
3 116
s
Registered
Q F 84
8412 Jan'28
8412 84%
115-year e f fie
1936 M S 10914 1095* 109% 10912 31 109 10933.
1987 M N
General 45
96 Sale 98
96
15
96
Grays Point Term 1st be_
98
983 997
3
1947 J
9912 ____ 99 4 Feb'28
8
g
Registered
Q F 9412.- 98 Nov'27
153 1147 11511
Great Nor gen 7s series A-1936 J
,
11514 Sale 11518 115
Stpd 48 non-p Fed In tax '87 M N 95% - - 963 Feb'28
967
4
e
ibis 16 4
1
3 11438 11433._
_
114% 1145.
Registered
J .1
stpd Fed Inc tax_1987 MN 11112 113 113
Gen 4 548
Jan'28
113 113
1.t& ref 4 kis serlee A____1961 3 J loll: 101 4 102 Feb'28
_
100 10212
- -3Gee 68 stpd Fed Inc tax_ _ .1987 M N 1134 1157 11512 Feb'28
8
112 11512
General 5115 series B
. 21 112 11514
19625 J 1123 Sale 11238 1127
4
1879-1929 A 0 1023 1027 102% Jan'28
Sinking fund 86
8
e
102% 102%
General be arise C
8 108% 109
1973 3 J 108 109 108
1083.
Registered
A 0
10312 1023* May'27
2
General
100
17
series
99
997
1976 3
101%
1879-1939 A 0 loli 101% 10114 Feb'28
Sinking fund be
4
10114 1611 General 434e series D _1977 3 J 9934 Sale 9934 997 43 99% 100%
8
Sale
E.
J
953
4
4(48
1879-1929 A 0 10013 _- 10012 Oct'27
Registered
Green Ray ,k West deb etls A_ __ Feb 85% 87
_
865± Feb'28
88% 86%
1933 MN 10212
103
Sinking fund deb be
103
4 la" 103
Debentures etre li
8
27
Fel
7
10
2718 27% 277
2412 254
N N 10212
10213 Jan'28
Registered
10218 10213 Greenbr1er Ry 1st gu 48----1940
1
15% 95 e.
3
N 9512 ____ 9534 Jan'28
1930.3 D 10512 lifae 10514
-year secured 735
10512
10
s 10514 10612 Gulf Mob & Nor let 6318___1950 M 0 10712 Sale 10712 Feb'28
A
10612 10712
-year secured 8146 g----1938 91 8 113 Sale 112% 113
15
15 1127 11414
3
1st NI be serles C
1950 A 0 10314 104 104
Feb'28
10314 104
May2037 J D 111% 1124 11112 11112 27 11112 114
let ref g be
Gulf & S I let ref & ter g 5e_e1952 J J 1077
___ 10814 Jan'28
10712 1084
D 10212 Sale 10212 102% 36 10212 104% Hocking vat let eons 4118.1999 3 1 105% 10612 1053
May 2037
1s1 & ref 4348
84
10612
3 1051 107%
.
a
9314
Utalc RIAF Ralltrav gen 46_1988 .1 .1 934 Sale 93%
9
92% 96
kieglatere.1
10412 Feb'28
1999 J J
10412 10412
1
914
9112 Jan'28
Registered
914 91 12 Housatonic By cons g ISe
1937 M N 101(4 103 10112 Jan'28
10112 10112
1934 A 0 964 gale 953
4
Refunding gold 4e
9134 148
9511 9012 H&TC let g Int guar
1937 J J 10312 ____ 10312 10312
1 10312 103%
A 0
937 Oct'27
s
Registered
Waco & N W dtv let 6e1930
1017 ____
8
1952 M $ 96 Sale 953
4
98
217
684 9724 Houston Belt & Term 1st 53_1937 M N 10213 ____ 103% Nov'27
Secured 4 fis series A
J
10212 Jan'28
1013* 10212
0 934 ____ 92 4 Feb'28
3
& N 0 Mem Div 4e 1951
92
923 Houston E dr W Tex let g be_1933 N N
4
Ch St L
___ 102% Jan'288
1.121. i(Mkt
8
4
1023 103
8
CD St L & P Ist cone g 5s-__1932 A 0 1023 -- 1027 Feb'28
let guar be red.
1933 MN 1005.1013 103 10213 Jan'28 _
4
10213 102%
OhlcStpM&OcOn868.i930J D 1027 Sale 1027
3
8 10318 16 10012 1033 Bud & Manhat be series A..1957 F A 100 4 Sale 101
8
3
10114 33 101 10212
reduced to 331e-1930 S D 97-_ _ 9814 May'27
Cone 6s
Adjustment Income fet Feb 1957 A 0 9214 Sale 92
9334
92 14 71
92
1930 hi 8 100 10012 10014
Debenture 53
10014
2 ii5o fobi: 1111nole Central lst gold 4e1951
.
3
9914 Sale 987 Feb'28
975 99
4
100
100
Jan'28
Stamped
100 100
1951
J 98 98
8712 Sept'27 --1027 Bale 1023
3
s 102% 55 1024 103
1e
Chic T H & So East 1st 644-1960 J
lit
Rilgioldste3re
9090
895 9112 90 Feb'28
*
Dec 1 1960 M S 9812 97% 9612
97% 14
9612 98%
Inc gu bs
Extended let gold 310.„19 1 j 0 893 9112 9112 Jan'27
19
5 A
--8
102
20 10114 10212
Chic Un Sta'n let gu 450 A-1963 J .1 102 Sale 102
1st gold 3s sterling
1951 PA S 76
_
____ 7612 June'27
1943 J J 10413 1043 1047 Fen'28
s
s
104,8 106
let /Se series B
941 IC
Collateral trust gold 48_1952 A 0 953 Sale 95
9534 16
4
19443
102% 104 1033 Feb'28
e
Guaranteed g 511
103% 105
1st refunding 48
971s 9812
9714 15
964 973 9718
3
1963
1183 119 1183
4
4 1183
4
a 11814 11914 Purchased !Ire, 334e
let 614e series C
90
90%
19 2 JIJ 89
95 M N
5
5
89 4 90 Feb'28
3
Jan'28
10234 103
- - 103
Chic & West Ind gang 6e__p1932 Q M 1051s
Registered
93 4 Dec'27
3
19523
913 Bale 91%
4
92
2
Cense! 60-year 48
914 93
Collateral trust gold 0_1953 M N 93 Sale 9213
13 1124 IA
93
1962 MS 10514 Sale 105
10514 24 105 10512
let ref 511s ser A
Registered
M N
91 Nov'27
923 93
4
8
1 107 107%
Choc Okla A Gulf cons 58_ 1952N 1071 ---- 107% 107%
Refunding 55
4 10 11034 hOSt
1965 M N 10918 110 4 1104 1103
3
1937 I J 991
cut H D 2d gold 4 Sie
9914 Feb'28
99
9914
15
4
-year secured 611e g._ _1936 1 1 114 1143 1134 Feb'28 - - i134 1141
4
981s 9872 9813
3-.-9813
2
9813 9813
C St L C 181 g 4e___AUg 1936 @
40
-year Vitt
1014 49 101 102
10114 Sale 10114
Aug 1936 Q
_ 97%
9713
5
9714
Registered
97% 9714
9718 974
Cairo Bridge gold 48 g 1 196 J D
1953 F A
9718 Jan'28
A
933 Feb'28
4
1942 M N
933
4
CinLeb&Norgu4sg
% 9344
Litchfield Div let gold 36.1951 3 J 80%
93
804 Oct'27
- - - 9912 June'27
Clearfield & Mali let gu 68.1943 J
87 11Louis Div & Term g3 I48 1953 J
,
874 Sale 88 Feb'28
D 100%9714 Sale 97
97% 10
7515 mac
Cleve Cin Ch dr St L gen 48_1993
Omaha Div let gold 3e. _1951 V A
963 9712
4
79% 8112 8012 Jan'28
1931 J .1 10018 10012 10012 1004
5 100% 100%
-year deb 414e
20
Bt Louis Div & Term g 311_1951 J
8012 82 8012 Dec'27 _19933
1155 118 116 Feb'28
8
B
11513 116
1 "TA IA_
General be Series
Gold 3
19513 J 8914 91
8914
89,
Due Feb. I Due Mae• V Dee Dee.




--

-

1172
BONDS
K. T. STOCK EXCHANGE
Week Ended Feb. 24.

New York Bond Record—Continued—Page 3
Price
Fridno,
Feb. 24.
Bid

Mots Cent(Concluded)—
noringt:eia Div tat g 3 148_1951
A
Western Lines let g 4s_ __1951
A
Registered
III Central & Chic St L & N 0—
Joint let ref bs series A___1963
1963
let & ref 4 He tier 0
1951
Gold be
1951
Gold 3145
Ind Bloom A West let ext 45_1940 A 0
1
1950
Ind III dr Iowa tat g 48
1956 1
Ind & Louisville lot gu 4s
Ind Union Ry gen 58 eer A 1965
1965
Gen & red 58 series B
let & Grt Nor let (is ser A 1952 .1
Adluatment 85 ser A July 1952 Aurl
Stamped
95o J J
1411 no -,erses B
1st g 55 series C
1956 J J
197v MN
let Rye Cent Amer let be
1941 MN
Ist coil tr 6% notes
1947 FA
let lien & ref 614s
D
._1931.
Iowa Central let gold Se.
Certificates of deposit
Refunding gold 413
1951 MS
James Frank & Clear let 49_1959 .1
RaA&OR Istgug 5a
1931' ii
1991 A 0
Kan &
1st gu g 46
1921' MN
K C Ft S & M cons g 65
K C Ft & M Ety ref g 48_1936 AO
KC&MR&BIstgu 55_1929 AO
Kansas City Sou let gold 36_1960 AO
Ref & Rapt be
Apr 1950 J J
J
Kama City Term 1st 4s_.....1980
Kentucky Central gold 45_ __1987 J J
J
Kentucky & Ind Term 40_196i
Stamped
196 i 1
Plain
1961 .1 J
J
1937
Lake Elle & West iota be
1941 J
2d gold be
Lake Shr & Mlch S g 314s-1397 ID
D
1997
Registered
1921. ▪ S
Debenture gold as
1931 MN
36
-year gold 4s
MN
Registered
Lab Val Harbor Term 55____1959 FA
Leh Val N Y let gu g 4348_19411 3 .1
Lehigh Val (Pa) cone g 45__2003 MN
MN
Registered
2003 MN
General cons 4 tie
MN
Registered
Lehigh Val RR gen 65 serles.2003 MN
Leh V Term Ry tat gu g be...1941 AO
A0
Registered
Lab & N Y let guar gold 412_1995 Ni 5
Len & East let 50-yr 58 gu_1965 A0
Little Miami gen 45 Ser A..1962 MN
1935 AO
Long Dock consol g 613
Long Isld let con gold 5sJuly 1931 @
let consel gold 4s.___JulY 1931 Q J
D
1931.
General gold 45
D
1932
Gold 48
1949 MS
United gold 45
1934 3D
Debenture gold Se
1937 MN
SO-year p m deb 514
Guar refunding gold 45._ _1941' MS
Nor 80 B let con gu 58.0ct '32 Q
Lou & Jeff Bdge Co gu g 45 1945 MS

Week's
Range or
Lou Sale.

Ash Low

88
88
923 - - 93
4 9912
90% 9512 90

iz
co '5
43

High NO. Low
Oct'27
Jan'28
Jan'28

10612 10681) 10612 107
993
8
8
9912 Sale 993
10812 Jan'28
108%
8412 Jan'27
83%
943
8
9328 Sept'27
9612
9612 Sale 9612
8914 -- 9018 Feb'28
4
1043 ---- 1043 Feb'28
4
10412 Feb'28
10412 10712
10714 Sale 10714
8
97 4
,
97 Sale 967
9712 Feb'28
10012
100 10012 100
4 1013
4
1013 Sale 1013
4
8312
8
833 Sale 8218
97 Sale 97
973
4
95
9412 Sale 9312
38
4112 39 Feb'28
40
40 Sale 39
1014 123 1018 Feb'28
8
96%
963 9712 96%
4
103 May'27
103
90 4 -- 9618 Feb'28
3
10012 Sale 10018 10014
96%
9618 Sale 96
8
100% ---- 1015 Feb'28
7914
7712 /ale 7712
4
1013 Sale 10112 1013
4
9414
9418 Sale 93%
4
933
4
933
- - 933
Jan'28
9212 92
91 494
94 Sale 94
- - 96% Dec'27
8
10418 11/412 1093 Feb'28
97%- "
104% 104%
1037
8
86.8
86141 Sale 8618
Jan'28
85 8512 86
4 100
8
997 Sale 993
8
993
4
993 Sale 995
4
993
4
99 4
,
983
4
8 10612
1063 Sale 1063
8
8
101% Sale 1017 Feb'28
91 12
9112 Sale 91
91
Jan'28
3
10038 1018 100 4 1015
8
8
98 Nov'27
110
110 gale 110
105% 106 4 10614 Feb'28
,
10378 1037
8
92 Sale 9212 Jan'28
11412 Sale 11412 11412
9218
_ 9212 Jan'28
109% _ 09% Feb'28
10118
101%
- 10118
-- 9818 Jan'28
94% 9614 95 Feb'28
9812- 97
_ 9614 Sept'27
911497 93% Feb'28
loo 10184 00 Feb'28
993
4
100
9934 loo
9412
9412
9318 94
10118 10114 01 14 Dec'27
933 99, 9312 Feb'28
4
2

15
99

2

42
49
7
20
17
17
44
12
1
2
58
11
19
40
2
1
1
1
43
10
20
2
25
6
6
1
12
4

15
2

_Louisville & Nashville 56_1937 M N 1053 10614 06
Jan'28
4
Unified gold 48
1940 J J 9818 Sale 9818
9
987
8
J J
965 May'27
8
Registered
02% Feb'28
Collateral trust gold 5s_.-1931 M N la1931; M N 10413 105
0412 10412
3
10
-year secured 713
let refund 534s series A...2003 A 0 10912 sale 0911 10912 14
2003 A 0 3.093
8
10812 Jan'28
let dt ref be series B
2003 A 0 10414 10412 10428 Feb'28
lst & ref 414e series C_
1930.1 3 10212 lops 10212 Jan'28
14 0& M let gold 60
1930 .1 J 10212 l0354 10328 Dec'27
2d gold (39
1
96%
963 99
4
96%
Paducah & Mem Div 98_1946 F A
6
7014
70 2
,
St Louie Div 2d gold 38_1980 M 8 7014
1027 Feb'28
8
4
Mob & Monte 1st g 4 Hs_ .1945 M S 1023
93%
2
South Ry joint Monon 45_1962 J .1 9314 Sale 9314
3
98
98 Sale 98
All Knoxv & CID Div 45_ _1955 M N
3
Loulay Cln & Len DIY g 434831 MN 10012--- 100 4 Feb'28
4 1041 10312 Jan'28
1939 J J 1023 2
Mahon Coal RR let be
Manna RR(South Linea) 98.1939 M N 7412 Sale 7412 7412 7
4
7514 8114 823 Feb'28
1969 M N
let 40
Feb'28
Manitoba S W Coloolsa'n 65 1939 J D 100 101 101
88 Sept'27
90
Man() BA NW 1st 334e-1941 1 2 88
Mich rent Det & Bay city bs_'31 9 NI 102 10214 10218 Feb'28
_ 1017s Feb'28
Q M
Registered
97% Jan'28
1940 1 .1 9712
Mien Air lane ge
4
963 Nov'27
1 J
Registered
90 Dec'27
89%
1964 114 h
lit gold 334e
31
100
1929 A 0 100 Sale 9978
10
-year debenture 95
2
98%
8
1940 A 0 98% Sale 997
UM of N J Ist ext be
10028 Jan'28
MIlw L S & West Imp g be 1929 F A 10012
1111& Nor let ext 43421(1880) 1934 1 D 9914 1(1(1 97% Dec'27
4
973
4
,
Cone ext 434e (1884)
1934 .1 D 97% 99 4 973
WI Spar & NW bit gu 4s_ __1947 M El 9612 97% 97 Feb'28
__
43 Feb'28
Minn & St Louis let cons 65_1934 M N 9214 49
12
41
-M N
Temp etre of deposit
90 Sale 40
1528 10
1512 1518
1st & refunding gold 45___194 M S 14
1112
2
Ref& ext 50-yr 513 ger A..1962 (3 F
1112 143 1112
4
9114 40
M St P & 88 M con g 46 int gu'3) J . 9114 Sale 908
,
1
8812 Dec'27
Registered
995
993
4 17
let cons 5s
1938J .1
11
1st cons fis gu as to int
I938 J J 9914 9912 9912 100
2
1023
8
10
-year coil trust 634e.,,.,._)931 M 5 10218 Sale 0214
10128 10
let dr ref 69 series A
1946 J 1 101% Sale 0128
36
-year 6 He
95
Sale 9414
7
1949 IS 1E3 9414
lot Chicago Term of 4a
8
1941 M N
951
-- 983 Oct'27
Mlasissippl Central let So. 1941) J 1 98 89912 Feb'28
£19
2
4
15
9228
h4o Kan & Ten let gold 4s1990.1 D 913 Sale 91
4
1044 121
1510
-K-T RR pr lieu be ser A.1962 1 J 10412 Sale 043
8
40
-year 4e aeries B
9119
7
91 Sale 90%
1962 J J
Cum adjust be ser A Jan.1965 A 0 10714 Sale 1064 10714 112
1033
8 12
Mo Pac lat & ref &seer A
1965 F A 10314 Sale 103
205
81
General 48
1975 M S 8018 Sale 8018
8
let & ref be serF
1977M S 1013 Sale 10112 1017 274
4
__
blo Pac 3d is ext at 4% July 1938 MN
9414 Dec'27
943 97
4
Mob & FIlr prior lien g 6a
4
973 June'27
1945 J .1 103
_
6
100
Small
J J 100 Sale 100
list tu gold 45
9212 Jan'28
19453 1 9214 94
Small
7
8718
1945 J 1 87 Sale 87
_
Mobile & Ohio gen gold 4s....193,4 M 5
4
973 Jan'28
Montgomery Dly let g 59_1947 F A 10312 -- 10514
10528 14
7
Ref & hunt 4145
983
4
4
1977 M 5 983 Sale 993
4
Mob & Mar lot gu gold 4a_ _1991 M 5 97- _- 97% Jan'28
Mont C Ist gu 68
8
19373 1 11212 114 1127 Jan'28
let guar gold be
1937 J .1 10512 10612 1043 Jan'28 - 4
18
Morris & Eerie: let gu 3 Hs_ _200, J 0 84% 8514 845
85
8
Nasty Chatt er St L let 55.,,192$ A 0 100 102 100 Feb'28 _
1937 F A 103% 10614 10312 Feb'28
N Fla & 8 let gu g be
_
Nat RY of Men pr lien 4 He.1957 J 1
30 Sept'24
1314
12
Assent mob war rot No 4 on _
-lira
- 1214
87% Aug'25
Guar 70
-year s f 48
1977 A—
0
Assent cash war rot No 6 on .._ _
gide18 187s 1814 Feb'28 -




Range
Since
Jan. 1,

-

BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb 24.

t

Price
Mins.
Feb. 24,

Week's
Range or
Lan Sale,

Range
Since
Jan. 1.

High

All at,
Vs
Hid
iat RR Men pr I 414a Oct_1926 J J
3812 July'25
_
Assent cash war rot No 4 on
1711 Sale 1712
18
00
93 "93
1st consol 45
1951 CO
1034 1114 28
Apr'26
Assent cash war rct No 1946
90 90
4 0,
10%
10%
1
Xaugatuck RR 1st g 45
1954 MN
85
865 Nov'27 _
8
10612 10810 New England cons 55
J J 1025, 105 1013 Der'27
4
101
99,
8
Consol guar 4s
1945 I
923 Feb'28
4
__
10812 108% VA June RR guar 1st 4s_ _ 1988 FR
905 ____ 9912 Feb'28
8
NI O& NE 1st ref & Imp934sA'52
J 100 101 1001 Feb'28
8
New Orleans Term 1st 4s.1953
.1 917 ____ 1,134
8
92
11
'JO Texas & Men n-c Inc 6s.1937 CO 190 Sale 100
96'2 97
10018
9
lot 55 series B
908 9112
1954 40 100 100'4 10014
10014 12
104 1043
• A 1037 104 1033
let be series C
4
8
8
101 8
,
5
10412 10112
let 434s series D
FA 987 Sale 9828
8
99
58
tat 5 Sid series A
10714 108
1
11:5541. A I 1041 Sale 104'8
101% 14
9612 9111
AC tIdge gen guar 4 Hs_ _1945 J
ICO
100
Jan'28
9712 9712 9 VBA M 13 lot con g 55_1935 • 0 101 Sale 101
Feh'21
100 11D7s N 'V Cent RR cons deb 6s.195!' MN 10814 Sale 10814
,
1033
4 II
1013 1013
4
FA
Consol 45 series A
4
9612 Sale 9618
9612 37
81
Ref & [mot 4 31s series A_299'. • 0 10314 Sale 10114
833
4
1 11:3
(
10112 36
943 973
4
Ref A inipt 55 series C
4
20I3 AO 1093 Sale 10914
4
1093
4 69
951s
91
Registered
AO
10512 Jan'27
39
401
, N Y Cent & Itud Rio NI 3311'97 J
853 Sale 8534
4
8614 57
38
40 4
3
Registered
1997 1 J
8512 8619 86 Dv'27
1018 1314
MN
Debenture gold 48
98,13 Sale 9114
9934 46
Registered
MN
9612 96
9514 ....__ 993 Jan'28 _
8
.1 9712 9814 99
30-year debenture 45
193
94
;
Feo'29
9112 9618
Lake Shore coil gold 310.199s FA
83% Sale 83%
841 1
8
8
9$ FA
10018 1007
Registered
82% ____ 92% Jan'28
96
Mich Cent coil gold 3S— 19 ,FR
96
8618 8712 863 Feb'28
4
e1 99
10012 1013
Registered
199s FR
4
84
8118 July'27
7712 79.1 NY Chic & St L 1st g 48_1937 A0 973 Sale 9714
4
9734 21
1937 CO 9618 __
101 12 1027s
Registered
9618 Jan'28
_
25
-year debenture 48
1931 MN
9312 95
99
993 100 Feb'28
4
1931 MN 103 10314 103
2d 6s series A 1) C
9312 9117
1011 1
15
92
Refunding 5 Hs series A_ _1 34 A (1 10714 Sale 10714
197 1
91
1073
4 26
Refunding 5145 sertes B...1975 J
93% 94
10714 Sale 10718
10712 17
N Y Connect 1st gu 43,4s A 1953 FA 100'8 1013 10118
.
10118 28
let guar 58 series B
1953 FO 10412 10514 10514 Fen'28
10334 1- -3.
64 4
Erie
extgold 45_1947 MN
102 101
9212 ____ 983 Oct•26
4
__
3d ext gold 4 He
1933 M 9 10018 ____ 1004 Dec'27
85% 8712
"1 4Y h ex t
. t 4r E
1 0034 Oct'27
AO 10034
D 9914 ____ 9914 Jan'28
5th ext gold 48
V Y & Greenw I. gu g 5e__ _1
Dec'27
101
11948 MN
▪ V st Harlem gold 314s.
87113 Feb'28
MN 8712 89
106 8 111901°81":6634 • Y Lack W Ist & ref ba 1973 MN 10314 ____ 80 auly'21
99899 :41
995333
:
'
3
101 102,2
118 Feb'28
First & ref 4315
1973 M
108
91
931/ N Y LE& W 1st 7s ext
1930 M
__ 106 108
Feb'27
91
N VA Jersey 1st bs
90
4
101 17 10
1932 FR 101 1013 lOt
10012 10228 NY& N E Boat Term 421_1939 A (.
91
Apr'27
N Y N 11 II fi-e deb 4a__ _1997 M f
88
Jan'21'
- 88
911
4
jai- 1111
Non-cony debenture 3348_1947 M F 8314 85 8314 Feb'28
10512 1061 1
Non-cony debenture 3140.1959 AC) 78
7912 7812 Feb'28
1037 103
8
Non-conv debenture 48_1955 .1
87
87
8712 87
10
9212 921:e
Non-cony debenture 45
8612 Sale 8618
1956 M
8712 29
11412 1154
Cony debenture 330
) 78
1961+
1
7912 7812
7812
9212 92%
Cony debenture 65
I) 11614 Sale 15% 1163
4 78
109 10912
18
Registered
13% Feb'28
J
101 18 102
Collateral trust 68
2
194' 40 1.1551. Sale 10)14
9
40
1053
4 62
9818 9818
0912 De'27
A 0
Registered _
94% 95%
- 5 81%
81 1
Debenture 45
1957 MN
813
3
4
Harlem R & Pt Ches let 4s 1954 MN
1
923s 93
92%
92%
-9234 937 NY (IA W ref let g 4s.June 1991 M
7
96
2
80 4 Sale 80%
3
81
100 100
69
79
General 4s
D 7712 Sale 7814
993 101 12 NI V Providence & Boston 48 1942 AC) 9134
4
95
Jan'29
923 943
4
8934 Jan'24
4
AO
Registered
N Y A Putnam let con gu 99 1933 A0
_
96% Feb'2
9312 941
, N V Susq A West 151 ref 58_ 1937 • J 90% Sale 90
193
901 21
783 81 18 81 14 Feb'28
8
FA
2d gold 43.45
7212
106 106
1
7212 Sale 7212
General gold 55
1940 FA
102% Feb'28
98
9914
Terminal 1st gold 58
MN 10214
90
44
4
N
Welles & B 1st ser I 4)45'46 3 .1 893 90 90
1943
4 10218 91
162
- -34 Nord Ity ext'l e f 630
1950 A0 102 Sale 1013
104 10512 Norfolk South 1st & ref A 5s 1961 FA
96% Sale 9612
98o 37
1023 Feb"27
4
10914 1101.2 Norfolk & South ist gold 59.1991 MN 10234 _
10512
10838 1083 Norfolk A West gen gold 65_1931 MN 10512 1055 10512
4
3
8
1043 1043
3
4
Improvement A eat 6e___1934 FR 10914 ____ 109% Dec'27
_ 101312 Feb'28
4
10212 1023
New River let gold 6e
193'2 AC) 106%
NA W Ry let cons g 45___1996 AO 974 9712 9714
97,2 12
97 De3'27
1996 A0 96%
-id
- 8
663
Registered
Feb'28
682 7°34
4
96
9612 96
Divl 1st lien & gen a 43_1944 J
187% Jan'28
102 1027
8
1929 MS
10-yr cony 65
4
8
8
Pocab C & C joint 49 A._19741941 J o 963 963 963 Feb'28
9314 9414
106% Sept'27
981 North Cent gen & ref 55
MS 1675,
98
10012 10034
Gen & ref 434e series A
1975 MS 103 10312 101% Jan'28
101
Feb'28
10312 10312
Stamped
8
74
75
North Ohlo let guar g 5s._.1945 A0 103 ____ 1023 Feb'28
9714 Sale 9613
97,4 44
82
823 North Pacific prior lien 48__1997 Q
4
95% Sale 95%
95% 11
101 101 12
1997 Q
Registered
71 12 Sale 7112
713
4 13
.._Jan 2047
Gene 11en
R,
'1 1iteed Is.
,
683
4
69 s Feb'28
Ili Fa 1- - 15
02
Registered
Jan 2047 Q
1027 Sale 1027
8
8
10318 93
1017 10178
8
Ref A impt 4315 aeries A-2047
9714 ___ 98 May'27
97.8 97",
,
Registered
1158 Sale 1158
8
8
116,4 78
Ref & Mint 65 series B____2047
11514 Oct'27
Registered
3
1693- 109% 1031
4
Ref & Rapt Se series C__2047 J
-Ws 166
1093 1083 108%
8
4
103
2
9714 993
Ref & Rapt 55 series D___2047 J
4
109% ____ 109,8 Feb'28
10014 1005 Nor Pac Term Co 1st g 613_1933 I
8
Jan'28
Nor fly of Calif guar g Is....19313 A 0 108 108 106
10212 10312 10212 Jan'28
973 99,2 North Wisconsin 1st (39
1930 J
4
874
96
971s og & L Chain let gu 45g. — 1948 j 1 8612 87
87%
7
955 Nov'27
8
43
4312 Ohio Connecting ity let 48..1943 M
104% Dec'27
1 I) 105
Ohio River ItR let g be
40
43
_
General gold ba
1936 AO 10212 106 104% Jan'28
97
3
15.8 18
8
953
8
95,
8
5
46
1112 1518 Oregon RR A Nay con g 45 1946 • D 955 97
11014
_ 1014
110-4
2
90% 9212 Ore Short Line 1st COM a 56-1 949 J
19 6
2
8
11018 11018
3
Guar cons 5s
1946 .1 J 1101
8
9914 30
J o 998 Sale 1928
Guar refunding 45
9834 1003
8
94
51
Oregon-Wash let & ref 421_1961 J J 9314 Sale 93
9912 101
Feb'28
88 88
D 85
10214 1031
, Pacific Coast Co let g FA_.._i946
955 Jan'28
9514 98
101 1031'. Pac RR of M o 1st ext g 43_123s FA
0228 Jan'28
1
2d extended gold 543
9418 96
ioi"
lova Jan'28
Paducah & Ills islet 4 345..195' J
1 96
3
,
99 Sale 99
9912 170
1958 FA
98% 99., Paris-Lyons-Nled ItR 65
10314 Sale 103
10,1-, 81
Sinking fund external 79-1958 M
91% 9234
103 Sale 1037
10418 47
4
10414 1043 Paris-Orleans RR s 17s.. ._1954 M
96,8 10
External sinking fund 53.45 1968 MS 95% Sale 96
90',, 92',
103
1
4
1063 1001 y Paunsta Icy let at ref s f 78._ 1941 MS 10212 103 103
9918 Jaffa --__
,
10244 10:17 Pennsylvania RR cons g 48_ _1943 MN
99 s 23
194S MN 9738 Sale 97321
Conaol gold 45
8018 8311
975 9814 99
8
98
7
10112 1025
. is sterl stpd dollar_May I 194s MN
106
6
FA 10518 10512 105%
Consolidated 434s
_
4 104
30
General 4 Hs aeries A
1965 J 11 1034 Sale 1033
9 11
6
4
4
1961' JD 1123 Sale 1123
1123
General be series B
4
7
-9938 100
.
A (I 10512 Sale 10514
10.1% 68
10
-year secured 75
92'2961s
4
4 113
24
FR 1123 Sale 1123
15
-year secured 6 He
88
87
104 8 43
,
40
-year secured gold 55_ 19964 MN 10412 Sale 10414
11933(1'1
973 97 4
4
,
9214 Sale 93
Jan'28
10414 105
, Pa Co gu 330 coil tr A reg.1937 NI
903 Sale 904
4
Guar 334s coil trust ser 11.1941 FA
110 1i
5
,
9812 9934
8911 ___ 8914 Feb'28 -Guar 334s trust ctfs C
1942 J
9712 971s
4
8
Guar 334s trust(Ifs D
1944 Jo 883 ___ 90 Dec'27
1127 1127.
,
093
8
9914 45
10434 1043
Guar 15 -year gold 4s...1931 A 0 9912 100
-25
8812 943 94% Feb 28
4
Guar 40 series E
1952 MN
81
863
.
57
100 10014 i's Ohio & (let let & ref 43.1a A'72 AO 101 14 Sale 101
101.4
18
91 12
10312 10412 Peoria & Eastern 1st cons 45.1940 40 9118 9112 911g
3
39 8 Sale 39%
,
40.8
Income 4(3
April 1990 Apr
8
1214 - 5S Peoria & Pekin Un 151 53-45.1974 P A 10728
101 12 Feb'26
11
10414 Sale 10419
Pere Marquette let ser A 58 1956 J
104,4
7
1814 21
1 9512 _--- 911
1st 48 series 14
1958
96
2

923
.
66
933 9911
8
10194 miss
9054 92
loo 102
100 101
10112 105
98% 9914
10478 105%
100 100
MI 101
10712 1083
4
96% 9711
103 10413
4
10814 1103
r854 Ws;
-91
9912
973
4
8318
8
827
86

9954
983
8
99
8618
8278
863
4

-6714
-

OS
9618
100
10314
1074
107%
10214
10514

9615
9914
10178
l0678
106%
101%
1(1012

9914 9984
8718 8718
toiig 1- - -0
9
1007 10111
*
88
82
4
773
853
s
8518
7714
11538
11312
105

88
8314
8134
8812
8812
80
118
115
1053
4

is - 124
92,8
79)4
767
8
95
893
4
94%
90
81
7212
997
8
90
100
963
8
102%
10514

9314
815
8
.805
8
95
894
4
4
963
9213
8112
8018
10214
92
103
97
103
101512

10812 foal;
9714 983
s
4 94384
18714 19012
9615 97%
10158- 1131
6
11
7
%
99 102
, 94
9512 97

7014 7212

69',, 69%
1027 106
8

115'z

11714

4 1X
10914 10938
109)1 109%
108 108
111212 10213
8712 8814
104's U)41e
95
96
11014 110 4
3
11014 110 a
7
99% 100
93
94%
873 88%
8
9558 95%
102 8 102%
,
10058 101%
96 100%
10112 1044
101 104%
96
9614
10114 10311
99
99%
975e 100
98
99
10512 107
10:33 10478
4
1123 115
8
10514 106%
11234 113%
104 1057
8
93
93
90% 91%
8914 8914
---9912 100
93% 9411
101 101%
91% 9134
39% 46
10715 10712
10418 105
9312 96

New York Bond Record—Continued—Page 4
BONDS
N. Y STOCK EXCHANGE
Week Ended Feb. 24.

Price
Friday.
Feb. 24.

Week's
Range Or
Last Sale.

'3.

Range
Since
Jan 1.

BONDS.
N. Y STOCK EXCHANGE.
Week Ended Feb. 24.

7:2

1173
Price
Feb. 24.

Week's
Range or
Last Sale.

Range
Macs
Jan. 1.

gig
4 sk Law
Mob N” Low
li fah
80
Ash ',ow
litob .Vo
Low
HigA
Phlla Balt & Wash 1st g 45__1943 M N
talon Pacific let RR &Id St 48'47 3 J
Feb'28
9a.
9773 9812 98
98
35
973 Sal
9712
:1712 99
98
General 5(i series II
1974 F
114
1 J
Registered
- 11414 Dec'27
10
11612
9612 Sale
9612 97
9612
Philippine Ry lel 30-yr 8 f 451937 J
4012 Sale 4012
20
4018 411;
4012
1st lie n , tel 46
June 2009 A.1 S
P.
14
965* Sale 963
11,2 c1c73
9673
8
Pine Creek regletered 1st 68_1932 Jo 10534 10712 1063 Nov'27
4
1967 I J 100 Sale 9914
Gold 4 ha
55
100
99t4 100Is
P 0 C & St I. gu 4 hs A
1941. 4
102 10212 10173 Jan'28
-3 113 4 I
10173 102
let lie,,& ref 55
June 2008 51
11314 11312 114
114
At 10214 Series ft 4 he guar
1942
10218 10212
23 :
1928 J J 100% Sale 10018
10-year secured (36
139-73
- 10215 Jan'28
. iii: 1.
I0
9
Series C 4 he guar
1942 At N 10214 --- 10218 Jan'28 ____
102,8 102,8
N J RR 32 Can gen 4s.___1944 M S 9812 9912 9514
9812 20
98',
Series D 4s guar
1945 31 N
9714 9812 97% Jan'28
072 97 x 'tab A Nor 1st ext 45
3
,
1933 .1
98% Nov'27
Series E 3 8 guar gold__ _1949 FA
-is
9712 Jan'28 _-__
9712 0712
andel% eons g 4s series A._1955 F A
0812 ____ 97% D ic'27
Series F 4s guar gold
1953 Jo 97
9714 Apr'27
1057 MN
Con s 40 series B
9812
973 Feb'28
105718
Series 0 43 guar
Ni N
8
_
Vera Cruz & P assent 4146_1034
9714 ---- 977 Nov'27 ---1712 19
14 2158
1814 Feb'28
Series II con guar 4e
1961. FA
07
___ 965 Aug'27
8
intone Mid 5e series F__1931 M S 10118 ___ 10112 Jan'28
10112 101%
Series I eons guar 48-45
A 105
1963
10512
10512
1936 eel N 10334 ____ 10134 Feb'28
General 58
Series J eons guar 4 ),s..1964 MN 105 Sale 105
1 105 105
105
a Ft eoti,i6
,ar So
etgu Eat _ _2003
5,
J 10718 ____ 10714 Jan'28
10714 10714
General M 58 series A_
___1971.99 10178
.1 1 1 113 4 114 113 4
,
11
, 114
113 4 11412
,
5
60-year
101 Sale 101
101
,
4
Regis41)
tered_
11373 Jan'28
113 8 11335 Virginian ity 1st 513 series A.1952 M 0 10918 Sale 10813
,
A N
9
1083 1097
3
109'x 144
Gen nage guar 55 series 0.1975 AU
gale 113%
11334 115 18 Wabash 1st gold Ea
113 4
, 14
F A
1939 M N 10514 Sale 105
10528 26 10434 100
Registered
A t,
11312 11312
- 11312 Jan'28
20 103 104
1939
2r1 gold 55
103% Sale 103 4
, 104
PItte MeK & Y 1st gu 6s_
1932 j
1045 ____ 106 May'27 —_ _
8
70 10512 107
1975 M A 10512 Sale 10512
Ref s f 58 series A
F S
10618
-Is
2d guar 65
1934 J J 10718
Jan'28
107
49 103 10414
Ref A gen 5s series It
104
10312 Sale 10312
Pitts Sh & L E let g Ss
1940 *0 106
Feb'28 ____
10312
____ 105
Debenture 116e registered.1 97 J .1
193
6
9
.. _ __
9612 ____ 8314 Feli'213
151 consol gold 5(1
1943 44 10312 _— 10012 Apr'27 _-__
10J J
3
.___ ___
let ilen 50-yr g term 48_1954 5- 8613
8618
51:11s
8618 Sale
8673
Pitta Va & char let 45
1943 51 N
99
Oct'27
95
Det & chi ext 1st g 5a ..._1941 J J 1047 -___ 104% Feb'28
10413 10494
8
PIRA A' & Asti let cons 58
Si N
1927
100 July'27
Des Moines Div 1st g 45_1939
J
9114 937 9312 Feb'28
91 3 9312
,
1st gen 4s seriesA
D
1948
-cli9718
9718 Feb'28 Om 1)1,. 1st g 3 he
s 8812 Sale 8812
:
:9 4 49,4 An
9
4 A O
87 4 88%
,
8812
1st gen 5s series II
1992 FA 10812 109 10817 Feb'28.
10812 10912
TM ('hi,' Div g is
194
93,4 9314
93, ---- 9314 Jan'28
4
Providence Seem deb 45
1957 MN
4
801
8012 8012 Warren let ref gu i g
8012
A
_20
00
- - 8013
8212 ___ 8218 Nov'27
Providence Term let 45
9112 9.f
1956 M
4Wash Cent let gold 45
89 Dec'27 92 Nov'27
903 93
Reading Co Jersey (*en eon 45 '51 AO
957 97
8
96
Wash Term let go 3)48
Feb'28 ___.
1945 F A
9624 97
Feb'28
91
88'8 91
4
-OOT 111 lieu & ref 414s serlee A_ 1997 J J 10318 Sale 103
13 103 10384
10314
let 49-year guar 48
9614 --_ 96 Nov.27
Rich & Meek let g 45
1949 NI N
5 -99 4
8218 84
____ ____ W Ml,, IV & N W let gu 58_1 9 5 F A
41
8212 Nov'27 ___
193 F
,
994 105 100
100
Moho)Term Ity 1st gu 55_, 1952 j j
137
Oct'27 ____
____ __. West Maryland ist g 45
_ - 103
1952 A 0 8473 Sale 8473
84
8714
05
Rio Orande June let Cu 55 1939 JD 104121007 1Of 102 Dec'27 ---. ..... _..
let & ref 5140 series A
1977 J
8
4
1017 Sale 10134
10218 62 1013 10312
Rlo Grande Sou let gold 48 1941) j
918 West N VA Pa 1st g 5a
4%
418
5
1
4 8 26
814
1937 1 J 104 Sale 104
103,8 104
104
,
Rio Grande West let gold 48 1930 .1 .1
95 Sale 95
12
Gee gold 48
95
3
9412 9573
1943 A 0 9318 9414 9314
9234 93 2
9312
,
let con A coil trust 45 A._1949 40 883 Sale 88 4
vVestern Pac let tier A 55_1946 M S 100 Sale 100
89
3
88
,
88 4
,
93 4 1005
3
1001 2 28
1
RI Ark A Louie let 4 hs___1934 MS 983 Sale 985
0
54 3 84
96::3 9
ist gold 6s series It
_
4
8
98 4
, I?
1946 M S
8
-_-- 1027 Aug'27
Rut
-Canada tat gii g 48
1949 J
8458
845
19 -91T2 - 3-1West Shore let 45 guar
845
3
2361 1 J
Sale 917g
9214
9214
6 2
Rutland 1st eon g 4 845
90%
1941
9618
Registered
6
965
8
2361 1 J
ID% 9212
913
8
8
91% 915 9173
St Joe A Grand 181 1st g
j 8914
1947
Sr 960'1'd2 Wheeling Ai Lake Erie—
4
---- 893 Feb'28 ___!
St Lawr & Adir let g 58......1996 J J 1007 ---- 10018 Sept'27 __ _
8
Wheeling Div 1st gold 58.1929 J J 1001s 1003 10073 Feb'28
--8
10018 1001
8
-26 gold 68
1996 *0 107
Jan'28 108
Ext'n & 11,118 gold 5s
19311 F A 100
1,6
6
100
___. 10018
10013
St I.& ('alto guar g 46
1931
_
9814 987
Refunding 4145 series A._1966
3 1 96% 98%
, 4
4
4
S
9614 Sale
St L 1r Mt & S gen eon g 58_1931 A 0 1015* 102 10158
102
Refunding fa series B
28 101 12 10218
1
51 S 102 Sale 102
102
guar 58
1031 A 0
10134 Dec'26
RR ist consol 48
M S 93
Feb'28
____ 93
Unified A ref gold 46
9912 Sale 9928
9973 10158 Wilk & Euet let go g 58
1929 J
0912 34
1
1949 1 0 7414 Sale
92
4
74,4 79%
74%
76
Registered
1
9812 Nov'27 _
Will & S F 1st gold 58
1939 J
104% 104%
10414 _--- 1042 Feb'28
3
Rh A 0 Olv let g 45
9712 Sale 9714
1933 M N
9614 9734 AVIneum-rialem S It 1st 45.__1960 J .1
8 64
975
92 4 92%
,
9234 ____ 923 Feb'28
4
111 L M Bridge Ter au g 56_ _1930 A 0 10173 1013 101
Feb.28
101 101
_
Wis Cent 50-yr let gen 4s_ ..1949 J J
4
8818 8 %
88s
885 Sale 8853
9
et LA San Fran (reorg co) 45195)1 .1
9214 Sale 91:8
91 18 93
9112 360
Sup A Dul div & term 1st 4e '36 M
C
93
93 Sale 93
92% 93
Registered
9158 Dec'27
Wor A Con East let 4145
1943 / J
Jan'28 ---9218 ____ 92
92
92
Prior lien series 11 58
1950 3
10312 Sale 103
103%
INDUSTRIALS
52 115 7 14
* Prior lien Series('65
1928 .1 1 10014 Sale 10014
9 10014 101
Adams Exorres coli It g 45..1949 ae 5 9112 917 9118 Feb'28 -10073
91% 9312
Prior lien 5 Sis aeries 11_ ._1942 J J 1023 Sale 10212
4
102 4
, 61
10212 103 12 Ajax Rubber 1st I5-yr s 185.1936 J 0 107 Sale 107
'1
107 108%
107
Cum adjust ser A 68..JulY 1055 A 0 10114 Sale 10073
10114 177 100 10112 Alaska Gold 51 deb lis A.„.1925 Ml'
3
10
412 6
28
Feb. -6
Income eerie.' A 6e_ _July 1960 Oct 101 18 Sale 10073
9918 10114
101 14 723
Cony de). iis series II
3
1926
812 6
Feb'28
412 6
St Louis A San Fr Ry gen 65.1931 J
8
10473 1047 105
Jan'28
10473 105
Mils-Chalmers Mfg deb 513_1937 M N 10012 Sale 10012
41
100 8 102%
101
2
General gold 5s
1931
J 10112 Sale 10112
101 12
8
2 1007 102
Alplue-Muntan Steel let 78.1955 M s 9312 Sale
9514
93
9512
98
St L Peor & NW let gu 58_1948
J 109%
10918 111
Am Aerie Chem let ref ei 17 he '41 F A 10512 Sale 10512
- - 110% Feb'28
310.5%
104 4 108
,
et Louts Sou 1st gu g 4e ._ .1931 M S 075
s.,.. 97% Aug'27
Amer Beet Sue eonv deb 68.1935 F A
81
84
8014 84%
8014
8O'
St L S W 1st g 46 bond ette.1999 M h
9114 9112 9214
9214
I
-siiAmerican Chain deb e f 68 1939 A 0 104 Sale 104
93
3
29 104 104 4
10414
,
2d g is Inc bond ette_Nov 1989 J J
85% 8712 8624
15
848 87,2 Am Cot 011 debenture 5s
8714
1931 M N 10112 102% 10112 Feb.
100 102%
28
Congo]gold 44
1932
D
9818 98 4 9818
921
9812 68
09
,
Am Mach & Fdy e t 65
A 0 10414 1053 105
Feb'28
10414 105%
-_
4
1st terminal A unifying 58_1952
J 10134 10273 10218
10318 25 10112 103% Am Republic t'orp deb Se..1937 A 0 1027
:
9
94377
10124 10278
s - --- 1027 Feb'28
8
5% Paul A K C Sh 1. let 410.1941 F A
96 Sale 96
9612
17
96
Sin A 11 I et 30-yr be ser A '47 A 0 10214 Sale 102
97 8
,
101 102:4
10212 31'
St Paul A Duluth let 58
1931 F A 1013
9
1st 51 (Is eerie..
A 0 108 108 4 108
- 10212 Nov'27
IL
10818
10712 108%
,
1st consol gold 48
1968 3 I) 9518 9714 96, Feb.28
95
9614 Amer Sugar Ref I5-yr 65, 1937 J J 1041, Sale 10414
4
10424 5
, 10212 106
St Paul E Or Trunk 4 34s __1947 I J
092 - - -- 10014 Nov'27
4
Am Telep & Teleg coil Er 48.1929 J 3 99% Sale 995
8
99% 0
119% 100
St Paul Minn A Man con 48_1933 J J 9812 99
99 Dec'27
Convertible 48
1936 M S 9914 Sale 99,
21
9914
98. 997
4
s
1st consol 568
1933 J .1 10714 109 11112 Jan'28 _
1111
20
-year cony 4145
M S 10112 1013 10112
10112
4
10014 10214
Registered
J 10718 1083 109 Dee'27 _
4
30-year coll It 5s
1943 J D 1051 Sale 10514
36
,
8 3; 105 106
1055
ge reduced to gold 4 he___1933 3
10018 10112 10114 Feb'28
10114
10073
Registered
J O
1043* Feli'28 -,
104% 104 8
Registered
J
9913 9912
99
9912 Jan'28 _
196 1
0
81
106
10594 Sale 10514
BM% 10612
Mont ext let gold 45
973 9812 9734
4
1937 J D
9734
973 981 2
3
4
3205--yYerasrledte5b1454
1943 Al N 108% Sale 1083
8
109
31
1085 10912
8
Registered
D
9414
km Type Found deb 65
1940 * 0 10512 Sale 1053
9512 June'27 _
13 105 106
10512
8
Pacific ext guar 45 (sterling)'40 J J
94
9478 Am Wet %Vita Ai El col Er 543.1 974 * 0 10014 Sale 10018
Jan'28
94
94
1 935
1005
8
31. ; 1(10 10112
St Paul On Dep 1st A ref 56_1972
1083 109,8 1083
4 95J
10831
7 10312 109 8
NI N 10612 Sale 10673
5
Deb g 8s ser A
10612
18 106% 107%
S A & Ar Paas 1st gu g 45_.1943
J
93% Sale 93%
94% AM Writ Pap let g 65
93
93%
19
1947 J J
10
9114 Sale 91
9112
90
9314
Santa Fe Pres A Phen 56......1942 SI S 10312
104
2 10212 104
104
Anaconda ('op Mln let 6e 1953 FA 105% Sale 10512
151. 105,s 10618
106
Sax Fla A West let g 85____1934 A 0 1087
_
Jan'28
109 109
Registered
- - 109
28 _
10.514 Feb.
10514 10514
1st gold 5a
1934 A 0 10212 10412 10212 Nov'27 _
15
-year coon deb 78
1938 FA 111 Sale 11012
111% 123 11012 113
Scioto V & NE lat gu g 46_1984 MN
1 773 9816 97% Jan'28
Andes Cop 511n cony deb 75 1943 1 J 121 Sale 120
97% 95
388 12(1 126
122
Seaboard Air 1.1ne g 46
1950 A 0 7812 Sale 80
79
14
80
8412 Anglo-Chilean le without war. 45
N 10012 Sale 10012
9618 1(1314
33
101
Gold 45 stamped
1950 A 0 7812 Sale 78
7718 83% ',cattle (C,otup Azuc) 7 lie--- 1939
78
265
J
11
94%
94 Sale 93%
937e 965
4
Adjustment 68
Oct 1049 F A
57 sale 5112
6312 704
5112 82,z Ark A Mein Bridge A Ter 58.1964 MS 102% Sale 1027
1
1027
8
8
10218 10278
Refunding 45
1959 A 0 6412 Sale 6112
61 12 721 2 Armour At Co 1st real est 4148'39 • D
6512 611
92 Sale 917
3
91% 9312
9273 50
lit & cons 'us series A
1045 MS 86 Sale 8318
8912 834
96% Armour & Cool Del 5 ha. _ .1943
8318
J
91% 195
9012 Sale 9038
8712 92
All di Birm 30-yr 1st g 45.41933 M S 92 Sale
44
Associated 011614 gold notes 1935
1163 115
4
9318
912
S 102 4 Sale 102 4
4
,
10212 103%
,
Seaboard All Ma let gu 65 A.1935 F A
853 Sale 825
4
8
82% 9478 Atlanta Gas L 1st 58
89
268
1947 JO 104
10314 103%
____ 10314 Jan'28
Series II
1934 F A
8312 8717 85
85
89
9473 Atlantic Fruit 75 etre dep
69
1934
Seaboard A R
J
IOU'7
10 10012 1005*
Stanipeul ctfsf deposit
_
Bo Car & Ga lot ext he._1929 MN 10012 102 100%
4 100'2 101 71' AU Gulf & W 1 SS L col tr 55_ 193
100 4
,
72Z 77
J
26
1 957
9
74
73 Sale 73
8& N Ala cons gu g 58
1936 FA
1 .
2 10112 Sale 10118
105
Jan'28
105 105
Atlantic Rete deb 56
14 10112 1035
8
1017
4
Gen cons guar 50-yr 55___1963 *0 1145
8
_ 11434 Feb'28
11412 115
iialdw Loco Works 1st 5s..„1940 MN 108 Sale 108
1
108
107,8 108
Bo Pee coil 41)(Cent Pac coll) k'49
D 033 - -14 9312
4 64
94
7
9314 95
Baragita (Comp All 7 145._1937 J
1
106
10612 109% 106
10312 106%
Registered
J D
88
90
90 Dee'27
itarusdall Corp 68 with warr.1940 Jo 99 4 Sale 9912
75
100
,
99% /0212
20
-year cony 46
June 1929 M
99% Sale 99%
99 4 41
,
Deb fie (without warrant).1940 Jo 91% Sale 91 13
9
9012 93
91% 22
let 4 ha (Oregon Linea) A.1077 NI S 10318 Sale 10318
103 2 203 1031s 1(14
,
'3
rieldlug-Henaingway 13s
4
_ 97, 973 Feb'28
97% 9914
4
-year cony 5a
20
11 10214 10212 103
1034
Feb'28
10218 10314 !tell Telep of Pa 55 series 13_1948 1
8 106% 109%
109 8
,
10914 - - 109
-year gold 56
20
1944 MN 100 100% 100
100
100 10312
1st A ref 56 series C
22 1092 11214
1960 * 0 11214 Sale 111%
11214
San Fran Term! let 45_ _1950 40 0414 94 4 94%
9414
,
2
94% 94% Berlin City Elec Co 6 lie_ _ _ _1951
D
97 Sale 962
4
97% 31
9414 93
Registered
*0 8818 92
90
Feb'28
90
90
Berlin Elec El A Coda 6145.1956 A0 96 8 Sale 96%
97
90
,
97%
94
80 Pac of Cal let eon gu g 55.1937 SI N 10773 - - - - 10714 Feb'28
106% 10714 'Seth Steel let A ref 55 guar A '42 MN 103% 104 104
104 14
102 10414
fio Pee Coast 1st go g 48-- - -1937 J
973s _
97% Jan'28
9718 9718
30-yr p m & Imp 8 f 5s._ 1936 J
101 Sale 101
101% 32 100% 103
So Pao RR let ref 48
1955 .1 J
96% Sale 967
8
9712 33
96% 98
Cons 30-year 65 series A 1948• A 10512 Sale 105
10513 112 10418 10512
j j
Registered
97
Oct'27
Cons 30-year 5 hseer 13_1953 P A 10312 Sale 1027
8
1032
3 58 102% 105
Southern Ity let cons g 542..1994 J
113 4 gale 11312
,
1137
8 33 I 1112 114
Bing & Bind deb 6 3-4e
195() M
96% 97% 9712
13
9712
9614 97%
.1 .1 110
Registered
111
Feb'28
110 111
Booth Fisheries deb 5 f 6e_...1926 40 10214
_ _ 97% Feb.28
Dave! A gen 48 series A...1056 40 9112 Sale 9112
92
81
9112 93
liotany Cone Mille 8 he__....1934 AG
40
80 Sale 80
81
80
53's
1956 *0 120 Sale 11912
Develop & gen 68
120
40 11878 120
Bowman-111R Hotels 7s
104 Sale 10394
3
1934 M
10412
1956 40 1257 Sale 1257
Drivel A gen 6 ha
8
5
126% 33 12514 127
frway & 7th An let c g 55_1943 J o
20
69 Sale 69
70
7114
1096 J J 111 8 Sale 111%
Mem Div let g 55
,
1113
8
1
I11 8 11318
,
Ctfe of dep stmpri Dec '27 Int
733 Sept'27
4
J
1951
St Louis Div let g 413
937 94% 93% Feb'28
11
93% 94
Brooklyn City RR 1st 593
1941
94% Sale 9414
95
37
93
East Tenn reorg lien g 58 1938 MS 103%
965 Dec'27
8
liklyn Edison Inc gen 55 A.
,J949 33 10614 10612 1053
18 10512 106 4
4
10612
1
1938 M
Mob A Ohio coil tx 4e
96 4
,
9612
-- 9612
9 -9613
General fle series 11
11,96s 33 103 104 10314
30
13 1023 104 4
104
4
,
Spokane Internal 1st g 55...1955 J J
8812 Sale 8753
8812
8758 90
iiklyn-Mari 11 T sec 66
J J
179
985 Sale 98%
8
9614 9914
99
93%
Sunbury A Lewiston 1st 45_ _1936 J
9312 July'27
billy,, Qu CO & Sub con gtd be '41 MN
69% 6938 6918
2
695s
6412 72
Superior Short Line let 5s...e1930 MS 997
8
99% Nov'27
let 58 stamped
1941
8212 82%
781 8212 Jan'28
,
Term Assn 01St L. let g 4348.1939 AO 10118 16- - 10173 Feb'28
- 15
8
lOOlg 1O15 Brooklyn R Tr 1st cony g 48.2002 J j 75
8812 Nov'26
1944 FA 107 Sale 106
let cons gold Ile
107
6 105% 107
3-yr 7% secured uotes
192 I j
13612 Nov'26
105
J
1953
Gen refund a f g 45
92 4 Sale 92%
,
5
92 4
,
92% 94
Iiklyn On El let g 4 5a
1950 FA
17 -934 14 8
9412 Sale 9312
94%
-7
Texarkana
Ft S 1st 5 ha A 1950 FA 10612 Sale 10618
1063
19 10618 10714
4
Stamped guar 4-5s
1950 PA
947 Sale 94
8
94% 24
93% 947
2
.1 10212 103 10212 Dec'27
1943 .1
N 0 con gold 55
Tex
Ilklyn Un Gas let cons g 5(1_1945 MN 108 4
106% 108 2
7
, -- -- 10873 Feb'28
ii) 1115
Texas A Pac 1st gold 511
2000
8112 11118 Feb'28
1t0i 113
let lien & ref (is series A..1947 MN 11818 11812 11818
1
11818
2d Inc 5e(Mar'28 cp on)Dec2000 Mar (0312 110 100 Aug'28
Cony deb 5145
25 2
1936
267
J 26618 270 265
1,T8 275
18'4
1977 40 103 8 Sal
,
Gen & ref Gs series 13
lO3ls
10373 01 10217 1033 Buff & SUSQ Iron 51 5s
4
1932 3D
9314 94%
933 ---- 93% Feb'28 ___
1931 I
La Div It L let g 5a
e
2 1011's
100% 101 12 Bush Terminal let 45
40 93
9273 9412
9412
1
9412 9412
Tel Pee-Mo Pee Ter 5 345._1064 NI S 10814 Sale 1075
8
10814
7 10612 10/04
Coneol 5s
10012 10112 10012
2 100,2 103
1952 .1
1 55
10012
Tol Ohio Cent 1st gu 6a
1935 .1 1 10215 104 10218 Feb'28
10218 10218 Bush Term Bldge
1
gu tax-ex '60 * 0 103 4 Sale 1033
4
,
103 105
1033
4
1935 AO 103
Western Div 1st g 58
10012 June'27
By-Prod Coke 131 5 ha A .._1945 NI N 10214 1022 102%
4 102 10312
102 4
,
4
1935 1 ID 1015
General gold 58
8
10I73 Feb'28
1015* 10173 7a1 G A E Corp unit A ref 58.1937 NI N 103% 10412 104
1, 10314 104
104
12
Toledo Peoria Ai West let 40_1917 I .1
19
15 Nov
.27
cal Petroleum cony deb 8(501939
37
' 10014 Sale 100
10014
A
95% 102
Tol BE LA W 511-yr g 46._ 1950 40 96 Sale 945
8
06
2
Cony deb f he
41
8
1938 MN 102 Sale 1017
100 102 4
10214
,
1931
J 100% -.- 10054 Jan'28
Tol W V & 0 gil 4 he a
100 100 4 Camaguey Bug let a f g 7a
,
100
29 100 10012
1942 A0 100 Sale 100
J 1002
1933
1st guar 4 he eerie@ B
8
10312 Feb'28
101 10312 Canada S S L 1st 113
1941 AO 102% 103 102%
10214
1942 M S
let guar 4s series C
95% Jan'27
1 11°1 3 193
Cent Dlat Tel let 30-yr 58
0.: ( 511
4i
105
1943 Jo 103 Sale 105
I 41
)
:
D
9412 Sale 94%
Tor Ham A Buff let g 4a__1946
9412
2
041s 1)413 Cent Foundry 1st 51 fia.May1931 P A
9914 98
98
99
1
98
9914
Ulster & Del 1st cone g 58... J 629 1 1) 69
1952
7012 70
7212 26
6012 75
Central Steel let gsf8s
4
1941 MN 121 4 8)le 1212
122
,
3 121 94 124
90 3514 38
1st refunding 4s
33% Feb'28
g
In-'
1,1
OM 105
32
34
911¢14,b'n 1qt •I 7 54.
,,,"473

106

5 10417 ii0C12

10373 I0314

iiik,

16i- iiii

q9--18

iiiii-

ioi- i6i

1 , too

Stamped

-ills
.

ioiTs

-56T2100

10334 10512
681.1
"iss"

'oi- Vd.

a Due May. e Due June. 8 Due August.




1174
BONDS
is. Y. STOCK EXCHANGE
Week Ended Feb. 24.

New York Bond Record-Continued -Page b
Pries
Arida.
Feb. 24,

Week's
Nano or
Last Sale.

High No,
Ask Low
Bid
Chic City & Conn Rya 514Jan1927 AO 6512 68
68
Jan'28
Cb L & Coke 1st ftu g 5s-1987
J 10414
_ _ 10414
1
10414
Chicago Rye let fai
1927 F A
8414 Sale 84
84% 66
9612 134
Cldle Copper Co deb 58
1947 J J
96 Sale 96
ancln Gas & Elec let & ref 58'56 A 0 102 Sale 102
2
102
614s ser B due
5
Jan 1 1961 A 0 105 Sale 10478
105
Clearneta Bit Coal let 45._ .19411 J J 90
1047s Oct'27
Colo F & I Co gen a f 58._ _ _1943 F A 101 Sale 101
2
101
Col Indus let & coil 5s go_._1934 F A 953 G7
95%
91 3
3 4 17
4
Columbia 0 & E deb 5s___1952 M N 998 Sale 993
4 1001 281
:
Columbus Gas let gold 5e...1932
98% Feb'28
1 9814 99
9618 25
Columbus Ry P & L lot 43413.1957 .1 J 957 Sale 95%
2
Commercial .able let g 4e. 2397 Q 1 7812 Sale 774
7812
Commercial redit a f 65. _ 1934 M N 9834 Sale 98% 100
15
11
Col Ire 554% 1933e8
96
94 Sale 94
1936 J
Computing-Tab-gee a f 6s_ _1941
J 105 Sale 105
1054 10
Cone Ry a L 1st& ref g 4 Hs 1951
Jan'28
J 19012 103 101
Stamped guar 414a
1951 s J 100 8 10213 10012 10012
3
Consolidated Hydro-Elec Works
of Upper Wuertemberg 7,4_1956
J
98% 37
9818 Sale 9934
Cons Coal of Md ist& ref 58_1.950 J 0 79 Sale 79
8012 44
10614 109
Canso!Gas(N Y) deb 5145_1945 F A 106 Sale 106
Cont Pap & Bag Mills654s..1944 F A
4
853 Sale 853
8612 43
10212 Feb'28 _
Consumers Gas of Chic gu 58 1936 .1 0 10212
36
Consumers Power let 58___ _1952 5.1 N 104g sale 10478 105
10012 10
Container Corp lot 6s.
1946 s D 10014 Sale 10014
10014 15
Copenhagen Telep eat 65..._1950 A 0 10014 Sale 10014
Corn Prod Refg let 25-yr s f 58'34 MN 102 ---- 10212 Feb'28
_
,
Crown Cork & Seal 1st s f 68_1942 F A 103% ---- 104 8 Feb'28
10314 25
Crown-Willamette Pap 66...1951 J J 103 Sale 103
87
9
Cuba Cane Sugar cony 7a_ _ _1930 1 J 8614 Sale 8618
89% 107
Cony debark stamped 8%.1930 J J 87% Sale 87
1077
8 12
Cuban Am Sugar tat coil 85.1931 M s 107 Sale 107
Cuban Dom Eing let 7348-1944 M N 10018 Sale 10018 100%
1033 Sale 103% 103% 11
8
Comb T T 1st & gen 5s_ 1937 1
9912
9912 12
Cuyamel Fruit let 8168 A..1940 A 0 994 100
9112 76 Dec'27
Denver Cons Tramw lat 58_ _1933 AO 88
Den Gas & E L ist & refs fg 58'51 M N 10118 101 12 10118
8
10112
M N 10118 10115 10114
3
10114
Stamped as to Pa tax
583
4
Dery Corp(D 0) let a I 7s_ _1942 MS 5514 61
6014 29
4 1033
4 11
Detroit Edison let coil It 65_1933 J J 103 Sale 1023
5
lot & re! Is series A _July 1940 M 8 1013 104% 104
10412
8
1949 A 0 10512 10612 10512 1053
4 13
Gen & ref 58 series A
lat & ref 6a series B__JulY 1940 M 8 10812 10828 10812 1087
8 18
1955 1 D 105% -- 10512 105% 15
Gen & ref 56 ser B
1962 F A 1058 10612 10618 Feb'28
Series C
9634 Feb'28
9634 97
J
vet United let cons g 4348_1932
8914 Sale 8914
19411 M N
8912 163
Dodge Bros deb Be
2
1
8
813
8
DM (Jacob) Pack let 65_ 1942 M N 913 814 813
99
16
Dominion Iran & Steel Se._1939 MS 99 Sale 99
95 14
1942 J 1 947's 9514 95
6
oonner Steel let ref 75
10618 46
Duke-Price Pow let Ss ser A '66 M N 10618 Sale 10578
Duquesne Light In 454e A 1967 A 0 10114 Sale 1014 10112 358
4
213
@sat Cuba Bug 15-yr s f g 748' M S 1033 Sale 034 104
37
J
8
4
Ed El III Bkn let con it 48-1939
9828 Sale 98 *
983
4
114% ____ 116 Feb'28
Ed Elec Ill lot cons g be. _ _ _1996 J
Else Pow Corp (Germany)834a 50 M S 98 Sale 9712
19
98
.
Elk Horn Coal let & ref6 Hs 1931 J 0 98 Sale 97
3
97
.
914 91
Deb 7% notes (with warets 3 J 0 90
1
91
4
Equip Gas Light let con Es_ _1932 M 8 1013 10213 1021 Feb'28
1942 M 8 991.1 Sale 99
federal Light & Tr let Es
9912 30
let lien s f 5a stamped_ _ _ _1942 M 8 9914 Sale 9815
9914 37
1942 M 8 10434 Sale 10412 1044 17
let lien 68 stamped
30
-year debits set B
,
1954 JO 102 4 Sale 101
16
10214
13 96
963s 9612
federated Metals 81 78
1939
8
963
4
Flat deb 7s (with warr)
1946 J J 105 Sale 1043
4 1063 111
8
Without stock porch warrants
95 Sale 9412
9514 34
Fisk Rubber lat 8 1 Ks
1941 M S 119 Sale 119
119
Ft Smith Lt & Tr bit g68._ _1936 M 8 955 Sale 9334
8
43
96
Frameric Ind & Deb 20-yr 7348'42 1 J 10734 Sale 10712 10811 36
Francisco Sugar let e I 7 H8_1942 M N 1073 108 10812 10812 15
4
Frinch Nat Mall SS Lines 7s 1949 Jo 1023 Sale 10212 1021
4 50
4
D 10612 ____ 106
Gas & El of Berg Co cons g 581949
2
106
Gen Asphalt cony 88
1939 A 0 109 110 110
27
111
Gen Electric deb g 3Hs
1942 F A
3
943 --- 9412
4
WI
Gen Elec (Germany)78 Jan 15'46 J J 10434 Sale 10414 105
8
1
120
8 I deb 6 Sis with warr_ _1940 J D 11912 120 120
1
Without warr'ts attach'd '40 J 0 10014 10114 100
100
1937 F A 103% Sale 10314
Gen Mot Accept deb 68
1033 105
4
10214 43
1940 F A 102 Sale 102
Genl Petrol let s 158
2
105
Gen Rely 1st a f g fis ser A _ _ _1952 F A 10412 105 105
7
Good Elope Steel & I see 78_1945 A 0 101 Sale 10012 101
Goodrich (13 F) Co 1s1 6148.1947
1073* Sale 10728 1074 24
109% Oct'27
Goodyear Tire & Rub let 85_194 i
11014 Aug'27 _10
-year e I deb g 89../May 1931
355
94 4 Sale 944
3
96
1975 M N
1st M coil tr Ea
3
5
Gotham Silk Hosiery deb 6e.1936 J 0 1023 10212 1023* 1023
8
A
7812 7912 78 Feb'28
Gould Coupler 1st s(68.. _1940
Granby Cons M S & P con (3s A'29 rd N 10012 ____ 10014 Dec'27
1928 M N
Stamped
s --__ 10014 Dec'27
9918 Sale 9918
9912 65
01 Cons El Power(Japan)78_1944 F A
.1 9514 Sale 9434
9512 93
let & gen f 6348
1950
4
1064
Great Falls Power ist 8 f 55_ _1940 M N 106 Sale 106
30
D 973 Sale 9714
4
98
Gulf States Steel dab 5 H8
-1942
3
92
J 92 Sale 92
Hackensack Water let 4.5._ _1952
9018 Nov'27
_
1930 M S 95
Hartford St Ry let 45
2
93 Sale 93
Havana Elec consol g 58-.1952 F A93
8
763
4
Deb 5145 aeries of 1926_ _1951 M S 7512 76% 76
Hoe(10 & Co 1st 8348 ear A.1934 A 0 973 98
4
1
91
3
93%
4
Holland-Amer Line 8s(1100_1947 MN 1033 104 10 1 1091
90 4 168
3
D 9018 Sale 994
Hudson Coal let elSe ser A _1962
7
10/14
Hudson Co Gas let g 58_ _ _ _1940 M N 10718 ____ 107
8 1027
2 44
Humble 011 & Refining 5348.1932
.1 10258 Sale 1023
100 4 59
3
Deb gold 5s
8
1937 A 0 10012 Sale 1003
16
Illinois Bell Telephone 611
D 10512 1058 10512 1057
1956
7
Illinois Steel deb 4148
10014
1940 A 0 10014 Sale 10014
3
Raeder Steel Corps I 79
1946 A 0 1004 Sale 10012 10012
Indiana Limestone ist a f 68_1941 M N
984 19
9812 Sale 9814
Ind NU Gas & 0115a
993* 13
99% Sale 993
1936 M N
Indiana Steel let fa
1054 26
1952 M N 105 Sale 105
Ingersoll-Rand let 58 Dee 31 1936
__ 10012 MaY'27 _
1025
8
4 10
Inland Steel deb 5His
4
4% 11
1946 M N 1033 104 1038
Inspiration Con Copper 6;48.1931 M 13 10112 1017 1013 Feb'28
8
Apr'26
Interboro Metrop coll 434s_ _1956 AO
11
26
Interboro Rap 'Fran 1st 5a_ _1986
773* 171
.1 77 Sale 77
98
Stamped
77 7
7718 Sale 77
4
763 Feb'28
Registered
10
-year be
753
4 21
1932 A 0 7414 Sale 7312
10
-year cony 7% notes_ _ _1932 M S 977 Sale 9712
98% 94
8
Int Agile Corp let 20-yr 68_1932 M N
Feb'28
91
91
00
Feb'28
Stamped extended to 1942_ _ M N
81
81
79
52
Inter Mercan Marine if 65..1941 A 0 105 Sale 105
1053
International Paper 5a
1947
J 101 Sale 10012 101 14 33
Ref f 86 ser A
1045
8 16
1955 M 8 1037 Salo 10318
tot Telep & Teleg deb g 4348 1952
9512 Sale 9514
9512 83
9
_lumens Works 68(fiat price).1947 J J 106 Sale 10512
106
Kansas City Pow & Lt 58..„1962 M S 10518 Sale 1043
1053
5 19
4
lit gold 434s series B
10212 Feb'28
1957 J J 1025
8
Kamm Gas & Electric 138_ _1952 M S 106 Sale 1011
10618 17
544
Kayser (Julius) & Co deb 534a '47 Si S 10912 Sale 109
112
Keith (Is F) Corp let tia_ _ _ _19413 M
99, Sale 9912 10013 19
8
Kelly-Springf Tire 8% notes.193) M N 10778 Sale 106i2
107,
2 49
Keyston Telep Co let 55_1936 J 1 9612 99
9714 Feb'28
Kluge County El & P g 68_ _ _1937 AO 105
10412 Jan'28
Purchase money (38
Jan'28
1997 A 0 1308 ---- 131
1
Kings County Blev let g 48-.1949 F A
8412 Sale 844
8412
Stamped guar 4s
8512 12
1949 F A
84% Sale 8412
Kings County Lighting 5e _1954 J 3 10618 ---- 1063* Feb'28
First & ref6)0
1954 J 3 119 1213 119 Feb'28




Range
Since
Jan. 1.
Low
68
10314
84
9534
102
10412

BONDS
N V STOCK EXCHANGE
Week Ended Feb. 24.

Z.

Price
reidav.
Feb. 24.

Week
Range ••
Last Sale

13

High
840
458 Low
!fish Yo
89
Alnnev (GAS& Co 714% notes'36 J 0 1054 108 4 10814 108
1
/
1
,
14
1044 Aresge Found'n coil tr Os__ _1936 J D 10412 105 10412 105
11
89
..aokawanua Steel let 58 A 1950 M
10418 104 104
/
1
4
1044 34
961. ac Gas L 0(81 L ref&ext 55_1934 A
102 10214 1024 Feb'28
103
coil g13 ref 534s aeries C___1953 F A 105 Sale 10424 10514 19
1054 meigh C & Nay a f 4 Ae A._1954 1 J 100 4 Sale 101
3
Jan'28
".ehigh Valley Coal let g 511_1933 3 J 101 4 ____ 10112 Feb'28
,
1E" 10112
1 J
Registered
-- 10012 Feb'28
95% 97 4
let 40-yr ICU Int red to 4%-1933 1 J 9712 ___, 9512 Aug'27
3
993 101
8
tat& ref a f 55
1934 F A 102 Sale 102
102
973 98%
let & ref 5 f 58
s
1944 F A 101
_
101
101
9512 9612
1st & ref s f 5s
1954 F A 100 4 11)(4 10034 100 4
3
13
77* 79%
lat & ref 5 158
1964 F A
991x leo 100 4 Jan'28
3
98 10118 Lei Aa & af6s gu g 58 1993 g A 99 4 Sale 9934
st veref pFiat
974 m s
2
993
4
93
95%
37 May'27
105 10612 Liggett & Myers Tobacco 78_1944 A 0 12212 We" 12212
5
12212
100 101
Registered
A 0
_
1171 Sopt 27
/
4
.
9912 101
1961 F A 105 Sale 105
5
105
Registered
FA
10412 Nov'27
97
98% Liquid Carbonic Corp 65_ _ _1941 FA 11458 Sale 113
115% 163
79
82
Loew'a Inc deb 65 with warr_ 1941 A0 106% Sale 106% 107
32
106 107
Without stock our warrai g44 AO 101 Sale 10012 10112 27
nt
a_
79
8714 Lorillard (P)Co 78
AO 117 11714 1183
15
8 117
10212 10258
1951 P A
9538 Sale 9538
9512 11
10412 105
Registered
FA
97 Dec'27
68 5 Hs
De
9834 100 4
3
1937 J
94 Sale 96
96 12 64
100 1013 Louisville Gas & Elea(ty)5fL'52 MN 1043 _ _ _ 105
4
8
5
10512
10212 1024 Louisville Ry let cons 55
1930 31 9712 Sale 9714
3
9712
104% 1047 Lower Austrian HydroElasPow
8
10218 10312
lust6148
1944 FA 8914 Sale 887
8
8914
8618 93
McCrory Stores Corp deb 5348'41 3D 1014 Sale 101
10112 24
Manatl Sugar let 5 I 71411--1942 AO 1063 Sale 106% 1063
87
97
4
6
4
Manhat Ry(NY)Cons g 44-1990 *0 6912 Sale 68%
107 108
697
8 48
2d 411
100 101
2013 ID 59
6012 6014 Feb'28
103 10412 Manila Eleo Ry & Lt f 54_1953 M
9934 Sale 993
2
4
99 4
3
Mfrs Tr Co etre of panic In
9812 100
A 1 Namm & Son let 68_1943 ID 10518 Sale 10518 10518
1
jai" 102
Market St Ry 75 ear A April 1940 Q
9912 Sale 9912
99% 21
100's 101% Met, Ed 1st & ref 5s ser C-195331 104 10418 104
1
104
5012 65
sdetr West elide El(Chic) 48_1935 P A
2
84% Sale 84%
8412
1013 1033 Miag Mill Mach 7s with war 1958 ID 98% 10114 100
4
4
Jan'28
1033 1053
s
4
Without warrants
ID 93
9414 93
5
93
10512 10612 Mid-Cont Petrol lot 6)48_ _ _1940 MB 10512 Sale 1051z 1053
4 13
107% 109 8 'Midvale Steel & o cony sf511936 MS 10114 Sale 1007
7
8 1014 42
10538 106
Mliw El Ry & Lt ref & ext 4345'31 • J 1003 Sale 10018 100%
8
8
105 4 10614
3
General & ref 5s ear A....1951 J O 10412 Sale 104
104% 15
96% 9714
1st & ref 5s eer B
1961 3D 1027 Sale 102% 103
8
47
8812 9218 Maritsa& Power lot 58 4.....1943 J
104% Sale 10438 105% 52
807 82
8
Deb 5.5 ear A
1962• D 102 Sale 10114
102
66
9912 Montecatinl Min & Aerie
85
94
95%
Deb 7s with warrants... _1937 J
106 Sale 10514
123
106
105 4 106 .
3
Without warrants
/
4
• J 971
- 967
9714 42
2
10014 101 12 Montreal Tram lat & ref 6a_ _1941 .1 1 1011 11/112 10128
/
4
5
1011
102 10538
Gen & ref s f 5s series A _ _1955 * 0 10014 101 100% Feb'28
97% 99
Series B
1955 * 0 10014 -- 9912 Feb'28
114% 116
Morris & Co lets? 4 Hs__ ._1939 J J 8712 Sale 8712
8712 28
9512 9814 Mortgage-Bond Co 45 ear 2_1966 40 83
973 8212 Jan'28
4
99
10 -year 55 series 3
-25
94
1932 J J 98% Sale 987
8
99
12
3
89% 91
Murray Body let 8345
1934 J O 92
92
9212 92
5
102 10212 Mutual Fuel Gas let gu g 55 1947 MN 10318 Sale 1034 10318
1
/
1
987g 100
Mut Un Tel gtd138 ext at 5% 1941 MN 101%
103 Feb'28
Names(A 0 A Son-See Mfrs 'Cr
98 8 100
3
1044 1053 Nahuatl Elec guar gold 41....1951 • J 57% Sale 57%
s
58% 15
101 104% Nat Dairy Prod 6% notes.._1940 MN 10312 Sale 10312 1031
15
9612 09
Nat Eoam & Stampg 1st 58_1929
D 10212 -- 100 Dec'27
__
10014 10714 Nat Radiator deb 6345
1947 FA 99 Sale 9512
99
42
9314 96
Nat Starch 20
-year deb 45..1930• J 100 4
3
_ 10034 Feb'28 -11812 11912 National Tube let ef 58._ 1952 M N 1(1418 RiE 105 Feb'28
894 96
Newark Congo' Gas cons 55_1948 J O no%
10734 Jan'28 -105 4 1084 New England Tel & Tel 58 A 1952 3D 110% Sale 11018 11012 39
3
1084 11014
1st g 4 Ha series B
1961 MN 104 Sale 104
10418 141
101 1031s New On Pub Serv let 58 A 1952 40 10012 Sale 100
100 4 21
3
108 166
First & ref 68 series B
1955 ID 10012 Sale 9934 10012 36
109 117
N Y Air Brake let cony 65 1928 M N 100 Bale 10012 1004 10
9412 96
MY Dock 50
-year 1st g 48 1961 FA 89 Sale 884
88% 28
102 105
NY Edison ist & ref 8 He A 1941 40 117 11712 11634 117
35
118 121
1st Ilen & ref 5a ser B
1944 40 105% Sale 10512 1053
4 33
9978 101% N Y Gas El Lt H & Pr g 58..1948 JO 110 4 Sale 11
3
3
17
058 110
102% 104 4
3
Purchase money gold 48..1949 FA
984 9814 9818 Feb 2: _
.
102 10212 N Y L El& W Cdr RR 5148_1942 MN 103 105 1022 Oct'27 _ _
105 107% N Y LEA IV Dock & Imp 551943 II 10314 10414 10328 Dec'27
10012 101
N Y & Q El L P Ist g 58... _ 1930 P A 10114 Sale 10114 10114 10
10714 1084
Y Rys 1st RE& ref 44_._1942 II
- 623 8712 Dec'26 _
4
Certificates of deposit
60
54
Oct'27 _
30
-year ad) Inc 5a.....Jan 1942 * 0
2% 312 24 Jan'28
"far: II
Certiiicates of deposit
3
414 3
3
24
10218 103
N Y Rye Corp Inc 65....Jan 1965 Apr 15 Sale 1512
10
37
7434 824
Prior lien 138 series A ___..1965 31 841z Sale 84
84% 60
NY & Riches Gas let 1311 A.1951
N 10718 108 10712 1084
9
NY State Rya let cons 4348_1962 MN 534 Sale 53
5318
11
991
4
97
let cons 614,series B
1962 MN 68 Sale 68
6814
4
923 9512 N Y Steam 1st 25-yr 6s aer A 1947 MN 10812 Sale 10812
4
10812
3
105 4 106% N Y Telco 1st & gen 51410 1939
3
N 102% Sale 10228 103
24
9614 99
30-year deben a t68._Feb 1949  A 11014 Sale 11014 110 4 67
3
903 92
4
20-year refunding gold 60_1941 AO 10814 Sale 10814 109
118
N Y Trap Rock let 68
1946 J D
10118
10118
'Ws 93 Niagara Falls Power let 54_1932 Ii 101% Sale 1044 10412 23
10412 Sale
21
75
783
Ref dr ten fla
4
_Jan 1932 40 10514 Sale 10412 10514 11
95% 9914 Nlag Lock &0 Pr 1st Es A.1955 A0 10412 Sale 1044 10412
8
/
1
102 104
Nor Amer Cam deb 64e A-1940
S 8814 Sale 874
8812 28
8912 9412 No Am Edison deb 55 ger A.
(957 MS 1023 Sale 10218 103
8
311
107 1083 Nor Ohio Trac & Light 6e..1947 MS 10312 104
4
7
102% 1031a Norn States Pow 25-yr 58 A _1941 * 0 103 Sale 103% 104
103
10314 23
100 101 12
1st & ref 5-yr fissertes 13_1941 * 0 105 Sale 105
105% 32
1054 105 s North WT let fit g 4 Hagtd _1934 II 094- 9934 Feb'28
7
3
1004 10112 Ohio Public Service 754e A-1948 40 11614 1164 11614
11612
8
987 1014
8
let & ref 7s series B
1947 FA 11614 11714 117 Feb'28 -9814 10114 Ohio River Edison 1st as_ _1948 J
107% 10712 10714
10714
6
9912 100
Old Ben Coal let 85
1944 FA 91
9112 9012
91
4
105 105 4 Ontario Power N F let 5s_ 1943 FA 1054 Sale 10518
3
.
44
/
1
6
10512
Ontario Transmission let 58_1945 MN 104 105 1043 Jan'28
_
10314 104% Oriental Devel guar Oa
1953 MS 99 Sale 983
46
99
8
101 102
Otis Steel let M (is ear A _ _ _ _1941 MS 98 Sale 98
98% 5:3
Pacific Gas & El gen & ref 56_1942 .1 .1 10318 Sale 103
10414 28
79
Plc Pow & Lt let & tel 20-yr 55'30 FA 1003 101% 1007
4
12
101
g
7412 79
Pacific Tel & Tel hit 55
1937• J 103% Sale 1037
13
8 104
7634 76%
Ref mtge 65 seriee A
1952 MN 10614 Sale 10614 10612 11
70
7712 Pan-Amer P & T cony if 63.1934 MN 103 Sale 103
10314 65
9614 99
I& lien cony 10-yr 78
1930 P A 1054 105% 10514 10514
2
90
92
Pan-Am PetCo(of Cal)cony 68'40 J O 93 Sale 923
23
93
4
79
81
Paramount-Bway let 54s-1981 • J 102 10214 1013
2
4 102
105 10612 Park-Lea et leasehold
8612
87
13
87
6348-1953 J J 85
10012 10212 Pat & Passaic0& El cons 56.1949 ▪ B 107%
10718 Jan'28 -1037 1051s Pathe Each deb 78 with war.1937 MN 63 Sale
8
6318 40
6012
9514 9812 Penn-Dixie Cement Os A._ ._1941 MS 9914 Sale 90
9912 11
104 106
Poop Gas & C 15t cons g 65._1943 * 0 11512
_ 11512 11512
5
10134 1053
8
Refunding gold 5e
1947 MS 1053 ---- 105
27
/ 166
1
4
4
1013 10212
8
Registered
MS
9914 Apr'28
105% 10614 Philadelphia Co coll It 65 4.1944 FA jail; fiiiie" 103%
2
104
10514 11414
Secured 58 series A
1
an 161
J D 9912 Sale 994
994 101
Phlin Else1st 4
N1 N 101 Sale 10114 10112 64
10614 10912 Phlia & Reading C & I ref 58.191103
1 1777
J 1003 Sale 993
4
8 100 4
3
5
9612 99
ileree
-Arrow Mot Car deb Se.
'43 MS 9212 Sale 924
1
9312
10412 1044 Pierce 011 deb 8 f Ss. _Dec 161931 3D 10412 1053 106 Feb'28
4
13034 131
Pillsbury Fl Mills 20-yr 68_1943 * 0 10412 108 105
105% 11
8314 85
Pirelli Co(Italy) conv 7e.. .1952 MN 10512 106 10512 106
_1952
4
834 854 Pleasant Val Coal let g f 53.1928 J J 9912 10012 100 Jan'28
10414 106% Pocati Con Collieries let if 58.'67 J
943
4
95%
6
943 96
4
119 11915

-iir,

Range
Since
Jan. 1.
Low
105
104
102
10114
10434
100 4
3
10112
10012

High
10814,
105 1
7
1044
108%
1053
4
10154.
1024.
101

10114 1E,
101 101 4
100 4 1014
,
/
1
10012 1004
9912 9934
122

123

104'4 105l
113 fir
106 1084
9912 101111133* 117
95% 9884

WI;

96
103 8 106
7
963 9811
4
883 8912
5
10012 10138
105 107
5812 7014
61
60
9914 99 4
3
105 108
99 10014
10312 1043
4
8312 843
4
9312 100
894 94
104% 105 4
3
100% 102
1001s 1003
4
10312 10514
10212 103%
104 1061s
9912 10212
1002 10713
4
944 9714
100% 1021
4
997 w174
5
99
994
Ms 8814
824 8212
98
994
903 95%
4
10318 104
1024 103
66

6115

10318 104

-5812 101
1
10014 100 4
10434 10514
1071 108
5
10612 11012
1013 1041
5
1
98 4 100 4
,
1
99 10015
10015 10114
8815 89
118 117
14
105 105 5
1
109 5 110 4
5
8
9752 WA
lOOSs 10114

--ir,
a
3
13% 194
75 2 8
3
5
10614 10814
51
54 4
3
72
65
108 108 5
8
101115 10315
11014 nal
10814 109
1006, 101%
10334 10415
4
10414 1061
14
1032 105
4
8012 8812
102 103%
1024 10414
103 103%
105 107
99% 99 4
1
116 11611
115% 118
10714 /08
9012 94%
4
10315 1091
10314 104 s
5
961s 99
97% 98%
103 10414
8
1007 101%
10312 1044
106% 10681
102% 104
10312 105 s
7
9212 95
10112 104
8612 8815
107 1074
50
8112
98
9912
5
113% 1151
105 100
1654 ail;
98 100
ma 10112

ggss 1021s

9212
104%
10412
9914
100
94

974
106
10612
107%
100
9515

BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 24.

New York Bond Record-Concluded-Page 6
N

BONDS
V. STOCK EXCHANGE
Week Ended Feb. 24.

1175

FINANCIAL CHRONICLE

FEB. 25 19281

t3

Price
Friday,
Feb. 24.

Range
Since
Jan. 1.

Week's
Range or
Laid Sale.

High
HOD No. Low
All Gem
Sid
4
1 105 1061
105
10412 1053 105
4
106 106
s
1040 106 106 Feb'28
3
1
10414 10 102 8 105 4
10414 Sale 164
102 102
10114 -- 102 Jan'28
98
984
984 9812 9813 Feb'28
8
985
98
7
e
9812
983 9912 983
4
9614 Oct'27
5 1023* 1644
10414 6;1;- 10414
4
1043
4
4 toys 1013
4
10734 Sale 1074 1073
10214 89 10014 105
4
1003 Sale 10014
96
4
993
26
5
97 s
96 Sale 98
114 115
114 Feb'28
113
4
1113 11214
4
4
11112 1113 11134 1113
4
8 41 10654 1073
0 1075
10764 Sale 1073
25 10412 107
8 108
106 Sale 1057
4
4
3 1047 1053
8
4
1047 105 10478 1047
4
18 1047 105.4
105
105 Sale 105
18 10412 107
Sale 10411 105
105
9914 10112
3
99 4 46
99% Sale 9914
9912
97
11
99
99 Sale 98
9314 964
153
95
4
943 Sale 9412
1 103 104
10314
10314 10312 10314
1034 31 103 304
4
1033 1033 10314
4
12 11011 11312
4
1093 Bale 11012 111
4
8
993 1013
28
4
1007 Sale 10038 101
7
10212 10 10114 102 4
10212 103 102
10114 14 101 102
101 Bale 101
9212 94
4 27
933
4
933 Sale 9212
5
95 4 9714
1
9612
9664 9612
96
38
45
45 Feb'28
45
40
5 111 114
4
1133
113% Bale 1124
8
1 1083 20713
10714 10712 10714 10714
9018 904
9018 Feb'28
9318
:
9818 981
3
St Joe Ry Lt & Pr let 58.-1937 MN 984 Sale 9818
9814
_7ii4
St Joseph Stk Yds let 470._1930 J .1
:
- -- 981 Dec'27
78
et L Rock M1& P be stm9(1.13155 J
78
997912 78
984
97
St Paul City Cable cone 58. 1937 J .7 973
4-- 9812 Jan'28
4
.1 10912 10934 10912 109 4
3 109 1093
3
San Antonio Pub filen let 68.1952
,
994 102
38
102
Saxon Pub Wks(Germany) 7/1'45 F A 1013 Sale 1011 1
4
3
95 8 97
1951 M N
Gen ref guar 814e
4 23
967
9614 Sale 9612
19483 J 10314 Sale 10314
4 21 103 1051:
1033
lichulco Co guar 61311
8
1946 A 0 10312 Sale 10314
21 1027 105
1033
Guar s f 6 he series 13
8 10712 108
Sharon Steel Hoop let 84 eer A '41 M 8 1071 Sale 10712 1071
:
9814 99
1947 M N 9812 Bale 9814
99
983
Shell Union 011e f deb 58
9212 94
37
93
'Shubert Theatre 08 June 15 19423 D 9212 Sale 9212
1936.3 J 10212 1027 10214
18 102 10314
103
elemene & Haleke of 711
4
8
1951 M S 107 Sale 1063
3
Deb s 613e
4 109 4 14 1061: 1080
4
613e allot etre 50% pd 1951 M
4
1063 Sale 10612 10714 80 1044 1073
8
10 1017 10414
1031
Sierra & San Fran Power 5e_1948 F A 10312 Sale 10314
54
9
93
5
951
4
Silesia Elec Corp of 6130_1946 F A
953
98 1013
14
991
Silesian-Am Exp ool tr 78.....1941 F A 99 Sale 99
44 101 10812
_1929 MN 10214 1023 101
102
Shame Petrol6% noted
4
37 100 101
3
100
aincleir Cone 011 15-year 76_1937 M
100 10012 100
9514 99
1930 MS 9814 Sale 9814
50
983
let lien col Oa ser
8514 99
1938 2 D 0714 Sale 97
83
9731
lit lien 613e series B
9814 983
4
66
991
ilinclalr Crude 011513s ser A 1938 J J 9814 Sale 9E62
94
3
95 4
194z A 0 9514 Sale 95
27
95 1
Sinclair Pipe Lineal 54
94
951z
1939 M
4 55
947
Skelly 011 deb 5748
94 Sale 94
Smith(A 0)Corp let 634e_21933 M N 10214 Sale 10214 10214 30 102 10234
5 109 1104
3
109 4
South Porto Rico Sugar 78_1941 .7 D 109 Sale 109
South Bell Tel & Tel late 581941 J .1 10412 Sale 10412 10434 18 10412 105
10558 10714
Southern Colo Power 88 A.. A947 J J 10612 Sale 1056
4 10613
s
10612 44 10818 l065
.1954 F A 10014 Sale 10614
fEweat Bell Tel 1st & ref 58.
14 10012 10112
101
Val Water 1st g be_ _ _1043 MN 1001:
10112
Spring
0
1930 M N 104118 ii;le 10414 1043
3 10014 1040
Standard Milling 1st be
4
1945 M
_ 10314 1033
4 88 10318 104
10418
let & ref 5748
4 94 103 104
4 1033
!Rand 011 of N J deb 5s Dec l5'46 F A 10354 1(ii 1033
97
91.114
1951 J El 97 Bale 97
974 81
Stand 011 of NY deb 4Ss
8
8 12 100 1010
1015
Stevens Hotel let es ser A _ _1945 J J 10014 Sale 10018
10012 24 100 101
Sugar Estates (Oriente) 74. _1942 M
10014 1003 100
4
1013 1017
8
4
1929 F A 10112 -- 1017 Jan'28 4174
8
Superior Oil late
1083 10714
4
D 10714
10714 Jan'28
eyracuee Lighting let g 58..1951

Port Arthur Can & Dk (le A.1953 F A
1963 F A
1st M es aeries B
Portland Elec Pow let es B_1947 M N
1935 J 1
Portland Gen Elec let ba
Portland Ry let* ref 5e...1930 M N
Portland Ry L & P let ref 56_1942 F A
F A
Registered
let Ilan & ref es series B._ _1947 MN
let lien & ref 7I44 series A.1946 M N
Porto Rican Am Tob cony 64 1942 J J
.1933 J
Preened Steel Car cony g
Prod & Ref f 88(with war)_1931 1 D
I D
Without warrants attached
IPub fiery Corp of N J sec 68.1944 F
1
1956
Sec g 534e
PubServ Elba & Gas let 5)01959 A 0
19653
1st & re! 54
Punta Alegre Sugar deb 78...1937 J J
1937 F A
Pure 011 s f634% notes.
1937 M N
Remington Arnie es
item Rand deb 534e with warr '47 M N
Repub I & S 10-30-yr be a f _ _1940 A 0
Ref & gen 51mis series A _ _1953 J J
Reinelbe Union 70 with war.1946 J .3
Without etk purch warts.1946 1 1
Rhine-Main-Danube 78 A...1950 M S
Rhine-Westphalia Elec Pow 78'50 M N
1952 MN
Direct mtge es
1955 F A
alma Steel let ef7e
Robbins & Myers let a f 76..1942 J D
Rochester Gas & El 7e eer 13_1946 M
Gen mtge 634e series C....1948 M
Boob & Pitts C&IPm 5 -1946 M N
8

ty6
,.I
i
..... c..

Price
Friday
Pee. 24.

Week's
Range or
Last Bale.

h

re

Range
Since
.Tho. L

High
Ask Low
High No. Low
Bid
4
6 10312 105 4
1
Western Union coil tr cur 56_1938 J 1 10414 1043 1044 105
10114 16 101 10198
Fund & real est g 410...A950 M N 101 Sale 101
11214 13 11158 11278
1938 F A 11218 Sale 112
-year 613e.
15
7 104 105
8
1045
19613 D 10414 Sale 104
-year gold 58
25
8 55 10418 105
Wee'bouse E & M 20-yr g58.1940 M S 1044 Sale 10414 1047
3
8
Westphalia Un El Pow 6348.19503 D 10011 Sale 100 8 1003* 44 974 100 4
11 100 4 1034
3
: 1021
Wheeling Steel Corp lit 5130 1948 J 1 1024 Bale 1021
White Eagle Oil& Ref deb 5131337
8 18 931z 98
943
With stock perch warrants_ _ .. M El 94 Sale 934
White Sew Mach es(with war)18 1 J 125 130 130 Feb' ____ 125 13113
7 10034 104
4 104
1
8
1035 103 8 1033
Without warrant.
12 3311 374
36
4
353 36
Wickwire Spen St'l let 73_1935 1 .7 34
31
15 28
281
2812 Sale 28
Wickwire Sp St'l Co 79 Jan 1935 MN
3 10118 103
10214
Willys-Overland if 670-1933 M 5 102 Sale 102
10312 51 101 103 4
3
Wilson & Co let 25-yr e f 6s...1941 A 0 10314 Sale 103
0
1
WincheaterRepeatArms 7101941 A 0 1061z Sale 1084 106 8 17 106 107 4
7
1075.3 I 10034 Sale 1001, 100 4 141 1001a 10114
Vn/Incr. Rho.. A, TIlluo As

Quotations of Sundry Securities

r
All bond prices are "and Interest" except where marked'
BO Ask
Railroad Equipments
Sod ask
Standard 011 Stocks Par
4.85 4.79
011votetock_El .1914 2038 Atlantic Coast Line es
Anglo-AMer
4.35 4.25
EQUIPme13117148
.E1 *205 21
8
Non-voting stock
4.85 4.70
Baltimore & Ohio fle
100 99 101
Atlantic Refining
Equipment 434* ds be_ _-- 4.30 4.15
4
100 1164 1183
Preferred
57 Buff Roch & Pitta equip fle_ 4.70 4.60
25 *53
Borne elcrymeer Co
4 50 4. 5
es_ 4.85 4. 0
2
7
Buckeye Pipe Line Co.- 50 *59 5913 Canadian Paclllc 414e 1c
Chesebrough Mfg Cons...25 *121 129 Central RR of N 1 6e
4.85 4.65
10 *1714 1752 Chesapeake & Ohio 08
Continental 011 v t o
4.50 4.30
Equipment6See
Cumberland Pipe Line__100 103 104
4.30 4.20
Equipment 54
67
Eureka Pipe Line Co_ _100 84
512 Chicago Burl & Quincy fle._ 4.85 4.70
5
Signal Oil com__ _100
Galena
8
0 Chicago & North Wait 139-- 4.85 4.70
3
3
00 26
100 37
Preferred old
4.40 4.25
Preferred new
rn
11P me 6 H
6144 Chic 111 1 .f tac :;44 & be_ _ 4.40 4.25
Humble 011 & Refining-2 *el
4.90 4.75
Equipment es
100 18212 184
Illinois Pipe Line
59 Colorado & Southern &L.-- 5.00 4.80
11 *58
Imperial 011
4.85 4.70
Delaware & Eludeon es
7511
Indiana Pipe Line Co--50 *75
4.60 4.35
International Petroleum_..t *364 3634 Erie 414s& 58
5.00 4.85
EquIpment6e
4
*2412 243
National Transit Co...12.50
4.80 4.75
4
493 Great Nortbern es
New York Transit Co_ _100 49
4.305s
4.35 4.25
l
ni iir
Northern Plpe Line Co_ _100 106 10613 Ei For F a e7 54
4.40
25 *5912 60
Ohlo 011
4.90 4.75
Equipment68
3712
25 *36
Penn Me: Fuel Co
*4818 49 Illinois Central 4)3s & 511--- 4.25 4.15
Prairie Oil & Gas
- 4.80 4.65
Equipment68
100 209 210
Prairie Pipe Line
.30
00 .
4 40 4 75
Equipment 78 & 6)4e--- 4:
100 176 179
Solar Refining
Kanawha & Michigan 612512
Southern Pipe Line Co_ -50 *25
25 •3834 39 Kansas City Southern 51311. 4.90 4.60
South Penn 011
Louisville & Nashville Ils--- 4.80 4.65
Southwest Pa Pipe Linee.100 9312 95
4.40 4.30
EquiPment6 See
Standard 011 (California)..) *534 537
8
Standard 011(Indiana)_25 *7414 744 Michigan Central 5e & 6e--- 4.50 4.30
Minn St PASS M 4)40 & 511 4.70 4.50
Standard 011 (Kansas)___25 .151 16
.
.
Equipment 6340 & 78.... 4 75 4 60
Standard Oil(Kentucky)-25 *12712 128
30
.
10 4 80
50 4.
4.
25 *41
4112 Missouri Pacific lie & 67411-- 5.
Standard Oil(Nob)
Standard 011 of New Jer_ _25 *33838 385: alobee & Ohio 5e
3
42 4 65
Standard Oil of New York 26 *2938 294 New York Central *ill& 54 4. 0 4.20
Equipment ea
25 *731 74
Standard 011 (Ohio)
Equipment 79
Preferred4.40 4.30
100 116 118
15
4..25 .
25 *le
17 Norfolk & Western 4140-- 4 40 420
Swan & Finch
Preferred
*241 30 Northern Pacific 78
100 117 120 Pacific Fruit Express 78.--- 4.40 4.30
Union l'ank Car Co
25 *146 1461 Pennsylvania RR eti be & 641 4.80 4.20
:
Vacuum 011
Pittab & Lake Erie 8730.- -- 4.45 4.30
11 ublic Utilities
4.25 4.15
American Gas & Electric..) .12912 130 Reading Co 4340 & be
6% preferred
t •107 10712 St Louis & San Francisco 56. 4.45 4.30
MAN 10812 10834 Seaboard Air Line 5140 & es 5.00 4.76
Deb es 2014
4.25 4.15
Amer Light & Tree com.100 182 183 Southern Pacific Co 414e..
.
4.40 4.30
100 112 120
Equipment 7e
Preferred
4.45 4.35
,
Amer Pow &Light pre!. _100 195 10512 Sotithern Ry 4148 .1 511
4.90 4.74
Equipment66
M&S 10734 10814
Deb Os 2016
- 4.85 4.70
roledo & Ohio Central 6s_.
62
Amer Public Util cam---100 58
4.35 4.25
Union Pacific 78
00
9
8 100
100 9
7% prior preferred--100 8
Tobacco Stocks
Panic
Pan preferred
0
( 14,
Associated Elec 5 He'46A&O 10334 10414 American Cigar com___-1S) 135 142
Preferred
22
Associated Gas & Elec com.1 *20
1111.
2
56 British-Amer Tobao ord--£1 *26 -. 4
t *54
1034 106
Original preferred
El *25 4 2614
3
Bearer
98
1 *95
1014 104
50 p preferro
88 ji referred
100 102
1 99 102 Consul Cigar pref
107 10814
* 104 106 Imperial Tob of G B & herd e24,3 2514
88
4
703
$7 preferred
(ME com-50 *13212 134 Int Cigar Machinery new100 97 105
Blackstone Val
3
55 4 61
0
1
:
: COM'W'1411 Pr Corp pref _100 103 1031 Johnson Tin Foil & Met_103 IR
4
993 1011
98
3
.100
Elec Bond & Share pref _100 109 4 110 Mengel Co
28
Elec Bond & Share Secur__t *8812 89 Union Tobacco Co coin-- 27
98 100
Class A
2514
3
9918 100 e Lehigh Power Securities.- -1 *25
100 101 117
3
107 8 2084 Mississippi My Pow pref.100 109 110 Young (35) Co
PreferredPreferred100 100 11C
10078 1014
First mtge be 1951-1.4.7 10414 105
Sugar Stocks
MAN 9811 9912
Deb 54 1947
10714 10714
50•
3
1011: 10311 National Pow & Light pref-1 *1017 4 11014 Caracas Sugar
100 158 153
6
2
30 F en t Aguirre r
100 3
0
bele 57
North States Pow com_100 108i 111 12 CsIama su Sogar corn...20 ;111 -- - Preferred
7%
4
8
981 1003
0
20
40
1 00
18 Federal SuinlE Ref COM-•100 35
9813 1 0
Nor Texas Eleo Co eom_100 16
Preferred
100 57 60
1 112
4
io
ioi" 1031± Ohio Pub Sera. 7% Pref _100 111 112 Godchaux Sugars.Inc 100 .23 28
Preferred
4
10214 1028 Pacific Gas & El let pref-25 11273 281 1
5
) 44)
5
4
t
.
Holly Sugar Corp COM- l )
13
1 •11
corn
10214 103
Power Securities
Preferred
:
4
Second preferred
1023 1031
1 *58 62
Natlorial Sugar F00121120_100 118 120
97
8
941
Coll trust ea 1949 _ J&D 95
92
50
99 New Niquero Sugar
97
Incomes June 1949_ _F&A100 40
1014 102
t *113 116
1
0918 1114 Puget Sound Pow & 14._100 46
1081 100
49 Savannah Sugar oom
100 III 113
Preferred
100 98 100
6% preferred
40
0
7
Sugar Estates Oriente pf..100 60 5
100 d10912 111
10054 1021
:
7% preferred
100
1073 10811
8
4
141 & ref 5140 1949__J&D 1033 10412 Vertientes Sugar pf
Rubb Stk.(C144(41 smoke's)
48
85
: South Cal Edison 8% pf- -25 *45
851
10
1 *5
974 Stand CS & E 7% pr 0..100 11114 11214 Falls Rubber coin
95
25 *10
19
9413 97.8 Tenn Eleo Power let prof 7% 1093 11012
4
Preferred
5
10 180
931 984 Toledo Edison 6% pf
8
104 10514 Firestone Tire & Rub oomi00 *10
6% preferred
7% pre/
94
9614
100 1091: 11014
100 1084 109
944 9714 Western Pow Corp pref.100 10212 105
7% preferred
General Tire & Rub oota-25 180 184
Water Bends.
100 1102 103
1031: 105
Arkan Wat let 561'58 A.A&O 9834 9912
Preferred
93
__ Goody'r T & Rot Can 91.100 r107 10712
9612 Birm WW 1st 513sA'54.A&O 104
23
let M ba 1954 ser B _ _J&D 1014 10214 India Tire & Rubber new.,.) 18
jail 1fli374 City W(Chatt)5140'54A.7 0 1004 1034 Mason Tire & Rubber cona;
10
.
23
1084 1091:
Preferred
bet M 5e 1954
108 10814 City of New Castle Water
Miller Rubber Preferred-10 10 1: 90 ..
0 8
3
9
160
8914 95
98 Mohawk Rubber
J&D 1 96
Se Dec 2 1941
too "ii" 80
97
98
Preferred
Clinton WW let 5819.F&A 974 9812
101 10318 Com'w*th Wat let 514eA'47 1021: 10311 Selberling Tire & Rubber..) *m12 -100
Preferred
Connellsv W 5sOct2'39A&01 95 ..___
hilii, ilia; E St L & lot Wat 5e'42.J&J 964 -- Indus. & Miscall
t *1(2412 10812
_., Allied Int Invest prof
9911 101
let M es 1942
J&J 103
American Hardware
Huntington let es '54 M&S 103
17
25
100 .74
- -al- - -7
;
11
54
r !?2 IT
10013 102
03
Mid Statee WW 68'38 MAN 15534 22'4 Bliss(E W)Co
60
*55
Preferred
944 9614 MonmCon W let58'56AJ&D 951: 961:
95
984 Mourn Val Wt 5 hie '50_1(0.1 101 102 Childs Company pref.-14
100 iii iil
Hercules Powder
10534 1071
8 Muncie WW 56 Oct2'39 A01 96
100
Preferred new
8413 88
St Joseph Water 561941A&O 98 Vila
104 10418 Shenango ValWat 55'513A&O 95 __ Internet Silver 7% pref.100 130
100 119 Cii 107 10738 So Pitts Wat lot Si 1960 J&J 983 ---- Phelps Dodge coati
4
FA* 99 __ Royal Baking Pow com.100 245 255
lot NI 58 1955
10212 1040
4
100 106 108
Preferred
103 105
Ter H W W es '49 A _ -J&D 102 -105 1063
let M be 1956 aer B_ FAD 981 ____ Singer Manufacturing __.100 450 460
4
:
El .514 61
Singer Mfg Ltd
105 8 106
0
Wichita Wet let 68'49_M&S 102
104 10434
let M Si 195/14er It .FAA 981i _
60
59
•Per share. t No per value. 0 Buns. 0 Purchaser also paye seemed rtivideaq,
' a Notolva1. a Et-divIda66. a Fa 118141, aCsaaillan Qt.10tAt1011. I tiaie (Met.
103 104 2
.
l
yi4

_ 106
10614
106
Tenn Coal Iron & RR gen 56_1951 J
103
Tenn Copp & Chem deb 62_1941 A 0 103 104 103
Tennewee Elec Pow let 88_1947 J D 10714 Sale 10714
1074
1960 .1 .1 69 Bale 6811
Third Ave let ref 48
6914
8
575
AdJ ino fe tax-ex N Y Jan 1960 A 0 5714 Bale 5714
1937 J J 10114 10112 10114
10114
Third Ave Ry let g 58
1956M 8 997 Sale 9912
8
997
Peho Elec Pow ist 78
4
J 9914 Sale 9914
9914
0% gold notes_. _Jule 15 1929
10014
Tokyo Elec Light 0% notte_1928 F
10014 Sale 10014
1941 M S 1073 Sale 1073
4
1075
Toledo Edison let 78
4
4
10134
Toledo Tr L & P 51.Z% notes 1930 J
10114 Sale 10114
Trenton G & El let g be ._1949 M 8 10712
10714
10714
4
Trumbull Steel lot if 8e...1940 MN 1023 Sale 10212 1023
4
Tweety-third St Ry ref be...1962 J
6014
6014
5612 61
Tyrol Hydro-Elec Pow 7)0_1955 M N 100 4 Sale 99 4 100 4
3
3
3
1945 M S 99 4 Sale 993
4:771gawa El Pow 8170
3
4 100
17nderifed of London 414e...1933 J
954 963 9514 Nov'27
4
1948 M 13 1037
Income es
10312 Jan'28
4
-8
1023
4
Union Elec Lt & Pr(Mo)58_1932 M S 1023 Sale 10234
1933 M N 10254 _
1021: 10212
Ref & ext be
10313
E LBW (111) let g 5Xi ser A'54
1034 foil., 10314
an
944
Union Elev Ry (Chic) 54-.1945 A 0 9414 9512 9414
1931 J J 1017 102 102 Feb'28
4
Union 011 let lien a f be
1104
80-yr es aeries A.....2day 1942 F A 11014 Sale 11014
4
993
4
let lien f 5.4 series C Feb 1935 A 0 993 100
3
99 4
102
102
United Biscuit of Am deb 68_1942 M N
8
United Drug 20-yr 6s_Oct 15 1944 A 0 1071: Sale 1071: 1070
J 85 Sale 85
85
United Rye St L let g 48.--.1934
1937 MN 9612 9 4 9614
4
63
961
United 88 00 15-yr es
4
953
8
963
8
Un Steel Werke Corp6 Sis A.I951 J D 955 96
I D 943 9512 9512
961:
4
With stock Our warrants
Warrant._ I D 9412 9612 96
9614
13131108 C without
I D
9412
9414 9412
With stock put warre
•
United Steel Wks of Burbach
Eseli-Dudelauge f 7o.._1561 A 0 1031: Sale 10312 10318
95
• Rubber lat & ref baser A 1947 1 J 93 Sale 93
J J
0
95 4 Dec'27
Registered
6;1;- 10312 104
10-yr 713% secured notee_1930 F
1084
US Steel Corp(Coupon Apr 1963 MN 10814 Sale 10814
MN
_ 108 Feb'28
lf 10-00-Yr &Areal/it .Apr 1963
9413
Universal Pipe & Red deb 6e 19303 D 0412 Sale 9412
974
4
Utah Lt & Tow lst & ref be...1944 A 0 974 973 971/
1944 F A 10214 Sale 1023
1031s
4
Utah Power & Lt let 58
_ 104 Aug'27
1043
Utica Eiee L* P let f g 58_1950 1
4
4
4Utica (lam & Elm ref az ext be 1957 J D 1063 1071: 1083 Feb'28
3
100 4
100 Sale 100
Vertlented Sugar let ref 70_1942 J
55 Dec'27
_ 1953 J
4
523 57
Victor Fuel 1st f fe.
M
91
91 Sale 91
Va Iron Coal & Coke let g 681949
1934.3 1 10012 Sale 10013 10114
Vs Ry Pow let & ref 5s
0412 Sale 9413
941:
Walworth deb 613e (with war)'35 A 0
96
fund ee series A-1946 A 0 96 Sale 96
lit sink
4
7a__1941 J D 1063 Sale 1063
4
4
1063
Warner Sugar Refln let
8614
,
863 85
Warner Sugar Corp lot 7s-1939 J J 85
10418 Jan'28
4
Power s f 5a._._1939 J J 1043
Wasb Water
D
8
3 1073
4 --Weetches Mae 5m stuapd gtd 19501 N 1073 Sale 1073
10315
103
1944 M
10312
West K y Coal lot 70
5e...1946 M 8 104 105 10414 Feb'28
West Penn Power ser A
1963 M 8 10564 Sale 10513 106
lit be aeries E
1963 A 0 10512 106 106 Feb'28
lit 5138 series F
19561 D 1041z Sale 1041/ 10412
let sec 58 series CI
59
59 Sale 59
1950.3
West Ts C & C 1st 61
4
1035
0
1.144 A 0 1035 Sale 10314
Weatern Electric deb 58




5
5
30
14
40
11
18
44
76
11
20

3
11
11
11
10
1
11
3
7
18
63
6
91
29
6
6
255
_
78
86
14
49
13
1
9
5
44
1
28
11
4
16
57
18
14

21

;4 '1'2
i
3
.

1176

BOSTON STOCK EXCHANGE-Stock Record s..7.21...
1

HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
PER SHARE
STOCKS
Range Since Jan. 1.
for
Range fo Previous
BOSTON STOCK
Monday,
Tuesday,
Wednesday, Thursday,
On basis of 100-sharelots
Friday,
the
Year 1927
EXCHANGE
Feb. 20.
Feb. 21.
Feb.22.
Feb. 23.
Feb. 24.
Week.
Unseat
Highest
Lowest
Highest
$ per share $ per share I $ per share $ per share $ per shale
per share Shares
$
Railroads.
Par. 3 per share
4
.18314
_ 18318 18312 185 18618
$ per share
$ per share
*184 18618 184 184
per share
91 Boston & Albany
100 183 Feb 8 187 Jan 16 171
92
92
92
9213 92
92
Jan 188 May
93
93
93
94
630 Boston Elevated
100 9114 Feb 17 98 Jan 3
*310012
10012 101
- 101 101
81 May 9812 Dee
10012 102
102 102
109 Preferred
100 100 Feb 1 10218 Jan 13
*11512
•116
_
11612 11612
-9813 Apr 10311 June
.
116
116 11612
70 1st preferred
107 107
100 114 Jan 3 12014 Jan 18 109 Mar 120 Nov
107 foil 107 10813
s
107 107
107 10712
280 2d preferred
100 107 Jan 30 11014 Jan 24 101
14 5712 5714 58
67
Jan 110 Sept
5713 58
611 Boston & Maine corn
100 55 Jan 3 6012 Jan 27
;825118 Mar 70 July
"99 62
57 Preferred unstamped _100 6012 Feb 10
;84- 86 '84
85
84 84
Jan 6912 July
56
*84 85 *84
13 Ser A 1st pref unstamped 100 80 Jan 3 62 Feb 23
•116
____ *120
85
Jan 18
•122
763 Jan 87 June
4
_ *122
Ser B lst pref unstamped 100 130 Jan 9
*115
120 •11212 120'I15 120
15
* 5
130
Jan 9 118
•113
Oct 139 May
_ •11318 118
Ser C 1st pref unstamped 100 114 Jan 4 120
*15212
3.15212
Feb 15
•153
97 Sept 116 May
Ser D 1st pref unstamped 100 15212 Jan 3
*57 ii1- *5714 - 8 *5712 587
2
587
160
Jan 4 15211 Dec 165 Apr
*5712 587 *5713 588
s
s
Common stamped
100 6012 Jan 5 6114 Jan 5
*62
62
62
6114 Nov 64 Nov
62
62
129 Preferred stamped
*11112 ___ .112
100 6114 Jan
11212 11211
5512 Jan 73 May
113 11412 113 113
64 Prior preferred stamped_100 110 Jan 26 62 Feb 23
73
73
72 72- 73
6 11412 Feb 23 10412 May 113 May
73
73
73
+7112 72
268 Ser A 1st pref stamped.
.100 691 Jan
*115 116
:
115 115 *114
Jan 12
64 Feb 78
115 115 •114
Jan
45 Ser B let pref stamped _ _100 10612 Jan 4 73
•
103 1031: _ _
103
103 10312
3 116
+103 1033 103 103
90 Jan 116 May
s
80 Ser C 1st pref stamped. 100 98 Jan 3 10312 Jan 30
*140 ____ *140
Feb 15
•
90
140 _
Jan 105 May
*140
Ser D 1st pref stamped .100 135 Jan 4 141
•
10518
•10518
•10518
Feb 16 124
•10518
Jan 144l May
Neg receipts 40% pald
•
182
1043 Jan 4 105
4
•182
Jan 30 103 Sept 106
*182
Oct
Boston & Providence
---100 175 Jan 4 182
Jan 20 176 Dee 212
Oct
*3112 3213 3112 3112 *29
3113
*29
31
29
29
96 East Maas Street By Co100 29 Jan 5 33
75
75
75
Feb 7
*73
75
25 Feb 4312 Bent
73
73
220 let preferred
100 72 Jan 4 80 Jan 30
71
71
71 •_ _-- 71
84 Feb 81
•____ 71
Oct
95 Preferred B
100 70 Jan 23 73 Jan 4
412 65
54
5
54
*53
54
60 Mar 78
*53
Oct
54
-63
53
305 Adjustment
100 53 Feb 24 56 Jan 10
*5714
*5914
12 Apr 5913 Sept
*5914 -*60
Maine Central
100 59 Feb 15 85 Jan 12
60
603
, 6018 - -11 603 6112
81
4713 Jan 74 Mar
8
6118 6114 62
623
753 81 If N Fl & Hartford
s
100 593 Jan 16 6712 Feb
. 10412
3
4
•105
•105
4118 Jan 6318 Dee
*105
Northern New Hampshire.100 103 Jan 12 1043 Feb 3
4
•133 137 *133 137
9213 Jan 106 Nov
•_ ___ 137
Norwich & Worcester pret_100 132 Jan 25, 13712 Ian 11
•
138
13612 1361 2 137 137
6 127
Jan 14612 Nov
138 138
137 137
56 Old Colony
100 135 Jan 3 138 Feb 15 122
633 63 s 63 4 63 8 64
8
3
7
7
Jan 13612 Oct
8
643
633 6414 64'* 653
4
8 1.458 Pennsylvania RR
50 627 Feb 9' 653 Jan
8
11812 11812 •11712 121
63 July 6818 Oct
11713 11812
•118 121
162 Vermont & Massachusetta_100 114 Jan 17 119 8 Jan 24
14 107
Jan 121 Nov
Miscellaneous.
*38 4
7
378 4
37
8 4
33
8 33
4
33
4 418 1,905 Amer Pneumatic Service_25
314 Jan 21
23
Feb 14
23
23
214 Jan
2313 22
534 July
223
4
.
2212 2313 22
23
482 Preferred
50 21 Jan 3 2414 Feb 14
•
49
4912 49
1512 Jan 2612 Sept
*49
49
4912
49
49
60 1st preferred
ao 481 Feb 2 4912 Jan
:
17784 17813 177 1783 1767 1783
47 July 50 Apr
8
8
4
17714 178
1773* 178
1,344 A me mieu m one & Teleg__ 100 1768 Feb 21 1803 Jan 23
orTelep hfg
4
6 14912 Jan 18512 Oct
No par
48
Jan 116 Nov
Preferred
No par
"RI IC "2014 21
73 8 Jan 99 Nov
3
"ii1;
"ii 21
-New stock
20 Jan 10 24 Feb 1
1912 Nov
2712 Nov
_.
!
-,T Assoc Gas & Elee el A_No par
363 Jan 5014 Dee
4
Atlas Tack Corp
No par
Jan 12 15': Feb
;18- 1181
713 Oct 12
1453* '15
1612
Apr
26 Beacon Oil corn tr etfa No par
1438 Feb 20 1714 Jan
9414 93 2 94 2
*93
1513 Aug 2013 Jan
9412 93
,
9413 9412 94
,
9412
570 Blgelow-Hartf Carpet_ No par 91 Jan 6 9612 Feb 5
4
77 Feb 96 Noy
•
---.25 .20
.20 *.12
.30
•.12 .35
400 Coldak Corp.. class A T C.
---.10 Jan 3 .40 Jan 19
.01 Dec
118 118
115 115
5 Jan
115 115
115 115
150 Dominion Stores. Ltd_.No par 10512
---67
314 314
Jan 10813 Dee
Jan 17 125 Jan 28
314 314
3
4
412
34
3
705 East Boston Land
10
212 Jan 11
113
412 Feb 23
1t2
II3
112
114 June
33 Feb
4
113 112 *112
134
675 Eastern Manufacturing
5 138 Jan 31 234 Jan 20 113 Dec 7/ Mar
86
4 86
863
8712 8612 87
1
4
86
8712 87
2,005 Eastern SS Lines, lac
88
5 86 Feb 18 9512 Jan 23
48
45 Jan 94 Dee
48
*473 4812 473 48
4
4
48
4812 483 487
4
730 Preferred
8
No par 4712 Jan 6 4914 Feb 10
*31021
:104 . 3102 10312 •r102 104
35 Feb 4814 Dee
3
.3102 104
let preferred
100 1021 Jan 17 105 Jan 4
:
•14
873 Feb 106 Dec
15
4
.14
15
•I4
15
*14
15
Economy Gror'y StoresNr par
11 12 Jan 3 14 Fell 1
254 257
10 June 15 Sept
252 254
255 256
254% 255
255- 256
1,522 Edison Electric Illum
100 252 Feb 20 268 Jan 4 217
13
333
35 *333
Feb 287 may
35 .133
0
35
•33312 35
Federal Water fiery corn
333
9 36 Feb 3
311y 32
27
32
32
Apr
3.31
33
*311/ 33
"31" WI; 205 Galveston-Houston Elec__100 31 4 Feb 24 3413 Jan 23 221s Apr talr Oct
Feb
•
1834 1912 *1918 1912 *19
38 Nov
1912
•19
1913
General Pub Serv corn_No par
*33
3413 3312 34 i *33
1612 Jan 16 2038 Jan 31
1141 Jan
Stock
1712 Oct
333
4
3312 3313 32
3334 _ 1:65 Gilchrist Co
Na par 32 Feb 24 3512 Jan 21
9913 100
3414 June 38 Mar
99 100 1 903 993
4
4
9912 100
9914 lops
543 Gliette Safety Razor._ No par 99 Jan 10 101 Jan 24
•____ Illz •____ 1112 11
8411 Mar 10914 Oct
11
Exchange •11
11 12
300 Greenfield Tap & Die
25 11 Jan 20 13 Jan 13
4034 41
7
401e 40 4 40
Oct 1314 Nov
3
4014
40
41
40
4012 1,124 Hood Rubber.........No par 40 Fen 21 4313 Jan 3
•95 -___ 95
3238 July 47
Closed
95
Jan
95 i 95
•
95
34 Kidder, Peah Accep A pref _100 95 Jan 16 951 1 Jan 16
94
•88
Apr 95 4 July
4 912 *83
3
4 94' 9
9
9
9
26 Libby, M.:Netil & Libby____ 10
ens 5
9 Jan 7
---93 Feb 14
3
714 713 *71
7 Aug
1114 Sent
734 Washing73
4 73
4
200 Loew's Theatres
25
714 Jan 4
110 111
8 Jab 30
110 11014 110 1101
6
Jan
10
Jan
110 111
iio" 110
432 Massachusetts Gas Cos.,..100 109 Feb 3 11313 Jan 24
•80
___- 7918 80
84 Mar 124 Nov
791e 791s
ton's
7912 80
80 so
422 Preferred
100 781g Jan 4 81 Jan 27
1071: 10712 107 10712 107 107
70
8
106 106
105 10514
510 Mergenthaler Llnotype_No par 10312 Jan 3 112 Jun 10 103i, Jan 817 Nov
4
4
4
Nov 116
418
4
418 Birthday
Oct
4
4
969 National Leather
10
313 Jan 6 47 Jan 12'
8
214 Mar
411s Jan
27
273
8 273 2712 2712 271
8
*27
2712
370 Nelson (Herman) Corp_
27 Feb 18 33114 Jan 3
109 109
109 109 *10814 109
2312 Feb 33 Dee
▪
10812
135 New Eng Pub serv $7 pi Ns par 102 Jan 3 1091 Feb 7
:
110 110
210 110
91
Jail 10218 Dee
110 110
.110
110 110
79 Prior preferred
No par 104 Jan 3 11012
9714 Jan 100 Dee
ft
New Eng South MIlla_.No par .10 Jun 3 .12 Fen 20 .10
---Jan
4
4
4
4
4
4
Dec
314 Feb
99 Preferred
4 Jan 4
4 Jan 4
100
13914 1397 139 13912 13914 1391
8
2 Apr
Ws Feb
13914 13912 139" 1311:
591 New Eng Telep & Teleg___100 13714 Jan 10 140 Jan 24
35
36
3512 3512 36
1151z Jan 140 Aug
38
374 38
37 37
615 Pacific Mills
100 35 Feb 18 4018 Jan 3
•
20
211/ +20
21':
2112 •20
3512 Mar 44 Sept
*20
2112 ---- -Plant(Thus 0), let pref
•151/ 16
100 20 Jan 25 23 Jan 11
15
15 June 4253 Jan
1534
16
16
16
16
1512 1513
280 Reece Button Hole
10 1512 Feb 3 16 Jan 5 31414 Sept 1613 Feb
•114
112 .114
112
113
11
112 113
114
300 Reece Folding Machine.
Ds
10
114 Feb 24
13 Jan 10
4
*13212 135
135 135
1 Mar
132 135
113 Jan
•133 1337
8
44 Swed-Amer Inv part pref_100 126 Jan 3 135 Feb 20
129 130
129 12914 12913 1291
1051 Jan 132
:
Oct
1293 130
a
130" 130
405 Swift & Co
100 1243 Jan 6 133 Feb 10 115
4
95
95
95
9512 95
Jan 13012 Sept
951
95
9512 95
95
371 Torrington Co
25 90 Feb 7 96 Jan 3
•214 3
66
214 214
3
218 3
Jan 98 Deo
•
214 3
110 Tower Manufacturing
5
2 Feb 8
313 Jan 6
*19
201/ *19
2012 •19
2 8 Dec
7
2014
19
3
98 Jan
19
19 )4"
105 Traveller Shoe Co T C
19 Jan 18 2012 Jan 3
*12
1212 1212 1212 1212 121
16 Aug 2111 Nov
13
13
133 133
4
4 1,625 Union Twist Drill
12 Jan 4 133 Feb
4
6418 643
8 6418 641
4 6418 843
913 Sept
64
1413 Jan
6412 64
643
8 3.734 United Shoe Mach Corp......_25 63 4 Jan 21 65 Feb 24
3
III
60
30
3014 30
Jan 77 Nov
304 3014 30
30
30
30
243 Preferred
30
25 30 Jan 5 3112 Jan 19
100 100
28
100 100
100 100
•100 10014 100 10014
Jan
3112 Ncor
425 S & Foreign Sec 1st pref____
95 Jan 3 101 Jan 31
9
914
83 May 95 Dec
8 *9
123* 97
1014
9
9
912 913
860 Venezuela Holding Corp
8 Jan 14
11 Jan 23
21
21
207 213 3
8
8 .21
22
2178 22
412 July
11
Apr
511 WaidorfSys.Inc.new eh No par
1912 Jan 3 247
60
*
64
60
60 .61
19
64
*61
Oct 2713 Feb
63
612
125 Walth Watch el B com-No Par 60 Jan 5 65 s Fob 3
Feb 7
*90
93
*90
93
*90
93
4012 Jan 6112 Dec
*90
93
-----Preferred trust etfa
100 .88 Jan 3 96 Feb 7
61
Jan 86 Dee
•103 105
105 105 •105 -•105
_
25 Puke ',referred
100 104 Jan 5 105 Jan 3 1001s June 118
*1514 1611 .
31612 1712 •1612 1713
•1612 1712
Ma,
------ Wal worth 'on,pans
20
1614 Feb 11
18 Jan./4
16412 168
1718 Dec 24114 Apr
16234 166
165 170
170 172
170 ini"
510 Warren Bros
50 152 Jan 4 182 Feb 7
5513 553* *53
6518 Jan 1793 Nov
5512 54
55
55
64
4
55 55
95 1st preferred
50 50 Jan 3 55;8 Feb 17
44
Jan 70 Dee
*y60
*y60
--------2d preferred
50 5213 Jan 11
45 Jan 72 Dee
•18
18
18
20 Will & Baumer Candle corn_ 18 Feb 23 56 Jan 231
18 Feb 23
14 Jan 1813 Nov
Mining.
413 434
413 0
17
8
4
5
43* 814
5
514
5
5% 33.745 Arcadian Consolidated
25
3 Jan 3
53 Feb 24 .20 July
414
8
5
43
4 5
514
314 Dee
5
5
5
670 Arizona Commercial
6
43 Feb 18
4
6 Jan 3
53 4 53 4 53 4 53 4 *533 5412
3
1
3
5 July
3
55
1014 Jan
554
*54
4
55
50 Bingham Mines
10 533 Feb 18 56 Jan 4
4
2012 21
2118 2112 21
30 Jan 6114 Dee
213
2112 213
8
4 214 2134 2.702 Calumet & Reda
25 20. Jan 10 23 8 Feb 7
4
16
7
16
16
1418 June 2458 Del
1614
1618 1614 1618 1612
164 1612
875 Copper Range Co
25 16 Feb 16 213 Jan 20
112
1178 May 2114 Dee
134 •113 17
3 elf
8
*II: 2
17
8
13
200 East Butte Copper Mining_10
4
13
4
112 Feb 4
11.50
214 Jan 13
1
•.40
1
234 Jan
•.50
.
118 Oct
0.50
•.50
1
1
1
Hancock Consolidated
25 .35 Feb 8 .85 Jan 3 .15 Apr
*3
51
5
5
1 July
+5
55
612 *5
812
612
60 Hardy Coal Co
1
5 Feb 20 12 Jan 14
.75 .95 •.75 .95
0
6 Dec 1815 Sept
.75 .75
.75 .75
.75 .75
750 Helvetia
26 .65 Jan 21\ .75 Feb 11 .32
50
51
5012 52
Oct .36 Jan
5114 52
+5112 52
513 52
4
730 Island Creek Coal
I 50 Feb 18' 557 Jan 4
*10512 -- •10513
8
47 Feb 87
•I0513
•10512
•10512
-----Preferred
1 105 Feb 14 10512 Jan 20 10412 Sept 107 Sept
1212 12
7
1213 1211 •1212 1312
Apr
+13 -- -113 13
265 isle Royale Copper
13 4
25 1212 Feb 18 143 Jan 4
0134 2
•13
4
4 2
+13
16 Des
9 July
4 2
•13
13
4
4 2
13
4
15 Keweenaw Copper
25
134 Jab 17
1114 11"
118
23 Feb 7
8
118 .
273 Feb
I July
0i4
112
*118
1
1
112
163 Lake Copper Co
25
1 Feb 24
•.75
.85 .3.75
13 Jan 3 .80
8
.85 •.75
3 Dee
Jan
.85
•.75 .85
.75 .75
57 La Salle Copper
21 .75 Jan 31
1 Jan 6 .60 Mar
1 Nov
•138
13
4 •112 13
4
13
8
13
8
13
13
8
4 •Uss
315 Mason Valley Mines
13
4
5
114 Jan 19
•.30
.3 •.30
2 Jan 7 .70
.35 •.30
Oct
214 Dee
.30 .30
.3
.0.30 .35
260 Maas Consolidated
25 .25 Jan 7 .50 Jan 3 .05 Sept .85
.
0.57
.7 •.60
Jan
.75 . .57
3
.60
+.57 .60 •.57 .60
Mayflower-Old Colony.......25 .50 Jan
47
471
25 .75 Jan 5 .25 May
4612 47
47
471
113 Jan
3473 48
47
4712 .
8
250 Mohawk
25 4611 Jan 31 50 Jan 3
*32512 261
2612 2612 26
3438 June 52 Dee
27
261
3
.27
2714
2714
225 New Cornelia Copper
a 26 Jan 10 2912 Jan 3 1812 June am, Dee
.15
.15
.1
_ ------ New Dominion Copper..
.....
•10
20
•10
20
.03 Dec .06 Feb
•I0
20
20
*10 - 10 *10
'
New River Company
100
*58
61
58
197 May
15 Nov
58 •
s
58
*57
61
61
61
10 Preferred
*58
100 5512 Jan 4 62 Jan 28
33
4 4 515
4 8 478 *47
7
56 Nov 76 Feb
478 47
8 5
47
8 47
8
120 Nipissing Mines
5
47 Feb 15
s
1
1
1
1
1018 Feb
5 s Jan 3
7
5 Aug
1
'4
I
11
1
1114
375 North Butte Mining
10 .90 Jan 6
'
.35 •.70
.70
134 Jan 19 .80 June
3 8 Jan
.85 .70
3
.7
•.70 .99
.60 .60
63 OThiway Mining
25 .60 Feb 24 .85 Feb 15 .40
•10
1012 •10
Oct
114 Jan
1012
912 912 •914 93
9 4 94
3
110 Old Dominion Co
3
8
25
13
13
913 Feb 23 1212 Jan 3
13
13
913 Oct 16 Apr
•1213 13
•1214 13
30 Pd Cr'k Pocahontas Co No par
12 Jan 3 167 Jan 24
1234 1312 13 s 13 8 3
3
8
Jan
1813 Aug
11
3 .1234 1312
13
"ii"
13
170 Quincy
26 123
26
261s 26
1913 Apr
26
1314 July
26
261s
25
25
26
26
270 St Mary's Mineral Land._._26 25 4 Feb 17 1512 Jan 4
Feb 24 3112 Jan 7
*2
212 *2
212 *2
1813 June 32 Dee
212
*2
.2
2 12 3
212
Seneca Mining
par
No
•.30
.45 •.30
1
Jan 3
31s Jan
.45 •.30
1 July
3 Jan 3
.45
.30 .30 •.30 .45
25 Shannon
. .25
3
.35 .3.30
.35 •.30
.35
------ Superior & Boston Copper 10 .30 Jan 20 .50 Jan 3 .15 May .63 Dee
•.30 .45
10 .35 Jun 30 .35 Jan 30 .15 Mar .50 Sent
412 412,
412 463
412 412
•43
8 41
700 Utah-Apex Mining
b
43 Feb 24
s
118
114
114
418 July
Pe
514 Jan 4
7 3 Feb
7
1.4 114
112 112 7.225 Utah Metal & Tunnel
114
114
1
1 Feb 9
114
13 Jan 5 .76
8
Oct
14
,
2 Feb
01
113 113 *
114
114 *al
*al
Us
35 Victoria
25
1 Feb 15
4
.25 •.15
. .15
3
18 Feb 1 .50 July
2 Aug
.25 •.15
.25
•.15 .2
.12 .12
87 Winona
25 .10 Feb 7 .30 Jan 6 .03 Mar .70 June
1
Saturday,
Feb. 18.

•516 and asked Prim 110 sale, 60 this day




a Asseement paid, b EX-gtook dividend. I New eteok, s Hz
-dividend.

r Es-right..

• WA-dividend and Wits.

Sales
Friday
Last Week's Range for
Veek.
of Prices.
Sale
Stocks (Concluded) Par. Price, Low. High Shares.

Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange, Feb. 18 to Feb. 24, both inclusive:
Friday
Last IVeek's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.

Bonds
Amer Tel & Tel 48__ .1929
Amoskeag kite 6s_ ...1948
Atl G & W I -S L 55. 1959
Chic Jet Ry & U S Y 45 '40
East Muss Street RR
1948
4345 series A
Firestone Cotton Mills
1948
5s w I
1937
Hood Rubber 7s
1{ C M B 55 income_ _1934
1931
Mass Gas 445
Miss River Power 5s. _1951
New Engl Tel & Tel 58 1932
Rhine Ruhr Water Serv Un
1953
6s w I
1944
Swift & Co 55
Whiternights, Inc 634s '32

99%
9011
74%
90
73

72

97
10334
10034 10031
100% 100%
104
104
103%

120

9914 81.000
36.000
91
7414 2,000
1,000
90

Range Since Jan. 1.
High.

Low.
99% Feb
90% Feb
Jan
72
Jan
90
71%

Jan

10.000 97
97
1.000 103
10334
1.000 10034
100%
1.000 100%
100%
10.000 10334
104
1.000 102%
103%

Feb
Jan
Feb
Jan
Jan
Jan

73

93
93
10211 10231
120 120%

8.000

994 Feb
95% Jan
Feb
77
Jan
90
74
97
103%
101%
1004
104
103%

Feb 93
5.000 93
3,000 102% Jan 103
Jan 124
7,000 105

Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb

-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Feb. 18 to Feb. 24, both
inclusive, compiled from official sales lists:

Stocks-

1177

FINANCIAL CHRONICLE

FEB. 25 19281

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.

Range Since Jan. 1.
Low.

High.

•
Commercial Credit
25
Preferred
25
Preferred B
614% 1st preferred _ _100
Consol Gas, E L & Pow__ ..•
8% preferred ser A_ _100
7% preferred ser B_ _100
100
634% prof ser C
6% preferred ser D_ _100
5% preferred
Consolidation Coal_ ___100
Drovers & Mech Bank_100
•
Eastern Rolling Mill
Equitable Trust Co__ .25
50
Fidelity & Deposit
Finance Co of Amer A___•
*
Series B
Finance Service corn A__10
10
Preferred
100
Houston 011 v t c
Mfrs Finance 1st pfd__ _25
25
2d preferred
Maryland Casualty Co_ _25
Mercantile Trust Co___50
Merch & Miners Transp_ *
Merchants Nat Bank_ _10
Monon W Penn P S pf_ _25
Mortgage Security corn..*
50
Firstpreferred
_100
Second preferred
Mt V-Woodb Mills vt _100
100
Preferred
Nat Bank of Baltimore.100
New Amsterd'm Can Co.10
Northern Central Ry___50
Penna Water & Power_ _.•
Roland Pk Weld 1st pf 100
Schoeneman (J) 1st pref..
100
with warrants
Sharpe & Dohme pref _ _100
Silica Gel Corp corn v t__ •
Un Porto Rican Sug com_•
•
Preferred
50
Union Trust Co
United Rya & Electric__ _50
_50
U S Fidelity & Guar
Wash Bait & Annap____50
West kid Dairy Inc corn. •
•
Preferred
50
Prior preferred

22

70

1004
3014

280
1134
19
104

18
7731

285
7234

214 22
2334 2354
2314 2334
8934 8931
7134
70
12534 12534
11031 11034
11034 11034
1123411234
1004 10034
3034 31
400 405
223.4 24
112 112
27531 281
1134 II%
1134 II%
1934
19
10% 104
96
96
2034 2054
20
20
177 1804
460 460
4631 4634
32
31
26
2634
1734 19
7731 79
71
71
1934 2034
9534 9534
285 285
73
71
884 8834
70
69
100 100

510
33
23
10
491
15
10
240
19
437
305
40
1,165
6
296
460
90
10.5
10
7
128
46
202
17
350
285
51
60
64
33
151
70
35
588
9
171
38

Range Since Jan. 1.
Low,
214
23
23
8834
6734
1254
110%
1104
11034
10034
28
400
2234
108
27534
11
1134
1634
931
8534
20
20
177
460
4634
31
25
1734
70
70
1934
95
284
71
88
68
100

Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb

High.
2334
2434
25
8934
724
12834
115
113
113
10134
334
405
2634
115
29034
1154
1134
2034
1034
98
2034
20
190
460
4731
3351
27
2134
80
85
22
9534
286
7914
894
7234
100

Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb

Feb
Feb
Feb
25 9934 Jan 100
100 100
Feb
Feb 113
Jan
10 110
110 112
110
Jan
Feb
1934 Jan
5 18
1834 184
Feb
Jan
200 39
Feb 41
39
39
Jan
30
Jan
4934 494
100 4934 Feb 52
Jan
49 315
Jan 34234 Jan
31531 315 319
Feb
30
Feb 2034 Jan
413 16
17
16
1635
Jan
Jan
139 3484 Jan 362
351 35514
Jan
254
Feb
1731 Jan
245 10
10
10
10
Jan
Jan
83
50 6934 Jan 85
83
Jan
6614
Feb
Jan 96
96
72 75
96
96
Jan
20 5254 Jan
5494 55
5534 Jan
Feb
Feb
BondsJan
Jan 10334 Feb
1,000 162
1961
10334 10354
Jan 13alt-City 4s S L
5,000 10234 Jan 10334 Feb
1961
1034 10334
451) L
Jan
8711
100 10234 Feb 10234 Feb
10234 10234
1960
4s
Jan
Jan
Jan 103
100 102
1958
10234 1024
48 W L
Feb
634
Jan
Jan 93
9134 9131
3,300 01
1880
3345
Jan
105%
200 9954 Feb 9954 Feb
994 9934
1928
344s
Jan
25
10354 10334
1962
5.000 10334 Feb 10334 Feb
48
Jan
1957 10334 10334 10334
3,001 10234 Feb 10334 Feb
48
Feb
35
Feb
1,00) 102
Jan 103
103 103
1954 103
4s
Feb
Feb
Feb 92
91
3.001
112
92
Jan Bait Sparrows Pke 434s'53
Feb
Feb 101
3.00 100
Traction 1st 58...1923( 10034 100 101
Feb Bail
4.000 101334 Jan 10954 Jan
Feb Black.!, Decker 6 As..1937 10611 10611 10854
Feb
Feb 100
100 100
2,000 100
Central By cons 55 _.1932 100
Feb
Feb
Jan 101
5.000 98
99 100
Feb Commercial Credit 68_1934
79
Jan 9634 Feb
1935
9434 05
8,000 94
5348
Jan
Feb
Feb 101
100
3,000 100
101
Consul G,EL&P44s_ _1935
Jan
Jan
3,000 10734 Feb 108
1949 10734 10794 10734
lit ref 6sser A
Jan
Jan
99
99
5.000 99
Feb 100
Georg a& Alacons5s_ _1945 99
Feb
91
10334 10311
4,000 10334 Jan 10331 Jan
Feb Houston 01164% notes_35
57
2,000 994 Feb 9931 Jan
9954 9931
Jan lid Eectric Ry 1st 58.1931
2231
Jan
Feb99
1,000 98
98
98
98
Jan Nixon Nitration 6348
60
Jan 10354 Feh
10134 10134 1,000 101
Feb Silica Gel 614s
51%
Un Porto Rican Sugar
Feb
61%
Jan
Feb 101
10,500 99
99 100
1937
64% notes
Feb
35
Jan
2,000 7114 Feb 75
72
72
Feb United Ry & E 1st 4s _1949
Feb 6434 Feh
11,000 53
53
1949
53
income 4s
Jan
29
2,000 8134 Jan 84 34 Jac
82
82
1936 82
Funding 55
Jan
19
1,000 9831 Jan 9931 Jan
9934 9934
1930
6% notes
Feb
Jan
Feb 98
2,000 96
97
1949
97
1st 65
Jan
50%
ton
00
V,I
ea
Ann
.
..
Co
•
Jan
134
Feb
434
par value.
• No
Feb
3934
Jan
-Record of trnsactions at
Chicago Stock Exchange.
Jan
114
16%
Jan Chicago Stock Exchange, Feb. 18 to Feb. 24, both inclusive,
Feb
55
Feb compiled from official sales lists:
Jan
Sales
Friday
Feb
Range Since Jan. 1.
Last ;Week's Range for
Feb
1Week.
of Prices.
Sale
Jan
34
Low.
Iligh•
Par. Price. Low. High. Shares.
Stocks35
Jan
5434
Jan
Feb
Jan 84
1,950 83
833<
83
25 8334
43%
Feb Acme Steel Co
Jan 2534 Feb
745 21
25%
Adams Royalty Co com..• 253.4 21
731 Feb
Jan
2
200
534 731
734
class A _ _5
All Amer Radio
Rights
1,025 23% Feb 24% Feb
• 2314 23% 24
94 105
131 94
94
Feb 105
Feb Amer Colortype common.
Tenth Nati Bank
Jan 101
Feb
20 99
534 Feb
7
54
534 534 38,900
Feb Ann For Mart Bldg pt .100 1003.4 100% 1004
Leh Coal & Nay
Jan
Jan 100
160 99
9934 100
Amer Pub Serv pref._ _100 9954
Feb
40 954 Jan 99
99
99
Any Pub Util Co prior pf100
Bonds
Jan
21 87% Jan 94
92
9234
pref. 100
Jan
Trac NJ 1st 55 11132 8854 8834 8931 $17,000 8831 Feb 90
Participating
Consul
Feb 11734 Jan
595 103
103 105
6214 6234 15,000 60
Jan 63
Bloc & peoples tr ctfs 4s'45
Feb Amer Shipbuilding....100 103
Jan
4
534 Feb
53.4 2.400
5
518
514 514 12.000 50
Jan 52
Jan Amer States Secur Corp A •
-State Rye coll 4s1943
Inter
Feb
6
1,050
434 Jan
554 6
10,000 964 Jan 97
Jan
•
Claris B
Keystone Telep lot 5s.1935 ...... 9614 97
116
34 Jan soh Feb
22
Jan 22
h
2234 21.000 16
Jan
Warrants
Lake Sup Corp Jr 58..1929 2234
Feb
470 88% Jan
78
15
8,000 1434 Jan
15
15
18
100 7754 77
Feb Armour & Co pref
stamped
Ens
14
so 1234 Jan 1414 Feb
14
Common cl A v t c. .25
Lehigh Coal & Nay
38
Jan 3914 Jan
364 38%
2,000 101
Jan 101 34 Jan Associated Investment Co•
1954 10134 1013( 10134
Consul 43.48
Jan
5,475 114
Feb 130
114 117
9034 9131 6.000 903.1 Feb 9131 Feb Auburn Auto Co com____• 116
Lehigh Vali gen con 4 hs'03
Feb
63
190 5934 Jan 63
1,000 102
Feb 102
102
63
102
Feb Balaban & Katz v t c_ ..25
Lehigh Val Coal 1st 55 1933 102
Feb 2734 Jan
1.000 65
2451
555 24
Jan 66
Feb 13astlan-Blessing Co com_. 2434
24
ctfs 48.1943 654 65 34 654
Peoples PaS8 tr
Feb
Feb 20
2,200 25
10031 1014 8.000 10034 Jan 10134 Feb Baxter Laundries Inc A _ _• 2538
2514
25
ptilla Hee (Pa) let 4345 '67
Feb 6034 Jan
108 10854 10.600 108
Jan Bendix Corp class A_ __ _10 5234 51
5334 4,075 51
1966
181 58
8134 Jan
10611 10834
Jan
3.000 10511
7134 4,335 68
Feb Borg & Beck corn
'72
69
10 7014
Mile Elec Pow Co 5345
Feb
140 161( Jan 22
78
19;4 203‘
8034 56.500 1344 Jan 8014 Feb Brach & Sons(E J) coin_ _• 2034
United Itys&EI(Balt)is '49 80
Feb
14.000 10054 Jan 102
1037 1004 10034 101
Jan 25
Feb Bunte Bros common__ _10 20
85 15
22
20
York Ity5 let 58
Feb 234 Feb
Butler Brothers
20 214 21
2134 2,570 21
Jan
• No par value.
875 384 Jan 44
CampbellWyant&Can Fily• 4034 39
4034
Feb
Co (A M)
2,675 4234 Feb 48
10 46
4334 46
-Record of transactions at Castle &Co common
Baltimore Stock Exchange.
Jan
Feb 60
1,070 49
Celotex
52
• 5134 49
Feb 8734 Jan
Preferred
81
100
85 80
80
Baltimore Stock Exchange, Feb. 18 to Feb. 24, both inCent D Pa Corp "A" pt. _•
100 2434 Feb 25% Jan
2434 24%
compiled from official sales lists:
clusive,
Jan
Central Gas & El Co pret• 100
25 94% Feb 100
100 100
Feb
634% preferred
Feb 95
• 95
25 95
95
Sales
95
Friday
Central III Pub Ser pref..
•
Range Since Jan. 1.
9834 0934
205 9731 Jan 9931 Feb
Last Week's Range for
Central Ind Pow prat_ _100
97% 9734
Jan 99% Feb
Week.
20 95
of Prices.
Sale
Ctts of deposit
Low.
100 9734 97
High.
Jan 9831 Feb
94
23
97%
Par. Price. Low. High. Shares.
StocksCentral Pub Serv (Del)_.5
1634 18%
25 184 Feb 17% Jan
21
21
1054 Jan 1074 Jan Cent Pub Serv Corp -A" •
20 2031 Jan 2114 Feb
8
106 106
Am Wholsale pref._ _100
Jan
Jan 85
Jan 48
585. 76
Jan Central SW UV!corn,....7811 7011 79
1,730 46
• 46% 464 4711
Anindel Corp
Jan
Prior lien prof
• 10331 103% 105
Jan 165
240 10334 Feb 108
Jan
166 159
Baltimore Trust Co_ ___50 15934 15934 161
• 102
102 1024
Preferred
11
345 09% Jan 10514 Jan
Feb
Feb
33 10
11
10
100
Baltimore Tube
Feb
2
131
14 2
Jan 3934 Feb Chic City & Con Ry pt rah •
1(4 Jan
770
10 34
394 3934
100
Preferred
• 1811
Participation pref
1834 194
1,530 18.34 Feb 224 Jan
Jan 27
Feb
30 26
2631 2654
Beneach ill & Sons pfd _ _25 264
Jan
18
Jan
18
Certificates of deposit.*
45 18
18
Jan
2(334 Jan
10 26
2634
26
Black & Decker. pref. _25
Jan
18
Feb
10
12
560 10
Feb 49
Jan Chicago Elec Mfg "A" •
80 45
45
46
10 45
Central Fire Ins
Feb 3314 Jan
30
30
corn. •
30
100
Feb 231
55 217
Jan Chic Fuse Mfg Co
217 217
50
Century Trust
Jan 994 Feb
98
230 68
9934
78 11334 Jan 11754 Jan Chic N S & Mil pr In pf.100
114
11434
Balt of 100 114
Claes& PoTel of
100 10094 Jan 10234 Jan
Jan ChM Rap Tr pr pref A.100 10234 101% 10234
97 5151 Feb 54
514 524(
CAtizens National Bank.10 .52

•
Molar Stores
10
Alliance Insurance
•
American Stores
Bell Tel Co of Pa pret_ _100
Bornot Inc
•
Budd (E G) Mfg Co
50
Cambria Iron
Camden Fire Ins
Consul Traction of N J_100
Cramp Ship & Eng. _ _ .100
.100
Electric Storage Batt'y.
10
Fire Association
Giant Portland Cement_50
50
Preferred
Gimbel Bros
Horn &
Horn & Ilard't(N Y)cum •
Insurance CO of N A....10
Keystone Telephone__ .50
Lake Superi..r Corp_ __ _100
50
Lehigh Coal & Nay
Lehigh Pow Sec Corp corn •
10
Lit Brothers
Slant CMS Iris
Manufactured Rubber. _10
Mark (Louis) SI], to Inc •
Minehill & Sch iy1 Ilav _50
N & II East PW
•
North Ohio Pow Co
•
Penn Cent LA P cum pf..
50
Pennsylvania RR
Pennsylvania Salt Mfg _50
50
6% preferred
Phila Dairy Prod met
Phila Electric of Pa
25
Phila Flee Pow recta
25
Phila Rapid Transit
.60
7% preferred
50
Philadelphia Traction_ MI
Preferred
50
2nd preferred
Reliance Iris
Shreve El Dorado Pipe L 25
Scott Paper Co pref.. .100
Stanley Coot America ...•
Tono-Belmont Bevel _ _1
1
Tonopah Mining
Union Traction
50
100
United Cos of N J
50
United Gas ini lit
United Lt & I'r "A" corn...
US Dairy Prod class
2nd preferred
Victory Ins Co
Victor Talking NI ash corn..
•
6% cumul pref
..l0
Warwick Iron & Steel .
West Jersey & Sea sir 111150
50
Westmoreland Coal
50
Preferred

82
7131
116%




1634 17%
570 144 Jan 20
Feb 824
82
76
3,700 74
Jan 74%
72
67
10,212 64
238 11534 Jan 117
116 117
14
1134 13
105 1114 Feb
Jan 33
100 28
30
30
66 4234 Jan 43
4234 42%
20 2734 Jan 33
30
30
Feb 60
100 56
56
56
14
131 Feg
2
34 5,150
100 69% Jan 7534
70% 70%
1,600 6434 Feb 73%
64% 67
Feb 42
4131
20 33
41
Feb 4111
20 35
40
40
100 3711 Feb 4114
37% 37%
Jan 225
15 215
220 220
Feb 66
534
500 53
53
3,600 8434 Feb 95
8434 88
Jan
3
7
80
4
314
814
Jan
3
4,450
6
634
2.400 10514 Feb 125%
1054 110%
Jan
2611
4,925 20
244 25
2534
1,270 2334 Jan
2434
24
312 2834 Jan 35
35
34
1
120
1
1
34 Feb
12
223.4
Feb
1,391
1434 1714
Feb 57%
523 57
57
57
100 2031 Feb 2234
2014 204
Jan 24
4,950 18
2234 23%
134 774 Jan 794
7951
79
Feb 6531
6:334 6431 8,600 63
Jan 10034
934 9431
160 93
Jan 53
52% 53
220 62
93
326 9031 Jan 9314
91
600 554 Jan 59
5714
57
2234
Jan
2254 2214 2,837 22
Jan 6031
842 55
60
60
Jan 5138
399 50
5144 5134
614 62%
629 5831 Jan 63
Jan 3634
35% 3554
90 35
Feb 93
5 91
91
91
Feb
3531
29
525 29
3041
Feb 21
19
380 19
1931
Jan 107
40 103
107 107
48% 504 14.575 47% Jan 5434
Jan
1
2
131
1.300
1% Jan
4%
4
4.600
431
394 40
688 3734 Jan 40%
226 226
11 22534 Feb 227
112% 114% 11.100 111% Jan 11734
17%
1514 1611
4,300 1534 Feb
55
200 3814 Jan 67
5534
5 01
91
Feb 93
91
20 2934 Feb 34
29% 2934
59% 6414
Jan 644
4,350 53
12234 12954
1,656 1094 Jan 129%
30
34
31
34 Jan
11
35
175 35
Feb 39%
354
5434 55
46 5434 Feb 673.4
15 42
434 43%
Jan 4334

A

so

aJan 1'44

1178

FINANCIAL CHRONICLE

Friday
Sties
Last Week's Range lef
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Chic Towel Co oonv pf ___*
Club Aluminum Uten Co..*
Commonwealth Edison_100
Consol Film Ind Inc prof'
Consumers Co common_ -5
Preferred
100
Crane Co common
25
Preferred
100
Decker (Al!) & Cohn Inc.'
Eddy Paper Corp (The)_ _•
El Household Mil Corp_10
Elec Research Lab Inc__.*
Empire
F Co 7% pf100
8% Preferred
100
Evans de Co Inc class A_
Class B
5
Fair Co(The)common_ •
Preferred
100
Fitz Simons & Connell
Dk & Dredge Co corn _20
Foote Bros Gear & Mach _5
Galesburg Coulter Disc.-.
Godchaux Bug Inc el B. •
Coward Co(H W)corn _ _•
Great Lakes D & D__ _100
Greif Bros Coop'ge A corn *
Hammilmill Paper Co_ _10
Hartford Times part pref..
•
Hart,Schaffner&Marx _100
Henney Motor Co_ _ _ _
Preferred
•
Illinois Brick Co
25
Indep Pneu Tool yin
•
Inland Wire&Cable corn _10

98% 96)4 98
3531 35
mg
17.5
17431 176%
22
23
22
831 8%
8%
9031 90H 91
46
46
46
120
120
26H
25
26
31
30
30
14g 1434
1431
4%
334 431
100
9931 100
10831 109
109
63
55
63
56
35
35
108 108
65
19
5931
51
301
42

74
isy,, 1931
5931
55
5
5
46% 51
285 308
41% 43
65

535
2,645
525
475
1,980
300
46
65
350
145
440
265
390
180
595
690
25
10

Range Since Jan. I.
Low.
9531
35
165
22
734
87
46
119
25
30
133(
2%
99
10831
55
55
34
107

1,720 46
1,330 18%
8.145 4731
3
100
5.365 43
370 345
100 41

Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan

114r6.
100
Feb
39
Jan
189
Feb
2531 Jan
931
95
4731
120
28
3231
1531
474
100
110
74
7434
3731
109

Jan 74
Jan 20
Jan 59.%
Jan
5)4
Jan 51
Jan 330
Jan 43H

35
4231
140
12%
1231
4231
44
39
40
47H
3035
3031

36
4331
140
13
44
40
4734
31

150
1,370
50
2,151
1,000
966
100
415

35
3934
134
12
42H
39
4731
26

Feb 37
Feb 44
Jan 145
Feb
1431
Feb 4431
Feb 42
Feb 4834
Jan 3331

Kalamazoo Stove corn ___• 109
10331
Kellogg Switehb'd corn. 10
12%
Preferred
94
100
Kentucky Util Jr cum pf 50
5131
KeystoneSt&Wireeom _100 170
167
Preferred
103
100
Kraft Cheese Co corn _..25 62
6034
La Salle Ext Univ corn _.i0
331
334
Libby,McNeill 8, Libby _10
9

11131
13
94
5131
175
105
63%
331
931

5,400 6531
375 1231
19 9331
20 50%
735 100
35 100
1,055 60%
445
334
590
9

Jan 11631
Jan
1334
Feb 96
Feb 5231
Jan 194
Jan 105
Feb 71
Jan
4
Jan 93.'

McCord Radiator Mfg A _*
McQuay-Norris Mfg
Marvel Carburetor(Ind) 10
Meadow Mfg Co com ____•
Preferred
50
Mer & Mfrs See Co pr pf100
Middle West Utilities__ _ •
Rights
Preferred
100
6% preferred
•
Prior lien preferred..100
Midland Steel Prod corn_ •
Midland Ut116% pr line 100
Preferred 6% A
100
Preferred 7% A
100
Minneap Honeywell Reg -•
Preferred
100
Miss Val Util prior lien pf_*
Monsanto ChemicalWks
Morgan Lithograph corn._•
Nat Elee Power A part ___•
7% preferred
1
National Leather corn_ I
National Standard corn •
North American Car corn-•
Northwest Eng Co corn..'
Nor West Util pr In pf_100
7% preferred
100
Novadel Process Co corn.*
Preferred
•

36
43

69
1451
130
2
122
98
128

so

47
76

4031 4034
27
27
65% 6931
1431 15
48% 4931
9131 9131
129 13031
1 15-162 1-16
12134 12334
98
99
128 128
86
90
95
9531
91
91
103 104
3031 30h
98
98%
94% 96
4531 49
7434 77

30
105
4
48%
39
30
10334
101
1134
1134
30)4 30%
81

4
53
40
3034

Penn Cent L dr P prat_ _•
Penn Gas & Elec "A"oom • 22
Pines Winterfront A eom_5
Pub Ser of Nor III corn...'
6% preferred
100
7% preferred
100 119

79
21
57
168
110
119

3131 3.970 2731
105%
150 104
431
1,822
331
53
15,750 3731
40
525 3231
1,195 29
3174
105
20 9931
102
27 9931
12
550 11%
195 2931
3034
80
22
5934
170
110
119

S
Q-R- Music Co com____• 4134 41H
Quaker Oats Co com___ _• 302
302
Preferred
111
100
Ryan Car Co (The) com_25 16
1534

125 4034 Feb
100 2331 Jan
9,645 6131 Jan
2,700 1034 Jan
690 4434 Jan
50 9131 Jan
3,160 12334 Jan
5,580 1 15-16 Feb
450 11631 Jan
370 9331 Jan
273 125% Jan
525 86
Feb
70 9431 Jan
31 9031 Jan
40 103
Jan
345 30
Feb
135 9731 Jan
50 94
Jan
1,540 3831 Jan
2,685 7331 Jan

42H
310
111
16

42%
29
69%
1631
493.4
92
135
234
124H
100
129%
11031
9631
9131
10434
3234
100
96h
50
8054

Jan 3231
Jan 10534
Jan
43.4
Jan 53
Jan 4134
Jan 3434
Jan 105
Jan 103
Jan
13
Jan 32

Jan 4231
Jan 312
Jan 11431
Jan 20h

Sangamo Electric Co.....'
3131
31
100 3031
Preferred
40 10831
100 10834 108A 108
Sears, Roebuck eommon.• 8434 82A 85)4 10,450 82%
So Colo Pr Else A com...25
25A 2534
150 25
10334 10431
&west G & El Co 7% 13[100
190 101
Sprague-Sells Corp Cl A. I 20
115 1531
19H 20
Steel dr Tubes Inc
350 49
61h 62
25
Stewart Warn Speedom--• 8134 7734 81l4 5,000 77%
Studebaker Mall Ord oom.5
9
100
934 934
Swift & Co
1,750 124h
128h 130
100 130
Swift International
15 3134 30
31H 7,300 26

Jan
343.4
Feb 108.31
Jan 92%
Jan 26
Jan 1o4g
Jan 20
Feb 62
Feb 85
Jan
934
Jan 132
Jan 3431

Thompson (J R) corn. 25
20 Wacker Drive Bldg pf.'
United Lt & Pr CIA pref.,'
Class B prat
•
Common elate A new.._•
fi Gypsum
20
Univ Theatres Cone el A_5
Class Byte
•
Vesta BatteryCorp corn _10

Feb 6231
Feb 9534
Jan 100
Jan 55H
Jan
1731
Feb 93
4
Jan
Feb
1934
Jan 24

Wahl Co corn
WalgreenCo634%pref _100
Com stk purch warr
•
Ward
(M ontgomery)&Co 10
Class A
•
WarnerGear"A"conv pf_25
Williams0110 Mat corn•
Wolff Mfg Corp corn
•
Wolverine Portland Cem 10
Woodworth Inc
•
' Preferred
•
Wrigley(Wm Jr) CO.corn•
Yates
-Amer Mach part pt•
Yellow Cab Co Inc(Chit)•
ZenithRadio

16%
78
1931

9
102
102
10
931
134% 13214
124
124
3634 3434
631
731
1
1
631
30% 30h
3431 34
7031 70
16
1634
36
37
42
351.1

60
9531
9931
5534
17A
80
4
1931
19

5931
95
95
53
14
7731
4
1931
14

Jan 10034
$2,000 99
Feb 8831
9,000 85
Feb 70
10.000 66
Feb 88
5,000 84
Feb 87%
15.000 84
Feb 46,‘
49,000 43
Feb 47
1.000 44
Feb 95
3,000 94
Jan 99
2,000 99
Feb 101
10.008 100
5.000 10011 Jan 101

Great Lakes Util Corp
lot 530
1942
Hone G G Co.( s g 6 He 1931 10934
Inland Gas Corp 6315 A '33
Jewelers Bidg(Chi)1st(is'50
Metr IV Side El 1st 4s_1938 8431
Northwestern Elev 58_1941
St Louis Gas & Lt 6s.1947 9631
South United Ice 68 A.1947
Sou United Gas 1st 65 A '37
United Pub Serv Co
15-yr 6s "A"
1942
2 yr 65
1929
United Pub CHI Co
1st 65 "A"
1947
2 yr 53is
1929
• No par value.

Range Since Jan. 1.
Low.

9531
10931
100
99
84
9431
96
9731
97%

9534 2.009 95%
110
20,000 10831
100
6,000 100
99
2.000 99
8431 16,000 81
94% 3,000 9434
96% 7.000 96
9731 5,000 97
9734
1,000 97%

97
100

97
100

10032 1005.1
100 10031

Inch.

Feb 95%
Jan 110
Feb 100
Jan 99
Jan 84%
Feb 9531
Feb 901
Feb 973.4
Feb 9731

Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb

3,000
3,000

97
Feb 98
9931 Jan 10031

Jan
Jan

8,000
4.000

9931 Jan 10031 Feb
99% Jan 10031 Feb

Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Feb. 18 to Feb. 24, both inclusive, compiled from official sales lists:

Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices . Week.
Par. Price. Low. High. Shares,

Amer Multigraph corn.._*
Amer Shipbuilding corn 100
Akron Rubber Roe
Allen Industries pref
•
Bessemer Lime&Cem corn *
Buckeye Incubator corn_ •
Bulkley Building pref....100
Byers Machine "A"
Central Alloy Steel pref 100
City lee dr Fuel corn
• 37
Cleve Blcirs Sup & Br corn •
Cleve Elee Ilium pref....100 113
Cleve Railway corn_ _100 107%
Cleve Securities P L pref 10
Cleve Un Stoekyds corn 100
Cleve Worsted Millscorn 100
C & B Transit
100
Dow Chemical corn
Preferred
100 106
Electric Contr & Mfg corn • 55
Federal Knit Mills com__•
Firestone T&R corn... _10 185
6% preferred
100 109
7% preferred
100 10835
General Tire & R corn_ _25 180
Preferred
100 102
Glidden pr pref
100
Goodyear T&R pref.... _100
Grasselli Chemical corn.100 134
Preferred
100 109
Guardian Trust
100 436
Halle Bros pref
100
Harris-Seyb'd-Potter corn *
India Tire & It corn
Interlake Steamship com_*
Jaeger Machine corn
Jordan Motor pref
Kaynee corn
Kelley Island L&T corn 100
Lake Erie Bolt & Nut com• 1834
Metr Paving Brick com__• 3631

27
2731
105 108
21
22
35
36
36
3631
39
40
70
70
37
38
11034 11031
37
3734
31
30
113 113
10731 10731
2
2
10731 10731
2131 22
55
55
135 136
106 108
55
55
32
32
185 190
109 109
1083.4 10931
180 184
102 102
9831 9834
99
99
133 134
106 109'
432 436
10431 10434
20
20
____ 22
123 123
2934 2934
26
30
33
3334
52
52
1831 1931
3631 37
89
92
35
35
75
80
3434 36%
12
12
36
36
33
3331
2934 30
8834 9831
112 112
97% 973.4
40
40
50
50
34
35
1034 1031
10631 10631
256 262
26
26%
3331 37
104 104
66
67
107 107
30
32
61
61
105% 105%
3
% 331
61
6234
45
4534
22
2231
10534 10534
11
11%
95% 9734
46
46
1
1
10
10
29834 29831
89
89
104 104

720
85
110
263
98
105
30
235
12
1,050
68
67
185
74
30
290
10
65
10
34
350
03
138
232
25
110
75
15
263
198
20
16
50
100
13
30
99
160
50
143
30

Range Since Jan. 1.
Low.
2631
105
14
3131
36
39
6931
37
109
3634
30
112h
10734
154
10734
2134
55
11231
105
5434
32
185
109
10834
180
102
96
98%
129%
10531
390
102
20
18
123
2831
20
33
52
17
3135

High.

Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan

491 89
Feb
129 29% Jan
159 55
Jan
Feb
3.740 33
100
731 Jan
11 3534 Jan
531 33
Feb
250 2831 Jan
26 93
Jan
225 110.4 Jan
1.226 91131 Jan
40 40
Feb
105 47
Jan
215 32% Feb
so 931 Jan
15 10634 Feb
373 256
Feb
360 26
Feb
1,479 3331 Feb
54 103
Feb
105 66
Feb
145 107
Feb
690 2931 Jan
300 37
Feb
116 105% Feb
100
334 Feb
374 53
Jan
61 4534 Jan
620 22
Feb
11 105
Jan
2,609 1011 Jan
375 893 Jan
26 48
Feb
77
1
Feb
20 10
Feb
60 285
Jan
35 87
Feb
54 103% Jan

Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb

28%
11734
1531
37
3734
49
70
40
11034
3731
31
114
108
3
109
23
60
140
107
5731
35
232
111
11131
190
102
99
9931
135
100
436
10434
24
2334
12634
30
35
3531
5534
20
37
98
40
80
3631
13%
39
35%
3034
99
11231
98
42
58
35
1131
107
290
27
4431
10531
69
109%
31
61
10574
5
6234
48
2431
105A
13
10836
48
7

ao

299
89
104

Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb

Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Feb. 18 to Feb. 24, both
inclusive, compiled from official sales lists:

Feb 1234
9
750
931
280 100% Feb 108
102A
Jan
12
5
1031 2,250
5,175 11731 Jan 149
137
Jan 128
26 122
124
Jan 3834
3631 3,175 32
6% Jan
734 1,450
34 Feb
1%
341
134
7
100
531 Jan
7
Jan 31
100 27
30h
Jan 35
170 33
34%
620 6934 Feb 74
71%
Jan
685 15
1731
17
3534 Feb 43
3731 5,835
9,450 3531 Feb 42
42

' Bonds
Cairo Bridge & Per 1st M
20-yr 631s
1947 10051 10031 1003i
Chicago City Ry 56 _1927
85
8531
Chic City & Con Rys 58'27
67H 6731
Chicago Railways 58_ _1927
84% 8431
istMCtfofdep5e__l927 84
84H
84
55„ Series B
1927 4431 44
46H
' Purchase money 58 _1927
44
44
Fed CHI(Md) 151 6348 1957 94
94
94
3 yr 5316
1930 99
99
99
Foreman T&S 5.31% A 1937
10031 101
554%/3 wl
1937
101
101




250
30
110
26
850
1,970
165
125
225

Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Lots. High. 'Feet.

Miller Rubber prof_..100 89
Mohawk Rubber Com_
•
Preferred
100
Meyers Pump
• 3534
National Acme, corn_ _10 12
National Refining corn...25
National Tile corn
• 33
1900 Washer corn
• 30
Nor Ohio P&L 6% pref _100
Ohio Bell Telep pref- _.100 112
Ohio Brass "B"
• 9731
Ohio Seamless Tube com..•
Packard Elee
•
Packer Corp
•
Paragon Refining, corn_ _25 1034
Preferred
100 10634
Richman Bros corn
282
Scher Hirst
•
Selbeling Rubber coin
•
Preferred
100 104
Sherwin-Williams corn_ _25 66
Preferred
100 107
Smallwood Stone. corn. • 32
Sparks-Withington, com_•
Preferred
100
Stearns Motor corn
Steel dr Tubes
25
Telling-Belle Vernon com.• 45
Thompson Prod corn_ _100 2234
Trumbull-Cliffs Furn pf 100 10534
Trumbull Steel corn
•
Preferred
100
Union Metal Mfg corn...
•
Union Mortgage corn..100
1
Union Mtge let pref....100
Union Trust
100 29835
Wellman-Seav-Morg pf 100 89
White Motor Secure pf 100
• 1%,o par value.

30 7631 Jan 80
615 20
Jan 23
2,575 54% Jan 6331
30 159% Jan 180
115 110
Feb 11334
50 119
Feb 121
320 3834
508 285
60 111
325 15

5931
95
99
5531
15
77H
4
1932
18

Bonds (Concluded)
-

IV0L. 126.

Stocks-

Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb

r rway
Sates
Last Week's Range for
Sale
of Prices.
Week,
Par. Price. Low. High. Shares.

Am Laundry Mach com_25
Preferred
100
Amer Rolling M1.11com.__.
Preferred
100
Am Seeding Mach pref _100
Am Thermos Bottle "A".•
Preferred
50
Baldwin coin
100
Buckeye Incubator
•
Carey (Philip) corn_ _100
Cent Brass
Cent Ware & Reda "A" 20
Central Trust
100
Champ Coat Pap new pf100
Churngold Corp
•
Cin Car Co
50
C N 0& T P
100
Preferred
100
('An(Um k RIal
115)

104% 104 10634
25
25
25
9831 9731 101%
11031 110 111
25
25
1531 15
1574
44
44
38
39
4034 3931 41
254 254
2531 27
3
331
267
262 287
10531 10531 106
44
44
45
30
28
30
420 420
118
118 11834
98
97 tg OR

705
200
1,137
416
25
863
140
161
1,401
10
330
200
212
78
60
2,088
1
29
271)

Range Since Jan. 1.
Low.
104
2431
9734
110
25
11
43
37
39
250
2534
3
262
100
44
28
420
11534
9716

High.

Feb 114
2531
Jan
Feb 120
Feb 111
Feb 25
16
Feb
Jan 44
JaIl 41
Feb 49
Jan 270
Feb2731
Feb4
Feb 269
Feb108
Feb 50
Feb 3354
Jan 448
Jan 120
Feb 100

Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jag
Jan
Jan
Feb
Jam
Jan
,
Jai
Feb
Jim
Jam
Jam
Jac

FEB. 25 1928.]

1034
105

98%
99%
39%
246
120
117)4

Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Fe
Feb
Feb
Fe
Fe
Jan
Jan
Jan
Fe
Jan
Feb

99%
76
55
126)4
205
37%
32%
27
103
39%
12634
24%
118
95
374
126
22
17%
102
49
120
60
95)4
54%
116
18
48)4
29%
102
5545
80
27

Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan

296
25
5
200
230
604
191
110
150
15
98
593
46
106
103
314
4
10
20
120
158
12
1,387
5
100
16

99
16)4
106)4
68
260
47
110
105%
9%
105
495
249
190
96%
9911
3434
101
100
241
117
64)4
96%
60
10531
57%
102%

Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan

117%
18
110
82
35
42
112
106%
11%
107
502
275
200
111%
99%
3931
103%
101%
246
132
83%
101
125
109%
58%
1054

Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb

• No par value.

-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange Feb. 18 to Feb. 24,
both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.

Stocks-

Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par. Price, Low. High, Shares.

22
22
Amer Vitified Prod com_50 22
85
85
100
Preferred
16
16
Am Wind GI Mach corn 100
37
37
100
Preferred
Ark Nat Gas corn
10
7%
734 831
10334 10335
25
Blaw-Knox Co
10 2434 22
24%
Carnegie Metals Co
10
Devonian 011
834 834
Dixie Gas dr Util pref_ _100 8734 86
8734
610 610
Fidelity Title St Trust_ _100
Houston Gulf Gas
1234 12%
Jones & Lateg'n Steel pf100 122% 12234 12234
Lone Star Gas
25 54
5234 54%
22
22
May Drug Stores Corp...* 22
160 161
(Marine Nat Bank_ _100
7
634 7
Nat FireprofIng com____50
20
20
50 20
Preferred
7
7
Penn Federal Corp com _ _.
7
Pittsburgh Brewing pref.- See not e (b) below.
Pittsburgh Oil dr Gas
5
331
331
Pittsburg Plate Glass ..100 219)1 215 225
49
49
Pittsburg Screw & Bolt_ *
29
31
29
Pittsburg Steel Fdy, corn __
634. 674
Salt Creek Consol Oil ...10
634
35
35
Stand Plate GI, prior pf 100
Stand Sanitary Mfg.com 25 104% 10334 104%
31
31
Union Steel Casting, com _ _ __ __
50% .5054 5134
United Engine & Fdy,corn_
5134
.50
51
Westinghouse Air Br, new._
102% 10234
West Penn Rye, pref _ _ _100
35
37
37
Zoller (William) Co,corn _
96
96
leo
Preferred
Bondsindananflpnt Rrwanz(D4 1.155

179%
284%

130
74
25
57
101
97%
110
33
29,
4
%
11334
17
105%
28
4214
44
36%
23%
48
15
108)4

Magnavox Co
24
Magnin (I) corn
Nor Am Investment corn..
Preferred
38
North American Oil
paauhau Sugar Plantation_
Pao Light Corp,6% pfd.........
74
Common
Pacific Tel & Tel, corn__
Preferred
Paraffin° Co's, Inc,com_ _ _ 94
nippy Wiggly W States A. 29%
15
Plg'n Whistle, pref
2451
Richfield Oil
Pow, prior pfd _ _ 117%
S J Lt &
• 131" 6% preferred
26
Schlesinger, B F."A"corn
96)4
Preferred
25%
Shell Union Oil, corn
Sherman dr Clay 7% pref.. 97
Sierra Pacific Electric, pfd_
Southern Pacific
Sperry Flour Co, corn
106
Spring Valley Water
54
SOD
Telephone Invest Corp..
'Frame; Label & Litho Co.. 26
44
Union Oil Associates
44%
Union Oil of California_ _ _ _
corn
Union Sugar,
Preferred
Wells Fargo Bk & Un'n Tr.
10%
Yellow & Checker Cab_ _ _
Zellerbach Pap 6% pfd '26 13834
51%
Zellerbach Corporation _
• No par value.




High.

Feb 25
Jan 86
Feb
18
Jan 37
Feb
9%
Jan 105
Jan 26%
Jan
10
Feb 88
Jan 610
Feb
13
Jan 122%
Jan 55%
Jan 24%
Jan a167
Feb
8%
Jan 22
Feb
734

Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan

334
210
48%
27
6%
31
10334
31
50%
4631
101%
33%
95

4
Jan
Jan 234
Feb 51
Jan 31
731
Jan
Feb 35
Feb 110
Jan 34
Feb 61
Jan 5676
Jan 10234
Feb 37
Jan 96

Jan
Feb
Jan
Feb
Jan
Pet
Jam]
Jan
Jan
Jar
Fet
Pet
Jar

Jan

Jar

69

70

-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, Feb. 18 to Feb. 24, both
inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last Week's Range for
Week.
of Pr ces.
Sale
Par. Price. Low. High. Shares.

Bank
First National Bank__ _100
Lafayette-So Side Bk_ _100
Nat'l Bank of Corn__ __100 159

Range Since Jan, 1.
High.

Low.

345
330
159

345
330
158

1 331
4 325
8 158

Jan 345
Feb 330
Feb 169

Feb
Feb
Jan

550
353

552
355

50 550
70 353

Feb 570
Feb 355

Jan
Feb

22

23

Jan

Jan

Trust Company
Mercantile'Frost
100
Missippippi ValleyTr__100
Street Railway
-

Low.

High.
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jaa
Jan
Jan
Jan
Jan
Feb
Jan
Feb

.60
.65 2,400
.30 Jan
.85
23
24%
3,185 22
Jun 25%
10 105
107% 107%
Jan 107%
10 99
101
101
Jan 102
1,455 36)1 Jan 39
37% 38%
10% 10%
80 10% Feb
11
111 10034 Jan 106%
105% 108
72% 74% 6,872 72% Feb 78%
150 150%
20 150
Feb 157
nay§ 118)4
15 113% Jan 124
93% 96
6,931 84% Jan 98%
29% 6,454 2331 Jan 311i
27
15
15
130 15
16
Feb
23% 2534 15,650 23% Feb 27%
116% 117%
45 113% Jan 118
104 104
Jan 104
5 100
25
1,640 21% Jan 26%
26%
97
Jan 97
308 92
95
Feb 26%
2,110 24
24
25)1
65 95% Jan 98%
97
9834
Jan 95%
30 95
9531 95%
15 11831 Feb 123%
11954 12034
Jan 68%
20 62
63% 64
Jan 107%
320 105
106 10634
Feb 56%
53
54)1 9,264 53
Feb 31
120 30
31
31
470 24% Jan 27%
26
25
41% 45
2,597 41% Feb 45
45% 11,325 4234 Feb 45%
43
9)4 Feb
13
9% 10%
240
Feb 24
25 23
23
23%
Jan 317
30 300
300 300
9% 1034
8% Jan
1,575
11%
Jan 145
490 117
138 140
Jan 5434
51% 53% 24,103 43

Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb

28
55
69,292
13,086
225
50
500
3,160
16
1,490
2,265
24,713
70
10
345
40
205
25
14,565
1,017
10,440
206
690
860
185
300
135
1,330
100
865
915
165

Low.
22
85
16
35
7%
91
1634
7%
803.4
610
11%
12014
5234
20
150
634
1934
7

Range Since Jan. 1.

465
256
181%
288
105
99
3.00
142
111)4
78
27%
59
102
425
98
110
34%
6%
31%
127
19
106
12%
31
53%
43%
4931
38%
25
53%
16)4
109%

460 465
230 230)4
171
179%
281 285
99 105
99
99
2.50 2.50
121
139
110 110%
7231 74%
23% 25
55% 58
100% 101
365 365
96% 98
110 110
32% 33%
5% 5%
28
30
110 114
15
17%
105% 106
12% 12%
27
28%
52
53
42
4234
4334 44
36
36)4
23% 24
47% 48
15
15%
107 108%

69%

Range Since Jan, 1.

• No par value.
Note.
-sold last week and not reported: 50 Stand Plate Glass 84 531.
a Sales of Marine Nat. Bank at 197 reported last week was an error. Should
have read 167. b There were no sales of Pittsburgh Brewing preferred last week.
Shoerld have been common stock.

St Louis Pub Serv Co corn •
American Trust Co
Anglo & London P Nat Bk
Bancitaly Corporation_ _
Bank of Italy
Calamba Sugar corn
Preferred
California Copper
Calif Cotton Mills
Calif Oregon Power pref.
Calif Packing Corp
Calif Petroleum corn
Caterpillar Tractor
Coast Co Gas & El 1st pref
Crocker First Nat Bank_
East BaY Water "A" prof
-B" preferred
Emporium Corp (The)
Fageol Motors pref
Federal Brandeis
Fireman's Fund Insarance_
Footer dr Kleiser corn
Great Western Power pref.
Haiku Fruit & Pack (free)Hale Bros Stores
'
Hawaiian Com. & Sugar
Hawaiian Pineapple
Home Fire & Marine InsHonolulu Cons Oil
Hunt Bros Pack "A" corn_
Illinois Pacific Glass "A"-Langendorf Baking
LA Gas & Electric pref.-

69

W

98
75
45%
116)4
162)4
36%
31
25
96%
36
126%
17%
111
95
365
125
20
16%
101
43
118
55
90
5034
11431
15
44%
29
100
26
70
25%

0000.00oP000000

39%

99 105
18
18
110 110
75
75
34
33
39% 40
111
111%
105% 10634
9% 10%
105 105
495 502
250 251
192 192
98% 98%
99% 99%
39%
37
103% 103)4
10134 101%
246 246
117 120
67% 76
98
9834
116% 119%
10834 108)4
57% 58
105
105

9
93
585
16
5
55
35
1,159
15
171
5
3.266
59
14
10
10
65
110
35
365
30
6
2
23
28
56
302
6
72
90
161
138

-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Feb. 18 to Feb. 24, both
Inclusive, compiled from official sales lists:

0.40000.000.0000.,100000,

101

High.

. of
0
w
cf.0wf9.4wvw9.,9.0wo..4

Nash (A)
100
McLaren Cons"A"
*
Mead Pulp special pref _100
*
Mead common
Meteor Motor
National Pump
Ohio Bell Tel pref
100
Ohio Shares
Paragon Refining corn.
.25
Preferred
100
Pearl-Market
100
Procter & Gamble corn_ _20
100
8% Preferred
Pure 0116% pref
100
Roliman preferred
Rapid Elec
Sabin Robbins
Sycamore Ham
100
Second National
10
U S Playing Card
U S Print & Litho oom.100
100
Preferred
100
Vulcan Last corn
100
Preferred
Whitaker Paper corn
104)
Preferred

Low.

Ow.b.wwwwwoceow

98
98
75% 75% 75%
52
50% 52
123
123 124%
205 205
37
37%
32
32%
2531 25% 26%
96% 97
97
38
37% 36
126% 126%
17% 18%
18
III
111
95
95
365 365
126
126
20
21
17
17)4
101
102
46
46
47
118 118
118
60
60
90
90
50% 52
115 115%
17%
17
17%
47%
47% 47
29% 29%
101
101%
35
32% 36
75% 77)5
26
26%
2631

Range Since Jan. 1.

§wo

C N & C Lt & Tr com_100
100
Preferred
50
CM Street Ry
50
CM dr Sub Tel
CM Union Stock Yards_100
City Ice & Fuel
Coca Cola "A"
Croaley Radio
Cooper Corp new pref._100
100
Dow Drug corn
100
Preferred
Eagle-Plcher Lead corn _ _20
100
Preferred
Fenton United corn_ _ _100
Fifth-Third-Union Tr._100
100
Fleischmann pref
Formica Insulation
French-Bauer (undeP)- *
Gallaher Drug pref new. *
Gibson Art corn
100
Preferred
Globe Soap 1st pref _
100
Globe-Wernicke corn_.i00
Gruen Watch common.*
lco
Preferred
Hatfield-Reliance com _ _ _*
Hobart Mfg
Jaeger Machine
Johnston Paint pref.
100
Kodel Radio "A'
10
Kroger common
•
Lunkenheimer

Stocks-

1.179

FINA.NCIAL CHRONICLE

Friday
Sales
Last Veek's Range for
Sale
of Prices.
Peek.
Stocks (Concluded) Par. Price. Low. High. Shares.

400
230
137%
260
97
98
2.50
75
108%
7234
23%
53
98
365
95%
106
32
5
26%
110
14
103%
9)4
27
51%
41
41%
35
23)4
45%
1211
105%

Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Fe
Jan
Jan
Jan
Fe
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan

22

460

20

25

Miscellaneous
Amer Credit Indemnity _25
Aloe common
20
Beck & Corbitt pref__ _100
Berry Motor
•
Best Clymer Co
•
Boyd-Welsh Shoe
100
Brown Shoe corn
Burkett common
Certain-teed Prod 1st pf100
Chicago Ry Equip com_25
Preferred
25
100
Como Mills Co
Champion Shoe Mach p1100
L Bruce corn
Emerson Electric pref_ _100
Ely & Walker D G com _25
100
let Preferred
2nd Preferred
100
Elder common
*
100
Fred Niedart Mfg corn_ •
Fulton Iron Works corn. 5
.
Globe-Democrat prof.
.100
Hamilton-Brown Shoe...25
Hussman Refr corn
•
Ilydr Press Brick corn _ _100
ndep Packing corn......
*
Internat Shoe common. 5
.
Preferred
100
Johnson-S & S Shoe
*
Laclede-Christy Clay Prod
Preferred
100
Nio-III Stores corn
•
Mo Portland Cement___25
Moloney Elec pref
100
Nat Candy corn
•
2d preferred
100
Pedigo-Weber Shoe
•
Polar Wave I dc F Co....•
Rice-Stlx D C1 corn
20 preferred
100
Scruggs
-V-B D G com_ _25
Scullin Steel pref
•
Securities Inv corn
•
Sheffield Steel corn
*
Skouras Bros "A"
•
Southwest Bell Tel pf_ _100
St Louis Car corn
10
Wagner Electric corn
Preferred
100

93
41
48%
119%

101
3034
116
29

2634
3834
7234

67
69%
35
35
93
94%
15
15
23
23
41
41
48% 48%
15
15
119% 120
12
12
19% 20
75
75
100% 101
47
47
105 105
30
30%
116 116
91
91
29
29
77
77
34)1 34%
12
12
113% 113%
25
26%
38% 38%
4% 4%
19% 19)4
7031 73%
110 110%
50
50

100
17%
39%
98%
19% 18%
106
36
3334
3371
20)1
102
102
17
16
3334 33
30%
4754 46%
3734 37%
118%
20
3934 38%
99
99

100
18
39%
98%
21%
106
37
33%
21
102
17
33%
30%
47);
38
119
20
40
99

50
100
30
60
32
30
1
2
20

so

48
850
10
5
498
20
15
55

so

220
70
5
280
10
25
25
3,035
16
125

67
35
93
15
22%
38%
48
14%
118%
12
18
75
100
45
102)1
30
115
90
23%
72
29
1134
113)4
20
34
434
163.5
62
10934
50

22 100
so 17
155 39
100 98%
3,410 18%
5 104
160 36
55 32
190 20%
30 102
868 16
272 31
100 30%
120 33
30 37%
88 117%
50 16
1,275 37
30 96%

Feb 73%
Feb 35%
Feb 95
15
Feb
Jan 26
Jan 4234
Jan 50%
Feb 17%
Jan 121
12
Feb
Jan 20
Feb 75
Feb 101
50
Jan 105
Feb 33
Jan 116
Jan 94
Jan 32
Jan 77
Jae 3634
12)1
Jan
Feb 113%
Jan 30
Jan 38%
Jan
5
Jan 20
Jan 74%
Jan 112
Feb 5574

Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan

Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan

100
18
44%
101
23%
106
38%
34%
23
104
20
35
32
49%
41
119
20
40
99

Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb•
Feb,
Feb.
Jan
Feb
Feb
Feb
Feb

Jan

Mining StocksConsol Lead dr Zinc "A"..5

210

12

Feb

15

9434 9434 $5,000
33,000
85
85

94
85

Feb
Feb

9434 Feb
85% Jan

12

12)4

Street Ry Bonds
East St L dr Sub 58.. _1932
United Railways 4s...1934

85

Miscellaneous BondsKinloch Telephone 68_1928
Nat Bearing Metals 681947 101
Scullin Steel as
1941
• No par value.

100% 100%
101
101
98% 98%

1,000 10034 Feb 1005' Feb
Feb
6,000 9954 Jan 101
2,000 9834 Jan 993.1 Jan

1180

FINANCIAL CHRONICLE

[VOL. 126.

New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the
New York Curb Market for the
week beginning on Saturday last (Feb. 18) and ending the present Friday (Feb. 2,1).
It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether
stock or bonds, in which any dealings
occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

Week Er.dect Feb. 24.
Stocks-

Range since Jan. 1.
Low.

11155.

Fltday

Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.

Range Since Jan. 1.

Low,
IIloll.
Indus. & Miscellaneous.
Fajardo Sugar
100
15034 153
140 15054 Feb 160
Acetol Products. line. A_ _• 304 30% 30%
Jan
1,900 294 Jan 314 Feb Fan Farm Candy Shops._• 153
Acme Steel corn
3834 3934
300 30% Jan 4435 Jan
25
83
83
400 83
Jan 834 Jan Fausteel Products Inc_ ___• 15
14
164 4,000 12
Aeolian Weber Pla&Plannia
Feb 35
Jan
Fedders Mfg Inc class A..
281-4 28
2854
700 273-4 Feb 2934 Jan
Preferred
100
8635 87
50 8634
92
Jan Film inspection Mach_ •
4
400
4
41-4
Jan
5% Jan
Aero Supply Mfg class A •
16
16
100 14
1(3
Feb Fire Association of PhIla 10
65
65
300 65
Feb
Ala Gt Sou RR ord
723-4 Jan
50 163
163 164
200 162
1774: Jan
Firemen's Fund Ins_ 100
1144 114%
100 11454 Feb 12854 Jan
Preferred
50 164
164 166
210 162
177
Jan
Firestone T & R com___10 185
185 191%
975 185
Feb 238
Jan
Alice & Fisher Inc
30
•
30
100 30
1Jan
34
7% preferred
100 109
109 109
50 108
Feb 112
Jan
Allison Drug Store cl __A• 19% 19% 19%
400 1934
21% Jan Foote Bros Gear, Inc con.*
19
19
100 19
Jan 204 Feb
Alpha Port Cern.corn
_• 38
37
38
200 36
43% Feb
Ford Motor Co of Can_100 516
515 525
350 510
Jan 668
Aluminmum Co. com _ _ _ a 127
Jan
1244 127
600 120
136
Feb Forhan Co clam A
• 264 2634 2651
600 23
Jan 29
Jan
Preferred
100 10655 1064 10631
1,400 1054
106% Feb
Foster & Kle ser Co
10 17
15
17
6,400
1451 Jan
American Arch Co
194 Feb
100 57
57
900 57
58%
70
Jan
Foundation Co
Amer Bakeries. class"A" •
52% 52%
100 49
58
Jan
Foreign shares class A_ •
134 143.4
1,300 10
Jan
17 54 Jan
Am Brown Boveri El Corp.
Fox Theatres class Acorn.
1934
184 1994 3.300
183.4 Feb 22
Jan
Founders' shares
•
1.100
6%
6
6%
934 Jan Franklin (H II) Mfg corn.•
100 14
133.4 13 34
Feb 164 Jan
Amer Colortype corn
• 24
2331 24
1,106 23%
25
Feb
i'referred
100 87
86
87
175 86
Feb 87
Am Cyanamid, corn cl B 20 424 394 4334
Jan
3.300 39
4831 Jan Freed-Eisernan Radio
•
14 14
100
1 14 Feb
23,4 Jan
Preferred
100 97
9655 974
228 9554
98% Feb
Freshman (Chas) Co
•
5%
534 634 3,900
531 Feb
104 Jan
Amer Dept Stores Corp.
• 18%
13
194 5.000 134
19% Feb
Fulton Sylphon Co
• 43
4255 434 2.600 40.4 Jan 4454 Feb
American Hawaiian SS_ _10 16
16
2.600 154
163-1
18% Jan Galesburg Coulter Disc • 59
55
59
3,400 473.4 Jan 59
Feb
Amer Mfg Co. corn..,. 100 65
64% 6631
200 64
8035 Jan Gamewell Co. common_ •
62
62
100 62
Feb 6554 Jan
Amer Rayon Products. •
1431 1435
1.200
14
17% Jan General Amer Investors_ _• 5654 563-4 57
1,200 56 55 Feb 684 Jan
Amer Rolling Mill, com _25 100
98 10131 15,300 95
Jan General Baking new
114
9
2.500
83-4 9
834 Feb
9
Feb
Preferred
110% 11031
100
80 109
III
Jan General Baking class _A.•
844 8535 5.100 76
Jail
8831 Jan
Am Solvents & Chem, v t c• 133.1
1135 134 2.000 114
Class II _
133.4 Feb
81-4 855 15.900
734 Jan
10
Feb
Cony partic preferred..• 264 2655 26%
1,600 026
Jan
Preferred
28
• 823.4 SA% 8234 2.100 8054 Feb 8231 Feb
Amer Thread pref
5
351 34
900
34 Jan
34i•
Gomel Bronze Corp corn...
4334 4255 43%
700 35% Jan 4654 Jan
American Trading Co
Geri'l Fireproofing corn_ •
100 100
100 100
Feb 103
Jan
American shares
42
42
100 42
4355 Jan
General lee Cream Corp_ •
50
59
100
Anglo-Chile Nitrate Corp.• 29
28
29
900 263.4
3134 Jail Geri'l Laundry Mach corn • 221-4 2031 223.4 6,000 5831 Jan 644 Jan
20
223.4 Feb
Jan
Atlantic Fruit & Sugar- •
76c 79e
1.400 72c
Jan C C Spring & Bumper corn•
I
10
1014
400
10
Feb
1154 Jan
Atlas Plywood
6951 70%
• 70
1.700 x634
72
Feb Glen Alden Coal
157 159
1,300 157
Feb 169
Jan
Atlas Portland Cem
3831 38 39
1,700 38
40% Feb Gobel (Adolf) Inc corn_ _•
4 1/78 y80
200 65
Jan 87% Feb
Auburn Automobile, corn.*
115 115
200 115
131% Jan Clold Seal Electrical 5.;o__• 10
934 10% 2,700 4031 Feb
Jan
17
Babcock & Wilcox Co_.100 120
120 121
325 120
124% Jan Gorham Mfg com
494 52
300 50
Feb 56
Feb
Bahia Corp common
•
6
851
1.000
6
10
Jan
Preferred
100
112 112
25 112
Feb 126
Feb
Preferred
25
93.4 124
900
9%
14
Jan Gossard (II M1 Co
47
48
I eb 48
300 47
Feb
Bancitaly Corporation ..25 178% 171 1794 93,600 136
1824 Feb Grand 5-10-25c Store new'
63
543.4
1,800 46
Jan
Jan
Beaver Board Cos pref _100 5035 4855 50%
58
900 39
55
Feb Grant(%VT)Co of DeLeorn•
119 122
300 1181.4 Jan 125
154 164
Belgian Nat Rye pref
Jan
300 154
1735 Jan Gt Atl & Pac Tea lit p1100
118 118
Jail 119
Jan
60 118
Benson & Hedges com......• 194
19% 20
1.100 193.4
Jan Greenfield Tap & Die....
23
• 104
700
103.4 11
1055 Feb
Convertible ore!
1234 Jan
•
28
2855
500 28
31% Jan Grey (1.) & Bros pf ci N100 99
9751 99
500 97
Feb 99
Jan
Bliss(E WI & Co. cum.
17
16% 174 2,600 1694
2034 Jan Habirshaw Cable & Wire_• 224 22% 2234
100 2231 Feb
2334 Jan
Blumenthal(S)& Co,corn•
3055 304
100 303.4
hall(W F I Printing__ _10 264 24
35% Jan
264
500 24
aO
Jan
Blyn Shoes. Inc. corn...10
Feb
4
4
44
700
4
Happiness Candy St elA •
4% Jan
655
54 655 3,800
Bohn Aluminum St Brass.• 49% 4634 51
73-' Jan
63.4 Feb
19.800 3355
51
Feb
25
80
80
100 80
Feb
Boston & Albany Rit 100
Feb 80
182 182
20 182
183
Feb FIazeltine Corp
•
031
84 034 1,000
11
Jan
Bowman Biltmore Hotels
835 F •
Hercules Powder pref. _100
118% 11855
Jan
10 1183-4 Feb 121
7% preferred
100
71% 72
50 70
72
Feb Hoyden Chemical Co _ _ _•
735
Jan
45.4 Feb
9
Brill Corp. class A
755 755
100
31
• 31
31%
200 304
3434 Jan
Holland Furnace
•
42% 43
Brillo fg. coin
300 414 Jan 4354 Jan
1755 18%
400 14
2331 Jan 1100(1 Rubber Co
• 40
41
39
Feb 424 Jun
Brit
-Amer Tob ord bear.£1 26% 264 2635
125 39
1,100 25%
264 Feb Horn & Ilardart corn
•
53
Broadway Dept Strilst pf100
900 53
Jan
534
Feb so
Huyier's of Del. corn__ •
1755 18
With warrants
1,100
17
Jan 2055 Jan
110 3107 110
350 p1054
112
Jan
7% preferred
100
1011-4101%
100 101% 1'04 1023.4 Jan
Brockway Mot Tilt. corn..
4655 51
3,700 43
52
Feb
Hygrade F od Prod corn_• 2831 28
2914 4.200 254 Jan 31% Feb
Bullard Mach Tool
•
49
494
300 43
494 Feb India Tire & 'tubber
• 21
21
21
Burt (1 Ni Co, corn. _25
200 21
1-el, 21
Feb
,
69
69
100 69
70
Jan Industrial Rayon class A.' '934
,
18
10 34 11,10(
Feb 2215 Jan
18
Butler Bros
20
20% 20%
100 2054
24
Jan
Insur Cu of North Amer. 10 87% 83% 871-4 3,400 8355 Feb 9534 Jan
Eluzza Clark. Inc. corn _ _• 16 31
16
17
1,600 16
17
Feb Internal P.ojec)or
8
R
100
8
Eel,
Feb
8
Camp, Wyant & Cannon
International Shoe corn' 7294 711-4 7231
600 69
Feb 743.4 Feb
Foundry
• 41% 39% 4135
3.100 39
44
Jan Interstate Dept. Stores
3755 37
37
3811
5,60
Feb 3834 Feb
Carnation Milk Prod com25
304 32
400 30
3835 Jan
7% eirm. preferred
10994 108 34 112
2,900 10815 Feb 112
Feb
Case Plow Wks. el B et e_•
855
634 114 12,600
64
17
Feb Kswneer Co
•
2955 294
200 29
Feb 293i Feb
Castle (A al, & Co
10 4431 443.4 45
200 44%
45
Feb Kehler %Villiarns Stpg
•
400 1634 1-eb
163.4 161.4
1055 Feb
Caterpillar Tractor
574 554 5731
400 53
Jan
5911
heitti-Albee-Grph prof. 100 101
101 10135 2.000 101
Feb 10234 Feb
Celanse Corp of Am.com...• 824 774 844 9.300 7734
10034 Jan
Kemsley. alillbourn & Co • 163-4
16
16% 4,700
1514 Jan
17% Jan
First preferred
165 175%
190 175
3,600 z16
1854 Jan
Kinnear Stores Co corn ___• 304 30
600 30
Jan 3234 Jan
Celluloid Co, corn
•
105 105
200 100
122
Feb
Kruskal & Kruskal Inc' 1654 144 1654 2.400
13% Jan
174
5 Jan
904 904
$7 preferred
100 89
973.4 Feb Lackawanna Secur new.* 51
504 514
1,600 501-4 Feb
5535 Jan
First preferred
127 127
100 127
132
Feb
Luke Superior Corp._ _100
6%
51-4 7
1.400
394 Jan 253483.4 Feb
• 51
Celutex Co.common
49
5155
800 49
62
Jan I.and Goof ,
'
beide
18% 20
900 181-4 Feb
Feb
7% preferred
100
80
SO
110 80
874 Jan Landers. Frary & Clark_25
78
78
Feb
10 78
Feb 78
Central Aguirre Sugar..
.50 120
1163-4 120
950 11611
136% Jan Lefcourt Realty pref
•
374 374 1,400 3734 Jan 38 34 Jan
Centrlfuv al Pipe Corp. •
1055 11
1,800 1055
124 Jan Lehigh Coal & Nay ____50 107
107 1113-4
1,40
Jan
1053.4 Jan 126
Checker Cab Mfg class A.• 20
20
17
1.000 12
20
Feb Lehigh l'ort Con,(•om_ _50 50% 5034 Si
900 5054 Feb Si
Feb
CM dr St P (new Col
Lehigh Val Coal (Ifs new.. 29
28% 31% 7.118
Jan
284 Feb
39
New common w I
2251 22
7 500 20%
2334
263-4 Jan Lehigh Val Coal Sales.. _50 55
55
623.4
775 65
Fel
663-4 Jan
New preferred w I
5,20
35%
374 3655 38
444 Jan Le Mur C., corn
• z2755 254 23
2,900 14% Jan
2834 Feb
Chicago Nipple class 3.
2
2
2
.50
200
5
Feb Leonard Fitzpatrick &
Childs Co. pre(
123 123
100 1183.4
100
1244 Feb
Mueller Stores corn
•
38
38
100 38
Jan
Feb 43
Cities Service. common _ _20 544 544 554 36.300 54
56
Jan Libby. McNeil & Libby_10
0
9
Jun
9
10
03.4 Jan
Preferred
2.200 943.4
100 953'l 9555 95%
954 Feb
Libby Owens Sheet Glass 25 113
113 115
100 113
Fell 128
Jan
Preferred B
10
500
8% 8%
8%
9% Feb Liberty Radio Clean
8%
•
17c
17c
Fel
Feb
1,00
17c
22c
Preferred BB
e9034 Jan Lit Brothers Corp Sts.100 8834
100
9034 go%
10
23% 24
Jan
400 2344 Feb 25
City Ice & Fuel (Cleve).-• 37
500 3655
37
37
38
Jan Lunkenhelmer Co corn _ .• 274 25% 271'4
700 25% Feb 274 Feb
Club Aluminum Utensil_ •
344 35%
1,100 344
3831 Jan Manning, Bowman & Co
Cohn-Hall-Marx Co
•
40
2755 27%
233.',
294 Jan
Class A
• 19%
1974 19%
Jar
204 Feb
200 18
Colombian Syndicate__ _1
14
Iris 10.400
Marmon Motor Car coin.'
Ph, Jan
14
401-4 42
Jan
700 384 Feb 47
Columbia Graph Ltd. rots. 4134
800 344
42
3735 42
Feb Marvel Carburetor
10 69
66
71
2,25(
82
Jan 67
Feb
Cons Dairy Products...
254 213-4 2551 6.800 21
2551 Jan
Maryland Casualty
25 178
17654 178
Jan
200 176 3( Feb 191
Consol Film Indus. corn_• 1854
1.100
16
Mavis Corporation
1934 Feb
184 19%
21% 23%
24% Jan
1,100 2135 Fet
$2 cum partle pref
24
Jan
alavis Bottling Cu of Am,' 16%
• 2231
223-4 22% 3.300 224
1655 1731 6,100
18% Feb
Jar
15
Consol Laundries
19 31 Feb
May 1)rug Stores Corp...
18% 194 10,400 z1434
19
•
22% 22% 22 34
Jai
900 20
26
Jan
Copeland Products EndMay Hosiery Mills 34 p!.'
4851 484
Jan 4831 Jan
100 48
Clase A 'Orb warrants.•
900
12
94 10
Feb McCord [tad & Mfg v t c.•
754
955
Jan
22% Feb
2135 214
200 19
Courtaulds. Ltd
6,400 31)
4351 Feb
McKeesport Tin Plate__• 614 604 611-4 2,800 60
4151 3631 434
6255 Feb
.lat
Crow. Milner & Co. corn • 3831 37
41)
400 344
Mead Johnson & Co corn.'
3831
Feb
54% 54%
Feb
100 53 54 Fell 69
Crown 11, ill're Pap v t c.° 224
16
224 Feb
2,70
Melville Shoe Co corn__ • 160
22%
19
Jai 1113
111
151 14 16234
1,55
Feb
Cuban Tobacco v t c
4954 Feb
100 48
Mengel Company
49
49
•
leo
504 Feb 68
Jan
5011 51
20
Cube° Press
Mercantile Storer.Co. 100
97
Jai 120
Feb
115 115
10
Common
40
4951 Jan
300
Meaabl Iron
10 4355 434 45
24 Jan
234
40
234
23,4
31-1 Jan
631% pf with warets 100
300 101
102% Feb
Metropol Chain Stores •
102 10254
63
Jut
5555 57
1.400 54
Feb
Davega.
800 37
51
• 37% 37
Jan Met 5 & 50eS,ores pfd_100
33
Jar
53
100 41
59
Feb
5351
Davenport Hoelery
1815 Jan
100 15%
Midland Steel Prod
1531 15%
• 87
86
Fe
86
1,10
112
90
Jan
Deere & CO,common_ _100 271
1.600 2201.1
29435 Feb
Midvale Co
260 278%
•
100 39
Jai
4131 404
44% Jan
De Forest Radio. v t c.....•
14
1.100
5
Jan Minneapolls-Honeywell
3%
3% 355
Vot trust Ws
1
4
Jan
Regulator common '
-Ws den 24 34 1.100
300 30
Fe
30
303.4 3031
Feb
Detroit Motorbus
83.4
954 Feb
300
9
Monsanto Chem Wks corn
10
94
46
46
100 3854 Jar
49
Feb
Doehler Die-Casting
23
8,800 1535
Feb Motion Piet Cap Corp. _25
• 2255 19% 23
23
1-eb 23
100 23
23
Feb
Dominion Stores, Ltd__ • 116
1,300 104%
127% Jan Murad Radio Corp
113 116
be
•
600
Jan
2
2
Feb
Douglas Shoe pref
90
75 85
884 90
Feb Murphy (G. C.) Co corn.°
los 90
10(1 62% Jul 73
67
67
Feb
Drug eroded& Inc
4,000 7734
8031 Feb
National Baking corn- •
784 7754 79%
400
7
731 71-4
Feb
1034 Jan
Dubiller Condenser Corp.
24
3% Jan
Preferred
3
3% 3,500
34
100 8051 804 86
50 8054 leb 93
Jan
Durant Motors. Inc...
4,20
12% Jan Nat Food Products el B. •
93(
94 10%
931
7
855
81-4 2.700
Jan
6
934 Jan
Durham Dup Raz pr prefNational Leather
4
i0
800
355 Jan
41-4
434 Jan
With cl B corn stk pr wr• 57% 5731 58
59
Feb
300 49
Nat Manufacture & Stri •
32% 34
(300 3255 Feb 394 Jan
6
6
Duz Co class A
Jan Nat Standard Co
10
6
•
6
52
• 52
52
100 46
Feb 52
Feb
5
555 Jan Nat Sugar Refg
Voting trust certificates.
100
ssi 6%
119 119
100 119
Feb 131
50 119
Jan
22
Eastern Roll Mill
264 Jan Nat Trade Journal Inc..•
40
224 2255
331-4 33% 2,500 33 54 Feb
341-4 Feb
37
Eitingon Schild Co.corn_ •
200 35
Feb
Nelsner Bros Inc corn
36% 37
67
66
67
•
300 6034 Jan 80
Jan
151
Estey-Welte Corp el A_ •
3
1,90
Jan
Preferred
14 2
Hu] 1183-4 116 1164
115 1103.4 Jan 118% Feb
Class B
Jan Neptune Meter class A..
1
200 50c
65c 60c
•
2434 24 34 24%
200 243-4 Jan
25
Feb
Evans Auto Loading el A.5
700 55).'
75% Jan Newberry (J J) pref._ _100
02
56
1064 10651
60 10631 Jun 108% Feb
Class B common
9.000 531-4
7554 Jan
New Men & Ariz Land._ _1
63
534 64
84
851 855
300
851 Feb
10
Jan
Fageol Motors Co corn_ 10
34 Feb Newport Co prior com_100 149% 1384 14951
14
2% 2% 2.60
0
760 114
Jan 14931 Feb




•

1

FEE. 25 1928.]

Nickels & Shepard Co----• 36% 35% 37%
37
36
Niles Bement
-Pond oorn.•
• 1234
9% 13
North Amer Cement
2955 31%
Northwest Engineering- -•
11% 11%
Novadel Process Corpoom•
97
Ohio Brass class B
•
97%
14% 14%
•
Pacific Steel Boiler
89
91%
Palmolive Peet Co corn._.• 89
36
36
36
Fender (D) Groc Co cl B.
Penney (J C)Co CIA pf 100 104% 104% 104%
52
Peoples Drug Stores
• 52
52%
105 105
100
Pepperell Mfg
117 12215
Phelps Dodge Corp_ _ _100 117
Philip Mor's Cons Ins com•
6% 7
25
11
Class A
11
Pick (Albert). Barth & Co
10
10
Corn vot trust etre
Pref class A (partici pt).
20%
• 2034 20
Pickwick Corp corn
10
8% 855
8%
Pierce Governor Co
* 19% 18% 19%
Piggly Wiggly Corp com •
25% 26%
Piggly Wiggly Western
27% 27%
Stores Co class A
•
Pines Winterfront Co CIA 5
59
59
Pitney Bowes Postage
•
8
Meter Co
514
Pitts & L E RR corn_ _50
145 14555
Pitts Plate Glass
100
215 221
Pratt di Lambert
55
56
•
Procter & Gamble corn..20
249 250
Prudence Co 7% pret...100 105% 105% 10515
•
41
Q R S Music
41
Realty Associates corn_ • 295
295 296
Republio Mot Truck v to_*
2
2
2
Richman Bros Co
258 262
•
Richmond Radiator, corn..• 24
23
25
7% pret
38
38
Royal Bak Powd corn_ _100 260
250 261
Ruberold Co
92
97%
100 92
Safeway Stores corn
353 394
• 384
St Regis Paper Co
• 5734 5415 5734
228 23934
Sanitary Grocery
239
Savannah Sugar Corn....
111 112
•
Schulte-United [kr& SI Sts• 19%
1934 2134
Pre( part paid
100 98
9734 10034
2851 29%
Scotten-Dilion Co
10
&evil! Mfg
49
49%
25
Scullin Steel pre(
• 32% 3215 3215
Seeman Bros common_
411.4 4255
•
333.4 37
Selberling Bubb Co com. •
Selfridge Prey Stores Ltd
Ordinary
El
4%
4% 4%
5% 634
Serve' Inc (new co) v t c..•
634
100 24% 2434 2451
Preferred v to
Schaeffer(W A) Pen new • 48
44% 48
Sherwin Williams Co com25
6654 61355
Shredded Wheat Co
68
• 66
66
Silica Gel Corp corn v t c • 1755
1734 1834
Silver (Isaac) & 13rus cum_• 48% 44
49
Singer Mfg
100 448
448 455
8% 15%
Singer Mfg Ltd
El
85
87
Smith (A 0) Corp corn....• 85
.200 lire
Snia Viscose ltd..
834 834
Dep rcts Chase Nat Bk.
754 834
25% 2634
Southern Asbestos Co. •
Southern Groc Ste cony A • 3531
3534 36
28% 29
Southern Stores Corp el A •
150 155
Spalding(A C)& Bros corn • 155
21511
234 3
Span & Gen Corp, Ltd_ _11
Sparks-Withington Co_ _.• 51% 47
62
•
33
Stand Com'l Tob corn
3534
Stand Invest Corp 6% pt.•
100 101
Standard Pub cl A
25
355
'i55
102% 104
Stand Sanitary Mfg cern 25
Stetson (J B) Co corn____• 103
103 103
Stinnes(Hugo) Corp
9% 954
•
Stromb-Carlson Tel Mfg_* 29
29
29
1554 15%
Stutz Motor Car
1534
Swedish Amer Invrst pt 10 132
132 132
128 13034
Swift & Co
100 130
3134
30
Swift International
15 31
17% 17%
Syrae Wash Mach B corn.•
Tenn Products Corp com.•
1534 1534
12% 12% 1234
Timken-Detroit Axle...lb
Preferred
00
10434 10455
Tishman Realty & Coney • 3534 35
3534
Tobacco Prod Experts..
315
3%
334
4455 46%
Todd Shipyards Corp. •
-Lux Pict Screen
Trans
Class A common
•
335 4
Trio)Products Corp corn.• 29% 2934 30
1111 1134
Trumbull St'l cam ctfdep 25 11%
96
97
Preferred ett of dep..100 97
10
3555 3534
Truscon Steel corn
46615 493
Tubize Arti dotal Silk cl B..• 485
6% 635
•
Tulip Cup Corp COM
lrOng-1301 Lamp Wks corn.•
1034 1034
• 20%
2034 2034
Class A
•
60
61
United Biscuit class A_
• 1431
14
Class 11
1534
26% 29
United El Coal Coe v t c •
Unit Piece Dye Wks corn.* 52% 5235 5354
100 1 07% 106% 10834
055% preferred
934 934
Unit Profit Sharing corn..'
64
64%
Unit Shoe Mach corn_...25
55
55%
US Dairy Prod class A....•
2415 2434 25
US & Foreign Sec(rum__
100
100 100
6% preferred
• 74
7034 7534
U 8 Freight
• s89
8834 90
US L Battery corn
10 z10% z1055 1034
7% pref class B
Waitt & Bond Inc cl A__• 25% 2434 2534
• 16%
16
16%
Class B
123% 123%
Walgreen Co pt(with war)"
1534 1734
Bros Pictures...' 17
Werner
16•
13% 1735
Watson (Jno Warren) Co.
67
6834
Wesson Oil & SD corn v t c•
10234 10234
Preferred
Western Auto Supply or • 31% 31% 3134
100 149% 147% 150
West Point Mfg
3915 40
Wheataworth Inc com. •
2455 2634
Wire Wheel Corp corn new. 25
• 3035 30
31
Woodworth Inc corn
2234 2234
Worth Inc corm class A •
104 104
Fl Co corn_ _100
Young (J
•
50
5234
Zellerbach Corp

Sales
Friday
Last feek's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.

Range Since Jan. 1.
Low.

High.

1,200 30%
500 28
1,300
6
1.200 2954
300 1134
250 89
600 1355
1,100 89
700 33%
50 104
800 48
10 100
175 117
6.55
500
200 11

Jan 4031 Jan
Jan 42% Jan
Jan 13
Feb
Feb 35
Feb
Feb
Jan
14
Jan 98% Jan
14% Feb
Jan
4 Jan
Feb 955
Jan 3934 Jan
Jan 105% Jan
Jan 54% Feb
Jan 106
Feb
Feb 129% Jan
Feb
Jan
9
14
Jan
Feb

100
2,300
100
5,100
1,100

Jan
Feb
Feb
Feb
Feb




Public Utilities
Alabama Power 57 pref. •
Amer & Foreign Pow wart.
Amer Gas & Elec corn___-•
•
Preferred
Amer Lt & Tree corn__ _100
Amer Nat Gas corn v t c_ •
Am Pow & Light pref..100
Amer Pub Util panic pf 100
Amer Superpower Corp A •
Class B common
•
First preferred
Participating Pref. -35
Assoc Gas & Elec cl A....
Blackst Val G & E com_50
btoCk Min COS

200
100

000
250
80
300
175
25
100
40
100
70
700
100
200
650
1,750
3,900
540
110
12.400
17.200
400
100
100
1.400
4,000

10
20
8%
18%
2554

23% Jan
5634 Jan
7%
145
210
5134
247
102%
38%
27034
1%
256
23
3734
236
8134
310
50
215
111
19%
9754
2834
49
32%
33
3334

400
434
5,100
434
200 24%
3,000 4034
50 66
500 66
200 17
1,200 39
150 428
4%
100
125 85
300
835
734
1,500
600 2334
250 3434
600 24
80 f125
14,400
234
16.400 30
2,900 31
200 100
400
334
10234
45
2 102%
10
03.4
10
28%
1534
2.80
200 12734
1.500 125
11,800 2534
1434
10
100 1434
400 1 134
2 103%
1,60
33
3%
1,600
4434
30
900
2,63
60
30
100
2,210
100
100
500
600
1,600
400
1,500
700
100
500
300
1.900
900
3,100
1,000
400
400
900
100
8,100
10.600
1,700
100
500
300
400
6,200
1,800
1,100
50
175

3%
283.4
11%
96
331.4
450
6%
10%
1935
60
1355
2834
5234

4,600
56c (510
1
1% 12,000
4% 5
6,500
134
155
200
651 634
200
2% 255
1,400
4% 5
1,900
5% 535
2.000
1155 12
1,271
1% 2
8,200
17
17
100
800
9% 954

530
1
45.4
134
651
2%
335
534
1154

los%

951
63%
40
24
100
7034
6735
10
2434
16
12034
13%
1335
67
102
27%
14734
34%
2434
2
634
2234
104
44

II%
22%
1034
19%
2834

Jan
Jan
Feb
Feb
Jan

31
64

Feb
Jan

Jan
10%
Feb 155
Feb 234
Jan 5734
Feb 265
Jan 1054
Jan 41
Jan 300
Jan
3
Feb 288
Jan
2754
Feb40
Jan 287
Jan 107
Jan 394
Jan 59
Jan 242
Feb128
Feb22
Febwog
Feb 2934
Feb53
Feb 34
Jan 4534
Feb 44

Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan

Jan
494 Jan
Jan
754 Feb
Feb 31
Jan
Jan 48% Feb
Jan 67% Jan
Feb 77
Jan
Feb 1954 Jan
Jan 41131 Feb
Jan 455
Feb
July
551 May
Feb 103
Jan
Feb
854 Feb
Feb
934 Jan
Jan
2934 Jan
Jan 3734 Feb
Jan 29
Feb
Jan 155
Feb
Feb
31r, Feb
Jan 64
Feb
Jan 3535 Feb
Feb 102
Feb
Jan
351 Jan
Feb 112
Jan
Feb 103
Feb
Jan
1034 Jan
Feb 35
Jan
Jan
1834 Jan
Jan 134
Jan
Jan 133
Feb
Jan
343.4 Feb
Jan
1934 Jan
Feb
16
Jan
Feb1234 Jan
Jan 105% Jan
Jan
36% Feb
Jan
434 Feb
Feb 51
Jan
Jan
434
Jan 3144
Feb13
Feb110
Jan 4034
Feb505
Feb6%
Feb11 34
Feb21%
Feb66
Feb2134
Feb32
Feb5555
Feb10834
Jan 12%
Jan 64%
Jan 57
Feb 2.5%
Feb 10034
Feb 8434
Jan 95
Jan
1055
Jan
253-4
Feb
18
Feb 123%
Jan
1734
Jan 20
Feb 73
Jan 10434
Jan 32
Feb 150
Jan 40
Feb 2
834
Jan 3134
Jan 22%
Feb 104
Jan 53%

Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb

Rights
American Metal
1
Amer Superpower
Borden Co
Canadian Indus Alcohol.........
Detroit Creamery
Flat
4%
Gebel (Adolf)
Lehigh Coal & Nay
11%
Lowe's Inc
1%
Middle West Utilities
17
Nichols &Shepard
Whiter Sewing Mach debits

1181

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.

Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
17
Feb
83-4 Feb

610
1%
6
1%
634
234
6
6%
16
2%
17
12%

Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan

115 115
855 835
855
129% 119 129%
107% 107% 107%
18115 185
184
20
20
10535 10
106
6
92
92
92
38% y3751 41
3931 v3934 41%
10331 103 10334
30
30
47
47%
47
13334 13234 13134
13334 132 133%
551 5%
531
3551 34% 35%
32
32%
2655 26%
2155
21
r21
108% 109
109
97% 965( 97%
106% 106%
175 177
175

100
800
8,700
300
625
2.000
700
25
6,500
6,200
1,000
300
5.300
300
400
4,500
2,300
1,900
600
300
75
600
200
250

Ranee Biwa Jan. 1.
Low.
114
855
11754
10634
170
18%
104
90
37
3791
10155
2835
47
132%
132

100
Brooklyn City RR
30%
Buff Mae & East Pr corn.•
31
New class A w 1
26
Preferred
25
193-4
Central Pub Sore cl A
10434
Cent States El 7% pref.100
95%
pf.•
Cities Sore Pr & Lt
105%
100
7% preferred
167
Co 'w'Ith Edison Co _ _100
Com'wealth Power Corp-700 10234
100 103% 103 103%
Preferred
700 6714
Con Gas E L & P Balt corn• 6951 69% 70%
50 110
11051 110%
Coral G & E 6% tel p1.100
800 10911
Elec Bond & Sh pret __ _100 109% 109% 10935
29.200 78
89
Elec Bond & Sh Secur. ___• 88% 85
031
Elm Invest without war_.• 4234 40% 4294 5,100 4
150 s102
103% 103%
Elec Pow & Lt 2d prat A_ •
1,400 1355
16
1534 1651
Option warrants
100
651
7
7
•
Electric Ry Recur
Empire Gas & F 8% p1.100 109% 10854 109% 1,700 10855
800 9934
9934 99%
100
7% preferred
900 30
30
32
Empire Pow Corp part elk* 32
34% 4.300 2734
Federal Water Sore cl A....• 3415 34
150 10434
10734 1073.4
Florida Pow & Lt $7 pref.•
1634
18% 103-1 2,100
1951
General Pub Serv
75 115
7% Preferred
• 11934 11934 1191.4
600 45
4554
• 453' 45
Internal Util class A
354
034 7% 1,600
Class B
•
150 97
100 100
Partici pat pre(
•
200 70
71
71
K C Pub Serv. pf A v t
Lehigh Power Securities_ .• 2554 2431 25% 14,100 1934
Dep receipts for comstk
24 54 24% 24% 4.000 2434
60 11034
112 11234
Long Isld Ltg 7% pf.„100
3
8 22,000
Marconi Wirel Tot Can..
_1.
3111 31
31.1
954
14% 3.400
Marconi Wire! Tel Lond.r1 14% 13%
25 147
147 147
MEOW I.ta Cos corn
•
Middle West Util
1303.4 12935 13034 1,500 123
150 94
$6 preferred
• 981.4 9834 99%
250 11754
7% preferred
121
122
100
Mohawk & Hud Pow corn • 30
2955 3034 2,700 2935
6
warrants
800
634 6%
6%
Mohawk Valley Co
600 46
•
4791 4934
10 155
Mtn States Tel & Tel_ _100
11162 r1162
200
Municipal Service
•
1334
143-4 1455
2,400 2784
Nat Elec Power class A _ • 31
31
30
100 1108Si
Nat Power & Light prof'
11034 110 110%
Nat Pub Say cow class A • 2555 2455 25% 3,100 22
Common class B
•
100 2414
27% 2734
Warrants
1
100
1
1
1
ewEngl Pub Sore
10)) 161 ;4
25 13
61
61
61
N Y Telep 634% pref _100 114% 11451 114%
Nor Amer Util Sec 1st pt_• 0334 93
300 92
933-4
Northeast Power corn.. ..• 2034 20
2
054 8,100 1934
Northern Ohio Power Co.• 2334 22% 23% 18,800 18
98
Nor Ontario L & P pf_100
10 98
98
130% 13135 3,100 u123
Nor States P Corp corn.100
100 10834
109 109
Preferred
100 109
Pacific Gan & El let pt_.25 28
1,000 263-i
27% 283-4
Pacific Pow Ar Light 7%100 10734 1071.4 10735
10 10755
800 3234
33
34%
Penn-Ohlo Ed corn
•
200 10634
100 106% 106% 107
7% prior pre(
220 9354
•
$8 preferred
9334 9434
13
Option warrants
13
300 11
1311
13
1394
Penn Ohio Scour Corp
•
500 13
100 10934
111
111
Pa Power & Lt $7 pret.100
1,000 68
69
70
Pa water & Power
•
Portland Elec Power...100 5034 5034 51
900 4231
100 1144
•
12
12
Power Securities cam_
1,400 3454
45
49
Puget Sound P & L corn 100
98
98 34
250 92
6% preferred
100 98
20 10634
11034 11034
7% preferred
100
300 3034
31% 3134
Rhode laid Pub Ser pref. •
100 29
35
35
Sierra Pacific El corn..100
110 594
95
95
Preferred
100
900 2854
2851 29
Sou Calif Edison pref A 25
.11
2554
26%
Preferred B
25 2654 26
200 25
25
Sou Colo Power class A 25
25
6.500 4134
Southeast Pow & Lt corn.' 42% 41% 43
Corn voting trust ctts...• 4134 40 34 41% 1,800 41
200 10855
109 109
$7 preferred
200 84
863.4 87
Participating prof
• 87
500 1234
12% 1234
Vearrts to pur corn stk
100 11734
Southw Bell Tel, prof..100
1183-4 1183.4
60 110
S'west'n P & L 7% pf _ _100 11134 110% 111%
200 121874
400
111
111%
Stand Gas de El 7% 01_100
2,200 29%
Standard Pow & 1.1 corn.25 38% 35% 3834
Union Nat Gas of Can.. 5
35% 3554
.
9.400 11.131
112 115
United Gas !mot
50 114
15
United Lt & Pow cam A _• 16%
1334
175( 39,000
200 9434
Prof class A
• 99% 99
9951
300 5215
• 55% 55% 56
Preferred class B
1101 Pow & Lt class
2194 1834 213.4 11,800
1854
300
11
UM Shares Corp corn... •
11
11
.
Wash Ry & Elec corn _ _100
10 460
480 480
•
Western Mass Cos
400 593.4
591( 5934
Western Power pref...i00
50 103
10334 103%

Mph.

Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

11534
911
129%
109
191
21
109%
92
41%
43
103%
29%
5154
13754
13555
7
3634
3434
2634
2151
109
97%
106%
188

Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb

Jan 10434
Jan 7351
Jan 110%
Jan 11134
Jan 9451
Jan 4.5%
Jan 10434
1634
Jan
Jan
7
Feb 110
Feb 9934
Feb 3514
Jan
3531
Jan 10734
Jan
2014
Jan 120
Feb 5131
Feb
1034
Jae 100
Jan 7234
Jan
2734
Feb215/
Jan 11234
Feb
454
Jan
153.4
Feb147
Jan 135
Jan 9934
Jan 125
Jan 3134
644
Jan
Jan 5034
Jan n162
1434
Jan
Jan 3234
Jan 111
Jan 2834
Jan 30
Feb
234
Feb 188
jan
Jan 93
Jan 23
Jan 2434
Jan 98%
Jan 136%
Feb s1095(
2844
Jan
Feb 10931
Jan 3534
Feb 109
Feb 96
1354
Jan
14
Feb
Jan 111
Jan 73
Jan 51%
1334
Feb
Jan 50
Jan 9834
Feb 112
Jan 3155
Jan 3834
Feb 95
Jan 29
Jan 2734
Jan 2094
Feb 4434
Jan 4355
Jan 10934
Jan 8734
Fel, 1334
Feb 119
Jan 11155
13 %
17
1
Jan 3834
Jan
Jan 11894
Jan
17 34
Jan 100
Jan 56
Jan
21
Feb
12%
Jan 481
Feb 5954
Jan 10494

Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
an
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb15g
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
J8n
Jan
Jan
Jan
Jan
Feb
jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan

Former Standard 011
Subsidiaries.
Anglo-Amer 011 (vot sh) El
Non-voting shares .L1
Borne. Scrymser & Co_100
Buckeye Pipe Line
50
Chesebrough Mfg Cons_25
Continental 011v t c. _ _10
Cumberland Pipe Line 100
Eureka Pipe Line
100
Humble 011 & Refining_ _25
Illinois Pipe Line
100
Imperial 011 (Canada)_ -.5
Indiana Pipe Line
50
National Transit..._12.50
New York Transit
100
Northern Pipe Line_ _ _ _100
Ohio 011
25
Penn-Men Fuel
25
Prairie Oil& Gas
25
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
25
Se West Pa Nee Lines.100
Standard Oil (Indiana)_ .25
Standard 011 (Kansas)..25
Standard 011 (Kentucky)25

20%

17%
103%
6155
184%
5854
7554
2415
49%
10551
60
3735
49
210
176
39
94%
74%
12754

1955 2115
1855 2055
52
52
5935 59%
125 126
16
1751
103% 103%
67
66
591( 61%
181% 18431
56% 594
75
7555
22% 2455
48
4954
10435 106
5855 6055
29
3805
48
4935
206% 214
176 177
3915
37
9054 95
70% 7554
1555 16
1225( 129%

22,100
2,100
50
200
300
34.800
100
150
8,400
800
7,800
300
4,300
850
600
2.600
1.700
9,500
4,650
20
2,000
1,100
50.000
1.100
59.200

1854
17%
52
58
117%
16
94
64%
5094
17634
56%
75
2034
3834
94
5854
29
48
184
175
3651
70
70%
15
12234

Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jar
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb

2234
203-4
56
63
1403.4
23
105
70
68
185%
6511
7894
2434
493.4
106
6651
3934
50%
216
178
4034
95
80%
17%
133

Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jae
Feb
Jan
Jan
Feb
Jan
Jan
Jan

Says
Friday
Last Week's Rang, for
Sale
ofPrices.
Week.
Price. Low. High. Shares

Former Standard Oil
Subsidiaries
(Concluded)

Range Since Jan. 1.
High.

Low.

Jan
Standard Oil (Neb)
25 41% 39% 414 1,1300 3934 Feb 43
Jan
Feb 79
150 73
73%
Standard 011(0) corn.. _25
73
Jan 12035 Feb
130 100
118 11834
Preferred
100 118
Feb
64,400 5364 Feb 149
Vacuum 011
25 14631 1384 149
Other Oil Stocks.
Amer Contr 011 Fields_ _5
•
Amer Maracaibo Co
Arkansas Natural Gas..10
Atlantic Lobos Oil, cont.. •
Barnedall Corp stock purch
warrants (deb rights)._ _
British-Amer 011, Corp_ _*
Cardinal Petroleum
10
Carib Syndicate new corn. _
Consol Royalty Oil
1
Creole Syndicate
•
Crown Cent Petrol Corp..•
Darby Petrol Corp
•
Mown 011 Corporation_.1
Gulf MCorp of Penns_ _25
Houston Gull Gas
•
Intercontinental Petrol _ _10
International Petroleum _ _•
Leonard 011 Developml_ 25
Lion 011 Refining
•
Lone Star Gas Corp
25
Magdalena Syndicate_ _1
Ma,gay 011
•
Mexican-Eagle 011
Mexico 011 Corp
10
Mountain Prod Corp
10
Nat Fuel Gas new
•
New Bradford Oil
New York 011
25
North Cent Tex Oil
•
Northwest 011
1
Pandem 011 CorporatIon_•
Pantepec Oil of Venezuela*
Pennok Oil Corp
•
Pittsb 011 & Gas
Reiter Foster 011 Corp..*
Royal Caned Oil Synd_ •
Salt Creek Consol Oil_..i0
Salt Creek producers.._10
rid-Osage 011 vot stock--•
Non-voting stock
•
Venezuelan-Mex 011
•
Venezuela Petroleum...-5
Wilcox (H
Oil& Gas_ •
Wadley Petroleum Corp •

91c
33.4
774
435
3435
22
13
950
934
14
109
1234
251
3634
54
2035
54
131
320
2574
2535
12
435
84
431
63/
30
1634
154
25

80e 910 53,000
334 331 3,200
600
734 834
135 135
200
435 435
3234 35
17c 23c
20% 2335
64 1
335
11% 1331
950 990
931 94
14 135
10135 10931
11% 12%
135 235
35
37
535 54
20
2035
52
54%
14 13.5
44
45
435 435
32c 32o
2534 2534
254 264
431 4%
13
13
1131 12
3e
30
334 474
8% 935
534 531
335 4
435 431
13c 13c
64, 7
28% 30
13% 164
1335 184
25
26
435 535
,
1834 21
6
6

80c
334
8
135

Feb
Feb
Feb
Feb

135
434
9%
334

Jan
Jan
Jan
Jan

534 Jan
44 Feb
2,300
400 324 Feb 394 Jan
Jan 30c Feb
11,000 10o
10,100 1835 Jan 2334 Jan
74 Feb
631 Feb
600
90.600 1031 Jan 1334 Feb
135 Jan
400 87o Feb
Feb
834 Jan 11
100
135 Feb
2
Jan
3,200
8,800 1014 Feb 11734 Jan
3,60(1 1135 Feb 13% Jan
135 Jan
2% Feb
15,300
Jan
Feb 43
21,400 35
635 Jan
5% Feb
700
Jan
Feb 23
600 20
Feb 5534 Feb
1,700 62
14 Jan
135 Jan
2,400
300 4034 Feb 4835 Jan
434 Feb
44 Feb
100
2,000 310 Feb 43c Jan
6,300 2335 Feb 2834 Jan
Jan
2,800 2535 Feb 28
4% Feb
534 Jan
2,800
300 1135 Jan 14% Jan
600 104 Jan 1235 Jan
3e Feb
40 Jan
2,000
334 Feb
Jan
6
3,600
835 Feb 1034 Jan
2,600
534 Feb
654 Jan
300
44 Jan
335 Jan
200
535 Jan
44 Feb
300
Jan
1,000 100 Jan 26o
64 Feb
774 Jan
900
Jan
6.200 2835 Feb 35
Jan
Feb 20
2,100 13
Jan
2,260 1335 Feb 18
Jan 2731 Feb
200 18
414 Feb
64 Jan
1.200
2,500 1835 Feb 22% Jan
Jan
7
6
Jan
500

Mining Stocks.
4c
Amer Commander M & M
fic
1
14
American Exploration_ _ _1
135
4e
4e
Arizona Globe Copper_ _ _1
4c
Beaver Consolidated
1
1
1
145 153
Bunker Hill & Sullivan_ _1
2
2
Butte & Weetern
2
Carnegie Metals
10 2455 2134 24%
134 2
Central American Mines_
134
Chief Consol Mining
4% 455
1
Consol Copper Mines._ ..l
6
735
731
Consol Nev Utah Copper.!
7c
ic
Cresson Coneol G
2% 2%
& M1
24
Dolores Esperan tit Corp.
43c 50c
.2 43e
Eagle-Picher Lead
18
20
184
Bogineer Gold Waco Ltd..5
334 3%
3%
Eureka Croeous
Sc
Sc
1
6c
Golden Centre Mines.._ _5
555 7
7
Golden Cycle Mtn & Red.1
131
Goldfield Congo! Mines..!
120 130
Goldfield Florense
13o
So
1
ffe
Hawthorne Mines, Luc_ _ _1
20
3c
3c
Heels Mining
1635 174
25e 17
Bud Bay Min is Smelt_ _ _• 1734 164 17%
Iron Cap Copper
331 33
,
4
1
Jerome Verde Divide
113c 16e
180
Kerr Lake
50c 55e
5 500
Kirkland Lake GM,Ltd.!
134 13,4
14 14
Mason Valley Mines
5
1%
Mining Corp of Canada_ _5
3% 34
34
New Cornelia Copper__.5 2634 25% 27
New Jersey Zinc
100 19031 188 19135
Newmont Mining Corp_ _10 16134 147 16335
431 5
Niplaslng Mines
1735 1834
Noranda Mines, Ltd
• 18
850 92c
Ohio Copper
1 850
235 231
Premier Gold Mining__ _A
24
leo 19c
Red Warrior Mining
1
30
4c
San Toy Mining
1
1534
Shattuck Dean Mining...* 1534 14
South Am Gold & Plat _I
231 3
Standard Sliver-Lead....!
200 20c
835 8%
Teck-Hughes
1
135 135
Tonopah Belmont Deve1 1
100 100
Tonopah Extenston
1
44 435
Tonopah Mining
1
435
650 650
United Eastern MIning._ _ I 650
United Verde E'xtension50o 20
194 2235
Unity Gold Mines
350 350
1 350
Utah Apex
435 4%
Utah Metal &Tunnel..__l
13( 135
154
Wenden Copper Mining_.1
14 14
134
West End Extentdoa Mm.........
Sc
3c
Wright
-Hargreaves M. •
5
5

40
8,000
7,700 87o
3e
7,000
1
500
1,300 141
2
2,000
5,600 17
6,500 800
34
1.700
5
23,800
50
5,000
Pie
400
100 43e
800 18
2
1,360
30
39,000
24
19,400
14
1,000
80
7.000
50
2,000
2o
21,000
2,000 1635
50,100 184
3
100
1,000 160
800 500
13,4
500
131
500
600 z335
1,600 2534
160 18031
45,300 122
4
800
2,700 1734
81c
2,200
4,600 234
10,000 leo
30
3,000
635
15,000
235
1,100
1,000 12o
84
1,200
1111
100
9c
8,000
235
1,600
200 450
8,100 1935
2,000 304
44
300
134
400
3,700 940
20
5,000
5
100

70 Jan
Jan
14 Jan
Jan
6340 Jan
Jan
2
Jan
Feb
Jan 160
Jan
2
Feb
Feb
Jan 2635 Jan
235 Feb
Jan
454 Feb
Jan
735 Feb
Jan
90 Feb
Jan
234 Jan
Jan
Feb 80e Feb
Feb 1834 Feb
Jan
755 Jan
80 Feb
Jan
Jan
734 Jan
14 Feb
Feb
3o Feb
Jan
Jan 120 Jan
Jan
30 Jan
Feb 18
Jan
Feb 21% Feb
Jan
335 Feb
Feb 16e Feb
Jan 640 Feb
24 Feb
Feb
Jan
1.35 Jan
Feb
5% Jan
294 Jan
Fe
Jan 195
Feb
Jan 17335 Feb
5;4 Jan
Fe
234 Jan
Fe
As Jan
Fe
331 Jan
Fe
Jan 27o
Jan
40 Jan
Jan
Jan 1734 Jan
Jan
Jan
Jan 20e Feb
Feb 104 Jan
Jan
21is Jan
Jan 180 Jan
5
Jan
Feb
Jan 84o Feb
Feb 25% Jan
Feb 53c Feb
Feb
534 Jan
Feb
135 Jan
2
Jan
P.O
Jan
Sc Jan
634 Jail
Feb

Bonds-Abbotts Dairies 6s. I
Adriatic Electric 78_ _1952
Alabama Power 4348._1967
lat & ref he
1956
Allied Pk 1st M col U"58n'39
Debenture es
1939
Aluminum Co s I deb 58'52
Amer Cyanamid 55...1942
Amer & El 68
2014
Am Natural Gas 6348.1942
American Power & Light
68. without warr'nts 2016
Amer Radiator deb 4348'47
Amer Rolling Mill 6&.1938
Deb I 5s
1948
Amer Seating 63
1936
American Thread 68..1928
Anaconda Cop Min 88_1929
Appalachian El Pr 58_1956
Arkansas Pr & Lt 58_ _1956
Associated 0& E 535s 1977
Associated Elee 5348-- 1946
Aasoc'd Sim Hard 634s '33
Atlantic Fruit 88
194
Batavian Petr deb 43461942
Bates Valve Bag es__ _1942
With stock purch warr_
Beacon 0118e, with warr'36
Beaverboard 85
1.933




[VOL. 126.

FINANCIAL CHRONICLE

1182

7,000
10135 10134 102
964 99 131,000
99
964 368,000
9634 96
5,000
102 102
5035 15,000
5054 50
4,000
48
48
10154 102 115,000
102
94% 95% 21,000
10855 109 180,000
109
984 984 9834 52,000

100%
944
9435
102
35
4535
10131
9431
10834
9831

Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan

102
99
9634
1024
5235
4734
10234
9535
109%
100

Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan

159.000
38,000
17,000
125,000
45,000
2,000
33,000
104,000
39,000
460,000
100.000
28.
18,000
33,000

10734
99
104%
99%
102%
101%
1014
994
984
101%
103
844
194
934

Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb

n109
100
10531
9934
104
1014
1014
101
wog
103
10434
8834
204
944

Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb

10855 108 n109
9935
99
99
104% 105
105
9934 9934 9935
103 10331
103
1004 101
10134 10134 1014
10055 10034 101
99% 99% 100
1024 1014 10234
10335 10335 10435
85
8635
85
20
20
9334 9335 944
10434
10 5
1

10434 104% 99,000 99
1,000 101
101 101
101% 101% 49.000 96

Jan 106
Feb
Jan
Feb 103
Jan 10335 Jan

Bonds
-

Friday
Last Week's Range Sales
of Prices.
for
Sale
Price. Low. High, Week.

Bell Tel of Canada 5.3.1955
1st M 55 ser B June 1 '57 105%
Berlin City El 63'4s..1929 101
Boston Consol Gas 58_1947
Boston & Maine RR 581067 98
1933
63
Brunner Tur& Eq 73581955
Ctrs of deposit
Burmeistet & Wain Co of
Copenhagen 15-yr Os '40 9735
Canada Cement 535s._1947
Canadian Nat Rys 76.1935 11335
Carolina-Ga Serv Co.
1st es with stk per war'42 97
Carolina Pr & Lt 5e_ _ _1956 103%
Cent States Elee 58._ _1948
Cent States P & Lt 534e'53 9835
Chic Milw & St P (new 00)
50
-year 58 w 1
1976 95%
1975 8235
ConvadJwi
Chic Pneum Tool 5358 1942 9931
Chic Rys 5s ctfie dep....1927
Cities Service 53
1958 92%
68
1966 103
Cities Service Gas5358 1942 9434
Cities Serv Gas Pipe L 69'43 9835
Cities Serv P & L 5358 1952 99
Cleve Term Bldg 63_ _1941
Commander Larabee es '41 9331
Comm'l Invest Tr 6s._1947
Commerz und Privet
Bank 535e
1937 9035
Commonw Edison 434s 1957 101
Consol GEL&P Balt,138. series A
1949 10735
es series"F"
1985
Consol Publishers6318 1936
Consol Textile 88
1941 89431
Cont'l G & El 6358 A.1964 105
be
1958 9535
Continental 011 548.-1937 9735
Cont'l Sec Corp 53 A _1942
with warrants
10634
Cosg-Meehan Coal 63.4554
Cuba Co6% notes.. .1929 98
_1929
Cuban Telephone 7156 1941 112
Cudahy Pack deb 5348 '37 100
58
1946
Deny & Salt Lake By 65'50
Detroit City Gas 5s B 1950
Os, series A
7,
1947 10 3
Detroit Edison 78_ _ _1929
Detroit Int Bdge 648_1952 10135
25
-year 8 1 deb 78..1952 100%
Dixie Gulf Gas 6358
-1937
with warrants
9935
Eitingon-Schlld 66.__ _1938 98%
Ebro Refrigeration 68_1936 71
Empire Oil & Refg 5348 '42 934
Fairb'ke, Morse & Co 58'42 97
Federal Sugar Os
1933 89%
Flreatone T&R Cal 59 1942 9735
First Bohemian Glass Wks
1st 78 with stk pur war'57 91
Fisk Rubber 5348_ __ _1931 984
Florida Power & Lt 58_1954 9835
Gair (Robt) Co 5146-1942 9731
Galena-Signal 011 78_ _1930 87
Gatineau Power
_1958 100
es
1941 10235
Gen Amer Invest 53_1952
Without warrants
9331
Gen Laundry Mach 648'37
General Vending Corp-es with warr Aug 15 1937 9835
Ga. & Fla es ser A_ _ _1948
Georgia Power ref 58_1967 10 34
0
Goodyear T & R 58...1928
Goodyear T&R Cal 5358'31
Grand Trunk Ry 6348.1936 111%
Gulf 011 of Pa 58_ _ _1937 10134
Sinking fund deb 55_1947 101%
Gulf States Util 58_ _1956 100
Hamburg Elea Co 7s..!035 102%
Hanover Cred Ina t3s_ _1931 96
Hood Rubber5)580ct 1536
78
1936
Illinois Pow & L 543_1957
Indep Oil& Gas deb 081939 9734
Ind'polis P & L 58 ser A '57 101%
Internal Match deb 58 1947
lot Pow Secur 7e ser E 1957
9%
835
Internal Securities 58.1947 9535
Interstate Nat Gas Gs
-Without warrants_ .1935 102
Interstate Power U.-1957 98
Debenture Os
1952 98
Interstate Pub Serv 58 1956 100%
Invest Co of Am 58 A.1947 9834
lowa-Nebraska L & P50'57 98%
Isarco Hydro-El 78_ _1952 94%
Kemsley, Mlllbourn & Co
Ltd Sf deb 8s Sept 1 1942
Keystone Develop of Pa
534e
1955
Koppers0& C deb 58_1947 1004
Laclede Gas Lt 54s...1935
Lehigh Pow Secur 68..2028 10735
Lehigh Valley RR 43..2003
Leonard Tietz Inc 735s '46
With elk purch warr'ts__ 13431
Without warrants
Libby. McN & Lib 58 1942 9535
Lombard Eleo Co 78..1952 974
Lone Star Gas Corp 551942 9934
Long Island Ltg 6s...i945 10531
Louisiana Pow & L 53_1957
Manitoba Power 548.1951 10335
Mass Gas Cos 54s...1946 105
McCord Rad & Mfg tie 1943 10034
Mericlionale Elec Co(Italy)
30
-year s f 7s ser A..1957 99
Milwaukee G L 4348..1967 101
Mo Kan Texas 435s
994
Montgomery Ward 53.1946
Montreal L H & P58 A '51 103
Morris & Co 7358_ .1930 10034
Narragansett Co coil 58 '57 10131
Nash Chatt & St L 4s A '78 97
Nat Dairy Prod 543..1948 99
Nat Dist Prod (348_1935 103
Nat Pow & Lt es A_ _2026 107%
Nat Pub Serv 6343_1955 10434
Nebraska Power Os. _2022
Nevada Cons 58
1941
New Eng G & El Assn 54'47 984
NYNH&HRR 4353'67 92%
NYP&L Corp lat 4355'87 95%
Nichols & Shepard Co 68'37
witlt stk purch waffle
- 130
Without warrants
97

3

10535
10535
1004
1034
97%
1034
44%
44%

Range Since Jan. 1.
Low.

10535 5,000 1041
043
105% 36,000
8
3,000 97 :
101
103% 14,000 103
95% 113,000
03s
8.000 113
104
44% 6.000 3935
44% 8.000

High.

Jan 155
Jan 106
Fen 191%
Jab 09
Jan 104

Feb
Feb
Fen
jeb
Jan

Jan 10434
Jan 45

Jan
Feb

Jan
Feb
n 50
"
3 1
6
9631 9735 10,000 9 34 Jan 100
a 14
jjan
,
Feb
10234 102% 1,000 10135 Jan 10234 '
11336 11335 7,000
97
103%
9635
9734

Feb 99
4,000 97
97
J.I
t
9
996
0 1 JJ
966
103% 14.000 1933 JE 10414 Feb
9631 26,000
9831 51,000

9531 9535 673.000 95
611
6134 624 1297000
99
9934 31,000 9835
8334 84
2,000
92% 924 156,000
8374
99
103 10335 55.000 103
94% 94% 168,000 94%
9835 9835 3,000 9835
9831 99 156,000 9734
100 100
2,000 994
93
9334 2,000 92
100 100
25,000 100

Fan
j eb

Jan
en
Feb1j'
Jan
Feb
Jan
Jan
Jan
Feb

664 Jan
97

1190802073411
9535
10035
9934
100
9434
100

Feb
j
eb
Jan
Jan
Feb
Jan
Jan
Jan
Feb

9031 90% 200,000 9034 Feb 9435 Jan
101 10134 10,000 1007,4 Jan 10134 Feb
1074 10735
10534 1054
9734 98%
5944 95
105 105
95% 954
9735 98

34,000 10631 Jan n10835 Feb
1,000 10435 Jan 10535 Jan
Jan
15,000
9 14 j b
4
17,000 974 Fee 99691i Jan
5,000 10435 Jan 1054 Jan
20,000
Jen
9
Fe
98
56,000 9731 F b 9814 Feb

106 1074
9435 9435
98
98
11135 11334
994 100%
101 101
8235 8234
103 10335
10735 1074
178 178
1014 102
100 10035

86,000
2,000
3.000
12,000
89.000
1,000
3,000
36,000
18,000
1,000
53,000
76,000

9934
984
704
9335
9654
8534
9731

994 100,000
9831 23,000
44,000
73
93% 82,000
9,000
97
8935 88,000
98 228,000

9034 91
98
9835
98
983,4
974 98
87
87
994 100
102% 102%
149 151
933( 94
100 100%

165
90
100
101
107%
9131

178
Feb 178
0
101% Jan 103
00
100

993.4 Feb
97
603.4
92%
9636
853
961

3,000 90
98
31,000 9734
193,000
39,000 97
993‘
9,000 87
59.000
07
2
12,000 13 35
43,000
29,000 9334
11,000 100

9835 9834 9,000
8834 9234 10,000
100% 100% 93.000
10035 1004 3,000
1003 101
,
4
12,000
11135 11135 25,000
101% 101% 18,000
10135 101% 80,000
994 1004 15,000
101% 10234 38,000
96
2,000
96
9531 95% 15,000
10335 10334 1,000
99
12,000
99
9734 9835 86,000
101 10135 41,000
984 9931 259,000
9834 984 34,000
9535 9534 70,000
102 102
974 98
97% 9831
100 10035
96
9631
98% 98%
94
94%

Jan 10935 Feb
99
9434 Feb 954 Feb
13
8
11134 Jan 19 34 Jan
97
Feb
9734 Jan 10034 Feb
ub
:: Feb
10034 Jan 10
0
Jan
Jan 84
80
107
03
Feb 103% Jan
jan
Feb
Jan
Jan

9934
9834
311
77
9435
9 %
9
8336
9
98%

Jan
Feb
Fob
Feb
an
Feb
an

Feb
un

9834

Feb

Jan
un
Feb

98
9834 Feb
F
904 Jan

Jan
Jan
Jae
Jan
Feb
Feb
jee

Fim 103
j eb 9131
1614
Feb 94
Jan 101

Jan
..Ian
Jan
Feb
Jan

0736 Dec 984 Oct
8835 Feb 9634
F
jjenebeb
Jan
100% Feb 10031 Jan
ien34
10054 Fib illOWITA
Jan 0234 Jan
103
10
1 Jan 112
Feb
Jan 10234 Jan
101
99959931 JanJan 1100231 FebF
Jan
94
Jan 9635 Feb
Jan
10235 Jan 1034 Jan
lan
9Feb
9 % Fan 993i F
834 jeb 9
6
!
e
Jeti
an
6
198
99:4 1se 1999991 FebFJan
95% Feb

101

5,000
31
40,000
54,000
10.000
9976
96
23,000 984i:41
15,000 199
5%
6
20,000 94

9534

Jan

Jan 10234 Jan
Feb
Feb 7999:8844:
Fjanb
Feb
Jan 99
Feb 943-494% Feb

165

1,000
US
90
5,000 10905u Jan 914 Jan
10035 64,000 994 Jan 10034 Jan
10135 22,000 101
Jan 10135 Jan
1074 105,000
Jan 10834 Feb
9131 1,000

1343113531
103 103
9531 9535
974 97%
9931 99%
10431 10531
984 984
10335 10335
104% 105
100 101

45,000
17,000 1025:
943
45,000
141,000
8.000
9.000
25,000
9,000
25,000 11094
1 0i
99°493085
271
15,000 1900990:H

97% 99 177,000
10035 101
5,000
994 9934 12,000
101 1014 19,000
103 103
1,00
994 10035 30.000
10135 101% 20,00
97
97
5,00
99
9935 56,00
103 103
8,00
1073 10835 39,00
,
1
104% 105
11.000
111 111
9,000
99
99
16,000
9834 98% 31,000
9235 9334 209,000
954 95% 495,000

5
5
an 3
Jab 19 31 Feb
Jan 10334 Feb

Feb

Jan

FFFJjjae nbn 11118:99905625387:: FJanJanananeb
a e nb
ebej
Feb
FebFJJanafleJan9 101
1190000
:an
90992897
F
r,eFj
Janee
Febbbb

9431 Jan
100

Jan

2
Jan 10 1 Feb
JJsn 00033
ee

1014
98
10135
97
99
19087s

Feb
Feb
b
13
Jan 101% Jan

1094
9834
9835
924
95

Jan
Jan
Feb
Jan
Jan

19095
%
9934
943-4
9535

Feb
Feb
Jan
Jan
Feb

Jan
1264 13034 24,000 117% Jan 135
9631 9736 41,000 9434 Feb 9734 Feb

Bonds (Concluded)
Nippon Els)Pow 643_1953
Nor States Pow 6348-1933
6% gold notes___1933
Nor Germ Lloyd 68-1947
Norwegian By-El 5345 '57
Ohio Power fs ser B__1952
1956
430 series D
Ohio River Edison 58_1951
Oswego Falls Co 68_ _ _1941
Oswego River Pw 68_ _1931
Pac Gas & El Ist 4%5.1957
Paramount Famous Lasky
1947
Corp f (35
Penn-Ohio Edison 65 1950
Without warrants
Penn Pr & Lt 5s ser D.1953
Penn Water Serv 6s A.1967
Mist Elea Pow 534s_ -1972
Phi's Rap Tr Os
1962
Pinta Suburb Cos G & 31
1st & ref 450 new__1957
Phillips Petrol 5318__ _1939
Potomac Edison 58_1956
Potrero Sugar Co 1st 78..'47
Power Corp of NY 5348'47
Procter & Gamble 43.481947
Pub Ser El & G 4%s_ _1967
Purity Bakeries 53._..1948
Queensboro 0 & E 53.45 '52
...1937
Reliable Stores Os.
Rem Arms 534% notes1930
Richfield 011 of Calif Os '41
Rochester 0& E 4348_1977
St Louis Coke & Gas 65 '47
Banda Falls Co ;M.__ _1955
Schulte RE Co OIL__ _1935
Os without °noels_ _1935
Serval Inc (new co) 58_1948
ShavrinIgan W & P4545'67
Shawsheen Mills 75...1931
Shell Pipe Line Ss.._ _1952
Sheridan-Wyo Coal flis 1947
Shinyetsu El Pow 6481952
Sloss-Sheffield T & E6s1929
Prior money 65
1929
Snider Pack 6% notes_1932
Solvay-Am Invest 58_ _1942
Southeast P & I. 68_ _2025
Without warrants
Southern Asbestos 65_1937
Sou Calif Edison 5s.._1951
Refunding mtge 55_1952
General & ref 58___ _1944
Sou Calif Geniis
1957
58
1937
Southern Dairies 6s___1930
Southern Gas
_ _ _ 1935
Southern Pacific Co 445'68
&trod Gas & Elec 58 A 1957
S'west P & L 6s
2022
Staley (A E) Mfg 68..1942
Stand Inv 5s with war_1937
Stand 011 of NY 634a.1933
Stand Pow & Lt 6s...1957
Stinnes(Hugo) Corp
75 Oct 1 '36 without wart75 1946 without marlsStutz Mot of Amer 7345'37
Sun Maid Raisin 6345_1942
1939
Sun Oh 5335
Swift & Co 5s Oct 15 1932
Texas Power & I.t 58. _1956
Trans-Cont 011 7s_ _..1930
Tyrol Hydro-El 78...1952
1936
Ulen dr Co 6345
United El Sere (Unes) 7556
Without warrants
With warrants
United Indus 6345.._ _1941
United Lt & Rye 5548_1952
1952
6s series A
United Oil Prod 8s_ _ _ _1931
United Rys of Hay 7345'36
United Steel Wks 634s 1947
With warrants
US Rubber 634% notes'31
Serial 634% notes_ _1932
Serial 634% notes...1933
Serial 634% notes_ _1934
Serial 634% notes--1938
Serial 634% notes...1939
Serial 654% notes_ _1940
US Smelt & Ref 5538-1935
Utilities Pow & Lt 534s '47
Warner Bros Pict 6548 1928
Warner-Quinlan Co 65 1942
Webster Mills 6345...1933
Western Power 5345.1957
Westphalia Un El P065'53
Westvaco Chlorine 5345'37
Wisconsin Cent Ry 58_1930

Friday
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
48,000
94% 95
95
11,000
129 129
103% 103% 103% 8,000
9354 94 370,000
94
9254 92% 9331 220,000
9,000
102
10134 102
955( 95% 95% 35,000
10134 10131 11,000
5,000
100 100
10054 100% 100% 9.000
9951 98% 99% 82,000
9854

98% 99

87,000

Low.
94%
119
103%
93%
92%
101
95
100%
100
10054
9854

Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan

High.
95
134
10531
95
9531
10234
96
10131
100
102
99%

98% Feb 100

Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan

10334 103% 10334 26,000 103
22,000 10331
104 104
104
1,000 9934
99% 101
106 10634 12,000 105%
104% 104% 1.000 104%

Jan
Jan
Feb
Jan
Jan

10431
10434
101
107
105

Jan
Feb
Feb
Jan
Jan

100% 100%
92%
9234 92
10054 1005410034
93
93
9934 99%
9934 9931
10054 100% 100%
97;4 9731
10434 10434 104%
99
99
99
97
97
97
98
9834
98
10054 10034 101
95% 96%
96
102% 10234
98
9854
98
89
89%
89
62
61
61
9734 9731 9754
9954 9931 99%
973( 9731 97%
96
96
96%
9454 9331 94%
102 102
102
102 102
10934 109 110
9834 9831 99)4

4,000
127,000
33.000
37,000
26,000
35,000
107,000
10,000
11,000
40.000
20,000
17,000
6.000
48,000
4,000
6,000
11,000
12,000
115,000
5.000
110,000
4,000
195,000
35,000
1,000
53,000
11,000

9831
91%
99%
93
9931
9934
9931
97%
10334
98%
9531
9834
10034
9531
101%
9534
89
1351
9634
98%
9731
96
93
102
102
103
98%

Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan

100%
95
100%
9831
101
100%
10034
9731
104%
99
98
99%
101
96%
103%
9951
90%
69%
9734
10034
98
97
94%
10231
102%
116
9931

Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

10654
107
10354
10354
1033.4

103,000
18,000
61,000
16.000
3.000
8.000
28.000
5,000
17,000
90.000
2.000
9,000
41,000
22,000
90.000
82,000

10551
105
10231
102%
102%
9954
94%
99
105
9931
9834
107%
99
108%
10331
99%

Jan
Jan
Jan
Jan
Nov
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan

107
117%
10334
103%
103%
100%
9534
99%
106%
100
99
10934
100
118%
104
101

Jan
Jan
Feb
Feb
Dec
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb

9334
17,
28,000 9331
11.000 92
17,000 96
26.000 101
62.000 100%
67.000 99%
25,000 103
10,000 9231
6,000 97%

Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb

95
94%
9731
98
102%
10134
101%
116
93%
99

Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb

9951
10554
9951
9931
108
9951
11754
10354
101

106% 107
106 107
103 10334
10334 103%
103% 10331
99% 100
95
95%
9951 9951
105 106
99% 99%
9931 99%
108 109
99
9934
11751 118%
103% 103%
10034 101

9434 9431
93% 9331
92
9254
9631 96% 96%
10134 101 102
101
100% 101%
10134 100% 10154
108
103 108
93% 93%
9734 9734
9454
9334

10731
9534
9831
10631
112

95% 9654 57,000 92% Jan 96% Feb
107 107% 129,000 101% Jan 108
Feb
95
95% 8,000 93% Jan 96% Jan
9834 9831 217,000 98% Feb 99
Jan
106% 10631 3,000 103% Jan 10834 Jan
Jan n72% Jan
1,000 70
72
72
5,000 111% Jan 113
11254 113
Feb

9534 9531 95% 77,000
17,000
10134 10134 102
101 102% 6,000
36,000
10154 101% 102
4,000
101% 102
2,000
101% 102
10154 101% 102% 8,000
102 103
12,000
2,000
104 104
93
93
93% 187,000
104
10234 104% 86,000
98
20,000
99
97
12,000
9614 98
9931 99% 33,000
9231 9231 93
43,000
10334 10334 103% 7,000
9854 9831 9834 22,000

90
101
101
10151
101%
101%
101%
101%
10331
92
95%
98
95%
99%
92%
102
9854

Jan 96
Jan 102%
Feb 103
Jan 103
Jan 102%
Jan 103
Jan 103%
Jan k10434
Jan 105
Jan 94
Jan 104%
Feb 100%
Jan 98
Jan 99%
Jan 9314
Jan 103%
Feb 99

Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan

9734
98
91
99

98% 10,000
99% 34,000
91% 9,000
6,000
99

99%
99%
91%
99%

Jan
Feb
Feb
Jan

95% 96% 15,000 94% Jan 96%
9631 96% 96% 290.000 9234 Jan 97
10234 10131 102% 51,000 100% Feb 102%
10234 10234 10254 13,000 cc
Jan 10234
Jan 101
25,000 98
1003.4 100% 101

Feb
Feb
Feb
Feb
Feb

9834
9951

9134

9134
9134
97%
98
10054 100

9134 14,000
9133 1.000
30,000
98
10034 31,000

97%
97
89%
97%

90
90%
97
98%

Jan
Jan
Jan
Jan

Jan 92
Jan 93
Jan 98
Jan 10054

6,000 86
Jan n90
88% n90
n90
10074 100% 10131 43,000 100% Feb 102;4
9931 99% 99% 5,000 99% Feb 10054
Jan 92%
9134 3,000 91
91
16.000 92% Feb 93
9254 93
93
99% 99% 9934 49,000 98% Jan 100
101 10234
102
9731
9734 97
9434 96
90
10434 104 104%
98
9654
92
92
9734
9934
88




9741
96
92
92
97%
96
8734

9831
96%
9231
92%
98
9614
88%

10,000 100% Jan 10234
Jan 9734
31,000 97
60.000 92% Jan 96
14,000 102% Jan 10451
51.000
57,000
21,000
66.000
24.000
21,000
51,000

Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.

Range Since Jan. 1.

Foreign Government
and Mu n Ic1 pal.
Agrieul Mtge Bk Rep of Co
-year 75 Jan 15 1946._
20
20-year 78 Jan 15 1947
20-year 65_ _Aug 1 1947
Baden (Germany) 78..1951
Bank of Prussia Landowners Assn 6% notes_ _1930
Brazil(US)6345 Oct 15'57
Buenos Aires(Prov)7348 '47
1936
7s
1952
78
Cent Bk of German State&
1951
Banks Os
Prov
1952
Sec s f 6s A
Cordoba (City) Arg 78 1937
Danish Cons Manic 534555
Danzig P & Wat'way Bd
Externals f 6 Hs_ _ _1952
Denm'k (Kingd'm) 5345'55
1970
65
Estonia (Republic) 78_1967
Finland (Republic) 5348'58
German Cons Munic 75 '47
Indus Mtg Bk of Finland
1st mtge coil 5 f 75-1944
Irish Free State 55..._1960
Medellin (Colombia) 7s '51
1948
85
Mendoza (Prov) Argentina
1951
7535
Montevideo (City) 68.1959
Mtge Bk of Bogota 713_1947
New
Mtge Bank of Chile Os 1931
Mtge Bk of Denmark 6572
Mtge Bk of Jugoslav is '57

1183

FINANCIAL CHRONICLE

FEB. 25 1928.]

96% Jan
93% Jan
91% Feb
92 Feb
Feb
90
95% Jan
8731 Jan

9834
97
92%
924
98
9734
88%

Bonds
Norway (Kingdom of) Bk
1967
External 5.5
Nuremberg (City) 68_1952
Prussia(Free State)6 ms'5I
Extl Os (of'27) Oct 15'52
Rio de Janeiro 6345_1953
Rio Grande do Sul (State)
Brazil ext is (of'28) 1966
Mit' is 1 78 (of '27)..1967
Russian Govt6% setts 1919
1921
534s
Saarbruecken (City).7s1935
1953
6s
Saar Basin Con Counties
1935
7s
Santa Fe (City) Argentina
Republic extl 75_ A945
Santiago (Chile) 78_ ._1949
Saxon State Mtg Inv6548'46
Serbs Croats & Slovenes
(King) extl sec is ser B'62
Switzerland Govt 5545 1929
Vienna (City) ext 6s...1952

9731
9331
9734

95
9234
97%
9334
97

95
92;1
97%
9351
97%

9754 98
9751 98
14% 15
15
15
101 54 10134 10134
9334
9334 93
98
98

10034 100% 101

Range Since Jan. 1.
Low.
95
90%
9531
9134
97

High.
95%
9334
98
93%
97%

Feb
Feb
Feb
Feb
Feb

48,000 96% Jan 98
Jan 98
12,000 96
15,000 1454 Feb 15
10,000 1431 Jan 16
3,000 101% Jan 102
Feb 9631
28,000 93

Jan
Jan
Feb
Jan
Jan
Feb

6
14,000
66,000
135,000
70,000

9,000 190

Jan
Jan
Jan
Jan
Feb

Feb 101

Feb

Feb
71.000 9334 Jan 98
98
96
98
Feb 100% Jan
100% 10054 100% 20,000 100
Feb
11,000 9534 Jan 97
9631 96% 97
Feb
90% 90% 91 345,000 8531 Jan 92
27,000 101% Feb 102% Feb
101% 10131 102
90% 90% 9051 167.000 90% Jan 90% Jam

• No par value. I Correction. m Listed on the Stock Exchange this week. whers
additional transactions will be found. rt Sold under the rote. o Sold for cash.
s Option sale. t Ex-rights and bonus. to When Issued. s Ex-dividend. it Exrights. z Ex-stock dividend.
Option sales made as follows: a Amer. Solvents & Chem., Jim. 12, at 2534:1 A. G.
Spalding & Bro., common, Jan. 14 at 120; g Associated Gas & Elec.. Jan. 14 at 47:
h Sierra Pacific Elec. Co.. Jan. Oat 92; p Sway. Dept. stores, Jan. 26 at 103; u
State Power, Jan. 13. 10134.
"Under the rule" sales were made as follows: it Belgian Nat. Ry. pref.. Jan. 20 at
1734; d David Fender Grocery class A at 51;. Cities Service prof B. B.Feb.8, 18 at
92: tEltington-Schild Co. 65, Jan. 13 at 9854; J Goodyear Tire & Rubb. of Calif.
5345,Jan.4 at 10154;k U.S. Rubber 654% notes 1940 at 108; r J. J. Newberry pref.
Jan. 25 at 10754; o Standard Publishing class A Jan. 25 at 4: u $1,000 United 011
Prod. Ss, 1931, Feb. 2, at ESL q Potrero Bug. 75. 1947, Feb. 17. at 98
Cash sales as follows: e Serval Corp.(Del.) corn, a Jan. 16 at 65c.

CURRENT NOTICES.
-That misrepresentation exists in the sale of investments, services and
merchandise advertised through the classified columns is indicated by a
report recently compiled by the National Better Business Bureau. This
report shows the work of the Classified Advertising Service of the Bureau,
which for two years has rendered a protective information service to the
classified sections of newspapers throughout the country. Through this
service, the National Bureau seeks to assist classified managers to separate
the legitimate from the misleading or fraudulent advertiser who attempts
to reach his market through this valuable medium. During its two years
of existence it has answered 2,359 inquiries, issued 758 bulletins and conducted 1,608 investigations of misleading and fraudulent classified insertions
_The investment banking firm of McGowan. ()remedy & White has
been organized to succeed McGowen & Co., Inc.of Chicago and Detroit.
Thomas G. Cassady, who has been sales manager of George H. Burr & Co..
Inc. in Chicago for several years, and Howard G. Moseley are entering the
new firm as Vice-Presidents. The company will open a new office in
Minneapolis on Mar. 1, in charge of Mr. Mealey, formerly manager of
the Minneapolis office of George H. Burr & Co., Inc.
-Jenks, Gwynne & Co.. members of the New York Stock Exchange,
have leased from the New York Central Railroad Co. space on the sixth
floor, over-looking Park Ave., in the New York Central Building, now
under construction on Park Avenue between 45th and 46th Streets, for the
establishment of their uptown branch office.
-Leon C. Murdock, formerly Assistant Vice-President of George M.
Forman Sr Co., and Claude L. Henney of the Forman Originating Department, announce the organization of Leon O. Murdock & Co.. with offices
in the Bankers Building, Chicago, to do a general originating business.
specializing in consolidations and mergers.
- a circular of investment suggestions just issued, Wellington & Co.,
In
members of the New York and Pittsburgh Stock Exchanges, give the curout price, yield and earliest call price and date, of five preferred stocks,
eleven industrial, twelve public utility, eleven railroad and ten foreign
government and municipal bonds.
Albert P. Hinckley, who recently purchased a seat on the New York
Stock Exchange, was yesterday admitted to membership in the Stock Exchange firm of Wrenn Brothers & Co., 25 Broadway, with offices in Boston.
Portland, Me., and Manchester, N. H. Mr. Hinckley succeeds James B.
Lowell of the New York office.
-cent chain store
McCrory Stores Corp., fourth largest 5- and 10
organization, is discussed in a circular prepared by Harvey Fisk & Sons,
members of the New York Stock Exchange, who have included in it a
table which compares the position of the company with that of similar
organizations.
-Orton, Kent & Co., members New York Stock Exchange, announce
the association with their Philadelphia office of Ehret Howell, as manager
of the investment department; Oscar R. Dare, as manager of the trading
department and William R. Stocker, in the stock department.

-Formation of W. 11. Johns & Co., Inc., is announced by W. Harry
Johns, Herbert S. Polhemus,and Harry W.Middaugh,all forme:1y of W.W.
Townsend & Co., with offices at 43 Exchange Place, New York, to engage
in a general investment business.
-Anglo-California Co., Inc., which is owned by the stockholders o
Feb Anglo-California Trust C.o.. San Francisco, have opened offices at 50
Jan Broadway, New York City, under the management of Alfred de Ropp.
Jan Jr., resident Vice-President.
Jan
-DeWitt Clinton Jones, Jr., for the past several years engaged in the
Feb
Jan practice of law in his own firm, and a graduate of Princeton and of the
Columbia Law College, has become associated with the legal department
Feb of White. Weld & Co.
Feb
-E. W. Clucas & Co.. 11 Wall St.. New York, announce that their sales
Feb
Feb department has been augmented by the addition of Frederick A. Henry.
formerly with Goodbody & Co., and Henry E. King, formerly with Blair
Feb
Feb & Co., Inc.
-Richard G. Conned has retired as a general partner in the firm of
Ja
l
t
Jan Frank B. Calm & Co., and announcement is made of the admission of
Jan Calvert J. Calm, member of the New York Stock Exchange, to general
Feb-- partnership.
Jan
Jan
Feb
Jan

1184

Initestnunt anti

gwaitaail Xutelaigence.

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 12 roads and shows
3.56% increase from the same week last year.
Second Week of February.

1927.

1928.

Buffalo Rochester at Pittsburgh____
Canadian National
Canad.an Pacific
Duluth South Shore & Atlantic
Georgia & Florida
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
St Louis Southwestern
Southern fly System
Texas & Pacific
Western Maryland
Total 12 roads
Net Increase (3.56%)

$337.826
4,708,482
3,609.000
98,702
29,000
5.390
310.970
337,546
458,400
3,565,411
885,357
378,107

Increase.

$410,916
4,250,834
3,249,000
93,349
38.700
7.140
320,534
334,818
472.506
3,846.278
747,358
445,416

Decrease.
$73,090

$457,648
360,000
5,353
9.700
1,760
9,564
2.728
14,106
280.867
137,999
67.308

$14,724,191 $14,216,849

$963,729
507,342

$456.385

In the table which follows we also complete our summary
of the earnings for the first week of February:
" 1928.

First Week of February.

I

1927.

Increase.

-Grossfrom Railway- -Net from Railway-- -Net after Tare1-1927.
1928.
1928.
1927.
1927,
1928.
$
$

Ann Arbor
January
815,127
418,069
6-29,922
417,038
Lehigh Valley
January.. _ 5,120,159 5,815,977
8-152,484 14158.896
Minneapolis & St. Louis
January _ _ _ 1,030,056 1,038.992
8,742
28,627
Minneap St. Paul 9 Ste Marie
January. _ _ 1,994,280 1,838,609
221,774
104,102
354,725
250.995
Montour
January_ _
114,174
21.771
22,677
133,885
31.400
23.271
Newburgh & South Shore
January - 98.697
122,292
-9,314
10,910 -20.524
-1 033
.
New York Chic & St. Louis
January. _ 4.248,793 4,338,967 1,108,452
832.029
680,012
957,861
Southern Pacific
January. _ _21,398.314 22.072.136 3.911,563 4,121,336 1,910.880 2,085,334
*Union
December__
566,291
736.534 -50.871 -71.239 -43,974 -70.728
From Jan 1_ 9,779,136 11.899,781 1.160,941 2,487,835
945,451 2,021,788
Wabash
January .. _ 5,231,107 .5,315,008
6571,067 8544,720
Western MarylandJanuary...1,579,892 2.040.615
481,289
518.529
618.529
396.289
WisconsinJanuary...1,310,104 1,414,831
106,324
75,129
190,004
-7,785

Decrease.
* Corrected. b After rents.

Previously reported (10 roads)
Nevada-California-Oregon
Texas & Pacific
Western Maryland

$13,130.2551$12,686.919
4,709
4.985
846,397
753.047
445,415
379,875
$14,361,236 $13,890,366

Total (13 roads)
Net increase (3 39%)

$443,336

$536.686
470.870

65.540
$65,816

Current
Year.

Previous
Year.

Increase or
Decrease.

$
15.183,418
15,306,827
15,644,304
22,053,886
16,141,807
17.643,030
16.906,764
25,581.495
17.108.500
18.207250
16.510.545
14,483.191
15.450.54n
14.661,454
15.245,679
13.755.346
12,251.914
13.828.607
14,159.779
19,645.902
14,361,236
14,724,101

us week Sept (13 roads)
2d week Sept (13 roads)
34 week Sept (13 rued*
4th week Sept (13 roads)
let week Oct (13 roads)
2d week Oct (13 roods)
3d week Oct (13 roads).
4th week Oct (13 roads)
let week Nov (13 roads)
24 week Nov (13 ronua,
3d week Nov (13 roads)
4th week Nov (12 roads)
lit week Dee (13 roads)
2d week Dec (13 roads)
34:1 week Dec (13 roads) _
4th week Dec (12 roads).
let week Jan. (13 roads)
241 week Jan (13 roads)
ad week Jan (1:) roads)
4th week Jan (13 roads)
tat week Feb. (13 roads)
24 week Feb. (12 roads)

$
15.164.097
15,508,092
16,950.922
23.859.874
16.817.404
17.907.644
18.681.245
25,777,620
17 815 492
17,976,471
17.602.795
15,491,462
15,931.020
10.766,994
15.600.778
14.261,831
12.953,678
13,537 951
13291.510
19,129.089
13,890,366
14.216.849

II
+ 19,322
-201.265
-1.306.617
-1.805.988
-675.507
-263.705
-1.774.481
-216.125
-706,952
+230,578
-1,092,250
-1,044,272
-480,473
-1,105.54u
-354.099
906.484
-701.764
+290.657
+568.270
+516.793
+470.870
+507,342

%
0.13
1.21
7.71
7.57
4.01
1.48
9.50
41,84

3.97
1.29
6.2
6 .1
3.02
7.01
2.28
3.65
5.42
2.16
4.17
2.70
3.39
3.56

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 includ- all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Gross Earnings.

Fixed
Charges.

Balance.

590,364
618.896
421,409
424.378
168,955
194,518
252,787
254,828

-489.576
-492.407
-187.357
-280,287
-302,210
-212,129
197,972
253,306.

93,350

In the following table we show the weekly earnings for
a number of weeks past:
'
Week.

Total Net
Income.

276
Minn St Paul & S Ste Marie-Minn St Paul & 9 Ste Marie Co
Wisconsin CentralWestern Maryland

100.608
126,489
233.871
1 144.090
--133.263
-17.601
450,759
508.132

Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Bangor (Maine) Hydro-Electric Co.
-Month of January- -12 Mos. End. Jan. 311928.
1927.
1928.
1927.
$
$
$
$ _
Gross earnings
181,321
170.285 , 1.878.797
1,745.799
Oper.expenses & taxes
83.449
81.506
866,993
793.583
Gross income
Interest, &c

97.872
24.248

88.779
29.896

1.011.804
314.656

952,216
342.861

Net income
Preferred stock dividend
Depredation

73.624

58.883

697.148
230.497
114.302

609,366
195.924
131.166

352,349
178.119

282,266
120.023

174,230

162,243

Balance
ommon stock dividend
Balance

Baton Rouge Electric Co.
-Month oj December- -Jan I to Dec. 311926.
1927.
1926.
1927.
$
$
$
$
roes earnings
02.037
89.963
1.017.109
960.479
per. exps. and taxes-.
52.719
644.893
597.601
61.860
37.244
6.012

37(216
70.363

362,878
69.492

24,005
Balance x
31.231
x For reserves, retirements and dividends.

301,852

293,386

Net earnings
nt. & amort. charges...

.

Net garntnor.

Jan '28
'27
Jan '28
'27
Jan '28
'27
Jan '28
'27

30.176
6.171

Blackstone Valley Gas & Electric Co.

(And Subsidiary Companies)
Month of December- -Jan. 1 to Dec. 311927.
1926.
1927.
1926.
$
.5
$
$
$
( roes earnings
558.548
555.121
5.910.629
5,528,769
$
$
$
$
$
334.945
332.920
3,546,721
Jan __ 485.961,340 479.841.904 +6.119,441 99,428.246 102.281.496 -2,853,250 ( per. expenses & taxes
3.787,424
Feb__ 467,808.478 459.084.911 +8.723.567 107.148.2411 99.399,062 +7,748.287
Net earnings
+432.616 135.891.64:1 134.094.291
223.603
222.200
1,982.048
Mar__ 529,899,898 529.467,282
+627,358
2,123.204
-774,126
Inc.from other sources
9.284
639
4,649
Apr21. 497.2)2.491498.677,065 -1.464.574 113.643,766 114.417.892
31,100
May .517,543,015 416.454.998 +1,088.017 126.757,878 127.821285 -1.063,587
Balance
232.887
1.986,697
222,840
June _ 516,023,039 539.797,813 -23.774.774 127,749,692 148.646.848 -20297.156
2.154.305
8,791
8.791
105.500
105.500
July__ 508.413.874 556.710.935 -48.297.06) 125.438.334 160.874.882 -35.436.548 1 eductions
Aug__ 556.406.662 579.093.397 -22.686.735 164,013.942 179.71 I.414 -15.697.472
Balance
224,095
1,881,197
214.048
Sept _ 544.043.987 590.102.143 -26.058.156 179.434.277 193.233.706 -13.799.429
2,048,805
47.589
41.222
467.185
529.209
-23 440,266 180.019.048 194 283.539 -13,364.491 1nt. & amort. charges....
A .
/ov__ 602,994,051 561.153,956 -58,159,905 125297,014 158.501,561 -52,544,947
flan
Cm 595 ntr: 59c 290 702 ....5O 904 7115 11111141 147 11R n20.1115 -28 IRA m5
Balance x
176.506
1.414,011 .
172,826
1.519,595
x For reserves, retirements and dividends.
Note.
-Percentage of increase or decrease In net for above months has been:
Brooklyn City Railroad Co.
1927-Jan., 2.79% dec.; Feb., 7.80% Inc.; March, 1.21% inc.; April, 0.67% dec.:
May, 0.83% dec.; June. 14.07% dec.; July, 22.03% dec.; Aug., 8.73% dec.; Sept.,
Month of January- 7 Months Ended Jan. 31.
7.14% dec.; Oct., 3.87% dec.; Nov., 20.53% dec.; Dec., 23.76% dec.
1928.
1927.
1927.
1928.
In Jan. the length of road covered was 237, 846 miles in 1927, against 236,805
$
$
$
$
miles In 1926. In Feb., 237.979 miles, against 236,870 miles In 1926; In March, Passenger revenue
6,643,336
964.910
965,475
6,603,099
237.704 miles, against 236.948 miles In 1926; In April. 238.183 miles, against 237.187 Other revenue
145,195
21.663
154,424
19.743
miles In 1926; In May. 238.025 miles, against 237,27511111PB in 1926; In June. 238.425 Oper. expenses & taxes
5.762,627
862.610
864.703
5.810.684
miles. against 237,243 miles in 1926; In July, 238,316 miles. against 237,711 miles Income deductions
328,664
42.630
307.125
47,740
In 1926; In Aug.. 238.672 miles, against 237,824 miles in 1926; In Sept.. 238.814
miles, against 237,854 miles in 1926; In Oct., 238.828 miles, against 238.041 miles
697.240
Net corporate income_
81,333
639.714
72.775
in 1926; In Nov., 238,711 miles. against 238,142 miles In 1926; In Dec., 238,552
Brooklyn-Manhattan Transit System.
miles. against 237.711 wiles In 1926.
-Month of January
--7 Mos. End. Jan. 311927.
1928.
1927.
1928.
Net
Dates.
-The table
Mesita

1927.

1926.

Increase or
Decrease.

1927.

1926.

Increase or
Decrease.

Earnings Monthly to Latest
following shows the gross and net earnings for STEAM
railroads reported this week:
--Grossfrom Railway- -Net from
1927.
1927.
1926.
$
$
*Atlantis & St Lawrence-..
December.. 370,327
261.445
96.832
From Jan I_ 2.716,787 2,689,556
212,144
*Buffalo Susquehanna-.
December__
120,643
13.210
157.827
From Jan 1_ 1,530.183 1,307,499 -23,002
*Central of Georgia
December__ 2,027,202 2370.001
321.752
From Jan 1_27,641,310 31,825.369 6,695,684
*Chic Detroit & Canada, Grand Trunk JetDeeember__
291.736
332,501
141,487
From Jan 1_ 3.835.874 3.814,514 1,848,497
*Detroit Grand Haven & Milwaukee
December.. 527,115
377.462
38.664
From Jan I_ 8.139276 7,890,629 2,740,187
*Grand Trunk Western
December.. 1,175,369 1,557.458 -47.857
Rrem Jan 1-20,5E45,106 20,660,598 5,279.037




Total oper. revenues____
Total operating expenses

3.968.834
2,552.097

3.847,761
2,558.413

27.586.215
17.930.308

27.17.699
17.525,563

Net rev,from oper___
- Taxes on oper. proples_
Railway- -Net after Tares
1927.
1926.
1926.
$
Operating income__ -Net non-oper. Income__
60,588
46.310
64,585
35.711
134,166
299,432
Gross income
Total income deductions
.12,829
12,373
16.106
Net Income
-78.806 -35,262 -105.020

1,416,737
297.675

1,289.347
284.202

9.655.907
1,944.137

9,652.136
1,945,969

1,119.061
71.772

1,005.145
81.791

7,711.770
580.093

7,706.166
588.946

1,190.834
667,107

1,086,936
645,196

8.291.863
4,644,829

8.295,113
4.542,489

523,727

441,740

3.647,033

3,752,623

602.572
8,052,831

222,846
462.354
5,128,413 6,523,678

184,917
1,850,477

130,038
1,722,781

240,012
1,725,261

86.212
7.056
6,788
3.078,910 2,643,300 2,970,468
396.858
480,593 -63,911
5,671,034 4,333,956 4,701,075

Cape Breton Electric Co.

-Month of December- -Jan. 1 to Dec. 311926.
1927.
1926.
1927.
$
$
$
$
656,656
612.629
64,544
Gross earnings
68,185
492,882
512.500
45.691
Oper.expenses & taxes.-47,178
18.852
5,902

144.155
68.533

119.746
69,271

12,950
15,102
Balance x
x For reserves, retirements and dividends.

75,622

50.475

Net earnings
Interest charges

21.006
5.904

FEB. 25 1928.]

FINANCIAL CHRONICLE

1185

Central Maine Power Co. System.
-Month of December- -Jan. 1 to Dec. 311927.
1926.
1927.
1926.
Gross income
Depreciation accrual and
actual maint. expend_
Steam expense
Taxes
Other operating expenses

580,336

546.193

5,784,988

5,328,523

71,355
1,213
33.845
195,888

67,737
4,835
26,709
204,934

743,920
18.279
361.820
2.022.066

698.716
94.240
298.602
1.889.464

Total oper. expenses...

302,303

304.217

3,146.087

2,981.023

Balance
Int. & guar. diva. on stk.
ofsub. oos.& Fed.inc.
tax

278,033

241,975

2,638.901

2,347,499

99.930

96,750

1.284.479

1.166.610

178.103

145.224

1.354.422

El Paso Electric Co.
(And Subsidiary Companies)
-Month of December- -Jan. 1 to Dec. 311927.
1926.
1927.
1926.
$
$
$
$
Gross earnings
271,545
265.277
2.998.271
2.836.915
Oper.expenses & taxes
169.190
172,50.5
1.863.403
1.767,491
Net earnings
102.354
92,771
1.134.867
1.069,424
Inc. from other sources_
3.167
8.623

1.180.888

Balance

Balance
Int. ,SE amortization chgs.

92,771
13.853

1.143.490
182.232

1.069.424
165,394

Balances
87,619
78,918
aFor reserves, retirements and dividends.

961.257

904,029

Galveston-Houston Electric Co.
(And Subsidiary Companies)
-Month ofDecember- -Jan. 1 to Dec. 311927.
1926.
1927.
1926.

Columbia Gas & Electric Corporation
(And Subsidiary Companies)
-Month ofDecember- -Year Ended Dec. 311927.
1926.
1927.
1926.
Gross earnings
9.818.739 10.111.196
Oper.exps.(excl. taxes)- 4,678.233
4,526.093
Reserved for renewals &
replacements & deple_
749.933
858,570
Taxes
777.046
705,623
Net()prating earnings 3.613,526
4,020.908
Other income
85.282
180.791
Total net earnings &
other income
3,698.809
4,201,699
Lease rentals
340,213
363,022
Int. charges & pref. diva.
of subsidiaries
390.674
402,335
Net income
,
2.967.920
3,436.342

96.8L.668 92.119.614
48.840.711 43,026,726
8.470.469
8,291.423

8,130.091
8,785.588

31.249.063 32.177.208
934.094
3.073.212

Gross earnings
Oper. expenses & taxes

438,287
284,871

424.265
293,229

5,052,637
3.479.521

4.589,080
3.258,507

Net earnings
Inc. from other sources_

153.416
166

131.035
4.336

1.573.116
1.529

1.330.573
31.280

Balance
Int. & amortization chgs.

153.583
74.034

135,372
72,236

1.574.646
863.004

1,361,853
809.385

Balances
79.598
63.136
a For reserves, retirements and dividends.

711.641

652,467

32.183,157 35.250.420
4.299.649
4.341,740
4,670.746

Jacksonville Traction Co. 8c
City of South Jacksonville Line

4.437.773

-Month of December- -Jan 1 to Dec. 311927.
1926.
1927.
1926.

23.212.762 26,970,906

Columbus Electric & Power Co.

Gross earnings
Operation
(And Subsidiary Companies)
Maintenance
-Month of December- -Jan. 1 to Dec. 31- Retirement accruals..._
1927.
1926.
1927.
1926.
Taxes
$
$
$
$
lames earnings
340.457
331.850
4,200,698 3.777.338
Opet. expenses & taxes
.
143,895
141.145
1.880.679
1.770.737
Net
Net earnings
196,562
190.705
2,320.018
2,006.600 City of S. Jack, port, of
Inc.frorn oth. sources
2.916
15.200
12.055
net oper. revenue._ _ _
Balance
196.562
193,621
2,335,219
2,018.656
Net oper. rev. of JackInt. & amort. charges._
72.401
76,480
894,519
853,542
sonville Trust Co._
Int.& amort.charges_ _ _
Balance a
124,160
117.141
1.440,700
1.165,113
x For reserves, retirements and dividends.
Bal.for res. & divs.__

Commonwealth Power Corporation.
-Afoniii of January- -12 Mos. End. Jan. 311928.
1927.
1928.
1927.
$
$
$
$
Gross earnings
5.025,241
4.647.910 63.550.308 49.473.700
Oper.expenses & taxes
2.531.872
2.389.510 28.573.736 26.560.525
Gross Income
2,493,369
2,258.400 24.976.572 22,913.175
Interest. &c
12.307.121 12.160.862
Net income
12.669.451 10.752,313
Preferred stock dividend
2.544,282
2.203,729
Balance
10,125.169 8.548,584
Depreciation
3.473.824
3.391.411
Balance
6,651,345
5.157,173

Consumers Power Company.
-Month of January- -12 Mos. End. Jan. 311928.
1927.
1928.
1927.
$
$
$
$
2,571.895
2.270.875 26.913.469 24,305.770
1.249,641
1.149.438 13.823.268 12.500.138

Gross earnings
Oper.expenses & taxes_
Grose income
Interest, &c

1,322.254

1,121.437

Balance
Depredation

11,805,632
2,603.307

10.530.812
3.371.065

Net income
Preferred stock dividend

13.090.201
2.559,389

6,244,261
1.536,000

5.585.081

4,708,261

Eastern Texas Electric Co.

(And Subsidiary Companies)
-Month ofDecember- -Jan. 1 to Dec. 311927.
1926.
1927.
1926.
$
$
$
8
561,212
Gross earnings
480,637
7.214.131
5,657,494
open expenses and taxes
372.128
289.434
4.601.024
3,734.698
189,083
Not earnings
191.202
2,613,107
1.922.796
Inc. from other sources_
9.219
23,913
246,495
189.08.3
Balance
200,422
2,637.020
2,169,291
83.147
Deductions
64,276
977.859
664,059
105,936
Balance
136.145
1,659.160
1,505.232
42.029
37.838
Int. & anicrt. charges
963.183
498.703
63.906
98,307
Balance a
1,195,976
1,006.529
reserves. retirements and dividends.
x For

115,067
55.405
13.795
20,774
8.745

144,429
64.447
14.405
19.167
15.534

1.378.181
696.424
176.095
212.844
113.323

1,620,366
713,028
177.361
230.000
147.305

98.721

113.554

1.228.687

1.267.694

16,346

30.875

149.493

352,671

686

1,785

8,765

15,201

15.659
13.971

29.090
15,526

140.728
173.090

337.469
189.334

1,687

13,563

32.362

148.135

The Key West Electr c Co.
Gross earnings
Oper. exp. & taxes

-Month ofDecember
-Jan. 1 to Dec 311927.
1926.
1927.
1926.
$
22.671
24.189
260.048
217.365
13.200
13,586
162.299
185,100

Net earnings
Int. & amount charges_ _
Bal.for res..ret.& diva.

9.470
2.451

10.602
2,492

97.749
30.141

102.255
31.295

7,019

8.109

67.607

70.959

The Lowell Electric Light Corp.
-Month of December- -Jan. 1 to Dec. 311927.
1926.
1927.
1926.
$
$
$
3
Gross earnings
176.976
179.004
1.788.418
1.728.754
Operating exps. & taxes_
107.445
92,341
1.174.464
1.121.654
Net earnings
69.530
86,663
613.954
607.100
Interest charges
477
14
2.647
14.968
Balance:
69.053
86.649
611,306
692.133
a For reserves, retirements and dividends.

9,202.325
2.958.064

7.159.747
1.574,666

Balance

105,521
17.902

New Bedford Gas & Edison Light Co.
-Month of January- -12 Mos. Ended Jan. 311928.
1927.
1928.
1927.
$
$
$
$
101.160
95,506
1,123.035
1.123.909
288..572
307.139
3,062.482
3.194.318

Oper. revs.
-Gas dept__
Oper. revs.-Elec. dept..
Total oper. revenues-Oper.exp.-Gas dept_ -Oper. exp.-Elec. dept._

389.732
64.946
109,244

402,646
66.703
116.282

4.185.517
798.812
1,272.960

Total oper.expenses--

174.191

182.986

2,071.772

2.064.354

Net oper. revenue.....
Taxes
-Gas dept
Taxes--Elec. dept

215.541
10.638
40.091

219.659
9.929
39.047

2,113.745
106.838
395.944

2,253.873
122.547
444.310

Total taxes

50.729

48,976

502.783

566.857

Net oper. income.._
Non-oper. income

164.812
-1,684

170.683
-1,809

1,610.962
2.846

1.687.015
-2.674

Gross income
Interest on bonds and
coupon notes
Int. on notes payable,&c
Amortization charges_ -Depreciation

-163,127

168.874

1.613.808

1,684,341

19,079
1.721
247
36.393

20.611
1.580
697
38,684

250.915
65.271
8.312
331,673

245.807
13.734
7.924
369.525

Total deductions from
gross income
57.441
61.574
656,172
of Decembtr- -Jan. 1 to Dec. 311927.
1926.
1927.
Net income
1926.
105,686
107.299
957,636
$
$
$
$
183.890
161.503
1,942,473
Gross earnings
1.756.686
New York Dock Co.
107,702
109,800
expenses & taxes- 1.263.248
Over.
1,178,817
Month of January1928.
Revenues
76,187
51,703
679.224
$300,449
Net earnings
577.868 Expenses
sources..
2,221
150
7,613
156.769
Inc. from other
1.355
Net revenues
78.409
51,854
Balance
686,837
$143,679
579.223 Less-Taxes,
interest, &c
4,073
1.038
22,449
Interest charges
86.904
11.106
Net income
74,335
50,815
Balances
664,388
$56,775
568,117
a For reserves, retirements and dividends.

Edison Electric Illuminating Co. of Brockton
-Month

-Month of December- -Jan. 1 to Dec. 31-1927.
1926.
1927.
1926.
$
$
$
$
92,228
89,996 1,043.776
1.009,777
Gross earnings
69,098
65,754
777.553
773.536
Oper.expenses & taxes
23,129
1.671

24,241
1,654

266,222
17,684

236,241
5.545

21.458
22,587
Balance:
a For reserves, retirements and dividends.

248,538

230,695




636,992
1.047.348
1927.
$291.681
137.229
$154.451
98.262
$56,189

The Northern Ohio Power Co.

Fall River Gas Works Co.

Net eiarninge
Interest charges

4,318.227
736.266
1,328.087

Gross earnings
Oper. exp. & taxes
Gross income
Interest, &c•

-Month of January- -12 Mos. Ended Jan. 311928.
1927.
1928.
1927.
$
$
$
$
1,081.079 12,655,030 12,048.922
1.160.895
783.211
770.658
8,668.966
8.944,701
$390,237

$297,868 $3,986.064 53.104.221
2,419.441
2,331,760

Net income
$1.566.623
$772,461
• Includes interest, amortization of debt discount and expense. and
dividend on outstanding preferred stocks of subsidiary companies.

1186

[voL.

FINANCIAL CHRONICLE
Northern Texas Electric Co.

The Tennessee Electric Power Co.

(And Subsidiary Companies)
-Month ofDecember- -Jan. 1 to Dec. 311927.
1926.
1926.
1927.

(Including Nashville Railway & Light Co., Tenn.)
-Month of January- -12 Mos. End. Jan. 311928.
1928.
1927.
1927.
8
$
$
$
Gross earnings
1.112,756
1,042,626 12,585,890 11.885.410
Oper. exp. & taxes
519,269
6,828,656
6,391.600
575,558

Gross earnings
Oper. exps. & taxes__ _ _

260,933
185,585

222,366
155,505

2,707.486
1,981.079

2,524.332
1,833,064

Net earnings
Inc. from other sources_

75.347
12,500

66,860
12,500

726.407
150,000

691.268
150,000

Gross income
Interest, &c.*

Balance
Int. & amort. charges

87,847
32.306

79,360
28,749

876.407
364,961

841,268
356,659

Balances
50,611
55,541
x For reserves, retirements and dividends.

511,445

484.609

Philadelphia & Western Railway Co.
Gross earnings
Expenses

1928.
S
70.415
$
42,034

1927.
$
$68,911
40,298

Net earnings
°barges*

$28,381
15.679

$28.613
15.657

$12,702

812,956

Month of January-

Balance
* Taxes are included in "Charges."

-Month of December- -Jan. 1 to Dec. 311926.
1927.
1926.
1927.
8
$
$
$
334,925
29,760
341.307
32.087
237,601
20.490
239,699
21,662
10.424
143

Net earnings
Interest charges
Bal.for res..ret.& dirs.

9,270
65

101,608
1,181

97,324
771

10.281

9.204

100,426

-Month of January- -12 Max. End. Jan. 311927.
1927.
1928.
1928.
$
$
8
$
1,105,707
1,076.972 12.183.187 11.817.801
637.054
648.647
7,204,275
7.212.256

Gross Income
Interest. &c.

457.060
215,218

439,918
217,463

4,978,912
2,581.556

4,605,545
2,496.846

Net income
Divs, on stk:
Prior preference
First preferred
Second Preferred

241.842

222.455

2,397,356

2,108.699

475,282
679,817
300.000

475,499
573.617
300,000

942.257
753,826

759.583
740.244

188.431

19.339

Balance
Depredation
Balance

Public Utilities Corporation.
(And Subsidiary Companies)
-Month ofDecember- --Jan. 1 to Dec. 311927.
1926.
1927.
1926.
$
$
$
$
77.175
74,410
Gross earnIngs
918,071
862.461
46.065
48,343
Oper.adra.exp.& taxes_
556.615
532,928
Inc.avall.for int.,depr.,
amortiz. & dive- _

Net income
Pref,stock dividend_

3.540311
1,257.317

3.249,829
1,079.492

Balance
Depreciation

2,282,794
952,882

2,170,337
923,591

Balance
1,246,746
1,329,912
* Includes dividends on Nashville Ry. & Light Co. pref. stock, not
owned by the Tennessee Electric Power Co.

Virginia Electric & Power Co.
(And Subsidiary Companies)
-Month ofDecember- -Jan. 1 to Dec. 311927.
1926.
1926.
1927.
Gross earnings
Oper. expenses and taxes

1.350,664
776.469

1,319.680
782.676

574,194
152,290

537,003
133.2E5

6,282,608
1,563.300

5.693.776
1,620.112

Balance x
421.904
403 717
x For reserves, retirements and dividends.

4.71,9,308

4.073.664

15,471,570 14,378.199
8.684,422
9,188.961

96,552

Portland Electric Power Co.
Gross earnings
Oper. exp. & taxes

5,493,810
2,243,981

523,357

Net earnings
Int. & amort. charges....

Ponce Electric Co.
Gross earnings
Oper. caps.& taxes

5,757,234
2,217,123

537.198

31,109

26,066

361,455

329,532

Puget Sound Power & Light Co.
(And Subsidiary Companies)
-Month ofDecember- -Jan. 1 to Dec. 31-1927.
1926.
1927.
1926.
$
$
$
$
1,416.178
1,299,489 14.925,481 13,533,747
Gross earnings
752,493
687.635
8.564,666
7.814,498
Oyer. exps. and taxes
Net earnings
Inc. from other sources-

663.684
41,675

611,854
45.145

6,360,815
507,041

5,719,249
548,691

Balance
Int. and amort. charges_

705.359
273,014

657.000
283.587

6,867,857
3.349.626

6,267,940
3.306,763

373.412
432,345
Balances
x For reserves, retirements and dividends.

3,518,230

2.961.177

Savannah Electric & Power Co.
-Month ofDecember- -Jan. 1 to Dec. 311927.
1926.
1926.
1927.
$
$
$
$
203.298
2,227,380
2,233,703
193.134
Gross earnings
118.588
1,310,033
1.402.680
106,721
Oper. expenses & taxes_
84,710
29.556

917.346
443.046

831,023
362,093

FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov. 26. The next will appear in that of Dec. 31.
The Borden Company and All Subsidiaries.
(9th Annual Report
-Year Ended Dec. 311927.)
The remarks of President Arthur W. Milburn, together
with the income account and balance sheet, will be found
under "Reports and Documents" on subsequent pages of
this issue. President Milburn in his remarks says that
the year 1927 marked another period of progress of the
company and one in which record sales and earnings were
established and the company's financial position further
strengthened.
CONSOLIDATED INCOME AND PROFIT AND LOSS STATEMENT
FOR YEARS ENDED DECEMBER .
1927.
1926.
1924.
1925.
Gross sales
132,046.779 124,912,098 123,352,833 109.666,633
Net oper.profit(after deducting all oper.chgs.,
incl. deprec'n,insur.&
property taxes)
7.700,821
7.528,467
6,899,856
5.790.135
Interest rec.(net)
284,672
741.150
544.202
395,178
Gross income
Federal tax (estimated)-

8,441.971
1.287.526

8,072.669
1,218,928

7,295,034
997,799

6.074,807
662,101

Net income
5,412,706
7.154,445 6,853.741
6,297,235
Dividends-Pref
450,000
450,000
do Common_z(13%)4.194,601(10)3,154,479(8)1,940,387(10)21:36,800
Balance.surplus
2,959.844
Previous surplus
16,387.960
Prof.on sale of prop.&sec 1,591.840
Earnings applicable to
prior period, &c
Prem,on sale cap.stk 625,180

3,699.262
12,211,335

3,906.848
9,310,979

31,549
1,974,960

560,973

Total
21.564.824
Approp. to reserves
x1.182,897
Good-will reduction _ _ _ _
Int. on subscr. to cap.stk
147,763
Loss on prop. & sec. sold.

17.917.107
1,366,803
64,676
28,798
68,868

13,778,800
1,365,727

11,476,679
1,950,633

79,716
122,022

65,985
149,080

2.825.906
8,650.773

I'. & L. surp. Dec. 31_ 20,234,165 16,387,960 12,211,335
9,310,970
Shares corn, stock outstanding (par $50) --y242,549
693,414
630.896
548,606
474,300
468.929 Earned per share
55.153
48,328
820.46
Balance x
$10.32
810.86
$10.65
x Including as in previous years provision for profit sharing amounting
x For reserves, retirements and dividends.
for 1927 to $772,973. y Par value $100. z Dividends declared and paid
during the year, $3.154,480: declared Nov. 1 1927 and payable Mar. 1 1928
Sierra Pacific Electric Co.
to holders of record Feb. 15 1928 applicable to shares of capital stock outstanding Dec. 31 1927. $1,040,121 (this dividend declaration applies also
(And Subsidiary Companies)
-Month ofDecember- -Jan. 1 to Dec. 31- to 189,834 additional shares of capital stock issued between Jan. 1 and
Feb. 1 1928).
1927.
1926.
1926.
1927.
$
$
$
8
1,240.946
1,260.541 CONSOLIDATED GENERAL BALANCE DEC. 31 (Incl. All Subs. Cos.)
107.514
Gross earnings
105.214
751.826
666,206
59.025
Oper. expenses & taxes_
55,178
1927.
1926.
1926.
1927.
Assets$
$
$
Liabilities574.739
508 715 Property account a36,951,921 34,221.996 Capital stock_ _ _ _34,670,700 31,544,800
48,488
Net earnings
50.035
51,966
44,987 Cash
3.821
Int. & amort. charges_ _
4.469
162,000
b12.265,408 10,238.058 Mortgages
60,000
Receivables
5,499.575 4,674.544 Pur. money notes_
198,000
522,772
463,727 Marketable secur_ 8,640,129 8,218,526 Accounts payable_ 6,625,170 6,198,815
44,667
Balance x
45.566
Finished goods_ _ _ 5,750,416 3,959,104 Dividends payable 1,040,121
x For reserves, retirements and dividends.
Raw mater.& sup. 3,235,909 2,799.040 Accrued accts. (est.
Deferred assets_
159,171
2,999,523 2,937,329
107,392
taxes, &c.)
Tampa Electric Co.
Trade marks,(pat3,283
45,439
Deferred credits_ _
ents & good will_ 2,500,000 2,500,000 Insur., contingency
(And Subsidiary Companies)
&e.. reserves__ _ 9,327,412 9,288,562
-Month ofDecember- -Jan. 1 to Dec. 3120,234,165 x16387,960
1926.
1927.
Surplus
1926.
1927.
$
• $
'
Total
606,.710,
75,002,530 66,718.749
4,714.686
4.871.773
75, 1 0n
0
Total
on‘mad0 .2,
407.592
Gross earnings
385.170
2,037.106
a After deducting mortgages of 81,400,000
2,177.840
office
186.000
Operation
157.852
349,232
495.362 Building properties and depreciation of $15,686,066.
36.823
27.610
Maintenance
509.759
351.959
b Subject to payments during the early part of 1928. to be made in con32.576
50,730
Retirement accruals_
329.408
330.766 nection with the acquisition of the properties and business of Reid Ice
18.938
8.382
Taxes
Cream Corp. and J. M. Horton Ice Cream Co., Inc. It is expected, how3.225.506
3.355.929 ever, that as a result of these and other transactions, together with a pro274.339
227.811
posed sale for cash of additional capital stock of Borden Co.,of which stock1.489.179
1,515.843 holders already have been advised, there will be provided a substantial
133.252
157.359
Net oper. revenue_ __ _
57,395
77.980 Increase in working capital of the companies.
4.738
6.957
Int. and amort.charges_
x Includes net cash premium of $1,974,960 on capital stock issued in
1.431.784
1,437,862 1929.-V. 126. p. 873.
128.514
BaLfor reserves & diva
150.401
Net earnings
Int. & amort. charges




86.413
38.084

FEB. 25 1928.]

FINANCIAL CHRONICLE

Delaware Lackawanna & Western RR..
(Preliminary Report for Year Ended Dec. 31 1927.)
The company has issued a statement of earnings and
statistics for the year 1927, which compares with previous
.
years as follows:
STATISTICS OF OPERATION.
1927.
1926.
1925.
$9.21
$9.50
$8.95
Earn, per frt. tr. mile__
$2.49
82.61
12.70
Earn, per pass. tr. mile_
694.19
723.91
686.15
Aver,train load (tons)-Rev. frt. carried (tons). 28,105.664 29,167,538 26.397.447
Net revenue ton miles- 464'7082823 4964587769 4587676567
1.33c.
1.31c.
1.30c.
Aver,rev. per ton mile__
28,772,786 28.905,226 29.237.690
Passengers carried
one mile-661.430.994 666,554.898 670,929,835
Pass. carried
1.97c.
2.00c.
2.03c.
Rate per pass. per mile

1924.
$9.54
$2.71
722.82
28,139,260
4809172405
1.32c.
28.918.623
660.825.635
2.06c.

STATEMENT OF OPERATIONS FOR CALENDAR YEARS.
1927.
1926.
1925.
1924.
Revenues$20,519,782 $22,711,502 817.757.554 $23,576.425
Coal
41.156.600 42.456,050 42.091.064 39,874.878
Merchandise freight
13,006.932 13,338,081 13,628,673 13,600,454
Passenger
981,681
959.786.
876.106
Mail
1,783.979
1.843.871
1,983,339
1,642,370
Express
2,325,338
2,253.455
2,259,422
2,302,113
Milk
3.427,497
3,613,730
3,478.925
3,365,153
Other revenue
1,484.020
1,628,270
1,515,652
Incidental revenue
1,489,685
884,685.831 $88,804,745 883,635,056 $86,727,184
Total
Expenses$8,110,090 $8,581,206 88,331.770 .87,745.720
Maint. of way & struc
14,636.512 16,342,981 17.262,144 18,699.630
Maint. of equipment
1,628.998
1,584,662
1,495,111
1,406,168
Traffic expenses
Transportation expenses 33,065,026 33,095.084 32,707.387 34.091.817
677,986
Miscellaneous operations
686,781
671.604
656,537
2333,713
2,109,124
1.989,772
1,924.510
General expenses
Transportation invest
Cr.69.265
Cr.22,349
Cr.67.179
Cr.38,473
860,183,061 862,377,489 862.390.610 864.485,909
Total expenses
Net revenue from opor $24,502,770 826.427.256 821,244,447 $22,241,275
7,457,093
7,671.404
Railway tax accruals
6,832.653
6,900,102
12,241
Uncollectible ry. revs_ -9,500
9,772
12,510
Operating income
$17,033,436 $18.746.352 814,402.022 $15,328,663
Additional Income
$136,829
Joint facility rent income $133,673
8143.803
$145,592
230.990
448,729
388,174
Hire of equip.-Cr. bal451.707
Income from unfunded
securities & accounts_
134.133
367,855
151.963
229.447
313,241
298,715
Miscell. rent income....
294.039
267,213
98.469
93,934
Misc. non-op. phys. prop
63,716
63.854
624.847
Dividend income
524.882
1,508.662
505,566
Incomefrom funded secs. 4,091.528
4,298,836
4,017,898
4.050,105
Miscellaneous income_
22,985
50.075
30,577
11,081
Income from sinking and
6,273
other reserve funds_ _ _
4,310
4,310
1.972
3,475
5,197
Inc.from lease of road
5,389
11,265
Earns, coal department_
Dr.164
Sundry add'ns & deduc_
Dr.37,295
822.693,052 $24.975,714 821,010,552 821,029.006
Gross income
Deductions Rentals of leased road.. 1E6.962,236 $6,993,306 ($6,14'i,557 $5,967,749
Rental New York piersj
389,966
1
348.156
5,856
5,856
5,856
Int. from funded debt
5.856
17.187
63,351
Int. on unfunded debt
40,978
38.377
$15,707,772 817.913,201 814,430.194 $14.668.867
Net income
11.821,754 11,821,754 11,821.754 11,821.754
Dividends declared
Additions & betterments
692.196
914,876
569.808
Balance, surplus
83.886.018 $5,399,251 81,693.564 32.277,306
Shares of common stock
outstanding (par $50)- 1,688.822
1,688,822
1,688.822
1,688.822
Earn. per sh. on common
$9.30
810.61
$8.55
$8.68
GENERAL BALANCE SHEET DEC. 31.
1927.
1926.
1927.
1926.
$
AtSdS$
Invest. in road_ 50,224,061 49.688,349 Common stock_ 84,441,100 84,441,100
do in equip. 61,108,811 58,057,678 Prem,on capital
stock
Impts. on leased
70,720
70,720
ry. property-10,706,019 18,806,789 Fund. dl. unmat
97,600
97,600
mjse, plus. prop 2,239.178 2,247,280 Non-negot. debt
cos.:
to affil. cos.._
Inv.in affil.
33,145
15,684
9,582,610 9,559,690 Traffic & car gerStocks
2,551,919
2,418,270
Bonds
vice bal. pay_ 1,744.633 2,069,460
3,824,710 3,824,710 Audited twe'ts and
N otes
wages payable 3,387,455 4,539.058
Advances.... 2,987,639 2,160,782
Misc.ace'ts pay.
9,962
Other investls:
11,558
1.249,644
1,249,644 Int. mat'd unpd.
3,303
Stocks
3.258
27,324,453 95,624,226 Divs.mat'd unpd
Bonds
24,972
20,015
633.638
682.540 Unmet. divs.dee 4,222,055 4,222.055
N otes
17,284,943 10,645.633 Unmatrents scar. 1,418.551
Advances
1,412,387
7,897,049 3,908,092 0th. curr. Habil.
150,937
Cash
193,605
Def'd liabilities7.781
Demand loans &
66.989
3,000,000 Tax liability... 3,910,939
deposits
3,906,251
Ins., &c., rea'ves
732,559
Loans and bills
834,558
989
727 Oper. reserves_
receivable. _
32,559
36,628
1,224,804 Accr'd deprec'n,
Traffic, &c., bal. 1.206.076
equipment
31,389,875 29.794.805
Net bal. rec. fr'm
808,768
970,807 0th. unadj.cred. 1.342,992
azts. & cond's
1,604,430
2,005.397 Add'ns to prop.
Mtge. acc'ts rec. 1,846,419
thru.ine.&sur. 6,724,240 6.706.179
Mae's & suPPlies 3.131,790 3.832,624
134,271 Profit and loss_ 72,018.374 129,328,074
200,971
Deferred assets_
Unadjusted deb. 1,114.069 1,132,099
Total
125,

211,763.755 269,174,412

Total

211,763,755 269,174,412

1187

Issue of Shares.
-In September the shareholders were offered a further
participation in the shares of the company, to the extent of 100,000 shares.
being in the ratio of 1 share for each 11 shares held. The price of the
offering was $50 per share. Not only were the shares subscribed in a
great measure by the then existing holders, but the share list was largely
extended through a proportionate sale of rights.
Retirement of Bonds and Creation of New Bonds.
-Under date of Aug. 26
1927, directors sent out a letter to the shareholders, calling a special general
meeting to be held on Sept. 28, to ratify by-law No. 34, which created an
issue of 1st mtge. & coll, trust sinking fund gold bonds,limited to an amount
of 8200,000.000. The reasons for this change were adequately set forth
in the letter, and dealt with the growth of the company which necessitated
this change. Upon the meeting being held, the action of the directors was
unanimously confirmed; an extremely large number of shares being represented at the meeting.
Acting under this authorization, directors in October sold an aggregate
amount of $35,000,000 434% 40
-year bonds at a very attractive price. All
previously outstanding bonds have been called for redemption, which will
be effective at dates not later than April 1 1928. The result of this constructive action has been far reaching. Not only has the credit of the
company in the money markets of the world been placed on a higher basis.
but notwithstanding the premiums paid for the redemption of bonds, the
company has brought about a very substantial proportional reduction in
its fixed charges.
The sinking fund reserve released by the redemption of bonds together
with the residue arising from the premiums received from the sale of shares,
has been used to meet the premium on bonds redeemed and the discount
and expense on bonds sold.
In the last annual report your directors pointed to the growth of the
company by way of assets and earning power as of 1926 compared with 1906.
This financial operation may be considered as another element symbolic of
the growth and position of your company, in that an operation of this
magnitude and character could be carried out with such a fine result. The
securities of the company now rank among the highest in Canada. This
is easily understood when it is recognized (and to which the shareholders
have contributed so much by their support of the policy laid down by the
directors) that the company has during the past 20 odd years systematically
directed its attention to reaching out with its distribution systems into all
sections of the Province where industrial growth had commenced or was
pending; has extended its generating capacity both in large developments
and in smaller installations; has year by year built up its reserves and
strengthened its position financially as well as physically, and has thereby
taken a position foursquare with the requirements of the Province as to
supplies of power.
It is not possible that the results of such a policy should be translated
every year into actual augmented earnings of the company as the benefits
accruing from expansion are not immediately felt, and this progress, while
containing elements of continuous and advancing growth, is measured to
some extent more in cyclic form.
Increase of Authorized Capital.
-Directors, through the offering of shares
made in September last, have exhausted the authorization given by the
shareholders, which was limited to 1,200,000 shares. Looking forward to
the company's requirements in the future, it is essential that this authorization be extended to the limit presently fixed by the charter, of 1,600.000
shares, and you will be asked to give sanction to this immediately following the conclusion of the business now before you.
Construction.
-Reference was made in the annual report for 1926 that
the company had entered into a contract with the Duke-Price Power Co.
to secure a supply of 100.000 h.p. from the Saguenay River. To transmit
this power it was necessary to build a high tesnion transmission line from
Ile Maligne, on the Saguenay River. to Quebec. This line was finished
during the year and is now delivering power in Quebec. In conjunction
with this line additional terminal facilities were required in Quebec, which
are now largely completed, and power from the Saguenay is now fed into
the company's distributing system. The construction of this line was an .
undertaking of considerable magnitude, as it passed mostly through inaccessible and uninhabited country. Its completon and bringing into operation on a satisfactory basis is a notable achievement. The line is now
operating satisfactorily.
An extension to No. 2 power plant at Shawinigan Falls on the St. Maurice
River has been planned which will be carried through during 1928. The
new development will add 43.000 h.p. to the capacity of the plant.
A small power plant which the company controls at St. Alban on the Ste.
Anne River, has been rebuilt. This plant has a capacity of about 4,000
h.p., which is distributed in the immediate vicinity.
Power Distribution.
-For several years the company has followed the
Policy of endeavoring to serve all of the municipalities adjacent to its
transmission lines. In so doing it has purchased certain small companies
and incorporated them into its various distribution systems. As a result
most of the districts in which the company is doing business are now adequately served.
There have been added to the company's systems 82 communities during
the year, with an approximate addition of 648 miles to transmission and
distribution lines through construction and purchase. The distribution
work is done through subsidiary electrical companies owned by company.
During the year electric power connections were made with the Ste.
Anne Paper Co.'s plant at Beaupre and the Anglo-Canadian Pulp & Paper
Mills at Quebec City. These two mills are now taking power under their
respective contracts and are producing paper.
The subsidiary distribution companies owned by your company have
been following a very active plan for increase of their business, with satisfactory results for the year.
There is now generated by the company's stations and purchased from
Other companies 684,000 electric horse-power which is distributed by your
company. The company's network of transmission and distribution lines
is increased and extended year by year, thereby placing all of the towns
and cities upon its circuits in a very favorable position for supply of light
and power.
The consumption of electric energy during the year again shows substantial growth, the figures in kilowatt tours being 2,000,656,974. which
does not include 680.375,018 kilowatts of secondary power. as compared
with 1,767,15.5,855 kilowatt hours and 342,725,960 kilowatt hours of
secondary power in 1926.
Chemical Plants -In the early part of the year a dispute with the Government of the United States, which had arisen from a war-time contract for
chemicals, was settled, the result being that certain works at Shawinigan
Falls, built for the supply of chemicals to the United States Government,
reverted in their entirety to the company, allowing their amalgamation
with the other chemical properties of the company.
1
For some years the plants and business of Canadian Electro Products
Co., Ltd., and Canada Carbide Co., Ltd., have been operated in very
close accord. It was considered desirable to consolidate the companies
into one unit. This has been done by the incorporation of Shawinigan
Chemicals, Ltd., which now succeeds to all of the business and assets of
the old companies. The new company will occupy a foremost position in
its lines and starts out with very good prospects. All of the
shares and
securities of the Chemicals Co. are owned by the Shawinigan Water &
Power Co.

p. 3638.
Victor Talking Machine Co.(& Sub. Cos.).
(Annual Report-Year Ended Dec. 31 1927).
The income account and balance sheet for 1927, together
The income account and balance sheet covering the operawith
tions of the company and its subsidiaries for the year 1927 of list of officers, will be found in the advertising pages
this issue.
-V.
are given in the advertising pages of to-day's issue.
126, p. 119.
RESULTS FOR CALENDAR YEARS.
1927.
1926.
1924.
1925.
Shawinigan Water & Power Co.
Gross earns., all sources- $9,362.828
37.660,208 $6,702,034 $5,741,079
Operating exp., &c
4,430,552
3,243,141
3,001,158
2,420,528
(Annual Report-Year Ended Dec. 31 1927.)
Bond interest, &c
1,637,493
1,459,744
1,274.652
1,334,538
Depreciation reserve.. _
400.000
350,000
President J. E. Aldred reports in part:
350,000
350.000
-After making the usual appropriations and paying dividends
Results,
Net income
82,894,783 $2,607,323 82,016,339 81.695.899
of $2 per share for the year, the balance carried forward is $1,091,850, Dividends
(32)2,200.000 %)
(8 2050000
(734)1676250 (7)1,400,000
subject to deduction for 1927 income tax.
income has had the benefit during the year of increased diviBalance, surplus
The gross
$694,783
$557,323
$295.899
$340,089
dends from Quebec Power Co., the rate of its distribution having been in- Previous surp.(after adj.)
397,067
229,070
251,536
308.158
creased from 7% to 8% for quarter commencing July 1 1927, while the
Total
St. Maurice Power Co., Ltd., initiated a dividend of 1% for the quarter
81.091,850
$808,859
$524,969
$648,247
commencing July 11927.
Reserve and sinking fund
50,000
50.000
-The capital structure of the company was Other reserves
Chime in Capital Structure.
5;8
2 8
58
°
25,000
changed in 1926, whereby each share of $100 wits exchanged for 4 shares of
no par value. This became effective in Feb. 1927, but while the balance
xTetal surplus Dec. 31 $1,091,850
$573,247
$758,859
3449,969
sheet now reflects the change in the number of shares, there is still main- Shares capital stock outtained the aggregate dollar value representing such shares, so that in effect
standing (no par).--- 1,200.000
y275,000
y220,000
y250.000
each share of no par value is represented on the balance sheet by a liability Earned per share
$2.41
$9.48
$7.70
$8.07
of $25.
x Surplus subject to deductions for income tax. y Par $100.




1188

[Vol.. 126.

FINANCIAL CHRONICLE

BALANCE SHEET DEC. 31.
1926.
1927.
1926.
1927.
$
$
Assets
Liabilities8
$
Property
17,824,987 17,192,101 Capital stock __ _130,000.000 27,500.000
35,000.000 28,129,500
Machinery
6,584,552 6,475.334 Bonds
591,624
Lines
15,443,733 11,515,374 Accts. & bills pay_ 606.252
Int.& div. payable 943.750 1,003.095
650.843
Equipment
172.727 Sinking fund. &c._ 1,557.101 3,959.220
Prepaid charges_
. 176,923
Depreciation, reSecurities of sub4,441,184 3,831,981
serve, &e
sidiary. &c.,cos.29.022.256 23,040.928
1,091.850
758,859
Accts. & bills mole 1.168.050 2.181.531 Surplus x
2,4b0.000 1,392.000
Call loans
481.888
Temporary Invest_
730.273
288.809
Cash
73,640.137 63.774,280
Total
73,640,137 63,774.280
Total
x Subject to deduction for income tax. y Represented by 1,200.000
par value in 1926.shares of no par value in 1927 and by shares of $100
V. 126. p. 578.

The B. F. Goodrich Co.
(Annual Report-Year Ended Dec. 311927.)
The remarks of President H. Hough, together with income
account and balance sheet for 1927, will be found in the
advertising pages of to-day's issue.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1925.
1926.
1927.
$151,684.961$148,391,478$136,239,526$109.817,685
Net sales
Mfg., &c., expenses____132.389,668x138,640.094 113.860,422 95,952,161
$19.295,292 $9,751,384 $22,379.105 $13,885.524
Net profit
865.643
1,020.035
770,289
Miscellaneous income.... 1.219.602
$20.514,894 $10,521,673 $23,399,139 $14,731,167
Total net income
2,547.434
2.481,102
2.377,192
3,007.489
Depreciation
Interest on bonds, notes,
2,361.228
1.927.500
2,975,460
2.927,098
bills payable, &c
2.350,000
1,800,000
Prov. for Fed. taxes
$12,780,307 85,065.110 616,744,448 89.822.504
Net profit
2,460,150
2,560,670
2,314,620
Preferred dividends(7%) 2,477,510
Common dividend ($4)- 2,406,840(64)2406,240(62)1202,800
1.000.000
4,000.000
Reserve for contingencies 1.000.000
$98.200 $9,227.028 $6,362,354
$6,895,957
Balance, surplus
21,157,480 24.770.125 17,609,966 11,106,950
Previous surplus
Sur. previously approp.
1,225,064
for amort. of war facil_
Difference between cost
140,663
13,875
58.643
& par of pref.stk.red$28,053,437 $26,107,264 $26,895,637 $17,609,967
Total
Difference between cost
of affil. cos. seq. and
3,187,279
value of assets
560,885
1,762.505
685.692
Fed, tax prior years. &c_
1,439,821
Cost of issuing 6Ii% bds

CONSOLIDATED BALANCE SHEET DEC. 31.
[Pierce-Arrow Motor Car Co. and Pierce-Arrow Sales Corn.)
1926.
1927.
1927.
1926.
$
$
AssetsLiabilities$
$
Property account.x4,639.557 4,978.003 8% cum. pf. stk.b10,000.000 10,000.000
Pat'ts. trade-mks.,
Common stock___z5,652,082 5,652,082
good-will, &e..._ 5.000.000 5,000,000 20-year 8% e. f
3.349,200 8,931,200
Invest's & advs....y1.362.810 1.328.700 debentures
9,852.783 10,912,534 Purch. mon.°beg_ 1,658.442 1.842.898
Inventories
/Votes & acc'ts rec..
Acc'ts payable,&c. 1,338.960 1.360.929
242.784
less reserves_ ....a1,248,548 1,590.194 Customers' deem). 220,751
U.S. Govt.ace's... 192.264
198,604 Prof. for Federal
180,000
Miscell invest. &
taxes
133.720
137,982 Oper. and conting.
deposits
149.495
Cash
219.857
1,515.291 1,573,711
reserves
Deferred charges... 428,108
758.650 Proet ds loss sum. 1.933.790 3.116.990
Total
24,373.082 26,478,378
24,373,082 20.476.378
Total
a After deducting $91,205 reserve for doubtful notes. accounts and
allowances. la Dividends unpaid, $44 per share. x Plant site. buildings.
machinery and equipment, $11.414,947, less reserve for depreriation,
56,775,390. y Investments in and advances to foreign and domestic
branches, $261,988: less reserves, $84.400: investment in stock of PierceArrow Finance Corp.. $1.185.222. z Represented by 328,750 shares of no
par value (stated value $1.643,750).-V. 125, p. 2681.

Pierce-Arrow Finance Corporation.
(4th Annual Report-Year Ended Dec. 31 1927.)
INCOME ACCOUNT YEAR ENDED DEC. 31.
1926.
1925.
1927.
Int. & chrgs. earned &
miscellaneous IncomeGen. & admin. exp. Incl.
prov. for credit losses
and contingencies_.

8414.927

$523,115

$406,698

1924.
8197.495

Profits of Pierce-Arrow
Exch. Corp.
Total Income
Deduct int son gold notes,
trustee's fees and exps.
Organ exps. written off_
Prov. for Fed. inc. taxes
Net profit for year_ - -

139.952
139.952

144,984

118,628

52,234

8274,974

8378.131

$291.070

$145,261

2,484

5,880

12.432

6277,459

8384,011

8303,502

8145,261

187.053

258,168

197.141

101.251
6.816

11,475

26,487

14.866

$78,930

$99,358

$91,495

$37394

BALANCE SHEET DEC. 31.
1926.
1927.
1928.
1927.
AssetsCash in hank. &c_ 3440.899 1753.518 Acc'ts Pay. Az sem
exps.. in& prey.
Notes receivable__ 3,016.353 4,336.244
$42.117
for Fedi taxes.. $15,900
24,321
3.517
Cash with t tame_
9,048 Collat. gold notes. 2,168.000 3,830.000
N otes rec.not in tr.
21.550
140.512
82,230
Acc'ts receivable._
137,894 Res've for renting. 142.294
177.182
Deferred Income__ 134,58:3
Invest. In stock of
700.000
700,000
Capital stock
Pierce-Arrow Ex175.000
175,000
21,312 Capital surplus
23,795
change Corp_
231,291
Undivided profits_ 310,222
Dep. State Bank982
982
ing Dept
28,928
20.301
Prepd.In t..&c..exp
4,661
:3,588
Furn. & fixtures__

Total profit & losssur _627,492,551 $21.157,480 $24.770.125 $17,609.967
Shares coin, stock out601.400
602,216
601,710
601,560
standing (no par)__
1412.24
a Nil
b$17.11
1423.99
Earned per share
After deducting $5,000,000 contingency reserve existing at Dec. 31
$3,633.999 $5.296,102
Total
83.633,999 $5.298.102
Total
1925. a After excluding credit from reserves of $5,000,000 (see x). Earn-V.124. p. 1659.
x After deducting 64,808 reserve for depreciation.
ings per share on common after crediting the $5,000,000 from reserves as
amounted to $4.16 per share. b Before charging contingencies
above
reserves of $1,000.000 in 1927. 64,000,000,000 in 1925 and $1,000,000
Consolidated Gas Co. of New York.
in 1924.
CONSOLIDATED BALANCE SHEET DEC. 31.
(Annual Report-Year Ended Dec. 311927.)
(Omitting in both years good-will. &c., previously carried at $57,798.001.1
Pres. George B. Cortelyou Feb. 20 reported in substance:
1926.
1926.
1927.
1927.
-The following is a combined statement of the assets
Liabilities
AssetsCombined Statement.
Corn.stk.equity
and liabilities of the Consolidated Gas Co. of New York and its affiliated
Real estate and
a36,333,676 34,565,974 (see note)____ 29,853.840 23,490.479 gas and electric companies, as of Dec. 31 1927, together with a combined
plants
Pref.stock
b35,096,000 36.284.000 statement of the revenues and expenses of those companies for the calendar
Inv. & advances
,
3ear 1927, with all inter-company items eliminated. To these statements
to other co's__ 5.642,441 7,593,198 Bills pay.to bank 2.500.000
604.400 5% serial notes_ 10.000.000 15.000.000 have been added a combined surplus account and a combined summary of
Treas. pref. stk_ 1.487.200
32,486.632 28,494,692 25-yr.let M.6 14s 23,044,500 23,044,500 financial transactions for that year.
Inventory
-Attention is directed to the evidence presented by
ACM.payable.- 5,747,058 4.229.608
Financial Condition.
Due from empl.
the balance sheet confirming the strength and stability of the Consolidated
858,082 Bills pay.(Issued
14,057
account stock
by for sub.cos.) 1,090.062 1,130,096 Gas Co. s financial condition. This Is attributable, not only to the fact
Trade notes and
that much of this company's capital stock was issued, in earlier years. at
sects. rec.. 29.819,202 26,778,367 Bond indebt. of
for. subs
1.029,976
substantial premiums, but also to the conservative policy which, for many
Other notes and
years, has governed the matter of dividend distribution, as well as the
853.562 Min. Int. In for.
accts. rec._ 1.909.581
61.451
subs
accumulation, out of earnings which wore within the limits of a reasonable
6,807.397 6,690.357
Cash
795,171 Sundry accr. lia_ 1,014.726 1,174,577 return upon the value of the property, of substantial but prudent reserves
751,098
Prepaid accts.__
90,370 as safeguards against uninsurable hazards and vicissitudes. The invest61,800 Prov.for Fed.tax 1,800.000
10,000
U.S. Lib. bonds
Reserves
ment of these resources in gas and electric properties gives assurance of the
Contingencies 1,000,000
company's ability to maintain at least its present earning capacity.
It will be observed, from the combined balance sheet showing the assets
Corning. In connection with
and liabilities, that the total amount of the capital stocks of the affiliated
1,624,620 1,700,000 companies in the hands of the public, amounts to less than A of 1% of the
attn.co.RN
600,000 total of the capital stocks outstanding.
600.000
Pension reeve
251,553
224,783
Affiliated companies are as follows: Astoria Light. Heat & Pewer Co.,
Miscellaneous
300.419 New Amsterdam Gas Co., East River Gas Co. of Long Island City; Central
574.246
Empl. net cred_
See note Union Gas Co., Northern Union Gas Co., Standard Gas Light Co. of the
See note
Total (ea. side)115,261.264 107.295.605 Surplus
York Edison Co.,
equipment,
a Real estate, buildings, machinery and sundry obsolescence.after de- City of New York, New&York & Queens Gas Co., NewPower Installation
Power Co., Edison Light &
b 500.- Yonkers Electric Light
ducting reserve of $15,534.388 for depreciation and
United Electric
deduct 149.040 shares redeemed and Co., Consolidated Telegraph & Electrical Subway Co..New York. New
000 shares at $100 each, $50,000,000;
Light & Power Co.. Brush Electric Illuminating Co. of
cancelled. $14,904.000. Authorized and unissued, 50.000 shares of 7% York & Queens Electric Light & Power Co., Bronx Gas & Electric Co,.
cumulative preferred stock of $100 par value. $5.000,000.
Westchester Lighting Co., Northern Westchester Lighting Co., Peekskill
-Common stock Dec. 31 1927 authorized, 750.000 shares of no Lighting & RR., National Coke & Coal Co.. Municipal Lighting Co.. Inc.,
Note.
par value; outstanding, 802.216 shares, or $60,159,290, less exclusion of Green Mountain Lake Farms, Inc. and Tarrytown Terminal Corp.
Patents, trade-marks and good-will.
Intangible capital assets, namely.
Capital Chanpes.-In accordance with resolutions adopted at annual
$57.798,001, leaving $2,361,289 earned surplus, $27.492,551; total, $29,- meeting Feb. 21 1927, there were issued and sold to the stockholders
853,840.
720.000 shares
altered by the omission of the 1.200,000 shares of $5 cum. pref. stock at $91 per share and
On Dec. 31 1920 the balance sheet was
of common stock at $75 per share, aggregating $163,200.000 additional
Item of $57,798,001 heretofore shown for good-will, patents and trade- capitalization. By the same authority there were retired 300,000 shares
-V. 126. p. 586.
marks.
of6% cum, participating pref. stock. This financing represents the largest
single public utility capital stock issue ever offered, and the success Of the
Pierce-Arrow Motor Car Co.
offering gives emphatic demonstration of the company's financial strength
[Including Pierce-Arrow Sales Corporation.
and stability.
During the year dividends were paid quarterly on the common stock at
(11th Annual Report-Year Ended Dec. 31 1927.)
the rate of $5 per share per annum, and on the $5 Cum. pref. stock at the
Chairman Charles prescribed rate from the date of issue.
The report of the directors, signed by
expenditures of the
-The
Capital Expenditures.
Clifton and President Myron E. Forbes, together with company and its affiliated gasaggregate gross capital for land, plant and
and electric
1927, will equipment during the year 1927 amountedcompanies
to 684,400,583.
income account and balance sheet for the year
the retirements a plant and equipCredits
be found under "Reports and Documents" on subsequent ment fromto capital account, due to estate, aggregated $14,768.984. leavservice and the sale of real
pages.
ing a net increase in the investment in land, plant and equipment for the
year of $69,641,599.
INCOME ACCOUNT FOR CALENDAR YEARS.
Tax Burden.
-As In previous years, one of the largest single factors enter1924.
1925.
1928.
1927.
ing into the cost, and hence reflected In the selling price, of gas and electric
Manufacturing profit_ -_ $123.349 $2,388,508 $3,017.805 $1,893,515 service in the Boroughs of Manhattan. the Bronx and Queens and in West37,194
91,494
99,356
y Other income
78,930
chester County Is the volume of taxes assessed by Federal. state, county
Total income
$202.279 $2,485,862 83,109.299 81,930.709 and municipal authorities. part of the operating costs of the Consolidated
The taxes charged as a
441.718
393.791
371,215
Deduct-Interest (net)
379.704
737.931 company and its affiliated gas and electric companies,and thereby collected
865,727
666,951
Depreciation
605.775
by these companies from their customers for the aid and benefit of the taxing
220,000
180,000
Federal taxes
authorities, including interest on disputed taxes ($201.834) and taxes
compared
$751,060 charged elsewhere ($38.384) totaled $17.314,270 during 1927, as
Net income
def$783,200 $1,267,695 $1,629,781
burden thus
126.000 with $16.168,453 during 1926. an increase of $1.145,817. The nearly 16%
83.758
pref. dividends.
Prior
Imposed and reflected in the companies' rates, amounted to
600,000
Divs.on 8% pref
400,000
of the total operating coats of the gas and electric business. The tax$625,060 collecting function thus added 13.05 cents per 1,000 cubic feet, on the
$667,695 $1.546,023
Balance,surplus_ ---_ $1,183.200
average, to the required rate for gas, and more than 36 cent per kilowatt
Shares of common outthe
328 750
250 000 hour, on the average, to the required rate for electric energy throughoutand
328,750
standing (no par)_ ___
328,750
rtu
territory served by the Consolidated company and its affiliated gas
$1.42.
0.27
Nil
Earn.per sh.on common_
electric companies.
y Net profits of Pierce-Arrow Finance Corp.(see that company).




FEB. 25 1928.]

FINANCIAL taaRONICLE

-The condemnation proceedings for the former
Condemnation Proceedings.
-water-front property of the Consolidated Gas Co. at West 44th to 46th Sts.,
on the Hudson River. taken by the City of New York on Aug. 1 1913, were
brought to a conclusion in April 1927 by the payment of the award as finally
fixed by the Appellate Division of the Supreme Court. at 62,266,656.
together with interest at 6% from Aug. 1 1913.
-The Hunt's Point plant was placed in service in
Gas Plant Extension.
the late fall of 1926 and has operated economically throughout the year.
The coke produced at this station is available for water-gas manufacture.
At the works of the Astoria Light, Heat & Power Co. a 1,000,000-gallon
water-storage tank with pumping equipment has been installed to provide
against possible interruptions of the city water supply. A saturator has
been added to the ammonia recovery equipment.
To further guarantee the continuity of electric service to the Astoria
plant and pumping station, a second high tension feeder was installed
through the Astoria tunnel from the Hell Gate Station of United Electric
& Power Co.
The manufacturing capacity at the Flushing works of toe New York &
-foot diameter
Queens Gas Co. has been increased by the Installation of a 9
gas-generating set: one 500 h.p.stoker-fired boiler and its enclosing building;
an additional works exhauster,together with a new exhauster house and the
relocation of the existing exhauster units. The high pressure distributing
system of that company was strengthened by establishing the Bellerose
high pressure gas-storage station with control building.
Rates.
-A new schedule of rates was filed with the New York P. S. Commission, effective Sept. 1 1927. which embodied optional rates available
to the customers of all the affiliated gas companies in N. Y. City, excepting Bronx Gas & Electric Co. Similar rates are under consideration for
Westchester County.
lb Under the new schedule, neither an increased rate nor an increased cost
of gas service is imposed upon any customers.
Refrigeration.
-The result of the first year's activities assures the success
of the gas refrigerator. In addition to the single model offered during the
greater part of 1927. there are now 3 other models available.
Complaint Concerning Electric Rates.
-The direct presentation of testimony and exhibits in behalf of New York Edison Co., in the proceeding
instituted by the City of New York for the reduction of the electric rates of
that company, was concluded during the past year. No affirmative evidence
has been presented in support of the City's complaint, and the company's
proofs have shown clearly that the existing rates are well within the limits
of an adequate return upon either the present value of the property or
the investment therein. Company has moved for a dismissal of the complaint on the merits, but before the disposition of the matter through
findings by the commission, it is likely that some further hearings will be
held, for the placing in evidence of the report made by the Commission's
engineers concerning the company's inventories and valuation.
-The sales of the Consolidated Gas Co., and its affiliated gas
Sales, &c.
companies, for the year 1927. amounted to 42.503.203,800 cubic feet. an
increase over the year 1925 of 730,962.700 cubic feet. or 1.75%. but a
decrease, as compared with 1926, of 2,484.732.600 cubic feet or 5.52%.
This decrease was due, primarily, to conditions occasioned by the coal
miner's strike in the early months of 1926, resulting in an abnormal increase in the sales for that year over what would have been sold if conditions had been normal.
The affiliated electric companies sold 2,320,531.525 kilowatt hours of
electric current, an increase over 1926 of 256,242.532 kilowatt hours, or
12.41%. The Bronx Gas & Electric Co. obtained the greatest percentage
of increase in gas sales. or 17.37 over 1926. The same company also obtained
the greatest percentage of increased electric sales, which was 29.85 over
1926.
The total number of gas meters of the Consolidated Gas Co. and its
affiliated companies in use at the end of 1927 was 1,087,999. The total
number of electric meters of the affiliated companies in use at the end of
1927. was 1.352.865.
The municipal street lamps on the lines of the Consolidated Gas Co. and
its affiliated gas and electric companies, on Dec. 311927. consisted of 299
incandescent gas lamps. 49 electric arc lamps and 99,518 electric incandescent lamps, a total of 99.866.
All of these gas and electric properties have been maintained in excellent
repair and at the highest point of operating efficiency, at a cost of $14,937.455 for repairs and $7.241,073 for renewals, or a total cost of $22,178.529; thus Insuring a uniformly satisfactory quality of gas and electricity
and their economical production and distribution.
COMBINED EARNINGS STATEMENT (INCL. SUBSIDIARY AND
AFFILIATED COMPANIES) FOR CALENDAR YEARS.
1927.
1926.
1925.
1924.
Gas sales (1,000 cu. ft.).. 42.503,203 44,987,936 41.772.241 41.612,084
Electricity sold(k. w. h.)2320531525 2064288993 1828792601 1661106123
Gross earns., Inc. misc.
oper. & non-op. rev_ _$ 1632828668153,799,5288139.737,6328126,459,961
Oper. & non-oper. exp__a85,672.090 a83,976,702)
Retirement expenses_ _ 6,501,575 6,031,852] 97.983,009 90,963,272
17,074,052 15,930.090)
Taxes
Netearnings_ _ - _ -S54.035.149 $47,860,883 $41.754,623 $35,496,689
Int.on fd.& unfd. dart- 11,761.370 12,193.990 10,855,717
7.521.772
Surplus earnings
$42,273,779 $35,666.893 $30,898,906 $27,974.917
Divs. paid $5.cum. pref. 3.723.095
6% cumul. pre b
525.057
1,050.241
1,050,267
1,001.970
Common stick
20,689,462 18,000,000 18,000.000 17,933,442
54,587
Divs.on affil. co.'s stock
44,315
50.653
40,681
Bal. card to sur. acc't$17.281.578 $10.572,337 $11,797,986 $8,998.823
Stock common stock outstanding (no par). - 4,320,000 3,600,000 3,600,000
3,600,000
Earnings per share$8.79
$9.60
$8.26
$7.48
a Includes maintenance in 1927. $14,938,625; in 1926, $13.553.078.
b Redeemed May 1 1927.
COMBINED SURPLUS ACCOUNT FOR THE CALENDAR YEAR 1927.
Credit balance Dec. 31 1926
8151.089,340
Surplus earnings for the 12 months ended Dec. 31 1927 in
excess of dividends paid
17,281,578
Excess of award for land at 44th Street over book cost,together
with Interest from Aug. 1 1913 to April 25 1927 on total
amount of award for all property at 44th Street taken by the
City of New York: Excess of award, $355,744; interest on
award, $1,868,102; interest during construction capitalized,
$1.134,971; miscellaneous items(net credit).$688,020;total4,046,837
Deduct: Premium paid on redemption of6% cumulative participating preferred stock
Dr.1,875,000
Credit balance Dec. 31 1927

$170,542,755

CONDENSED SUMMARY OF FINANCIAL TRANSACTIONS FOR
THE CALENDAR YEAR 1927.
Resources
$10.499.927
Cash balance Dec. 31 1926
17,281,578
Balance of earnings carried to surplus account
209,168
Increase in reserve for insurance
Capital stock issued by Consolidated Gas Co. 720.000 shares
54.000,000
of no par common ® $75 per share
109,200,000
1.200.000 shares of no par preferred ® $91 per share
Less par value of 300,090shares of6% cumulative participating
Dr.15,000,000
preferred stock retired
Dr.5,000
Affiliated companies' stock reacquired and issued (net)
143,564
Decrease In miscellaneous investments (net)
2,171.837
Miscellaneous items in profit and loss account(net credit)

1189

COMBINED BALANCE SHEET DECEMBER 31.
[Consolidated Gas Co. of New York and Affiliated Gas and Electric Cos.]
1927.
1926.
1925.
Assets$748.057.614 $678416.014 $601388.798
Land, plant and equipment
6,754,587 6
151
318
Investments
6.
608.
25,700,1
'
898.
Temporary loans and investments
10.499,927 10,504.935
13.439.7
Cash
21.551.373 19,288.183
25,672.20
Accounts receivable
19.042,777 18.369.051 17,632.296
Materials and supplies
5.621.089
4.233.507 4.492.619
Deferred charges
$842.900,462 8740227.138 8661043.619
Total
Liabilities
a271,999.236 217,999,236 217.999.236
Common stock
b109,200,000
$5cumul.preferred
15.000.000 15.000.000
6% cumul. preferred
064.421
969.421
1.013.521
Stock of affiliated companies
195,644.790 200.394.790 200.497.790
Funded debt
d11,686.906 70,346.345 10.296.374
Unfunded debt
Accounts payable & accrued charges 22.667.227 23.773.381 19.680.198
3.563.664 3.330.614
3.772,832
Reserve for insurance
5.384,992
5.8 .010
5,179.344
Reserve for retirement
51,242.950 51.242.950 55.016,202
Reserve for contingencies
Gas salessuspense11.457.952
170.542.755 151,1;39.340 121.366.741
Surplus
$842,900.462 $740227.138 8661043.619
Total
a 4.320,000 shares no par value. b 1.200.000 shares no roar value.
c 6,564 shares, par $100 each,and 6.160 shares of no par value. d Includes
consumers deposits of $8.512,108; disputed taxes of $2,870,297; real estate
mortgage of 6304,500. e Transferred to surplus account in accordance with
the decision of the United States Surpeme Court on Nov. 29 1926.V. 125, p. 1969.

Engineers Public Service Co.
(Annual Report-Year Ended Dec. 31 1927.)
The comparative income account and balance sheet for the
year 1927 will be found under "-Reports and Documents"
on subsequent pages. See also V. 126,p. 865.
Public Service Corporation of New Jersey.
(Report for Year Ended Dec. 31 1927.)
EARA INGS OF PUBLIC SERVICE CORPORATION OF IVEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
1924.
1925.
1926.
1927.
$
Oper. revs, of sub. cos_ _115.005.908 106,303.210 94.715.525 87.689.453
Oper. expenses & taxes_ 72.851.057 67.752.023 61.934.635 58.357,745
7.741.009 6.642.972
9.098.964
Deprec. & retirem't exp- 10.084,134
Net earnings
32.070.717 29,452.223 25.039.881 22.688.736
1.001,279
Non-oper. income
2,110,098 2,057.051
3,205,891
P.S. Corp. of N.J.
-Income from securities
pledged (excl, divs, on
stocks of oper. cos.) &
from misc. sources- *2,208,906 *2.766.204 *2.208.837 *2.742,249
Total
37,485.515 34.328.525 29.305.769 26.432.255
Deduct
Ed &c.,int. ofsub. cos. 16,191.589 15.755,584 13,965.558 13.247.063
Fixed charges of Public
5.326.066
Service Corp. of N. J- 5.126.868 4.891.784
4.743.836
Net income
16.167 058 13,681,157 10.596.375 7,859.121
Adjustments (net)
Cr.3,234 Cr.228.477 Cr.153,997
Cr.116.939
Divs,ofsub. cos.,excl. of
Inter-company acc'ts_ 1.949,681
829.527
979.487
Preferred dividends__ - 5,032.153 3.971.552 x3.223.729 x2.430.046
Common dividends paid 8,018.926
2,959.330
4,781,700
6,067.034
Rate
($2)
(84.25)
($5)
x($4.25)
Balance, surplus
2,666,318
1.989.896
2.623.742
1,283,237
Shares of corn. outstanding (no par)
824,080
1,037.867
4,153.613 3,577.275
Earn. per share on com_
$2.24$6.77
* After deducting in 1927 $1,897.329,in 192 $1.248.723 in2
6
$, 5 1925 81.194,$2 3
53
220 and in 1924 8758.775 for expenses, taxes. &c. x Being $3.75 per share
on the old common before split up on a 3-for-1 basis, and $.50 per share on
the new common.
CONSOLIDATED BALANCE SHEET DEC. 31.
1926.
1927.
-1926.
Assess
$
Liabilities$
$
8
Fixed capital..., _514.136.091 479.894.785 Common stock
Cash
23,874.703 27,078,024 (no par) --- -y84.404,646 64.910,329
Marketable secs.
757.656
762.969 8% cum. pt. stk. 21.531.2110 21.531,200
Notes receivable
4,563
. 3,600 7% cum. pt. stk. 28,908.000 28.904.200
Acc'ts receivable 9,604.219 9.222,148 6% cum.pf.stk. 41,288,100 8.756,500
Int. & dive. rec.
78.667
23.907 Cap.stk. of oper.
Marls & suppls. 7.085.882 6.253.659
sub. controlled
Misc, cur. assets
through stock
319,901
304,906
Purchase of pref.
ownership ..... 33,515.400 30.030,740
stk, under deof le
Cap.stk.ssor
ferred paym't
cos, controlled
plan
through stock
2,835,228 1.441,596
ownership ..- 6,033.827 6,803,647
InvestmentsSubsidiary and
Cap.stk.of lessor
51111. cos.__ 2,002,314 2,002,103 cos. not contr.
through stock
Other Invest't
336,660
668 512
ownership ...... 29,079,200 55.427.405
Sinking funds
123,028
49,253
418.500
360.500
Miscell. special
Prem.on cap.stk
funds
59,318
28,553 Cap.stk.subscr. 4,566,500 2.059,700
Special deposits_ 44,279,605
446.419 Funded debt. _286.910.102 240 382.593
Prepayments
411,887 Acct's. payable_ 5.450.190 8,607,269
403,859
Unamortiz. debt
Consumers' dep. 3,855.147 3,595,115
30.108
discount and
Misc, cur. nab_
81,425
expense
6,826,979 3.693,810 Taxes accrued... 2,586,110 3.043,445
Misc. suspense_ 2,489,358 1,082.830 Interest accrued 2,832.893 2,848,717
238.792
442,445
Misc. accr. liab_
543.681.632 36.797.912
Reserve
Misc.unadj.cred. 1.870.137 1,563,230
Profit and loss 18,282,683 16.979,446
Total
615.461.116 533,125,879 Total
615,461.116 533,125,879
z Retirement reserve, $37.719,792: contingent reserve, $288,000: car
ualty and insurance reserve, $2.477,869: unamortized premium on debt,
6,580; contributions for extensions, $292.360; miscellaneous reserves,
2,797.630. y Represented by 4,153.613 shares no par value in 1927 and
,577.275 shares of no par value in 1926.-V. 126, p. 1040.

1

GENERAL INVESTMENT NEWS
STEAM RAILROADS.

Boston es Maine RR, Engineers Win Wage Increases.
-Wage increases of
% to about 900 engineers are provided in agreement between road and
$178.501,073
Total
Brotherhood of Locomotive Engineers. "Boston News Bureau" Feb. 20.
Appropriation of Resources
$69,641,599 p. 1.
in land, plant & equipment
Net investment
Repair of Locomotires.-Locomotives in need of repair on the class 1
25.700,000
Temporary loans & investments
3,500,000 railroads of this country on Feb. 1 totaled 8.733 or 14.5% of the number
1st mtge.5% gold bonds of the Central Union Gas Co.retired1,250,000 on line, according to reports just filed by the carriers with the Car Service
1st mtge.6% gold bonds of the Northern Union Gas Co.retired
59,500,000 Division of the American Railway Association. This was a decrease of
Loans repaid to banks and fire & liability insurance trustees
Cr.840,560 407 locomotives compared with the number in need of such repairs on Jan.
Less increase in other unfunded debt
15. at which time there were 9.140 or 15.1%
Locomotives In need of
Excess of retirements over the amount reserved therefor during
668,666 classified repairs on Feb. I amounted to 6.761. 7.9%, a decrease of 70
or
1927
the year
5,641,600 compared with Jan. 15, while 3,972 or 6.6% were In need of running repairs.
Variation in current assets & liabilities
a decrease of 337 compared with the number in need of such repairs on Jan.
$165,061,305 15. Class 1 railroads on Feb. 1 had 7.307 serviceable locomotives In
Tbtal
13,439,768 storage compared with 7.150 on Jan. 15.
Cash balance Dec. 81 1027




1190

(Vol.. 128.

FINANCIAL CHRONICLE

Repair of Freight Cars.
-Freight cars in need of repair on Feb. 1 totaled
136.115 or 6% of the number of line, according to reports filed by the carriers
with the Car Service Division of the American Railway Association. This
was an increase of 3,128 cars above the number reported on Jan. 15, at
which time there were 132,987 or 5.9%. Freight cars in need of heavy
repairs on Feb. 1 totaled 96,694 or 4.3%, an increase of 2.329 compared
with Jan. 15, while freight cars in need of light repairs totaled 39,421
or 1.7%, an increase of 799 compared with Jan. 15.
Car Surplus.
-Class 1 railroads on Feb. 8 had 369,469 surplus freight
cars in good repair and immediately available for service, the Car Service
Division of the American Railway Association announced. This was a
decrease of 54.323 cars compared with Jan. 31, at which time there were
403.792 cars. Surplus coal cars on Feb. S totaled 157,877, a decrease of
11,586 cars within approximately a week while surplus box cars totaled
161,005, a decrease of 20.996 for the same period. Reports also showed
23,185 surplus stock cars, a decrease of 398 under the number reported on
Jan. 31 while surplus refrigerator cars totaled 14,343. a decrease of 271 for
the same period.
-Figures compiled by the National
Locomotive Fuel Costs for Dec. 1927.
Coal Association from monthly reports made by class 1 railroads to the
Inter-State Commerce Commission show the following average cost per
net ton for coal used by those railroads in locomotives in transportation train
service during the month of December: Eastern District, $2.60; Southern
District, 52.15: Western District, $2.91; United States, $2.50.
Matters Covered in "Chronicle" Feb. 18.-(a)Loading of revenue freight
increasing but not yet up to 1927. (b) Railroads earn only 6.4% in 1927
Net operating income of class 1 lines last year drops to $1,085,485,000.
p. 973. (c) L-C. C. orders railroads to pay excess profits-Half of all over
6% demanded by the Government, p. 973.

-Securities.
Alabama Great Southern RR.

Receivership.
-On Dec. 12 1927 the U. S. District Court for the District
of Vermont, upon application of Canadian National By., appointed George
A. Gaston and John W. Redmond, receivers; the receivership provided a
method of financing the cost of repairing the damage done to the company's
property by the recent flood in Vermont, and of furnishing necessary
additional cash requirements.
Security.
-By court order dated Jan. 5 1928, the receivers are authorized
to issue these certificates up to the aggregate principal amountof$5,000,000.
The order provides that no other certificates ranking prior to or equally
with these certificates are to be created while any of these certificates are
outstanding, and further provides that these certificates are to be secured
by a lien upon cars and equipment (subject to the rights of venders or lessors
of cars and equipment, and subject also to the rights of holders of car and
equipment trust notes, of which notes $699,000 principal amount are now
outstanding), upon surplus income as therein defined, and upon the railroads, premises, franchises and other property of Central Vermont Railway
constituting the receivership estate, such Hen ranking prior in each case
to the lien of the company's refunding mortgage 5% gold bonds and to all
other liens (other than the rights above specified with respect to cars and
equipment), except only the lien of taxes and (or) assessments. The court
reserves the right to authorize the sale (without further notice),free from the
lien of the certificates, of any of the property no longer required in the
operation of the receivership estate, the proceeds to be applied to any
purposes to which the proceeds of certificates may be applied, or to be used
for improving the properties or for other legitimate expenses of the receivership.
-V. 126. p. 861.

Cincinnati Northern RR.
-Preliminary Earnings.
Period End. Dec. 31- 1927-3 Mos.-1926.
1927-12 Mos.-1926.
Railway oper. revenue-- $1,116,233 $1,238,423 84,636,369 $4,808,433
Railway oper. expenses_
749,927
771,813 3,153,644 3,114.683

The I.
-S. C. Commission on Feb. 11 authorized the company to issue
Net rev.from ry. oper. $366,305
$466,610 $1,482.725 51.693.750
$5.206,000 of 1st CODSOL mtge. 4% gold bonds, series B, said bonds to be
Railway tax accruals-112,639
344,804
330,033
95,954
sold at not less than 97% of par and int.
Uncollec. ry. revenues__
516
44
488
175
The supplemental report of the Commission says in part:
82,809
56,237
340,615
307,424
By our order of Nov. 16 1927 in this proceeding we authorized the appli- Eq. & joint facility rents
cant to issue a promissory note for $5.200,000 and to procure the authentiNet ry. oper. income_
$170,342
$314,375
$796,818 51,056,117
cation and delivery of $5.206,000 of series B bonds. In the original report
Misc. & non-oper. Inc__
11.484
5,196
46,247
35.498
we stated that:
"The applicant proposes to sell the bonds on or about Feb. 1 1928. It
Gross income
$319,571
$843,085 $1,091,616
$181,826
of sale until :,hat date, when it expects to
represents that postponement
26,345
25,023
110.960
109.037
have ascertained its gross revenue for the year 1927, is desirable for the Deduc. from gross Inc
reason that In the event such revenue, now estimated at $10,300,000, is
Net income
$293,226
$732,104
$156,803
6982,578
not less than $10,000.000, the bonds will become a legal investment for
75,000
75,000
300,000
300.000
savings banks and can be sold at a higher price than would otherwise be Dividends accrued
possible."
Surplus
5218,226
5432.104
$81,803
5682.578
These bonds have now become a legal investment for savings banks,
30,000
30,000
30,000
30,000
and, subject to our approval, have been sold to J. P. Morgan & Co. at 97 Shs.cap.stk.out.(par$100)
$5.22
$9.77
$24.40
$32.75
and int. At that price the annual cost to the applicant will be approxi- Earnings per share
mately 4.26%. The proceeds will be used toward paying the $5,200,000 -V. 125. p. 3343.
promissory note given to evidence a temporary loan that was used to aid
Cleveland Cincinnati Chicago & St. Louis Ry.In the payment of $5,206,890 of 1st mtge. bonds which matured on Dec. 1
1927. See offering in V. 126, p. 710.
Preliminary Earnings.
Period End.
1927-12 Mos.-1926.
-Operation C nder Trackage Rights. Railway oper.Dec. 31- 1927-3 Mos.-1926. 591,185,737 594.539,987
Baltimore & Ohio RR.
revenues321.730,160 $24,252,781
-S. C. Commission on Feb. 7 issued a certificate authorizing the Railway oper. expenses_ 17.276.903 17,835,553 70,322,699 70,058.665
The I.
company to operate through passenger trains under trackage rights over the
lines of railroad of the Reading Co. and the Central Railroad Co. of New
Net rev,from ry. oper. $4,453,257 $6,417,228 520.863.038 524.481,322
Jersey between Park Junction, Philadelphia, and New York. The report Railway tax accruals__ _ 1,234,701
1,269,002
5,047,015 5,384.906
of the commission says in part:
5,911
9,846
15.462
Uncollec. ry. revenues__
29,700
Under the terms of an agreement dated June 13 1898. between the three Eq.& joint facil. rents__
284,273
27,288
1,197.494
539,470
carriers named above, or their predecessors, the applicant was enabled to
through trains, both passenger and freight, from points south
Operate its
Net ry. oper. income_ 52.928.371 $5,111,092 $14,603,067 $18,527,246
of Philadelphia to New York, such trains being handled for the applicant Misc. & non-oper. inc__ 1,591.333
382,893
2.709,146
1,486,476
by the other carriers over their respective portions of the route on their
own responsibility. Operations continued in this manner until April 28
$4,519,704 $5,493,985 517,312.213 520,013.722
Gross income
1918, when the Director General of Railroads ordered the applicant's Deduc. from gross inc
2.240,908 2,261,660
8.536,830 8,618,438
passenger trains diverted over the Reading, Lehigh Valley, and 'Pennsylvania Railroads into the Pennsylvania station in New York City. This
Net income
$2,278,797 53,232,325 58,775.382 $11,395,283
arrangement was terminated Aug. 29 1926.
1,065,555
947,983
4,144.649
3,791,934
Dividends accrued
The applicant has entered into contracts with the Reading Co. and the Sinking & oth. res. funds
12.055
49,569
47,421
12.594
Central. under date of Aug. 28 1926.1n accordance with the terms of which
it will operate its through passenger trains over their lines between PhilaSurplus
51,200.648 52,272,286 $4,581,165 $7,555,929
-V. 125, 13. 3194.
delphia and New York.
470,287
470,287
470,287
Shs.cap.stk.out.(par$100) 470,287
$8.61
$17.59
$19.98
Earnings per share
$4.58
Bay Terminal RR.
-Car Trust Obligations.
-V. 126, p. 573.
-S. 0. Commission on Feb. 8 authorized the company to issue not
The I.
-New Member
Delaware Lackawanna & Western RR.
exceeding 8369,475 of car-trust obllgations in connection with the procurement of 200 tank cars. The report of the commission says In part:
of Board of Managers.
The applicant represents that to replace equipment recently retired and
Insurance Co.and former
David F. Houston, President ofthe Mutual Life
shortly to be retired and to provide additional equipment for its increasing
business, it needs 200 tank cars. Arrangements have been made to procure Secretary of United States Treasury, has been elected a member of the
-V. 125, IL 3638.
such cars at a total cost of $350.225. Of that amount $25,225 will be board of managers of the D. L. & W. RR,
provided by the applicant from its own funds and $325,000 will be supplied
-Annual Report.
Green Bay & Western RR.
trustee.
by the Toledo Trust Co.,
1926.
1925
Calendar Years1927.
1924.
The car-trust obligations will be dated as of date when issued, will be in Gross earnings
51,579.392 $1,645,802 $1,578;446 $1,497,686
the face amount of $18,473.75 each, which includes therein interest on the Misc,earns., rentals,&c_
88.679
86,533
91,089
100,129
deferred payments at the rate of 5% per annum computed quarterly, and
will mature in serial order, one every three months, during a five-year
Total
51,670.481 51,745.931 $1,667,125 $1.584,219
period beginning approximately 90 days after the date of .ssue. They w.11 Operating expenses
1,147,111
1,226.557
1,271,312
1,140.675
be made payable to bearer at the office ofthe Toledo Trust Co.,in Toledo.0. Taxes, rents, &c
142,562
181,485
164,225
156.823
The applicant represents that it has never done any public financing and Res. for add'ne, ezo
150,000
81.769
125,000
75,000
is unknown in financial circles. The capital stock of the applicant is owned
Dividends Declared
by an estate at Philadelphia. Pa. Because of that fact inquiry was made On deb. "A"(5%)
30,000
30.000
30.000
30,000
similar to the present plan. This inquiry On deb."B"(3%).,,
in that city concerning a car trust
35.000
35,000
35,000
35,000
developed the fact that the applicant could obtain more favorable terms On capital stock (5%)
125,000
125,000
125.000
125.000
for the disposition of its car-trust obligations from the Toledo Trust Co.,
its regular banking connection. The applicant states that the principal
$29,593
17,883
Balance, surplus
54.965
$2,796
benefit to it under the plan proposed will be that the obligations will not Prof. & loss stir. Dec.31_
331,015
325.335
364,629
333,761
be issued until all the cars have been delivered, and thus the interest will -V. 124. p. 1815.
not begin to accrue until the equipment is ready for service. If the cartrust obligations were sold through competitive bidding, it would be
Indiana Harbor Belt RR.
-Preliminary Earnings.
necessary to issue and deliver them at once and the applicant would have to
Period End, Dec. 31- 1927-3 Mos.-1926.
1927-12 Mos.-1928.
pay interest on the entire amount for some time before the equipment was Railway oper. revenues_ 52,965.485 52,974,353 511,435,824 $11.363,945
advantage Railway open expenses_ 2.223.831
received. It therefore appears that it will be to the applicant's
2,256,026
8,521,645
8,147,889
to dispose of the certificates in the manner provided in the car-trust agreement.
-V. 123, p. 2514.
Net rev,from ry.oper. $741.655
$718,327 $2,914,179 $3,216,055
Railway tax accruals......
140.880
131,345
552,846
550.178
- Uncollec. ry. revenue_ _ _
Central Vermont Ry.-Receivers' Certificates Offered.
1,242
108
5.656
2,028
215.887
260.969
609.660
783,395
Dillon head & o. a d White. Weld & Co. are offering Eq.& joint facil. rents.._

$5,000,000, 4)4% receivers' certificates.
Dated Jan. 16 1928; due Jan. 16 1930. Principal and int. payable in
U. S. gold coin at the principal office of Dillon, Read & Co., New York.
Int. payable quarterly on Jan. 16, April 16, July 16 and Oct. 16. Denom.
$1,000 and multiples thereof. Red. on 30 days' notice as a whole, or in
part by lot. at 100 and int. upon any int. date after July 16 1928, or, in the
event of sale of the company's properties under foreclosure proceedings
or otherwise, at any time.
Issuance of these certificates has been authorized by the U. S. District
Court for the District of Vermont and by the,I. S. C. Commission.
Data from Letter of E. Deachenes, Comptroller, Dated Feb. 8 1928.
Properties.
-Company owns or leases, and directly operates, approximately 403 miles of railway, including branches, in the States of Connecticut, Massachusetts, Vermont and New York. The main line extends from
New London. Conn. to Rouse's Point, N.Y.. and to the Canadian border.
Of this line approximately 121 miles are held under lease; approximately
49 miles are owned by other companies and used under trackage agreements.
and the balance. approximately 165 miles, are owned. Company also owns
all of the stock of subsidiary companies owning about 124 miles of railroad
lines in Canada. 99 miles of which are leased to Canadian National BY Co.
Ownership.
-Canadian National Ry. owns more than two-thirds of the
capital stock of the company, of which $3,000,000 is-authorized and outstanding. In addition, it owns $4.229,300 of the latter company's refunding
mortgage 5%old oonds, due 1930, of a total outstanding issue (not including treasury bonds) of $12,838,300. Canadian National Ry., as successor
to Grand Trunk Ry. Co. of Canada.Is guarantor of principal of and interest
on these bonds; It has emered into an agreement whereby the holders of the
balance of the outstanding bonds may obtain 100 and accrued int. upon
surrender of the bonds at the office of Dillon, Read & Co., New York, at
any time prior to June 30 1928. In addition to its ownership of stock and
bonds of Central Vermont Ry., as stated above, Canadian National Ry.
and its predecessor have advanced or loaned a total of more than $20,000,
000 to Central Vermont Ry.




Net ry. oper. inc
Misc. & non-oper. Inc

$383,645
14,950

$325,905 $1,749,644 $1,876,825
16,509
81,583
74,424

Gross income
Deduc. from gross Inc

$398.595
72,012

5342,414 51,831,228 51,951,249
137,883
475,015
502,237

Net income
$326,583
50,000
Shs.cap.stk.out.(par$100)
Earnings per share
$6.53
-V. 125. p. 2804.

$204.531 $1,356,213 $1,449,012
50,000
50,000
50,000
$4.09
$27.12
$28.98

Michigan Central RR.
-Preliminary Earnings.
Period End, Dec. 31- 1927-3 Mos.-1926.
1927-12 Mos.-1926.
Railway oper. revenues_$21.136,423 $22,771,327 589,750.602 595,524,343
Railway oper. expenses- 14,900,381 15,841.135 62,244,288 64,957,364
Net rev,from ry. oper. $6,236,043 $6,930,192 $27,506,314 $30,566,979
Railway tax accruals...- 1.584,919
1,327,820
6,247,715
5,979,585
Uncollec. ry. revenues__
9,626
6,696
24,747
25,669
Eq. & joint facil. rents__
997,517
19,723
60,886
244,104
Net ry. oper. income.. 54.621,774 55,534,789 $20.988,826 523,565,130
Miscell. & non-oper. inc.'
2,035.430
1.763,385
551,139
465,392
Gross income
Deduc. from gross Inc

$5,172,913 $6,000,182 $23,024,256 525,328,516
1,458,842
1,591,130 6,157,698 6,364,617

Net income
Dividends accrued

$3,714,071
1.873,640

$4,409,051 516,866,558 518.963,899
7,494.560 6,557.740
1,639,435

Surplus
$1,840,431 82,769.616 $9,371,998 $12,406,159
Shs.cap.stk.outstanding.
187,364
187.364
187.364
187.364
Earnings per share
$23.53
$19.83
$90.02
$101.21
-V. 126, p. 573.

FEB. 25 1928.]

1191

FINANCIAL CHRONICLE

-Listing.
Lehigh Valley RR.

IF The New York Stock Exchange has authorized, the listing of $12,650,000
additional gen. consol. mtge. gold bonds (4% series), due May 1 2003.
making the total amounts applied for: $12,000,000 5% series, $20.697,000
,
435% series, and $39,639,000 4% series.
Condensed Income Statement for Calendar Years.
1924.
1926.1925.
1927.
$74,502,819 $80.453,150 $74,430.573 $76,374,805
Operating revenues
59,270,392 60.958,636 57,433,390 60.967.969
Operating expenses
Net operating revenue$15,232.427 $19.494,514 $16,997,183 315.406.837
Deductions from income
(tax accruals, equip..
5,691,910 4,502.203 4,015,288
5,396.660
rents, &c.)
Net railway oper. inc_ 39.835,767 $13,802,605 $12,494,980 $11,391,549
3.257,957
2.492.232
1.635,798 3,164,021
-Other income
311.471.565 316,966,626 $14,987,212 $14,649,506
Total income
Deductions from income 7,205,558 6,945,513 6,940.648 7.297,468

-Rights Expire
New York Chicago & St. Louis RR.
-Subscriptions by common stockholders of record
April 2.
Mar. 12 to the 33,785 additional shares of common stock
and 33,785 shares of 6% cumul. pref. stock may be made on
or before Apr. 2. This offering is subject to the approval of
the I.-S. C. Commission. For further details see V. 126,
p. 1036.
-Notes Offered.
New York New Haven & Hartford RR.
-Offering was made Feb. 20 by Halsey, Stuart & Co., Inc.,
Edward Lober Stokes & Co., and Hambleton & Co. of the
unsold portion of $17,000,000 5% collateral gold notes
participation certificates. This does not represent additional
financing for the company. The certificates were offered at
%
1003 and int., to yield 4.23% to the only callable date
March 1 1929, with a 5% yield thereafter.

Net income
$4,266.007 310,021,113 $8,046.564 67,352,038
Dated Mar.1 1928; due Mar. 11930. Participation certificates in $5,000
10,630
10,630
10,630
10,630
Preferred dividends__ _ _
denom. Prin. and int. warrants(M.& S.) payable in N. Y. City. CallaDividends shown in profit
par. The issuance and
& loss account
4,235,119 6,050,170 4,235,119 4,235,119 ble only on Mar. 1 1929, upon 45 days' notice. at U. Commission of Consale of this note have been authorized by the P.
Balance
320.258 33.960.313 $3.800,814 33.106,288 necticut and by the Department of Public Utilities of Massachusetts. the
Participation Certificates represent shares in a promissory note of
Earns. per sh. on 1,210,the
$6.07 company of the principal amount of $17,000,000. bearing interest atnote
$6.64
$8.27
$3.52
054 shs. com.(par 350)
The
annum, dated Mar. 1
rate of 5% per. 1928 and due Mar. 11930. the benefit
Condensed General Balance Sheet as of December 31.
securing the same will be held by the trustee for
and the collateral
1926.
1927.
1 1928.
1926,
1927.
of the certificate holders under a trust agreement dated Mar.reduction In
Lk:WinesAssets
-This financing will in effect constitute a
Purpose of Issue.
Inv.in road & equip113246957 109445,761 Common stock- __60,501.700 60,501.700 Interest rate from 6% to 5% on the $17,000,000 note formerly held by the
106,300 Director-General of Railroads, the note and participation certificates sePreferred stock ___ 106,300
Improv. on leased
railway pron.__ 1,850,743 1,849,467 Long term debt...77,250.000 77,250,000 cured thereby having been called for payment on Mar. 1 1928.
liabilities_10,484,043 11,775,628
10,450 Current
Sinking funds_ _
10,450
-The security deposited with the trustee consists of $20,000,000
Security.
545,402 1st & ref. mtge.6% gold bonds. series A,due Oct. 311930.
Miscell. phy. prop. 2,147,953 2,603,111 Deferred liabilities 630,775
inv.in MM.cos_ _101826,668 96,198,019 Unadjusted credits29,016,723 29,221,753
-The combined earnings of the company, the Central New
Earnings.
Other investments 4,758,296 11,729.821 Additions to prop.
England By, and the Harlem River & Port Chester RR.(which latter two
Current assets_ ___14,538.645 19,294,288 through income
have been merged with the New Haven company effective Jan. 1
143,883 companies the 3 years ending with 1927 have been as follows:
66,506 and surplus_ __ _ 227,113
Deferred assets_ _ 171,670
1927) during
1925.
1926.
1927.
Unadjusted debits 2,796,978 1,443,918 Profit and loss....63,127,706 63,094,673
$139,824,315 3143,008,798 3139,673,651
operating revenues
241344,361 242839,339 Gross applic. to fixed charges_ __ _ 28,859.698 27,869,924 27,546,713
241344,361 242639,339 Total
Total
b Inc.
a18,427,036 19,017,849 19,235.099
-V. 126, p. 573
b Total fixed charges
a These charges adjusted to give effect items excluded, to the refunding
Nashville Chattanooga & St. Louis Ry.-Bonds Sold. program now completed, and with contraas of Jan. 1 192'7would have been
-J. P. Morgan & Co., have sold at 97 and int., to yield approximately 315.900,000.
charges contra
b Eliminating from non-operating income and from fixedleased roads.
4.14% $16,800,000 1st mtge. 4% gold bonds, series A.
securities owned also included in rent of
Chattanooga & St. Louis Ry. 1st consol. 5% Items of income on
'The Nashville
V. 126, p. 1036.

mortgage bonds, due April 1 1928, with final eoupon
attached, will be accepted in payment of the amount due on
confirmed sales on the date specified at 100.05% and accrued
int, equivalent to approximately a 4% interest basis from
such date to April 1 1928.

Dated Feb. 11928: due Feb. 1 1978. Int. payable (F. & A.) in N. Y.
City. Not redeemable prier to Feb. 11943. Red. at the company's option,
in whole, but not in part, upon 60 days' notice, on Feb. 1 1943, or on any
int. date thereafter, at 105 and int. Denom. $1.000c*, and r5$1,000and
$5,000. United States Trust Co., New York, trustee.
Legal incestment for savings banks in New York, Mass., Conn. and New
Jersey, as well as for life insurance companies in the State of New York.
-The issue and sale of these bonds have been authorized by the
Issuance.
L-8. C. Commission.
Data from Letter of J. B. Hill, President of the Company.
-The main line of The Nashville, Chattanooga & St. Louis
Property.
By.. extends from Paducah, Ky.,from Hickman. Ky., and from Memphis,
Tenn., across the State of Tennessee, to Bruceton. Nashville and Chattanooga, Tenn., and thence across the State of Georgia to Atlanta. Ga., a
distance of 689 miles. Company operates a total of 1,259 miles of line, of
which 857 miles are owned in fee and the remainder is operated under leasehold and trackage rights. Louisville & Nashville RR. owns 71.8% of the
total issued capital stock of The Nashvine,Chattanooga & St. Louis By.
-Proceeds will be applied to provide or reimburse the company
Purpose.
for the payment of the company's 1st consol. 5% mtge. bonds, due Apr. 1
1928, of which $16,060,000 are outstanding in the hands of the public and
$1,040,000 are held in the treasury of the company. There will be deposited
with the trustee of the 1st consol. 5% mtge., prior to the issue of these
series "A" bonds, cash equal to the principal and interest to maturity of
all theist consol.5% mtge. bonds then outstanding.
Earnings. Years Ended Dec. 31.
Total
Total
Income
Net
Fixed
Operating
Appl. to
Income.
Revenue. Fixed Chops. Charges.
$3,399,454 31,770,648 31,628.806
1923
$24,801,787
1,768.466
23.601,646 3,723,975
1,955,509
1924
24,000,056 4,344,412 1.815,370 2,529.042
1925
24,023,878 4,305,796 1,794.538 2.511,258
1926
.
1927
-year period covered by the above table, fnconie applicable to
In the 5
fixed charges averaged over twice the amount required. A reduction of
$131,000 in annual interest charges will result from the refunding effect
of this issue.
-The first mortgage will cover by direct first lien the entire
Security.
857 miles of road owned in fee by the company, and its interest in 402
miles of leased line and trackage rights. This issue of $16,80.000 series
"A" bonds will, at the time of issue. comprise the only mortgage debt of
the company, and will be outstanding at the rate of less than 620,000 per
mile of railroad owned.
The first mortgage limits the amount of bonds which may be issued thereunder to an amount at any one time outstanding not exceeding 3 times the
par value of the then outstanding capital stock. So long as any series
"A" bonds remain outstanding, bonds may be issued under the first mortgage only for the following purposes:(a) refunding bonds of an earlier series
issued under the mortgage,(b)financing acquisitions of additional property
upon which the mortgage shall become a first lien and (c)financing additions
and betterments to property,including now existing leaseholds, upon which
the mortgage is a first lien.
-The company has paid dividends on its capital stock as outEquity.
standing from time to time, in each year since 1904, and since 1917 at the
rate of 7% iier annum. The capital stock, as now outstanding in the
amount of 616,000,000 has an aggregate indicated market value, based on
current quotations, of appioxima.ely $28.600.000.
meang.-Application will be made to list these bonds on the New York
-V. 126, p. 862.
Stock Exchange.

-Preliminary Earnings.
New York Central RR.

(Including Boston & Albany RR. and Ohio Central Lines.)
Period End. Dec. 31- 1927-3 Mos.-1926, 1927-12 Mos.-1926.
Railway oper. revenues_$90,744,5913102,351,7773383,377,3113399,537.749
Railway oper. expenses_ 72,954.605 79,328,931 293.399,836 298.931,038
4
Net rev,from ry.oper.$17.789,986 $23,022,846 $89,977, 75E100.606.711
Railway tax accruals_ _ _ 5,486.552 6,273.908 25.193,779 26,881,808
19,902
59.918
106.117
167.079
Uncollec. ry. revenues__
246,517
x167.987 2,853,751
1,399,331
Ku.& joint (aril. rents__
Net ry. oper. income312,037,015 $16.857,007 $61,823,827 $72.158,492
Misc. & non-oper. inc... 17,902.187 7,374,424 42,653,724 29.098,965
$29,939,202 $24,231,4321104.477.553101.257,458
Gross income
11,434.779 11,388.893 45,912,406 45,593.417
Deduc. from gross inc
$18,504,423 $12.842,539 $58,565.145 $55,664.041
Net income_
8,425,642 6.706,954 30,462,783 26,827,815
Dividends
x100
650
prop-..
Invest. in pnys.
159,054
39.119
40,673
145.179
Sink. & oth. res. funds.-

-Listing.
Norfolk Southern RR.

The New York Stock Exchange has authorized the listing of 32.384.000
additional 1st & ref. mtge. bonds due Feb. 1 1961. making the total amount
applied for $14,751.000.
Income Accounts Year Ended Dec. 31.
1926.
1927.
$9,567,021 $10,066,487
railway operating revenues
Total
6,827.969 7,137.699
Total railway operating expenses
82,739.053 $2,928,787
Net revenue from railway operations
671.864
643.161
Railway tax accruals
4.732
2,845
railway revenue
Uncollectible
$2.093,047 32,252.191
Railway operating income
20.068
32,708
Total other operating income
$2.125,754 $2,272,199
Operating income
486,112
407.572
Deductions from operating income
Net railway operating income
Non-operating income

$1.718.182 31,786.087
78.659
72.050

'Gross income
Rent for leased roads
Miscellaneous rents
Interest on funded debt
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous income charges

$1.790,232 $1,864.746
167,102
167,102
1,051
1.566
851,219
843,099
4.765
11,251
19,145
18.973
7.885
7,885

$813.578
5740.355
Net income
$4.63
$5.08
Earns, per share on 160.000 shs. cap. stk.(par $100)
-V. 125. p. 3344.
-Preliminary Earn.
Pittsburgh & Lake Erie RR. Co.
Period Ended Dec. 51- 1927-3 Mos.-1926. 1927-12 Mos.-1926.
$31.785,819 $34,205,976
Railway oper. revenues- 37.006,512 39,244,183
Railway oper. expenses_ 6.138.950 7.485,937 26.320,312 27,546.039
Net rev,from ry.open $867,561 $1,758,246 $5.465,507
2.004,955
512.371
469,655
Railway tax accruals_ _ _
404
607
181
Uncoil, railway revenues
Equip. & joint fac. rents x1,210.011 x1,261,722 x4.545,146
Net railway open Inc_ $1,607,736 $2,506,990 $8.005.294
1,158,867
409,260
279,573
Miscell. & non-oper. inc.
$1,887,309 $2,916,251 $9,164,162
Gross income
787,468 2,552.353
605,167
Deduct,from gross Inc...
$1,282,142 $2,128,783 86.611.809
•
Net income
1.259,335 4.498,200 3,958.255
Dividends accrued
$22,807 y32,369.417 $2,653.554
Surplus
Shares capital stock out719.712
719,712
719,712
$50)standing (par
$9.18
2.95
$1.78
Earns, per share
-V.126, p. 574.
x Credit balance. y Deficit.

$6,659,937
2,152,571
3,371
x4.642,809
$9.146,804
1.422,28.5
310.569,089
2.730.447
37.838.642
7.197.120
$641,522
719,712
$10.89

-Preliminary Earnings.Rutland RR.

Period Ended Dec. 31- 1927-3 Mos.-1926. 1927-12 Mos.-1926.
$1,414,039 31,671.729 $6.197,106 $6,759,524
Railway oper. revs
1,366,822 5,556,639 5.529.382
1,635.091
Railway oper. exp
$640,467 81.230,142
$304.908
Net rev.from ry.oper.Lms$221.052
356,912
260,569
84.291
7,497
Railway tax accruals...
146
55
Uncoil. ry. revenues__ x97.412
x5.5.258
x22,110
x2.785
Equip. & joint fac, rents
$970.496
76.478

Netry.oper.income Loss 3231,335
24,655
Miscell. & non-oper. inc.

3242,727
19,478

$435,100
105.566

Loss$206,679
Gross income
115.061
Deduct, from gross inc.

$262,206
119.643

$540.667 11,046,974
481,399
477.323

Def.$321.741

$142,562
89.613

$63,344

8565.575
89,613

$52.949

363.344

$475,962

89.595
$1.59

90,576
$0.70

89.595
$6.31

Net income..
Dividends accrued

Def.$321,741
Surplus
Shares 7% pref. stock
90,576
outstanding (par $100)
nil
Earns, per share
-V. 125, p. 3056.
x Credit balance.

Seaboard Air Line Ry.-Securities Reach New Lows.

Stocks and bonds of the company were subjected. Feb. 23, to extreme
pressure with the result that at the close of the market, 7 of the 9 Seaboard
securities listed had touched new low points for the year.
$10,038,208 $6,096,467 $27,942,658 $28,691,047
The common stock which had a turnover of 10,100 shares, drooped from
Surplus
closed the session at 16 si for a net loss of
Shs. coin. stk. outst'g- - 4.212.853 3,832.582 4,212,853 3,832,582 the day's high 0( 1994 to 16, andpreferred aggregated 5.200 shares, and the
34.39
$13.90
$3.35
$14.52 334 points. Transactions in the
Earnings per share
price dropped from 2634 to 23. at which it closed, off 29 points from the
x Credit balance.- V. 126. p. 248.




1192

FINANCIAL CHRONICLE

[VOL. 126

previous final. At its low of Feb. 23, the common stock was off 1435 points
from the 1928 high of 3031, reached on Jan. 3, while the preferred was
off 15 points from its high for the year, which was 38, touched on the
same date.
Of the Seaboard bonds listed, new low ground was reached Feb. 23 by
the 6s of 1945 at 8:33i; the adjustment 5s of 1949 at 51; the refunding 4s
of 1959 at 6131: the Seaboard All-Florida Series A 6s of 1935 at 8231;
and the Seaboard All-Florida Series B 6s of 1935 at 85. Net losses of the
listed Seaboard bond issues ranged from 231 to 431 points, and one issue,
first 4s of 1950 scored a net gain of 1 point.
Robert L. Nutt, Chairman of the Board of Directors declared that he
knew of no reason why the stocks and bonds of the road should sustain such
losses in the market. He reiterated his recent statement that the Seaboard
expects to pay the adjustment bond interest when it comes due and declared
that In his opinion the Seaboard in 1928 will earn substantially more than
the requirements on the adjustment bonds.
"We shall save more than $700,000 in overhead, superintendence and
other items through the consolidation of4 Florida divisions into 2,'he said.
"These 4 divisions became necessary during the Florida real estate boom,
because of the extreme congestion, and they are now being consolidated
without any sacrifice of service efficiency. The economies to be effected by
this consolidation and through other channels will show partially in the
statement of February earnings and will be in full effect in March."

Expenditures properly chargeable to any operating expense account or any
income account will be assumed by the lessee, and expenditures properly
chargeable to any investment account will be assumed by the lessor. The
lessee agrees to pay the lessor annually a rental sufficient to provide for (a)
Payment of int, on outstanding funded debt, and at the rate of 4% per ann.
on an indebtedness of $1,000.000 evidenced by notes or otherwise of the
lessor to the Southern Pacific; (b) payment of all income taxes payable
on outstanding tax-exempt bonds of the lessor; (c) the amount chargeable
to unextinguished discount on bonds of the lessor;(d) payment of all sinking
fund contributions or payments, if any; and (e) payment of all corporate
expenses required to maintain the corporate organization of the lessor.
The agreement will continue in effect for one year from its date and thereafter until terminated by 30 days' notice in writing served by either party
upon the other.
In support of their contention that the acquisition of control as sought
herein would be in the public interest, the applicants state thatsuch control
will result in unified operation of the properties of the Texas Midland with
those of the Texas & New Orleans, with attendant savings in overhead and
operating expenses: will result in the substitution of one-line hauls for
two-lino hauls in connection with traffic moving between points on the
Southern Pacific system and points on the Texas Midland, with increased
efficiency and economy of operation: will result in the establishment of
one-line rates instead of the present two-line rates on such traffic, and
provide to points on the Texas Midland the advantages of direct transSecurities Authorized by 1.-S. C. Commission.—
portation of freight without the delay and
The I.
-S. 0. Commission on Feb. 8 authorized the company (1) to issue at Kaufman and Ennis, and will afford inconvenience incident to transfer
the agricultural interests
for pledge $.5,212,000 of first and consol. mtge. gold bonds. 6% series A; territory served by that carrier a wider range of markets, reached in the
by more
(2) to issue $7,500,000 of 3
-year 5% secured notes, series A. said notes to expeditious and better co-ordinated service than now exists.—V. 126, p.712.
be sold at not less than 973.f and int., and (3) to pledge as collateral security
for the notes (a) -$6,000,000 of 1st and consol. mtge. gold bonds,6%
Texas Midland RR.—New Control.—
series A, including the $5,212.000 of bonds to be issued for pledge; (13)
See Southern Pacific Co. above.—V. 119, p. 943.
$1.000.000 of Seaboard-All Florida By. 1st mtge. 6% gold bonds, series
A,and (c) 53.000.000 of Seaboard-All Florida Ry. 1st mtge.6% gold bonds,
Texas & Pacific Ry.—Equipment Trusts.—
series B.
The 1.-S. C. Commission on Feb. 13 authorized the company to assume
The report of the commission says in part:
obligation and liability in respect of $2,805,000 equip, trust certificates.
The applicant has arranged to sell the series A notes subject to our series A. to be issued by the Bank of North America St Trust Co. under
pproval to a syndicate composed of Dillon, Read & Co , and Ladenburg, an agreement to be dated Feb. 11928. and sold at not less than 100.9512%
halmann & Co., both of New York City, at 9731 and int. On that basis of par and divs. In connection with the procurement of certain equipment.
the average annual cost to the applicant will be approximately 5.83%.
The report of the Commission said in part: The applicant invited bids
from 16 banking houses, from which five bids, representing nine houses,
The report of the Commission further states:
were received. Subject to our approval, arrangements have been made for
The record in this proceeding shows that at the regular meeting of the the sale of the certificates at 100.9512% of par and accrued diva, to the
board of directors held on Dec. 15 1927, two directors resigned subsequent Guaranty Co. of New York, which in association with Spencer, Trask &
to the action of the board authorizing the issue of notes and directing that Co. of New York, submitted the highest bid. On such basis the average
the sale thereof should meet with the approval of the executive committee. annual cost to the applicant will be approximately 4.3516%.—V. 126.
Each of these directors was a member of one of the two banking houses P. 574.
comprising the syndicate that subsequently purchased the notes. It is
Toronto Hamilton & Buffalo Ry.—Preliminary Earns.—
stated that these directors did not vote or otherwise participate in the
action of the hoard in respect of the proposed notes. One of these directors
Period End. Dec. 31— 1927-3 Mos.-1926.
1927-12 54e3.-1926.
resigned earlier in the year and subsequently was reelected to the board. Railway open revenues- 5868.769
$836.884 53.399.026 $3.094,432
It Is noted that during the year a total of four members of the board con- Railway oper. expenses_
520,772
511,219
2.132.479 2,015,375
nected with banking houses redgned The vacancies caused by the resignation of the two directors on Dec. 15 1927, had not teen filled on Jan. 10
Net rev,from ry. oper. $347,997
$325,665 $1,266,546 51,079.057
1928, the date of the meeting of the executive committee at which the sale Railway tax accruals_ _ _
32.403
119.268
32,184
130.102
of the notes was authorized, so that on that date the two banking houses Uncollect. ry. revenues_
3,023
117 . 3.605
208
above referred to were not represented on the board. The record also Equip. & it. fact'. rents_ Cr.12,805
Cr.23,226
Cr.66.031 0%128.111
shows that the banking house acting as manager of the syndicate formed to
purchase the notes arranged for the participation in the syndicate of a bankNet ry. oper. income_ $325,376
$316,590 $1.198.871 51,087,693
ing house, a member of which Is on the board of the applicant. This director Miscell. 8c non-oper. inc
23.595
16,664
289,052
74,076
did not resign and was in attendance at the meeting of the executive committee at which the sale of the notes was authorized. The participation of
Grossincome
5348.971
$333,254 51.487,923 $1,161,769
this banking house in the syndicate was, however, cancelled subsequent to Deduct,from gross Inc
56.107
57,833
233,333
224.424
our request for information concerning the banking houses comprising the
syndicate.
Net income
5292.864
5928.437
5275.421 $1,263,498
In our report In "Bonds of Missouri-Kansas-Texas RR.," Finance Docket Dividends accrued
135.375
324,900
81,225
379,050
No. 6623. I.-S. C. C.. we had occasion to comment on the resignation of
directors of a carrier in order that banking houses of which they are member;
Surplus
5603.537
$157,489
5194,196
3884,448
might participate in a transaction that but for such resignation would come —V. 125, p. 3344.
within the provisions of Paragraph 1121 of Section 20a of the Inter-State
Commerce Act and of Section 10 of the Clayton Anti
-Trust Act. In that
proceeding we said:
"Such a colorable compliance with the provisions of the statutes quoted
PUBLIC UTILITIES.
should not be countenanced."
American Gas & Electric Co.—New Central Station.—
In the future we shall expect an abandonment of such practices and a
A central station, with high-pressure boilers to suppl / the entire steam
resort to competitive bidding where but for such colorable compliance with
the provisions of the statutes the transaction would be lawful only If con- demand, will be built at Oeepwater, N. J., by the American Gas& Electric
Co. and the American Electric Power Corp., Stevens & Wood, Inc., enducted under competitive bidding.—V. 126. p. 712, 407.
gineers. It will have an initial generating capacity of 118.500 kilowatts.
There will be two main cross-compound turbine sets, each rated at 53.000
Seaboard All Florida Ry.—Bonds Authorized.—
The I.-S. C. Commission on Feb. 8 authorized the Florida Western & kilowatts. Each set will consist of a 12,500-kilowatt high-pressure unit
Northern RR. the East & West Coast By., and the Seaboard-All Florida operating at 3,600 r.p.m.. and a 41,700
-kilowatt low-pressure unit operating
at 1,800 r.p.m. The initial steam conditions will be 1,200 lb. gauge presRy. to issue jointly $1,000.000 of Seaboard-All Florida Ry. 1st
gold bonds, series A, and $4.529.000 of Seaboard-All Florida By.mtge. 6% sure, and 725 deg. F. total temPerature. The high-pressure units will
1st mtge.
6% gold bonds, series B, said bonds to be delivered to the Seaboard Air exhaust against a back pressure which varies in proportion to the steam
Line Ry. Co. in reimbursement of an equal amount of advances made by flow, the steam being returned to the boilers for reheating to 725 deg.
that company to the Florida Western & Northern RR. and the Seaboard- The low-pressure units will exhaust against a back pressure of one inch
absolute. A third high-pressure single-cylinder turbine of 12,500 kilowatts
All Florida By. for captial purposes.
Authority was also granted to the Seaboard Air Line By. Co. (a) to will be installed, and will operate non-condensing. Steam will be bled
from this unit for the temperature control of process steam for use in a
assume obligation and liability as lessee, guarantor and indorser in respect
of $1,000.000 of series A and $4,529,000 of series B bonds aforesaid; and factory nearby. The generators of the main high-pressure units will be
(b) to pledge or repledge all or any part of said bonds as collateral security rated 12,500 kilowatts, 80% power factor, 15,625 kv-a., 11,000 volts, while
for short-term notes which It may issue within the limitations of paragraph the machines driven by the low-pressure turbines will be rated 41,700
kilowatts, 85% power factor, 49,058 kv-a., 11,000 volts. All generators
(9) of section 20a of the interstate commerce act.—V. 124. p.3768.
will have direct-connected exciters.
The station has been designed for high efficiency at all loads. The
Southern Pacific Co.—Acquisition.—
The I.-S. C. Commission on Feb. 11 approved the acquisition by Southern maximum variation in turbine efficiency between the limits of rated load
and half load will be less than 131%, with the point of maximum efficiency
Pacific Co. and Texas & New Orleans RR.of control of Texas Midland RR.
by purchase of capital stock and other securities, and by lease of its railroad at about 70% of rated load.
The turbines, generators and exciters will be manufactured and installed
respectively.
by the General Electric Co.

T

The report of the Commission says in part:

The line of the Texas Midland extends in a general northeasterly direction from Ennis. Ellis County. to Paris, Lamar County, Texas, a distance
of 125.2 miles, with 34.54 miles of yard tracks, sidings,and other tracks.
Connection is made with the Texas & New Orleans at Ennis, approximately
34 miles south of Dallas, Tex., and at Kaufman. approximately 37.5 miles
southeast of Dallas, the two points being approximately 30 miles apart.
Connections also are made with the Texas & Pacific By. at Terrell. with
the Louisiana By. & Navigation Co. of Texas. the Missouri
-Kansas-Texas
RR. of Texas, and the St. Louis Southwestern By. of Tex. at Greenville.
and also with the latter carrier at Commerce, and with the Texas & Pacific
the St. Louis San Francisco & Texas Ry., the Gulf Colorado & Santa Fe
Ry., and the Paris & Mt. Pleasant RR. at Paris. The Texas Midland
neither parallels nor competes with the lines of the applicants.
The Southern Pacific proposes to acquire control of the Texas Midland
by purchase of the stock, bonds and open-account indebtedness, in the
aggregate par and face amount of 83,112,000, for the sum of $2,250,000
cash, under the terms of an agreement entered into with the Green Estate
on Dec. 8 1927. With this purchase the Southern Pacific will acquire all
unpaid coupons or interest warrants appertaining to the bonds and all
accrued and unpaid interest on the open-account indebtedness. The
agreement will become effective on the last day of the month next succeeding the effective date of our order herein.
"
Our final valuation of the Texas Midland,as of June 30 1914,is $3.080,000
since which date a line of railroad has been constructed by that carrier
between Commerce and Greenville at a cost of $517,362, and it has expended $207.930 for additions and betterments.
The Texas & New Orleans proposes to lease the properties of the Texas
Midland under the terms of an agreement which will become effective on
the first day of the month following the date of our order herein. The
lessee will take over the assets and liabilities of the lessor, adjustment thereof
to be made as of the date of the lease. Provision also is made for the adjustment of lap-over items. It is agreed, however, that the assets to be
taken over shall not include assets classed under our regulations as "investments," or matured or accrued interest or dividends on securities held
as investments, and that the liabilities to be assumed shall not include
unmatured funded debt, matured funded debt, matured or accrued interest
on either unmatured or matured funded debt,any amount due or accruing to
the Southern ikicific, accrued depreciation, and any insurance or other
reserve that does not rejoresent the amount or the estimated amount, of a
loss sustained or of a liability incurred prior to the effective date of the
agreement.
The lessee agrees to operate the properties, to maintain them in good
condition, and to pay all expenses connected with their maintenance and
operation, as well as all taxes and rentals payable during the continuance of
the lease.




Traction Properties Sold.—

At the annual meeting of the stockholders. President G. N. Tidd dedared that the company should benefit as a result of
of its traction
industry," asserted Mr. Tidd, "we have during the the sale sold all our
past year
traction properties, which had been operating at a loss of from $100,000
to $200,000. As a result of these sales we have obtained 517,000,000 in
cash, some of which has had to be applied toward the indebtedness of these
companies.
"In connection with our policy of eliminating all small and unprofitable
plants, we have sold such units as we
interests.
In the past year we wrote off $8.000,000deemed not to our best
from capital account."
Among the properties sold by the American Gas & Electric Co. were the
Roanoke Ry. & Electric Co., the Roanoke Traction
Light Co., the
Rockford Electric Co., and the railway and bus lines in &
Wildwood. N. J•.
Huntington, W. Va., Ashland, Ky.; l'ortsmouth, Ohio and Ironton. Ohio.

Common Stock Increased.—

The stockholders on Feb. 21 increased the authorized common stock
from 2.250.000 shares to 4,000,000 shares, no par value.—V. 126. p. 105.

American Superpower Corp.—lst Pref. Stock Offered.—
Bonbright & Co., Inc., are offering at $102.50 per share and
div., to yield 5.85%, an additional issue of 90,000 shares of
1st pref. stock (no par value) cumul. divs. of $6 per share
per annum.
Data from Letter of L. K. Thorne, President of the Corporation.
Business.—Corporation was organized in Delaware Oct. 26 1923 with
broad powers to acquire and hold securities of electric power and light companies, to construct, operate or lease power stations and transmission lines
and to act as fiscal agent for electric power and light properties.
Corporation has acquired as permanent investments common stocks of a
number of successful and progressive companies in the electric light and
power business. Its earnings consist primarily of dividends on these stocks.
In addition, it has received fees in connection with the underwriting of offerings of additional stocks of certain of the companies in which it is interested,
and has sold at substantial profits certain of its holdings. While the corporation is not limited by its charter as to the character of the investments
that it may make, it is primarily concerned with the development of the
electric power and light industry, and Is particularly interested in the development, through inter-connection, of large power systems along so-called
"superpower" lines.
Purpose.—Proceeds will be used for the acquisition of additional interests
in certain electric light and power Companies and for other corporate purposes.

FEB. 25 1928.]

-Corporation has no funded debt. Its net assets (at current
Assets.
market prices at the close of business Feb. 1) after giving effect to this
financing exceed $82,000,000. This amount is equal to more than $320
for each of the 250,000 shares of 1st pref. stock to be presently outstanding.
-Corporation owns substantial interests in the folPresent Holdings.
lowing companies.
American Gas & Electric Co.
Public Service Corp. of N. J.
Consol. Gas, Electric Light & Power
Commonwealth Power Corp.
Co. of Baltimore.
Penn-Ohio Securities Corp.
Amer. & Foreign Power Co., Inc.
United Gas Improvement Co.
Brooklyn Edison Co., Inc.
Southeastern Power & Light Co.
American Power & Light Co.
Utility Shares Corp.
Columbia Gas & Electric Corp.
National Power & ight Co.
Detroit Edison Co.
Electric Power & Light Corp.
Electric Bond & Share Secur. Corp.
United Illuminating Co.
Waterbury Gas Light Co.
United Light & Power Co.
It also has holdings in several other companies.
1928.
1927.
Earnings 12 Months Ended Jan. 31$2.015.827 32.938,038
Interest and dividends
1,405,495 1,076,236
Profits,commissions,&c
Total
Expenses
Taxes, incl. reserve for Federal tax

1193

FINANCIAL CHRONICLE

$3,421.322 34,014,274
32,472
26.833
131.396
201.695

$228,527 3163.867
Total
33.192.795 33,850.407
Balance applicable to dividends
1.500.000
Annual div. requirements on 250,000 shs. 1st pf. stock
The above statement for the 12 months ended Jan. 31 1928 shows a
balance applicable to dividends of more than 2.5 times the annual dividend
requirements of the 1st pref. stock, including this issue.
-At the special meeting of the stockholders called for
Capitalization.
March 9 1928 the stockholders will be asked to approve, in addition to the
Proposed increase in the authorized amount of 1st pref. stock, an increase
of the authorized amount of class A common stock from 600.000 shares
to 1,000.000 shares.
The entire issue of $6,847.950 participating pref.stock (par $25 per share)
has been called for payment on April 16 1928 at $30 per share and diva.
To obtain the funds necessary for the retirement of the participating pref.
stock the common stockholders, both clam A and class B. of record Feb. 20
1928 will receive rights to subscribe for new class A common stock to the
extent of one-fourth of their present holdings of common stock at a price
of $33 a share. This offering has been underwritten.
At the annual meeting of the stockholders on Anr11 16 1928 (at which
time the participating pref. stock will have been retired) the stockholders
will be asked to authorize the creation of a new class of preference stock
(junior to the let pref. stock), which shall bear cumulative dividends at
the rate of $6 per share per annum and be callable at $107.50 per share. It
is then proposed to distribute forthwith approximately 267,210 shares of
such stock to the common stockholders pro rata on the basis of one share
of preference stock for each 5 shares of common stock, class A or class B.
After giving effect to all of the foregoing steps, the capitalization of the
corporation will be as follows:
Outstanding.
Authorized.
First pref. stock (no par value), 36 cumulative_ _a400.000 shs. 250,000 shs.
Preference stock (no par value), $6 cumulative_ _400,000 shs. 267.210 shs.
1.000.000 shs. 521.862 shs.
Common stock (no par value), class A
1.500.000 she. 814.188 shs.
Common stock (nd par value), class B
-V. 126. p. 1037.
stock may be issued in series.
a Additional 1st pref.

Earnings 12 Months Ended Nov. 30 1927.
Gross earnings from operation
Operating expenses, maintenance & taxes

$10,028,447
6.598,488

$3.429.959
Net earnings from operation
Annual interest on total funded debt to be outstanding on com794.205
pletion of this financing
Balance for other int., renewals & replacements, diva., &c__ $2,635,754
Outstanding.
Authorized.
Capitalization800.000 shs.
1,000,000 shs.
Common stock (no par)
48.239 shs.
75,000 shs.
37 pref. stock. cumul.(no par)
8,399 shs.
75.000 shs.
$6 pref. stock, cumul. (no par)
4)4%,series due
1st & ref. mtge. gold bonds
a
39.200,000
1968 (this issue)
Birmingham By., Light & Power Co. gen.
Closed
8,449.000
mtge. ref. 44s. due 1954
a Additional bonds may be issued only under the conservative restrictions of the mortgage.
-Proceeds will be used for the retirement of the company's
Purpose.
have
38.000.000 1st & ref. mtge. gold bonds, 6% series due 1954, which other
been called for payment on April 1 1928, at 105 and int.. and for
corporate purposes.
-Company is controlled through ownership of all its corn.
Supervision.
Elecstock (except directors' shares) by the National Power &Light Co. of the
tric Bond & Share Co. supervises (under the direction and control of the
respective companies) the operations
boards •of directors of the
-V.124, p.2276.
National Power & Light Co.and Birmingham Electric Co.

-Exchange Offer to Holders of
Associated Electric Co.
Convertible Gold Bonds, 53..% Series Due 1946.
The company has elected to exercise the right to redeem and pay off on
May 1 1928 $10.000,000 of its $65.000.000 convertible geld bonds. S4%
series due 19411, of the total of about 35,000,000 now remaining outstanding.
Holders of these b Inds who desire to continue their investment in bonds
of the Associated Gas & Electric System. have the privilege of exchanging
their bonds for gold debenture bonds, consolidated refunding 5% series
due 1968. of the Associated Gas & Electric Co. The basis of exchange is:
31.100 principal amount of new bonds of the Associated Gas & Electric Co.
for the first 35.000,000 of bonds deposited: thereafter 31.080 of new bonds,
or 10 1-5 shares of $7 dividend series preferred stock of the Associated Gas
& Electric Co. for each $1,000 of bonds of the Associated Electric Co. See
also V. 126, P. 712.

Chesapeake & Potomac Telephone Co. of West Vir-Acquisition.ginia.

The 1.-S. C. Commission on Feb. 7 authorized the acquisition by the
company of the properties of the Stone Coal Telephone Co. and of the Oak
Hill Telephone Co.
By a contract made Dec. 8 1927, the Chesapeake company proposes to
acquire the properties of the other applicants for $39,000, payable in cash.
No additional securities will be issued to effect the proposed acquisition.V. 124. p. 2586.

-Gas Househeating Sales.Cities Service Co.

Reports from both the artificial and natural gas divisions of this company show the sale in 1927 of 3.825 gas fired central housoheating plants,
according to a statement by Henry L. Doherty &Co. Approximately
700.000,000 Cu. ft. of gas will be consumed during heating seasons by these
-V. 126, p. 1038. 713.
installations.

-Annual Report.Columbus Electric & Power Co.

Calendar YearsTotal earnings
Operation expenses
Maintenance
Taxes

1925.
1926.
1927.
$4,200,699 33,777,339 32,753.510
1.601.231
1,164.621
1,301.594
224,537
314.159
203,521
178.238
291.958
375,565

Net earnings
Income from other sources

$2.320.019 $2,006.601
12.056
15.200

3749.504

32.335.219 $2,018,656
Total
853.543
894.519
Interest and amortization charges_ _ _

3749.504
263.034

31,440.700 31,165.114
• Net income
Divs, paid on 1st pref. stock
258.952
287,086
Divs, paid on pref. stock, series B.....
4.539
75,046
Divs, paid on pref. stock, series C
51.929
27.884
Divs, paid on 2nd pref. stock
523,044
531,383
Divs, paid on com. stock cash
265.701
Divs, paid on corn. stock (stock)
384,069
380,338
Retirement reserve

$486.470
9.100
100.009
378.135
266.881

367.655
$57.419
$126,739
Consolidated Balance Sheet Dec. 31.
1926.
1927.
1926.
1927.
$
LtalitlUtes$
3
Assets531.800
Preis, Plant. &I:1_29.346.722 27,473 990 2d pref. stock._ _ 334,600
17.200
329.305 2d pref.stk. subsc_
351.504
Cash
4.165.400 3,951.000
396,090 Pref. stock 13
499.385
Acets receivable
281.000
1,935.900
245.831 Pref. stock C
Malls & supplies_ 336,332
55.700
64.100
346,419 Pref. stk. C subsc_
71 563
- Prepayments
-Class A Stock Sold.
Associated Gas & Electric Co.
,
16,2 4.300 16,737.300
194.417 Funded debt
Misc. investments 194.417
80.856
79.165
47.920 Accounts payable_
According to the report made at the meeting of the board of directors, Subset*. to pref._
38,263
291.333
29,964 Accts. not yet due_ 337.380
the recent offering of class A shares direct to stockholders was very success- Sinking funds x _ _ _ 117,132
Retirement reserve 1,491,818 1.204.749
ful (see V. 125, p.3196).
Unamort. debt dis6.256
13,711
499,384 Contrib. forests
count & caps._ 440,660
Preliminary tabulation of the results of the offering of 200.000 shares of
28.455
33,715
17.550 Operating reserves
35,716
class A stock, increasing the amount outstanding from 500,000 shares to Unadjusted debits
32.341
42,464
Unadiusted credits
applications for additional shares upon
700.000 shares, shows subscription
Tot.(each side)_31,431.695 29.580.870 Book val. of assets.y6,649,141 6.362,881
allotment received from stockholders for approximately 250.000 shares,
or a 25% oversubscription.
x Includes $55.000 the Columbus Power Co. 5% bonds held in sinking
was contemplated should fund uncancelled as to principal.
y Showing book value of assets for
Inasmuch as 250.000 was a larger amount than it
be issued, even taking into consideration available treasury stock, the $275.785 shares of no par common stock (including earned surplus of
company states it was necessary to cut down allotments of those applying $1,133,199).-V. 125. p. 3058.
for the fully paid stock except in cases where the shares bought were few
-Annual Report.
Commonwealth Edison Co.
in number and were merely desired by the shareholders to round out holdings
1924.
1925.
1926.
1927.
Calendar Yearsin even amounts. The full allotments were also allowed in cases where
371,628.560 $65,776,058 $58,691,584 35'3,672.442
there was submitted in payment for the shares offered the securities of Operatingrevenues
36,379.367 34,135.648 31.329.442 28.997.333
companies which the Associated company was desirous of ac- Operating expenses
underlying
339.047
305,000
310,491
361.138
Uncollectiblo oper. rev..
quiring as a part of its simplification program.
4,327.878
4.932,967
5,929,225
It is pointed out that a considerable number of rights usually go unexer- Retirement expenses.._ 6.489.795
5.400,000 4,500.000 4.375.861
absence, disinclination or neglect Taxes
5,700,000
cised by the shareholders by reason of
1.606.230
1,756,268
1,959,093
and that for these reasons it was not expected that the full number covered Municipal compensation 2,139.816
by rights issued would be taken. dividends from Feb. 1 1928 and purchasers
Operating income_ ..$20,558.444 $18,041.601 315,867.905 $14,026.094
All stock fully paid for, bears
728,221
937,239
1,312,527
408,488
paying for their stock on instalment plan receive 5% interest upon the instal- Other income
ments. The directors also declared dividends on the original series and $7
320.966.933 319,354,128 $16,805,114 514.754.315
Total
dividend series preferred stocks at the regular rates. See V. 126, p. 1037.
4.544,280 4.089,363
5,157,405
5,755,530
Interest on bonds
712.
7,990.450 7,202,942 6,230,288
8.793.216
Dividends (8%)
1,557,033
1,494,078
1,698.522
1.227.234
Other deductions

-Bonds Offered.
-Harris,Forbes
Birmingham Electric Co.
onbright & Co., Inc., Tucker, Anthony & Co., and
&
Co.,dolony Corp., are offerhig at 95% and int. yielding
Old
about 4.77%, $9,200,000 1st & ref. mtge. gold bonds 43.%,
series due 1968.
1 1968. Int. payable M.& S. in New
Dated March 11928: due March any month on 30
days' notice at 102
York City. Red. on first day of
1938: taereafter
through Feb. 1 1933: thereafter at 101% through Feb. 1Feb. 11987: and
Feb. 1 1963: thereafter at 1003 through
at 101 through
thereafter prior to maturity at 100: plus int.in each case. Donom.c5 $1.000
multiples. Central Union Trust Co.. New
and r5 $1.000 and authorized agree to pay int. without deduction for any
York, trustee. Company will
which it may be required or permitted
Federal income tax not exceeding 2% and to refund upon appropriate and
to pay thereon or retain therefrom
holders resident in that State.
timely request the Penn. 4 mills tax to
-President of the Company.
Data from Letter of E. W. Hill, V.
-Supplies the entire electric power and light and gas service
Company.
practically the entire electric railway service in Birmingham, Fairfield
and
and light service in eight adjaand Bessemer. Ala., and the electric power
also supplies gas(for vice and in 6 of which
cent communities, in 4 of which it
electric railway service. The total population served is estiit supplies
mated to be 305,000.
a
property
-Secured by a 1st mtge. on certain gasextensive (includingto
Security.
additions
of 5.000000 cubic feet capacity),
new gas holder distribution systems (including all of the electric distribuand electric
gas
Birmingham formerly owned and which has
tion system which the City of company), the new Red Mountain 110,000
been recently acquired by the important substations, a now modern disand several less
volt substation
about 15% of the street railway mileage and
tribution and stores building.
passenger cars) and, subject to one
certain rolling stock (including 16 new by a mortgage on the balance of
closed issue of $8.449.000 4 % bonds, supplemental indenture and the
the properties. The mortgage and any
of bonds and coupons
rights and obligations of the company and of holders of the holders of not
company and
may be modified with the assent of the except that in certain cases the
than 85% of the outstanding bonds,
less
“ssent of at least 95% is required.




Balance, deficit

Net income
Previous surplus
Total
Miscellaneous

35.190.953 34.507,751
23,566,368 19.153.586

33,563.844
15,563,361

32.877,631
12.703.312

$28,757,321 323,661,337 319,127.205 515,580,943
Cr26,380 Deb17.582
Cr108.871 Deb94,969

Profit & loss, surplus_528.866.192 $23,566,368 $19,153,585 $15,563.361
Shares capital stock4mt849.718
967,485
1,088,026
standing (par $100)-- 1,110,880
$10..72
511.13
Earned per share
Sheet
9
tn 4.
512.5 December 38
Balance S et Decemer. 1
.
1926,
1927.
$
S
$
LiabilitiesAssets800
111088,000 108802.600
subsc--138681600
Fixed capital
242430,263 219066,110 Capital stock
Cash
12,393,990 11.283.057 Cap, stk.,
119774.000 104774.000
U. S. Treas. ctfs 2,700.000 1,700.000 Funded debt
2,653.188 2,345,084
3,597 Accts. payable
4,459
Notes receivable__
602.075
560.285
Accts receivable__ 8,231.668 8,257.524 Consumers' deo
998,559
93,633
50.739 Misc. curl'. liab.. 1,036,519
Int. & dive. rm.._
7,064,038 6,563.989
Mat. & supplies- - 2.338.693 3,015,240 Taxes accrued_
Fuel (coal In st'ge) 1,982,161 1,887.695 Munic.comp.aeon 1,389,926 1.277,660
301.711 Interest accrued.. 1.998.510 1,661.010
312.020
Prepayments
703.277 Retirement reserve32,263,574 28,136,278
Subs,to cap. stk.
297,623 Insurance reserve. 2,593,635 2,302,348
Misc. curr. assets.. 374.009
Inv.in Mill. cos__ _29,401,100 29,401,100 Unamor. premium
15.698
on debt
Misc.Invest
3.343,967 1,474,526
Insurance fund_
2,593.635 2,302,348 Service ann.res.__ 2,219,104 1,459.719
Serv.ann.fund _ _ _ 2,219,104 1,459,719 Amortisation res.. 2,847.300 2,307,300
309.282
120,171
8,850 Misc. unad.ex
6,499
Spec's.deposits...
28,886,193 23,568.368
Surplus
Unam. debt disc.
5,548.242 4,768,982
& expense
224,899
Jobbing accounts_ 170,292
5.5.875
46,316
Work in progress
539,893
Misc. def. debits_ 284,391
314474,443 286802,765
Total
-V. 125, p. 3480.

Total

314474,443 286802,765

1194

FINANCIAL CHRONICLE

Commonwealth Power Corp.-Eledric Sales Increase.
-

[VOL. 126.

Inland Gas Corp.

-Bonds Offered.-Taylor,Ewart & Co.,
The corporation reports electric sales of 146.384,701 k.w.h. by its subsidiaries for the month of January 1928, as compared with 128,607,350 Inc., and Zwetsch Heinzelmann & Co. Inc., are offering at
k.w.h. In January 1927, an increase of 13.82%. E'er the 12 months ended 100 and int., $4,400,000 1st mtge. 6q% sinking
fund gold
Jan. 31 1928 electric sales were 1,586,476,244 k.w.h., as compared with bonds,
series A (with stock purchase privilege).
1.433.474,413 k.w.h. in 1927. an increase of 10.67%•
Dated Feb. 1 1928; due Feb. 1 1938. Principal and Int. (F.
The increase in the sales of electricity indicates the activity of general
business in the territory served by the Commonwealth Power Corp. and payable at Chatham Phenix National Bank & Trust Co., Now &.A.)
corporate trustee, or at office of the Continental National Bank & York.
subsidiaries.
-‘V. 126. p. 864, 410.
Trust
Co., Chicago. Denom. $1,000, $500
$100 co'. Red. all or part by
Community Telephone Co.
-Notes Sold.
-An issue of lot at any time upon 30 days' notice atand and int. if effected on or before
105
$1,400,000 1-year 5% gold notes, priced at 99 and int.. to Feb. 11933, with successive reductions of 1% of principal amount for each
year or fraction
elapsed after
1933. Interest payable
yield about 6%, has been sold by P. W. Chapman & Co., without deduction thereof normal Federal Feb. 1 tax up to 2%. Corporafor the
income
tion agrees to refund upon timely and appropriate application
Inc.
all
property taxes and securities taxes of any State or of the Dist.personal
Dated Mar. 1 1928; due Mar. 1 1929. Denom. $1,000 and $500 c*.
of Col.
Optional as to redemption on Sept. 1 1928 or any time thereafter at 101 and not exceeding in any year 6 mills of the principal amount, and all income
int. upon 30 days' notice. Interest payable M. & S. at Harris Trust & taxes of any such State or such Dist. of Col. not exceeding in any year 6%
of the income derived from the bonds.
Savings Bank, Chicago, trustee, without deduction for that portion of any
Stock Purchase Privilege -Each holder of a $1,000 1st mtge. bond,series
Federal income tax not in excess of 27
0. Reimbursement of certain Calif.,
A.
Conn., Dist. of Col., Iowa, Kansas, Kentucky, Maryland, Mass.. Mich., will be entitled to purchase a unit of 10 shares of common stock of the
corporation, without par value, at $5 per share on or before Feb. 1
Minn., Penn. and Virginia taxes, upon proper and timely application.
1931:
thereafter to and incl. Feb. 1 1933 at $7.50 per share; thereafter to and incl.
Data from Letter of C. L. Fisher, Vice-President of the Company. Feb. 1 1935 at $10 per
share; thereafter to and incl. Feb. 1 1936 at $12.50
Company.
-Organized in Del. Will, upon completion of this financing, per share; and thereafter to and
own or control subsidiaries which operate a general telephone business in of $500 and $100 bonds will be Incl. Feb. 1 1938 at $15 per share. Holders
entitled to purchase proportionate units of
the States of Illinois, Wisconsin, Minnesota and Ohio. The properties the corporation's common stock
on the same basis.
have records of successful operation extending over various periods up to
Sinking Fund.
-Mortgage will provide for a fixed sinking fund to begin
25 years and are all located in prosperous territories. The total population Nov. 1 1929, which will retire
approximately 65% of this issue prior to maof the territories served is estimated to be in excess of 140,000.
turity. In addition to this fixed sinking fund, 10% of the net earnings,
as
The company will own or control 13 subsidiaries maintaining telephone defined in the mortgage, commencing
with the calendar year 1929, will be
exchanges in 56 different communities. Company provides service to paid annually to the trustee
22,262 main stations and 1,635 extensions, making a total of 23,897 stations bonds. It is estimated that for similar retirement of additional series A
the
served, all operated by the company or its subsidiaries. Satisfactory retire approximately 71% of these fixed and additional sinking funds will
traffic arrangements with the Bell System and other connecting telephone also provide that the cash received bonds by maturity. The mortgage will
by the corporation through the exercise
systems afford nation-wide service.
ofthe stock purchase privilege will be used to retire additional series A bonds.
C it
lion
Authorized.
Issued.
Security -Bonds will be secured, upon redemption of outstanding 1st
y.-Bonds
1-year 5% gold notes (this issue)
$1,400,000
$1.400.000 mtge.7 sinking fund gold bonds,by a first mo
mortgage
es
Cumulative preferred stock
100,000 shs.
now or hereafter owned, subject as to after-acquired on all fixed properties
None
property,
Common stock class A
100.000 shs. 100,000 shs. liens thereon or to purchase money liens created in connection to existing
with such
Common stock class B
250,000 shs. 250.000 shs. acquisition. Pipe line rights of way and natural gas rights may be
Consolidated Earnings for the 12 Months Ended Dec. 31 1927.
to customary farm mortgages. The value of the properties to subject
Gross Income •
$641,963 under the mortgage securing these bonds has been estimated by be placed
Oper. exp., maint.. prior charges of sub, cos, and taxes (not
to be approximately twice the principal amount of such bonds. engineers
Including Federal taxes)
466,914
Listing -Listed on the Chicago Stock Exchange.
$1?500,000 Debentures Offered.
Balance
-The same bankers are
$175,050
Annual int. charges on $1,400,000 5% gold notes (this issue)
$70,000 offering at 100 and hit., $1,500,000 10-year 7% sinking
fund
* Certain of the smaller properties are audited as of Sept. 30 1927.
Earnings as shown above are over 235 times the maximum annual inter- debentures (with stock purchase privilege).
,
est requirements of this issue,the total present outstanding funded indebtedDated Feb. 1 1928; due Feb. 1 1938. Principal and int. (F. & A.)
ness of the company.
payable at office of trustee. Denom. $1,000. $500
-Notes will be a direct and primary obligation of the company. all or part by lot at any time upon 30 days' notice at and $100 c*. Red.
Security.
105
Based upon independent appraisals of the operating properties of the com- on or before Feb. 1 1933, with successive reductions and int. if effected
pany, after deduction of the total funded indebtedness and preferred stocks amount for each year or fraction thereof elapsed afterof 1% of principal
Feb. 1 1933. Inof the subsidiaries, the depreciated sound value of the equities owned by terest payable without deduction for the normal Federal income
tax up to
the Community Telephone Co. is over $2,680,000.
2%. Corporation agrees to refund all personal property
Purpose.
-Proceeds from the sale of these securities will be used to reim- ties taxes of any State or of the Dist. of Col. not exceeding taxes and securiin any year 6 mills
burse the company for expenditures in connection with the acquisition of of the principal amount, and all income
taxes of any such
such
properties and for other corporate purposes.
District not exceeding in any year 6% of the income derivedState or defrom the
bentures. New York Trust Co., New York, trustee.
Dixie Gas & Utilities Co.
-Completes New Wells.
Stock Purchase Privilege.
-Each holder of a $1,000 debenture will be enThe company has completed 10 wells in its holdings of approximately titled to purchase a unit
20,000 acres in the Richland Parish Field of Louisiana, it was announced without par value, at $5 of 15 shares of common stock of the corporation.
per share on or before Feb. 1 1931: thereafter to
last week. The combined daily open flow capacity of natural gas from these and incl. Feb. 1 1933 at $7.50 per share; thereafter
to and incl. Feb. 1 1935
wells is in excess of 385.000.000 cubic feet. The company is also making at $10 per share; thereafter to and incl.
Feb. 1 1936 at
per share:
plans to drill 10 more wells during the next 18 months.
and thereafter to and incl. Feb. 1 1938 at $15 per share. $12.50
Holders of $500
The company has a contract for the sale of a large volume of this gas, and $100 debentures will be entitled
to purchase proportionate units of the
which contract runs for the life of the field. See also V. 126, p. 1038.
corporation's common stock on the same basis.
Sinking Fund.
-Indenture will provide for a fixed sinking fund to begin
Dixie Gulf Gas Co.
-Definitive Bond Ready.
The Chatham Phenix National Bank & Trust Co.is exchanging temporary Nov. 1 1929, which will retire approximately 64% of the debentures prior to
certificates of 1st mtge. 6 % sinking fund gold bonds, series A. for defini- maturity. In addition to this fixed sinking fund, 25% of the net earnings.
tive certificates. (For offering, see V. 125, p. 1578.).-V. 125, p. 3197. as defined in the indenture, commencing with the calendar year 1931, will
be paid annually to the trustee for similar retirement of additional debentures. It
Greenfield (Mass.) Elec. Lt. & Pow. Co.
-Ann. Report. tire all of is estimated that the fixed and additional sinking funds will reCalendar Yearsthese debentures by maturity. The cash received by the corpora1927.
1926.
1924.
1925.
tion through the
Net sales
$671.089
$637,415
$616,495
$582.822 tire additional exercise of the stock purchase privilege will be used to reOperating expenses and
debentures.
taxes (excl. Federal)
443,611
Data from Letter of President C. L. Harrison, Dated Feb. 18.
398,915
396,188
368,411
Company -Organized in Delaware on Mar. 31 1927. Is engaged
Net operating profit__
$227,478
$238,500
8229,306
$214.411 production, transportation and distribution of natural gas in easternin the
KenOther income
1,850
2,349
2,336
5,512 tucky. The service area of the corporation's pipe line comprises an important industrial district in which are located many large consumers of fuel
Total income
$229,328
$240,849
$222,643
$219,923 which are potential customers of the Inland Gas Corp.
Interest
10,907
5,078
8,707
1.580
Contracts -Corporation has signed contracts with companies for natural
gas or fuel requirements which have been estimated by F. P. Fisher, engiBalance, surplus
$218,421
$235,771
$218,343 neer, at 17,600,000 cu. ft. per day; and in addition to these, there are pend$213,936
-97.9% of the common stock is owned by the Western Massachu- ing negotiations with other companies
Note.
whose probable requirements will
setts Cos.
-V. 124, p. 1359.
not be less than 7,000,000 cu. ft. per day. The price which the corporation receives from the sale of its gas to these companies which have already
Hartford Electric Light Co.
-Annual Report.
signed contracts is on a graduated scale, which should result in increased
Calendar Years1927.
1926.
1925.
1924.
Total sales elec. current-x$5,330,400 x$5,057,400 x$4,676,700 $4,724,400 earning power for the corporation. Based upon present production and
gas purchase contracts from other companies, proven reserves are estimated
Expenses
2,655,200
2,468,800 2,277,900 2,267,700 to be sufficient
to meet the
430,200
Taxes
420.000
370,000
385,000 of this issue of debentures. requirements of the corporation beyond the life
Approp. retirem't res've
533,100
505,700
467,600
472,500
In addition to the gas for which contracts have already been consummated
the
Balance
$1.711,900 $1,662,900 $1,561,200 $1,599,200 and for for sale of which negotiations are now pending, there is an available
market
about 27,000,000 cu ft. per day in the territory to be served.
Other income
346,500
179,500
144,300
128.500
Properties.
-Corporation owns gas leaseholds on over 82.000 acres in
Total income
$2,058,400 $1,842,400 $1,705,500 $1,727,700 Floyd Knott, Magoffin, Breathitt, Perry and Letcher counties in eastern
Kentucky, Corporation has 56 producing wells, together with 25 miles of
Interest and dividends
1,722,000
1.458,300
1,381,900
1,350,100 main line and
gathering lines now in operation, and will have about 120
miles
Balance to surplus__ _ x$336,400 x$384,100 4323,600
3377.600 which additional of main pipe line and gathering lines, the construction of
x After returning to customers $185,000 in the form of a 40% reduction 16-inchhas been contracted for. Of the- latter approximately 70 miles of
line will run from a point near Prestonsburg
on the October bills in 1927 and $284,000 or a 60% reduction in 1926 and
the Ohio River, with about 50 miles of gathering and to Ashland. Ky., on
Branch
$225,000 or a 50% reduction in 1925.
lines will run to the Olive Hill District and Hitchins. branch lines.
Condensed Balance Sheet Dec. 31.
Corporation will set aside appropriations sufficientKy.extend its lines
to
probable customers who are now negotiating for service. Corporation to
1927.
1928.
1927.
1928.
is
Assetsdrilling additional wells to increase its market supply
Liabilities$
$
$
$
of gas.
Fixed capital
Gas Supply.
18,775,200 17,754.000 Common stock-14,000,000 11,998,700
-Corporation owns gas leaseholds
Cash
stock__
which it has 56 producing wells. In addition the on over 82.000 acres on
1,300
2,188,200
207,900 Preferred
corporation has gas Pur
Other assets
4,000,000 4,000,000 chase contracts with the Hamilton Gas Co.,
4,055,000 4.545,800 Notes
and the
Other liabilities.-- 883.300 1,043,900 Piney Oil & Gas Co., subsidiary of Columbian United Carbon Co.together
Carbon Co.which
Retirement reserve 4,173,200 3.829,500 with its own reserves are estimated to be sufficient to meet the requirements
Total(each side) 24,998,400 22,507,500 Surplus
1,961.900 1,834,100 of the corporation beyond the life of these
Purpose.
-Proceeds from the sale of these debentures. series A bonds
-V. 126, p. 1039.
and 1st mtge.
and debentures will be used for the retirement
funded debt
of
Indianapolis Crawfordsville & Danville Electric Ry.- and preferred stock,for the construction of its pipeoutstandingand for other
line system
Earnings-Calendar Yearscorporate purposes.
.1925.
1926.
1927.
Total operating income
$319,269
3317,925
Earnings.
$300.742
-Annual net earnings for the first 5 years offull operation availTotal operating expenses and taxes
294,518
303,984 able for interest charges, as estimated by F. P. Fisher, engineer, are more
304,330
Deductionsfrom income
38,382
36.942
39,980 than 3Ii times the maximum interest requirements on these 1st mtge. bonds.
Sinking fund
22,558
21,118
19,520 After deducting interest on the 1st mtge, bonds, the balance is nearly 7
times the maximum interest requirements on the debentures.
Deficit
$45,559
$45,561
$53,276
CapitalizationAuthorized. Outstanding.
-V. 125, p. 517.
istyeare.70 57 sinkin g fund goldes
o- mtg 7 13 131;;Ik fu nd value)$4,400,000
debentur bonds,series A
1,500.000
000
-Income. Common stock (no par
Indianapolis & Northwestern Traction Co.
the
shs.
with,000 shs.
ord
1926.
Calendar Years1927.
1925.
a Issuance of additional 1st mtge. bonds limited 11 l, a
i0
n accordance
b50$0 acc
Total operating income
$510,732
$480,493 terms of the mortgage.
$475,352
b 83,500 shares of common stock are reserves to
Total oper. expenses and taxes
451,768 provide for the
484,240
489,363
exercise of stock purchase privileges.
Deductionsfrom income
124,000
124,000
124,000
Management.
-The management of the corporation will he under the
direction of the Hope Engineering & Supply Co., Mount Vernon, Ohio.
$97,508
Deficit
$138,010
$95,275 V. 124, p. 2279.
-V. 125, p. 517.
-Earnings.
Indianapolis Street Railway Co.
Calendar YearsGross earnings
Operating expenses
Fixed charges
Taxes
Net income
-V. 125, p. 2387.




1926.
1927.
1925.
$5,414,671 $5,518,795 $5,536,370
4,343,347
4,177,977
4,032,821
630,939
639,914
629,183
294,872
295,924
386,624
$300,856

$249,636

$487,742

International Utilities Corp.
-To Drill Test Well for
Oil in Viking Field.
-

The corporation has entered into an agreement with the Hudson Bay
Marland Oil Co. to drill a deep test oil well in the Viking Flold situated
about 75 miles southeast of Edmonton, Alberta. Canada. according to an
announcement by President P. M.Chandler of the International Corp.
The agreement provides that in event this drilling Is successful,
production company is to be formed and owned jointly by Hudsonan oil
BayMarland Oil Co. and the International Utilities Corp.

FEB. 25 1928.]

FINANCIAL CHRONICLE

It is understood that the structure, which has been approved by Marland
geologists, is situated in the center of the gas field now supplying gas to
the City of Edmonton, and drilling operations will commence before June
1 1928.-V. 125, p. 2387.

Interstate Public Service Co.
-Bonds Called.
The company has called for redemption on Mar. 22 at 105 and int. all
of the outstanding 1st mtge. & ref. gold bonds, series A and C. Payment
will be made at the Union Trust Co.,of Indianapolis, trustee, Indianapolis,
-V. 125, p. 2263.
Ind.

Lackawanna & Wyoming Valley RR.
-Bonds Offered.
Taylor, Ewart & Co., Bioren & Co. and Samuel MeCreery
& Co., are offering at 97 and int., to yield over 5.20%,
$2,900,000 5% 1st mtge. gold bonds dated July 1 1913; due
Aug. 1 1951.
Prin.and int. payable F.& A.at Guaranty Trust Co., New York,trustee.
Denom. 21,000 and $500 c*. Red. all or part on any int. date upon 30
days' notice at 105 and int. Interest payable without deduction for any
Federal income tax up to 2%. Company agrees to refund upon timely and
appropriate application all personal property taxes and securities taxes of
any State or of the District of Columbia not exceeding in any year 6 mills
of the principal amount, and all income taxes of any such State or District
not exceeding in any year 6% of the interest upon the bonds.
-Bonds are secured by a direct 1st mtge. upon all the real estate
Security.
and other physical property of the company, with one minor exception,
Including rolling stock, and upon the franchises of the company. As of
Dec. 31 1927, the cost of road and equipment, based on construction
vouchers, was $8,137,627. Estimated on the basis of the index numbers
of the United States Department of Labor, the cost of reproduction of the
road and equipment was $13,440,921 as of Dec. 31 1926. The foregoing
figures do not take account of accrued depreciation which appears on the
books of the company as of Dec. 31 1927 at $933,924.

$1,100,000 Debentures Offered.
-Taylor,Ewart & Co.,Inc.,
are also offering at par and int., $1,100,000 20-year 6%
gold debentures.

Dated Feb. 11928; due Feb. 1 1948. Prin. and int. payable F. & A. in
gold coin at the office of the trustee and coupons collectable at principal
office of Guaranty Trust Co., New 'York. Denom. $1,000 and $500 c*.
Red. all or part on any int. date upon 30 days' notice at 105 and int. Int.
payable without deduction for any Federal income tax up to 2%. Company agrees to refund all personal property taxes and securities taxes of
any State or of the District of Columbia not exceeding in any year 6 mills
of the principal amount, and all income taxes of any such state or district
not exceeding in any year 6% of the interest upon the debentures.
-These debentures will be a direct ohligation of the
Debenture Issue.
company and will be subordinate only to the 5% let mtge. gold bonds.
-Debentures will have the benefit of a sinking fund under
Sinking Fund.
the terms of which debentures in the aggregate principal amount of 225,000
will be retired on March 1 of each year, commencing March 1 1929. The
debentures so retired will be cancelled.
Data from Letter of P. J. Murphy, V.-Pres., Scranton, Pa., Feb. 20.
-Organized in Pennsylvania. Operates by a third-rail system
Company.
a double-track railroad of modern and substantial construction between
Scranton, Pittston and Wilkes-Barre, Pa. This road, including an extension to Dunmore. Pa., is 22 miles in length and has been built entirely on
private right-of-way owned by the company, with one minor exception.
Construction, both as to road-bed and equipment, has been according to
standard specifications in order to permit the interchange of equipment
with the steam railroads connecting with its lines, i.e., the Delaware Lackawanna & Western RR.,the Lehigh Valley RR. and the Erie RR.
Company owns the entire capital stock of the Lackawanna & Wyoming
Valley Power Co., which generates the electric power used by the road.
The power plant, which is owned by the company and leased to the Power
company, has a capacity of 6,000 k.w., is located at Scranton, and with
the transmission lines and substations cost over 21,000,000. The Power
company sells surplus power to private consumers and to the Scranton
Electric Co. Car storage and repair shops of the company, also located
at Scranton, are adequately equipped. Substantial passenger and freight
stations are located at suitable points along the line. Company owns
valuable terminal properties, consisting of modern brick structures and 98
acres of real estate in Scranton and 15 acres in Wilkes-Barre.
CapitalizationAuthorized. Issued.
5% jet mtge. gold bonds, due 1951
$3.500,000 22,900,000
-year 6% gold debs. (this issue) due Feb. 1 1948- 1,100.000 1,100,000
20
Pref. stock (7% cumul.). par $50
20,000 shs. 20,000 she.
Common stock (Par $50)
80,000 shs. 48.000 ails.
Condensed Income Statement (Incl. Subs.) Year Ended Dec. 311927.
Gross earnings
$1,194,760
Oper. cup., incl. maint., deprec. & all deductions exc. Fed. taxes 754.210

1195

The total number of principal communities supplied on Sept. 30 1927
with electric power and light and(or) transportation and(or) other public
utility service was 518. Electric power and light service was supplied in
488 principal communities, including those served at wholesale, and manufactured gas service was supplied in 28 cities and towns, including 1 served
at wholesale. Transportation service also was supplied in 138 principal
communities by controlled companies. The total population served was
estimated at 1,643,000.
Properties of Operating Subsidiaries.
-Physical properties of operating
subsidiaries at Sept. 30 1927 included installed electric generating capacity
aggregating 374,896 kilowatts (of which 70,000 kilowatts capacity was
placed in service in 1926 and 36,000 kilowats in 1927), 1,291 miles of transmission lines (exclusive of 108 miles of additional transmission lines under
construction) 6,445 miles of electric distribution lines, gas works with a
daily generating capacity of 14,465,000 cubic feet, gas holder capacity of
5,811,000 cubic feet, 451 miles of gas mains and 510 miles of electric railway track.
The principal electric generating plants are the new Wallenpaupack
hydro-electric plant near Hawley, with an installed generating capacity of
40,000 kilowatts; the new Stanton steam electric station near Wilkes-Barre
(constructed jointly for Pennsylvania Power & Light Co. and American
Gas & Electric Co.interests), in which the Pennsylvania Power & Light Co.
has a 36,000
-kilowatt unit, recently placed in operation; the Hauto steam
electric station, located at Hauto, near Lansford, having a present installed
generating capacity of 70,000 kilowatts; the Harwood steam electric station
located at Harwood Mines, near Hazleton, having a present installed generating capacity of 41,500 kilowatts; the 58,000
-kilowatt steam electric
generating station at Pine Grove, and the Allentown steam electric generating station, with an installed capacity of 40,812 kilowatts.
The new Wallenpaup ack hydro-electric plant was placed in operation in
June 1926. The work in connection with this development included the
construction on the Wallenpaupack Creek of a concrete dam 1,275 feet
long, creating a static head of 371 feet on the water wheels. This dam was
designed to create a reservoir 14 miles in length covering an area of more
than 5,700 acres. Electrical energy from this plant is now being fed to
the south over a new large capacity 65
-mile. 220,000-volt, steel-tower
transmission line.
The principal stations are favorably located with respect to supplying
economical service. The Pennsylvania Power & Light Co. has long term
contracts for fuel for the operation of the Haute and Harwood stations with
coal companies having mines in the immediate vicinity of these stations.
The contract insuring a supply of coal for the operation of the Hauto station extends for 50 yearsfrom 1917 and the contract for coal for the Harwood
station extends until 1933.
Interconnection.
-The electric transmission and distribution systems,
wit:i the exception of those in Lancaster County, are so interconnected as
to permit operation as a single efficient system. This unified system is
also extensively interconnected with surrounding power and light systems,
and it is being included in a triangular interconnection by large capacity
220.000-volt, steel-tower transmission lines with the Philadelphia metropolitan district and the New Jersey metropolitan district extending to the
Hudson River at New York City, thus effecting one of the lar2est power
pools in the United States and making possible the most economic and efficient service with minimum capital expenditure.
Capitalization of Lehigh Power Securities Corp. at Dec. 31 1927.
Outstanding.
Authorized.
6% gold debentures, series A,due 2026$25.000,000
Pref. stock, 26 cumulative, no par value
300,1100 she. 130.000 shs.
Prof. stock, 27 cumulative, no par value
None
300,000 she.
Common stock, no par value
4.000,000 shs. 3,104,450 shs.
x Limited by the restriction of the agreement.
Earnings of Subsidiaries.
-A comparative summary of consolidated earnings (inter-company items eliminated) of subsidiaries controlled at Dec. 31
1927 for the two calendar years 1926 and 1927, irrespective of the date on
which the pro_perties were acquired, follows:
12 Months Ended Dec. 311926.
1927.
Gross earnings of subsidiaries
$39,007,415 $37,495,707
Net earnings of subsidiaries (before depreciation)- 17,303.740 15,618,377
Non-operating revenue
1,341.324
868,192

Totalincome of subsidiaries(before depreciation)218.171.932 $16.959.701
Segregation of Gross Earnings of Subsidiaries.
-Gross earnings of subsidiaries for the year ended Nov.30 1927 were derived from the various classes
of business approximately in the following proportions: Electric power and
light, 74%; electric railway, 17%; manufactured gas, 6%; miscellaneous.
3% ;total, 1007.
Statistical Data.
-The growth of the business and property of subsidiaries
is indicated in the following tabulation:
Sept. 30 1927. Dec. 311926. Dec.31 1925.x
Population served
1,649,000
1,207,000
y1,643,000
Electric consumers
185,599
11,172
288,143
Manufactured-gas consumers
37,179
156,654
59,089
Water consumers
4.529
4,388
Miscellaneous consumers
545
1,727
1.720
Total consumers
223.323
374,082
353,340
Net
2440,549 Passengers carr'd during 12 mos. y100,847,330 106,398,294
81,816,474
Annual int. charges on 22,900,000 5s
145,000 Kilowatts generating station caAnnual int. charge on $1,100,000 6% debs
66,000
234,457
pacity installed
344.821
374.896
K.w.h. generating station outBalance
$229,549
put (incl. power purchased)
Net earnings after all deductions, excepting Federal income taxes, for
for 12 months
1,261,232,900 1,191,377,900 797,722,400
the past 5 years, are as follows:
Miles of electric lines
1926.
1925.
1924.
1927.
1923.
(11.000 volts and over) in op$401,762
$421,855
2440,549
$441.384
$488,145
eration, irrespective of the
Net earnings for the year ended Dec. 31 1927 and for the 5 year period
number of circuits carried_
1,086
y1.291
1,302
were at the rate of over twice the total interest charges on the funded debt
(11.000 volts and over) under
to be presently outstanding including these debentures.
construction
247
32
108
-The management of the company, since 1914, has been
Management.
(less than 11,000 volts) in
under the supervision of Ford, Bacon & Davis, Inc. Among the directors
service
3,711
6.445
5.878
are the Hon. Wm. C. Sproul, former Governor of Pennsylvania. Frank Gas works capacity (thousand
R. Ford of Ford. Bacon & Davis, Inc., New York, and Walter H. Lippincubic feet) per,day
10.985
y14,465
15,805
cott of Philadelphia.
Gas holder capacity (thousand
cubic feet)
3,509
5,811
5.111
Laclede Gas Light Co.
-Smaller Dividend.
Gas sendout (thousand cubic
The directors have declared a quarterly dividend of $2.50 per share on
feet) for 12 months_ _ ..._ _ - y1,903,970
1,179.946
2,001.673
the common stock, par $100, payable March 15 to holders of record March Mlles of electric railway (simile
track equivalent)
309
1. In the year 1927, the company paid 4 quarterly dividends of$3 per share
y510
538
on this issue, as compared with $8 annually and $2 extra paid previously, Miles of gas mains
317
464
y451
-1r. 125, v• 240.
Miles of water mains
41
42
x Not including Harrisburg Light & Power Co., Lancaster County Ry.
& Light Co. and Valley Railways and subsidiaries acquired in 1926.
-Time Extended.
Lehigh Power Securities Corp.
y Decrease reflects sale of certain properties.
Arrangements have been made for the depositaries under the plan and
Supervision.
-The operations of Lehigh Power Securities Corp. and its
agreement of reorganization dated Jan. 25 1928 under which the National
is to acquire common stock and 26 pref. stock of the subsidiaries are supervised (under the direction and control of the boards
Power & Light Co.
Lehigh corporation to continue to receive deposits of Lehigh stock until of directors of the respective companies) by the Electric Bond & Share Co.).
[See also National Power & Light Co. below].
the close of business on March 16 1928.
-V.126,
The depositaries are: American Exchange Irving Trust Co.,60 Broadway, p. 577.
N. Y. City; The Pennsylvania Co. for Insurances on Lives & Granting
Annuities, Packard Bldg.. Philadelphia, Pa., and Old Colony Trust Co.,
Louisville Hydro-Electric Co.
-Station Completed.
17 Court St., Boston, Mass.
The largest automatically controlled hydro-electric station in the world,
it is announced, will soon be in regular operation on the Ohio River. LoDetailed information with respect to the Lehigh company cated at Shipping Port. just below Louisville, Ky., this station was recently
100,000
is contained in a letter from P. B. Sawyer, President of th completed for the above company, and will generatecomplete kilowatts.
In design, construction and
departure
latter, to H. C. Abell, President of the National Power & from conventional practice. operation it represents a
The present installation consists of 8 12.550-kva. vertical shaft generators
Light Co., which follows:
Corp.-Ineorp. in Delaware. Owns all the com- operating on a terminal voltage of 14,000. Space is provided on the dam
Lehigh Power Securities
for two more
mon stock of the Pennsylvania Power dr_ Light Co., a substantial majority of the stationgenerators in the future, which will bring the ultimate capacity
up
of the pref. and common stocks of the Lehigh Valley Transit Co., all the automatic hydroto 125,500 kv-a., making it 7 times larger than any other
-electric station in the world.
-V. 125. p. 648.
common stock of Harrisburg Light & Power Co. and Lancaster County By.
CO., all of the pref. and common stocks of Valley Rys. and prac& Light
Menominee & Marinette Light 8c Traction Co.
tically all of the capital stock of a number of other operating companies.
Eight new 21-passenger Reo coaches are being installed by this company
The Pennsylvania Power & Light Co. owns all of the common stock and a subsidiary of the Wisconsin Pubic Service Corp., for operation b3tween
the pref. and 2d pref. stocks combined of the East Penn the cities of Menominee, Mich.. and
more than 83% of
Marinette, Wis.
Electric Co.
Because of negotiations pending between the two cities regarding the
-The service of the subsidiary companies extends
Territory and Service.
Pennsylvania east of the Susquehanna River and bridges over the Menominee River. and condemnation of the street railway
to a very large portion of
bridge, inter-city service has been partially suspended for
north of the Philadelphia metropolitan district, including the cities of Allen- struction of new bridges is now assured and both citiessome time. Conhave agreed to a
town, Harrisburg, Wilkes-Barre, Bethlehem, Lancaster, Williamsport, system of bus transportation.
-V. 119. p. 1844.
Hazleton, Shenandoah and Pottsville, the industrial sections of the Lehigh
Metropolitan Edison Co.
most of the anthracite mining region, a large portion of the cement
-Bonds Called.
Valley,
The 1st & ref. mtge. 6% gold bonds, series "B," due Feb. 1 1952, were
region, the prosperous Lancaster, Williamsport and Harrisburg agricultural
districts and numerous other cities, industrial sections and thriving dis- recently called for payment Feb. 1 1928, at 110 and int. Payment is being
and light service and, in a number of cases, gas and made at the Guaranty Trust Co., 140 Broadway, N. Y. City.
tricts. Electric power
-V. 126,
p. 867.
street and interurban railway service are applied in this territory.




1196

FINANCIAL CHRONICLE

Mohawk Valley Co.
-Earnings.
(Including Rochester Gas & Electric Corporation.]
1924.
1925.
1926.
1927.
Calendar YearsEarningsfrom operation.312.608.489 311,658.748 $10,445,908 $9,590,189
5,523.376
5,943.345
6,367.737
Expenses (incl. deprec.)_ 6.536,921
967.854
1,329.677
1,129,257
Taxes & uncollect. bills_ 1,502,176
$4.569.391 $3,961,334 $3,373.307 $3,098,959
Net income
57,035
108,066
27,706
Non-operating revenue_
157.835
Gross income
$4.727,227 $3,989,040 $3,430,342 $3,207.025
1,413,074
1.248,153 1,422,729
1,439,333
Interest. rentals, &c
Divs.on subsidiary sties.
410,760
518,320
956.810
1,338,003
not owned
Net income
Dividends

$1,949.891 $1,784,076 $1.489,293 31,383,191
($2)1.499.360(32)1499.360(340)1049552(12%)899616

3439.741
$483.575
$284,716
3450.531
Balance surplus
Shares of cap. stk. outy75,000
750,000
750,000
750,000
standing (no par)__
Earn, per share on cap.
318.45
$2.38
$1.99
$2.60
stock
y Shares par value $100.
Condensed General Balance Sheet, Dec. 31.
2
$
$
Assets-.
a7,500,000 7,500,000
Investments.. _ _ _ bI2,039,908 12.134,687 Capital stock
1,702,000
110,491 Bill payable
21,181
Cash
5,002,086 5,003,749
55,130 Surplus
Bills receivable_ _ _ 1,305,699
200.241
834.097
Suspense
3,200
3,200
Reacquired Bestirs_

[vol.. 126.

The electrical systems of the operating companies have an installed generating capacity of 254.813 h.p.. and transmission systems of 2.710 miles
of high tension lines. The gas properties include generating plants of a
daily capacity of 20,140,000 cubic feet, with 749 miles of gas mains. The
water properties have a capacity of 6,254,000 gallons per day and a distributing system consisting of 36 miles of water mains. The electric railway properties consist of 356 equivalent miles of single track. During the
Year ended Dec. 31 1927, the total electric output of the properties was
495.539,981 k.w.h. and there were made 1,806,118,000 cubic feet of gas.
Consolidated Earnings Statement for System 12 Months Ended Dec. 31 1927'
(Adjusted for non-recurring charges and giving effect to contracts now in force.
$29,833,866
Gross earnings (incl. other income)
19,293,577
Oper. exp., malt., depree., & taxer other than Fed. taxes
$10,540,289
Net earnings
Prior charges of sub. cos., comprising all int. charges on debt
held by public (less int. charged to construction),amort ,dive.
paid or accrud during the period on pref. stocks and net earn7.030.557
ings applicable to coin, stocks of subsidiaries held by public

Balance of consol. net earnings before annual int. requirements
on secured gold debs. (this issue), other int., amortization
3,509,732
and diva. ef the company. Fed. income taxes, &c
1.108,350
Total ann.int. charges (inci.int on this issue & unfunded debt)
Of the above total annual int. charges, amounting to 31,108.350. the
annual int. requirements on these debentures Is $1,000,000, and of the
total balance of consolidated net earnings of $3,509,732, the securities of
the subsidiary companies originally pledged under the indenture securing
these debentures provide $2,520,100, equivalent to more than 23i timed
the annual int. requirements on these debentures.
-year
Purpose.
-Proceeds will be used for retiring the company's 30
6.3e % sinking fund coll, trust gold bonds now outstanding and for other
corporate purposes.
Capitalization (To be Outstanding Upon Completion of Present Financing)
Total
14,204,086 12,503,749
14,204,086 12,503,749
Total
320,000.000
Secured gold debentures,5% series due 1978 (this issue)
a 750.000 ehares (no par value). b Rochester Gag & Elec. Corp. corn. Preferred neck, 7% cumulative participating
15,700
stock, $11,613.790: Mount Morris Water Power Co.. stock and Mount Preferred stock, 7% cumulative series A
12.914,200
Morris Illuminating Co. stock, $265.584, Cooper Electric Corp. common Class A common stock (no par value)
338,952 abs.
$15.062; Hilton Elec. Light, Power & Ileat Co stock, $51.000; Class B common stock (no par value)
stock,
431.257 she.
Geneseo Gas Light Co. stock. $77,221; Canadea Power Corp. common
In addition to the foregoing there was outstanding as of Dec. 31 1927.
stock, $1,500; options, $15.750. V.124. p.2280.
stock and funded debt of' subsidiary companies in the hands of the public
as follows: 15 shares of no par value common stock, 1,025 shares of $50
-Sale.
Morris County (N. J.) Traction Co.
par value common stock, 79 share; of $100 par value common stock, $23,-V. 125. p. 2935.
See Public Service Coordinated Transport below.
210.700 par value pref. stock, 10,812 shares of no par value pref. stock and
-V. 126. p. 1039.
$98.368.250 face amount of funded debt of sub. cos.
Electric Power Co.-Pref. Stock Offered.

National
A banking group headed by A. C. Allyn & Co., Inc., and
-Capitalization Increased
National Power & Light Co.
including Utility Securities Corp., Howe, Snow & Co., To Increase Common Dividend.
Inc., Old Colony Corp., and Emery, Peck & Rockwood Co.
The stockholders on Feb. 21 voted to increase the number of shares of
value, divided
is offering at $94.50 a share and div. to yield 6.35% an authorized capital stock from 3.250.000 shares without parpref. stock and
$6
into 150,900 shares of $7 pref. stock,
additional issue of $2,500,000 6% cumulative preferred 3,000,000 shares of common stock. to 100,000 shares of without par value,
8.150.000 shares
stock (see description in V. 126, p. 252).
dividend into 150,000 shares of $7 pref. stock, 500.000 shares of $6 pref.

Cornpang.-Owns practically all of the common stocks of a diversified
group of' companies operating public utility properties located in the states
Of Pennsylvania. Ohio, Indiana. Maine and Michigan, and la large majority
of the common stock of New England Public Service Oo. Company has also
acquired a substantial interest in the class "B" common stock of National
Public Service Corp. and In the common stock of the Commonwealth Light
& Power Co.
The territories served with electric light and power Include about 762
communities with a total population estimated to exceed 1.250.000.
-As determined by public utility engineers and appraisers, the
Assets.
reproduction cost new, less accrued depreciation, of the properties of the
said subsidiary companies. plus additions to date at cost, after deduction
of all prior obligations and liabilities. Is largely in excess of the $12.610.000
par value of the preferred stock to be presently outstanding.
-For the 12 months ended Dec. 31 1927. the
Consolidated Earnings.
consolidated earnings of company and subsidiaries, including those of
New England Public Service Co.. were as follows:
Gross earnings( including other income)
$25,757.427
Open exp., maint..depree., taxes.incl. Federal taxes
15.472.129
Net earnings
$10,285,298
Bal. of net earnings, applicable to sec, of sub. cos. of Nat. Elect.
Power Co.. after deduct, ofI.chrgs. & dive, paid or accr,
during the period on funded & unfunded debt & pref. Atks. of
sub. cos.. amort. & net earnings applic. to cont. stk.!), of sub.
32.674.442
companies held by the public
500.000
Annual interest charges on secured gold debentures

32.174,442
Balance
Ann. div. require. on cumul. pref. stk. to be presently outendg.
804.450
including this issue
The balance of net earnings, as shown above, was thus more than 2.70
times such annual dividend requirements.
Purpese.-Proceede from the sale of this cumulative preferred stock will be
used for the acq ilsition of additional securities of subsidiary companies.
Capitalization (To Be Outstanding Upon Cornpletion of Present Financing).
310.000.000
Secured gold debentures.5% series, due 1978
4,785,000
7% cumulative preferred stock
7.825.000
6% cumulative preferred stock (including this issue)
312.130 she.
Class"A"stock (no par value)
620.065 shs.
Class"B"stock (no par value)
As of Dec. 31 1927. there were outstanding in the hands of the public
not exceeding 38,135 shares of no par value common stock. 11 shares of
$50 par value common stock. 31,793,000 of $100 par value common stock.
324.465.100 par value preferred stock, 303.671 shares of no par value
preferred stock and $81,783.000 par value of funded debt of subsidiary
-V.126, p. 252. 867.
and leased companies.

-A
-Debentures Offered.
National Public Service Corp.
new issue of $20,000,000 5% secured 'gold debentures was
offered for subscription Feb. 20 by a banking group headed
by E. H. Rollins & Sons and Howe, Snow & Co., Inc., and
including Old Colony Corp., Hill, Joiner & Co., Inc., Blyth,
ederal SecuriWitter & Co. H. M. Byllesby & Co.,
Inc.,'Emery, Peck &
ties Corp., iastman, Dillon & Co., and
Rockwood Co. The debentures are priced at 93M and int.,
to yield over 5.35%
Dated Feb. 1 1928; due Feb. 1 1978. Denom. 31.000 and $500 c*.
Red. all or part at any time on 30 days' notice to and incl. Feb. 1 1938 at
105 and int.. thereafter to and incl. Feb. 1 1943 at 104M and int.: thereafter to and incl. Feb. 1 1948 at 104 and int.; thereafter to and Incl. Feb.
'
1 1953 at 1033e and int.; thereafter to and incl. Feb. 21958 at 103 and int.;
,
thereafter to and incl. Feb. 1 1963 at 102% and int.; thereafter to and incl.
Feb. 1 1968 at 102 and Int.; thereafter to and incl. Feb. I 1973 at 1015.e
and Int.; thereafter to and incl. Feb. 1 1977 at 101 and int., and thereafter
at par and Int. Prin. and Int. (F. & A.) payable at New York Trust Co.,
New York, trustee. Int, also payable at the option of the holder at the
Illinois Merchants Trust Co., Chicago, without deduction for normal Fed.
Income tax not to exceed 2%. Penn. 4 mill tax, Conn. 4 mill tax, Maryland 4,1,e mill tax, Calif. personal property tax, not in excess of 4 mills per
annum, and Mass. 6% income tax refundable.
Data from Letter of Harry Reid, President of the Company.
-Owns the entire common stock (except directors' qualifying
Company.
• shares) of Jersey Central Power & Light Co.. Municipal Service Co.. Virginia Public Service Co. Eastern Shore Public Service Co. and Florida
West Coast Ice Co., and over 99% of the common stock of Tide Water
Power Co.
Corporation, through local operating companies, furnishes electric light
and power, gas, steam, ice, street railway, bus or water service to 952
communities in the States of New Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina, Georgia, Florida, West Virginia and Ohio.
The territory in New Jersey Includes a portion of the great Metropolitan
District tributary and suburban to N. Y. City. Through these operating
companies a taw of 266.593 customers are being served, of which 221.564
are electric, 42,883 gas, 1,656 water and 490 steam. The electric railway
and bus systems serve an aggregate population of about 1,003,000.




stock and 7.500,000 shares of common stock.

Chairman S. Z. Mitchell Jan. 31 in a letter to the stockholders says:

The company has entered into an agreement to exchange shares of its
common stock and $13 preferred stock for common stock and $6 preferred
stock of Lehigh Power Securities Corp., In each case upon a share for share
basis. To make available the common stock and $6 preferred stock of the
company required for that purpose. It is necessary to increase the authorized
number of shares of common stock and $6 preferred stock .
At the same time, it seems desirable to Increase the authorized number
an amount in excess
of shams of common stock and 36 preferred stock Inthey May be available
of that required for this particular transaction so that
time to tme when and as necessary or desirable in the
for issuance from
Interests of the company.
The directors have approved the policy of an increase In dividends upon
the common stock to an annual rate of $1 per share payable in regular
quarterly instalments of 25 cents each, beginning with the June 1 1928
installment.
While this company and the Lehigh Power Securities Corp.are remarkably
similar as to amount of earninos and share capitalization, the character ef
In
the business In the communities served by them is quite different. the
the opinion of the directors the company will benefit substantially by
business and geographic diversity and the greater financial strength and
stability resultingfrom the acquisition by It of stocked the Lehigh company.

Detailed information with respect to the National company is contained in a letter from E. W.Hill, Vice-President,
to P. B. Sawyer, President of the Lehigh company, which
follows in subs ance:
-Owns all the outstanding common stock",
National Power ee Light Co.
except directors shares. (and In some cases also owns varying amounts of
preferred stock and certain indebtedness) of the Birmingham Electric Co.,
the Carolina Power & Light Co., the Houston Lighting & Power Co., he
Jackson (Tenn.) fly. & Light Co., the Knoxville Power & Light Co. the
Memphis Power & Light Co. and a number of less important companies.
The Memphis Power & Light Co. controls the Memphis Street fly. Co.
through ownership of all capital stock, except directors shares.
The service of operating subsidiaries as of Sept. 30 1927. was as follows:
Birmingham Electric Co.. supplying practically the entire electric power
and light and electric railway service and the entire gas service In Birmingham, Bessemer and Fairfield, Ala.. and the electric power and light service
in 9 adjacent communities, In 5 of which It also supplied gas service, and In
7 of which it supplied electric railway service.
Carolina Power & Light CO.. supplying directly or indirectly electric
power and light service to a total of 169 communities in the states of North
Carolina and South Carolina, Including Raleigh, Asheville, Goldsboro,
Henderson, Oxford, Rockingham and Sanford, in North Carolina. and
Florence. Sumter. Darlington, Hartsville, Marion and Cheraw, In South
Carolina; also supplying gas and electric railway service in Raleigh and
Asheville. N. C.
Houston Lighting & Power Co.,supplying electric power and light service
In Houston, Tex., and in 57 adjacent communities.
Jackson fly. & Light Co., supplying the entire electric power and light
gas and electric railway service In Jackson, Tenn., and the entire electric
power and light service In 7 adjacent communities and water service in one
community and doing an ice business In one community.
Knoxville Power & Light Co., supplying the entire electric power and
light service in Knoxville, Fountain City and Bearden, Tenn., and in 7
adjacent communities and the electric railway service in Knoxville and 2
adjacent communities.
Memphis Power & Light Co.,supplying the entire electric power and light
and gas service In Memphis, Tenn., and in addition supplying electric Power
and light service to the remainder of Shelby County.
The Memphis Street Ry. Co.. supplying the entire electric railway service
In Memphis, Tenn.. and with its subsidiary, Memphis & Lake View fly.
Co., serving certain suburbs.
The operating subsidiaries, either directly or through controlled companies
on Sept. 30 1927, served a total of 284 communities in North Carolina,
South Carolina, Tennessee, Alabama and Texas. They supplied electric
power and light service to 282 communities, electric railway service to 24
communities and manufactured gas service to 13 communities. In addition
the subsidiaries supplied water service to 4 communities and steam heating
service to 1 community and did an ice business In 6 communities. The total
population served was estimated to be 1,361.000.
Capitalization of National Power & Light Co. at Dec. 311927.
Outstanding
with Public.
Authorized.
Capital stock (no par value):
Cumul. pref.. $7 per share per annum, red. at
150,000 she. 140,295 ills,
$110 per share
Cumul. pref., $6 per share per annum,red. at
None
100,000 she.
3110 per share
3,060.000 sha.2,545,739 aim,
Common
Funded debt:
$9,500,000
a
6% gold dabs. series A, due Aug. 1, 2026- x Limited by the restrictions of the Agreement.

Fin. .25 1928.]

FINANCIAL CHRONICLE

Earnings of Operating Companies.
-A comparison of
.earnings of the subsidiary operating companies for thethe gross and net
5 calendar Years
1922 to 1926 and for the 12 months ended Nov.30 1927 follows:
Year
Gross Earns. x Net Earns. I Year
Gross Earns. a Net Earns.
1922
$18,889,550 $6,025,02711925
$29,800,043 $11,535,545
1923
20.908,761 6.994,78311926
33,544,895 13,463,453
1924
22,886,444 8,063,330 1927y
36,818,153 14,530,859
x Before depreciation.
y Twelve months ended Nov. 30.
Note.
-The above statement shows the earnings for 12 months of
properties controlled at the end of each period.
Gross earnings as above for the year ended Nov. 30 1927. were derived
from the various classes of business approximately in the following
proportions: Electric power and light. 66%; Electric railway. 23%;
manufactured
gas, 10%; ice and other miscellaneous, 1%; total. 100%.
New Property Additions.
-Houston Lighting & Power Co., which completed and placed in operation in July 1927, an additional
turbo-generator unit in its Deepwater station, is to install25,000 kilowatt
at this station
an additional 35,000
-kilowatt unit. The
has a total installed generating capacity ofDeepwater station which now
65,000 kilowatts,
largest, most modern and most economical generating stations is one of the
in
In order to meet the increasing demand for electric power andthe South.
result of the expansion of industrial activities in the territory light as a
Carolina Power & Light Co. now has under construction two served, the
new
electric plants: one on the Yadkin River, near Norwood. about hydro25 miles
above the Blewett Falls hydro-electric
the company, the other
to be known as the Waterville plant and plant ofon the
located
Pigeon River near
the Tennessee State line, about 35 miles northwest of
Norwood plant will have an initial installation of 62,000 Asheville. The
kilowatts and is
designed for an ultimate generating capacity of 84,000
kilowatts, while the
Waterville plant will have an initial installation of 67.000
kilowatts and is
designed for an ultimate generating capacity of about
,
100.000 kilowatts.
It is expected that the Norwood plant will be placed in
operation within
a few weeks and the Waterville plant during 1929. These will
the largest, most modern and most important generating plantsbe among the
in the South.
Electric Transmission Line Interconnections.
-The extensive electric system of Carolina Power & Light Co. is interconnected
with that of the
Appalachian Electric Power Co. By means of this Interconnection,
electric
energy generated at the Carolina Power & Light company's hydro-ele
ctric
plants and electric energy generated in the heart of the West
Virginia coal
fields by the Appalachian company is available to both
companies. The
Carolina company's lines are also interconnected with those of
the Southern
Power Co., the Virginia Electric & Power Co., and
the Tennessee Public
Service Co.
The electric property of Birmingham Electric
that of the Alabama Power Co. The Knoxville Co. Is Interconnected with
tric property is connected with the transmissionPower & Light Co.'s elecsystem
Electric Power Co. The Memphis Power & Light Co.'s of the Tennessee
are interconnected with those of the Mississippi Power & transoilssion lines
Arkansas Power & Light Co. and through both of theseLight Co. and the
with
Louisiana Power & Light Co. and the large power plant of the lines of the
latter in the
Monroe (La.) natural gas field.
Houston Lighting & Power Co.'s transmission lines
with those of Houston Electric Co.(supplying street and are interconnected
,
service) and, to the east, with those of t'he Gulf Statesinterurban railway
to the west, with those of the Central Power & Light Co. Utilities Co. and,
Statistical Data.
-The growth of the business and property of subsidiaries
is indicated in the following tabulation:
Sept. 30 '27. Dec. 31, 26. Dec. 31,'25.
Population served
1.361,000
1.290,000
1.155,000
Number of communities served
with electric power and tight,
with electric railway, with
gas and with water and (or)
miscellaneous
284
246
191
Number of consumers served
with electric power andlight,
with gas, with water and-or
miscellaneous
343.260
320.277
287.525
Passengers carried during 12 mos 157,732,611 155,032.175
152,406.620
Kilowatts generating station
capacity installed
265,193
240.104
239.636
Kilowatts generating capacity
under construction
129,000
154,000
62,000
Kilowatt-hours generating station output (ncl. power purchased) for 12 mos
1,289,100,200 1.158.156.900 939,281,500
Miles of electric lines (11.000
volts and over) in operation,
irrespective of the number a
circuits carried)
2
,767
2.281
1,835
Miles of elec. lines (11.000 volts
and over) under construction
250
289
120
Miles of elec. lines (less than
11.000 volts) in service
4,397
4.064
3,657
works capacity (thousand
Gas
cubic feet) per day
19,186
15,116
14,940
Gas holder capacity (thousand
cubic feet)
15,121
15.221
15,126
Gas sendout (thousand cubic
cubic feet) for 12 months---4,104,392
3.870.792
3,448,677
Miles of gas mains
887
833
728
Miles of water mains
31
14
20
Miles of electric railway (single
track equivalent)
422
418
417
largo part of the physical property of the operating companies has been
A
constructed within the lastfew years,and all ofit is maintained loan efficient
operating condition.
Maintenance and Renewals and Replacements.
-It has been the policy of
the company to maintain the properties at a high operating efficiency
and to this and ample amounts have been spent for maintenance and set
aside for renewals and replacements.
Supervision.
-The Electric Bond & Share Co.supervises (under the direction and control of the boards of directors of the respective companies)
the operations of the National Power & Light Co. and its subsidiary cornpanies.-V. 126, p. 714.

See also Lehigh Power Securities Corp. above.-V. 126,
p. 714, 577.
New England Public Service Co.
-Preferred Stock Of-Old Colony Corp., Bonbright & Co., Inc., Spencer
fered.
Trask & Co., Tucker, Anthony & Co., Edward B. Smith &
Co. and Utility Securities Co. are offering at $96.50 per
share and div. to yield 6.20%, 25,000 shares pref. stock,
$6 dividend series (no par value).

1197

Vermont and New York. There are 107 additional communities served
by these companies under wholesale contracts with other utility companies.
Animportantpartoftheva,st water-powerresources ofnorthern New England is controlled by the operating subsidiaries of the company. Plants
of its subsidiaries have a generating capacity of 137,300 k.w., of which
over 74% is hydro-electric, while the ultimate output of the water-power
sites controlled, but as yet undeveloped, is estimated to be several times
that of existing stations. The stragetic location of these properties offers
advantageous possibilities for further development and interconnection.
During the year ended Dec. 31 1927, 70.20% of the consolidated gross
revenue was derived from the sale of electricity, 7.05% from transportation
services, 7.13% from manufactured gas. and 15.62% from merchandise
sales and miscellaneous sources.
Purpose.
-Proceeds will be used to refund short term loans outstanding
and for other corporate purposes.
Capitalization.
Authorized.
Outstanding.
Priorlien preferred stock (no par value)
200,000 shs.
80.000 shs.
Preferred stock (no par value) $7 div. seri
40,000 shs.
Do., $6 div. series (this issue)
200,000 shs. 125,000 shs.
Do.. a Adjustment series
8,604 shs.
Common stock (no par value)
400.000 shs. b288.000 shs.
a Limited to 8,750 shares, pays dividends at the rats of $6.50 per share
for the year ending Sept. 15 1928; thereafter at the rate of $7 per share,
and it is then convertible into preferred stock, $7 dividend series.
b Including 1,111 shares held in the treasury of the company.
Earnings Years Ended Dec. 31.
(Company and subsidiary companies.)
1926.
1927.
Gross revenues
$13,231,165 $13,916,383
Oper. exp., maint., taxes (other than Fed.)& depr. 7,651,409
7.900.104
Net earnings
$5,579,756 $6.016,279
Int. on funded debt of subs., rentals, other int.,
amortization, Fed. taxes & other deductions-- - 2,332,922
2,368,904
Net income
$3,246,834 $3,647.375
Preferred and common dividends and proportion
of undistributed net income applicable to common stock ofsubsidiaries now owned
1,269,144
1.553,054
Balance applicable to stocks of New England
P. U. Co
51,977.690 $2,094,321
Annual dividend requirements on 80,000 shares
prior lien preferred stock
560.000
Balance
$1.534,321
Annual div. requirements on 65.000 shs. of pref.
stk., $7 and $6 series (incl. this issue) and maximum annual div. requirement on adjustment
series of pref. stk. outstanding
$490.228
Customer Ownership.
-Each of the principal electric power and light
subsidiaries has sold preferred stock in its territory. As of Dec. 31 1927,
there were outstanding in the hands of the public 190,002 shares of this
stock, divided among 22,725 holders, of whom 18,770. or about 82%.
were residents of the States of Maine. New Hampshire and Vermont.
Management.-ComPany is a subsidiary of National Electric Power
Co., which is a part of the Middle West Utilities Co. system.
-V. 126, P.
1039.

New England Water, Light & Power Co.
-Organized.
--

Formation of the above company, which is acquiring public utlities proproperties in different parts of New England, was announced Feb. 16. by
Arthur B. Lisle, former Vice-Pros. & Gen. Mgr. of the Narragansett
Electric Lighting Co.
Pearson & Erhard Co.. bankers, of Boston, It is expected, will offer
securities of the new company in the near future. At this time a proposition to issue $1,450,000 in 535% bonds and $750,000 in 6% preferred
stock will be considered.
Mr. Lisle is slated to be elected President, and Clarence I. Worcester,of
Boston, a member of Pearson & Erhard Co.. Vice-Pros.
Announcement of the organization of this new company follows announcement that it has acquired control of all water companies serving
Coventry, West Warwick, part of Warwick and East Greenwich, through
the purchase of the Warwick & Coventry Water Co. by the Pavrtuxet
Valley Water Co.. a subsidiary of the New England Water, Light and
Power Co., The Pawtuxet Valley Water Co.. was merged last August with
the East Greenwich Water Supply Co.
In addition to these Rhode Island holdings, the New England company
has acquired control of the Central Connecticut Power & Light Co.. and a
contract has been signed for the delivery of the stock of the Exeter Water
Co., Exeter. N. IL, and the Cottage City Water Works, Oak Bluffs. Mass.
The total valuation of all the properties now under the control of the company has been appraised at more than $4,000.000 by Providence engineers.
The total population served is said to be more than 60.000.-V. 126, p. 1039.

New York Telephone Co.
-New Director.
-

William Lawyer Hinds has been elected a Director. Mr. Hinds is VicePresident of the Crouse-Hinds Co. of Syracuse. N. Y.. maoufacturers of
electrical supplies, and is also a Director of the First Trost & Peix•sit Co.,
the Syracuse ravings Bank, and the Onondaga Pottery Co. of Syracuse.
V. 126. p. 715.

North American Co.
-Corrected Earnings Statement.
-In
our issue of Feb. 18 page 1040 the statement of earnings as
published contains two errors. The figures against preferred
dividends for the several years should be shown against
depreciation and the reserve for depreciation figures shown
therein should be charged against preferred dividends. A
corrected statement follows:
Preliminary Consolidated Income Statement (Incl. Subsidiaries) for she
12 Months Ended Dec. 31
x1927.
• 1926.
1925.
1924.
Gross earnings
$122.166.834 $115850,466 $93,028,967 $80.117.255
Op. exp., maint. & taxes 65,308.621 64.382,878 54,987.125 50.161,763
Net income
Other income

$56.858.213 $51,467.589 $38,041.842 $29.955.492
3.022.715
4,143.441
3,574.836
1.885.331
Total income
959,850.928 $55,611,030 $41,616.678 $31,841,823
Interest charges
17,775.812 16.414.630 13.001 930
9.862.179
Pref. diva, of subs
8.966.740
8.355.435
4,624.595
2,469.710
-J. Preferred as to assets and dividends Minority interests
0 mutative dividends payable Q.
1.401,795
1.369,363
1.266.130
1.130,357
over the common stock. This series is red, all or part by lot at any time Res. for depreciation.,. 12,481.932 11.908.094
9.427.912
7,795,811
by publication at $110 per share and diva., and is entitled
on ,0 days' notice
Net Income
to preference over the common stock to the extent of $110 per share and
$19,254.647 $17,563,507 $13.296.111 $10.582,765
diva. in voluntary liquidation and of .$100 per share and dirs, in invol- Preferred dividends_ _ _ _ 1,820.022
1.820.108
1.763.620
1.344,942
untary liquidation. Fully paid and non-assessable. Transfer offices, Common dividends
3,932,525
4.341,772
3.223.819
2,815.727
Old Colony Trust Co., Doston, and Middle West Stock transfer Co.,
Total surplus after all
Registrars, American Trust Co., Boston and Illinois Merchants
Chicago.
•
diva. &reserve
Trust Co., Chicago. Dividends exempt from present normal Federal in$13,092.853 $11,810,875 $8,308.673 $6.422.096
Shs, of corn. outstanding
come tax.
(Par $10)
4,091,322
4,514.863
3,701,517
2.923,651
Data from Letter of Walter S. Wyman,President of the Company.
Barns, per sh. on corn$3.85
$3.86
$3.12
$3.16
Company.
-A Maine corporation. Owns all of the common stock of the
x Prelimlnary.
Service Co., of New Hampshire, the largest public utility in that
Public
State, Bradford Electric Light Co.. Inc., Middlebury Electric Co., Windsor
A statement accompanying the report says in part:
Electric Light Co., and Swans Falls Co. In addition company owns over
Gross earnings increased over $6,300,000, of which over $5.300,000 is
99H% of the common stock of the Central Maine Power Co., and of the reflected in net income from operation: the operating ratio, or the proportion
National Light, Heat & Power Co. Through the latter company it controls of gross earnings required for operating expenses, maintenance and
taxes.
ownership of the entire common stock, the Twin State Gas & being 53.46% for 1927 as compared with 55.57% for
through
1926.
Electric Co., Berwick & Salmon Falls Electric Co., Vermont Hydro-Electric
Although other net income, wnich includes profits from the sale of
Corp.. Pittsford Power Co., and over 99% of tho common stock of the property and other non-recurring items, shows a decrease of approximately
Rutland Ry., Light & Power Co.
$1,100,000. the balance after depreciation and preferred dividends increased
In addition the company has recently purchased all the common stocks over $1.690.000, and amounted to approximately $3.86 per share on
of the Tilton Electric Light & Power Co. and Utilities Power Co., and over 4.514.863 shares of the common stock and scrip outstanding Dec. 31 1927
as compared with $3.85 per share on 4,091.322 shares outstanding on Dec.
94% of the common stock of the Franklin Electric Light & Power Co.
The operating gorapanies with their subsidiaries serve at retail a total 311926. Reserves for depreciation amounted to $12,481,932, equivalent to
of 454 thriving industrial and farming communities, having an estimated over 10% ot gross earnings, or approximately $2.76 per share on the coraombined population of 693,740 in the States of Maine, New Hampshire, mon stock and scrip outstanding Dec. 311927.-V. 126, p. 1040.




FINANCIAL CHRONICLE

1198

Nova Scotia Tramways & Power Co., Ltd.-Recapitalization.to be shortly effected, with a

[VOL. 126.

-Listing.
Public Service Corp. of New Jersey.

The New York Stock Exchange has authorized the listing of 961.158'
shares of its common stock without par value on official notice of issuance
,
In conversion of 20-year 435% convertible gold debentures, dated Feb. 1
refinancing of the company is
Complete
1928, making the total amount applied for 5,866,288 shares of common
reduction of capital approximating 53.000.000, it is announced.
The present capital structure is as follows: Common shares, $2,510,000; stock without par valua.-V. 128, p. 1040.
6% preference shares, $2,078,800; 5% 1st mtge. bonds, $2,250,000; 7%
Public Service Co. of Northern I11.-Bal. Sheet Dec. 31.
gen. mtge. bonds, $1.432,500; total, $8,271,300.
shares at $30
1926.
1927.
The proposed capital structure is: Common shares, 34,523 mtge. bonds.
1926.
1927 •
shares, $750.000; 5% 1st
$
Liabilitiespar, $1.035,690; 6% preference
Assets
$3,500.000; total, $5,285,690. Total reductions, 52,985,610.-V. 124, Fixed capital_ _ _108,709,396 98,429,202 8% pref. stock_ 10,000,000 10,000,000
7,309,578 10,330,218 7% pref. stock_ 8,357,800 8,357.800
P. 2281.
Cash
115,729Common stock_ 12,075,000 12,075,000
125,929
Notes receivable
-Acquisition Approved.
Ohio Fuel Gas Co.
Accts. receivable 3,044,806 3,313,228 Corn.(no par)_b17,505,100 17,155,100
11,445 Funded debt.. _ 82,313,500 72,200,900
11,344
The Ohio P. U. Commission has granted permission to this company Int.& diva. roc_
the
1,084,358
1,030,384 Unmatured liato acquire the gas properties of the Ohio Public Service Co.and those of See Marls &gape
422,570
artificial gas plant at Defiance, 0.
bility
Fuel (coal. oil.
Toledo Edison Co., except the
148,000
622,174 Notes payable
&c.,in storage) 817.355
also V. 125, p. 3642.
57,819 Accts. payable. 1,056,209 1,582,935
64,685
Prepayments_ _ _
948,427
-Sells Large Amount of Misc. cur'nt ass.
22,025 Consumers'dep. 1,039,399
17,186
Oklahoma Gas & Electric Co.
Inv.in MM.cos.a21,152,228 16,198,679 Taxes accrued.. 1,943,123 1,690.179
Power to Oklahoma Oil Fields.
828,337
658,355 Interest accrued 1,028,641
874,747
Misc.investmls
305,237 Misc. current
293,602
The company sold 158.730,509 k.w.h. of electric power to the petroleum Sinking funds._
172,820
liabilities_ _ _ _
647,843
804.415
industry in Oklahoma during 1927.
Misc. spec. Ms.
19,455 Retirement res. 8,574,254 7,562,339
The company first started to develop oil field business in 1919 and in Spec. deposits._
19,460
678,260
873,875
Misc. reserves
November of that year the first contract was obtained covering one 30 Unamor'ed debt
comh.p. motor which went into operation Jan. 1 1920. During 1920 thefields
disc.& exp.__ 5,550,010 5,376,684 Miscell. unadj.
717,061
391,401
credits
530,928
259,262
Jobbing accts._
pany sold 829,088 k.w.h. to all oil fields and the k.w.h. sales to oil
7,934,138 6,209,928
,
971,351 Surplus
Misc. def. debits 1,246,200
alone by it for the next 7 3 ears are tabulated as follows:
1927
1928
1925
1924
1923
33,900
1922
100,500
1921
Reacquired sec1,502,565 2,689.457 6,134,807 9,432,290 13,192.512 32,239,937 158,730,509
151,265,060 138,574,636
Total
151,265,060 138,574,636
Early in 1927 it was estimated 80,000,000 k.w.h. would be sold to all
Total
figure was nearly doubled.
oil fields; however, this
a Included in the above is an investment of $13,897,028 in the Waukegan
has been
The installation of electrically driven equipment in the oil fieldsindustry, Generating Co., the subsidiary owning the Waukegan generating station.
ound effective in each of the 3 most important operations in the
b 181,321 shares no par value in 1927 and 177,821 in 1928.
namely, production, pipe line pumping and refining.
The income account was given in V. 126, p. 1040.
-V. 125.
The company has extended its lines to the Seminole oil field.
p.3482.
-Acquires MorService Coordinated Transport.

Public
Oklahoma Natural Gas Corp.-Pref. Stock Offered.
ris County Traction Co.
G. L. Ohrstrom & Co., Inc., Graham,Parsons & Co., Blyth,
Acquisition of the Morris County (fq. J.) Traction Co. by the Public
Service Corp. of
Witter & Co. and Shields & Co., Inc. are offering at 99A Service Coordinated Transport, a subsidiary of the PublicU. Commission.
Jersey P.
cumula- New Jersey, has been approved by the New40 motor buses and serves
and div., to yield over 6.53%, $7,500,000 6
Co. operates
The Morris County Traction
transportation to 26 towns between Netcong and Newark, N.J.-V. 126.
tive preferred stock (par 8100).
DiviPreferred as to both assets and dividends over the common stock. days' p. 715. 253.
dends payable Q.F. Red. all or part, or any div. date, upon 30
-Earnings.
of
Public Utilities Consolidated Corp.
notice, at $105 and div. per share. Upon any dissolution or liquidation
entitled to rethe corporation, the holders of this preferred stock shall beifsuch liquidaceive $100 and div. per share, plus a premium of$5 per share, the holders of
tion be voluntary, before any distribution may be made to
be entitled
the common stock. The holders of this preferred stock shall stock, if at
to vote share and share alike with the holders of the common
stock
any time dividends shall be in arrears and unpaid on the preferred
for eight consecutive quarterly periods and until all such dividends in arrears
Minn., Penn.,
shall have been paid. Corporation agrees to refund certain D. of C. and
Conn. and Calif. taxes not to exceed four mills Virginia, not to exceed
Mich. taxes not to exceed five mills, and Mass. income tax
8%, to resident holders upon timely and proper application. Exempt
from Maryland securities tax. Free from present normal Federal income
tax. Transfer Agent, National Bank of Commerce in New York; Registrar,
Central Union Trust Co. of New York.
Data from Letter of Robert C. Sharp, Pres. of the Corporation.
Corporation constitutes one of the most important public utilities in the
United States devoted primarily to the distribution of natural gas. Upon
acquisition of additional distributing properties now under contract of
purchase, the corporation will own and operate the largest gas gathering,
transmission and distribution system in Oklahoma, which state leads all
others in the production of natural gas. Corporation will also own and
operate gas utility properties in Kansas and Texas. The total gas sales
of the properties in 1927 exceeded 44,100,000.000 cubic feet, of which
about 99% was distributed to domestic and industrial consumers through
lines now owned or presently to be acquired.
-Years Ended Dec. 31.
Combined Earnings of the Properties
1927.
1928.
$11,130.054 $12,869,978
Gross revenues
exp., maint.,deprec. & depletion, and taxes,
Oper.
7,517,583 8,303,107
other than Federal

$3,812,471 $4,588,871
Net earnings before int., Federal tax, &c
Annual interest requirements entire funded indebt. now and
1,457,200
to be outstanding
presently
$3.109,871
Balance
588,627
Annual dividend requirements on pref. stock (incl. this issue) _
Earnings from Texas properties, which were only recently completed are
from above.
excluded
Authorized. Outstanding.
Capitalization$14,000,000
x
1st mtge. gold bonds 5%,series B. due 1948
12,820,000
6%,series A, due 1946- _
1st mtge. gold bonds
% series (incl. this issue) 10,000,000 7,548,100
Cumul. pref. stock
1.400,000
pref. stock 7% series
Cumul.
00.000shs. 406,508shs.
Common stock (no par value)
the mortgage dated July 1 1926
x Series B limited by the provisions of of Feb. 11928. Series A. closed.
as
and of a supplemental indenture, datedthe
securities to be presently issued
-Proceeds from the sale of
Purpose.
corporation will be used for acquisition of certain properties. See
by the
also V. 126, p. 1040.

-Emerges From Receivership.
Oklahoma Railway Co.

The company, which went into bankruptcy on Dec. 27 1924, emerged
profrom receivership on Dec. 16 1927. A contract for sale of the power new
were sold to a
perties was entered into In Dec. 1927; the propertes Co., of wnich the
corporation known as the Oklahoma Power Holding
Oklahoma Railway Co. Is the sole owner of the stock. V. 126. p. 414.
H. H.Hudson is Presideml of the company. See also

-Capitalization Increased.
Pacific Gas & Electric Co.
The stockholders on Feb. 13 approved the plan to increase
the authorized capitalization as outlined in V. 124, p. 3482.
-V. 126, p. 1040.
-Acquisition.
Pennsylvania State Water Corp. Co. by the above corporaWater
The acquisition of the Northumberland
tion is announced by President Reeves J. Newsom. The properties of the
of the PennNorthumberland company are contiguous with other propertiesto more than
sylvania corporation, and including it the latter furnishes water
yearly earnings in excess of $804,000.-V.
145,000 people and has gross
126.p. 414.

-Listing.
Light & Power Corp.

Peoples
There have been authorized for the Boston Stock Exchange list, $750,000
series of 1962, dated Jan. 1
additional 6% consolidated geld debentures,
are sold to liquidate
1927, and due Jan. 1 1962. Of this amount 5500.000
are recurrent indebtedness of the company and the remaining $250,000
sold from time to time by direction of
tained in the treasury and are to be
the board of directors for company purposes. of these debentures and on
On Jan. 20 1927, there were listed 55,000,000
makes
Oct. 18 1927 there were added thereto $500.000, whichp. 253. 58,250,000
-V.126,
of such debentures now authorized for the list.
-Listing.
a Rapid Transit Co.

Philadelphi
The Philadelphia Stock Exchange has authorized the listing of17,090.000
be listed upon official
(140.000 shame) additional 7% cumul. pref. stock, to253.
-V. 126. p.
notice of issuance and payment in full.
-Stock Issue.
Plymouth (Mass.) Electric Light Co.

The company has applied to the Massachusetts Department of Public
Utilities for authority to issue 1,000 shares of additional capital stock (par
total capitalization up to $750,$100)at $120 a share. This would bring theadditions to the plant-V.119,
000. The proceeds would be used to pay for
206.
p.




12 Months gnded Dec. 31Gross earnings
Operating, administration expenses Zz taxes

1927.
*918,071
556,615

1926.
$862,461
532,928

Net inc. avail, for int., depr., amort. & clivs__ _
-V.126, p. 1040.

$361,456

$329,533

-Fare Situation.
Rapid Transit in New York City.

The principal developments of the past week in the Interborough Rapid
Transit Co.'s fight to increase the fare to 7c. may be summarized as follows:
(1) The I. R. T.Co. at 8:20 p. m. Feb. 17 obtained from Federal Judge
Francis A. Winslow. at his home in Yonkers, N. Y., an order staying all
-cent fare litigacity and State proceedings against the company in the 7
tion. The company seeks to have the order made a temporary injunction,
-cent faro provisions of its
to remain in force until its suit to void the 5
contract with the city and to oust the Transit Commsslion from its regulatory functions is finally decided. The order does not specitically refer
-cent fare, but if It is continued as a temporary injunction the
to the 7
Interborough, by virtue of its provisions tying the hands of all State and
city officials, may put the increased fare into effect on March 3, as had
been planned.
-cent fare
(2) Confident that the Interborough's attempt to put a 7
into effect through the medium of the Federal courts would fail. Samuel
Commission's special counsel, and Corporation
Untermyer, the Transit
Counsel George P. Nicholson, representing the city, obtained Feb. 18
a modification of Federal Judge Francis A. Winslow's restraining order,
allowing continuance of the city's suits in the State courts. Judge Winslow
consented to modify his order to the extent that the city's and Commission's suits in the State's courts may be kept alive pending the hearing
in the Federal court. Before that modification had been obtained, Mr.
Untermyer had contemplated steps to have a higher court vacate the order
issued by Judge Winslow.
(3) The hearing on the State Supreme Court injunctions barring
put off
the Interborough from increasing fares on its lines to 7 cents was Federal
Feb. 20 until Feb. 24. This left the way clear for a hearing on the District
writ before Federal Judge William J. Bondy in United States
Court Feb. 21.
the
(4) Hearing on temporary ordergranted by Federal Judge Winslow to
Interborough restraining procedure under the State Supreme Court injuncWilliam
tion was heard before Federal Judge William J. Bondy Feb. 21.
L. Ransom, counsel for the Interborough, and Samuel Untermyer, speaking for the City and the Transit Commission, made arguments as to whether
the hearing should be before one Federal judge or in a statutory court consisting of two Federal judges and a judge of the Circuit Court of Appeals.
In his argument for the city and transit authorities, Samuel Untermyer
raised the question of procedure to be followed in the argument of the temporary injunction. He contended that under congressional law a single
Federal judge could not hear and continue a temporary injunction which
sought to displace State courts as having jurisdiction. Ile argued that
the law required a statutory court ofthree Federal judges to hear the motion.
"If these people are successful In holding up the city's action in State court,
then the railroad bass 'royal road'on March 3 to a 7,cent fare."
Judge William L. Ransom appeared for the Interborough and stated the
company's original complaint filed in Federal court established the Federal
court's jurisdiction. He argued the original complaint was sufficient and
not premature. The second proceeding by the company, that of getting a
temporary injunction, he argued, was a separate move; that it relates only
to and shows "acts by these defendants, subsequent to filing of the original
bill in Federal court, which appears a deliberate plan amounting virtually
to conspiracy, seeking to deny the company an orderly hearing before the
court in seeking relief."
The question for Judge Bondy to decide is whether he had jurisdiction
in the matter and if so whether the restraining order should be continued.
If the Federal court's temporary restraining order is continued, then the
to
company will probably ask for a temporary injunction permitting itfor
-cent fare pending decision on its original application asking
charge a 7
a permanent injunction.
(5) William L. Ransom, counsel for the Interborough filed Feb. 23 with
Federal Judge William J. Bondy an affidavit insisting that the company's
right to put into effect the seven-cent fare on Mar. 3 is not barred by the
action of the Transit Commission. The affidavit was served on city officials
and members of the Transit Commission,
Mr. Quackenbush made public the affidavit. In it the company contends
that the city and Transit Commission, by not refuting them, had admitted
five points in the Interborough's application for a temporary injunction
staying all proceedings in the State courts.
Mr. Ransom also dealt In detail with the actions of the Transit Commission and Samuel Untermyer, the commission's special counsel, follow
ing the filing of the company's application for an increased fare. He contended the company was justified in seeking the protection of the Federal
courts because the plan of the authorities was to withhold denial of the
company's petition until after the company had been sued on the State
courts to prevent the Federal court from getting jurisdiction.
The five contentions of the Interborough which Mr. Ransom held had
been conceded by the authorities were:
That the company began its Federal Court suit before the State court
suits were started.
That the "avowed purpose" of the officials was to prevent the Inter
borough from making an application for a temporary increase to a Federal
statutory. court.
That the company's increased fare schedules were properly Ii ed with the
Transit Commission and remain on file as public records.
That the five-cent fare has become confiscatory on both subway and
elevated lines.
That $142.894,000 of value of the elevated lines. $140,579,474 of company property and $272.940,174 also provided by the company is involved,

FEB. 25 1928.]

FINANCIAL CHRONICLE

Interborough Company Ousts Seven Union Men.
-

The Interborough Rapid Transit Co. suspended Feb. 23 seven employee
who are members of the Amalgamated Association of Street and Electric
Railway Employees, according to officials of the union. The union
officials charged that the company was deliberately inciting a strike while
-cent fare fight was on in the hope of forcing the increased fare.
the 7
The union leaders coupled a threat of a strike with the announcement
of the suspension of the men, but said they would await the return of
Mayor Walker and lay the matter before him. The union heads contend
that when a strike threatened last summer the Interborough promised
the Mayor not to do anything which would bring on a strike until the courts
bad passed upon the right of employees to organize in a labor union. The
union men charged that the Interborough had violated Its promise, but
said they would live up to the promise which they made.

Frank Hendley, President of the I. R. T. Co., says:
The Law Department of this company will take steps to obtain a review
of the recent decision denying an injunction to restrian interference to
procure members of the Brotherhood to break their agreements. In
the meantime every member of the Brotherhood is assured that it is the
intention of the management to live up to the agreement in every way.
By the terms of the agreement between the Brotherhood and the company
It is plain that no Amalgamated members can remain in the employ of
the company. That agreement will be carried out by the company so
long as the existing agreement lasts. It is not intended to permit a small
group of misguided employees to dictate terms to an overwhelming majority
of loyal employees.
-V. 126, p. 1041.

Rhine-Ruhr Water Service Union (Wasserwirtschaft
Rheinisch-Westfaelischen Industriegebiet (Ruhrkohlenbezirk) G.m.b.H.).-Bonds Offered.
-Field, Glore &
Co., International Acceptance Bank, Inc., Otis & Co. and
-Continental National Co. are offering at $10,000,000 25-year
sinking fund 6% external gold debentures at 93 and int., to
yield over 6.55%. $2,500,000 of these debentures have
been withdrawn for distribution in Europe by M. M.Warburg & Co., Hamburg, of which amount $1,500,000 will be
publicly offered in Holland by Nederlandsche HandelMaatschappij and Mendelssohn & Co.
Dated Jan. 11928: due Jan. 1 1053. Authorized and to be issued 810.000,000. Interest payable J. & J. Denom. 81,000 and $500c5 Principal,
.
int, and sinking fund payable in U. S. gold coin at the principal office of
International Acceptance Trust Co., N. Y. City, trustee, without deduction for any past, present or future taxes or duties levied by or within
the German Reich. Red. as a whole or in multiples of $250,000 on 60 days'
notice on and after Jan. 1 1933, but prior to Jan. 1 1934. at 1021,and
any Int. date thereafter at a premium decreasing % of 1% during each on
12
months' period prior to Jan. 11938,on and after which date the
price will be 100. plus int. in each case. Also redeemable for redemption
the sinking
fund on 30 days' notice on any int, date at 100 and hit.

The Managing Directors of the Union and the respective
associations in a letter to the bankers state in substance:

-The Wasscrwirtschaft im Rheinisch-West
The Union.
dustriegeblet (Ruhrkohlenbezirk) G.m.b.H. (Rhine-Ruhr faelischen InWater Service
Union) has been organized to promote the mutual interests and provide
means of facilitating financing of the 5 individual Associations which
comprise the Union. These associations are obligated to pay to the Union
their proportionate share of the amounts necessary to meet the interact,
sinking fund and principal of these debentures. All charges for interest,
amortization and operation of the several associations are assessed upon
each association's members, which include counties, municipalities
Industries in the respective territories served. These assessments areand
enforceable by administrative proceedings, as in the case of taxes, and each
member is liable not only for its proportionate amount but also to further
assessments to meet any unpaid assessments upon other members of
the
same association. This liability of each member is limited only by the extent
of the total indebtedness of the individual association.
Price, Waterhouse & Co. state that the amounts of the delinquencies of
the members over a period of 5 years are negligible.
The management of each association consists of experts of high standing
and the boards of directors are nominated in part by the German Reich
and Prussian State, and in part are elected by the counties, municipalities
and industries in their respective districts.
The associations are not liable for any payments under the Dawes Plan
and the Union only nominally so liable.
Business.
-The individual associations which constitute the Union
Ruhrtalsperrenverein (organized in 1898). Emschergenossenschaft are:
(organized in 1904). Ruhrverband (organized in 1913). Linksniederrheinische
llntwaesserungsgenossenschaft (organized in 1913), and Lippeer
band
(organized in 1926). These associations (whose individual obligations
will
be assigned by the Union to the trustee as security for these debentures)
are all corporate bodies of a public character having exclusive and perpetual
franchises and were created by special Prussian laws to meet the
problems
of water supply, purification and drainage in the Rhine-Westphalia region
of Germany, which is one of the most important industrial sections of
Continental Europe. The density of the population and the
of industrial activities in this region make these enterprisesgreat growth
of
portance. Particularly is this true since in certain parts of this vital imregion the
low land prevents a natural flowage of water and drainage of these parts can
be accomplished through artificial means.
only
The territory served by the associations comprises an area of 3,500 square
miles with a total population of about 3.500,000. the majority being
employed in the various industrial activities. During the year 1926 the industries in this region accounted for 77% of the total coal output,
of the
total iron production, and over 42% of the total steel production of Germany.
-These debentures will be the direct obligations of
Obligation.
the Union,
secured by pledge of an equal principal amount of certificates of
indebtedness of the several associations as follows: Ruhrtalsperrenverein $2,500,000.
Emschergenossenschaft $2,500,000, Ruhrverband $2,500,000,
Lippeverband $2,000,000. Linksniederrheinische Entwaesserungsgenossenschaft
$500,000. These certificates of indebtedness will be the direct unconditional
obligations of the respective associations, the payment of which is
secured
by the associations' right of assessment for the total amount of their respective liabilities, which assessments rank equally with Federal and State
tax assessments and prior in lien to secured and unsecured debts of their
respective members.
The agreement under which these debentures will be issued will provide,
among other things,that as long as any of these debentures are outstanding,
the Union and the respective associations comprising the Union will not
create nor suffer to be created any mortgage, lien or encumbrance against
any of their respective properties or franchises.
Properties.-nle plants and works of the associations comprise dams,
reservoirs, hydro-electric plants, purification plants
including the largest sewerage pumping station on and pumping stations
the Continent. In addition the associations own an extensive system of streams and river beds
which have been formed into canals having a total length of approximately
250 miles.
Day & Zimmerman, inc., engineers, who examined the properties, state
that the properties were found to be of a most modern type,of an exceptionally massive and substantial type of construction, well adapted to economical operation, properly balance, well maintained and in excellent operating
condition.
-Proceeds from the sale of these debentures will provide funds
Purpose.
to the respective associations for further extensions, betterments and improvmnents to their plants and water systems, and for other corporate
purposes.
-A cumulative sinking fund is provided beginning July
Sinking Fund.
1 1928, calculated to be sufficient to retire the entire issue by maturity
through the redemption of debentures by lot at 100 and int. In lieu of cash
the Union may make sinking fund payments in debentures, at the principal
amount thereof.
-The asset position of the individual associations, after giving
Assets.
effect in the books of the respective associations to the issuance of the
,orttficatas ofIndebtedness securing these debentures, will be as follows:




1199

Assets.
Liabilities. Net Assets.
Ruhrtalsperrenverein
$19,456,870 83,854.716 $15,602,154
Emschergenossenschaft
39,873,161
7.611.561 32,261,600
Ruhrverband
8.084,477
7,789,910
294,567
Linksniederrheinische Entwaessernngsgenossenschaft
1.437,045
1.245.781
191,264
Lippeverband
3,317.519
2,950,510
[Conversionsinto United States dollars at par of exchange (23.8 367,009
cents per
Reichsmark).)
Listed.
-There have been placed on the Boston Stock Exchange
list
$10.000,000 25-year sinking fund 6% external gold debentures.
-V. 126.
P. 1041.

Rochester Gas & Electric Corp.
-Bonds Offered.
-J,P.
Morgan & Co., First National Bank, the National City Co.,
Harris, Forbes & Co., Guaranty Co. of New York and
Bankers Trust Co., New York, are offering at 9934 and int.
$6,000,000 gen. mtge. 43
, gold bonds, series D.
6%
Dated Sept. 1 1927; due Sept. 1 1977. Bearing int. from Mar. 1 1928,

payable (M. & S.) in New York City without deduction for any Federal
income tax or taxes not in excess of 2% per annum. Not red, prior to Sept.
1 1967. Red. as a whole, but not in part, on Sept. 1 1967, or an any
date thereafter. at 102% and int. Denom. 031,000 and r*$1,000 int.
and
authorized multiples thereof.
Issuance.
-Subject to authorization by the New York P. S. Commission.
Data from Letter of Robert M. Searle, Pres. of the Corporation.
Property.
-Corporation does the entire electric light and power business
and the entire gas business in the City of Rochester and numerous adjoining
communities. Practically all of the common stock of the croporation is
owned by the Mohawk Valley Co., which in turn is controlled by the New
York Central RR.
Earnings.
-The income available for interest on funded debt, after deducting accruals for replacement reserve, during the 5 years ended Dec.
31 1927, averaged annually over 2.75 times the amount required, and in
the j'ear 1927 amounted to over 2.9 times Interest requirements on the total
funded debt,including this Issue of series"D" bonds.
Security.
-The general mortgage, under which these series "D" bonds
are to be issued, and under which 811,000.600 bonds are now outstanding,
covers as a direct lien all the gas and electric properties now owned or
hereafter to be acquired by the corporation,subject to the liens of $12,321,000 underlying bonds in the hands of the public. The aggregate amount of
underlying bonds cannot be increased and additional general mortgage
bonds may be issued only under conservative restrictions.
Purpose.
-Proceeds are to be used to reimburse the corporation for not
more than 80% of the cost of improvements, extensions and additions made
to the corporation's property since Jan. 1 1927.
Capitalization.
-Outstanding Dec.31 1927 (with addition of this issue).
Preferred stock(7% cumulative)series"B"
$4,000.000
Preferred stock(69 cumulative)series"C"
2,700.000
Preferred stock(6% cumulative)series"D"
16,497,800
Common stock (no par value)
756,070 shs.
Consol. mtge. 5s,due 1954(mtge.closed except for refunding)- -$10,921.000
Other underlying bonds due 1942
1.400,000
General mortgage 7s,series"B,"due Mar. 1 1946
7,000,000
General mortgage 534s,series"C,"due Sept. 1 1948
4,000,000
General mortgage4%s.series"D."due 1978(this Issue)
6,000.000
Growth -The growth in business and earnings since 1917 is indicated in
the following statement:
Years Ended Dec. 311917.
1927.
% Increase.
Grossrevenues
$5,036,208 $12,730,829
153
Income available for interest
81,513,762 84,642,542
207
Electric currentsold-k.w.h
123,644,055 276,679,209
124
Gas sold-1,000cubicfeet
2,155.201
4,206,855
95
Consumers accounts
106.431
202.110
90
Results jot Calendar Years.
1927.
1926.
1925.
1924.
Kilowatt hours sold
276,679,209
Gassold (.M.cubic feet)_ 4,206.355 256.649,783 234,449.942 213,043,339
3.995,657
3,571.679
3,480,950
Total revenues
812,730,829 $11.676.360 $10,495,964 $9.691.813
Operating expenses
6,559,155 6,388.220
5,964.057
5,570,620
Interest charges, &c
1,437.91.6
1,338,164
1,393.989
1,413,821
Taxes
1,413,921
1,263,766
1,075,221
913.876
Balance
83,319,836 $2,686,210 $2.062,697 $1,793.496
Previous surplus
2,556,377
2,346,326
2,083.659
1,863,065
Total
85.876,213 $5,032.537 $4,146.356 83,656,561
Dividends paid
2,850,143 2,407.394
1,763,259
1,554,685
Other deductions from
surplus (net)
79.905
68,766
36,770
18,217
Surplus Dec.31
$2,946,165 $2.556,377 $2,346,326 $2.083.659
3 Months Ending Dec. 31927.
1926.
1925.
Gross sales
3,449,918
3,216,954 2.916.005
After operation,taxes& reserves
1,283,861
1,250.671
1,084,240
Surplus after all charges incl. pref.
dividends
565,591
655,061
564,313
Balance Sheet Dec. 31.
1927.
1926.
1927.
1926.
Assets$
Liabilities$
i
$
Fixed capital
60,559,145 54,448,853 Preferred stock_ _ _23,197,800 18,530,300
Cash
523,780
656,516 Common stock_ _ _ 8,248,200 8,248,200
Notes receivable_
23,305 Cap. stock Bilbao- 391.300
465,700
Accounts roe
1.754,544 1,753.909 Long term debt-- _23,321,000
Materials dc sup_ _ 1,359,848 1,108,457 Notes payable_ ___ 3,025,000 23,499,500
1,650.000
Prepayments
32,141
37,497 Accounts payable- 982,001
907,600
Sub.to cap.stock_
186,513
304,931 Consumers depos_
135,654
129,775
Miscel.Inv.& spec.
Matured int. unp_ 281,786
290,881
deposits
484,236
410,398 Divs. declared__
12,770
10,535
Suspense accts.... 2,278,352 1,843.819 Matured long term
debt unpaid..__ _
1,000
Taxes accrued_ __ 335.178
.
492.710
Interest accrued__ 259,297
256,229
Reserves
3,483,761 3,146,842
Distribu.ex.dep
557,648
402,986
Surplus
2,946,165 2,556,377
Total
67.178,559 60,587,686
Total
67,178,559 60,587,686
-V. 125, p. 2388.

San Diego Consolidated Gas & Electric Co.-Cufs-

tOMerg.A total of 4.605 electric customers and 2,362
by the company during the year 1927, according gas customers were gained
to A.
intendent commercial department. A total increase E. Holloway. superof 8205 kilowatts in
connected load resulted.
Six electric appliance stores were opened by
Oceanside, Escondido, Coronado, Chula Vista,the company in 1927, at
La Mesa and La Jolla.
During the year 500 electric ranges and 238
electric water heaters were
installed.
-V.126, p. 870.

Savannah Electric & Power Co.
-Annual Report.
-

Calendar YearsTotal gross earnings
Operating expenses
Taxes
Interest & amortization charges

1927.
1926.
$2,227,380 $2,233,704
1.125,554
1.254.458
184,479
148,222
443,046
362,094

Balance
Prior earned surplus

5474,300
140.093

$468,929
130,311

Total surplus
Retirement reserve
Net direct credits
Divs. on deb. stock
Divs, on pref. stock
Divs. on corn. stock

$614,393
250,000
1,606
133,404
60,000
26.667

$599,240
251,137
Dr.32,214
115.797
60,000

$145,930

8140,093

Earned surplus Dec. 31
-V.. 125, e. 2937.

1200

For.,. 126.

FINANCIAL CHRONICLE

of the outstanding capital stock of the subsidiaries to be controlled upon
-Rights.
Shawinigan Water & Power Co.
The stockholders of record March 26 have been offered the right to sub- completion of present financing and also by pledge with the trustee of all
$50 a share, outstanding funded debt of such subsidiaries or cash sufficient to acquire
scribe to 317,700 additional shares of no par capital stock, at
or redeem such funded debt.
will covenant in the Indenture
In the ratio of one new share for each 4 shares held. The directors have to cause all stocks and bonds ofCorporaMm issued after the creation thereof
subsidiaries
reserved 70.800 shares of the stock, which is to be exchanged for stock of to be pledged thereunder as additional security for the bonds.
the St. Maurice Power Co. in the ratio of two Shawinigan shares for each
As determined by recent appraisals made by independent engineers, the
St. Maurice share. See V. 126, p. 578, 415.
operating properties, including going-concern values, of the subsidiaries
have a reproduction cost new of 82,863,360 and a depreciated sound value of
-Annual Report.Sierra Pacific Electric Co.
$2.378,933, including subsequent additions at cost. Consolidated net
1924.
1925.
1926.
en
Caldar Years1927.
current assets shown by the pro forma consolidated balance sheet of the
$1.240,946 $1,260.542 31,136.857 $1,004,187 corporation and its subsidiaries, as at Nov. 30 1927, after giving effect to
Total earning.;
651.661 present financing. amount to
653.157
751.826
Oper. exp,and taxes__
666,207
6469,661, of which 6468.367 is so certified
72,834 to
54,413
44,988
Int. & amortiz. charges..
51,967
be in cash and certificate of deposit.
$369.692
$429,282
$463,728
$522.772
Net income
Notes Sold.
-G. W. Grace & Co., Inc., New York, and
210,000
210.000
210.000
219,000
Prey. am. pain
120,000
Packer, Cooke & Co., Chicago, have sold at 99 and int.
160,C00
Common dividends_ _
Balance. surplus- (par $100)
Shs.com.outst.
Barns. Per share on com.
-V. 125. p. 1463.

$152.772
80.000
$3.91

$133,728
80,000
$3.17

$219.282
80,000
$2.74

$159,692
. 0
1;2 0
80 00

-Stock Authorized.
Southern California Edison Co.

The company has been authorized by the California RR. Commission
to Issue and sell befare Dec. 31 1928, at not less than par ($25 a share),
The stock must be sold only
219,314 additional shares of Common stock
to nresent at •ckholders, subscribers or their assignees.
The company is authorized to use $995.000 of the Proceeds of this sale
of stock on account of expenditures made in retiring at maturity $995,000
bonds, and to consolidate remaining proceeds with proceeds from the sale
of stock heretofore authorized, to finance in part the cost of extensions,
betterments, and additions to properties described in the 1928 construction
buthet.-V. 126. p. 1041.

-To Issue Pref. Stock.
Southern Counties Gas Co.

The company has been authorized by the California RR. Commission
to Issue and sell $2.500,000 6% preferred stock to refund a like amount of
7% preferred stock. Holders of the latter have the option of exchanging
their stock share for share, and will, in addition receive a premium of
-V. 126. p. 716, 415.
735% in cash.

-Henry D.
-Bonds Offered.
Southern Public Service Co.
Lindsley & Co., Inc., Toy, Gilson & Taylor, Inc.,
Emery, Peck &!Rockwood Co., Gorrell & Co., Inc., and
Dangler-Lapham & Co., are offering at 97M and int., yielding
over 63'%, $1,150,000 1st mtge. & collateral lien 6% gold
bonds series A.
Dated Feb. 1 1928: due Feb. 1 1943. Int. payable (F. & A.) at Seaboard National Bank, New York, trustee, without deduction for that
proportion of any Federal income tax not in excess of 2%. Red. at any
time upon 30 days' notice at 105 and int if red, on or prior to Aug. 1 1933
and after said date at 105 and int., less 35 of 1% for each full 12 months
period or portion thereof elapsed at the time of redemption subsequent to
Aug. 1 1933. Denom.$500 and 31,000 cs. Company covenants to refund
any personal property taxes, (other than succession or inheritance taxes)
paid by the holders not in excess of 5 mills per dollar on the principal amount
and any State inc. taxes not in excess of 6% per annum on the int. thereon.
Data from Letter of L. C. Chase. President of the Company.
Company.-Inrorp. In Delaware. Will acquire the business and properties of companies engaged in the manufacture and distribution of ice in
Roanoke, Va., and Greensboro and Gastonia, N. C., and will own over
95% of the stock of Carolina-Georgia Service CO., doing a similar business
in and around 18 communities in South Carolina and Georgia, including
the cities of Greenville. Anderson and Aiken. S C., and Augusta, Ga. A
number of these properties have been in successful operation from 15 to
20 years. The permanent population of the territory served by the company and its subsidiaries is about 500.000.
It is the intention of the management to acquire hydro-electric and other
public utility properties in the South and toward this end the acquisition
of 2 electric light and power properties is now under negotiation.
Company and its subsidiaries will own and operate 27 ice manufacturing plants, equipped with modern type of ice making machinery. These
plants have a present daily capacity of over 1.400 tons. Corrpany will
distribute largely through its own delivery system which is adequately
equipped with wagons and motor equipment.
tie( urity.-Bnnds will be secured by a direct first mortgage on all fixed
properties owned and, except for liens existing at time of acquisition, on all
fixed properties hereafter acquired. The properties to he owned have been
examined and appraised by Van Rensselaer H. Greene, New York, who
reports a sound depreciated going value of 33,010.828. There will be
pledged certain stocks and (or) voting trust certificates of subsidiary companies representing, directly or indirectly more than 95% of the common
stock of Carolina-Georgia Service Co. which, based on a similar valuation
value of over $1.010.000.
and after deducting prior securities, show a sound to this financing and the
Balance sheet as of Oct. 31 1927, giving effect
these bonds
foregoing appraised values, shows net tangible assets behind outstanding.
of $4.259,000, equal to over $3,700 per $1.000 bond to be
75% of the stock of Roanoke Ice Delivery, Inc., will also be pledged.
Earntngs.-Consolidated net earnings of the company and its subsidiaries
available for interest charges on these bonds, depreciation and Federal
chiefly
income taxes, adjusted for certain non-recurring expenses made up months
of management compensation which will be eliminated, for the 12
to
ended on or about Sept. 30 1927. amounted to $334,355. equivalent the
for
4.84 times the ins, requirements on these bonds. Such earnings
1927, and net earnings available for
12 months ended on or about Sept. 39
income taxes for the
int. charges on these bonds, depreciation and Federal $318,930 per annum,
2 years ended on or about Dec. 31 1926. have averaged
equivalent to 4.62 times these int. requirements.
For the 12 months ended on or about Sept. 30 1927. such earnings from
properties on which these bonds constitute a direct 181 mtge. were alone
equal to four times the int, requirements on these bonds.
-Indenture will provide for a cumul. sinking fund suffiSinking Fund.
cient to retire over 60% of these bonds by maturity. and common stock
-The entire issue of notes
Ownership as Management.
of thin company will be owned by the Atlantic Public Service Corp., which
ia to be under the management of Chase & Gilbert, Inc.
CapitalizationOutstanding (After Giving Effect to Present Financing).
$1.150.000
1st mtge. & coll, lien gold bonds, series A
1.000,000
6a-5% gold notes
10,000 shs,
$7 cumul. pref. stock (no par)
25.000 sh s.
Common stock (no par)
The above capitalization does not include securities of the Carolina.
Georgia Service Co. outstanding with the public and not owned or controlled by the company, as follows: 1st mtge. 6% sinking fund gold bonds
-year secured 634% sinking fund gold notes $500,000: pref.
11.100.000: 5
stock $7 dividend (no par value), 6,010 shares, and purchase warrants for
16.000 shares of common stock.

-G. V.
-Bonds Sold.
Standard Public Service Corp.
Grace & Co., Inc., New York- G. W.Thompson & Co., and
Patterson, Copeland & Kendall, Inc., Chicago, have sold at
-year 6% gold bonds,
100 and int. $1,400,000 1st lien 20
series A.

$500,000 one-year 5% gold notes.
Dated Feb. 1 1928: due Feb. 11929. Interest payable F. & A. Denom.
$1.000 and 3.500. Red. all or part at any time on 30 days' notice, at 100
and int. Principal and int. payable at the Chicago Trust Co.. Chicago,
trustee.
Data from Letter of V.-Pres. A. F. Ritter. Dated Feb. 17.
Company.
-A Delaware corporation. Will upon completion of present
financing, control through its subsidiaries a system of telephone propertie
serving without competition a total population estimated in excess of 170,000
in the States of Ohio. Illinois, Missouri, Oklahoma and Texas. Thi
system operates 63 exchanges with over 17,000 stations or connections.
The subsidiaries also derive substantial revenues from their toll service.
Through agreements with the Bell telephone companies the long distance
toll lines of the Bell system throughout the United States and Canada are
available for all subscribers of the subsidiaries. In conjunction with the
telephone business of one of the subsidiaries operating in Illinois. electric
service is supplied to the town of Chatham, Ill., but the revenues from this
source constitute less than 3% of the aggregate gross revenues of the
system.
Authorized, Outstanding.
Capitalizationa
$1,400,000
1st lien 20-yr. 6% gold bonds, ger. A (this issue)
500.000
500,000
One-year 5% gold notes
5.000 she.
$7 cumulative preferred stock (no par value).- 10.000 shs.
30.000 shs. 22.500 she
Common stock (no par value)
x Series A bonds limited to 62.000, 00, principal amount, under open
indenture to contain conservative provisions for issuance of additional
bonds in series.
-The consolidated earning of the corporation and Its subEarnings.
sidiaries, for recent 12 months' periods, after adjustn ent for estimated
non-recurring charges and interest on certain proceeds of present financing,
but before depreciation, interest, amortization and Federal taxes, are as
follows:
$448.418
Gross earnings
250.518
Operating expenses, maintenance & local taxes
Net earnings
Annual interest requirements on 61.400,000 series A bonds
(this issue)

$197,899
.
84.000

$113.890
Balance
25.000
Annual interest requirements on notes
Note -Twelve months' perioda for Ohio and certain Illinois properties
ended Nov. 30 1927; for other Illinois properties ended Dec. 31 1927; and
for Missouri, Oklahoma and Texas ended Sept. 30 1927.
Maintenance & Depreciation Iteserres.-lndenture will provide that during
each calendar year the corporation shall reserve and (or)cause to be reserved
by its subsidiaries an amount equal to not less than 25% of the gross income
of the subsidiaries for the preceding calendar year for (a) maintenance,
renewals, sinking fund and other reserves; (b) the acquisition of new
subsidiaries Os to be defined in the Indenture) and additions and improvements not made the basis for the issuance of additional bonds: and (or)
(c) the redemption or purchase of bonds outstanding under the indenture.
Purpose.
-Proceeds from the sale of these bonds, together with the proceeds from the sale of junior securities, will be used to acquire the stocks of
certain of the subsidiaries, to retire funded indebtedness of subsidiaries
outstanding in the hands of the public, to complete improvements now in
progress, and for other corporate purposes.
-V. 126. p. 415. 716. 1041.

-Earnings.
Terre Haute Indianap. & Eastern Trac. Co.
1924.
1925.
1927.
Calendar Years
1926.
Gross earnings
$5,674,386 $5,668,554 55.058.804 $5.197.922
4.000,623 4,040,502
4,618,040
Oper. expenses & taxes__ 4.629.231
Net earnings
61.045,155 $1.050.513 61.058.180 $1,157,419
Rentals & other deducts.,
614.951
626,233
sub. companies
643.273
637,073
47,049
48.263
Sinking funds-sub. cos_
50.704
49.558
267,599
has
Int. on T. H. I. tit E.
255,648
263,316
259.177
Sinking fund on T. H. I.
164.078
168,359
& E. bonds
176,026
172.498
Balance, deficit
-V. 125. p. 520.

$80.496

367,792

.
647.991 sur$63,745

Terre Haute Traction & Light Co.
-Income Account.
Calendar YearsTotal operating revenue
Total operating expenses and taxes
Deductions from Income
Sinking fund
Balance, surplus
-V. 125, p. 520.

1925.
1926.
1927.
62.863.408 $2.847,537 62,774,007
1,975,479'
2,066,873
2,025.359
272,811
267.600
262.705
28,744
28,440
28.146
3547.199

6484,624

$496,973

Toledo Edison Co.
-Bonds Called.

AU of the outstanding 1st mtge. gold bonds, 7% series, due 1941, have
been called for payment March 1 at 10734 and int, at the Bankers Trust
.
-V,126.P. 1041.
Co.. 16 Wall St., N. Y. City..

-Earnings.
Turners Falls Power & Electric Co.

1924.
1925.
1927.
1926.
$2.965,223 82,791,407 $2,689,405 $2,200,677
1.073,834
1,329.227
1.488.822
1,413,732
Net operating profit__ $1,476.401 $1,377.675 $1,360,178 61,126,845
37.374
72.652
Other income
56,376
75,745'
$1,432.830 $1,164.217
Total earnings
$1.532,777 81.453.420
203,790
191,4.53
Interest
183,267
160,304
Calendar YearsNet sales
Caper. exp. & taxes

Balance, surplus
31.349.510 81.293.116 81,241 377 $1,960,427
Note.
-99.98% of the common stock Is owned by the Western Massachuetts Companies.
-V. 124, p. 13132.

-Earnings.
United Gas Improvement Co.

1924.
1925.
Calendar Years1926.
1927.
Earnings regular sources 312.124.364 $10,320,578 $9,955,285 $9.328,511)
235.933
37.467
742,233
Profit from sale of securs. 1,814,926
$9,992.751 $9.562,443
Total income
313.939,290 311.062.811
1,476,6213 1,310,707
1,964,803
Taxes, salaries, Ac
1,633,835

Dated Feb. 1 1928; due Feb. 1 1948. Interest payable F.& A. Denom.
$1,000 and $500 c•. Red. all or part, on any bat, date on 30 days' notice
at 103 on or before Feb. 1 1935. with successivereductions in toe redemption
price of 35% in each 12 months thereafter up to and incl. Feb. 11947. and
Profit for year before
thereafter at 100, plus int. in each case. Corporation will agree to refund
deduction of loss of
to the holders of these bonds. Penn., Conn., and Calif. personal property
Phila. Gas Works_ _312,305.445 69,098,007 $8.516.131 $8,251,736
taxes not exceeding 4 mills per annum each. Maryland securities tax not Profit
from oper. of PhilaColumbia and Kentucky personal
exceeding 435 mills per annum. District of
244,607 loss414.455 loss154,480
629,011
delphia Gas Works..__
property taxes not exceeding 5 mills per annum each and Mass, income tax
not exceeding 6% per annum on the interest. Interest payable without
Net profit
$12.934.457 $9,342,614 88,101,076 $8,097,256
exceeding 2% per annum.
deduction for normal Federal income tax not
427.236.
231,417
Principal and interest payable at the agency of the corporation in New Preferred dividends
4,272,204
5,250,065
6,516,888
8,144.072
York or Chicago. American Exchange Irving Trust Co.. New York. Common dividends
trustee.
$4,790,385 62,825,726 $2.619,594 $3,397,816
Balance, surplus
-Bonds will be secured by a direct first lien
Security & Valuations.
through pledge with the trustee under the indenture of not loss than 98% -V. 126, p. 717.




FEB. 25 1928.1

I N ANCI A L CHRONICLE

1201

United Elec. Light Co., Springfield, Mass.
-Earnings. stockholders who have not waived their right to subscribe,
Calendar Years1927.
1926.
1925.
1924.
Gross revenues
$3.361,586 $3,231,158 $3,180,570 $3,031.319 each such stockholder having the right to subscribe for this
Oper. expenses & taxes
1,901.785
1,827.771
2,145,539
1,768.849 preferred stock at the rate of 1-10th of a share
vof pref. stock
Net oper. income_ __ _ 51.459.801 $1.403,387 $1,035,030 S1,262,470 for each share of capital stock standing in his name on the
Other income
28.762
books of the corporation at the close of business on Feb. 27
27,065
805
783
Total income
51,488.563 31.430.453 51,035,835 $1.263.253 1928, at $100 per share. Subscription rights shall terminate
Fixed charges
4,423
4.338
2.634
71.293 on Mar. 20. The total amount of the issue of the preferred
Balance, su-plus
$1,484,140 $1,426,115 $1,033,201 $1.191,960 stock offered for subscription to the stockholders has been
Note.
-92.8% of the common stock of the company is owned by the underwritten by bankers. No fractional shares will be issued
Western Massachusetts Companies.
-V. 125. p. 2938.
The proceeds of this issue of $1,200,000 pref. stock will proWestern States Gas & Electric Co.
vide ample working capital for an extension of the scope of
-Bonds Called.
All of the outstanding 1st & ref. mtp3.
s. 1. gold b nuts, dated June 1
1911. have been called for payment June 1 next at 105 and int. at the Girard the corporation's activities. Subscriptions are payable
Trust Co., Philadelphia, Pa.
to the agents of the corporation, the New York Trust Co.,
-V. 126, p. 717.
at its office, 100 Broadway, N. Y. City.
-V.126, p. 1042.
West Texas Utilities Co.
-New Generating Plant.
The company has started construction on the first unit of what will be
American Can Co.
-Annual Report.
Its largest electric generating plant. The plant will

be erected near Quanah.
Tex.,on Lake Pauline,and will consist of 3 units.
When thew unite are completed the plant will raise the company's
present available generating capacity of 40.000 h. p. to 100.000 h. p.
Four transmission lines will radiate from the plant. One of these
will
connect with the transmission line leading through Crowell to the central
system of the company, one will lead to Quanah, one to Childress, and the
fourth to Vernon, permitting interconnections with the Texas Electric
Service Co. at Wichita Falls, and the Southwestern Light & Power Co.,
Lawton, Okla.
A sub-station in which will be installed 4 transformers to "step-up"
the
electric current to 66.000 volts will be erected. For the plant auxiliary 2
transformers will be installed in the sub-station and these will reduce the
current to 2.300 volts for station use.
Oil and gas will be used for fuel, and all equipment has been bought with
this in view. It can be converted to the use of pulverized coal should such
a
change become necessary.
A Foster-Wheeler 20,000
-square foot surface condenser, with circulating
water pump, air pump and hot well pumps, has been purchased. The circulation pump will handle 36.000 gallons of water per minute. Water will
be cooled by the surface method in Lake Pauline.
Lake Pauline impounds 1.750.000,000 gallons of water and covers
acres of land. It was acquired by the company from the estate of 610
the
late William Marsh Rice, founder of Rice Institute at Houston and builder
of the Lake Pauline dam. The company also has purchased 400 acres of
land, adjoining the lake which is being landscaped for the purpose of being
developed and beautified.
An Efretrified Pipe Line.
-Construction of a transmission line from
the oil fields on the Pecos River of west Texas to Del Rio and Uvalde, by
the west Texas co.. and from that point to the vicinity of Uvalde by the
Central Power & Light Co. when completed will mark the
facilities for electrified pumping ofcrude oil through a pipe linecompletion of
of the
Pipe Line Co. to extend from the West Texas oil fields to the Gulf Illinois
Coast.
The contract for this pumping job involves at least 17 pumping stations.
each with three 400 h. p. pumping units, two to be in constant use and the
third to be held for standby service. The length of the pipeline is approximately 560 miles.
Two hundred miles of new transmission line to be built between 'Uvalde
and the oil fields will be of 66.000 volt capacity. This is the first contract
for complete electrification of a pipe line of this length using synchronous
motors and driving centrifugal pumps.
The new hydro-electric station of the Central Power & Light Co. on
Devils River near Del Rio will supply power for this line in that section.
V. 125, p. 2267.

INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-No price changes were reported during the week'
At the opening Feb. 25 National and American will quote 5.65c. per lb.,
an advance of 5 pts. "Wall Street Journal" Feb. 24. p. 18.
American Smelting & Refining Reduces Price of Lead 10 Points to 6.25c.
per Pound -Boston News Bureau" Feb. 21. p.9.
Prices on Fancy Suitings Increased.
-American Wodlen Co. raises prices
on fancy suitings for fall 1928 fr^re Sc. to 7i
-c. per yard. Prices range
from 90c. to $3.89 per yard.
-"Wall Street News" Feb. 23 (slips).
Tailoring and Dry Cleaning Employees Strike.-Allied Council of Cleaners
and Dyers declares 25,000 workers are on strike to force out the owners of
chains of cut-rate "d liar cleaners." Strike began Feb. 20.
-"New York
Times" Feb. 24, p. 23.
Matters Cowered in "Chronicle" Feb. 18:-(a) Trust companies in New
York and elsewhere, p. 928. (b) Now capital flotations during the month
of January, p. 933-939. (c) Proposed 'Wool Institute, p. 947. (d) Fall
River mills stand by pay cut; cotton men deny request to restore old wage
scale on Mar..5, p. 950. (e) W. S. Muller elected President of New York
Curb Exchange. p. 964. (f) Overbeck & Cooke Co„ stock brokers, Portland, Ore., fails; receiver appointed, P. 964. (g) Suspension of ,
Walter C.
Hicks from New York Cotton Exchange, p. 966. (h) Members of New
York Cotton 'Exchange register disapproval of "Southern Delivery".plan,
p. 967.

Ahumada Lead Co.
-Annual Report:
Consolidated Income Account-Years Ended Dec. Si (U. B. DurrencV)•

lAhumada 'Lead Co. and Compania Minera de Plomo, B. A.]
1927.
1926.
1925.
1924.
Sales of lead and silver_ $1,817.520 $3,691.027 $3,397.224 51.448.573
Expe11.188, taxes, &c-1,721.195 2,877,601 2.380,803 1.109.594
Depreciation
47,708
44.759
'29,516
18.035
Depletion
72:682
Unprod. ProsPecting- -40:184

Calendar Years1927.
1926.
1925.
1924.
Net earnings
$17,455,199 $18,436,382 521.423.903 $15.906.756
,
Deduct
Depreciation
52.000,000 $2,000.000 52.000.000 $2.000.000
Int. on deben. bonds...
33,867
414.825
Reserve for Fed. taxes
2,400,000 2.700.000 3,000.000 2.150.000

Net income_
$13.055.199 313.736.382 316.390,036 111.341.931
Prof. dividends (7%)_ _ _ 2,886,331
2.886,331
2.886.331
2.886.331
Common dividends__ _(52)4.947.996($2)4947.996($8)3298.664(57)2886.331
Balance, surplus
$5,220,872 $5.902.055 $10-205.041 $5.569.269
Previous surplus
38,630.497 53.345.092 43.140.050 37,570.789
Stock div.on corn.(50%)
20.616.650
Profit and loss
543.851,369 $38,630.497 353,345,092 $43.140.050
,
She, common stock outstanding (par $25)
2,473.998 2.473.998
x412.333
x412.333
Earned per share
$32.75
$4.38
$4.11
$20.50
x Par value 8100 per share. On Feb. 9 1926 par value of common stock
was changed from $100 par to $25 par, stockholders receiving 6 shares of
new common stock of $25 par in exchange for each $100 share.
-V. 125.
3484.

p.

American Department Stores Corp.
-Rumor Denied.
Chairman L. L. Jay on Feb. 17 denied a report that an offer from Baltimore interests to purchase the company was under consideration. "No such
offer from interests In Baltimore or elesewhere is being considered or will
be considered at this time." said Mr. Jay. "The corporation Is in a stronger
position than ever before and the business being done by the various units
is well in excess of what we had expected. The officers are well satisfied
with the progress which has been made and will not consider any offer to.
buy,control or purchase the corporation outright."
-V.126. p.1043.872.
American Home Products Corp.(et Subs.).
-Ann. Rep.
Years Ended Dec. 31Net profits
Est. income tax
Divs, paid to minority stkhldrs. in sub cos

1927.
1926.
32.272.126 31.278.415.
305.856
167.899
3.352
1.433

Net income
Dividends
Surplus adjustments (net)
Previous balance

$1.962.918 51,109.083
862.600
600.000
52,707
24.182
484.901

Total surplus
$1.532.512
5484.901
Shares of cap. stock (no par)
534.000
300.000
Earns, per share
$3.67
$3.69,
Balance Shed Dec. 31.
1927,
1926.
1927.
1926.
Assets$
Liabilities
$
Land, bides.. equip
Capital stock____x14,349,682 6.600.000
Atc
3'874,311
308.734 Mtn. stockholders
Cash
1,942.217 1.344.009
int.in sub. cos__
485
486
Investments
132,212
59.087 Accounts payable_ 296.525
51,785
Accounts reedy._ 1,104.179
666,691 Notes pays, le_ __
60,000
Notes receivable__
5,230
18.538 Property purchase
Inventories
778.580
306.552
obligations
30.172
111.152
Prepaid expense_ _
50,834
23.1651 Divid. payable.
120.294
194.400
Goodwill, tradeRea. for Fed. &
marks
'12,133.870 4.962.659
State taxes
407.688
168.817
Res, for conting
150,000
150.000
Surplus
1.532.512
484.901

Total
17,021,464 7.687.434
Total _____ ___17.021.464 7.687,434
x Represented by 534.000 shares no par value. y After depredation of
5222,671.-V. 125. p. 3484.
American Medicinal Spirits Co.
-Transfer Agent.
-

The Equitable Trust Co. of'New York has been Appointed New York
transfer agent for the preferred and common stock.
-V. 125. P. 3201.

American Metal Co., Ltd. (&.Subs.).-Consol. Balance.
..Sheet Dec. 31.1927.
1926.
1927.
1926.

Assets5
1 Liabilities5
1
5
Mines
smelters,
Preferred stock__ - 5,000.000 5,000.000
ships, Ac _____:20.977,811 18,913.818 Common stock...718,989.200 18.957.900
Invest. in foreign
lAccounts payable- .5.463.1313 4,748.490.
Net income..
$8,432
$768:667
affiliated cos.--- .1,093.760 1,418,491 , Notes payable_ ___
39863105
$248.261
86.168
101,836
Incomefrom investmls.
191.966
298.056
306.828
2.082.496 :1.736.859 Due .uffieers rand
.455.533 Cash
Accts.& notes rec_ 3.496.343 3.714.406
employees
3.382,603 2.799,345
Total income
3200,399 $1,066,723 $1,4937733
$70379 .inventories------13,462,709 .13,330,811 Accr.liab.*res've 315,319
319.351
Previous surplus
.637,697
577.184
217.282
249,199 'Investments ...____ .3,587,966 3.774,741 Mtge. dm., bonds_ 297.000
306.006
Taxes over accr„ pr. yrs
..Cr96,900
Inv. aiiii. .cue.
'Contingent reserve 3.053.945 3,267.208
prey. chgti. oft-Cr
Dep.,
advances,Sic___ 2;441.498 .2.852,012 Min. Int. sub. stk. 1.220,489 1.248.452
'100,361
Deferred expenses_ 1,007,594
786,432 Surplus
10,342.322 .10,278,986
Total
$838,096 $1,740.806 $1.811:376
3952.1394
Less transf. to'Mex.legal
•.Tetal______-__48,150.179 47,027,570 Total
-A8.150,170 47,027.570
reserve__.
30,293
41474
x Mines, smelters, real'estate. machinery and ,equipment, 231.888.081
.21.252
Deduct dividends
149:002
1.072,816 1392,018
'714,461 less reserve for depletion, depreciation and obsolescence, $10.910.270
y Represented by 594.904 shares of no par value.
Surplus'Dec. 31
5689.094
$637,697 '5577.184
The pro ,forma .balance.sheet as at Dec. 31 1927 after giving effect
3217:282
Sh. of cap. stk. outstdg.
to
(a) proceeds of the.sale
shares
1,198,018
(par Si)
1192.018 1,192.018 '1192,018 non-callable.conv. pref.of 45.000 .cash of the proposed new 6% cumul.
stock :for
at par. and (b) the exchange of
Earns. per share on cap.
55,000 shares of the 'proposed new pref. for 50,000 7% pref. now
$0.17
stock
out$0.89
51125
•$0.50 standing gives the following change in figures ,from that above: Cash,
-V.126.14-580.
86,582,497: 6% cumul. pref. stock, 310.000,000; common stock (594,994
shares), $18,489,200.
Alaska Juneau Geld Mining Co.
-Earnings.
The usual comparative consolidated income account was given in V.
Month of January1928.
1927.
126.
Gross receipts_ _____------42410000 P. 1043.
Net profit after interest, taxes. arc
84,250
25.300
American Neon Light.Corp.
-Stock Offered.
-V. 126. p. 254
An issue of 100,000 shares capital stock (no par)
,Alliance Realty Co.
-To Pay Dividend in New 6% Cumu- $17.50 per share by Kane, Brooks & Co. The stock isare being offered at
offered as,a speculation. Registrar, Corporation Trust Co.; transfer agent, Empire Trust Co.
Preferred Stock-Rights.
-The directors on Feb. 17
lative
CapitalizationAuthorized. Outstanding.
authorized an issue of $2,400,000 of 6% cumul. pref. stock Common stock (no par)250.000shs. .237.850 sits
out of a total authorized amount of $5,000,000 which was
Data from Letter of Otto B. Shulhof, President of the Company.
Company.
-Organized in May 1927 to manufacture Neon gas filled tubes
recently provided for by action of the stockholders. The
directors also declared a dividend at the rate of $10 a share for use in illuminated display advertising and for general spectacular and
useful illuminating purposes,
outdoor signs,airport beacon lights.Stc.
on the presently outstanding capital stock, payable in 6% Company has exclusive rightsuch as United States to all of the luminescent
in the
tube patents granted to Paul Francois Le Brun.
cumul. pref. stock on April 10 to holders of record Apr. 5.
Earnings.
-Leslie.
have estimated the company's earnings
The payment of this stock dividend on April 10 will be made for '1928 based on aBanks & Co. program of approximately $4,000.000.
gross sales
This estimate reflects all maximum costs incident to
in $1,200,000 of 6% cumul. prof. stock.
the production, advertising
of the company's
The remaining $1,200,000 of6% cumul. pref. stock author- profits ofand distribution before depreciationproduct and indicates the net
the company,
and Federal taxes for
period, should be $802,656, which is equivalent to approximately that
ized for issuance will be sold for cash and will be offered to per share
$3.40
of common stock outstanding.




1Voi. 12r.

FINANCIAL CHRONICLE

1202

and for the in-Proceeds will be used for expansion purposesin a position to
Purpose.
stallation of additional equipment to place the company
offered.
accept the large additional orders now

-New President, &c.
s Corp.

American Republic
to succeed his father,
Craig F. Cullinan has been elected President have been elected ViceJoseph S. Culllnan, who resigned. The following
and E. G.Sloetter.
Presidents: Frank Cullinan, J. H. Durbin. J. R. MigLieta
McCarty has been reC. Derham has been elected Treasurer and H. 0.
his father. Joseph S., as a
elected Secretary. Frank Cullinan succeeded
of Chairman of stockdirector. The latter resigned to accept the positionof this committee will
holders advisory committee. The other members H. C. McCarthy as a
be appointed later. Edward G. Sloetter succeeded
director.
injunction against
The U. S. District Court refused to issue a preliminary
200.000 shares of comthe corporation to enjoin it from disposing of about
sought by Thomas P. Lee
mon stock at 51.37 a share. The injunction was have not been given the
and others of Houston. Tex.. who alleged they for final hearing in a few
privilege of subscribing. The case will come up
-V. 126, p. 1043.
weeks.

-Balance"Sheet Dec. 31.Autocar Co.

1926.
1927.
1926.
1927.
$
$
Liabilities-Assets
928,800
Preferred stick_ _ _ 928,800
estate, maReal
stock._ _ 4.911,000 4,911,000
_ _ 3.410,408 3,717,281 Common
chinery,
107,750
41,000 Mtges. on real est. 105,750
41,000
Investments
189,848 let M sk.fd. 7s_ _ _ 1,533,000 1.926,000
Unamort. disc.,&c. 145,696
502 Notes payable.__ 1,327,500 1,555,300
439
Cash in sink. fund.
435,780
590,250 Accounts payable_ 297,346
Good-will, sub.cos. 590,250
32,499
19.868
284,407 Dep.accts.due eus.
230,066
Cash
Accrued Bab., incl.
Notes & accts. rec.
313,205
excise taxes, &e. 115,241
reserves) 1,621.233 1,595,918
(net of
30,741
3,215,594 3,888,390 Res.for Fed. tax_
Inventories
118,601
Res.for conting._
Prepaid int., unex221,388
194,889
Surplus
414,889
pired Maur., &c. 297,307
9,551,994 10,482,441
Total
9,551,994 10.462,441
Total
-Contingent liability on notes sold and outstanding Dec. 31 1927
Note.
p. 1328.
33,440,847.-V. 125.

-Extra Div. of 25 Cents.
American Safety Razor Corp.
of $1

quarterly dividend
The directors on Feb. 21 declared the regular
per share, both payable April 2
Per share and an extra dividend of 25 cents
paid on Jan. 3 last.
of record March 9. Like amounts were dividends of 75 cents
to holders
From July 1 1925 to Oct. 1 1927. incl., quarterly cash
the company paid a stock dividend
Per share were paid, and in additionthis year.
-V. 125, p. 2939.
Of 1% in each of the four quarters of

-Annual Report.
Baltimore Tube Co., Inc,
1925.

Calendar Years.Operating profit
(on J.11.Jones,dec.)
Ins.
Totalincome
Depreciation
Amort.of def'd chge.,&c
Profit
-V.125, p. 3202.

1924.
1926.
1927.
$145,482
$156,975
$108,200
$150,798
100,000
$145,482
$156,975
$108,200
$250,798
169,574
173,492
126,123
110,257
14,360
11.019
5,211
4,680
def$27,536 def$38,452
$135.861 def$23,134
.

-Ann. Report.
Bearings Co. of America, Lancaster, Pa.

-Annual Report.

American Seating Co.
The annual report for the year ended Dec. 31 1927 shows gross profit
1926.
7.
Years Ended Dec.31-192$10,042,149 $9,860,967 of $434,382, and the net profit after all expenses, including depreciation
•Gross revenue
6.987.790 and Federal income taxes, of $199.586, an increase of $16,447 as compared
7,081.574
1st and
-Costs of sales
1,509.749 with 1926. Dividends of $156.573 were paid during the year and
1,650.701
Administrative and sales expense
141.189 2d preferred stock and the net addition to surplus account was $39,772.
244,513
charges
Interest
191,800
Balance Shee December 31.
127,000
Federal income tax
1926.
1927.
Liabilities1928.
1927.
Assets$938,360 $1,030,439 Real estate, plants,
First pref. stock...81,696,000 51,750;000
Net profit_
675,000
198,945
3.187 $1,234,579 Second pref. stock 848,000
&e. (less depr.)-$1,32
Miscellaneous income
252,425
Common stock.. _ _ 252.425
Cash in bank and
55
12,992
$938,359 $1,229,383
620,589 Accounts payable_
310.980
on hand
Net income
187,845 Accts. & royalties
230:000
Accrued accts. and
'Shares common stock outstanding
4,157
$5.27
1,846
$4.08
insurance
103.900
105,053
receivable
per share
Earnings
36.528
31,530
1 1926; Jan., April,
202,357 Fed. Income taxes
Dividends paid: Initial of 50c. per share Oct. each quarter; Jan. 1 Inventories SE sUPD 214,161
167,768
207,539
11,661 Surplus
Accrued int. rec._
July and Oct. 1 1927, 75c. regular and 25c. extra
1,525
2,479
Prepaid insurance_
-V. 125. p. 3065.
1928, 75c.
,
- Secs. ovr. ed (less
13,050
3,210
-New President, &c.
reserve)
American Woman's Realty Corp.
succeeding Lindley Refunds of Federal
Col. Benjamin F. Castle has been elected President,
43,095
36,153
taxes
M. Garrison.
H. C. Hale, retired, and Cap. stk. of BearDavid Houston, Walter Chrysler, Maj.-Gen.to fill vacancies.
ings Co.of Amer.
Mrs. C. R. Holmes have been elected directors
1,000
1,000
(N. J.)
the corporation shows total assets of
The annual financial report of
513.676
against current Patents (less depr.) 463.959
$8.000,000. of which current assets amounted to $1,124.000,
140,501
140,500
Good-will
. 125. p. 3202.
liabilities of $29,000.-V
Tot.(each side)-$2,850,333 $2,885.933
Treasury stock._ _ 249,668
-1927 Dividends Not -V. 124, p. 3213.
Anaconda Copper Mining Co.
-Treasurer A. H. Melin Feb. 17 in a letter to the
Taxable.
stockholders says:
of in(or out
Dividends paid by a corporation out of depletion reserve not taxable
are
crease in value of property accrued prior to March 1 1913)
s under the Revenue Act of 1926, but shall be applied
to the stockholder
gain or loss
against the basis of the stock for the purpose of determining Act of 1926
from its subsequent sale. (See section 201 of the Revenue
and article 1543 of Regulations N.)
r
In view of recent letters received from the office of the Commisione
and after
of Internal Revenue, expressing its tentative views in the matter, it Is our
are advised that
consideration with counsel of the company you
disopinion that the following dividends paid during the year 1927 were
tributions from depletion reserve and are not taxable:
-Paid Feb. 21 1927-75 cents per share.
Dividend No.94
-Paid May 23 1927-75 cents per share.
Dividend No. 95
-Paid Aug. 22 1927-75 cents per share.
Dividend No. 96
-Paid Nov. 211927-76 cents per share.
Dividend No. 97
Treasury
The foregoing allocation has not yet been passed upon by the
-V. 126, p. 255.
Department.

-Balance Sheet Dec. 31.Androscoggin Mills.
1928.
1927.
AssetsReal est.& mach- _ $1.307.580 $1.395,753
1,195,810 1.018,329
Merchandise
187,283
105,025
Cash
434,007
417,471
Accts. receivable
50,000
Call loan-secured
17,682
103,982
Investments
8.471
4,993
Prepaid expenses-Nr. 124, p. 2593.

1926.
1927.
Liabilities$2,000,000 $2,000,000
Capital stock
51.766
60,986
__
Accts. payable_
200,000
Notes payable_ _ _ _ 200,000
_
Special reserve_ . 88,300
857,781
787,374
Surplus
Tot.(each side)-$3,134,881 $3,109,527

-Operations.
Anglo-American Corp. of S. Africa, Ltd.

operations for the month of Jan.. 1928.
The following are the results of
Total
Tons
Profit.
Costs.
Revenue.
Milled.
£45,077
£82.637
£127,714
81,000
Brakpan Mines,Ltd_ - _ 70,088
69.959
140,047
69,500
Springs MinesiLLtd
21.433
50.822
72.255
50.700
West Springs. Ltd
-V.126.P.581
.

-Sale of Associated Supply Co.
Oil Co.

Associated
to the Youngstown Sheet & Tube
The sale of the Associated Supply Co. announced.
Co. of Youngstown. Ohio. was recently
was incorporated in 1908 as a subsidiary of
The Associated Supply Co.
was to distribute oil field supplies
the Associated Oil Co. Its purpose
The head office was organized
under the; laws of the State of California.
established in rapid succession at Oil
in San Francisco and warehouses
Maricopa and most
McKittrick, Coalinga, Fellows, Lost Hills,
Center,
recently at Long Beach.
largest and most complete
the
The Associated Supply Co. carries one of
coast, varying in quantity from
lines of tubular material available on the
and type required by the in15,000 to 20,000 tons, including every size
dustry.
Associated Supply Co. has been exclusive California
For many years the
Tube Co. and its purchase by
representative for the Youngstown Sheet & close business relations which
that company is a natural result of the very many years. The company
for
have existed between the two concerns
the National Transit
Is also the exclusive representative in California for represented are the
ers
Pump & Machine Co. Among other manufactur Hughes Tool Co., the
Co., the
Rossendale-Reddaway Co. the Union Tool
Equipment Co.
Chain Belt Co. and the Emsco Derrick &
to the Youngstown Sheet & Tube
The sale of the Associated Supply Co. account, which was retained.
Co. did not include the Granberg Meter
on the manufacture and
A new company has been organized to carry
and W. S. Brubaker
sale of Granberg meters with L. D. Jurs as President. all over the world
are sold
as Vice-President and Manager. These meters
equipment, particularly in the marketing
and are rapidly becoming standard
-V. 126.p. 109.
of oil products.
-Venezuela Grants
Atlantic Refining Co.
.
Corp. Paez Oil Properties-

Maracaibo

-Annual Report.
Belding Hemingway Co.

-x1925.
Calendar Years
$1,121,192 $1,507,453 $1,697,331
Total income
107,869
250,624
240,085
Depreciation
343,037
287,069
Interest SE amortization
195.100
116.500
72.685
Federal income taxes
$797,293 $4,394,362
$521,952
Net profit
55,536
7,651
7,651
Preferred stock dividends
1.037.580
1.245.096
830,064
Common stock dividends
$301,246
def$315,763 def$455,455
Balance to surplus
Earns, per sh. on 415,032 shs. com$3.22
$1.90
$1.24
mon outstanding (no par)
x Belding Bros. & Co.
Comparative Balance Sheet Dec. 31.
1926.
1927.
1926.
1927.
AssetsLiabilities
x2,215,342 2,483,109
Fixed assets
109,30»
109,300
Preferred stock_ _ _
600,000
Call loans
y1,507,200 1,507,20»
1,053,858 1,053,856 Common stock
Good-will
3,600,000 4,900,000
gold notes.478,764 1,747,172 6%
Cash
Accts. pay.& seer.
Accts. & notes rec.
236,165
1,346,551 1,727,518 (incl.Fed.tax pay.) 136.024 2,788,436
(less reserves)
6,365.370 6,785,236 Earned surplus_ 2,421,115 5,410,000
Inventories
Capital surplus- _ 5,410,000
73,298
interest_
Accrued
834,260
767.560
Investments
319,949
Deferred charges.- 284,897
e
1 3, pr 1ented10y
3,y8B639eff4,951 b0
Total
13,183,639 14,951,100
x After deducting $2,252,696 reserve for depreciation. y
par value.
.
415.032 shares of no
with the
A special meeting of stockholders will be held In conjunction directors
regular annual meeting on March 6 to vote on empowering the
deem
to distribute to employees any portion of profits which the board may
-V. 125. p. 652.
proper.

-Annual Report.Bigelow-Hartford Carpet Co.

1924.
1925.
1927.
1926.
Calendar Yearssales
2,620
y$19,465,146 $21,418,081 $18,2514
Sales
Net earns, after deprec.
1,617,120
2,123,672
taxes...... x2,136,874
1,550,012
and Federal
*134,03:;
*163,456
*163,458
*163,458
Preferred diva. (6%) -Common dividends($6)_ *1,437.873 *1,449,000 *1449,000 *1,449.000
$535,543 def$62,446
$511,214
Balance, surplus
1 8P)
1 1.50
2 4'0
241.500
241,500
241,500
(n0 Par)
Cem•shs.ontstg•
Earns. per sh. on com_ _
$6
00
81
$;2
7
ins
*Amounts inserted by Editor..1x After deducting $345 0 for Federal
taxes and $620,981 for depreciation and obsolescence. y After allowance
for cash discounts.
Balance Sheet Dec. 31.
1981,43
.
6
_18,480,734117.9 26
19327.
1927.
1926.
Liabilities
Assets$
$
_ 2,724,300 2,724.300
6% pref. stock_
Land. bldgs., &c.
(lees reserve)- _11,474,371 10.981,078 Coin. stk. & cur_
126.339
1,888,760 1.359,202 Draft payable _ _
Cash
346,307
U. S. Govt. sec's 314.162
576,052 Accounts payable_ 694,477
1881
298:3
19 6
.
fo
rror:dn taxes 3 8 7 4
;ve F o.ting 1.38 :172 1.3120
Accts. dr notes rec.
(less reserve).- 3.408,582 4,058,181 Res
Ree
Accts. rec. (stock
plan)
29,960
35,128
Big.
-Bart.com.stk 123,121
146,160
6,405,934 5.431,092
Inventories
Sundry invest'ts
10,000
11,000
(each side)_23,733,786 22,686,658
Tot.
Deferred
80,906
90.780
-V. 125,
x Represented by 241.500 shares common stock, no par value.
charges.;
8
P. 911
Btman Electric Co.
-Annual
Years Ended Dec. 31
Gross profit on sales
Sell and administrative expenses
mi

Report.

Operating profit
Other income

Total income
by the Andes Petro- Discounts allowed
Cable advices from Venezuela have been received
Venezuelan Government has decided in Federal income tax
leum Corp. to the effect that the
granted them their parcels
favor of the Gulf of Maracaibo Corp., andDistrict of Paez. This gives
Netincome
Goagira No. 3 and No. 18, inclusive, in the
north of Guasare and Preferred dividends
the Gulf of Maracaibo Corp. the entire territory settling a contention Common dividends
Rivers, west of the Sinamaica-Goagira Line.
Limon
Exploration (subsidiary
between the Maxudian Petroleum Corp., the Paez
Surplus for year
of Maracaibo Corp., which Is
of the Maracaibo Oil Corp.) and the Gulfand the Andes Petroleum Corp. Earns per share on 100,015 shs.com. stk.(par $5).
by the Atlantic Refining Co.
owned entirely
-V.15.p. 1713.
125, p. 3065.




1927.
$885,647
363,622

8
6
192 ,
$9 6 873
406,935

522,025
35,885

561,938
32,929

$3557,909
38,375
69,859

8594.867
42.151
77.177

$449.675
29,603
165,874

$475,539
11,464
181,001

$254,198
$1.20

$283,074
$4.48

FEB. 25 1928.]

FINANCIAL CHRONICLE

(Sidney) Blumenthal & Co.,Inc.(&Subs.).
-Report.
Calendar Years1927.
$15,583,8421
Net sales
12,756,689
Cost of sales
Exp.custom. disc., &c.._ 1,520,985)
Profit from operations $1,306,169
Depreciation reserve_
Prov. for doubtful accts
Interes. charges, &c_ ___
250,065
Inventory written off-

1926.

1925.

1924.

Not Available.
5398,636
254,621
35.024
184,679

5324,601 loss$562,338
281,506
281,247
32,217
39,444
220,216
651,177

1203

Bunker Hill & Sullivan Mining & Concentrating Co.
-Extra Dividend of 50 Cents.
The directors have declared the usual extra dividend of 50c. a share and
the regular quarterly dividend of 25c. a share on the common stock, both
payable March 5 to holders of record Feb. 29. Like amounts were paid
on Feb. 4 last.
-V. 126, p. 1044.

Butler Bros., Chicago.
-Obituary.
Chairman Edward B. Butler died in Pasadena, CaUf., on Feb. 19.V. 126, p. 874.

Buzza

-Stocks Offered.

Clark, Inc.
-Shields & Co., Inc.,
Net income
$1,056,104 loss$75.687 loss$860,515loss$883.029
Net profit of $1,056,10% after interest, depreciation, &c., is equivalent to New York, and Lane, Piper & Jaffray, Inc., Minneapolis,
$43.85 a share (par $100) earned on 24,082 shares of 7% preferred stock, are offering in units of 1 share of preferred and 1 share of
on which cumulative dividends in arrears on Dec. 31 1927, amounted to
$455,224. Allowing for only regular 7% annual dividend requirements on common at $112 per unit; $1,150,000 7% cumulative
preferred stock, the balance is equal to $3.72 a share on 238,212 no par preferred stock (with warrants).
shares of common stock.
Preferred stock is preferred as to cumulative dividends at the rate of 7%
Consolidated Balance Sheet Dec. 31.
Per annum, and upon dissolution of liquidation, whether voluntary or in1927.
1926.
.
1927.
voluntary, as to assets up to $106 per share and divs. Dividends payable
1926.
AssetsLiabilities$
$
111).-J. cumul. from date of issue. Red. all or part on any div. date on 30
0
$
$
Land & buildings_ 2,208,096 1,994,017 Preferred stock_ _ _ _z2,649.020 2,649,020 days' notice at $106 per share and divs. Dividends exempt from present
Machinery & equip 3,799,858 2,770,311 Common stock__ _x4,271.194 4,171,194 normal Federal income tax. Transfer agent, Chase National Bank, New
Furn. & fixtures78,009
53,738 Funded debt
1,648,000 1,772,500 York. Registrar, National Park Bank, New York.
Pats.,good-willoke.
1 Notes payable
1
950.000 1,600.000
Data from Letter of George E. Buzza,President of the Company.
Cash
296,900
465,298 Accts. payable... 847,046
370,147
Company.-Ilas been formed in Delaware to acquire the business and
Note and trade
4,501,741
Reserves
assets of Die Buzza Co., of Minneapolis and of the Charles S. Clark Co.,
acceptances rec.
6,698
7,091 Accrued liabilities_
87,790
10,350 of
York. The new company will be the second largest manufacturer
Life ins. policies. _ _
91,329
76,143 Surplus
y857,488
40,923 in New United States
the
of greeting cards, bridge tally cards, place cards,
Accts. receivable__ 1,863,353 1,806,083
sentiment mottoes and similar printed art products. The products manuInventories
4,203,751 3,133,646
factured by the two predecessor companies are largely non-competitive,
Investments
21,782
28,668
and are distributed through department stores. stationers, art shops, gift
Pfd. stk. for empl_
43,400
41,400
Deferred charges__
199,102
237,738
Total (ea. side) _12,812,281 10,614,134 shops and bookstores. Customers number approximately 15,000.
Buzza Co. was established in 1907. Company
The business of
z Represented by 238,212 shares of no par value. y Available for pref. occupies a modern The
concrete building, which it owns,
fireproof steel
dividends and sinking fund and to increase stated capital. z 26,082 shares in Minneapolis. A large addition and
to this building was completed during
par $100, stated at preference value of $110 per share.
-V. 125, p. 2673.
the past year, providing adequate space for present needs and for further
expansion. It includes engraving and prIntmg facilities, an art departBon Ami Co.(& Subs.).
-Earnings.
-ment, and other departments for supplementary and all.ed work in the
Years Ended Dec.
31-1926.
various processes of manufacture.
Gross profit on sales
$2,501;197 $2.354,042
The Charles S. Clark Co. was established in 1905 and is now the sixth
Operating profit
1,275,365 largest factor in the industry. Its plant occupies leased space located in
1,401.146
Interest
1.033 N. Y. City. Company distributes its products throughout the eastern
Depreciation
68,480
62.108 States.
Federal taxes, &c
161,692
175,057
-The following statement shows the combined sales and
Sales & Earnings.
Minority interest
105
139 net earnings of the two businesses, after depreciation, interest and Federal
income tax at 13 %,for the last three fiscal periods.
Netincome
$1,157,503 $1,050.393
Times An.Div.
Dividends on old preferred
28.127
Net Earnings Require. on 7% Per Hiare
Dividends common
900,000
669,218
Corn, Stock.
Pref. Stock.
Sales.
Cal. Yearsas Above.
$159,538
1925
1.98
$2,046,344
$0.61
Net profit
$257,503
$353,048 1926a
3.83
308,923
2,660,752
2.10
Under the participating provisions, of the shares, 1927 net income is
2.828,430
4.23
340,790
equal to,15.1. aaash2apr(!)3
a 3h 2!
1
on 1011.000 mil IT sharest of class A stock, and 192 13 months ended Jan. 31 1927 for Buzza Co.. to conform to 2.42
a
1
m
a b
7
change in
res
$3.14
,000 no
comparing with its fiscal year. b Year ending Jan. 31 1928 for Buzza Co.
a share on class A and $2.87 share on class 13 stock
. saa
o
'
1916.
Balance Sheet.
-The pro forma balance sheet based on bal. sheets of ri e
of $1,157.503 for 1927. if applied directly to class A stock are equal to Buzza Co. and Charles S. Clark
Co., as at Jan. 31 1928 and Dec. 31 19 7,
$11.57 a share, against $10.50 a share in 1926.
respectively, after giving effect to the acquisition of the business and asse s
Comparative Balance Sheet Dec. 31.
of the predecessor companies, and to the present financing, shows net
tangible assets, eaclusive of goodwill, prepaid expenses, &c.. of $1,640.188
Assets
1927.
1926.
Liabilities-1927. •
1926.
Cash & call laons_ $880,899 $695,014 Capital stock-._ y$4,123.880 $4,123,880 applicable to the 7% preferred stock, equivalent to $142 per share. Real
3,201
Notes received _ _ _ _
550 Minority interest_
2,261
2,156 estate, buildings and equipment carried on the balance sheet ata depreciated
Accounts received.. 200,809 • 196,612 Conting. reserve... 40,453
25.903 valuation of $681.838 have been appraised recently by the American
Inventories
792,282
718,243 Accounts pay _ _ _ _
45.039
35,703 Appraisal Co.at $1,080,100. On the basis of these values the 7% prof.
120,833
Investments. &c_
139,082 Accrued payable__
12.983
15.703 stock would show a net tangible asset value in excess of $177 per share.
Property acct.-x1,104,233 1,067,470 Tax reserve
175,057
161.692 Goodwill and valuable patents and trademarks are carried on the balance
Prepayments. &c_
47,365
43.659 Res. for losses..
3.150 sheet at a nominal value of $1.
Balance sheet shows net current assets of $1,118.460, equivalent to $97
Good-will, trade
Surplus
1,599,950 1,342,474
per share of 7% preferred stock presently to be outstanding.
2,850.001 2.850,001
marks, &c
CapitalizationAuthorized
Outstanding.
$5,999,622 $5,710,634
Total
Total_
,
$1,150,000
$5,999.622 $5,710,634 7% cumul. pref. stock (par $100)
$1,150,000
300.000
Including real estate, buildings, machinery and equipment and mineral 6% cumul. 2d pref. stock (Par $100)
3 ,000
108
Common stock (no par value)
*111,500 shs.
100.000 she.
rights $1.518.014, less reserves for depreciation and depletion $424,557 and
*11,500 shares reserved for exercise of common stock purchase warrants.
furniture and fixtures $19.431 less depreciation of $8.654.
Company will assume an existing real estate mortgage of $190,000 upon
y Consisting of 100.000 shares class A stock and 200,000 shares class B
the Minneapolis plant. There is no other funded debt.
-V. 126, p. 109.
stock both of no par value.
Purpose.
-Proceeds will be used to provide in part for the acquisition
by
and assets of the predecessor companies,
Bower Roller Bearing Co., Detroit.
-To Exch. Stock.
- andthe company of the businessworking
will not provide additional
capital to the company.
The company is now ready to exchange its new no par value stock cerSinking Fund.
-Certificate of incorporation provides that on April 1
tificates for the old certificates of $10 par value. The exchange will be
made by the Detroit Trust Co., Detroit, Mich., as registrar and transfer 1929 and semi-annually thereafter a sinking fund at the annual rate of $30.000 or 15% of the net profits of the company, as defined in the certificate
-V. 117. p. 2437.
agent.
of incorporation, in the preceding fiscal year, whichever is greater, shall be
set aside and applied
redemption
British-American Oil Co.
-To Increase Dividend Rate.
- stock at not exceedingto the purchase or dividends. of this 7% preferred
$106 ner share and
At the annual meeting it was stated that the capital stock will be placed
Purchase Warrants.
-Each share of preferred stock will
on a $1 annual dividend basis by the declaration of a quarterly dividend of beCommon Stock by a
accompanied
non-detachable warrant entitling the holder to pur25 cents per share, payable April 2. On Jan. 3 the company paid a quar- chase 1 share of common stock
at $20 per share at any time on or before
terly of 20 cents per share and an extra dividend of 20 cents per share.
Chairman S. R. Parsons at the annual meeting stated that considerable March 31 1931, and at $25 per share at any time thereafter on or before
March 311933. In case the company issues additional shares of common
los.ses were incurred by the company in the earlier part of last year owing
stock
stock
to excess crude oil production and lower prices of crude and refined oil sharesas a moneydividend, or on a division of shares, or issues additional
for
at less than the subscription price, warrant adjustments
products. It was further announced that large stocks of crude oil on hand
will be made,
at the refining plants and finished products in storage and at branches shares called as provided in the certificate of incorporation,in the number
for by the warrant and (or)in the subscription price per shares
throughout the country had to be depreciated in value to correspond with
reduced prices. Notwithstanding these losses, the company, owing to
By-Products Coke Corp.
-Annual Report.
It great expansion of business in Ontario, Quebec, Manitoba, SaskatcheYears Ended Dec. 31- 1927.
1926.
1925.
1924.
wan and Alberta, where it carried on operations, was able to shows an Profit from
operations__ $2,066,070 $2,971,966 $2,110.600
$177,280
increase over 1026, thus constituting a record year in the history of the
244,253
246,129
149,512
83,377
company in achievement and profit. Large additions and extensions were Earns,from investment_
made to 2 refining plants, and many new branches, as well as service staTotal income
$2,312,199 $3,216,219 82,260.112
8260,657
tions, were erected both in the eastern and western divisions. Nearly
Interest
380,988
360.269
466,402
441,302
12,000,000 was spent in these betterments.
-V. 125, P. 3352.
Depreciation
747.874
629,482
593,522
317,578
Reserve for
210.000
125,000
Brunner Turbine & Equipment Co. (Erste Bruenner Investm'ts taxes down 140,000
written
600,457
Machinen-Fabriks Gesellschaft), Brunn, Czechoslo- Prem. on pref.stock
152.220
-Cash and Ctfs. Made Available to Bondholders.
vakia.
Delivery of the cash and income certificates in accordance with the terms
of the offer of settlement to bondholders has been made to the Guaranty
Trust Co. of New York, depositary, for the account of Brunner Turbine &
Equipment CO. according to announcement by the attorneys for the deposit
committee.
At the time the offer was declared accepted, holders of bonds aggregating
approximately 76% of the entire issue had accepted. Since then additional
bonds have been deposited, bringing the total up to more than 85% of the
issue. Under the terms of the offer bondholders who desire to accept have
until Aug. 20 to do so.
The Guaranty Trust Co. of New York, as depositary, commenced its
distribution of the funds and certificates to the assenting bondholders
Feb. 23.-V. 126, P• 721.

-Annual Report.
Buckeye Pipe Line Co.
Calendar YearsNet income, all sources..
Dividends
Rate of dividends

1927.
1926.
1925.
5981,036 51,046,119 $1,047,686
800.000
1,000.000
800 000
(10%)
(8%)
(8%)

$181,036
$46,119
$247,686
Balance, surplus
200.000
200,000
She.cap stk.outst.(par$50) 200,000
$4.91
$5.23
$5.24
Earned per share
Balance Sheet Dec. 31.
1926.
1927.
1927.
Liabilities
$
$
Assets10,000,000
Pipe line plant... _19,901,967 19,529.677 Capital stock
178,877 lAcc'ts pay., &c 2,195,666
Mat'ls & supplies_
Deprec'n reserve_ _10,797.932
Cash, Inv. & acets
6,082,294 5,727,979 Surplus
3.169,753
receivable
179,089
Other assets
Total
26,163.352
26,163,352 25,436,533
Total
-V. 126, p. 582.
x Includes reserves for taxes.




1924.
$938,000
800,000
i%)
8138.000
200.000
$4.69
1926.
10,000,000
2,053,240
10,144,576
3.238,717
25,436,533

Net profits
$1,030,228 81.276,901 81,075,187 def$498,223
Preferred dividends_ _ _ _
110,359
136.998
136,998
136.998
Common dividends
379,870
379,840
Balance, surplus
Previous surplus
Miscell. surplus adj_ _
Reserve for conting_

$539,999
$760,063
$938,189 def$635,220
$2.246890 $1,486,828 $445,800
$1,081,021
Cr.68,327
Cr.303.455
200,617

Profit and loss,surplus $2,855,215 82,246.890 81,486.828
Shares corn.stk.(no par)
189,936
189,931
x94.965
Earn, per share on com_
$4.84
$6.00
$9.88
x Common stock of $100 par.
Comparative Balance Sheet December 31.
1927.
1926.
1927.
Assets$
Liabilities$
Plant, equip., &c_11,990,698 11,938,503 9% Preferred stock
Cash
423,574
638,527 Common stock_x_ 9,500,568
Marketable occur_ 442.750
520,000 Bills payable
883,315
Accounts receivAccounts payable_
193,690
able and accrued
Ore accounts_ y___ 458.183
Interest
1,164,971 1,435,657 Accrued int., &c__
133,284
Inventories
4,669.947 3,769,931 Accrued tax.(gen.) 265.000
Investments
3.471.717 3,376.101 Bonded debt
6,900,000
Deferred charges__ 437,431
480,926 Reserves
1,411,832
Surplus
2,8.55,215
Total
Total
22,601,088 22,159,645
x Represented by 189,936 shares no par value.
not yet due.
-V.125, p. 2534.

$445.800
x94,965
Nil
1926.
$
1,522,200
9,500,568
962,560
567,854
605.718
130,602
335.000
5,000,000
1,288,253
2,246,890

22,601,088 22,159,645
y Deferred payment

California Cotton Mills Co.
-Correction.
The National Automobile Fibres, Inc., a subsidiary, was organized in
Delaware in January last, with an authorized capitalization of 10.000
shares of $7 div. pref. stock, no par value (not $100 as previously stated).
and 450,000 (not 90.000) shares of common stock, no par value, to acquire

1204

FINANCIAL CHRONICLE

the assets and business of the Little Falls Fibre Co., which has 2 Plants at
Little Falls, N. Y., and 2 plants at Cohoes. N. Y., and also the assets and
business of the Brintnell Co.. which operates in Detroit and owns patents
on upholstery machinery.
The California Cotton Mills Co. will turn over its wadding and batting
department to the new company.
It is proposed to issue the 51.000.000 of pref. stock in the near future
to partially reimburse the companies for their equities. There will be no
Public financing. (Official.).
-V. 126. p. 1044.

Carib Syndicate, Ltd.
-New Director.
James A. Wilsey, of Halliday & Co., has been elected a Director,succeeding H. S. Doty.
-V. 12.), p. 1197.

Central Brass & Fixture Co.
-Initial Dividend.
An initial dividend of 16 2-3 cents per share has been declared on the
class A $2 curnul. and partic. no par value stock, payable March 1 to holders
of record Feb. 15. This covers a one-month period and is at the rate of
$2 per share per annum. Hereafter quarterly dividends of 50 cents per
share will be paid on this issue. See also V. 126. p. 582.

-Stock Offered.
Central National Corp.
-Public offering
of the capital stock of the corporation, newly organized investment affiliate of the Central National Bank, was made
Feb. 21 in the form of units, consisting of 1 share of class A
stock and 34 share of class B stock, at a price of $62.50 per
unit. Applications already received from the public in advance of the formal offering, the corporation has announced
point to a heavy over-subscription. These applications have
come from important banking interests in this country and
abroad.
CapitalizationAuthorized.
Issued.
150.000 shs. 50.000 shs.
Clan A stock (no par)

100.000 shs. 50,000 shs.
Class B stock (no Par)
Guaranty Trust Co. of New York. transfer agent: Central National
Bank, New York, re +arm'.
-as been organirecr under the Stock Corporation Law of
Corporation. H
the State of New York with power, among other things, to acquire, hold.
sell and deal in corporate. governmental and other securities. domestic and
foreign, to orivinate and participate in underwritings, to ervage in financial
and other undertakings and to conduct business related thereto.
-Completion of present financing should provide
Assets and Earnings.
the corporation with a paid in capital and surplus in excess of $3,300,000.
All of the class A stock and class B stock to be presently issued Is to be sold
for cash. Substantial amounts of the class A stock will be purchased by
directors. All class B shares are being issued on the basis of $10 per share.
The earninsrs will be derived from interest and dividends on securities held
and profits from financial and other undertakings. The operations of the
corporation will afford the stockholders an opportunity to enjoy the benefits
of financial activities not ordinarily available directly to the individual
investor.
Directors.
-Thomas E. Bragg. D. Samuel Gottesman (Pres.), Ernest V.
Connolly, Albert llerskovits, Walter W. Colpitts, I. Howard Lehman,
Elisha M. Friedman (V.-Pres. & Gen. Mgr.), Archibald F. Maxwell and
Harry A. Smith.
-David Friday and Frederick R. Macaulay.
Adrisory Committee.
-Class A stock (exclusive of additional
Rights and Pririteges of Stock.
dividends) shall be entitled to dividends up to 53 per share for each year
before any dividends may be paid for such year on class B stock. After
Class A stock in respect of any year has received dividends amounting to
$3 per share, class B stock for that year (exclusive of additional dividends)
shall be entitled to receive dividends up to $I per share.
The specific annual dividends of $3 and Si respectively shall be cumulative as follows: (1) all dividends declared shall be first applied to payment
of any accumulated unpaid dividends for past years in chronolo deal order:
(2) no payment of dividend arrears in respect of any year shall be made
on the class B stock unless the full sum of $3 per share for that year shall
have been paid on the class A stock, but if and when such full payment
shall have been made class B stock shall be entitled to payment of any
arrears In respect of its 51 per share dividend for that year before any further
dividend, whether on account of arrears or otherwise, may be declared
or paid on class A stock.
In any year in which a full dividend of $3 on class A stock and a full
dividend of Si on class 13 stock, plus all unpaid accumulations on both
classes of stock, shall have been paid, additional dividends may be dedared, but the same shall be without priority as to either class of stock,
share and share alike.
Upon dissolution or liquidation class A stock shall receive $60 per share
before any part of the assets shall be distributed to class B stock: thereafter class B stock shall receive $20 per share: thereafter class A stock shall
receive an amount equal to any unpaid accumulated dividends in respect
to the specific rate of $3 per share per annum aforesaid: thereafter class B
stock shall receive an amount equal to any unpaid accumulated dividends
In respect to the specific rate of $1 per share per annum aforesaid: and the
remaining assets and funds of the corporation shall be then divided among
the class A and class B stock share and share alike. Class B stock has
the sole voting power.

-Annual Report.Century Ribbon Mills, Inc.
1926.
1925.
Onisol. Earns. Cal. Yrs. 1927
1924.
33,700,306 33.850.732 54.780.138 54.452.734
x Net sales
863.830
815.116
785.338
selling exp _
General &
898.056
2,711,201
2,254,251
3,053.955 2,698.968
Inventory (net)
306.979
436,743
468,314
Other expenses
349.190
125,812
124.412
118.854
Depreciation
115.575
44,210
52,276
Federal income tax
Net profit
Preferred dividend
Common dividends
Balance, deficit
Surplus earned Jan. 1
Tax adjustment
Surplus avail. for pref.
stock diva. & redemp.
fund agreement
Redemp.fund agreem't_

$68,384 def$155,690
122,561
113.680
50.000
$45,296
129.743
Dr.6,208

$328,251
461,516
Dr.3,522

766,400
41,846

759,358
7,043

$309.467
127,547
200.000

3338,670
131,362
150.000

518.080 sur$57,308
479,596
421.750

750.000
9,358

. 750,000
7.094

$896,144 51,220.874 $1.236.152
Profit & loss, surplus_ $886,485
10^ ^^O
100.000
100,000
Shs. corn. outst.(no par)
100 000
Nil
$1.81
Earns. per share on com$2.07
Nil
x Including other income of $329,920 in 1927. 5243,441 in .d28.5314,989
In 1925 and $132.688 in 1924.
Consolidated Balance Sheet December 31.
Liabilities1927.
1926.
Assets1926.
1927.
Plant, equip., are.y$2.267,178 12,373.9 Preferred stock___$1.547.500 $1.740.500
67
22,850 Common stock...x2.536.814 2,536,814
Investments
19,500
1.725.000 1.510,000
9,208 Note payable
Treasury stock...
368,780 Acceptance against
Cash
653,974
letters of credit- 104,641
201,390
18,359
Notes & tr. accept.
29.969
100,116
Accts. receivable
1,751.791 1,682,940 Accounts payable_ 132,815
888,485
896,143
2,140.908 2,434,555 Surplus
Inventories
29,418
Other curr. assets_
28.142
44,887
Prepaid expenses_
41,792
$6.933,255 $8,984.963
Total
$6,933,255 56.984.963
Total
x Represented by 100,000 shares of no par value. y After deducting
depreciation.
-V. 125, p. 2392.
3562,276 reserve for
•

-Merger Opposed.
Certain-teed Products Corp.

The United States Gypsum Co. has filed a bill for injunction in the U. S.
District Court, seeking to halt the plans of the Certain-teed Products Corp.
to acquire the properties of the Beaverboard Companies and Beaverboard
Products Co. (see V. 125, p. 583). The last three companies are made
defendants in suit.
The Gypsum company asserts that under the merger arrangement it
will be prevented from collecting royalties on Beaver wall board, which it
agreed to accept In 1926 in settlement of a 54.000.000 claim for infringement
-V. 126. p. 1045.
of wall board patents owned by the Gypsum company.




[VOL. 126.

Certo Corp.
-Extra Common Dividend.
-

The directors have declared the regular quarterly dividend of 75C.
ell•
and an extra div. of 25c. per sh. on the outstanding 300,000 shs. of Perpar
no
value common stock of the Certo Corp., successor to the Douglas-Pectli
Corp. These dividends are payable Mar. 3 to holders of record Mar. 1.
Like amounts were paid on Sept. 30,and Dec. 31 1927.-V. 125, p. 2814.

Chevrolet Motor Co.
-New Production Records.
-

A dispatch from Detreit. Mich., says: "The February schedule of the
company callsfor production of 112,475 units,as against85.000 in Feb. 1927.
It appears that actual production this month will exceed the tentative
schedule by a comfortable margin, according to W. S. Knudsen, President
and Gen. Mgr. Tentative plans for March call for the building of more
than 127.000 units. All previous January production records wereshattered
last month, when output totaled 91.584, compared with 73,676 units in
Jan. 1927. and 46,437 units in Jan. 1927. Production in Jan. 1928 was
exceeded by only 4 other months in the history of the tympany. To date
more than 12.5,000 units of the new Chevrolet line have been sold at retail
in the United States."
-V. 126, P. 256.

Chicago Fuse Mfg. Co.
-Merger Ratified.
-

The stockholders on Feb. 21 approved the merger of this eompany with
the Jefferson Electric Mfg, Co.. the consolidated company to be known
as the Chicago-Jefferson Fuse & Electric Co. The latter will have an
authorized and outstanding capitalization of 120.000 shares of no par value
capital stock. See also V. 126. p. 722.

Chicago Yellow Cab Co., Inc.
-Dividend Rate Cut.
-

The directors on Feb. 18 declared three monthly dividends of 25 cents
per share on the outstanding 400.000 shares of capital stock, no par value.
payable April 2, May 1 and June 1 to holders of record March 20. April 20
and May 18. respectively. From April 1 1922 to Feb. 1 1928 Incl. the company paid monthly dividend of 33 1-3 cents per share and in addition
on Dec. 17 1923 paid a 100% stock dividend. A monthly cash dividend
of 33 1-3 cents per share is also payable on March I next.
The company made the following announcement:
"In connection with the reduction in the dividend from a $4 a year basis
to $3 a year the President stated that the profits for the year 1927 were
substantially the same as for 1926, but the directors deemed it prudent
and good business judgment to set up an additional reserve, bringing the
liability reserve to $672.000. This brings the liability reserve to a point
which, in the opinion of the directors, is adequate.
"It was also deemed good judgment by the directors, as heretofore
announced, to Increase the wages of the drivers, which will entail an outlay
of approximately $500.000. This will enable the company to obtain and
retail the highest type of driver. and it is believed that this policy will result
In a return to the company of more than the addltional outlay.
"The company retired over 500 of Its old cabs in January this year, so
that the present equipment is standard.zed and modern."
-V.125, p.3066.

Childs Co.(N. Y.).
-Balance Sheet Dec. 31.
(Including Childs' Dining Hall Co. and Childs Co. of Providence.)
1927
1926.
1927.
1926.
AssetsI Liabilities$
$
Estab.& plants...11113.820.040 12,336,403 Preferred stock_
5,000,000 5,000.000
Real estate
b10.499,603 9,850.576 Common stock_ _ _c9,585,717 9,307.378
Real estate cos.:
Fractional scrip_
37.409
83.650
Capital stock _ 1.759,520 1,760,440 Sub.co. minor.stk.
400
1,200
NItges , notes &
Real est. mtges. &
accounts
941.769
881,973
gr'd rent leases_ 4,488,750 4,062.684
Leaseholds, good5
-year 5% notes-. 2,000 000 2.000,000
will. &c
4.704.011 3,915.909 4-year 5% coll. tr.
Cash
1.524,513
859,196
notes, due 1931_ 1,240,000
Govt.& State bds_ 230.876
487,340 Sub, real est. cos.'
Other securities.... • 18.943
15,330
accounts
51,088
35.757
Mtges. receivable_
35,000 Notes payable
34.000
1,815,000
220,000
Notes & acc'ts rec.. 171.181
132,186 Acc'ts payable and
Ace. mtge. Int. rec.
373
accr'd liabilities_ 1,380.412 1,696.691
438
Mdse.Inventories_ 621,368
464,223 Reserve for taxes_ 622.294
431.565
Deferred charges__ 1.137,737 1,163.546 Deferred credit_. 191,298
201.018
, Res. for contIng„ 1,000,000 1.000.000
I Special reserve__ _d2,092,521 1,940.080
Total (each side)_ 35.404.138 31,962,356 Surplus
5,898,348 8,032,334
a After deducting 56.750.928 for depreciation. b After deducting 5444.
638 for depreciation on buildings. c Represents 360,742 shares of no par
value. d Invested in real estate, first mortgage on real estate, Government and other bonds and cash on deposit.
The income account was published in V. 126. p. 1045.

Coca-Cola Co.
-Annual Report.
-

Calendar YearsNet sales
aCost of operations

1927.
1926.
1925.
1924.
332.515.501 $30,107,272 $28,553.425 $25.444,197
20.066,796 18,428,804 18.633.260 18.982.139

Operating profit
Other income

$12,448,706 $11,678.468 39.920.165 56,462.058
44.935

Total income
Other deductions
Federal taxes

$12.448.706 $11,678.468 39.920,165 56,506,993
} 3,285,551
3,274,815 j 660.585
11.360,000
806.000

Net Income
$9.163.155 38,403.653 37,899.580 35.70 993
0.
Preferred dividends s_
700,000
156,036
662,961
Common dividends--_(35)5,000,000(37)3500.000(37)3500,000(37)3500.000
Surplus
5,4,163.155 54.747,617 53.736.619 51.500.
993
Earned surplus Dec. 31_ b9.956.075
Shs. coin. outst.(no par) 1.000,000 15,782.920 10,916,860 7,174.843
500.0f/0
500,000
500.000
Earns. per Mare on corn_
$9.16
$10.00
516.49
$14.47
a Includes cost of goods sold, incl. freight on sales, discount and allowances, selling, branch, administrative and general expenses. b After deducting a 100% stock dividend ($9,990,000)Paid April 251927. x Preferred
stock redeemed during 1926.
3 Mos, End, Dec. 31- 1927.
1926.
1924.
1925.
Gross receipts
36,581,025 $5.894,902 54,873,300 35.256.982
Mfg. and general exp
3,862.162 3,585.138 2,676.852 4,427,178
Int. and discount. &c_
580.050
484,116
799,512
Net operating income. $2,138,813
$829,804
81,825.648 31.396.936
Other income
125,232
x Net income
3955.036
$2,138,813 81,825,648 51.396.036
x Before Federal taxes.
Consolidated Balance Sheet Dec. 31.
1927.
1926.
1026.
1927.
Assets$
$
MablittfeaaProp., plants.&e. 6,127.581 6,089.899 Capital stock_ ---c25.000.000 15,010.000
Cash
69,766,174 4,600,794 Acets pay.. &e.... 544,076
697.918
Govt.securities_ _ _
4,013
4,013 Accrued aciets__
1,437
2,497
Inventories
2.116.131 1,727.495 Fedi tax & continAcc'ts & notes rec_ 1,699.252 1,408.517
gent reserve__ 5,240,907 3,557,583
Deferred charges
39,745
31,902 Surplus
d9,956,075 15,782,920
Misc. assets
245,972
441.761
Good-will, &c.......20,745.677 20.745.677
Total
40,744,545 35,049,858
40.744,545 35,049,858
Total
a After depreciation. b Includes call loans. c Represented by 1,000,000
shares of no par value. d After stock dividend amounting to $9,990.000.V. 125, p. 2674.

Chile Copper Co.
-Allocation of Dividends.
-C. W.
Welch, Secretary-Treasurer, Feb. 15 in a letter to the stockholders said:
Under the Revenue Act dividends by a corporation out of depletion reserve (or increase in property value accrued prior to March 1 1913) are not
taxable except that the amount of the distribution "shall be applied against
the basis of the stock for the purpose of determining gain or loss
from its
subsequent sale." (See section 201 of the Revenue Act of 1926, and also
article 1543 of Regulations 69.)
The officers of the company, after consideration of the matter with its
counsel, are of the opinion that the distributions paid during the year 1927
should be allocated to earnings and to depletion reserve as follows:

No.
17
18
19
20

1205

FINANCIAL CHRONICLE

FEB. 25 1928.]

Total
Paid from Paid from
per
Earnings Deplet. Res.
Date
(per Share).(per Share). Share.
Paid.
5.625
5.2545
5.3705
April 1 1927
.625
.3189
.3061
June 30 1927
.3289
.625
.2961
Sept.30 1927
.625
.3797
.2453
Dec. 30 1927

Date
Declared.
Jan. 25 1927
April 26 1927
July 26 1927
Oct. 25 1927

Total income
Provision for taxes and other unadjusted claims_ _ _
Dividend on preference shares(4%)

51.2820
$2.50
51.2180
Total year 1927
Balance,surplus
The absve allocation has not yet been passed upon by the Treasury Profit and loss surplus
Department. (See also V. 124. p. 1365.)-V. 126. p. 110.
-V. 124, p. 3214.

-Annual Report.
Coca-Cola International Corp.

1924.
1925.
1927.
1926.
Years Roiled Dec. 31Divs. rec., Coca-Cola CO 52,391.837 $1,740,655 51.757.000 51.757.000
12.766
12,509
6.336
5,900
Other income
Total
Expenses
Net income
Dividends paid

$2,398,173 51.796.555 $1.769.509 51.769.766
12.674
9.535
10.558
4.552
$2.393.621 51.735.997 $1.,759,974 51.757.092
(59.25)2,391.837($7)1740.655(57)1757.000(57)1757.000

Balance. surplus
51.784
Ellis. cap. stk. outstand236.908
ing (no par)
$10.10
Earnings per share
Results for Quarters EndedDividends received
Expenses

def$4,658
246.325
$7.04

52,974

$92

251.000
251.000
$7.00
57.01
Dec. 31 '27. Dec. 31 '26.
5592.270
5431.068
1,337
872

1927.

1926.

$448.090
48,074

$305.451

5496.764
43,354

$305,481

$453.410
570,352

Years Ended Dec. 31
Profit from oper. after providing for depreciation
and for bad and doubtful accounts
Dividends and interest from affiliated cos

546.851
116.942

258,609

-Earnings.
Commercial Solvents Corp.
Calendar YearsOperating income
Other income

1926.
1925.
1924.
1927.
$2,579,967 52,444.335 $1,312.189 $1,236.151
112.222
87.712
183.044
76,754

Total income
Other deductions
Federal tax reserve

82,656.732 52.556.556 51.399,901 51.419,196
338.014
486.847
217,223
213.796
361,918
171.622
158.000
430,061

$2,012,875 $1,707,791
Net income
40.000
Preferred dividends x_
79.920
Class A dividends x..
435,444
y1.306,332
Common dividends__

5890.265 51.043.972
80,000
62.736
159.880
280,000

$650.385
$701.237
5706.543 51.152.427
Balance
y108.861
y47,064
y40.000
217,722
Cap. stk. out. (no par)
$13.82
$14.59
$17.53
$9.24
Earnings per share
x Class A stock and pref. stock retired in April 1926. y Class B stock
for new capital stock on a 2 for 1 basis
$429,731 (no par value) which was exchanged on 108.861 shares of Class B stock and
$593,192
income
Net
share
431,068 in Aug. 1927. z Being $4 per of new stock.
592.270
Dividends paid
-V. 125. p. 2270.
$4 per share on 217.722 shares
$872 def. $1,337
--Earnings.
Balance. surplus
Congress Cigar Co., Inc.
1327.
1926.
1925.
Comparative Balance Sheet. Dec. 31.
Calendar Years$19,592,738 519.090.070 $17.566.204
Gross sales
1926.
1927.
1928.
1927.
AssetsCost. selling, gen. admin., &c., exp - 16,085.002 16.548.474 15.414.347
51.592 Capital stock.....x$7.107,240 87,389.750
Bank accounts$192
10.559
Expenses for 1928_
Stock of Coca-Cola
53,417.736 52.541.596 52.151.857
Net profit
192
Co
7.107,240 7,389.750 Surplus
40.297
2,874
Other income
Contrib. by stock5,900
holders
$3,420.610 52,541.596 52,192.154
Total income
87,400.309
8,067 Total (each side) $7.107.432
Deficit
64.439
50.841
81,680
Depreciation
-V. 125. p. 2941.
x Represented by 236.908 shares of no par value.
160.103
154.144
Interest
336.480
249.460
430,006
-To Increase Stk. Provision for Federal taxes
Commercial Investment Trust Corp.
The New York Stock Exchange has received notice from the corporation
52,754.779 $2.140.676 $1.731.750
Net income
of a proposed increase in its authorized 639% 1st preferred stock from
787.500
1,575.000
Cash dividends
515.000,000 to 530,000.000. par $100.
Thomas May has been elected a Director, succeeding David May.
$1.179.779 81.353.176 51.731.750
Balance, surplus
V. 126. p. 1045.
a$2,158,362 55.178.795 $3.837.366
Profit & loss sur
$6.12
$4.95
$7.87
-To Recapitalize.
Earn, per sh. on 350.000 shs.cap.stk..
Cockshutt Plow Co., Ltd.
a After deducting 84,200.000 transferred to capital stock account.
The stockholders will vote April 30 on approving a plan of recapitalization which provides for a change in the authorized capital stock from
Balance Sheet Dec. 31.
$15,000,000 (divided into 75.000 shares of % pref. stock and 75.000
1926.
1927.
1928.
1927.
shares of common stock, par $100) to 288.600 shares of no par value capital
$
$
Liabilities5
Assets$
stock (all one class).
Capital stock ____.5.800.000 1.400.000
common Land,bidgs.,equip.
The 10,350 unissued preference shares and the 25,000 unissued
less deprec
1,805.789 1,272,765 Notes payable__ 3.550.000 3.625.000
shares of the par value of $100 each, of the present authorized capital stock Cash
202,261 Drafts & /Lent. pay 112.914
358,635
shall be cancelled.
453.933
roe
2.159,788 2,553,880 Accounts payable.. 792.190
The 64.650 fully paid preference shares (par $100 each). issued and now Accounts
482,270
Inventories
8.154,168 6,999.432 , Accr.Fedtaxes,&o 535.857
outstanding, shall be converted Into 258,600 fully paid co•nmon shares Investments
437.500
51.019 Div. payable
14.200
preference shares so converted
without par value, and the holders of such
2.158,382 5.173.798
Deferred charges....
65,796
40,840 Surplus
shall become the holders of four fully Iliad common shares without par Other assets
190.949
value for each share of preference stock held by them respectively. A cash Cash for div
payment of $10 per pref.share will also be made at the time of the exchange. Good will A: trade 437.500
The 50,000 fully paid common shares. par $100 each, Issued and now
1
1
names
outstanding, shall be converted into 30.000 fully paid common shares without par value, and the holders of the present common shares shall become
13.186.824 11.119.998
Total
13.188.824 11.119.9981 Total
holders of the said 30.000 fully paid common shares without par value
the
a Represented by 350.000 no par shares.
-V.125. p. 2991.
In the proportion of three common shares without par value for each five
nommen shares of $100 par value, held by them respectively.

The company in a letter to the stockholders, Feb. 14,
said in substance:

The directors have for some time had under consideration the question
of a change In the financial structure of the company.
One of the results of the World War was the cutting off, for a time, of
foreign demand for agricultural implements. Domestic trade also fell off
after the war, partly because of a succession of poor crops and the low
price of agricultural products, which reduced the power of the Canadian
farmer to buy new Implements and to pay for those already bought. Owing
to these conditions, the company was unable to maintain the full rate of
dividend on its preferred shares, with the result that on Dec. 31 1927,
this dividend, which Is cumulative, was in arrears to the extent of 60%.
While farming conditions in Canada have improved during the past 2
years, and the company's business with them, it seems likely that the farm
implement trade will remain highly competitive, so that if the company Is
to retain its share of it. In volume commensurate with Its capital Investment, it must be prepared not only to maintain but to better its existing
organization and manufacturing facilities.
In these circumstances the existence of a large amount of accumulated
dividend arrears is a handicap to the company and is of no benefit to the
preference shareholders.
tinder existing conditions, which are quite different from those prevailing when the company was formed, the company's present financial structure Is top-heavy. There is far too much preference capital as compared
with ordinary capital, and, apart from the arrears which have been plied
up, the annual cumulative charge Is too heavy by comparison with the
actual business and earnings of the company, and renders it difficult for
the company to consider expenditures necessary for the preservation of
its business.
The preference shareholders, feeling that they have no interest in the
equity in the company represented by the common stock, but only in the
preferred claim attaching to their shares, are, naturally, inclined to think
that their claim should be met before any question of expenditure for expansion is considered, and that such expenditure would be wholly or mainly
for the benefit of the common shareholders. This is not actually the case,
because the Interest of the preferred shareholders now forms so large a
portion of the whole that the continued growth of the company is of vital
importance to them. The preference shareholders are anxious to have the
question of arrears dealt with in some way or other, and a number of them
have so expressed themselves.
Any plan of reconstruction of capital must be approved by both classes
of shareholders, who have equal voting power.
After considering a number of schemes, the directors decided that the
most advantageous plan, both for the company itself and for both classes
of shareholders, will be to convert the present authorized capital consisting
of shares having a par value of $100 each into shares without par value,
and to distribute the same in the proportion of about 90% to the preference
shareholders and 10% to the common, an exchange which appears fair
and should be acceptable to both classes.
The directors were able to consult some of the large shareholders in each
class and to obtain their concurrence in the above idea, and they now propose the following plan:
(a) The existing preference and common shares will both be exchanged
will
These now
for new shares. all of one class. stock, thereshares no be of no par value
being
shares of any other
and will form the whole capital
carried
issue.
class left in issue after the scheme is4 of theout and no bond each
new shares for
present
rate of exchange will be
(b) The
preference share, and 3-5ths of a new share for each of the present common
shares. Thus the present preference shareholders will receive among them
258.600 of the now shares and the present common shareholders wW receive
30,000 of the now shares, making a total issue of 288.600 shares. It will
be seen that the common shareholders will receive just under 10A % and
the new
the preference shareholders just over 89A % of with it issue. The surthe surrender of
render of the existing preference shares will carry
claims thereunder.
all dividend and other
cash payment of $10 per share
(e) As part of the above settlement, a
the time the exchange is
will be made to each preference shareholder at
shares for one.
carried out, in addition to the 4 new intended to make application for listthe proposal is carried out it is
If
ing the new shares on the Toronto Stock Exchange, the present shares
being listed only on the London Exchange.




-Co-Agent.
Consolidated Cement Corp.

The Bankers Trust Co. has been appointed co-agent with the Illinois
Merchants Trust Co.. Chicago, Ill., for the payment of the corporation's
-V. 123. p. 1637.
lit mtge. 6A % bond coupons.

-Annual Report.
Consolidated Cigar Corp.(8c Subs.).
1924.
1925.
Calendar Years1927.
x1926.
Gross profit on sales_,... $8,184.437 $6.345,034 $3.945.937 53.342.622
1.702.978
1.620.630
Selling, adm.& gen.exp_ 3.922,622 2.801.075
54.261.815 $3,543.959 52.242.959 51.721.992
Operating Profit •
Int. en loans. discount &
475.560
489.797
695.402
miscell. losses (net)-.... 1.066.128
185.000
230.000
362.200
Fed. & State taxed (est.)
274.050
Net income
$2.921.637 52,486.357 51,523:162 51.081.433
Prior pref. diva($1.62A)178.750
272,735
475.571
250.356
s2311.525
7% pref. dividends
681.318
1.750.000
Common dividends
5808.878
$754.362 51.554.683 $1.047.591
Balance
1,599.829
960.004
1,835.418
Profit & loss surplus_ _ - 1,983.532
145.997
147 573
250.000
Shs. corn. outst. Dio par)
250.000
$h.48
$8.95
$8.56
510.01
Earn. per sh. on common
a Approximate (Inserted by editor). x Includes earnings of G. 31. P.
Cigar Co. Inc. for the 6 months ended Dec. 311926.-V. 125. p. 3647.

-New Directors, &c.
Consolidated Laundries Corp.

Thomas H.Blodgett. President of the American Chicle Co. and Chairman
of the executive committee or the Snider Packing Co., and A. 14. Jenkins,
Vice-President of the American Chicle Co., have been added to the board
of directors. Other additions to the board are Thomas D. Webb, VicePresident of the American Laundry Machinery Co.; R. E. Miller, Vice,
President of the Bank of New York & Trust Co.; A. R. Marsh of the American Appraisal Co.: W. Londfelder of the Kohnstamm Supply Co., and
Thomas K. Finletter of Coudert Bros.
The company plans to embark on an extensive program of expansion in
the near future. In this connection it Is reported that Mr. Blodgett and
-V. 126. p. 419.
Mr. Jenkins will shortly assume executive positions.

-Directors Resign.
Continental Baking Corp.

The resignations of Karl W.Corby and George K.Morrow as directors
-V. 125. P• 3353.
have been accepted.

-Transfer Agent.
Cosden & Co., Inc.

The Guaranty Trust Co. of New York has been appointed transfer
agent for 50,000 shares of preferred stock.$100 per share,and 100,000 shares
of common stock without par value. See also V. 126, p. 1046.

-100% Stock Dividend.
Courtaulds, Ltd., England.
The directors have declared a final dividend of 3s. 6d. a share on the
ordinary stock for the year 1927, compared with 4s. 6d. at this time last
year. and 53. two years ago. An interim dividend of Is. 6d. a share was
paid on July 29 last.
The directors have voted that the ordinary stock be increased to 412.000,000 by the issuance of E12,000,000 new ordinary shares, the latter to
be distributed to the ordinary shareholders as a 100% stock bonus.
The directors value the company a holdings in the American Viscose
Co. at £18,557,000.
1925.
1926.
1927.
Earnings for Calendar Years£4.585.000 £3,804,791 £5,111,413
Net profit
700.000
750,000
1.000.000
Reserves
Net income
-V. 125. 1). 323•

£3.585.000 £3,054,791

£4.411.413

-To Inc. Stock.
Curtiss Aeroplane & Motor Co., Inc.
The stockholders will vote March 20 on increasing the authorized common stock (no par value) from 218.060 shares, all outstanding. to 300.000
-V. 126, p. 1046.
shares.

1206

FINANCIAL CHRONICLE

Craddock-Terry Co.
-Balance Sheet Dec.
1927.

1927.

1926.

1926.

Assets
14a5Udies
Real estate.&c _ _x3,847,818 2,569,440 Common stock_ _ _ 3,288,600 3,296,700
Cash
677.940
608,848 1st pref.,6% cum_ 1,250,000 1,250,000
Accts. receivable... 3.977,623 4,389,410 2d pref.. 6% cum_ 1,250,000 1,250,000
Notes receivable
185,358 Cl. C pfd. 7% cum 1,126,000
145.858
948.100
Mdse.inventories_ 3,893,406 6,300.086 Notes payable_ _ _ _ 2,493,000 5.288.000
Other assets
270,432 Accts. payable _ _ _ 447,609
372,528
587.102
Stocks of affiliated,
Accrued accounts _
32,327
26,149
&c.,companies. 686,342
603,668 Federal income tax
38.300
Deferred charges
111,554 Res. for conting's_
65.152
141,117
138,635
Surplus
3,640,497 2,213,319
Total(each side)13,666.669 15.038.787
x After deducting $1,010,129 reserve for depreciation -V. 125, p. 523.

Cuyamel Fruit Co.
-Annual Report.
[Including Cortes Development Co. and subsidiary.1
Calendar Years1925.
1926.
1927
1924.
xConsolidated earnings_ 53.314,975 $1.984,146 32,583.737 32,437.650
yAmort. of concessions &
depreciation
989,330
957,265
1.001.957
1,105.443
zProv.for depr.on steamships
100.948
91,897
Interest paid
421,612
327,302
318,660
523,963
Prov. for Federal tax_ _ _
55.345
89,759
8,296
Prov.for expl.& research
60.000
Prov. for conting
21,000
Consol. net earns, for
year
$1.869.290
Prey. capital & surplus
of consolidated cos__ _ 16,503,192
Add-Proceeds of sale of
50,000 shs cap.stk _
Acij. of Fed,inc. taxes
11,417

$612,170 $1,059,219
17,091.022

$708,051

14.892.733 15,388,458
2,398,517
15,000

Total
318.383.900 317,703,193 $18,365,471 $16,096,508
Deduct-Adj.of equity in
capital stock of S• agamo
SS. Corp
50.936
Loss of S. Jamaica
152,839
Prem.on 7l.i %bds.called
148,750
Unamort. disc. on 7)is275.697
Divs.: Cuyamel Fruit Co
600.000
300.000
500.000
do Cortes Devel. Co.
600,000
550,000
500,000

[VOL. 126.

bonds and stocks with a market value equal to 125% of such collateral
gold bonds.
The Diversied Securities Corp. must maintain this ratio of security .
,
The total market value of any one issue of bonds pledged as collateral
must not exceed 10% of the total principal amount of the bonds outstanding.
The total market value of any one issue of stock pledged as collateral
must not exceed 5% of the total principal amount of the bonds outstanding.
The market value of stocks pledged as collateral must not exceed 50%
of the market value of the combined stocks and bonds so pledged.
The market of the pledged collateral will be certified to the trustee at
regular intervals (at least once a month) by a firm acceptable to the trustee
holding membership in the New York Stock Exchange.
The total amount of collateral gold bonds and notes at any time outstanding shall not exceed 100% of the paid-in capital of the corporation.
The total amount of collateral gold bonds and notes and other indebtedness at any time outstanding shall not exceed 60% of the combined cost
price of securities owned and cash on hand.
The above trustees are instructed to give information relative to the
pledged collateral at all times to those desiring such information.

Dolese & Shepard Co., Chicago.
-Dividend Rate Increased-Extra of$1.50 Also Declared-Earningsfor Year1927.

The directors have declared a quarterly dividend of $2 per share and an
extra dividend of $1.50 per share on the outstanding $957,400 capital stock,
par $50. both payable April 1 to holders of record March 21. Previously
the rate was $1.50 per share quarterly, and in addition an extra of $1.50
per share was paid on Jan. 1 last.
Years Ended Dec. 311927.
1926.
Net sties stone
$881,545
$735,665
Cost ofstone sold
527.977
450,438
Bond interest and expense
104,032
97,997
Net profit
$249,535
8187,230
Miscell. income,less miscel. expenses
116,083
118,666
Gross income
$365,618
$305,896
Reserve for income tax
48,600
42,000
Net income
$317,018
3263,896
Dividends
191,480
162.758
Surplus
$125,538
$101,138
Earns, per sh. on 19,148 shs. cap. stock
to
$21.79
$13.78
V. 124, p. 3779.

(E. I.) du Pont de Nemours & Co.
-Regular Dividend.
-

The directors on Feb. 20 declared the regular quarterly dividend of $2.50
per share on the outstanding no par common stock, payable March 15 to
holders of record March 1. Three months ago the directors. in addition to
a quarterly dividend of $2.50 per share, declared Itra dividends amounting
to $4.25 per share (see V. 125, p. 2942.)-V. 126, p. 570. 859.

Capital & surplus of
comb. cos. Dec. 51_$18,383,900 $16,503,193 $17,091,022 $14,892,733
Shares of capital stock
outstanding (no par)_
300.000
300.000
300,000
250.000
Evans Lead Co., Charleston, W. Va.-Merger.Earn. per sh.on cap.stock
$6.23
$2.04
$3.53
$2.83
See Evans-Wallower Lead Co. below.
x After deducting all expenses incident to operations, including repairs
and maintenance and all other charges and losses (and after adding in 1926.
Evans-Wallower Lead Co.-Consolidation.$73,972 and in 1925 $151,972 income from other sources). y Includes
ConsAidation of the Evans Lead Co. of Charleston, W. Va., and the
depreciation of farms, railroads, machinery and equipment, steamers and
Golden Rod Mining & Smelting Corp. into a new company to be known as
office building furniture and fixtures. z Option canceled Dec. 31 1925.
the Evans-Wallower Lead Co. has been announced.
-V. 125, p. 2270.
Edgar Z. Wallower of Joplin. Mo..formerly President of the Golden Rod
corporation, will head the consolidated company: Ray
Diversified Securities Corp.
-Class A Pref. Stock Offered. ton,W.Va.,will be 1st Vice-President, and Louis M.M.Evans of Charles.
Atha of Charleston,
Murphey-Favre & Co., Spokane, recently sold an additional will be Treasurer. Marshall Field and Thomas P. Durell of Field, Glore
New York,
issue of 12,000 shares of class A participating preference & Co. of as directors who have been directors of the Evans Lead Co., will
continue
of the new company with John Gates Williams, Viceshares at $31 per share.
President of the Mississippi Valley Trust Co., and Charles W. Moore, of
Class A pref. stock has priority over common stock as to both assets Smith, Moore & Co. of St. Louis.
The capital structure of the new company will consist of $1.250,000 7%
and dividends: fully participating as a class: non-cumulative. Shares are
fully paid and non-assessable. Dividends exempt from present normal cumul. pref. stock authorized and outstanding and 500.000 shares of no
Federal income tax. Priority dividends of $1.75 per annum payable par value common stock authorized, of which 450.000 skares are presently
quarterly on the class A participating preference stock shall be payable to be outstanding.
Terms of the merger provide for an exchange of Golden Rod 1st pref.
before any dividends shall be paid or set apart for payment on the common
stock in any current year. After payment of the annual $1.75 dividend stock at the rate of 20 shares for one share of the new 7% 1st pref, stock,
to the preference and 35c. per share to the common stock, then any further with a $5 cash premium and accrued dividend adjusted to a continuous
amount to be distributed as dividends in any year shall be distributed 7% return, and an exchange of Golden Rod 2nd pref. stock at the Tate of
20 shares for a like amount of new no par value common stock and $50 par
share for share to the preference stock and common stock.
Li,uidation.-Class A stock has priority in liquidation or dissolution, value of now 1st pref. stock. Golden Rod series A stock will be exchanged
over the common stock up to $25 per share. Following such provision at the rate of 20 shares for 12 2-5 shares of new no par value common stock
for the preference stock, then the common stock shall be entitled to $5 and $31 par value of new 1st pref. stock. No terms have been made public
per share The remaining assets shall then be distributed (first) to the for the exchange of Evans Lead Co. shares, which have been closely held
;
preference shares pro rata until the amount in excess of $25 originally by the Evans family.
,
Combined earnings of the two companies for 1927. after derpeciation and
received by the corporation on its preference shares has been distributed,
and (second) to the common stock pro rata until the amount in excess taxes, were equivalent, after preferred dividends,to approximately $1 per
of $5 originally received by the corporation on its common shares has been share on the new common stock. These earnings were lower than usual
distributed. The remaining assets shall be equally divided share for because of a severe decline in zinc and lead prices which took place during
the year. Earnings of the Evans division, it is officially announced, are
share between the class A preference stock and the common stock.
-Each share of participating preference stock shall be running currently at a rate considerably better than last year.
Voting Rights.
Officials of the new company have recently investigated new processes in
entitled to vote equally with each five shares or common stock for a fixed
period of time in the event that the full preferential dividend of $1.75 the metal field and it is understood that plans may be completed at an early
per share has not been paid on outstanding preference stock although suf- date for the erection of a new plant in East St. Louis.
ficient earnings had been realized during that year to pay the same. This
,
Fageol Motors Co. (Calif.).
-Debentures Offered.
-Bradvoting right accrues to the preference stockholders also in the event that
two years shall elapse without dividend payments aggregating at least ford, Kimball & Co., San Francisco; Drake, Riley & Thomas
$1.75 per share, whether or not earned during that period.
and California Co., Los Angeles, are offering at 100 and int.
Dividends.
-During 1927 dividends of $2 per share were paid on this
class A participating preference stock. (The regular dividends of $1.75 $600,000 634% sinking fund debenture bonds (closed issue).
were paid by Dec. 1 and an extra dividend of 25c. was declared Dec. 31.)
Dated Feb. 1 1928: due Feb. 1 1936. Callable all or part, on
After payment of dividends on the class A participating preference stock date upon 30 days' notice at 102Yi. Denom.$1,000 and $500 cs. any int.
Normal
and on the common stock, a substantial amount was added to surplus Federal income tax up to 2% paid by the company. Principal and interest
out of earnings. Such earnings were made on an average capital of less (F. & A.) ioayable at the office of Pacific National Bank, San Francisco,
than $200,000 paid-in Class A preference stock and 840,000 paid-in common trustee. Company agrees to refund, upon timely and appropriate applicastock.
tion. Calif. personal property taxes not exceeding in any case. 5 mills per
Capitalization.
-The authorized capital of the corporation consists of annum.
50.000 shares of class A participating preference stock and 50,000 shares
Data from Letter of L. H. Bill, President of the Company.
of common stock. The present paid-in capital is $650,400. consisting
Company.
-Occupies a modern manufacturing plant in Oakland.
of 20,000 shares of class A. preference stock ($542,000) and 20.000 shares
of common stock (3108.400). This increased capital will enable the Has been manufacturing and distributing high grade safety coaches and
motor trucks since 1916. Annual sales of the company for the 7 years to
corporation to take advantage of additional favorable investment oppor- and
including 1927 have averaged over $2,888.000.
tunities and should reflect favorably on its earnings.
Security.
-Debentures are the direct obligation of company,which coveRatio of Preference Stock to Common Stock.
-The following definite ratio
of preference and common stock as provided in the by-laws must be main- nants that during the life of this issue no liens will be placed on any of the
tained: For each $5 paid in for class A participating preference stock, real property, plant, equipment or fixtures now owned by the issuing
corporation. This issue is further secured by pledging with the trustee a
$1 must be paid in for common stock.
Investment Regulations.
-The board of directors of the corporation have contract executed between Fageol Motors Co., (Calif.) and the Fageol
Motors Co.(Ohio). 98% of the stock of which is owned by American Car &
adopted protective investment regulations for the corporation.
Management.
-A contract has been entered into by the corporation Foundry Motors Co., whereby the sum of $600,000, the full principal of
with Murphey-Favre & Co. to manage the corporation and furnish detailed this issue, will be paid to the California corporation in eight equal annual
Information and recommendations for the purchase and sale of securities. installments of $75,000 each.
Earnings -Net earnings before interest and Federal taxes for the 6 Years
Under this contract all ordinary expenses of the corporation, including
salaries, rent, travelling expenses, &c., are to be paid by the managers, who ending Jan. 11927, average $193,699 per year or 4.9 times annual interest
shall be entitled as managers, to receive a fee for their services amounting charges on this issue. Net earnings for the 10 months ending Oct. 311927.
were $204.981, or 5.2 times annual interest charges.
to one-fifth of the corporation's net profits.
Current Assets.
-The balance sheet of Oct. 311927. after giving effect to
The management contract between the Diversified Securities Corp. and
Murphey, Fevre & Co. specifically provies that all securities sold by the this financing, shows current assets of $1,912.828. and current liabilities
managers to the corporation shall be without profit to them and they of $156.942, a ratio of over 12 to 1. The company agrees that the current
shall not be permitted to sell any securities to the corporation which they assets will be maintained at all times during the life of these deebnture
bonds at not less than twice current liabilities.
have owed more than five days.
Sinking Fund
Special Provisions.
-Indenture provides for the pledge
-The same bankers are offering 5%% coll. and assignment and the trustee of the contract between the two 'Fageol
Bonds Offered.
to
trust gold bonds maturing 5, 10, 15 and 20 years, and desig- companies, all payments under said contract to be thereafter made directly
With such payments the trustee shall create a sinking fund
nated Series "A," "B" and "C." Prices: 5
-year bonds, 100 to the trustee. used exclusively for the retirement of debentures prior to
which shall be
and int.; 10-year bonds, 993i and int.; 15-year bonds, 99 maturity. The minimum annual retirement under this contract will be
,
$75,000, which in itself is sufficient to retire this entire issue by maturity.
-year bonds, 98% and int.
and int.; 20
Indenture further provides that additional payments shall be made to
Principal and int. of each series are payable at the office of the trustee the sinking fund equivalent to 10% of all net earnings as defined in the
for that series. Denom. $1,000 and $500. Callable, all or Part, by trust indenture, In excess of $250.000 and up to $300.000. and 20% of all
lot on any int, date on 30 days' notice at 100 and int., plus 31 of 1% for net earnings in excess of $300,000. The borrowing corporation covenants
each year or fraction of a year of the unexpired term of the bond. Trustees: to pay no dividends on its common stock from its present accumulated
Series A, Spokane & Eastern Trust Co.. Spokane. Series B, Fidelity surplus and to pay no common stock dividends in any one year during*
National Bank, Spokane. Series C. Seattle National Bank. Seattle.
the life of this issue until after $185,000 net has been earned in that year.
-Bends will be the direct obligation of the corporation and
Security.
Authorized. Outstanding.
Capitatization$600,000
$600,000
will be specifically secured at all times by collateral deposited with the
debenture bonds (this issue)
840,000
1,000,000
7% cumulative preferred stock (par $10)
trustees.
2,000,000
2.000,000
The collateral securing these bonds must consist of eash in the ratio Common stock (200.000 shares)
of 100% of the amount of collateral gold bonds outstanding. and (or) -V. 126, p. 584.




FEB. 25 1928.]

1207

FINANCIAL CHRONICLE

-Guaranteed Bonds Sold.
Firestone Cotton Mills.
Otis & Co., Cleveland Trust Co. and the National City Co.
have sold at 97 and int., to yield about 53.%,$12,000,000
-year 5% sinking fund gold bonds.
20

-To Change Par Value.Gardner Motor Car Co. Inc.

The stockholders will vote Marl 13 on changing the authorized capital
stock from 300,000 shares of no par value to 300,000 shares of $5 par
value, each present share to be exchanged for one new share.
This company, now launched upon its greatest production program, is
in the most secure position in its history as regards models, price range,
Dated Mar. 1 1928; due Mar. 1 1948. Denom. $1,000 and $500 c*. balance sheet position and sales organization, according to President R.E.
Principal and int. (M. & S.) payable at Cleveland Trust Co., Cleveland, Gardner, Jr. The company now has $3 in the bank for every dollar owed,
trustee, or at National City Bank, New York, without deduction for any and a net current ratio of over 15 to 1. Its liquid condition is indicated
Federal income tax up to 2%. Company will refund any Penn. personal by $5 of working capital for every dollar invested in fixed assets, so that
property tax not in excess of 4 mills. Red. all or part by lot on any int. any temporary periods of slow business or shutdowns for inventory or
date upon 30 days' notice at 102Si and hit, during first 5 years, at 1013
any other cause will show but a negligible loss through tied up capital.
and int. during second 5 years and at 101 and int, thereafter prior to V. 126, p. 1047.
maturity.
Guaranty.-These bonds will be unconditionally guaranteed as to prin-Class A and B Stock Off List.
General Baking Corp.
cipal, interest and sinking fund by the Firestone Tire & Rubber Co.of Ohio.
Chairman Frederic H. Frazier announces that beginning Friday, Feb. 24,
Curb Market only in the preferred
Data from Letter of Harvey S. Firestone, President of Firestone there will be trading on the New York
Cotton Mills.
and common stocks of the General Baking Corp., and that the class A
-Organized in Mass. in 1924. Entire capital stock is owned by stock and class B stock will be removed from the list. The new stocks
Company.
the Firestone Tire & Rubber Co.of Akron, Ohio. This company purchased have been traded in together with the old since Friday, Feb. 17. and all old
promptly for the new stock on
the Sanford Spinning Mills at Fall River, Mass., and has been manufac- shares now remaining should be exchanged share of new common stock for
turing and selling to the Firestone Tire & Rubber Co. a portion of its tire the basis of one share of pref. stock plus 3i
of new common stock for
fabric requirements. These mills have not been adequate and the com- each share of the old class A stock and one share p. 878. 258.
pany has recently acquired a practically new cotton mill property at New each share of the old class B stock. See V. 126.
Bedford, Mass.
-President Alfred
-January Sales.
General Motors Corp.
Security.
-Bonds will be secured by a closed first mortgage on all of company's real estate and manufacturing plants in Fall River and New Bedford, P.Sloan, Jr., makes the following statement:
The Guarantor Company.
-As to the financial responsibility of the guarRetail sales by General Motors dealers to consumers in January were
antor,its annual statement of Oct. 31 1927 shows approximately 880,000,000
net assets after allowing for bonds of subsidiary cnmpanies previously guar- 107,278 cars. This compares with 81,010 for Jan. 1927, a gain of 26.288
contributed
anteed. Its sales for 1927 fiscal year were $127,696,000 and its Profits cans. or 32.4%. Gains by practically all car divisions have month on
to this result. Retail sales were somewhat limited during the
thereon $13,780,000.
was limited due to the
On sales as summarized below, the net income (after Federal taxes) of account of the fact that stock in the hands of dealers the year. In January
of
the Firestone Tire & Rubber Co. and its subsidiary companies in the bringing out of certain new models at the beginningMotors dealers, totalled
sales by General Motors divisions to General
United States has been as follows:
125,181 cars. This compared with 99,367 for the corresponding month a
Net Income. a year ago; a gain of 25,814 units or 26%.
Years Ended Oct. 31Sales.
$7,348,000
1922
$64,500,000
The following tabulation shows monthly sales of General Motors cars
6,104,000 by dealers to ultimate consumers and sales by the manufacturing divisions
1923
77,500,000
7,116,000 of General Motors to their dealers:
1924
85,610.000
12,800,000
1925
125,598,000
-Dealers Sales to Users- -Divisions Sales to Dealers
a7,622,000
1926
1926.
144,397,000
1927.
1928.
1926.
1927.
1928.
613.780.000 January
1927
76.332
127,696.000
99,367
53.698 125,181
107.278 81,010
91.313
a From which a reserve for contingencies of $1,500,000 was provided and February
---- 124.426
102,025 64.971
b $500.000 additional was provided, making total reserve of $2,000,000. March
---- 161.910 113.341
146.275 106.051
which is now intact.
These figures include passenger cars and trucks sold in the United States,
Average annual net earnings of the Firestone Tire & Rubber Co.,as shown Dominion of Canada and overseas by the Chevrolet, Pontiac, Oldsmobile.
above, were $9,128,000, or over 73 times the combined annual interest Oakland, Buick, LaSalle and Cadillac manufacturing divisions of General
requirements of these bonds and of other bonds guaranteed by the company. Motors.
Sinking Fund.
-The mortgage securing this issue will pro4de for a sink-E. G.,
ing fund which commences to operate on Mar. 11931, estimated to be sufFrigidaire Corp. Anticipates Record Retail Volume.
ficient to retire 35% of the bonds within 10 years and over 80% of this issue
Biechler, President of the Frigidaire Corp., says:
before maturity.
We expect to break all records in the current year.
-Proceeds of this issue will be used for the retirement of the
Purpose.
During the past few weeks a party of 20 executives of the corporation
company's first mortgage 15
-year 67 sinking fund geld bonds, due July 1
covering
outstanding in the amount of$1,875.000, to reimburse the parent have addressed the company's field forces in 6 regional centers,
1940.
Chicago. The New
company for advances in connection with the purchase of the new mill at Dayton, Omaha, San Francisco, Dallas, Atlanta and1,300 representatives
New Bedford, to provide additional equipment to utilize the full capacity York convention is being held at the Hotel Astor with
of these mills, to finance the increased requirements of raw material and In attendance.
We have covered 60% of our territory and dealers at the various confor additional working capital.
Listed.
-Listed on Boston Stock Exchange"when issued."
-V.121, p.205 ventions thus far have turned in business with a retail volume of $4,500.000:
and have pledged the volume for the first quarter of $26.000,000. With
anticipate receipts
heard
Firestone Tire & Rubber Co., Akron, 0.-Guaranty.- other large centers to be during from, wequarter of the year. of over $30,Such volume
the first
000.000 of retail business
See Firestone Cotton Mills above.
-V. 125, p. 3474.
would be equal to 2,4 times the first quarter volume in 1927.
Our business is seasonal and the first quarter normally turned in about
Formica Insulation Co.
-Extra Dividends.
20% of the years total business. We are confident that the large business
The directors have declared an annual dividend of $1 per share and an which has developed during the past few weeks indicates a record year
extra dividend of 40 cents per share, both payable in 4 installments of 25 in 1928.
cents and 10 cents, respectively, on April 2, July 1, Oct. 1 1928, and Jan. 2
During 1927. the Frigidaire Corp. doubled its unit output as compared
1929 to holders of record. March 15, June 15, Sept. 15, and Dec. 15. with 1926 in all lines except the ice cream cabinet field. In the latter field
-V. 120. p. 1591.
respectively.
our output last year about equaled 1926.
From present indications it is expected that we will show a gain in outFort Worth (Tex.) Elevators Co.
-Name Changed.
put during 1928 at least 25% greater than in 1927. Although our industry
See Fort Worth Elevators & Warehousing Co. below.
is still comparatively new, we already have more than 500,000 meeesnical
-V. 120. p. 834.
refrigeration installations to our credit.

Fort Worth (Texas) Elevators & Warehousing Co.
-Peabody, Houghteling & Co., Chicago, and
Bonds Offered.
Canal Bank & Trust Co., New Orleans, are offering at prices
9,
to yield from 5% to 630 according to maturity, $900,000
1st (closed) mtge.6% serial and sinking fund gold bonds.

Dated Feb. 1 1928; due serially (F. & A.) from Feb. 1 1929 to 1938
Interest payable at Chicago Trust Co., Chicago, Peabody. Houghteling
& Co., Chicago, or Canal Bank & Trust Co., New Orleans. Denom.
$1.000 and $500 cs Red. all or part on 60 days' notice on any int. date,
in reverse of numerical order on Aug. 11928, at par plus a premium of 5%,
the premium decreasing thereafter 3 of 1% in each year. In each case with
accrued int. Interest payable without deduction for normal Federal income
tax not exceeding 2%. Company agrees to refund to resident holders,
ion proper application. certain State taxes. Chicago Trust Co.. and A. J.
ennthgs, Chicago, trustees.
Data from Letter of Jule G. Smith, President of the Company.
Business & Properties.
-Company (formerly called the Fort Worth
Elevators Co.) has been engaged in the storage and marketing of grain
since It began business in 1911. The marketing operations of the company
have recently been taken over by the Smith-Ingraham Grain Co.. which
company has executed a contract, effective during the term of these bonds,
agreeing to store all of the grain and other commodities handled by it in
Fort Worth Elevators & Warehousing Co.'s properties. The success of the
company is evidenced by its growth from a capitalization of $150,000 in
1911 to a net worth as at Oct. 15 1927, in excess of $2,000,000. Company
is now engaged solely in the business of storing and serving grain and other
commodities and the mortgage under which these bonds are to be issued
provides that it shall not engage in trading or marketing operations. It
owns and operates grain elevators and storage warehouses, having a combined capacity of approximately 5,000,000 bushels, all advantageously
located in the City of Fort Worth. Texas.
-Bonds will be secured by closed 1st mtge. upon
Security & Valuation.
all of the land, huildings, and other fixed assets of the company, now or
hereafter owned. Company's land, buildings, machinery and equipment
have been appraised by Coats & Burchard Co..as of Jan. 311928,as having
a net sound depreciated value of $2,219,369.
-The actual earnings of the company as certified to by Thulin
Earnings.
& Co.,for the 3 years and 5 months ended Nov. ao 1927, available for bond
This income
interest, depreciation and Federal taxes, averaged $101,100.the company s
'
does not include any charge for the storage and servicing or
grain. The income of the company, from grain storage alone, adjusted
include the customary charges for the storage and servicing of its own
to
grain, averaged $205,700 annually for this period.
Hereafter, the company will impose customary charges on all grain stored
and serviced under its contract with the Smith-Ingraham Grain Co..Income
from which source will be included in its earnings. The company's business
Is conducted on a cash basis and accrued charges constitute a first lien on
grain stored.,
Purpose.-roceeds will be used torefund existing mortgage indebtedness
and to provide additional working capital. for an annual
sinking fund.
-Provision has been made
Sinking Fund.
equal to 25% of the company's net earnings, which should provide for the
retirement, before maturity, of a substantial part of the Issue.
-Jule G. Smith has agreed to guarantee unconditionally, by
Guarantee.
endorsement on each bond, the payment of prin. and int.
Outstanding.
Capitalization.$900,000
First mortgage serial & sinking fund gold bonds
1 500,000
Common stock

ig

-Tenders.
Foote Bros. Gear & Machine Co. a fund has been estab-

In accordance with the articles of Incorporation,
lished to purchase preferred stock in the sum of $25,284, and holders have
been requested to submit to the company offers of sale of preferred stock,
together with accrued diva. to May 15, delivery thereof to be made to the
company on May 16. Proposals will be received until May 14 at the
125, p. 1844.
office of the Secretary, 215 North Curtis St., Chicago,




-During the year 1927
Sales Overseas in 1927 Show Gain.
General Motors cars sold to overseas dealers totaled 193,830,
according to an announcement made by President Alfred P.
Sloan Jr. This compares with 118,791 cars sold to overseas
dealers in 1926 and with 100,894 cars in 1925. Sales in 1927
were 63.2% higher than in 1926 and 92.1% higher than in
1925.
The number of cars sold to overseas dealers by quarters in 1927. 1926
and 1925 is shown in the following tabulation:
JEN°.of Cars and Trucks Sold.
5
Period
15, 77
31.935
39.443
1st quarter
26.277
31.861
53,009
2nd quarter
25.906
22.799
48,885
3rd quarter
33,134
32.195
52,493
4th quarter
100.894
118,791
193,830
Totals
x These figures are the sales by General Motors export organizations to
dealers of Chevrolet, Pontiac, Oldsmobile, Oakland, Buick. LaSalle and
Cadillac in all countries of the world, except the United States and Dominion
of Canada, but do not include sales of Vauxhall Motors, Ltd., or overseas
sales of the products of the Yellow Truck & Coach Mfg. Co.

-J.D.Mooney,president of the General
Overseas Business.
Motors Export Division, has authorized the following:
The General Motors Export Division is operating in 104 countries and in
1927 did a business of $180,014.700 as compared with $107.387,300 in 1926.
A total of 118,791 cars were sold in 1926 by General Motors in the overseas markets, compared with 193,830 cars in 1927.
In 1926, General Motors exported 34.712 cars and trucks valued at 536,865,70e to Europe while in 1927, 55,708 units were exported valued at
$59.799.700. We have nearly $6,000.000 invested in real estate, plants and
-V. 126,
equipment in Europe and are employing 5,492 men and women.
p. 1047. 723.

General Tire & Rubber Co.
-Kansas City Branch.
Following a policy of establishing permanent branch plants in the large
cities, the company has just completed purchase of ground, and hasstarted
plans for a modern office and warehouse building at Kansas City, Mo.
The cost of the site and building will be about $200,000.it was announced.
The company now owns its branch properties at Detroit and Chicago
and is building another in New York City.
-V. 126. p. 724, 586.

Golden Rod Mining & Smelting Corp.
-Merger.
See Evans-Wallower Lead Co. above.

Great Lakes Dredge & Dock Co.
-Annual Report.
Calendar YearsxNet operating profit
Other income

1926.
1927.
$2,847.082 $1,165,264
182.783
158.588

Gross income
Federal taxes
Sundry deductions

$3,005.671 $1,348.047 51.772,577
245.000
185,000
420,000
630
534
116.888

Net income
Dividends

1925.
51.587.268
185.309

$2,468,783 $1.162.418 $1.527,043
(18%)1,242,270 (10)690.150 (10)690,150

Net income
$1.226,513 .$472,268
$836,893
Shares of capital stock outstanding
69.015
(par $100)
69,015
69.015
437.47
$16.84
Earnings per share on capital stock- _ $22.13
x Net profit after depreciation of physical property of $401.3114 is 1927;
$3330,922 in 1926 and $325,506 in 1925.

1208

FINANCIAL CHRONICLE

Balance Sheet Dec. 31.
1927.
1926.
1927.
1926.
AssetsLiabilities$
Plant.tools.equipCapital stock
6,901.500 6,901,500
ment,&o.
6,359,744 4,884.177 Accts. payable.dec. 394,382
307,215
Investment news. 120.423
120,734 Reserve for Fedi
U.S.securities__ _ 3.380,960 3,014,660
&c.,taxes
446,290
215,768
Cash
1.135.701
910,701 Dividends pay552,120
Notes reo. & seer.
Surplus
4.664,066 3,437.553
10,000
Interest
10.000
Acetsrecelvable
1,687.431 1,575.976
180,422
Inventories
250,027
Other curr. assets_
25,070
54,113
58,606
Deferred assets_
Total(each side)12,958.359 10,862.037
41,648
-V.126.D.588.

Gillette Safety Razor Co.
-Order--Offering to Employees.

[Vora. 126.

Hawaiian Pineapple Co., Ltd.
-Annual Report.
-

The company has booked an order for 7,000,0LO razors, minimum,deliveries to begin March 15.
The company recently offered its employees the right to subscribe for
capital stock at $100 per share on a partial payment Plan, the limit being
10 shares to each employee. A total of 1,727 employees subscribed to
10,074 shares in lots of one to 10 shares. ("Boston News Bureau.").
V. 126, p. 1033.

Calendar Years1927.
1926.
x Net profit on sales-- $2,268,017 53,380.422
Depreciation
490.820
423.224
Interest charges
167,536
108,338
Special credits
Cr.37,802
Special sharges
47,289
14,617
Res. for income taxes
265,473
505,291
Net income
51.334,701 52.328.952
Previous surplus
5,794,201
4,391,767
Profit and loss credits..
15,701
27,299
Total
$7,144,603 56,748,018
Ros. for empl. pensions..
50.000
50,000
Loss on investment
Divs. paid (in sash).....
901,049
903,817
do
(in stock)
904.420
Profit and loss,surplus $5,289,135 $5,794,201
Shares of capital stock
outstanding (820 par)_
622.525
452.045
Earns. ner sh.on sap.stk
$2.14
$5.15
x Including other insome.-V. 125. p. 2273.

1925.
1924.
52,904.838 53,176,454
386,514
320,390
51,815
92.483
Cr.1.205
29.401
39,356
391.802
456.633
$1,994,684 $2,319,421
4,097,124
5,434,694
39.950
48,854
57,478,232 $6.456.495
25,000
1,053,903
1,021,802
2.007,560
$4,391,767 $5,434,694
451,944
$4.41

300.851
$7.71'

Hinde & Dauch Paper Co.-Pref. Stock Offered.-Union
Trust Co., Cleveland, are offering at 8103 and div., to yield
Hamilton (Ont.) Bridge Co., Ltd.-Pref. Stock Offered. 5.82%, $4,500,000 6% cumul. pref. stock series A.
Dividend. payable 0.-F. Union Trust Co., Cleveland, transfer agent.
-Drury & Co., James Richardson & Sons, Ltd., Hanson
Guardian Trust
Cleveland. registrar.
Bros., R. A. Daley & Co., and Greenshields & Co.,Montreal, dive, on any div. Co., noon 30 days' notice. Red. all or part at 105 and
date
Upon dissolution, liquidation
are offering $2,250,000 6 % cumul. 1st pref. stock at par or sale of substantially all assets, preferred up to 105 and diva, over common
Company agrees to retire annually beginning Aug. 1
and div. (with a bonus of 234 common shares with each 10 stock. the maximum amount of preferred stock theretofore 11128 at least
2% of
issued to the
shares of preferred).
extent such annual amount can be acquired as set forth In the company's
Preferred stock will be preferred as to capital and dividends: red, all
or part at $110 per share and dive.; in event of liquidation is entitled to
par and dive, together with, if such liquidation be voluntary, a premium
of 10%; dividends Q.
-F.: first dividend to accrue from Feb. 1 1928. Dividends may not be paid on the common stock if the net working capital
be less than $1.000.000. or if such payament would reduce the net working
capital below $1.000.000. The holders of the let pref. shares shall not be
entitled to vote at any meeting of shareholders except (1) when four quarterly dividends shall be in arrears and thereafter so long as any quarterly
dividends are in arrears:(2) upon any increase or reduction of the authorized
capital stock (3) upon any issue of bonds or other securities secured upon
the assets of the company. (except security upon movable or personal
property given by the company to banks to secure the company's indebtedness to such banks) which Issue must be approved by the favorable votes
of the holders of at least two-thirds of the combined let and 2d Preferred
shares. Transfer agent Royal Trust Co.. Montreal. Registrar, Montreal
Trust Co.. Montreal.
apita eat Authorized.
Issued.
634% cumul. let. pref. stock
$5,000.000
52,250.000
74% cumul. 2d Pref. stock
Common stock (no par value)
*100.60she. 50.000 she.
*Of the present authorized amount of common stock. 32,000 shares to be
reserved for the convection of the 73.4 % cumul. 2d pref. stock-conversion
to be at the option of the 2d preferred stock shareholders and on the basis
of 4 shares ofcommon stock for each share of 2d preferred stock.
Data from Letter of W.I. S. Hendrie, President of the Company.
-To be incorp. under the laws of the Dominion of Canada.
Company.
Will acquire as a going concern, the assets and undertaking of The Hamilton
Bridge Works Co., Ltd. The latter, with its predecessor company, has
been In successful operation for the last 33 years. Throughout this time
a large proportion of the earnings have been spent on Improving the plants
and enlarging them to their present capacity. In addition to plant expenditures, dividends to the amount of $2.174,000 (including a stock dividend of $280.000). have been disbursed during the past 15 years. This
represents an average yearly dividend disbursement of over $144.933.
The plant properties consist of 2 modern structural steel plants situated
In Hamilton. Ont.; the larger of these Is In the East End of the city and occupies an area of 16 acres, the other in the West End covers an area of 9 acres.
The combined annual capacity of both plants is 48.000 tons and they employ
about 760 men.
The chief business Is the fabrication and erection of steel bridges, steel
frames for buildings, also railway turntables, steel tanks. steel telegraph
and telephone poles. Intake pipes, towers for water works. &c. For railroad
work and other purposes, there is a most complete and up-to-date erection
equipment, and the erection of material fabricated in the plants accounts
for a very appreciable portion of the business.
-The Canadian Appraisal Co., Ltd., values as of Jan. 21 1928,
Assets.
the rei estate, buildings, plant and equipment, at 52,477.814 after providing for depreciation. The Balance Sheet as of Dec. 311927,after giving
effect to the Issue of the present securities,shows net current assets amounting to $962,773 of which $299,204 is made up of Dominion Government
bonds.
The fixed assets plus net current assets as above,total $3,410,586, which
Is equivalent to over 8150 per share on the amount of 1st pref. stock to be
presently issued.
Rarnings.-Creak. Cushing and Hodgson, Chartered Accountants,
certify as follows: "The net earnings of The Hamilton Bridge Works Co.,
for the 18 years ending Dec.31 1927(1910-1927).after charging maintenance
depreciation, and taxes, have averaged $160,644. for the year ending
Dec. 31 1927, after charging maintenance, depreciation, and taxes, the
net earnings amount to $300.318, equivalent to over twice the dividend
requirements of, 5146.250, on the amount of lot pref. stock to be presently
issued. After providing for dividend requirements on the 1st and 2d pref.
stock issues,the net earningsfor the year ending Dec.313927.are equivalent
to over $1.85 per share on the common shares to be presently issued.
Based on orders now on hand and those In prospect, It is estimated that
the net earnings for the year ending Dec. 311928,should amount to 2410.000. which is equivalent to over 231 times the 1st. pref. dividend, and after
providing for let and 2d pref. dividends, a balance will remain equal to over
24 per share on the common shares to be presently issued.
Hamilton

-Balance Sheet Dec. 31.Brown Shoe Co.

1927.
1926.
1927.
Assets
$
$
Real est.. !Mfrs. &
5.000.000
Capital stock
machinery
3.590.000
x1,006.943 x936,514 Notes payableLasts & dies y
_
1
1 Accounts payable- 1,206.287
Cash
50,000
675.636
662.260 Div. pay. Jan. 2._
Due from cust's_
77,327
3,658,889 1509.315 Due to off. de empl.
Acets & notes rec. 309,654
351,233 Due to depositors_ 113,644
Co.stk. for empl
47.208 Federal dc State in29.790
Inventories
25,000
8.185.927 6,138.375
come taxes
Inv. In sub. cos.__ 443.854 x255,264 Other reserves_ _ _
6.159
Securities owned_ _ 134,343
2,472,681
90,867 Surplus
Deferred charges
96,061
80.399

1926.

articles at a price not In excess of 10234% and div. Dividends exempt
from the present normal Federal income tax. Exempt from the general
Property tax under the existing laws of the State of Ohio.
Data from Letter of Sidney Frohman, President of the Company.
Comnanti.-Ineerp. in Ohio in 1904,succeeding a business which had been
established in 1888. Company is the largest manufacturer In this country
of corrugated fibre boxea and other corrugated paper products, and also is
the largest producer of straw paper for corrugating purposes. Its customers
number over 10.000. Including many of the most linnortant thinners of
nackaced goods In the United States and Canada. Comoany's principal
office Is at Sandmiky. Ohio, where it has factories and mills. Other factories owned by the company, and a wholly owned subsidiary, are located
at Wonsan City. Mo.. Muncie, Ind., Cleveland, 0.. and Gloucester. N. J.
The recent acqpisition of substantially all pronotles of the Thompson
& Norris Co. and of the J. M. Rafe! Co. provides factories at Baltimore,
Md., Brooklyn, N. Y.. and Boston. Mass. Mills are located at Fort
Madison, Ia.. Muncie. Ind., Brookville, Ind. Sandusky and Delphos.
Watertown, N. Y.. and Gloucester, N. J. bomnany controls, through
a maiority stock Interest. the Hinde & Dauch Paper Co. of Canada, Ltd.,
with plants at Toronto and Trenton. Ont., and the Thompson & Norris
Co. of Canada. Ltd.. with plants at Toronto and Montreal.
Earnings.
-Net profits available for dividends on this stock for the past
five years. from 1923 to 1927 inclusive, have been as follows:
1923.
1024.
1025.
1926.
1027.
$1.504,458
5912.145
51.351.938
51.240.406
51.146.756
The yearly average thus Indicated la 51.249.141. PC1111VAlent to more than
4.6 times the dividend requirement of this preferred stock.
The above earnings result from operations of the Ilinde & Dauch Paper
Co. and auleidiary, together with net Profits of needecestor companies for
the five fiscal years ended Nov.30 and net profits of the Thompson & Norris
Co.. now being acquired for the 5 calendar years ended Dec. 31, Including
dividends received from the controlled hut not fully owned Canadian subsidiaries, after allowance for depreciation on the basis of appraised values
and after Federal income taxes of 1334%.
As a result of the Purchase of the plants of the Thompson & Norris Co.
and the J. M. Raffel Co.. obmnanv expects to effect substantial economies
through reduction of freight charges, elimination of certain overhead and
sales immense., and a more advantageous allocation of its mill products to
the additional factories recently acquired, all of which should be reflected
In an improvement in earnings.
Capitalization•
Authorized. Outstanding.
Preferred stock (par $t
100.000 she.
45,0110 shs.
Common stock (par $Ino)
50.000 shit.
36,000 shs.
Company has paid dividends on Its common stock continuously, beginning In 1910, at the rate of not less than 8% on the amount of stock from
time to time outstanding.
Purpose.
-Proceeds have been used in the acquisition of substantially all
the business and assets of the Thompson & Norris Co. and the J. M. Raffel
Co.: in the redemption of the 7% preferred stock not exchanged; in the
1191
.,
:ddation of notes payable, and for other corporate purposes.
Pro FiCrrna Condenied Consolidated Balance Sheet Nov. 30 1927.
Assets
LiabilUiesCash. incl. proceeds from this
Notes payable of subsidiary.... $400,000
financing
$1,349.018 Acc'ts payable for purchases.
U. S. Liberty bonds
20.234
expenses,&o
451,134
Notes & acceptances recely'le
47.261 Accr'd pay rolls, real de perAce'ts receivable, less reserve 1,154.163
sonal taxes and interest_
206.327
Inventories
2,317.145 Prov. forest. 1927 Fed. tax..
165.000
Advances on purchases
31.310 Pur. money °Mtg. of subsid
800,000
Other assets
192.799 Reserve for general coating's_
128,341
Invest.In affiliated companies 1,222.450 Preferred stock (new)
4,500.000
Plants and equipment
9.5155.018 Common stock
3,800.0e0
Deferred assets
432,914 Consolidated surplus
6,072.410
$16.323,212
Total-V.117. p. 2658.

Total

$18,323,212
8,23, 0
8.c.
3 212

Home Insurance Co., N. Y. City.
-Acquires Fire/n

The company announces the acquisition by It of control of the Halifax
Fire Insurance Co. (Canada), one of the oldest fire insurance companies
on the continent.
-V. 125. p. 1589.
Each stockholder of the Home Insurance Co. of
Feb. 14 will be
given the privilece to purchase one share of Halifax recordfor each 3 shares
stock
of Home stock held at $21 per share. The 60.000 shares of
stock acquired by the Home company was purchased at $20Halifax capital
per share, It Is
reported. The excess above the price paid will be turned into the Halifax
treasury after deducting the expenses incurred In negotiating and financing
the purchase.
-V. 125, P. 1589.

5.000,000
2.737.500
1,151.801
Hood Rubber Co.
-161 Common Dividend-Earnings.
50,000
The directors have declared a dividend of $1 a share on the common
71,603
114,104 stock, payable March 31 to holders of record March 20. This is the same
dividend as declared 3 months ago when dividends were resumed on this
50,000 issue. No dLstrIbution was made on the common stock in June or Sept.
30.775 1927. (See V. 125, p. 2818.).
9 Mos. End.
Years Ended March 31
2,865,652
Period
Dec. 31 '27.
1924-25.
1925-26.
1926-27.
Sales
828.527.426 $37.700.274 838.592.571 $29.996.635
The company reports for the 9 months ended Dec. 31 1927, net income
Total
12,541.100 12,071,435
12,641,100 12,071,435
Total
x Real estate. Incl. buildings. 51.866.945, less depreciation. $1,184,029, of $1,017.319 after depreciation, interest. Federal taxes, &c., equal after
machinery and fixtures, $971,567, on. depreciation. $650.540. y Lasts preferred dividends to $3a share on the 200,000 common shares outstanding.
The fiscal year has been changed to Dec. 31 from March 31.
and dies, $152,646: less depreciation 5152,645. z comprising investment
Consolidated Balance Sheet.
n and advances to subsidiary and affiliated companies.
-V.126, p. 421.
Dec.31 '27. Mar.3116.
5
Dee. 31 '27.Mar.31 '26
$
s
Liabilitiee$
(George W.) Helme, Inc.
-Balance Sheet Dec. 31.Plant & eouipment13.150,000 8,200,000 7% preferred Hood
1927.
1928.
Merchandise and
1927.
1928.
473 73,4% pref i. C . 042,700 1.000,000
Rub. Pro H00d
0
$
10.578,158
Real estate. goodPreferred stock_ -.. 4.000,000 4.000,000 Receivables
8,971,208 7,622,281
Rubber Co
5.627
will. &c
8,254.218 3.288,281 Common St .ck ___ 6,000,000 6,000,000 Prepaid items_ _ 832,667
__
17 :480
02 °°
712,219 Em pl. special stock 5.62'00 5.3 9 8
73
.
179 740
Leaf mfg. ortock.,tc 5.294,536 5,581,964 Prov. for diva-- 1,031000 1,210,000 Cash
2
,
930,200
2,002,826Pref. Hood It. Co_ 1,000.000
Cash
Prop. for contlnir•
1.993,553 2,134,341
Invest'ts in other
Com.Rood R.Co_y9,810.000 6,000,000
Bills & accts. ree
3,794,265 3,014,535
1,288,548 1061,316
companies
taxes, &c
26.000
28.000 15-year 7% notes_ 5,609,000 6,000,000
60,683
Deprec. res. funda
726,958 Patents
Accts. payable- _
1,000
1,000 10-yr.5H% notes_ 1000.000
invest'ts In Govt.
4,396,340 4,097,490
Surplus
Notes payable_ ___ 3,250,000 9,850,000
&c. sec
4,780.530 1,985,081
4 475
601,140 1,202:7 7
Tht
wacrifuatap
Other investments 2,669,902
233,707
Club
335,000
selus & accruals 190,139
rve
Total
19,281,288 19,048.984
19,281,288 19,048,984 Total(each side).._35,753,073 34,463,583 Snuer7
Total
3,852,053 3,429,919
The income account was published in V.I126. p. 1048.
y 200.000 shares of no par value.
-V. 126. p. 259.




F.25 1928.1

FINANCIAL CHRONICLE

1209

Dividends free from present Mass, and normal Federal income taxes,
Hudson River Navigation Corp.
-New President.
-F.
Transfer agent, New England Trust Co..
Col. Edward 0.Carrington, Chairman of the board of the Hudson River dividends, payable Q.
Night Line has been elected President of the corporation, according to an Boston. -Jackson & Curtis Investment Associates,
Purpose.
formed by the firm
announcement. Col. Carrington will continue to hold the position of
chairman of the board it was said. He will follow John W. McKinnon. of Jackson & Curtis under an agreement and declaration of trust dated
recently notified the directors of the Line that he "did not choose to Jan. 30 1928, is designed particularly for the purpose of providing a ready
who
medium of investment for professional men,
be a candidate" for re-election this year, as he desired to devote his entire the benefits of expert investment counsel. and others desiring to share in
time to his other interests.
-V. 126. P. 1048.
-Robert C. Morse, Walter Hunnewell
Trustees.
-The present trustees
-are all partners of the firm of Jackson & Curtis,
and James J. Minot, Jr.
Insuranshares Corp.
-Initial Dividends.
The directors of the Insuranshares Management Co. have declared an and it is the intention to have the trust administered by the trustees in
initial semi-annual dividend of 50 cents on each combination A and B cer- accordance with the judgment of that firm.
The officers of the trust are: Hobert C. Morse, Pres.; Walter Hunnewell,
tificate in Insuranshares trust fund series F-27. and an initial dividend of
William A. Coolidge,
27 cents on each combination A and B certificate in Insuranshares trust Vice-Pres.,-The trustees receiveSec. & Treas.
no compensation, and there are no manExpenses.
fund series H-27.
The second semi-annual dividends of 83 cents on each combination A agement fees or charges. The expense of operating the trust should be
nominal. The agreement and declaration of trust limits the ccimraission
and B certificates in Insuranshares trust fund series A-27 and 78 cents on
each combination A and B certificates in Insuranshares trust fund series to be paid Jackson & Curtis for marketing the shares of the trust to 2%.
-The funds of the trust will be invested with due
Investments of Trust.
0-27 were also declared.
All dividends are payable March 1 to holders of record Feb. 15. See regard for income, appreciation and safety of principal. Not more than
10%; of the paid-in capital, or liquidating value whichever is the larger. may
also V. 126, p. 880.
be invested in any one enterprise, except as regards certain securities,
Interstate Department Stores, Inc.-Pref. Stock Sold.
- and borrowings are limited to 50% of the paid-in capital, or liquidating
Lehman Brothers, have sold at $106 per share and div. value, whichever is the larger.
Voting Power.
-At all meetings of the shareholders each shareholder has
$3,250,000 7% cumulative preferred stock (with common one vote for each share held. The trustees will be elected annually by the
stock purchase warrants attached). A limited amount of shareholders. Purchase Shares.
Trust Must
-The agreement and declaration of trust
common stock was also offered.
provides that shareholders may, under certain provisions, offer their shares
Preferred as to dividends, and as to assets to the extent of $110 per share to the Trust,and that the trustshall put‘chase shares so offered at their value
plus dN. on liquidation. Dividends payable quarterly, cumulatris from (determined under Article Ninth),less 1 %•
Taxation -The trustees propose to file with the tax commissioner an
Feb. 1 1928. Red. all or part at $110 per share, plus div. Corporation
agrees on or before Dec. 31 of each year beginning with 1930 to acquire agreement to pay Mass,taxes on income received by the trust,so as to render
by redemption or purchase at not exceeding the redemption price, out of the dividends non-taxable to Massachusetts residents.
surplus or net profits after dividends on such stock, at least 3% of the
(Anton)Jurgens United(Margarine)Works,Holland.
largest amount in par value of the preferred stock which shall ever have
been issued and outstanding.
To Redeem Debentures.
Stock Purchase Warrant.
-Each preferred stock certificate will bear a
White, Weld & Co.. as fiscal agents, announce that all of the remaining
warrant (non-detachable except upon redemption of such preferred stock) outstanding
dated June 1 1922
entitling the owner to purchase one share of common stock for each share of of the above6% secured convertible debenture bonds on July 1 1928 at
company have been called for redemption
preferred stock, at $37 on or prior to Jan. 311929, or at $42 thereafter and
int. The balance of these debenture bonds to be redeemed is 23.on or prior to Jan. 311931, or at $47 thereafter and on or prior to Jan. 31 105 and guilders the rest of the original issue of 40,000.000 guilders offered
981,000
1933.
in 1922 by White, Weld & Co. and the Union Trust Co. of Cleveland
Data from Letter of Ruben Federman, Treas., New York, Feb. 1T. having either been called for redemption, converted into common stock or
Cornpany.-Has recently been incorp. in Delaware to acquire all of the retired through operation of sinking fund.
outstanding capital stocks of 22 companies. These companies, which
are payable on July 2 at the principal office of the paving
The
operate 23 department stores, each in a different city, are the following: agents,bonds Weld & Co., 14 Wall St., N. Y. City, or at the ontion of time
White,
Decatur (Ill.) Dry Goods Co.: Peoria (III.) Dry Goods Co.: Rockford (111.)
Co., Amsterdam, or at the office of the
Dry Goods Co.; Springfield (Ill.) Dry Goods Co.; John Stillman Co., Inc., holder at the office of Hope & at Amsterdam. Rotterdam or the Hague.
Rotterdarnsche Bankvereeniging
Battle Creek, Mich.; the Fair Dry Goods Co., Flint, Mich.; Stillman Dry V. 124. p. 3220.
Goods
nc., Jackson, Mich.: Lansing (Mich.) Dry Goods Co.: Stillman Dry
Co.,doods Co., Fart Wayne, Ind.: John Stillman Co., Muncie. Ind.;
-Initial Dividend.
Kalamazoo (Mich.) Stove Co.
Grand Leader Dry Goods Co. South Bend, Ind.; Onondaga Boston Store,
initial quarterly dividend of $1.123; cents
The directors
Syracuse,N. Y.; Stanley Department Store. Inc., Troy, N. Y.;the Feder- per share on thehave declared anno par value, payable April 1 to holders of
common stock,
man Co., Akron, Ohio; Dayton (Ohio) Dry Goods Co.; Boston Dry Goods
Co., Springfield, Ohio; Hill's Dry Goods Co., Madison,'Wis.: Racine (Wis.) record March 20. See also V. 126, p. 260.
Dry Goods Co.: Sheboygan (Wis.) Dry Goods Co.; Jefferson Dry Goods
(Julius) Kayser & Co.
-Rights.
Co., Louisville. Ky.; Paducah (Ky.) Dry Goods Co.; Huntington (W. Va.)
Holders of voting trust certificates for common stock of record March 5
Dry Goods Co.
are to be given the privilege of subscribing pro rata for additional common
In addition to the 22 stores in the cities named, Stanley Department
their holdings at $65 a share, according
Stores. Inc., which operates a stoe at Troy,N.
'Y., has acquired the business stock to the extent of one-tenth oftrustees.
to a notice sent out by the voting
and assets of the "Boston Store." of Utica, N.Y.
The announcement points out also that the agreement provides that the
The stores in the chain being acquired have been owned or controlled
by the yrustees
heretofore by individuals of the Federman and Stillman groups, by store shares of common stock thus Issued on subscriptions made held under such
managers, or through inter-company stockholdings. These individuals at the request of holders of voting trust certificates will be
voting trust agreement and additional voting trust certificates issued therewill now become stockholders in the holding company, Interstate Departfor. The voting trustees Include Edwin S. Bayer, Charles J. Hardy.
ment Stores, Inc.
-V. 126,
The stores, situated chiefly in cities of from 35.000 to 235,000 population, Stephen J. Leonard, William A. Shakman and Elisha Walker.
are all poppies price department stores but carry no furniture or musical lc• 422.
Instruments. Sales are for cash only, no sales being made on credit or
Keeley Silver Mines Ltd.
-Smaller Dividend.on the installment plan. No delivery equiptment is owned. Employee
The directors have
a semi-annual
of 4% on the
total about 1.000. .All of the premises occupied are leased, with the ex- stock, payable Marchdeclareholders of recorddividend1. Six monthscapital
15 to
March
ago, a
ception of those of the Boston Dry Goods Co. of Springfield, Ohio, which
-V. 125, p. 254.
awns its store building and the land on which it is s tuated. The growth semi-annual distribution of8% was made.
of the business of several of the stores in recent years has necessitated their
Keith-Albee-Orpheum Corp.
-Registrar, &c.
moving into more spacious quarters. In the 23 stores a total floor area
The Chase
Bankers"
ef over 800,000 square feet is used. All of the units are well located in their Trust Co. asNational Bank has been appointed registrar, and the preferred
transfer agent, for 100,000 shares of convertib:e
respective cities.
All of the stores have been closely affiliated in the past, and the present stock. $100 par, and 1,400,104 shares of common stock, no par value. See
consolidation will not disturb the local or the supervisory management in V. 126, P. 726.
any way. Buying will be completely centralized, continuing the present
Kraft-Phenix Cheese Co., Chicago.
-I% Stock Die.
cooperative buying offices.
The directors have declared the usual quarterly dividend of 3734e. in
Capitalization.
-The authorized capitalization consists of $3,250.000 79'
cumulative preferred stock (par $100) and 240.000 shares of common stock cash and 135% in stock on the common stock, payable April 1 to holders of
(no par value). All of the preferred stock and 200,0'0 shares of common record Mar. 9. This rate has been paid since July 1 1925.-V. 126. P.
stock are presently to be outstanding, an additional 32,500 shares of com- 1049, 727.
mon stock being reserved to meet warm ts carried by the senior issue.
--Stock Increased, &c.
Lake Ontario Brewing Co., Ltd.
Profits.
-The consolidated not profits of the businesses to be acquired
The company proposes to increase its authorized common stock (no
by Interstate Department Stores, Inc. from the date, in each case, of par value) from 22,000 shares to 35,000 shares. It is the intention of the
association with the Federman or Stillman groups, after eliminating non- company to offer to the stockholders 4.400 shares of the new stock at
recurring interest charges and adjusting compensation of store managers $15 per share on the basis of one new share for every 5 shares owned.
to bases now in effect and of principals to new bases p,rovided by agreement V. 124, p. 1834. 3782.
(which elimination and adjustments average $105,787 net per annum for
-Extra Dividend.Lake Shore Mines Ltd. (Canada).
the five years shown), and after provision for amortization, depreciation
The company has declared an extra dividend of 10 cents and the regular
and Federal income taxes at the rate of 133. %,as certified by S. D.Leidesquarterly dividend of 10 cents per share onjthe outstanding capital stock,
dorf & Co., were as follows:
Year Ended Net Profits
both payable Mar. 15 to holders of record Mar. 1. Like amounts were paid
Times Pfd.
Per Share
as above
on Sept. 15 and Dec. 15 last.
-V.125. p. 2945.
Dec. 31a
Div. Req.
Common
1923
$703,506
3.0
1:3928
$2.38
-Balance Sheet Dec. 31.
Mathieson Alkali Works (Inc.).
1924
611,648
2.6
1927.
1926.
802,331
1925
3.5
1927.
1926.
2.87
734,160
Assets1926
$
3.2
$
2.53
6970.957
1927
4.2
Property account x13.025,241 12,376.017 Preferred stack- 2,475.000 2,475,000
3.71
Fiscal years have been adjusted, where necessary, to a calendar year Cash
700,633 Common stock__ - y7,136,049 7,136.049
507.676
Accounts payable_ 556.410
492.617
basis, except in one instance. b In calculating 1927 profits, a fire loss Notes and trade
8,606
16,458
58.531 Tax.,ins., &c .accr
accept. recelv
83,079
claim amounting to $230,649, for merchandise destroyed by fire, has been
241,809
225,570
728,073 Federal taxes
substituted for merchandise inventory.
Accts. rec.(less res.) 747.508
190,519
Inventories
1,398.776 1,292,765 Dividends payable 190,519
Consolidated Balance Sheet as at Dec. 31 1927.
Sal. rec. from empl. 106,975
164,600 Containers charged
LfabiffiiesAssets
to customers (reStocks & bonds of
51.643,522 Notes payable-to banks
Cash
541,000
turnable), &c.,
302,514
allied cos., &c
614.354
-at coat- 155,000 Ace, payable, accr. wages &exp 378,382 Develop. expenses 395,249
U. S. Liberty Bonds
deferred Habil
278,709
208,714
421,090
76.928 Ree. for distributions to former
Accounts receivable
207,225
242,745 Obsolescence res
479,041
Deferred chargee
229,079
corseted) 258.150 stockholders, payable in 1928
Fire loss claim(since
Employees' comp.
per contract
2,548,526
Merchandise lavatories
300,000
Insurance res.__
46,828
20,010
8,231 Res. for Federal income taxes.. 133.907
-at cost _
Sundry investments
Free surplus_z___ .. 5,399,980 4,525,991
876,839 7% pref.stock
Capital assets
3,250,000
Approp. for retire.
41,032 Common stock & surplus
Deferred charges
a1.500.937
of pref. stock.. 567,000
517.000
55,604.226
Total
Total
55,604,228
Total
17,107,936 16,286,969
Total
17,107,936 16,286.969
of no par value. Issued 200,000 shares.
a Authorized 240,000 shares
x After deducting depreciation of $5,696,829.
32,500 shares of common stock reserved to meet warrants carried by this
y Represented by 147.207 shares no par value. z Subject to any adissue of preferred stock.
ditional amounts that may be assessed for Federal taxes and to any losses
that may result from suits pending.
International Germanic Trust Co.
-Merger.
The income account was published in V. 126. p. 1051.
This company announced at the close of business on Feb. 20 that the
May Hosiery Mills, Inc.-Pref. Div. No.2.
additional shares offered to stockholders, in connection with the recent
The directors have declared the regular quarterly dividend of $1 per
Increase, to acquire the Terminal Trust Co., had been fully subscribed and
-V. 126, share on the $4 cum. preference stock, payable March 1 to holders of
the physical merger of the two companies was in effect.
that
record Feb. 23. An Initial quarterly distribution of like amount was made
P. 726, 422.
on Dec. 11927. (For offering see V. 125, P. 1469)-V. 125, p. 1720.

-Earnings.
International Salt Co.

Six Months Ended Dec. 31Earnings after deducting all expenses
except Federal taxes
Fixed charges and sinking fund

1927.

1926.

1925.

-Extra Div. of 25 Cents.
Mergenthaler Linotype Co.

$.304,835
186,379

$560,091
206.715

$501.977
157,792

$118,456

$353.375

$344.18.5

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 of no par value capital stock, both payable March 31 to
holders of record March 3. Dividends of like amount have been each
quarter since June 30 1926.-V. 125, p. 3072.

-Stock OfJackson& Curtis Investment Associates.
fered.-Jackson e6 Curtis, Boston, recently offered 10,000
of no par value. Auth. amount
beneficial interest shares
unlimited.

T. F. Manville Jr., a Director of the Johns-Manville Co has purchased
an interest in, and has been elected to the board of directors of the Morison
company. The latter company, incorporated in 1919, has within the last
years opened several branch stores for the distribution of its appliances.
Mr. Manville contemplates taking an active interest in the affairs of the
company. it is stated.

Net earns. before Federal taxes__ -V. 12.5. 1:.• 1582.




--New Its.
Morison Electrical Supply Co., N.Y.City.

1210

FINANCIAL CHRONICLE

New Jersey Bond & Shareholding Corp.
-New Directors.The following new directors have been elected: A. P. Munning, Harry M.
Friend, J. Victor C'Aloia, Wilfred J. Peck, Sylvester H. Williams, Stephen
L. Davis. Clinton Coliver and A. Dayton Oliphant. Alfred T. Koehler
was elected Chairman of the advisory council, to which several new members were added.
-V. 125, p. 2156.

Newmont Mining Corp.
-Rights.
-

The stockholders of record March 31 will be given the right to subscribe
at $15 per share for one share of Hudson Bay Mining & Smelting Co.. Ltd.,
stock for each share of Newmont stock held.
-V. 126, p. 424.

North Butte Mining Co.
-Ways and Means Committee
Outlines Plan of Reorganization.
The stockholders of the company are in receipt of a circular from a
committee (called the Ways and Means Committee), which recommends:
(1) That the capitalization be changed from 1,000.000 shares (par $10)
to 1,500,000 shares of no par value.
(2) That all present outstanding stock of the company of the par value of
$10 per share be exchanged for the new stock of no par value on the basis of
share for share.
(3) That 500,000 shares of treasury stock be offered to present North
Butte stockholders for subscription at a price of not less than $2.50 per sh.
(4) That bonds or other evidences of indebtedness of North Burte Mining Co. be accepted at their par value in payment of such subscriptions in
Hen of cash.
(5) That no stock be issued from the treasury of the company or sold
except it first be offered to the stockholders for subscription.
(6) That any portion of any block of stock so offered to stockholders and
remaining unsubscribed be sold in the market or otherwise to the best possible advantage to the company but in no event shall such stock be sold at
a price below that at which it is offered to stockholders.
(7) That from the funds so derived the indebtedness of the company be
entirely liquidated and that then the development of the extensive holdings
of the company in the Butte district be undertaken.
(8) That the number of directors of the company be increased from nine
directors to fifteen directors.
The circular further says in part:
We find that the total indebtedness of the company is approximately
$685.000. of which $280,000 is represented by bonds past due and past due
notes and current indebtedness. We further find that the issued capital
stock of the company amounts to 631,651 shares and that the 368.349 shares
shares remaining in the treasury is pratcically all unissued stock and could
be sold and issued as fully paid stock only upon the basis of $10 per share.
Your committe is unalterably opposed to any plan of financing through a
forced sale of the properties of the company by the receivers or any plan
which entails an involuntary assessment upon the holdings of stockholders.
We find that the North Butte Mining Co. is neither bankrupt nor insolvent
but are convinced that the stockholders of the company have been the
victims of gross mismanagement.
The sale of the unissued capital stock of the company at its par value of
$10 per share is not possible under present conditions and this stock in the
treasury of the company cannot be legally issued as fully paid stock except
at its par value. Capital must be provided immediately for paying off
the overdue indebtedness of the company amounting to approximately
3280.000 and the remaining bonded indebtedness should be fully liquidated
before operations in the properties of the company are resumed. It must
be remembered that the credit ofthe company has been destroyed by reckless
extravagance and the placing of the company in receivership and confidence
can only be restored by the liquidation of all indebtedness and the removal
of all liens from its properties. This can be accomplished by the sale of
tteasury stock but before such stock can be offered to stockholders or other
Investors a way must be devised to issue stock as fiully paid and nonassessable and on such basis as will attract investment.
The "Ways and Means Committee" consists of Charles R. Leonard,
Arthur Perhcm, Daniel Coleman, Alfred R. Atkin, R.J. MacDonald, A. F.
Rice and Paul A. Gow.-V. 125, p. 2539.

Nova Scotia Shipping Co., Ltd.
.-W.F
F.
-Bonds Offered
Mahon & Co., Halifax, N. S., are offering $125,000 6%
15
-year sinking fund gold bonds at 100 and int. (carrying
a bonus of 2shares of common stock with each $1,000 bond).
Dated Mar. 11928; due Mar. 11943. Prin. and int.(M.& S.) payable
at par at any branch of the Bank of Nova Scotia in the Maritime Provinces.
Denom. $500 and $1,000 c5 Callable in whole or in part by drawing on
.
any int. date on 30 days' notice at 105 up to and incl. March 1 1933; at
103 up to and incl. March 11938: and at 10114 up to (late of maturity of
the issue,accrued int. to be added in each case. Eastern Trust Co., Halifax,

wastes.

CapitalizationIssued.
Authorized.
-year sinking fund gold bonds
6% 15
$300.000
$125,000
7% cumulative pref. stock ($100 par)
100,000
Common stock (no par value)
2,000 shs
5,000 abs.
.
Proceeds will be used in part for the acquisition and control of the followlowing companies: Halsyd Ltd., Shipper Ltd., Coaster Ltd., Magdalen
Ltd., and property in City of Halifax known as "Hendry's Wharf."
Company.
-Has been organized under the laws of the Province of Nova
Scotia to carry on the business of shipping on the Eastern coast of Nova
Scotia, the Island of Cape Breton and the Magdalene Islands. The routes
eperated are u
o
viare
aadne: regular surcrles frgre tae Giie =ments of e e
i i eva mtih
s
e
r
v a
arthw
without rail
communication and of necessity depend on water transportation for the
necessities of life and a market for their own products.
Assets.
-The assets of the company,including the proceedsfrom this issue
are conservatively estimated by appraisal at $215.000.
Earnings.
-Netoperating profits for the year 1927 on these four steamers
with rentals and income from wharf property, amounted to $34,388. This
amount covers all maintenance and charges excepting depreciation, and is
sufficient to pay the bond interest requirements of this issue over four times.
Sinking Fund.
-The Trust Deed provides for a sinking fund of 5%
annually sufficient to retire the issue at maturity.

For,. 126.

Phillips-Jones Co.(& Subs.).-Bal. Sheet Dec. 31.Assets1927.
1926.
Liabilities1927.
1926.
Fixed assets
:$2,296,736 $1,956,954 7% pref. stock_ ...$1,805,900 $1,865,900
Trade name, goodCommon stock_ _ _y2,000,000 2,000,000
will,ea
1
1 Notes payable. _ _ _ 1,369,140
Cash628,779
310,586Accounts payable_ 666.862
729,189
Acc'ta receivable 2,154,704 1,933,820 Dep. on leases, dm.
26,542
20.255
Sundry acc'ta and
Royalties Pay.,&c. 109,720
82,704
notes receivable_
60,230
110,252 Taxes payable_ _ __
9,910
16,675
Notes receivable19,466
30,542 Reserve for taxes__
95.401
119.270
Inventories
3,729,264 3,186,557 Res. for pref. div_
23.041
23,917
Secured notes rec_ 214,214
293,229 Surplus
3,288.576 3.247,443
Advs.to salesmen_
51,056
53,718
Deferred charges__ 241,120
229,216
Total
$9.395,571 $8,104,875
Total
$9,395.571 88.104,875
x After deducting depreciation of $942,071. y Represented by 85,000
shares of no par value.
The usual comparativeincome account was published in V. 126. p. 1053.

Phillips Petroleum Co.
-Dividend Rate Decreased.

The directors have declared a quarterly dividend of 3714 cents per share
on the common stock, no par value, payable April 2 to holders of record
March 15. From Jan. 1926 to Jan. 1928, incl., quarterly dividends of 75
cents per share were paid.
President Frank Phillips stated that the company has a large earned
surplus and its cash and current position was never better, but it was
deemed advisable, in the best interest of the stockholders, to conserve cash
resources and expand inventories and facilities during the present period
of depression and low prices in the industry with the recommendation that
when conditions in the industry improve and earnings of the company
Justify it, a snore liberal dividend policy will be established.
-V.125,p.3074.

Phoenix Oil Co., Pittsburgh.
-New Name.
-

See Omar Oil & Gas Co. above.

Photomaton, Inc.
-Definitive Debs. Ready-Interest.
-

Holders of 7% cumul, income sinking fund debentures have been notified
that interest for the 6 months' period ending Feb. 29 1928, will be paid
upon presentation of coupons 1 and 2 on or after March 1 1928 at the
Central Union Trust Co., 80 Broadway, N. Y. City.
Definitive coupon debentures will be delivered by the above-mentioned
trust company in exchange for temporary debentures.
-V. 126, p. 730.

Pinnard(Ambassador)Hotel, N. Y. City.
-Bonds Called.

The first mortgage 6% bonds of this issue have been called for redemption
as of April 1 1928 at 102 and int.. at the office of S. W.Straus & Co., N. Y.
City. This bond issue, originally $6,500,000, has been reduced to $4,750,000 by serial amortization.

Porto Rican-American Tobacco Co.
-Defers Dividend
on Class A Stock.
-The directors on Feb. 24 voted to defer
the regular quarterly dividend of 1%%,usually due in April,
on the 7% cumul. class A stock, par 8100. From July 11
1927 to Jan. 10 1928, incl., quarterly dividends at the above
rate were paid on this issue.
In a letter to the stockholders, it is stated that "in order to conserve
working capital until the effect of the 1927 situation has been overcome.
the directors have decided to temporarily suspend dividends on the elms.
A stock...
-V. 125, p. 2158.

Purity Bakeries Corp.
-Agent Appointed.
-

The American Exchange Irving Trust Co. has been appointed agent to
redeem preferred class A (or at option convert class A into new preferred
or common) and exchange class B for new common stock. See V. 126.
p. 883.
Quaker Oats Co.
(& Subs.).
-Annual Report.
Calendar Years1924.
1927.
1925.
1926.
Consolidated earnings- - $9,162,708 49,727,270 $7.030,828 $8,375,590
Depreciation
644,554
845.977
668.044
757,784
Net earnings
$8,316.731 48,969.486 $6.362,784 $7,731,036
Int. & divs. received- _ _
373,051
735,869
357,890
493,950
Net inc. before taxes_ $9,052,601 $9,463,437 $6,720,674 $8,104,087
Fed. & for. income taxes 1.182.016
914,889
803,625
1,321,908
Net profits
37,870,585 88.141.529
Adjust.of prior years(net)
430,525
9,638
Gross surp.for the year $8,301,110 $8.151,167
Surplus res.-net increase 1.047.365
1.010.935
Bal. surp., bef. dim__ $7,253,745 $7.140,232
Preferred dividends_ --- 1.080,000
1,080,000
Common dividends- -_ 1,800,000
1,575.000
Net surplus for the yr_ $4,373,745 $4,485,232
Previous surplus
13,637,282 10,277,049
Special div. on com.stk_ 2,250,000
1,125,000
Profit & loss surplus_ _$15,761.027 $13,637,282
Shares of common outstanding (no par)_ _ _ _
450.000
450,000
Earns. per sh.on com-- _
$15.09
$13.47
x Shares of $100 par value.
-V. 126. p. 1054.

$5,827,049 $7,189,198
1.540
153.401
35,980.450 $7.190,738
1,888,113
367,674
$5,612.776 $5.302,625
1,080.00e
1,080.000
1,350,0
1,350,000
33,182.776 32t7A,g
7,202,89%
8,219,274
1,856,250
1.125.000
$10,277,049 $8.219,274
450,000
$10.07

x450,00
0
$37.53

Roland Park Homeland Co., Baltimore, Md.-Note.
Sold.
-Robert Garrett & Sons and the Equitable Trust Co.,
Baltimore, have sold at 100 and int. 8400,000 collateral
trust serial 5
gold notes.

Dated Feb. 11928;due $150,000 each Feb. 1 1933 and 1934,and $100,000
Feb. 1 1935. Denom. 31.000 and $500 c5 Interest payable (F. & A.)
.
without deduction for any normal Federal income tax up to 2% per annum.
Company will refund all State, county and municipal taxes up to 34 of
-Initial Preferred Dividend.
Okonite Co., N. Y. City.
1% per annum. Red. all or part, at any time, upon 30 days' notice, as
The directors have declared an initial quarterly dividend of 1 % on the follows: to and incl.
incl
11929,at
7% cumul. pref. stock, payable Mar. 1 to holders of record Feb. 20. (See Feb. 11930,at 102%Feb.int., there 10234% and int.: thereafter to and )4 c;;
and
lifter to and incl. Feb. 11931,at 101
offering in V. 125. p. 3210.)-V. 125. p. 3 .
and int.•, thereafter to and incl. Feb. I 1932, at 101% and int, and there358
after at 1003. % and int. Equitable Trust Co.(B iltimore) trustee.
4
Omar Oil & Gas Co.
-Name Changed.
Data from Letter of Edward H. Bouton. Pres., of the CompanY•
A certificate was filed in Delaware on Feb. 23 changing the name of
Company.
-Organized in June 1924, to acquire and develop "Homeland,"
this company to Phoenix Oil Co. See also refinancing plan in V. 125.P.3210. a tract of approximately 390 acres of land located on both sides of Charles
Street Ave., north of Homeland Ave. In Baltimore, id., of which to Jan. 1
1928. approximately $2,050,000 of lots had been sold, leaving, on the basis
Pacific Coast Co.
-Earnings.
of present selling prices, approximately $3,300,000 of lots for future sale.
Period End. Dec. 31- 1927-3 Mos.-1926.
1927-12 Mos.-1926.
Purpose.
-This issue of notes is being sold for the purpose of retiring
Gross earnings
$1156712 $1,333,847 $3,991,227 $5,017,218 bank loans
and for other corporate purposes.
Operating expenses
3.775.775 4,596.775
1.176,317
1:05 :57
0
3
Security.
-In addition to being the direct obligation of the company, this
issue of notes is specifically secured by the pledge of amounts payable to
Net earnings
3215,452
$157,530
$420,444
$106,139
the company under lot sale contracts less the release values thereon, to the
-V. 125, p. 3073.
extent of at least 133 1-3% of the outstanding notes; notes shall not be
outstanding at any time in excess of 521(I% of the total of the sales prices
-Dividend Rate Increased.
Pacific Finance Corp.
of the lots, the balances payable on which are pledged as collateral, and in
An increase in the annual dividend rate of this corporation has been determining the
authorized from 9% to 10%, effective with the next payment. April 1. of the sale price amount of the notes to be outstanding no more than 5254%
of any lot is to be used.
In the third quarter of 1927 the company paid a special dividend of 1%.
Earnings.
-The total lot sales and net earnings available for interest,
The last regular quarterly dividend was 23.1% paid on Jan. 1.
1027
income
In 1927 the company transacted a total of $56,000,000 in business as dividends andfollows: taxes from date of organization to Nov. 20
have been as
against 345,000.000 in 1926.-V. 125. p. 1721.
(11 Mos.)
Calendar Years.
(7 Mos.)
1927.
1926.
1924.
1925.
Lot sales
$445,545
$351,063
$265,223
$988,782
-Extra Dividend of 25 Cents.
Paraffine Companies.
The directors have declared an extra dividend of 25 cents per share and Gross profit on sales and
310,821
242,69$
other income
221.434
470,812
the regular quarterly dividend of 75 cents per share on the common stock.
both payable March 22 to holders of record March 17. An extra dividend Oper. exp., taxes (other
132.748
99,811
than income taxes),&c.
244,908
77,966
-V. 126. p. 590.
of 50 cents per share was paid on this issue on Dec. 27 last.

Paramount Famous Lasky Corp.-Definitives Ready.

Kuhn, Loeb & Co. announce that holders of interim certificates for
20
-year 6% sinking fund gold bonds, due Dec. 1 1947, may sow exchange
the same for the definitive bonds at the Equitable Trust Co. (For offering, see Y. 124. P. 2823.).-V. 126. p. 730.




Earnings available for
interest,dividends dc
142,886
178,072
143,468
income taxes
225,904
67.473
75,707
37.111
Total interest charges_ _
13,261
-bearing
On Nov.30 1927,the company had on hand $1,708,369 in interest
-V. 119, p. 1635.
contracts of sale, mortgages. &c.

FEB. 25 1928.]

FINANCiAL

CHRONICLE

-Bond Trust
South Dearborn Building, Chicago.
Certificates Offered.-Westheimer & Co. recently offered
an issue of $210,000 of land trust certificates. The issue consisted of 420 equal undivided parts at $500 and accrued
rental for each part to yield 5Y1%.
-story building located on South
The South Dearborn Bldg. is a 12
Dearborn and Federal Sts. in Chicago's central business district, one
block south of the Loop. Land and building has been appraised at $552,250
with a net rental value of $50,640.

-Acquisition.
South Penn Oil Co.

It is reported that the company's subsidiary, the Pennzoil Co., has
acquired controlling interest in the Columbia Refining Co., which operates
125 filling stations in Northern Ohio. It is stated that more than $800,000
is to be spent in extensions and improvements during the year and that
approximately 40 bulk and service stations will be built on property now
-V. 124, p. 2133.
owned or controlled in Northern Ohio.

Southern Baptist Hospital Commission, New Or-Mortgage & Securities Co., New
-Bonds. Offered.
leans.
Orleans, recently offered at 100 and int. $525,000 ref. 1st
mtge. 5 , % serial and sinking fund gold bonds.
6
Dated Dec. 15 1927; due serially Dec. 15 1928 to 1942. Denom. $1,000
and $500. Principal and int. (J. & D.) payable at the Whitney-Central
Trust & Savings Bank, New Orleans, trustee, without deduction for normal
Federal income tax up to 2%. Callable all or part in the inverse order of
maturity, on any int. date at 102 and int. upon two weeks' notice.
Security.
-These bonds are a direct obligation of the Hospital Commission
of the Southern Baptist Convention, secured by a closed first mortgage on
all its land, buildings and equipment in the City of New Orleans. The
Hospital Commission is the agency of the Southern Baptist Convention
for building and operating this hospital and is chartered under the laws of
Louisiana. The Southern Baptist Convention is composed of 26,843 contributing churches having a communicant membership of 3.175,479. Total
value of property securing this issue is $1,658,024.
Income.
-From Mar. 8 1926 to Sept. 30 1927 the hospital has shown an
operating profit of $33.438. During the same period the income of the
Hospital Commission was $57,664. The combined income of the hospital
and the commission for the period was $91,102 or more than 2.1 times the
largest annual interest requirement on this issue.
The hospital has operated at a profit with an average of 63.28 patients
per day against a capacity of 250 patients per day. As soon as its facilities
are better known and taken advantage of by the medical fraternity a larger
operating profit should result. Other hospitals in the city show an extremely high patient rate to capacity.
Purpose.
-Proceeds will be used to refund the presently outstanding
mortgage indebtedness of the hospital. Upon completion of this refunding
In June 1927 this issue will constitute a first closed mortgage on all of the
hospital's property. Funds sufficient to retire all of the presently outstanding first mortgage 6% bonds of the Hospital Commission have been
deposited with the Whitney-Central Trust & Savings Bank.

1211

Subject to the rights of the preferred stock, after a preferential cumulative
dividend of $2 in paid on the class A and a dividend of $1 is paid on the
class B in any year, shares of class A and class B stocks participate share
for share in any further dividends. Class B stock has sole voting power
except as provided in the charter as amended.
Authorized. Outstanding.
Capitalization$700,000
Preferred stock, 7% cumulative (par $100)---- $1,500,000
25,000 shs
. 20.000 she.
Class A stock (no par value)
100,000 shs. 100.000 sha.
Class B stock (no par value)
Data from Letter of Robert J. Marshburn, Pres. of the Corporation
-A Florida corporation, which operates a Piggly Wiggly
Corporation.
store chain in Miami, Palm Beach, and vicinity. Has aequired the assets
and businesses of the Nashville, Chattanooga, and Knoxville units of
Piggly Wiggly Stores, Inc. and 100% stock ownership of South Florida
Stores Corp. and of its affiliated company, Electrik Maid Bake Shop Co.
(of Tampa, Fla.). The five systems so united comprise 68 grocery stores.
of which 44 include meat markets, 4 warehouses and one bakery.
Corporation, without cost to itself, has obtained an option until March 16
1929, to purchase for cash or in five-year 6% serial purchase money notes,
which have been authorized, the Atlanta unit of Piggly Wiggly Stores,
Inc., consisting of a chain of 31 Piggly Wiggly grocery stores, of which 19
If
include meat markets, and a warehouse, in and around Atlanta, Ga. in
the Southern Stores Corp. exercises the purchase option, all profits
excess of 6% of the purchase price during the life of the option will accrue
to the benefit of the Southern Stores Corp.
-Excluding the Atlanta unit, net sales and net profit after
Earnings.
depreciation and Federal taxes at present rates, and after eliminating the
excess of non-recurring charges over non-recurring income (averaging
$10,287 per annum for the 40 months' period) were as follows:
Stores
(End ofPeriod). Net Sales. Net Profits.
$127,320
$3,591,443
47
Year ended May 31 1925
a296,632
7.278.446
64
Year ended May31 1926
b178,141
8,605.265
69
16 months ended Kept. 30 1927
a These profits were larger than the normal growth of the business would
peak of
have warranted, because they cover a period which included theonly one
Florida's boom condition. b This figure includes the operations of history.
winter season, but includes two of the worst summers in Florida's
Sept. 30
and is after deducting a loss of $24,383 for the 4 months ending upon the
1927. The business is now operating at a profit and is entering
best season of the year.
For the 40 months ended Sept. 30 1927, net profits as above averaged
stock to be out8.68 times the dividend requirement on the preferred the class B stock
standing, and the annual rate of earnings per share of
averaged 91 cents. For the 16 months ended Sept. 30 1927. these net
profits amounted to 2.72 times the dividend on the preferred stock, and the
annual rate of earnings of the class B stock was 44 cents.
-Net assets as of Sept. 30 1927. after giving effect to the acquisiAssets.
$1,001,644 or
tion of the additional properties and to this financing wereCurrent assets
over $143.09 per share on the preferred stock now offered.
were $633,467 or over 2.50 times the current liabilities of $252,821. and
Purpose.
-Proceeds have been applied to the acquisition of the assets
of Piggly
businesses of the Nashville, Chattanooga, and Knoxville units
Stores
Wiggly Stores. Inc.. and 100% stock ovrnership of South Florida
Shop Co. (of
Corp. and of its affiliated company, Electrik Maid Bake
-V.126. p. 591.
Tampa, Fla.).

Southern New England Ice Co.-Pref. Stock Sold.
Goddard & Co., Inc., and C. D. Parker & Co., Inc., are
Speed Building, Louisville, Ky.-Bonds Offered.
offering an additional issue of 4,000 shares 7% cumul. prior
$1,500,000 first
of 7% cumul. Offering was made recently of a new issue of sons Securities
pref. stock at 100 and div. With each share
bonds by Greenebaum
prior pref. stock will be delivered one share common stock mortgage 6%serial gold The bonds, maturing 1930 to 1940,
ro-n. of New York.
(no par value).
were priced at 101, 1004 and 100, according to maturity.
Data from Letter of Howard H. Davenport, Hartford, Feb. 18.
Compang.-Started in business Feb. 26 1927, as a Massachusetts corp.
This corporation acquired the ice business, physical assets and good will
of over 30 concerns supplying natural and artificial ice at retail and wholesale to a number of important communities in Connecticut and Massachusetts, having an aggregate population of approximately 700,000. These
concerns, with few exceptions, have been operated continuously for a long
period of years.
The company also engages in the sale of coal for domestic consumption,
the installation and servicing of mechanical refrigerators, and the icing of
refrigerator cars.
The company now serves lee to retail consumers in Ansonia, Bridgeport,
Derby, Hartford, Meriden, New Haven, Middletown, New Britain, New
London, Shelton, and Waterbury, Connecticut: Pittsfield, and West Stockbridge, Massachusetts. Company has recently contracted to acquire the
2 principal retail icecompanies in Bristol, Conn., one additional company
in Pittsfield, Mass., and a controlling interest in the principal retail company in Springfield, Mass., thereby increasing the population served to over
850,000.
In addition to the retail business company also sells ice at wholesale in
New Rochelle, Portchester, Rye and White Plains, N. Y.; Springfield and
Westfield. Mass., and Cos Cob, Danbury. Enfield, Fairfield, Farmington,
Greenwich. Manchester, Milford, Nangatuck, New Haven. Bristol, New
Milford, Norfolk, Norwich, Simsbury, Southington, Stamford, Stratford,
West Haven. Windsor and Windsor Locks, Conn.
-Proceeds will be used in part to reimburse the company for the
Purpose.
cost of the acquisition of 2 ice companies in Bristol, Conn.. one in Pittsfield.
Mass.. the controlling interest in the Springfield (Mass.) Ice Co.. and for
Improvements and additions to the artificial ice plant at Hartford, Conn.,
already owned.
Earnings -Earnings of the company from Feb. 26 1927 to Det. 31 1927
are officially reported as follows:
$2,117,899
Gross sales
481,156
Cost of sales
1.196,831
Operating expenses & taxes
127,075
Bond interest
20,000
Reserve for Federal taxes

$292,838
Balance
Prior preference div. requirement for the period, on total
87,500
amount to be presently outstanding
$205,338
Balance available for pref. diva., com. diva. and reserves
The net earnings as shown are at the rate of approximately 3.34 times
current dividend requirements on the prior preference stock outstanding
(luring the period including that now being issued, although no credit Is
given for increased earnings from the properties now being acquired.
Giving effect to this estimated increased revenue, prior preference dividend requirement for the period abovRstated would have been earned over
times.
Before giving effect to the acquisitEn of new properties and to the issu
ance 4,000 shs. of Prior Prof. stock and 4,000 sha. of Com. stock,
Balance Sheet Dec. 31 1927.
Liabilities
A asetsel 100.000
54,889.4881Prier preference stock
Fixed Assets
280,528 Preferred stock
1,802,200
Cash
173.698 1,t mtge. bonds
2,300,000
Accounts receivable
80.146
110,036; Accounts payable
Merchandise, &c
4
105.773 I Miscellaneous liabilities
Securities owned
I
218,208
a294,964
Est. routes & monis. exp.- __ 241,205 I Surplus
,
65.835,621 I Total
85.835621
Total
-V. 126
a
- Represented by 60,010 shares no par value common stock.
P. 1056.
-V. 126, p. 1956.
Southern Stores Corp., Miami, Fla.-Pref. Stock

-E. W. Clucas & Co. are offering $700,000 6%
Offered.
cumul. pref. stock in units consisting of one share of preferred
(par $100) and one share of class B stock (no par value) at
$100 per unit (and accrued div. on the pref.).

Preferred as to dividends, and as to assets in case of involuntary liquida
tion up to $100 per share, and in case of voluntary liquidation up to $110
per share, in each case plus diva. Dividends payable quarterly be.rinning
April 1 1928. Sinking fund commencing in 1929, is provided to retire
preferred stock
annually 3% of the largest amount of date on 60 days'theretofore issued.
notice at $110 per
Red. as a whole or in part on any div.
diva. Dividends exempt from present normal Federal income tax.
share and




The bonds are the direct obligation of the Fred Levy Realty Co. of Louisville. Payment of principal and int. is personally guaranteed by Col.
Fred Levy, Pres. & Treas. The Bank of America. Chicago. is corporate
trustee.
The Speed Building, a four and two-story store and office building officeproof construction is located in the heart of the central business district of
Louisville on a plot of land owned in fee having an area of approximately
69,750 square feet. The bonds will be secured by a closed first mortgage
on the land and building, which have an appraised value of $3,087.199. as
well as on the equipment of the building and entire earnings of the property.
On the basis of this appraisal this bond issue represents only 62% of the
appraised value of the land value. and 'less than 50% of the combined
values of the land and improvements.
Based upon existing leases and rates prevailing on their expiration. after
allowing 3% for vacancies, the estimated average annual gross income for
the term of the bond issue will be $212.691, and net income after operatin
expenses, $142.975.
Proceeds of this issue will be applied to refund existing indebtedness an I
for other corporate purposes.

-Registrar.
Standard Sanitary Mfg. Co.

The National City Bank of New York has been appointed registrar
for the preferred and common stock.
-V.126. p. 884, 264.

-Acquisition.
Standard Steel Car Co.

The company on Feb. 21 announced the purchase of the Illinois Car &
Manufacturing Co. for a consideration reported to exceed $3.200.000.
according to a dispatch from Hammond, Ind. The purchase includes the
Hammond and Richmond, Ind., plants of the Illinois company employing
about 1,000 men. The transaction will be effected by a stock liquidation.
The dispatch also states that Patrick II. Joyce, President of the Illinois
company, will join the Standard company as one of its Vice Presidents
-V. 123. P. 3195.
No change in management is contemplated.

-Smaller Dividend, &c.
Stanley Co. of America.

The directors on Feb. 24 declared a quarterly dividend of 75c. per share.
Payable April 2 to holders of record March 24. In each of the 3 previous
quarters, a dividend of $1 per share was paid.
At the directors' meeting. A. R. Boyd. Frank W. Buhlern, Alfred W.
Fleisher, Lewis Sablosky and Morris Wolf resigned as directors. The vacancies were filled by Simon H. Fabian, It. C. Jameson (President of the
-President of
Globe & Rutgers Insurance Co.). Leming J. Rosenwald (V.
Sears, Roebuck & Co.). Louis J. Kolb and Mrs. Jules E. Mastbaum. Mr.
-President.
Fabian also succeeds A. R. Boyd as V.
President Rossheim in a statement issued after the meeting said:
"It is believed that the return to the policy of endeavoring to accumulate
a substantial surplus from each year's earnings will recommend itself to the
-V. 126.0. 732.
stockholders as a prudent and conservative move."

Starr Manufacturing Co., Ltd., Dartmouth, N. S.
Bonds Offered.
-R. H. Bain & Co., Ltd., are offering at 99
-year bonds,
and int. $300,000 1st mtge. sinking fund 6% 20
arrying a bonus of one share common stock with each
$500 bond.
Dated Feb. 11928:due Feb. 11948. Principal and int.(F.& A.)payable
in gold at any branch of the Canadian Bank of Commerce in Canada.
Denom. $1.000. $500 and $100 c* lied, all or part on any int, date at
30 days' notice at 105 and int, in first year and thereafter at a price lower
by L of 1% for each year. Rezistrar and trustee. Nova Scotia Trust Co.,
Halifax, and Canada Permanent Trust Co., Toronto.
Authorized. Outstanding.
Capitalization8300.000
$500.000
1st mortgage bonds
6,000
6,000
Common stock (no par value)
Feb. 1 1931, at the rate of
Sinking Fund.
-A sinking fund commencing
2 % per annum will provide for the retirement of all bends at maturity.
Companv.-Was established in 1864 and inc-rn. in 1868. Is the oldest
and largest skate manufacturing concern in the British Empire. Company's
output consists of a complete line of ice skates of the most modern design,
as well as roller skates. It is also engaged in the manufacture of belts.
nuts, rivets, railway spikes, axles, hinges, and other metal Products such
as iron fences and fire-escapes, and is a jobber of bar iron, which the company uses to a large extent in the manufacture of its own products. Company's plant Is located In Dartmouth, N. S. has approximately 60.000
sq. ft. of floor space and is equipped for almost every phase of metal manufacturing.
Assets.
-Canadian Appraisal Co., Ltd., appraised the fixed assets In
Dec. 1927, and have certified a replacement value of $725,736. and a present
depreciated value of $601.590.

1212

FINANCIAL CHRONICLE

Earnings.
-Total net earnings for the 23 months' period from Dec. 31
1925. to Nov. 30 1927 after deduction of operating expenses, local taxes,
maintenance and repairs, available for interest, depreciation and Dominion
Government income tax, were $84,217. or an average of $42.108. The
net earnings on the same basis and available for the same purposes for the
9 months period from Feb. 28 1927. to Nov. 30 1927, were $50,887.

-Preferred
Stefco Steel Co., Michigan City, Ind.
-An issue of $400,000 1st pref. stock 7%
Stock Offered.
cumulative is being offered at 100 and div. by Chapman,
Grannis & Co., Bartlett, Knight & Co. and Averill Tilden
& Co., Chicago. Each share of pref. stock carries M share of
common stock.

[vol.. 126.

Data from Letter of Treasurer Austin T. Levy, Dated Feb. 9 1928.
Business.
-Established in 1909. Manufactures high-grade worsted goods
for men's wear. Company is a complete manufacturing unit, conducting
each step in the production of worsteds from scouring and combing the wool
to dyeing and finishing the cloth. Production is approximately 3,500,000
yards annually. Company's cloth which is sold directly through a wholly
owned subsidiary, has a wide distribution among wholesale clothing manufacturers. Plants are located at Harrisville, Ashaway, Greenville and Mapleville, R. I.. and East Woodstock, Conn. Since the company has consistently installed new and improved equipment, $2,151,000 having been
spent on its plant in the past 6 years, these plants contain only machinery
of the latest design, practically none of the present equipment having been
Installed prior to 1919. Plants, equipment and employee dwellings, carried
on the company's books at the depreciated value of $2,761,887. were valued
in excess of $4,100,000, after depreciation, in an appraisal completed in
January 1928.
Capitalization (To Be Outstanding upon Completion of Present Financing)
Sinking fund gold debs.. series A. 515%, due 1943 (this issue)--$1,500,000
Investors' preferred stock, A, 7% cumulative
204,620
Producers' common stock, B (special for employee ownership) 166,900
Common stock, C. 22,278 shares
2,227,600
Purpose.
-Proceeds will be used to retire the company's present mortgage
Indebtedness and to increase its working capital.
Earnings Years Ended December 31.
1923.
1924.
1927.
1926.
1925.
Sales
$3.061.150 $4.915,705 $6.370,305 $7,523,152 $8.481,130
x Net earnings..- 323.217
414,575
642,954
721.870
829,488
x After depreciation available for interest.
For the 5 years ended Dec. 31 1927 net earnings after depreciation averaged $586,421. or over 7 times the interest requirement of $82,500 on these
debentures; for the last 3 years of this period such earnings averaged over
8.8 times this requirement. For the year ended Dec. 31 1927 these earnings
were $829,488. or over 10 dines this interest requirement.
Bal. Sheet as of Dec. 31 1927 (After This Financing and Dirs. Paid Feb.7'28.)
Assets.
Matratties.
Plant, equpment and emSinking fund gold debentures-31.500.000
ployee dwellings
$2,761.887 Accounts payable
230,975
Cash
362,454 Acceptances
164,513
Accounts receivable
180,581 Accruals
31,255
Inventories
2.151,884 Reserve for taxes & dividends 132.456
Deferred assets, &c
109.934 Capital stock (es above)
2.599,120
Special reserve
425,535
Total (each side)
$.5,566,740 Surplus
482.888
-V. 126. p. 884.

Dividends exempt from present normal Federal income tax. Transfer
agent, Central Trust Co. of Illinois, Chicago. Preferred as to assets and
dividends. Callable all or part on 60 days'notice at $110 per share and div.
Dividends payable Q-J. In case of liquidation the stock is entitled to $110
per share if voluntary and $100 if involuntary, plus accrued dividend
When any first preferred stock is called for redemption the holder thereof
will, up to the day of redemption, have the Privilege of purchasing for $25
M share of common stock for each share of 1st pref. stock called.
Data from Letter of President F. M. Sayre, Dated Feb. 2.
Company.
-An Illinois corporation owning a business which was founded
in 1917, manufactures all-steel buildings. Its factory,located in Michigan
City, Ind., is the largest plant of its kind devoted to this one product.
During the past 10 years the company has developed and marketed a line
of steel buildings having advantages of construction that place them in the
fore of all buildings of the kind. The buildings manufactured make ideal
warehouses, factories, shops, foundries, laundries, truck garages and
service stations.
Capitalization.
First preferred stock,7% cumulative (par $100)
$400,000
2nd preferred stock. 7% cumulative (par $100)
160.000
*Common stock (no par value)
34.000 shs.
* 2,000 shares of common stock will be reserved for purchase privilege
of 1st preferred stock upon call for redemption.
Assets.-The balance sheet as of Dec. 31 1927, shows current assets of
$447,248 and current liabilities of $60,110, a ratio of 7.9 to 1. Net tangible
assets available for the 1st preferred stock amount to $951,024 or over
$237 per share. The book value of the common stock amounts to $11.71
per share.
-Sales and net earnings after all charges, including
Sales & Earnings.
depreciation and Federal taxes are as follows:
Net Earnings
Taft Building, Los Angeles.
-Land Trust Certificates
YearNet Sales. (as above).
$90,932 Offered.-Mitchum, Tully & Co., San Francisco are offering
$553,878
1925
1926
102,333 land trust certificates, representing 665 equal undivided
647,134
1927
771,284
131.746
The average earnings for three years available for dividends on the 1st beneficial interests or rights in the trust covering the ownerpreferred stack were $108.337 or 3.88 times the requirements. Such average ship of the premises occupied by the Taft Building, Los
net (tunings, after provision for dividends and sinking funds on both 1st
and 2nd preferred stocks, leave available for dividends on the common Angeles, Calif. Price: $1,000 and accrued rental for each
stock now outstanding $1.52 per share. For 1927. after all charges, the 1-665th part
4 "/
• *4 +1
let preferred dividend was esrned 4.7 times and there was a balance availCertificates.
-The Title Insurance & Trust Co. of Los Angeles will receive
able for the common stock of $2.10 a share.
in trust the fee simple title to the property and will execute a lease of 98
years and
the
-New Invest. Trust Organized. The Title 6 months covering this property to will Sun Realty Co. as lessee.
Sterling Securities Corp.
Insurance & Trust Co., as trustee,
hold title to the
Announcement has been made of the formation of a new investment trust
collect the current rents under the lease for the benefit of the holders
proetyand
to be known as the Sterling Securities Corp., incorp. In Del. Feb. 20, of the certificates. Each certificate will represent 1-665th undivided fracwith an authori7ed capitalization of $25.000,000 1st pref. stock ($50 Par): tional part of the beneficial interest in the trust and will be issued under the
$10,000,000 preference stock, ($20 par): 1.250.000 shares of Class A com- agreement and declaration of trust after execution of the lease.
mon stock, and 300,000 shares class B common stock, with no par value.
The agreement and declaration of trust will provide that from these
Under the plan of operation the 1st preferred will be sold in units of one funds, after payment of expense of the trustee, semi-annual pro rata payshare 1st preferred and one share of common,and the preference will be sold ments of not to exceed $30 each will be made to the holder of each 1-665th
in units of one share of preference and one share of class A common. The beneficial interest and that any surplus remaining will be used through a
elms A common will he sold so as to net the corporation $12 per share and redemption fund to make redemption payments to holders of certificates.
preference stocks at par.
Payments will be made to the holders of certificates on each June 15 and
At least $5,000,000 will be paid into the corporation treasury for pret- Dec. 15.
ence and common stock by the founder subscribers before any shares are
Property.
-The property which will be conveyed in fee simple to the
sold to the public.
trustee for the benefit of the certificate holders is situated on the Southeast
The original issuance of preference stock will bear a 535% cumulative corner of Hollywood Boulevard and Vine St., city of Los Angeles.
,
dividends on the preferred and prefernece stock, the class A common is Parcel has a frontage of 120 ft. on Hollywood Boulevard and 150 ft. on This
Vine
entitled to receive 50 cents per share before any payments to class B shares, St., a total of 18,000 square feet.
the remaining profits to be divided
to the class A common and j to the
A limit height, 12
-story, class "A" office and store building, known as
class B common. A percentage of profits will be used to accumulate a the Taft building, which was completed in 1924, is located on this property.
surplus and reserve fund to guard against unforseen contingencies and This structure has 263 offices and 10 ground floor stores and has a total
protect the preferred dividends.
of 98.901 net rentable square feet.
With a view to limiting the overhead expense of management and distriThe land has been appraised at $700,000 and the building at $925,000,
bution, a contract will be made with Insuranceshares Corp. to handle the a total of $1.625,000.
distribution of securities, provide office space, clerical personnel and pay
Lease.
-The lease of this property to the Sun Realty Co. will be for 98
all ordinary expenses. Costs to be borne by the corporation will be taxes, years and 6 months. The terms of this lease will provide that the Sun
Custodian and legal fees, auditing expenses and statistical services.
Realty Co. will pay $42,000 per annum during the life of the lease, in adAmong the directors will be Edward B. Twombly, of the law firm of dition to the payment of all taxes and assessments on the property.
Putney, Twombly & Putney: Lewis Stewart, capitalist and formerly head
The Sun Realty Co. under the provisions of this lease, shall have the
of Claflins, Inc.: Edward S. Goodwin of Goodwin-Beach & Co., Hartford, option to purchase this property at any time up to and incl. June 15 1952 at
C1)013.: Charles P. Taft, Prosecuting Attorney of Hamilton County. Cincin- 9725.000 and thereafter during the term of the lease at $750.000.
nati, 0., and son of Chief Justice Taft; Harold A. Fortington of the Royal
The lease provides that the lessee shall at all times maintain the building
Insurance Co.; Walter Reid Sterling Pile. President of insuranshares Corp. in first class condition except for ordinary wear and tear. It is also provided
In addition to these members there will be others from important centers that aeequate fire, earthquake, liability and elevator insurance shall be
outside of New York, and it Is expected that three European countries will maintained at all times.
-Y. 117, p. 1472.
shortly be represented on the board, not only for the purpose of adding to
Telautograph Corp.
-Annual Report.
the Corporation's sources of information as to foreign investments, but with
a view to the international distribution of its securities.
Calendar Years1927.
1924.
1926.
1925.
Investment of the corporation's funds will be in the hands of a finance Rentals
8776.108
$679,915
$584,935
$518.976
committee, the Chairman of which will be Theodore T. Scudder of the firm Paper sales
6,946
5.640
5.589
5.116
of Scudder. Stevens & Clark. The other two members will be Harold A. Miscellaneousincome_
9,146
9.721
14,543
9.741
Fortington, and Walter Reid Wolf.
Total income
$534,286
$792.200
$700,098
$599.792
Stewart-Warner Speedometer Co.(& Subs.).
-Balance Expenses-Adminis__
43,926
39,325
40,076
43.795
Selling
75.891
109,372
89,876
106,124
Sheet Dec. 31.Installation
45.498
30.296
33.517
34.664
1927.
1926.
1926.
1927.
Maintenance
151,347
132,681
153.592
138,889
LfaMlfttes-Assets$
$
$
$
Engineering
15.463
16,321
15.316
15,193
Land, buildings,
Capital stock---y19,155,459 19,155,459
Depreciation
89,963
104,946
115,919
91.377
machinery,&e_x13,761,465 14,148,443 Seasick Co. pref.
783.000
Experimental
9.198
7,604
6,982
6,931
Fiala. rd-will, &c
1 Ran-Alemite 7%
1
Legal
4.245
2,892
1,880
1.312
Cash
875,000 1,000,000
notes
1.878,764 1.480,807
Special
9,574
3,197
3.629
3,863
U.S.Govt.secure_ 2,640,328 1,369,858 Accts. di vouchers
Miscellaneous taxes
3.343
9,003
6.576
9.286
Inv.In m'rtle sec_ 583.125
859,007
payable
510.214
909,403
Interest
3.120
Accts.& notes rec_ 3,701,230 4,719,746 Taxes, royalties,
Fed, taxes paid or accr
15.023
38,761
21,459
29.766
Inventories
725,735
&c., accrued_
440,289
5,217,512 6,207,381
Deferred charges_. 266,510
661,271
309.367 Fed. Inc. tax prey_ 527.382
Not profit
$106.162
$150.216
$190,725
5.898,349 5,796.394 Preferred dividends(7%) $248,361
Surplus
52,920
52,500
52.500
52,500
Common dividends- - (80c.)115,200(60c)115.200 (50c.)96,000
Total
28,038,932 28,745.815
28,038,933 28,745,815
Total
x Land, buildings, machinery and equipment. Dec. 311927,$19,895.455.
Net profit
353.242
$1,715
$80,661
823.025
less depreciation. $6,133,990. y Representing 599,990 shares of no par Shares common stk. outvalue.
standing (no par)
189.000
192.000
192.000
192,000
The income account was given in V. 126. p. 1056.
Earned per share
90.25
$0.51
Balance Sheet Dec 0 1 2
3l M2
337
. ..
Stillwater Worsted Mills, Harrisville, R. I.
-Deben- Assets1926.
1927.
1927.
Liabilities1926.
tures Offered.
-Lee, Higginson & Co. are offering at 99 and Plant accounts- -a$2,247.083 $2,188,279 Preferred stock__ $750.000 $750,000
Cash
43,970
17.027 Common stock__ _1,1,350.009 1,360.009
int., to yield 5.60%, $1,500,000 sinking fund gold deben- Account reo
20,197
58,188
16.615
45.060 Accouets payable_
tures, series A,532%, due 1943.
Inventories
15,263
4.098
15,390
4,172 Accrued accounts_
29.766
38.761
4,808
Dated Feb. 1 1928: due Feb. 1 1943. Principal and int. (F. & A.) pay. Investments
4.367 Federal tax
43.077
able at offices of Lee, Higginson & Co. in New York. Boston and Chicago. Deferred charges_ 26,016
53,376
28,680 Rentals roc ln adv.
79,273
159,988
Surplus
Denom. $1,000 and $500 c5 Red. on 30 days' notice as a whole at any
.
time or in part on any int, date at 105 on or before Feb. 1 1930, thereafter
Total
$2.384.139 $2,287,585
$2,384.139 $2.287,535
at 104 on or before Feb. 11933, thereafter at 103 on or before Feb. 11936,
Total
a After depreciation, $544.153. b Represented by 192.000 shares, no
thereafter at 102 on or before Feb. 1 1939, thereafter at 101 on or before
Feb. 1 1942, thereafter at 100X on or before Aug. 1 1942, and thereafter par value.
-V. 125, P. 3497.
at par, plus int, in each case. Interest payable without deduction for
1060 Park Avenue Apartment Building, N. Y. City.
-Federal income tax up to 2%. Pa. and Conn. 4 mills taxes and Mass.
Income tax up to 6% refundable. Lee, Higginson Trust Co., Boston.trustee. To Retire Bonds.
Sinking Fund.
-Indenture will provide for an accumulative sinking fund
The first mortgage 6% bonds of this issue have been called for redemption
payable semi-annually, first payment Dec. 1 1928, sufficient to retire over as of April 1
at 10234 and int. at the office of S. W. Straus & Co.,
70% of all series "A' debentures before maturity. The fund will be used N. Y. City. 1928. bond issue, originally $1000,000 and now reduced to
This
to purchase debentures up to the current call price plus int. or if sufficient $865,000 by serial amortization, is being refinanced with a $970.000 loan
debentures are not so purchasable to call them at that price.
from the New York Title & Mortgage Co. for 5 years at 53. ( •
7.




FEB. 25 1928.1

FINANCIAL CHRONICLE

1213
=

Timken-Detroit Axle Co.
-Annual Report.
Calendar Years1927.
1926.
1925.
Net after depreciation and Fed. taxes $1,540,530 $1,772,460 $1,382.065
Preferred dividends
269,344
284.238
305,283
Common dividends
558,391
643,086

worth of the company and the assets represented by the net worth of the
guarantors outside of this business, aggregating approximately $260,000
represents profits solely made during the past 11 years successful operation.
'
Security.-Direct obligations of the company and additionally secured by
deposit with the trustee of collateral consisting of merchandise sales contracts having unpaid balances due thereon exceeding $200,000. Company
covenants to maintain this ratio of collateral to outstanding notes during
the life of this issue. Life insurance policies in amount of 550.000 will also
be subrogated and deposited with the trustee on the lives of the two active
managers of the business. Sol. and Simon Kauffman.
Earnings.
-For the 20 months period ending Aug. 31 1927. the total net
earnings of the predecessor partnership to the Union Furniture Co., after
operating costs, interest and depreciation, aggregated $67,211, or an
average annual net income of $39,966 per year or more than 5 times the
interest requirements of this issue. The proceeds of this note issue will
further enable the company to effect immediately substantial economies,
and permit further sound normal expansion of its business.

Balance, surplus
$628,100
$929.831 $1.076.782
Shares of common stock outstanding
(par $10)
832.073
827,345
823.920
Earnings per share
$1.80
$1.53
$1.30
Balance Sheet December 31.
1927.
1926.
1927.
1926.
Assets
Liabilities-$
Land, bidgs., &c_x 6,037,334 6,181,606 7% preferred stock 3,966.500 4,147,900
Goodwilis & pans.
1
1 Com.stk.(par 310) 8,320,730 8,273.450
Cash
1.059.298
826,910 Federal tax (est.)_ 200,000
270.000
Notes & accts.rec_ 1.006.469 1,034,057 Accounts payable,
Inventories
4,173.941 4,513,786
United Cigar Stores Co. of America.
-Stock Dividend.
not due
717,434
882,209
Investments
1,173,139 1,031.852 Accrued dividends
The directors have declared a quarterly dividend of 2%. or 20 cents in
Securities owned._
21,282
40,395 and expenses__ _
19,112
23,084 cash, and 114% in common stock on the $10 par shares. payable Mar. 31
Sinking fund
187,357
186,894 Other reserves..
237,379
179,665 to holders of record Mar.9. Like amounts were paid on this issue on Sops.
4% demand ctfs.
Surplus
3,316,708 2,669,673 30 and Dec. 30 last. This is equal to the same rate paid quarterly on the
on deposit and
old shares of$25 par value,recently split 2% for 1.-V.125, p.2827,3654.
interest thereon_ 2,564.808 2,033,994
Miscellaneous
-Exchange Offer Made
334,991
United Drug Co., Boston, Mass.
416,035
Deferred assets
219.236 • 180,449 Total(each side)16.777,864 16,445.980 to Holders of 1st Pref. Stock.
-President Louis K. Liggett,
''After $4,568,099 reseryiksdeprea_ation.-V. 125, p. 3214._
in a letter to the hollers of 1st pref.stock, says in substance:
Toledo-Paramount Corp.
-Bonds Offered.
-Hayden, At a special meeting of the stockholders held on Feb. 14 1928. by vote
Miller & Co., Otis & Co. and Collin, Norton & Co. recently of more than two-thirds of all the capital stock outstandig and entitled
dispose of all the
assets
offered at prices ranging from 99 and int. to 100 and int., to vote, it was determined to sell andthe corporation. property and of 1st
The holders
of the corporation and to liquidate
according to maturity, $1,400,000 1st (closed) mtge. lease- pref. stock will be entitled to receive in liquidation on March 15 1928 the
par value of their stock, i.e., $50 per share plus the dividend accrued
hold 6% serial gold bonds.
thereon from Feb. 1 1928 to March 15 1928, amounting to 44 cents per share.
Dated Feb. 11928: due serially Feb. 1 1930-1943. Int. payable F. & A. Payment will be made at the National Shawmut Bank of Boston, transfer
at First National Bank of Toledo, trustee, without deduction of any
agent, 40 Water St., Boston. Mass., on March 15 1928. upon presentation
income tax not exceeding 2% per annum. Company will refund to Federal and surrender of certificates of 1st pref. stock for cancellation.
holders
resident in such States, upon proper applications, the Pa. 4 mill, the Ky.
In connection with the sale and transfer of all the assets and property of
5 mill, the Calif 4 mill or the It
4% mill personal property tax. this corporation to United Drug Co., a corporation organised under the
Denom.$1,000 and $500 0'. Red., all or part, on any int. date to and incl. laws of Delaware, said Delaware corporation has agreed to offer forthwith
Feb. 1 1933 at 103 and int., thereafter to and incl. Feb. 1
and to issue to the 1st pref. stockholders of this corporation who may elect
int., and thereafter, prior to maturity. at 101 and int., In1938 at 102 and to accept such offer, in exchange for their 1st pref. stock, the 5% 25 veer
each case upon debenture bonds of the Delaware corporation on the basis of $60 of deben30 days' notice.
Lease.
-Paramount Famous Lasky Corp. will lease the mortgaged prop- ture bonds or each share of 1st pref. stock, with accrued dividend on each
erty for a period of not less than 15 years from Feb. 1 1029 at an annual share of 1st pref. stock adjusted to March 15 1928. the date from which
rental sufficient to pay principal, interest and other requirements of these interest will commence on the debenture bonds, such offer of exchange to
bonds as they respectively mature.
be effective to and incl. March 15 1928. The bonds so offered will be part
Company.
-Toledo-Paramount Corp. is a wholly owned subsidiary of of an authorized issue of $40.000.000, will be dated March 15 1028. bearing
Paramount Famous Lasky Corp. Has acquired and holds leasehold estates Interest at the rate of 5% per annum, payable March 15 and Sept. 15 withcovering a parcel of property in Toledo, 0, having frontages of approxi- out deduction for Federal income taxes up to but not exceeding 2% per
mately 82 ft. on Adams St.. 480 ft. on Huron St. and 120 ft. on Jackson annum. The bonds will be issued under an indenture to the National
St. On the westerly 295 ft. of the Huron St. frontage company will
trustee, providing for a sinking fund of 5750.000
Shavnnut Bank of Boston
erect, per annum commencing as
or cause to be erected, a theatre and a commercial office and store
March 15 1934 and urther providing that the
with the theatre lobby and building entrance on Adams St. The building bonds may be called in whole or in part on any interest date at a premium
theatre, of 5% for the first 8 years,47 for the next 4 years, 3% for the next 4 years,
which will be the largest in Toledo, will have a seating capacity
0
of 3.400.
Security.
-These bonds will be secured by a 1st mtge.
2% or the next 4 years, 1% for the next 3 years and at their face value for
on
Interest in leases and a sub-lease having 93 years or morelienrun the lessee's the last 2 years. Coupon bonds will be in the denom. of 51.000, 1500 and
to
In approximately 53.800 sq. ft. of land described above, in the buildings
$100 each.
on that portion not to be titled for the new construction and in now standing
Holders of 1st pref. stock of this corporation who desire to avail themthe
equipped and furnished building to be erected on the remaining new fully delves of the offer and to exchange their 1st pref. stock for the debenture
portions of bonds should endorse their certificates for transfer to the United Drug Co.
the land. Total value of leasehold estates and cost of new
construction, of Delaware and surrender the same at the National Shawmut Bank of
including equipment and furnishings. $2.226,000. On this basis
the
the leasehold estates is 159% of the loan; modifications or changes value of Boston on or before March 15 1928. See also V. 126, p. 1058.
in plans
or specifications to be permitted by the mortgage, may not
reduce this
United States Hoffman Machinery Corp.
-Report.
value to less than 150% of the loan.
Calendar Years1924.
1926.
1927.
1925.
Transue & Williams Steel Forging Corp.
Gross profit on sales____ 53,530,267 $3.747.5421
Not
-New Sell., gen.& adm.exps-- 1.838,768 1.878.0911
available
Directors.
H. 0. Barker and C. 0. Gibson (President of Mullins Body Co.)
have Profit from operations__ 51,691.499 $1,869.451 51.696.195 51.217,157
been elected Directors succeeding F. E. Dussel and A. A.
Mulac.-V. 125. Interest,&c.. income.-187.263
197,058
151.551
137.017
p. 3497.

Tremont & Suffolk Mills.
-Liquidating Dividend.
-

The directors have declared a cash dividend in liquidation
of $29 per
share, payable March 6 to holders of record Feb. 21.
The First National Bank of Boston has been appointed agent to
make
payment of the dividend.
In November 1926 the company sold its plant and fixed assets
to the
Nashua Mfg. Co. for $509.000.-V. 124. p. 519.

Troy Laundry Machinery Co., Inc.
-Debentures.
-A

banking group composed of L. S. Carter & Co..
Century Trust Co. of Baltimore, and Taylor, Ewart &Inc., Baltimore,
Co.. Inc., New
York, has underwritten a new issue of 53.000.000 15
-year
ing fund 6%% gold debentures. Proceeds from the saleconvertible sinkof these debentures will be used to retire all outstanding bonds and for other
corporate
purposes.
-V. 126, p. 1057.

Truscon Steel Co.
-Three New Vice-Presidents.
Three additional Vice

-Presidents have been elected, viz., C. I.
In charge of sales of the standard building division; M. T. Clark, in Auten,
charge
of sales of the steel window department, and C. D. Loveland, in charge of
sales in New Jersey. with headquarters at Newark, N. J.
-V. 125, p. 3075.

2185 Broadway Apartment Building, N. Y.
Bonds Called -

City.
-

The first mortgage 6% bonds of this issue have been called for redemption
as of April 1 1928. at 102% and int. at the office of S. W. Straus & Co.,
N. Y. City. This bond issue, originally $1,100,000 and now reduced to
5995,000 by serial amortization, is being refinanced with a $1,000,000 loan
Life Insurance Co. running to Dec. 1 1942, at 5%%
from the It
for
the first 5 years and 5% thereafter.

Two Thousand Van Ness Avenue, Inc. (MedicoDental Office Building), San Francisco.
-Bonds Offered.
-Franklin Flick & Co., San Francisco, are offering at 100
$300,000 1st mtge.6% serial coupon gold bonds.
and int.
Jan72 1928i'dartierialir1930-1940. Interest
Datedyable( . & J.)
ed
without deduction for normal Feral income tax up to 2%. Exempt front
California personal property taxes. Denom. 21,000, $500 and $100 c*.
Bonds and coupons payable at Anglo & London Paris National Bank, San
Francisco, trustee. Callable at 103 and int., in full (or in part, in reverse
of numerical order) at any time upon 60 days' notice. Personal property
and income taxes of any State and of the District of Columbia. lawfully
paid, not exceeding 6 mills per annum on each dollar of the taxable value
thereof in the case of such personal property tax, nor 6% of such income,
in the case of such income tax, will be refunded.
-Bonds will be the direct obligation of company, and secured
Security.
by a closed first mortgage on land, owned in fee, having a street frontage
of approximately 67 ft. on Van Ness Ave., and 123 feet on Jackson St.,
-story, class A, steel and concrete fire-proof
together with a modern 7
office building, with special equipment for doctors and dentists, now being
erected thereon. Bonds are further guaranteed by the personal endorsemost of A. H. Bergstrom, the financial sponsor of TWO Thousand Van Ness
Avenue building property.

Gross income
51.888.558 12,056.714 51,847.746 51,354.174
Interest, &c. charges.-92.573
320.243
139.824
99.441
Fed. & Dominion taxes_
189.830
220.104
100.519
190.246
Depreciation
176,906
189.911
Amortization of patents.
213.422
218.410
219,633
219,064
Deb.and stock premium
Cr.2,624
234.893
Net income
$1.196,610 $1,341.198 51.300.855
Dividends on pref. stock
60,896
Common dividends
433.125
833,213
888,813
Surplus
Profit and loss items_
Previous surplus

5307.797
2.717.175

$507.985
Dr.68,568
2,277.757

$806.834
Dr.1.035
1.470.924

5485.098
30.333
90.000
$364,765
Cr.758
1,105.403

Profit and loss,surplus 53,024,972 52,717,175 $2.277,757 51.470 924
s.o6
$5.73
Earn.per 611. on corn.stk
56.04
$5.38
Balance Sheet Dec. 31.
1926.
1927.
LiaMittter1926.
Assets1927.
Plant property-- a$675.880 $758,918 Capital stock_ ---d$4.632.183 $4,632.182
13,361
Patents
b1,974.273 2,187,813 Accept ces payable
1 Accounts Payable_ c367.663
Good-will
818.160
1
Deposits on sect of
U.S.certificates
400,000
10.932
4.816
286.884
uncom pl. sales_ _
509.134
Cash
Notes & bills ree x2,861.542 2,914,695 Reserves for taxes
248,452
611,911
and royalties_ __ 259.978
Acc'tsrec.,less res. 709,063
Customers' installPrepaid and derd
12.249
ment divs
36,924
21,061
charges
1,148,9.53 1.440,974 Unappr. surplus 3.024,973 2.717.176
Inventories
Deposits on leases,
2.291
1,884
contracts,&c--101
100
Investments
$8,301.861 $8,240.312
$8.301,861 $8,240,312
Total
Total
a Includes $2,839,047 customers' notes receivable secured by chattel
mortgages or equivalent liens. It does not include interest accrued on
customers' notes receivable. a After deducting reserves of $834.969.
Is After deducting reserves of 51,290.285. c Accounts payable within one
year and accrued accounts, including Federal tax not assessed or due but
estimated to become payable within one year. d 222,203 1-3 shares of
no par value.
-V. 125, p. 2543.

-Interests Varied.
-At the annual meetUnited Fruit Co.
ing held last week, President Victor M. Cutter, in a statement, says in part as follows:

The company is something more than a business organization. It is an
institution serving more than 25.000 stockholders, and paying salaries to
68,000 employees. Its fruit is sold in every city and town of the United
States and Canada, and in nearly every country of Europe. It maintains
plantations in 9 foreign countries, and has a fleet of 90 vessels on the high
seas. Its radio telegraph stations unite the Americas. It operates a network of railroad and tram lines.
The volume of trade between the United States and the Caribbean
countries has grown greatly within the last 6 years. Before the war invest
manta of the United States in Latin America approximated a little over a
billion dollars. To-day these investments stand at more than 5 billions.
the Caribbean
Where investments go
Union Furniture Co., San Francisco, Calif. Notes the best kind of trade,trade follows, and our trade withrequirements. is
because it is based upon mutual
-Joseph C. Tyler, & Co., San Francisco, recently
Offered.
During 1927 the company shipped to the Caribbean countries from various
ports in the United States 775,561 tons of freight and brought from
offered at 100 and int. $100,000 coll. trust secured 7% notes. various Central American countries, exclusive of fruit, 191,774 tonsthe
of
Dated Jan. 11928: due serially Jan. 1 1929 to Jan. 11933, incl. Principe freight to the United States.
and int. (S. & .1,) payable at Bank of Italy National Trust & Savings AssoThe Great White Fleet carried 69.023 passengers and 227,511 bags of
San Francisco, trustee, without deduction for normal Federal mall during the year.
ciation,
income tax not in excess of 2%. Callable all or part on any int. date upon
One of the important factors in stabilizing both currency and labor
60 days' notice at 105 and int. Denom. 51,000 and $500. Auth. $150.000. conditions is the large amount of money paid out annually by the company
Principal and interest unconditionally guaranteed by Sophie Kauffman, in wages. During 1927 the company paid out in the Caribbean countries
Simon Kauffman, and Sol Kauffman.
$23,972,639, of which over 75% went to the nationals of those countries.
-A California corporation. Had its inception as a partnership The scale of wages paid by the company is high, and the effect has been to
Company.
on Aug. 10 1916, with an initial cash capital of $590. The present net raise materially the standards of living.




1214

FINANCIAL CHRONICLE

The amounts noted below are paid directly by the company to nationals,
and as it buys approximately half of its fruits from private planters who
employ and pay their own laborers, it will be seen that wage payments
directly attributable to the operation of the company in these countries are
about double the figures given: Colombia, $3,839,462; Costa Rica, $3,159,658; Guatemala. $2.483,096; Jamaica, $1,692,020; Panama (including
Canal Zone), $1,975,725; Honduras, $5.172,361; Cuba. $5,650,316: total,
$23.972,639.
Never before in the history of the company have conditions in the countries in which its tropical divisions operate been so generally favorable
to a continuance of their profitable operation. In all these countries peace
prevails, and in the enjoyment of peace their statesmen have devoted
themselves to the business of government with excellent results. In consequence, their peoples have attrined an unusual degree of prosperity. (See
also annual report in V. 126, p. 405.)-V. 126. p. 1058.

-Debentures Sold.
United States Radiator Corp.
A banking group headed by the First National Co. of Detroit,
Inc., and including White, Weld & Co., F. L. Carlisle & Co.
Inc. and Marine Trust Co. of Buffalo, has sold at 98M and
int., to yield about 5.20%,$3,500,000 5% sinking fund gold
debentures, series A.
Dated Feb. 1 1928; due Feb. 1 1938. Prin. and int. (F. & A.) payable
at Detroit Trust Co., Detroit, Mich., trustee, or National Bank of Commerce in New York, without deduction for any normal Federal income
tax not in excess of 2% per annum. Corporation will agree to refund on
Proper application the Penn. 4 mills tax, the Conn. personal property tax
not exceeding 4 mills, and the Mass, income tax not exceeding 6% per
annum on the in
Denom. $1,000 and $500 c*. Red. at the option of
the corporation as a whole or in part on any Mt, date on 30 days' notice at
102% and Mt. up to and incl. Feb. 1 1932; thereafter at 101% and int. up
to and incl. Feb. 1 1936; thereafter at 101 and int, to maturity.
Capitalization (Upon Completion of Present Financing).
5% sinking fund gold debentures (authorized $7,000,000),
,500,000
$3
this issue, series A
4,,109 600
7% cumul. pref. stock (authorized 15,000,000)
Common stock and surplus, represented by 400.000 shares auth.
(without par value)
-211,672 shs. to be presently outstanding 4,333,188
Data from Letter of Henry T. Cole, President of the Company.
Company.
-Organized in 1910 in New York. a consolidation of 6 well
established boiler and radiator companies. It is now engaged in manufacturing and distributing a great variety of products, and is recognized as one
of the largest producers of cast iron low pressure heating boilers and radiators in the world. Its products, which are marketed under the well-known
name of "Capitol" boilers and "Capitol" radiators, are used for lowpressure steam and hot water heating systems in all types of buildings.
Corporation owns and operates 6 large manufacturing plants located at
Detroit, Mich.. Dunkirk and Geneva, N. Y., West Newton and Corry.
Pa.. and Edwardsville, Ill. Thirty-two branch assembling plants are
maintained in the more densely populated centres throughout the countrY.
These assembling plants distribute "Capitol" products directly to heating
contractors and to local plumbing and heating supply jobbers. The Pacific Steel Boiler Corp.is the largest producer in the United States of welded
steel heating boilers, which are used for heating large buildings ofevery type.
This corporation will continue under the same name as a subsidiary unit of
the United States Radiator Corp.and will receivefrom the latter the benefits
of the national distributing organization with national advertising publicity.
Purpose.
-Proceeds will be used partly in connection with the purchase
of the assets of the Pacific Steel Boiler Corp., and all its subsidiaries, and
tly
Pa. as an addition to cash resources of U. S. Radiator Corp.
Earnings.
-Net earnings, after depreciation and before Federal taxes,
of the United States Radiator Corp. alone, averaged $1,572,128 for the past
5 years, or approximately 9 times the maximum annual interest charges of
series A debentures. Net earnings for the year ending Jan. 31 1928 of
the United States Radiator Corp. and the Pacific Steel Boiler Corp. combined, were $1,217,288 after depreciation and before Federal taxes, or approximately 7 times the maximum annual interest charges on series A
debentures.
-A semi-annual sinking fund beginning Aug. 1 1928 equal
Sinking Fund.
to 24% of the greatest amount of debentures at any time issued, shall be
established to be disbursed as far as possible for the purchase of debentures
at a price not exceeding 1003. and int, to date of purchase. In the event
debentures are not available for purchase at 100% and int., the corporation
may authorize the use of the balance on hand in the sinking fund in accordance with any of the following options: (a) For the purchase of debentures
at a price not exceeding the then current redemption price; (b) for the redemptton of a sufficient number of debentures at the then current redemption price to exhaust the sinking fund money:(c) for the purchase of securities approved by the bankers, the corporation and the trustee.
Pro Forma Balance Sheet Dec. 31 1927.
[Adjusted to give effect to (1) the proposed issuance of $3.500,000 5%
sinking fund gold debentures, series A: (2) acquisition of net assets of the
Paaific Steel Boiler Corp. and subsidiaries for cash, gold debentures and
capital stock; and (3) liquidation of long term debt of $74.830.1
Assets
Cash on hand and on deposit. $1,231,981 Acets payable, pay rolls, comCustomers' notes & acc'ts,
mis'ns, &c., incl. provision
439,696
less allowances
for Federal taxes
2,300,697
224,553
Inventory
4,133,546 Dividends payable
56,214
Other assets
157,363 Accrued expenses
3,500,000
Land, bldgs. and equipment_ 4,604,614 5% sink, fund gold debs
24,707
Good-will
1 Reserve for contingencies
4,109,600
7% cumul. pref. stock
Agencies, patent rights and
development
29,630 Common capital stock & surp. 4,333,188
Deferred assets
230,126
$12,687,958
Total
$12,687,958
Total
-V. 126, p. 429.

-Gross Sales.
United States Stores Corp.

Gross Stores in
Gross Stores in
Oper.
Sales,
Week Ended.
Week Ended,
Oyer.
Sales,
1708.526 1,191
Jan.7 1928
Dec. 10 1927
$616,148 1,181
700,873 1,191
Jan. 14 1928
Dec. 12 1927
675,894 1.181
x856,577 1.195
Jan. 21 1928
Dec.24 1927
654,056 1.179
607,735 11,90
Jan. 28 1928
Dec.31 1927
680.367 1,179
x This week includes sales for the Christmas holidays, and the figure of
$856.577, represents the largest weekly sales in the history of the company.
-V. 128. P. 119,

iVni.. I '21;

employees, is to be held for issuance from time to time for acquisition of'
properties or shares of other companies as in the judgment of the directors
the needs of the business may necessitate, or for issuance in such other way
as may be permitted by law."
-V. 126. p. 885.
President George P. Whaley,in making public the details of the proposed
capital readjustment, said the company was considering the establishment of a gasoline and kerosene distributing business in the British Isles.
The company is now engaged chiefly in the marketing of trade-marked
labricants and related products.
-V. 126, p. 885.

Vick Chemical Co.
-Balance Sheet Dec. 31.Assets1927.
1926.
1927,
1926.
LiabilitiesProperty & plants_ $357,541 $374,516 Capital stock _ _ _142,002,900 $2,002,900
Sundry accts. rec_
12,306
11,612 Accts. payable__ _
9,191
15,955
Trade-marks and
Reserve for Federal
good-will
1
1
367,701
390,498
taxes
Cash
268,438
438,312 Surplus
2,390,087 1,694,949
Empl.stk.sub.acct
7,395
72,656
Trade accts. rec__ 352,979
302,343
Inventories
1,324,507 1,410,823
2,421,227 1,455,251
Investments
Prepaid inv., &c_.
48,281
15,992 Tot.(each side)-$4,792,675 $4,081,505
x Represented by 400,000 shares of no par value.
The usual comparative income account was given in V. 126, p. 733.

Victor Talking Machine Co.
-Declares Initial Dividend
of $1 per Share on Common Stock.
-The directors on Feb. 24
declared an initial dividend of $1 per share on the outstanding 571,087 shares of common stock (no par value)
payable May 1 to holders of record April 2.
The directors also declared the regular quarterly dividends of $1.75 on
the old preferred stock, payable April 15;$1.75 on the 7% cumul. prior preference stock, payable May 1 and $1.50 on the $6 cumul. cony, pref. stock.
payable May 1. all to holders of record April 2-V. 126, p. 119.

Waldorf System, Inc.
-Balance Sheet Dec. 31.1927.
1926.
1927.
1926.
AssetsLiabilities6
$
$
Land & buildings. 2.452,220 2,356,903 Preferred stock_ __ y774,280
866,100
Equip. & furniture 6,016,282 5,489,223 Common stock__ ..x2,708,300 2,708.300
Leaseholds
505,259
178,080 Accounts payable_ 366,488
321,155
Cash
556,294
774,637 Notes payable_
400,000
Accts. & notes rec
41,277
52,486 Wages seer., exp.
Inventories
588,964
196,402
and taxes
135,678
531,873
Miscell. invetmls
206,181
5,000
214,188
5,000 Federal taxes
Deposits on leases34,051
12,875 Mtge. notes pay'le 1,004,000
986,500
Treas. stock (sink.
Res. for fire losses_
48,301
20,463
fund requirels)_
100,998
99,624
2,557 Res. for sink. fund
Deterred charges__
177,048
204,454 Res. for deprec'n_ _ 2,849,576 2,509,645
Good-will
162,464 1,107,121 Surplus
1.938,423 2,799,466
Total
10,538,859 10,715,210
Total
10,538,859 10,715,210
x 441,610 shares of no par value. y Par $10.
The usual comparative income account was published in V. 126, p. 1059

Wallace Bridge & Structural Steel Co., Seattle, Wash.
-Notes Offered.
-Joseph C. Tyler & Co., an Francisco, and
Murphey-Favre & Co., Spokane, Wash. are offering at
100 and int.$250,000 1st mtge.sinking fund'll % gold notes.
Da..ed Jan. 1 1928: due Jan. 1 1934. Int. payable J. & J. at Dexter
Horton National Bank, Seattle,
trustee. Denom. $1,000 and
$500. Callable on any int. date,Wash., part, upon 60 days' notice at
all or
103 and int. Normal Federal income tax up to 2% paid by corporation.
California personal property tax refundable to Calif. holders up to 5 mills.
Data from Letter of J. F. Duthie. President of the Company.
Company.
-Was organized in October 1926, as successor to Wallace
Equipment Co.. which company had a five-year previous successful and
profitable operating history. Company is now the largest manufacturer
of fabricated bridge steel in the Pacific Northwest, and its sales territory
includes Washington, Idaho, Montana, Alaska. and the Philippine Islands.
A portion of its recently completed contracts include the Twin Falls
Bridge in southern Idaho, Bridge of the Gods on the Columbia River.
Puyallup River Bridge near Tacoma, Wash., Montlake Bridge, Seattle,
Dredge "Clackamas," Port of Portland, Ore., and the Broadway Bridge,
Portland, Ore.
Security.
-Direct obligation of the company, and specifically secured
by a first closed mortgage on all real property, improvements, plants
and equipment now or hereafter owned, which have been appraised at
a replacement depreciated value of $765,376. This valuation shows
physical assets directly pledged back of this loan in excess of $3,000 for
each $1,000 of outstanding first mortgage notes. In addition to the
specific security referred to above, the company's financial statement
under date of Sept. 30 1927, giving effect to this financing, shows total
current assets of $633,811. with total current liabilities only of $279,006:
net current assets, therefore, aggregate $354,805, or largely in excess of
this total 1st mtge. issue.
Earnings.-Company completed its plant on April 30 1927. For the
six months' period ending Sept. 30 1927 the net earnings prior to depreciation. interest and taxes, aggregated $47,566, or at the rate of $95,131
per annum,exceeding 5% times the interest on this issue of 1st mtge. notes.
Conservative estimates by J. F. Duthie, Pres.. and George W. Klinefelter Jr., Sec. & Treas., indicate net earnings for the current year of
1928 of between $120,000 and $150,000, based on unfilled orders on hand
and contracts contemplated to be awarded the company.
Sinking Fund -Indenture provides for semi-annual sinking fund payments
to the trustee based on 20% of the net earnings of the company. such
sinking fund payments to be deposited with the trustee under dates of
Feb. 1 and Aug. 1 of each year.
It is anticipated that more than 50% of this issue will be retired from
earnings prior to maturity.
Purpose.
-Proceeds are to be applied in the retirement of existing current obligations specifically incurred in the erection of the new fabricating
plant and for general corporate purposes.

Weetamoe Mills, Fall River, Mass.
-Balance Sheet
Vacuum Oil Co.
-To Increase Capitalization-100% Dec. 31 1927.
stock-The
Stock Dividend-To Sell Stock to Employees.
Assets.
Liabilities.
Construction of mills
$1,230,000
$1,501,252 Capital stock
holders will vote March 31 on increasing the authorized Cash and accounts
receivable_
21,051 Notes payable & acceptances_ 296,838
capital stock from $70,000,000, par $25, to $175,000,000, Cotton. stock in process, &c_ _ 208,950 Accounts payable
58,516
par $25. The directors contemplate at an early meeting Profit and loss
80,998
17,098 Reserve for city taxes
81,998
Reserve for Federal taxes_ _ -.
thereafter the declaration of a 100% stock dividend.

The stockholders will also vote (a) on the proposition of consenting to the
Total
$1,748.350
$1.748,350
Total
sale to employees, or to trustees for their benefit, of a part of the capital -V. 124, p. 1526.
stock of the company heretofore set aside for such purpose, with aid to
employees in purchasing and upon the ternis and under the conditions conWestchester Bond & Mortgage Corp.
-Stock Sold.
tained in a so-called "Second General Stock Purchasing Plan for Employees
Titus, Jones & Co., New York, have purchased and placed privately
of Vacuum Oil Co.". (h) on a proposition of consenting to the issuance of
stock to persons now or who may hereafter be in the service of the company, at $142 per share a block of stock of the company. The transaction does
or to trustees for their benefit, out of a part of the capital stock heretofore not represent any new financing on the part of the corporation.
Company.
set aside for such purpose, pursuant to a plan therefor, on payment for said
-Chartered in June 1924 under the banking laws of the
shares by way of bonus or special compensation payable by the company State of New York. Company's business is the lending of money on
to such persons or to trustees for their benefit, at a price to be established first mortgages secured by improved real estate chiefly located within
by the directors, which price shall be approximately the average market Westchester County, N. Y.
Among the more important restrictions protecting all loans made by
price for the shares of the company for the 3 months preceding the issuance,
but subject to approval by a stockholders' committee in respect to the num- the company are the following: (I) All loans must be secured by a first
ber of shares to be issued and the persons to whom it is to be applied, and to mortgage on improved real estate. (2) Each mortgage must not exceed
elect such a committee: (c) on a resolution in connection with the amount 60°4 of a conservative appraisal of the property. (3) No loan many be
of company capital destined for operations in Portugal, adjacent islands made on property which is devoted to a special use such as farm property.
churches, factories, theatres, &c.
and colonies.
Company has just entered into a contract with Harris, Forbes & Co..
President George P. Whaley, Feb. 21, says in part: "Any authorized
capital stock beyond an amount needful for a 100% stock dividend and an New York, whereby that firm will purchase all the company's collateral
amount, the par value of which is equivalent to approximately $7.000.000, trust bonds as they are issued and distribute them to the investing public
Capital stock outstanding, 5.000 shares (par $100).
remaining from the $10.000,000 of stock previously set aside for issuance to




FINANCIAL CHRONICLE

FEB. 25 1928.]

1215

The plants of the company are located at Jacksonville and Pensacola,
Fla.; Mobile and Elberta, Ala.
-A sinking fund of 20% of the net earnings for the preSinking Fund.
ceding fiscal year shall be used to retire the class A stock by purchase in the
open market or by call. Ample provision has been made to permit holders
of class A stock to convert into class B in the event of a call of class A shares.
-Net earnings, after all charges, including Federal income
Earnings.
tax. for 1926 were $142.802 and for 1927 $155,042, which is equivalent to
$7.75 a share on the class A shares to be outstanding. 1927 shows current
-Balance sheet as of Dec. 31
Financial Condition.
assets $308,520. current liabilities 838,757. total net assets per share of
class A stock, $54.75.
-Application will be made to list the stock on the Cleveland
Listing.
$2,308,232
tock Exchange.

Statement of Condition Jan. 23 1928.
Liabilities
Assets$500,000
$174,708 Capital stock
Cash.
125,000
6.000 Surplus
Certificates of deposit_ -- _
267.700
1,021 i Certificates outstanding
Investments •
'Mortgages assigned outst_ 1.307,070
Due from subscribers for
58,200
1,193 Due mortgagors
certificates
Mortgages receivable-- 2,097,820 Amortization fund
15,818
1.200 Accrued interest payable..
Rea.for Valentine Arms ctf
2,000
24.101 Res. for 1928 taxes
Accrued interest receivable
31.243
2.189 Res. and madly. profits_ _ _
Furniture and fixtures--Total

$2,308,232

Total

-Westchester Gardens Apts., Mt. Vernon, N. Y.
Wood Newspaper Machinery Corp.-Pref. Stock Offered.
Bonds Called.
-Ingraham & Du Bosque, George, Haines & Halsey and
The first mortgage 6%% bonds of this issue have been called for redemp- Hale, Waters & Co. are offering 7,000 shares $7 cumul.
tion as of April 11928, at 103 and int. at the office of S. W. Straus & Co.,
N. Y. City. This bond issue, originally $625,000 and now reduced to prior preference stock, each share entitling the holder to re4575.000 through serial amortization, is being refinanced with a $650,000 ceive on or before June 1 1928 one-half share of common
loan from the Bowery Savings Bank for 5 years at 6%. V. 118, p. 1971.
stock. The offering is being made in units of 1 share of prior
-Annual Report.
White Eagle Oil & Refining Co.
share of common stock at $102.50
preference stock and
1924.
1925.
1926.
1927.
Calendar Years$16,356,295 $19,218,500 $16.483,518 $14,335.001 flat.
Sales (net)
-M. Red. all
10,953,569 13.019,5501 13,343,372 19.239,910
Cost of sales
Dividends cumulative from March 11928, and payable Q
12,488.592 or part at $110 per share and diva. on any div. date on 30 days' notice.
2,642,3141
Gen.,admM.& sell. exp_ 2,780,947

Preferred as to dividends, earnings, and assets over the preferred and
Divs.
common stocks. Entitled in liquidation to $110 per share and diva. agent,
exempt from the present normal Federal income tax. Transfer (city
Co. Registrar, National
164.000
Chatham Phenix National Bank & Trust
Bank of New York.
4872,724 $1,851,720 $1,466,860 81,029,385 Data from Letter of Pres. Henry A. Wise Wood, New York. Feb. 17.
Net income
920,000
965.000
980.000
980,000
Dividends paid ($2)-Organized in 1914 to manufacture newspaper printing maCompany.
newspaper production. For some
$109,386 chinery of a type designed to speed up largely upon the manufacture of
$501,860
$871.719
def$107,276
Net income
$2.24 years the company has concentrated
$2.99
$3.74
41.78
Earnings per share
machines which produce the cylindrical printing plates for newspaper
-V. 125, p. 3499.
z Before Federal taxes.
presses. As a result the company's autoplate the autoshaver machines are
American newspapers.
-The di- now used exclusively by substantially all of the largeto improvements, have
-Dividend Rate Decreased.
White Motor Co.
Installations of new machines, and replacements due
rectors on Feb. 20 declared a quarterly dividend of 25 cents given the company a steady, stable and increasing business over a period of
per share on the outstanding $40,000,000 common stock, years in the United States and Canada.
Coincident with its regular autoplate business the company has developed
par $50, payable March 31 to holders of record March 15. the new Wood ultra-modern printing press, of a definitely advanced
first of these presses by the Philadelphia
On Dec. 31, the company paid a quarterly dividend of 50 character. The operation of the60% in speed and efficiency over standard
of
shown
cents per share on this issue, as compared with quarterly Inquirer has in use.an increase
presses now
-V.125, p. 3363.
An initial order from a leading New York newspaper. resulting from this
distributions of $1 per share previously.
successful installation, indicates a wide-spread acceptance and demand for
-Balance Sheet Dec. 31.- the press and indicates for the company an important position in the
White Sewing Machine Corp.
Industry.
1926.
1927.
1926
1927.
paper
The company has recently placed on the market an automatic news$
S
Liabilitiess
$
Assetsfresh rolls of
-y5.000,000 5.000,000 reolenishing device which automatically substitutes
Property met.... 3,169,427 3,302,170 Preferred stock
have become exhausted. This new device
750,000 print paper for those which
18,912 Common stock_ x750,000
23,332
Investments
the stoppages,
3,606,000 3,895,500 works while the press continues in full operation, thus endingreplenishment.
1 Funded debt
1
Pats. & good-willpaper
382,390
418 Reserves
262.077 delays and large paper waste hitherto incidental to automatically adds,
167
Sinking fund
controller which
3,262.771 2,409,146 Another new device is a production
50,780 Surplus
104,587
Cash
both devices will
a
817.212 announces and controls the output of in pressroom. isAslarge field for the
203.869 Curr. liabilities_ 1,927,972
Market securities_ 260,967
a
use, there
work in conjunction with presses now
Notes & accts. rec_ 1,027,514 1,183,226
sale of these devices in the principal newspaper plants.
7,445,874 5,670,422
Install. accts
In order to provide for the manufacture of these presses and the other
2,720,998 2,534,040
Inventories
plant
Tut.(each side).14.929333 13,133.935 new products of the company in large quantitiei, the manufacturing
170,097
176.265
Deferred charges
has recently been recon.structed,
ofthe company,located at Plainfield, N.
x Represented by 200,000 shares of no par value. y Represented by enlarged and equipped throughout with machine tools and manufacturing
100.000 shares of no par value.
appliances of the latest design.
The usual comparative income account was published in V. 126. p. 1059
-The development of new forms of newspaper machinery has
Purpose.
-Initial Pref. Div.been conducted in the company's own research laboratory and has been
- Windsor Hotel, Ltd. Montreal.
on paid for without recourse to the issuance of funded debt. The purpose of
directors have declared an initial quarterly dividend of 1% %
The
quickly to expand the manufacture
the 6%% cumul. pref. stock, payable March 1 to holders of record Feb. this issue is to enable the company more
and marketing of its new products.
20. See offering in V. 125, p. 3216.
Authorized. Outstanding.
Capitalization-Report.
7.000 Abs.
Wolverine Portland Cement Co.
$7 cumul. prior preference stock (no par value)_ 10,000 shs.
9,430 shs.
15.000 shs.
Calendar Years1927.1924. $7 cumul. preferred stock (no par value)
43.500 shs. 43,500 shs.
$706,i91
$706,995 $1,129,891 Common stock (no par value)
$752.491
sales
Net
555,640
580,179
828.659
522,947
Cost of goods sold
Earnings Fiscal Years Ended June 30 1927.
79,632
81,211
Deprec.& depletion_ _Net Income, Net Inc. per Net Income
63,869
63.100
53.366
63.880
Selling & adminis.exp.-Manuf.Profit Aft. allCh'gs, Sh. of Prior Per Share
After Deprec. Incl. Fed.Taz, Pref. Stock. Coin. Stock,
$8.420
$62.948
8247.866
$84.451
Operating profit
$1.27
$24.37
$170,612
8304.217
8.950
5.616
6.503
10.411 1923
Other income
0.81
21.51
150.570
312,965
1924
0.97
22.48
157.371
322,484
$14.036
$71,898
390 954
$258.277 1925
Total income.
3.75
39.74
278.221
521,583
1,997
9.746
32,617 1926
8,510
Provision for inc. taxes
1.37
24.99
174.959
470,916
1927
Net income available for dividends, as shown above,for the 5 fiscal Years
$62,152
$12,038
$82,444
$225,660
Net profit
7,000
60,000
30.000
160,000 ended June 30 1927 averaged 8186,347, or $26.62 per share on theon the
60.000
Dividends paid
shares of $7 cumulative prior preference stock and $1.64 per share
stock, to be presently issued and outstanding.
$2,152
$65,660 43.500 sham; of common
$22,444 def$17,961
Balance,surplus
period seasonally less active,
210.519
208,367
165,161 Net income for the last 6 months of 1927. a corresponding period of 1926.
192,345
Previous surplus
was approximately $20,000 less than for the
30,243
Obsoles. on plant
1927, after giving effect to the
Assets.
-The balance sheet as of Dec. 31
212
745
22,454
Surplus adjustment
certain
recapitalization of the company and the sale of prior preference andpart, in
of the proceeds, in
8210,519
$192,346
$208,367 shares of common stock and the application assets, after deducting all
Prof. & loss,sur.Dec.31 $183,801
liquidation of bank loans, shows net tangible
Shares of cap. stk. outcumulative prior
100.000
100.000
100.000 liabilities and intangible assets, applicable to said $7
100.000
standing (par $l0).- per share on the 7.000
$0.12
$0.62
$2.25 preference stock of $1,330,710, equivalent to $190
$0.82
Earn. per sh. on cap. stk.
-V. 126, p.
shares of said stock to be presently issued and outstanding.
-v. 124. p. 2295.
1059.

-net.
Other deductions
Depreciation
Depletion
Federal taxes

489,839
878.971
380,245

412,600
809,7271
367.588f
115.000

388.531
1.120,754

344.030
1845.768
1273,298
114,000

-Stock Offered.-Borton
Wood Chemical Products Co.
Yellow & Checker Cab Co. (Consolidated), of San
& Borton, Cleveland, are offering at $25 per share 20,000
-Par Value of Shares Changed.
Francisco.
shares class A common stock (no par value).
Dividends are exempt from the present normal Federal income tax
The stockholders have approved the proposal to change the par value of
in Ohio. Holders the capital stock from $10 to $50 a share and to issue one share of new stock
and the shares are free from personal property tax
of class A common stock will be entitled to receive cumulative cash dive. for each five now outstanding. This change is subject to the approval of
-V. 124. p. 2931.
-J.). Initial dividend is the California Corporation Commission.
thereon at the annual rate of $2 per share (Q.
payable April 11928. In any year after the cumulative dividend has been
•
class A stock and dividends aggregating $1 per share have been
paid on
-Proposed Merger.
Youngstown Sheet & Tube Co.
paid on class B common stock (which dividends are not cumulative) any
-President J. A.
To Increase Capital and Change Name.
additional dividends will be paid equally upon the shares of both class A
stocks without distinction of class. In the event of voluntary
and class B
said:
class A stock shall receive $30 per share plus accrued dividends Campbell, Feb. 15,

liquidation
before any payment shall be made to class B stock. Class A stock callable
all or part upon 40 days' notice at $30 per share plus dividends. Class A
stock is convertible share for share into class B common stock. Shares of
class A and class B stocks shall have equal voting power.
Authorized.
Outstanding.
Capitalization
20,000 shs.
20,000 shs.
Class A common (no par value)
*60,000 shs.
30,000 shs.
Class 11 common (no par value)
20,000 shares reserved for class A conversion.
*
Transfer agent and registrar, The Guardian Trust Co.
Data from Letter of Adrian D. Joyce, President of the Company.
-Incorporated in Ohio in January 1928 to continue the business
Company.
Inc. (Fla.). For convenience
of the National Turpentine Products Co., Florida the name was
changed
in enabling the Ohio company to qualify in
Products Co.,
as above indicated. The National Turpentine acquiring the Inc., was
property of
in December 1925 for the purpose of
organized
Tar & Turpentine Co.
the
the Florida Wood Products Co., Co. Pensacola
The object of the organization
Poducts
and the Alabama Wood certain special pine-tar products which were in
'
of
was the development
"Pigmentar,"
demand by the rubber trade. The trade-marked product,Tire &
Co., the Goodyear
is now used by the United States Rubber Tire & Rubber Co., theRubber
Miller
the Firestone
Co., B. F. Goodrich Co., Co. and many other rubber concerns. Another
Rubber Co., Hood Rubber
by practically all rubber
trade-marked product, "Dipentene," is used
reclaiming companies.
pigmentar a number of by-products
In the manufacture of dipentene and
special preparation, is in good
are produced: Charcoal, which, through
from steel case hardening companies, poultry feed producers,
demand
hotels and restaurants and steel manufacturers;
dining car companies,
producer in the world,
company is
flotation oils, of which the concerns as the largest
the Kennecott Copper Co. tursupplying such important
particularly pure brand of
pentine, wood alochol, disinfectant oils and a
pine oil.




The directors of this company and the directors of the Inland Steel Co.
have voted unanimously to authorize a contract of purchase by this company of all the property and assets including good-will and corporate franchises, of Inland Steel Co. as a going concern. The consideration is 1.200.000 shares of the common stock of this company without par value. Provision is made for the payment and performance of all of Inland's obligations.
The contract provides that the presently authorized 1,000,000 shares of
common stock without par value of this company shall be changed to
2,000,000 shares, so that the holders of the presently authorized stock shall
hold two shares in place of every one as now authorized. The common
stock is to be further increased to 3.200,000 shares, or such other amount
as may be determined at the meeting, to provide the stock to be issued in
payment for the properties purchased from Inland Steel Co.
The officers and directors of this company believe this purchase will
greatly strengthen the position of this company by the addition of the
valuable good-will and resources of Inland Steel Co. and by further diversifying its products and that the terms of the contract are fair and for the
best interests of the company. They recommend that the contract be
approved by the stockholders.
The details of the contract will be fully explained at the meeting to be
held on March 15.
The products of the two companies are largely different and their plants
are so located in different districts that there is no substantial competition
between them. The plants fit together well and can be operated to much
better advantage together than apart. To preserve the valuable good-will
of Inland Steel Co., it is recommended that the name of the company de
changed to Youngstown Inland Steel Co. It is also necessary that that the
of regulations of the company be changed and new directors added.

-See Associated Oil Co.
Acquires Associated Supply Co.
-V. 126, p. 1060.
above.

1216

FINANCIAL CHRONICLE

[VOL. 126.

ifitports and Macuments.
•{1•1.111.11E1. AS A0.11.11CCCCC

ENGINEERS PUBLIC SERVICE COMPANY
DATA EXTRACTED FROM 1927 ANNUAL REPORT
COMPARATIVE CONSOLIDATED INCOME STATEMENT

EARNINGS
Light and Power
Transportation
Gas
Other
Total Earnings

INCLUDING:
VIRGINIA ELECTRIC AND POWER COMPANY AND SUBSIDIARIES
THE KEY WEST ELECTRIC COMPANY
EASTERN TEXAS ELECTRIC COMPANY AND SUBSIDIARIES
EL PASO ELECTRIC COMPANY AND SUBSIDIARIES
SAVANNAH ELECTRIC AND POWER COMPANY
BATON ROUGE ELECTRIC COMPANY
PONCE ELECTRIC COMPANYx
Per Cent.
of
1927
Earnings.
1926
$17.811,261.86
60.4
$15.129.413.85
8.681,805.38
29.4
8.358.544.87
1,319.012.76
4.5
1.299.450.69
1,674.051.42
5.7
1,840.277.85
329.486,131.42
100.0
826.627,687.26

EXPENSES
Operation
Maintenance
Taxes

813.332,429.71
2.399,640.35
2,375,189.27

Total Operating Expenses and Taxes

45.2
8.1
8.1

512.223,703.47
2,400.506.48
1,891.157.45

Per Cent.
of
Earnings.
56.8
31.4
4.9
6.9

Increase.
$2,681.848.el
323.260.51
19,562.07
*166,226.43

100.0

82,858.444.16

45.9
9.0
7.1

81,108,726.24
*866.13
484.031.82

$18,107,259.33

61.4

316.515,367.40

62.0

31,591.891.93

311.378.872.09
3.457,049.47

38.6
11.7

810.112.319.86
3,186,447.59

38.0
12.0

81.266.552.23
270.601.88

$7.921,822.62
1.609.547.93

26.9
5.5

36.925,872.27
1,391,117.60

26.0
5.2

8995.950.35
218.430.33

Balance
86.312,274.69
Proportion of Above Balance Applicable to Common Stock of Subsidiaries in
Hands of Public
104,296.08
Balance Applicable to Reserve and to Engineers Public Service Company
86.207.978.61
Dividend Requirements on Preferred Stock of Engineers Public Service Co
2,173,276.00
Balance Applicable to Reserves and Common Stock of Engineers Public
Service Company
84,034,702.61

21.4

15,534,754.67

20.8.

8777.520.02

.4

215.749.82

.8

*111,453.74

21.0
7.3

55.319.004.85
2,135.126.00

20.0
8.0

3888.973.76
38.150.00

13.7

33.183,878.85

12.0

8850.823.76

NET EARNINGS
Interest. Amortization and Rentals
Balance
Dividends on Preferred Stock Subsidiary Companies

*Decrease.
x Ponce Electric Company acquired in March, 1927. and the results of operations of this company are
included in the 1927 statement
for 9 months only.

COMPARATIVE CONSOLIDATED BALANCE SHEET.
December 31
1927.
$
151,029.196.94

AssetsProperty, Plant, etc.
Agreement re Allotment Certificates
Cash
Notes Receivable
Accounts Receivable
Materials and SuSPIlep
Prepayments
Subscribers to Stock
Miscellaneous Investments
Sinking Funds
Special Deposits
Unamortized Debt Discount and Expense
Unadjusted Debits

2,782,254.46
160,128.67
3.027.666.86
2,190.366.03
700,837.12
114.562.70
60,524.38
x4.937,805.62
z526.526.8.5
3,243.907.97
516,329.09

169.281,106.69
Liabilities
Preferred Stock (Subsidiaries)
25,053,338.00
Stock Subscribed for Subsidiaries
330.837.50
Bonds (Subsidiaries)
66.009,500.00
Coupon Notes (Subsidiaries)
5,936,400.00
Notes Payable (Subsidiaries)
3,248,671.91
Unpaid Balance on Allotment Certificates
Accounts Payable
806,266.59
Accounts Not Yet Due
2,262.031.13
Dividends Declared
48.662.00
Retirement Reserve
12,930,283.99
Operating Reserves
258,315.35
Unadjusted Credits
646,499.80
Book Value of Assets for Common Stock of Subsidiaries in hands of public (including Earned Surplus
of8134.495.95)(1926 Earned Surplus 5384,220.28)
560,051.78
Book Value of Assets for 310.468, Preferred Shares (1926-305,018) and 797,240 Common Shares
(1926-778,938) Both Without Par Value (including Earned Surplus of $7,917,629.97)(1926Earned
Surpluk$7,441,364.68)
51.190,248.64
169,281,106.69

December 31
1926.
$
132,708.757.07
262,250.00
6,145.022.19
61,616.95
2,492,074.00
1.788.554.52
834,360.46
293,271.10
126,612.17
3.254.165.74
2.848.870.77
3.279,102.00
579,317.57

Increase.
$
18.311.439.87
*262,250.00
*3,362,767.73
98.511.72
535,592.86
401,811.51
*133.523.34
*178.708.4
0
*66,087.79
1,683.639.88
*2,322.343.92
*35.194.03
*62.988.48

154,673,974.54

14,607.132.15

22,121,200.00
344,585.50
57,166,500.00
5,953,000.00
2,165,566.00
262,250.00
848,841.87
1,999,093.61
46.789.25
11,184,413.17
270,416.11
1,050,500.32

2.932,138.00
*13,748.00
8,843.000.00
*16,600.00
1,083,105.91
*262.250.00
*42.575.28
262.937.52
1,872.75
1,745.870.82
*12,100.76
*404,000.52

1,250,125.70

*690,073.92

50,010,693.01

1,179,555.63

154,673,974.54

14,607,132.15

* Decrease.
x Includes 84.754.500 bonds of Subsidiaries held in Sinking Funds, uncancelled.
z Includes 898,000 bonds of Subsidiaries held in Escrow.

CONSOLIDATED CAPITALIZATION.
Bonds and Coupon Notes ofsubsidiaries at face valuePreferred Stocks ofsubsidiaries at par or book value
Common Stocks ofsubsidiaries in public hands at book value
Engineers Public Service Company Preferred at liquidation value
Engineers Public Service Company Common at market December 31 1927




Net Amount
Outstanding,
567,093.400
25,053.338
560,052
31.046.800
27,205,815

Per Dollar
of Gross.
82.28
.85
.02
1.05
.92

5150,959,405

15.12

FINANCIAL CHRONICLE

FEB. 25 1928.]

ENGINEERS PUBLIC SERVICE COMPANY
(Holding Company)

COMPARATIVE INCOME STATEMENT.
Earnings:
Dividend Revenue
Interest Revenue
Miscellaneous Revenue
Total Earnings

Increase.
1927.
1926.
$2,674,827.92 $1,930,564.72 $744,263.20
4,260.41
200,616.96
196,356.55
152.06
177.44
329.50
$2,875,774.38 $2,127,073.33 $748,701.05

Expenses:
$147,107.21
Operating Expenses
9,846.46
Taxes
Total Oper. Exp. and Taxes_ $156.953.67

$5,565.53
8.015.42

$141.541.68
1,831.04

1217

CAPITALIZATION DECEMBER 31, 1927.
Funded Debt:
None.
Stock:
(Shams, no par value)
Preferred:
Outstanding in hands of public ($7 Dividend)
Unissued
Authorized
Common:
Outstanding in hands of public
Reserved for issue under Option Warrants
Unissued

Shares.
*310.468
89.532
400.000
x797.239 9-12
z200.000
502.760 3-12

Authorized
1.500,000
Dividends:
Preferred Stock, $7 Cumulative, payable January 1, April 1, July 1 and
October 1.
$2,718.820.71 $1,947,221.43 $771,599.28
•Includes 28 shares reserved for exchange for scrip.
Net Income
Dividends on Preferred Stock 2.157,244.25 1.917.463.24 239.781.01
x Includes 114 9-12 shares reserved for scrip.
z There are outstanding Option Warrants for the purchase of 200.000
$561.576.46
$29,758.19 $531,818.27
Balance
shares of Common Stock on or before January 2, 1925, at $25 per share,
thereafter on or before July 1, 1930, at $27.50 per share and thereafter on
•
or before January 2, 1933. at $30 per share.
•Decrease.
Net Earnings
Interest

$2,718,820.71

$143.372.72

$13.580.95

$1,983.700.61 $735,120.10
36.479.18 *36479.18

DIRECTORS.
CHARLES A. STONE, Chairman
Chairman of the Board,Stone & Webster, Inc., New York.
PRANK L. BABBOTT
pg. President. Brooklyn Institute of Arta and
Sciences, Brooklyn, N. Y.
MURRAY W. DODGE
Vice-President. Chase Securities Corporation. New York.
HOMER L. FERGUSON
President, Newport News Shipbuilding and
Dry Dock Company. Newport News,
Va.
ANDREW FLETCHER, JR.
W.& A. Fletcher Company, Hoboken, N. J.
PHILIP A. S. FRANKLIN
President. International Mercantile Marine
Company. New York.
JOSEPH P. GRACE
President. W. R. Grace & Company. New
York.

ARTHUR T. HADLEY
President Emeritus, Yale University, New
Haven, Conn.
EPPA HUNTON, JR.
President. Richmond, Fredericksburg & Potomac Railroad Company, Richmond, Va.
CHARLES W. KELLOGG
President, Engineers Public Service Company, New York.
GEORGE N. LINDSAY
Vice-President, Blair & Co., Inc., New York.
RAY MORRIS
of Brown Brothers and Co.. New York.
GEORGE 0. MUHLFELD
Vice-President, Stone & Webster, Inc., New
York.

ARTHUR W. PAGE
Vice-President. American Telephone & Telegraph Co., New York.
BAYARD F. POPE
President. Stone & Webster and Blodget,
Inc., New York.
HENRY S. PRITCHETT
President, The Carnegie Foundation, New
York.
SAMUEL B. TITELL
Vice-President, Mutineers Public Service
Company, New York
EDWIN S. WEBSTER
President, Stone & Webster, Inc., Boston.
BEEKMAN WINTHROP
of Robert Winthrop & Co.. New York

Full report may be had on request to Engineers Public Service Co.,Inc., 120 Broadway,New York,N.Y.

THE BORDEN COMPANY
AND ALL SUBSIDIARY COMPANIES
ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31 1927.

Union N. Bethel
Lewis M. Borden
Albert T. Johnston
Albert G. Milbank

DIRECTORS.
Arthur W. Milburn
Beverley R. Robinson
Henry C. Sherman
Wallace D. Strack
Robert Struthers

(1) The manufacture and sale of milk products comprising principally:
Condensed Milk
Evaporated Milk
Dried Milk

Malted Milk
Caramels

(2) The purchase, preparation and distribution of:
Fresh Milk
Butter

Cream
Eggs

and other Dairy Products by a system of wagon deliveries.
OFFICERS.
Beginning as of January 1, 1928, another principal division
Albert G. Milbank, Chairman Board of Directors.
of the Company will engage in the manufacture and sale of
Milburn, President.
Arthur W.
Ice Cream. The acquisitions making this possible, as well
Albert T. Johnston, Vice-President.
as others resulting in further strengthening and diversifiC. Lobeck, Vice-President.
Charles
cation of manufacturing operations, are more particularly
Merritt J. Norton, Vice-President.
referred to later on in this report.
D. Strack, Vice-President.
Wallace
William P. Marsh, Secretary and Treasurer.
The manufacturing operations are conducted by The BorGeorge M. Waugh Jr., General Controller and Asst. Sec.
den Company (which dates back to 1857, in the production
DeBaun, Assistant Treasurer.
Stephen J.
of Eagle Brand Condensed Milk), and its following manufacturing subsidiaries:
Percentage of
GENERAL OFFICES.
Stock Owned.
Corporate Name—
The Borden Company
The Borden Sales Co.,Inc
100%
Borden's Premium Co.,Inc
100%
350 Madison Avenue, New York City.
The Borden Western Company
100%
510 Dearborn Street, Chicago.
Southern Company
The Borden
100%
503 Market Street, San Francisco,
The Borden Company of Pennsylvania
100%
The Borden Company, Ltd.(Canada)
Paul Street West, Montreal, Canada.
100%
180 St.
Borden Realty Corporation
100%
Borden's Farm Products Company, Inc.
The fresh milk and dairy products distribution in the soHudson Street, New York City.
110
called Metropolitan District of New York City and adjacent
326 West Madison Street, Chicago.
territory, in Chicago, Ill., and its suburbs, and in Montreal,
120 Murray Street, Montreal, Canada.
Canada, is conducted by subsidiaries as follows:
Transfer Agent, Seaboard National Bank, 115 Broadway,
New York City.
Registrar, Bankers Trust Company, 16 Wall Street, New
York City.
Counsel, Masten & Nichols, 49 Wall Street, New York City.

Corporate Name—
Borden's Farm Products Co., Inc
Borden's Farm Products Co. of Illinois
Borden's Farm Products Co., Ltd.(Canada)

Percentage of
Stock Owned.
100%
100%
100%

COMMENT.
The year 1927 witnessed another period of record sales
CORPORATE ORGANIZATION AND SCOPE.
and earnings, together with a further strengthening of the
The business of your Company for the year under report financial position of our Company. The year also marked
the inauguration of a policy of expansion into new but
may be divided into two parts:




1218

FINANCIAL CHRONICLE

kindred fields of operation that It is believed will not only
diversify but strengthen the Company's earning power.
This subject is more specifically dealt with later on in this
report. These new acquisitions did not come into our possession until 1928 and are, therefore, without effect on the
business and accomplishments of 1927, as herein reported.
Sales and Net Income.
Sales for the year amounted to $132,046,779.36 and Net Income derived was $7,154,445.41,'being 5.42% on sales and
$10.32 per share on Capital Stock outstanding December 31,
1927, the Capital Stock having been increased by 62,518
shares(hiring 1927.
Current Assets.
Cash on hand December 31, 1927, of $12,265,408.06 compares with $10,238,058.30 on hand at the close of the previous year.
Marketable Securities on hand December 31, 1927, of $8,640,128.76 compares with $8,218,525.84 on hand at the close
of the previous year. These security valuations in no case
exceed market valves.
Inventories on hand December 31, 1927, of $8,986,324.81
compares with $6,758,233.31 on hand at the close of the
Previous year. These are carried at cost of market, whichever is the lower. The inventories of the previous year
proved inadequate for early 1927 requirements.
Receivables are in their usual excellent shape, collections
having continued good with very small credit losses.
Net Working Capital and Ratio of Current Assets.
Net Working Capital amounted on December 31, 1927, to
$24,726,622.74 as compared with $20,753,217.67 on December
31, 1926.
Current Assets as of December 31, 1927, amounted to $3.32
for every $1.00 of Current Liabilities.
Mortgages and Purchase Money Notes.
These items have been reduced by $380,000.00 during the
year 1927. Maturities have all been paid and where possible, anticipated, and now total $60,000.00, all of which
represents mortgages assumed in connection with property
purchases.
Property. Plant and Equipment.
During the year 1927, The Borden Southern Company completed construction and began operations at the new condensery at Lewisburg, Tennessee, and the Dry Milk plant
at Fayetteville, Tennessee, together with their feeders. This
provides three complete plants and three feeders in Southern territory. During 1928 this Company will construct
and bring into operation still another plant at Macon, Mississippi, devoted to the production of Evaporated Milk. The
last year likewise saw the beginning of Evaporated Milk
production in Arizona by The Borden Western Company.
Borden's Farm Products Co., Inc., and subsidaries added
considerably to their pasteurizing and distributing facilities
during the year, most, noteworthy being the new plants in
Newark, N. J., Long Island City, N. Y., and 12th Ave., New
York City, which are model plants of most modern design
and equipment. Further work of this character will be carried on during 1928 by these Companies.
The foregoing extensions were, with certain general betterment items, treated as capital expenditures, but quite
apart from these the Company at all times maintains its
properties in excellent physical condition and constantly
studies their efficiency, making such necessary outlay as
will maintain the former and improve the latter. These as
well as all other property expenditures are controlled by
a conservative policy of accounting.
Expansion.
While this Company is constantly Increasing its business
in products with which it has long been identified, your Directors nevertheless deemed it wise to further broaden and
diversify its activities, with the result that there was inaugurated during 1927 a policy of expansion comprehending
new but kindred products.
One logical line of expansion in the milk field was Ice
Cream, and after careful analysis and consideration, negotiations resulted in the acquiring by this Company as of
January 1, 1928, of all the business and assets of two of
the outstanding ice cream companies of the country,—The
.1. M. Horton Ice Cream Company (which business was established in 1851) and The Reid Ice Cream Corporation (in




[VOL. 126.

business since 1884). These companies, operating in New
York, New Jersey, Connecticut and Pennsylvania, will each
have operating managements made up of men who have
played a large part in their successful development. and coordination of the!r activities will be accomplished through
a new subsidiary, Borden's Milk Products Company, Ine.,
the Directors and Officers of which will be drawn from the
Reid. Horton and Borden Companies.
Another important acquisition was that of the business
and assets of Merrell-Soule Company (founded in 1868)
including its subsidiaries. Canadian Milk Products. Ltd., of
Canada. and Merrell-Soule Company. Ltd., of England. all
as of January 1, 1928. Merrell-Soule Company and subsidiaries are principally engaged in both domestic and export markets in the manufacture and sale of Dried Whole
Milk under the well-known brand "Xlim." as well as other
trade marks. They have pioneered in and are the largest
single producers of Dried Whole Milk, a product of great
and increasing importance, of which The Borden Company
has heretofore produced none. They are also largely engaged in the production of Dried Skim Milk, and in connection with these latter operations produce fresh cream. of
The Borden Company through its subshilaries are distributors in New York, Chicago, Montreal and other large cities.
They have since 1885 produced and marketed "None Such
Mince Meat," also a dried product enjoying wide use in
American homes, and have recently developed and are now
commercially producing dried fruit juices, prescription products. etc. Merrell-Soule Company with its subsidiaries operates twenty-three plants (not including feeder stations)
in the States of New York, Pennsylvania, Wisconsin and
California and in the Province of Ontario, Canada, in which
territories we are now operating condenseries. Their products reach the consumer through the same channels already
employed by our Company and altogether the business loans
itself to a practical and economical merging with our
own.
An Important acquisition in Canada was the stock of Ottawa Dairy, Ltd., operating the largest dairy business in
that section. This is an outstanding Canadian business.
established in 1900, with a splendid record of achievement
under able management. This Ottawa business will continue under the same name, management and direction as
heretofore with Borden. representation added, but will become affiliated with Borden's Farm Products Company, Ltd.,
of Canada, operating a similar business In Montreal.
All of these acquisitions are of old, established concerns
of high standing. Purchase thereof has been made with due
regard for the character of business and personnel, established good-will and demonstrated earning power, payment
for which has been principally in Capital Stock of The Borden Company. In the judgment of the Directors, these new
blisinesses, furnishing logical and advantageous fields of •
expansion, will earn a very satisfactory return on their cost,
In addition to contributing largely to a diversification of
business and earning power. As previously referred to in
this report, all of these acquisitions are without effect on
1927 business as reflected herein, since in no case was title
taken until 1928.
Stock Listed on New York Stock Exchange.
On December 30, 1027, the stock of the Company was listed
On the New York Stock Exchange. This, we feel, marks
another step of progress in that it gives the stock a breadth
of market and recognition not heretofore bad.
ria pleat Stock.
Capital Stock account on December 31, 1927, stands at
$34,670.700.00 and is represented by 694,414 shares of Stock
of $50,00 par value outstanding as compared with 831,544,800.00 and 630,896 shares outstanding on December 31, 1926,
62,518 additional shares of Capital Stock having been issued
to stockholders or their assignees as of December 6, 1927, at
$60.00 per share.
The stock outstanding December 31, 1927, was held by
5,694 stockholders with an average holding of about 122
shares. Employees held an aggregate of 67,784 shares.
As set forth in our letter to stockholders under date of
January 11,1928, there was on that date 872,581 shares of
Capital Stock outstanding after payment for properties
and businesses then acquired, with the possibility that additional stock would soon be issued in payment for other properties and businesses then under negotiation involving approximately 109,000 shares which, if consummated, would

FINANCIAL CHRONICLE

FEB. 25 1928.]

1219

We have verified the accounts representing cash and securities either by examination of such assets or by obtaining certifications of depositaries.
The charges to property accounts have been controlled
by a conservative policy. Adequate reserves have been provided for depreciation of property and for possible losses,
and full provision has been made for all known liabilities.
The inventories of finished goods and raw materials and
supplies represent book balances as shown by the inventory
records, which are adjusted from time to time to agree with
physical inventories, and which were examined and appear
to be correct, all inventory valuations being based upon cost
or market, whichever was lower.
We hereby certify that, in our opinion, the accompanying Consolidated General Balance Sheet and Statement of
Additional Stock to Be Issued.
Consolidated Income and Profit and Loss correctly exhibit,
Should the stockholders at their special meeting of March respectively, the financial condition of the Companies at
15, 1928, give their approval to the proposed increase of the December 31, 1927, and the results of their operations for
authorized Capital Stock, the Directors, as in each of the the year ended that date.
four preceding years, deem it wise and of advantage to the
HASKINS & SELLS.
stockholders and the Company to issue additional Capital
New York, February 20, 1928.
Stock from such increase, particularly having in mind the
value of a continuing strong cash and working capital position which has been affected by unusual cash expenditures
since the close of 1927. As advised in detail under date of STATEMENT OF CONSOLIDATED INCOME AND
January 11, 1928, this stock Is offered to stockholders at
PROFIT AND LOSS FOR THE YEAR ENDED
$105.00 per share to the extent of one-twelfth (1-12) of their
DECEMBER 31 1927.
holdings; that is, one share of new stock of the par value
1132,046.779.36
Gross Sales
of $50.00 for every twelve shares (of the par value of $50.00
Net Operating Proft:
each) held by them.
result in there being between 981,000 and 982,000 shares
outstanding out of a present authorized total Capital Stock
of 1,000,000 shares of $50.00 par value each; of this additional 109,000 shares, 64,667 shares have since been issued,
or are to be issued presently under an existing contract.
Because of the foregoing and to provide for future growth
and financing, your Directors are of the opinion that the
authorized Capital Stock of your Company should be increased to 2,000,000 shares of the par value of $50.00 each
and the aggregate par value of 8100,000,000. Accordingly
a special Stockholders' Meeting has been called to take
action upon the above proposed increase and other pending
matters, about all of which you have been formally advised.

(After deducting all operating charges, including De17.700.820.81
preciation, Insurance and Property Taxes)
741,150.37
Other Income—Interest Received (Net). etc

Thg Organization.

Grateful acknowledgment is here made of the spirit and
accomplishments of a splendid organization of intelligent
Gross Income
and diligent team-workers, the results of whose labors are Other Deductions—Income Taxes (estimated)
reflected in the accompanying report.
Net Income
Respectfully submitted,
Surplus Credits:
ARTHUR W. MILBURN, President.
HASKINS & SELLS
Certified Public Accountants
37 West 39th Street
New York

Surplus, Jan. 1 1927
Gain on Property and Securities Sold (based en cost)
Premium realized from sale of Capital Stock
Gross Surplus

$8,441,971.18
1,287,525.77
$7,154,445.41
116.387.960.05
1,591.840.01
625.180.00
$25,759,425.47

Surplus Charges'
Dividends—Declared and paid during year_$3,154,480.00
Declared in 1927, payable in
1928
a1,040,121.00
Interest on Subscriptions to Capital Stock- 147,762.74
Appropriations to Reserves
1,182,896.75
(Including as in former years provision
for profit sharing, amounting for 1927 to
$772,973.13)•

Offices in the Principal Cities of
the United States of America
and in
London, Paris, Berlin, Shanghai,
Montreal, Havana, Mexico City

Surplus, Dec.31 1927

5,525,269.49
$20,234,164.98

CERTIFICATE OF AUDIT.
We have made a general audit of the books and accounts
a Dividend declared Nov. 1 1927, payable March 1 1928, to stockof The Borden Company and its Subsidiary Companies for holders of record Feb. 15 1928, applicable to shares of capital stock outstanding Dec. 31 1927. (This dividend declaration applies also to 189,834
the year ended December 31, 1927.
additional shares of capital stock issued between Jan. 1 and Feb. 15 1928.

THE BORDEN COMPANY AND ALL SUBSIDIARY COMPANIES.

CONSOLIDATED GENERAL BALANCE SHEET, DECEMBER 31 1927.
ASSETS.
Property, Plant and Equipment:
Including Madison Avenue and Hudson Street Office
Building Properties
$54,037,988.38
Less:
Mortgagos—Madlson Ave. Office Build$1,400,000.00
ing Properties
15,686,066.42
Reserve for Depreciation
17,086,066.42
$36,951,921.96
Net Property and Plant
Current Assets:
a$12,265,408.06
Cash
Receivables—Less Reserve for Doubtful
5,499,575.21
Accounts
Marketable Securities (at Market or Less)_ 8,640,128.76
Finished Goods (at the Lower of Cost or
5,750.416.11
Market)
Raw Materials and Supplies (at the Lower
3,235,908.70
of Cost or Market)
$35.391.436.84
159,171.01
Prepaid Items and Miscellaneous Assets
and Good Will
2,500,000.00
Trade Marks, Patents
Total

$75,002,529.81

LIABILITIES.
Mortgages
Current Liabilities:
Dividends Payable
b$1.040,121.00
Accounts Payable
6,625,169.96
Accrued Accounts:
Income Taxes (Estimated)
1,143,139.75
Other Items
1.856.i2.39
Deferred Credits

$60,000.00

10,664,814.10
45,438.95

Total
$10,770,253.05
Capital Stock—The Borden Company:
693.414 shares Common ($50.00 each) ----$34,670,700.00
Reserves:
Insurance, Contingencies, etc
9,327,411.78
Surplus
20,234,164.98
Total Capital Stock. Reserves and Surplus
$64,232,276.76

Total

$75,002,529.81

a Subject to payments during the early part of 1928, to be made in connection with the acquisition of the properties and businesses of Reid
Ice Cream Corporation, and J. M. Horton Ice Cream Company, Inc. It is expected, however, that as a result of those and other transactions,
together with a proposed sale for cash of additional capital stock of The Borden Company, of which stockholders already have been advisal,
there will be provided a substantial increase in working capital of the companies.
b Dividend declared Nov. 1 1927, payable March 1 1928 to stockholders of record Feb. 15 1928, applicable to shares of capital stock outstanding Dec. 311927. (This dividend declaration applies also to 189,834 additional shares of capital stock issued between Jan. 1 and Feb. 15 1928.)




1220

FINANCIAL CHRONICLE

[VoL. 126.

THE PIERCE-ARROW MOTOR CAR COMPANY
AND

PIERCE-ARROW FINANCE CORPORATION
ELEVENTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31, 1927.
PRESIDENT'S REPORT.
Buffalo, N. Y February 16 1928.
To the Stockholders:
Herewith is submitted the Eleventh Annual Report of
the Pierce-Arrow Motor Car Company for the year ended
December 31, 1927, together with the certified Balance
Sheet and Income Account.
During the year work was completed on the moderately
priced, Series 81, smaller car, and this was introduced to the
public on November 15, 1927. The enthusiastic acceptance
of this car justifies the statements of authorities that it is
the most beautiful moderately priced car the company has
ever produced; that it reaches ahead of current stylos; that it
possesses points of design new to the Industry. Among
these authorities, Saoutchik, the famous Parisian Custom
body designer, wrote it was his opinion that the new model
would have a profound influence on body design in America
and that it was the most beautiful car of its kind he had ever
seen. He said further: "What I saw of your methods of
manufacture convinced me that Pierce-Arrow is worthy of
its world renown and merits its place at the head of American
body builders."
In the higher-priced, fine-car market, your Company has
maintained its position of leadership with the Series 36, the
larger car, which is built to meet the exacting requirements
of those who demand the finest automobile that it is possible
to build.
Extensive research and experimental work has been carried
on in the development of a fast, light-duty commercial car,
designed to fit the needs of a market which annually purchases a large volume of this type of vehicle. This new unit
to be known as the "Fleet-Arrow Wagon", is now in production and will be announced formally on March 5, 1928.
Capable of carrying loads of from 13 to 2 tons swiftly and
economically, it represents an advance over modern practice
with its flexible and powerful Pierce-Arrow six-cylinder
engine, our mechanical four-wheel safety brakes, pneumatic
tires and other features.
The results of the operations of the Pierce-Arrow Sales
Corporation which now operates in New York City, Chicago
and Boston, have been combined in the annual report pre-

Operations as of December 31, 1926, as well as the cost of
development work in connection with the Series 81 and the
"Fleet-Arrow Wagon" have been absorbed in the Operating
Expenses for the year.
WORKING CAPITAL.
Your Company carried on the year's operations without
any Bank Loans,and during the year it purchased in the open
market $350,000 face value of its Twenty-year 8% Debenture
Bonds ($250,000 of which will be used for sinking fund
requirements April 1, 1928); also paid the annual instalment
of $12,000 on the real estate mortgage and the purchase
money note due in 1927 amounting to $97,200 arising from
the acquisition of the business of the New York City Distributor.
The appended Balance Sheet reflects Current Assets of
$12,942,606.19 whereof $1,515,290.91 was cash. Current
Liabilities were $1,559,710.83 or a ratio of slightly over 8 to 1.
Net Current Assets therefore, show a surplus of $7,158,895.36
over and above the $3,349,200 of outstanding Debenture
Bonds and $874,800 Ten Year notes payable to the Harrolds
Motor Car Company on the acquisition of their property.
CAPITAL ACCOUNT.
During the year additions to property and equipment
amounted to $234,802.92. The plant and equipment have
been fully maintained and the cost of such maintenance
amounting to $590,465.23 has been absorbed in factory
operating expenses.

On August 29, 1927, the Board of Directors voted to suspend payment of the Company's preferred dividend because
it had not been earned. Although passenger car shipments
for the year exceeded those of the previous year, the drastic
price reduction made during the Spring resulted in a corresponding decrease in our profit per unit. An extra burden
of overhead, also was thrown on our passenger car business
as a result of the falling off of the market for heavy duty
trucks; a condition which was experienced by other manufacturers in this field. However, the Balance Sheet reflects
the continued excellent financial position of your company.
With a strengthened factory sales organization; a new
moderately priced passenger car of remarkable appeal; a
higher-priced, larger car for the ultra-exclusive market; a
complete line of modern heavy-duty trucks and a new fastdelivery commercial unit; your company is entering upon a
period which we believe will produce an increased volume of
business during the year.
sented herewith.
By Order of the Board of Directors.
INCOME ACCOUNT.
MYRON E. FORBES, President.
CHARLES CLIFTON, Chairman of the Board.
The combined profit from operations for the year after
deducting all expenses of the business including charges for rePRICE, WATERHOUSE & CO.
pairs and maintenance of property and equipment but before
56 Pine Street
deducting depreciation, amounted to $202,279.28 (which
New York, February 13, 1928.
To the Stockholders of
amount includes $78,930.57 earning on our investment in
The Pierce-Arrow Motor Car Company:
the Pierce-Arrow rinance Corporation), from which must be
We have examined the books and accounts of The Piercededucted depreciation of property and equipment amounting Arrow Motor Car Company and its subsidiary, the Pierceto $605,775.55, also interest charges (including interest on Arrow Sales Corporation, for the year ending December 31
the 20
-Year8% Debenture Bonds) amounting to $379,704.30, 1927 and we certify, that the attached combined balance
sheet and relative profit and loss and surplus account are
leaving a net loss for the year of $783,200.57.
correctly prepared therefrom and, in our opinion, set forth
The unabsorbed portion of expenditures for development
their true financial position as at December 31 1927, and
of the Series 80 cars amounting to $263,587.50, which was the results of operations for the year.
carried in the Balance Sheet under Deferred Charges to
(Signed) /MICE, WATERHOUSE &




1221

FINANCIAL CHRONICLE

FEB. 251928.]

-ARROW MOTOR CAR COMPANY
THE PIERCE
and
-ARROW SALES CORPORATION
PIERCE
COMBINED PROFIT AND LOSS AND SURPLUS ACCOUNT FOR THE YEAR ENDING DECEMBER 31, 1927.
$3,116,990.45
Surplus at January 1,1927
Deduct—Profitfrom operations for the year, after deducting all expenses of the business, including charges for repairs and main$123.348.71
tenance of properties, but before deducting depreciation
78,930.57
Net profit of Pierce-Arrow Finance Corporation for the year ending December 31. 1927
8202,279.28
$605,775.55
379,704.30
985,479.85

Together
Provision for depreciation
Interest charges

783,200.57

Loss for -he year

82,333,789.88
400,000.00

Balance
Deduct—Dividends paid on preferred stock

$1.933.789.88

Surplus at December 31. 1927,as per balance sheet

-ARROW SALES CORPORATION.
THE PIERCE
-ARROW MOTOR CAR COMPANY AND PIERCE
COMBINED BALANCE SHEET DEC. 31, 1927.
ASSETS.

Property Account:
Plant site, buildings, machinery and
equipment
Less—Reserve for depreciation

811,414,947.50
6,775,390.20
$4,639,557.30
5.000.000.00

Patents, Trade-Marks, Good-will, &c
Investments and Advances:
Investments in and advances
to selling branches
$261,988.55
Less—Reserves
84,400.00
$177,588.55
Investment in stock of Pierce-Arrow Finance Corporation
1.185,221.88

1.362.810 43
Current Assets:
Inventories valued at prices not in excess of
cost or approximate market:
Finished vehicles
$1,599,416.16
Work in progress and finished parts
4,828,224.11
Raw materials,supplies, &c. 3,425,143.07
$9,852,783.34
Notes and accountsreceivable:
$101,616.72
Notes receivable
Accounts receivable
1,238,136.55
Together
$1,339,753.27
Less—Reserve for doubtful
notes,accounts &allowances
91,205.14
1,248,548.13
U. S. Government for over-assessment of
taxes
192,283.78
Miscellaneous investments and deposits_ _ _
133,720.03
Cash
1,515,290.91
12,942,606.19
Deferred Charges to Operations:
Prepaid insurance, taxes and commission on sale of securities, less amount amortized

428,107.60

$24,373,081.52

LIABILITIES.
Capital (Of the stated value of $14,143,750):
8% cumulative, convertible preferred stock:
.Authorized and issued-100,000 shares of
$10,000,000.00
$100 each
(Note--Dividends unpaid—$44 per share.)
Common stock:
Auth-eized and issued-328,750 shares of
yalue, but of thestated value of
75o
5,652,081.87
$15.652,081.87
5600000000
First Mortgage 7% Gold Bonds:
$6,000,000.00
uthorized
1,000,000.00
Less—Unissued
$5.000,000.00
nnn.nnn.no
In treasury
Twenty Year 8% Sinking Fund Gold Debentures:
$3,700.000.00
Issued, leas retired
350.800.00
Less—In treasury
3,349,200.00
Purchase Money Obligations:
(Arising from acquisition in 1926 of business
of New York City distributor.)
Real estate mortgages. due $12,000 annually
to April 1, 1930 and 815,000 annually
thereafter to April 1, 1934 and balance
$370,000.00
on October 1, 1934
Purchase money notes due $97,200 annually
874,800.00
to June 1, 1936
Purchase money withheld against guarantee
on realizations of certain assets acquired
413,642.32
from seller
1,658,442.32
Current Liabilities:
Accounts payable
81,086,620.53
Accrued payroll, interest, taxes and other
expellees
252.339.70
220,750.60
Customers' deposits
1,559.710.83
219,856.62
Operating and Contingencies Reserves
1,933,789.88
Surplus, as per statement attached
Continent Liabilities in respect of endorsements of notes sold to Pierce-Arrow Finance
Corporation, $1,669,785.18.
$24,373,081.52

si ,6g
r

PIERCE-ARROW FINANCE CORPORATION
BALANCE SHEET DEC. 31, 1927.
ASSETS.

LIABILITIES.
Accounts Payable and Accrued Expenses, Including Provi$15.900.22
sion for Federal Income Taxes
2,156.000.00
Collateral Gold Notes Outstanding
142,293.69
Reserve for Contingencies
Deferred Income:
134,583.37
Unearned portion of interest and charges
3,040,674.63 Capital:
Notes Receivable Not in Trust
Authorized and issued-7,000 shares of $100
21,549.82
Accounts Receivable. Including Vehicles Repossessed for
$700,000.00
each
Account of Dealers
175,000.00
Surplus
82,230.54
Investment in Stock of Pierce-Arrow Exchange Corporation
875,000.00
23,795.99
Deposit, State Banking Department
981.88 Undivided Profits:
Prepaid Interest and Other Expense
$231,291.31
Balance, January 1, 1927
20,301.35
Furniture and Fixtures
$8,374.78
Net profits for the year ending December 31,
Less—Reserve for depreciation
4,808.48
78,930.57
1927. as per statement attached
310,221.88
3,566.30

Cash in Danko and on Hand
Notes Receivable and Cash Deposited With
the Trustees for Collateral Gold Notes:
Notes receivable
83,016,353.25
Cash
24,321.38

$440,898.65

$3,633,999.16

$3,633.999.16

We have examined the books and accounts of the Pierce-Arrow Finance Corporation for the year ending December 31. 1927, and we certify that the
above balance sheet and the relative profit and loss account are correctly prepared therefrom and, in our opinion, fairly set forth the financial position of
the company as of December 31, 1927, and the results of operations for the year.
56 Pine Street., New York, February 10, 1928.
PRICE, WATERHOUSE & CO.

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDING DECEMBER 31, 1927
Interest and charges earned and miscellaneous income----------------------------------------------------------------------------$414,926.85
Dedeci—General and administration expenses, including provision for credit losses and contingencies
139.952.24
Balance
Add—Profits of Pierce-Arrow Exchange Corporation

$274,974.61
2.484.17

Balance—Profit before interest, trustees' fees and Federal income taxes
8277.458.78
187.053.25
Deduct—Interest on gold notes, trustees' fees and expenses
Balance—Profits before Federal income taxes__________________________________________________________________________________ 890,405.53
Deduct—Prevision for Federal income taxes______________________________________________ 11,474.96
Net profit for the year carried to undivided profits account




$78,930.57

1222

FINANCIAL CHRONICLE

[VOL. 126.

The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-METALS
PETROLEUM-RUBBER-HIDES
-DRY GOODS
-WOOL
-ETC.

COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper•immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."

desirable Santos. Some argue that th e higher the price of
March, the greater the quantity of deliverable coffees. At
present levels Robustas must be reckoned with as many
sold against them in March with the design of tendering.
them. That affords a ready market on a profitable basis
But March longs are it is said at a disadvantage. To receive
Robusta and sell May against it at a discount of some 60
to 70 points is not very remunerative. The present high
levels of spot Rios, Victories and Robustas it is averred
checks the demand for these grades. That they will threefore be delivered at these prices seems to some a foregone
conclusion.
It is argued in some quarters that continued strength of
prices attracts a gradually increasing number of traders to
the bull side and the futures market has been getting better
support at advancing prices. From the low of the month,
the price of March coffee on the Rio contract has advanced
some 85 points. That and the other months up to and including July have gone into new high ground for the life of
the contracts. To-day Rio futurse closed 7 to 12 points
higher with sales of 68,000 bags; Santos futures ended 10 to
30 points higher with sales of 20,000 bags. Brazilian markets were closed. Havre and Hamburg were higher. The
advance here could not be stopped by the issuance of pe.
Robusta and 155 Victoria notices. Final prices show a rise
for the week of 40 to 50 points on Rio and 10 to 40 points on
Santos,.
Rio coffee prices closed as follows:

Friday Night, Feb. 24 1928.
COFFEE on the spot was quiet with Rio 7s, 153/i to 153jc.;
Santos 48, 223 to 223c., and Victoria 7-8s, 15s. Cost and
freight offers on Feb. 18 were about unchanged. For prompt
shipment, Bourbon 3-4s were offered at 223c.; 4s at 21.60
to 215 c.; 4-5s at 213 to 2132c.; 6s at 193(c. Bourbon
%
separation 6s at 19.35c.; 6-7s, 19.950.; 7-8s at 16.10c. Genuine Bourbon 5-6s at 20c.; Santos 3s at 23.10c.; 4s at 21%c. to
21.95c.; part 4s at 21.60c.; 4-58 at 21.350. Peaberry 4-5s
at 21.40c.; Rio 7-8s at 14.65c. On the 20th inst. the supply
of early cost and freight offerings from Brazil was rather
small owing to the holiday. For prompt shipment, Santos
Bourbon 3s were at 223/i to 233c.; 3-4s at 223. to 23.15c.;
3-5s at 213/i to 22c.; 4-58 at 20.85 to 21.65c.; 5s at 21u 5-6s
at 20.10c.; 6s at 20.40c.; 6-7s at 19.15c. Part Bourbon
2-3s at 22.40c.; 3-4s at 21.70c.; 3-5s at 21.10 to 21.800.;
4-5s at 21.10c. Peaberry 3-48 at 223.c.; 4-5s at 21.40c.;
5-6s at 21.15c. Among the morning's offers were washed
-Mar.shipment,shippers' option at 16.20c.
Robustas for Feb.
-Oct. shipment, shippers option at 16.175c.
and for Aug.
(unofficial _ -16%c. May
i4.55 Sept
14.01
An innovation was the transaction of business between New
i5.20 July
14.301Drc
13.80
York and Hamburg over the wireless telephone for the first
Santos coffee prices closed as follows:
time.
Spot (unofficial_ ___ -1May
20.80 Sept
20.15,
21.30 July
20.55 Dec
moderate spot trade with Santos firm Mar
19.64
Today there was a
SUGAR.
-Prompt raws were firmer. On the 18th inst.
at 225. to 2304 Rio 7s, 16%c. Fair to good Cucuta, 233
1,000 tons Philippines due about Feb. 20 sold at 4.140. to
to 240.; Honda,283 to 29c.; Robusta washed,T7 to 17%c.; an
operator, or 23 c.
%
Medellin, 293 to 29%c. Despite the national holiday in point of the week andc. & f. for Cuba, and was at the low
the lowest for the past two seasons.
Brazil to-day there was a fair supply of cost and freight offers London cables on the 20th inst. reported that there were
unchanged or higher. They included for prompt buyers of San Domingo raws in that market for Feb.
with prices
-March
shipment Santos Bourbon 3s at 223/i to 23.45c.; 3-4s at shipment at us. 73/2d. with sellers at us.9d. The bid price
21.90 to 230.; 3-5s at 21.90 to 22.30c.; 3-6s at 21.600.; 4-5s at is equal to 2.33e. f.o.b., and the asking price to 2.36c. f.o.b.
For April
21.05 to 21.650.; 5s at 215j to 213c.; 5-6s at 20.20 to 21c.; 20th inst. shipment San Domingos 1 Is. 9d. is bid. On the
sales of Cuba were 10,00Q bags loading to-day at
6s at 203/i to 2030.; 6-7s at 19.35c. Part Bourbon 2s at 2 7-16c.; 19,000 bags loading to-morrow 2.41c. c. & f., and
243c.; 2-3s at 23.95 to 24.1004 3-4s at 22.850.; 3
-5s-at 20,000 bags for March clearance at 2 7-16c., all to operators.
21.30 to 22c.; 5-6s at 20.65e. Peaberry 3-4s at 22.45c.; 4 5s There was a rumor that sales of 15,000 tons had cleared the
at 213c.; 5-6s at 213.c. Rio 7s at 15%c.; Victoria 7s at market of Porto Rican and Philippine raw sugars for prompt
and early arrival at 4.210. delivered, equal to 2 7-16c. C. & f.
154c. and 7-8s at 14.65 to 15.700.
This report is cited for what
Futures advanced on the 20th inst. 4 to 11 points net on is believed to have bought it is worth. One local refiner
Rio contracts with sales of 53,200 bags and 5 to 13 on Santos was held at 23/ic. On themost or all of this. Cuban raw
21st inst. private cables from
with sales of 12,500 bags. Shorts covered on the eve of the London reported raws
but steady with 96 test offered
holiday. They feared that the trend of the Brazilian markets at us. 9d. Refined quiet quiet.
was upward. Rio futures on the 21st inst. advanced 4 to said 96 test offerings atwas 73/2d. Cables from Liverpool
us.
were withdrawn and us.
13 points with sales estimated at 44,500 bags, including 9d. asked.
exchanges of July and December at 45 points, May and
Havana cabled: "The President of
December at 78 points, March and July at 90 to 93 points to declare in the most emphatic manner the Republic wishes
that
difference. Santos futures closed irregular at a decline of 6 his decree restricting Cuban crop 1927-28 he will not alter
to 4,000,000 tons
points to an advance of 8 points with sales estimated at inasmuch as he considers this measure,
which was taken after
23,000 bags. As some regard it the immediate future of the careful analysis of the situation,
market will depend in no small degree on the manner in general and is regarded so far beneficial for the country in
as the
which the March position is liquidated. Longs did not chief industry. It is the culmination best defense of our
of
appear to be disturbed by prospects of heavy tenders. They well established and world-wide known an economic policy
around which the
thought they would be promptly taken up. Some say a dull greatest respect and our own
period of the year is ahead and caution may be advisable in suffer tremendous collapse if international prestige would
resolutions of this kind could be
following advance, but there are no indications of weakness considered as something
on the par of Brazil. Cable advices received from the unjustified variations." circumstantial and susceptible to
Receipts
Institute de Cafe do Sao Paulo report stocks at Sao Paulo week were 231,656 tons, against at Cuban ports for the
203,050 last year; exports,
interior warehouses and railways (including Minas Gerres) on 74,212 tons, against 94,411
last year; stock (consumption
Jan. 31st at 13,354,000 bags against 13,120,000 bags on deducted), 524,122 tons,
against 606,037 last year; centrals
Dec. 31st.
grinding, 169, against 173
Last week witnessed the largest transactions seen for went to Atlantic ports, last year. Of the exports 41,152
6,657
many months. Both Contract A and Contract B were Savannah, 5,628 to Galveston to New Orleans, 5,871 to
active. Much switching was done from March in to later fined was in better demand at and 14,904 to Europe. Re5.60c.
months at widening differences. The outstanding interest
Some contend that the decline
in March was large and as the first notice day was near, overdone and that neither actual in prices has been greatly
conditions nor the future
Feb. 24, there was not a little selling of March. There outlook warrant pessimistic
sentiment. They add that a
was a difference of opinion as to the quantity that will be much more confident feeling
delivered owing to the advance in the March price. It and conditions surrounding exists in Europe in general
more
was claimed that Robusta coffees would be tendered and healthy and promising thanthe United States are many
they
by some it is asserted that 50,000 bags would be delivered months; also that the total available have been for
supply of cane sugar for
on March. The bulk of the deliveries were to be of Vic- 1928, including the Cuban reserve of
200,000 tons that may
toria. Some expected no great activity until Friday first be available for this country is about 50,000 tons larger than
notice day for March tenders. Boston long interests are last year and if beet is included the increase approximates
supposed to be quietly adhering to their position if some 200,000 tons, but that as invisible supplies have been piney
other longs sell March and buy later months. New York reduced all over the country,
question is
and Brazil were firm. It is asserted that heavy rains during insignificant and the outlook the quantity in
anything but discouraging.
October and November damaged a large quantity of coffee. Moreover, the Continent it is added has shown clearly that
This had, so the reports stated, minimized the quantity of the European allotment of 600,000 tons is insufficient and




RI::

FEB. 25 1928.1

FINANCIAL CHRONICLE

that it may later in the season actively compete for part of
the Cuban reserve. The consuming trade will it is added,
soon wake up to the facts of the situation.
Futures on the 20th inst. were 2 to 3 points net higher
with sales of 62,500 tons. Buying of March by shorts and
also buying of later months by Europe with better spot demand gave the market a firmer tone. The market had been
oversold. Particulars of the sale of Cuban raws for consumption, outside of the United States made by the Cuba
Sugar Export Co. at 2.38c. for April-May shipment and
for June shipment at 2.41c. are given out as follows by houses
with direct wire connections with Havana: 180 000 tons to
Tate Lyle & Co.; 15,000 tons to Czarnikow-Rionda Co.;
15000 tons to American Sugar Refining Co.; 6,000 tons to
Minford Leuder Co. and 7,000 tons to Farr & Co. The last
named sale was the only one made for June shipment.
Some 3,000 tons of Philippines and 5,000 bags Porto Rico
sold at 4.21c. for first half March arrival. Futures on the
21st inst. closed 1 point net higher on March and 1 point
lower for other months with sales estimated at 72,500 tons.
Sales of 25,000 tons cleared the market of all duty free sugars
at 4.27c. delivered, the equivalent of 2%c. c.&f. for Cubas.
Two-thirds of the sales were Porto Ricos. Later 2 9-16e. was
asked. Refined was 5.60 to 5.65c. On the 23d inst. the
first March notice day, 96 notices were issued. The rise
this week was mainly due to European buying. European
producers, it is said, having been compelled to sell a portion
of their sugars at prices below cost of production have
replaced them with July and September here on the theory
that the recent week market was traceable to local competition and that higher prices will be seen later in the season.
Either this is true or the rise is simply a natural reaction.
To-day futures closed 1 to 3 points higher with sales of 89,700
tons. Refined was firmer with several refineries quoting
5 points higher at 5.65e. There were reports that prompt
Cuba had sold at 2 9-160. It is said that France may
increase the import duty on sugar from 84 francs to 100
francs per 100 kilos. London refined was active and 3d.
higher. Raws there were sparingly offered at 2.38d. f.o.b.
The Java Syndicate has exported 150,000 tons of new crop
whites at equal to 14s. 9d. c.i.f. United Kingdom. Final
prices here show a rise for the week of 12 to 17 points. Spot
raws at 2 9-16e. are 3-16e. higher than a week ago. Sugar
prices (It sed as foiluws:

1223

9/03. Edible, corn, 100 bbl. lots, 12%c.; olive oil, $2.05 to
3
$2.30. Lard, prime, 15%c.; extra strained winter, N. Y.,
124e. Cod, Newfoundland, 63 to 65c. Turpentine,
594 to 644c. Rosin, .85 to $11.60. Cottonseed oil
sales to-day,including switches, 53,100 bbls. P.Crude S. E.
74c. Prices closed as follows:
April
Spot
9.00
May
Feb
9.00
March.. _ - 9. § 9.05 June
06

9.20i 9.401July
9.51 Aug
9.49
9.70 Sept
9.62

9.79§
9.95 9.98
10.00

-Diesel oil was reduced 10c. a barrel by
PETROLEUM.
the Standard Oil Co. of New Jersey. The price is now $2
at New York, Baltimore and Charleston, S.C.; at Norfolk
it is $2.20. Distillate fuel was cut 4c. a gallon by the same
company to 44c. at New York, Charleston, S. C. and Baltimore and 54c. at Norfolk. Gas oil was reduced 4c. to 54e.
at New York, Charleston, S. C. and Baltimore and 54c.
at Norfolk. A fair business was done in Grade C bunker oil
with New York harbor refiners asking $1.35 f.o.b. refinery
and $1.413/ f.a.s. New York harbor. Mid-Continent crude
prices were reduced 1 to 5c. by the Carter Oil Co. during the
week. The Sinclair and the Prairie Oil & Gas Companies made
similar cuts. The demand for gasoline was a little better and
prices were steady, at 8c. for U. S. Votor in tank cars at
refineries. For kerosene the demand was somewhat better.
Business in gas oil was more active. Furnace oil was quiet,
but steady. There was a good demand for Pennsylvania
lubricating oils. And more interest was shown in spindle
oils.
The Standard Company advanced crude prices 1 to 16c.
in the Caddo, Home, Eldorado, Crichton and De Soto field,
the new top being $1.76. Heavy oil prices in the same districts were cut 1 to 19c. A similar revision was made by
the Gulf Refining Co. and the Texas Co. The Magnolia
Petroleum Co. announced that effective Feb. 23 and until
further notice its prices on crude oil in Pine Island, Haynesvine and Bull Bayou districts, Louisiana, and the El Dorado
district, Arkansas, where it is purchasing on a gravity basis,
will be as follows per barrel at the wells; Below 28 deg.
91e. with a differential of 5c. per bbl. between each degree
of gravity beginning with 28 to 28.9, 96c. and ending with
32 to 32.9, $1.16, differential of 3c. per bbl. beginning with
33 to 33.9, $1.19 and ending with 52 and above $1.76. No
change was made in El Dorado, East Field, Smackover
or Cotton Valley. Salt creek crude was cut 2 to 15c. actct (unofficiN 9-6c
r
5
6latl3
,
t
3 7142.711an
:
.7 ec
3
28 cording to gravity. The Ohio Oil Co. reduced prices 10c.
2.88
May
2.62 -- I 13
of Illinois, Princeton and Plymouth crudes. The Seminole
LARD on the spot was steady with a fair demand. Prime field produced 306,789 bbls. of crude in 24 hours ended 7
Western 11.75 to 11.850. in tierces c.a.f. New York; Refined a. m. Feb. 23 against 305,387 bbls. for the preceding day.
New York export prices: Gasoline. cases, cargo
Continent 124c.; South American 134c.; Brazil 143/2c. Mations, deodorized, 23.65s.; bulk refinery, 8c.lots, U. S. Motor spedKerosene, cargo lots.
Later spot prices advanced; prime Western 11.80 to 11.90c. S. W. cases, 16.90c.; bulk, 41.43, 6 4c.: W. W. 150 deg., cases. 17.90c-i
,
To-day spot trade was dull at 11.70c. for prime western; bulk 43-45, 7c. New Orleans prices: U. S. Motor bulk. 7c.; 64-66 gravity.
Kerosene,
to 5%c.; water white. 6.4
refined Continent 124c.; South America 134c. Futures 3.75 3.p., 84c. oil, Grace Cprime white. 53i to $1.15: cargoes, 90 to 95c.
to 6Nc.; Bunker
for bunkering. $1
advanced 3 to 8 points on the 20th inst. with corn higher, Service station owners and jobbers' prices: U. S. Motor bulk, refineries. 8c.;
at terminal,
tank cars delivered to nearby trade,
hogs 10c. up and hog receipts at all points smaller than ex- 8XC.; U.S. Motor delivered to New9c.; California U. S. Motorbarrels. 17c.:
York City garages in steel
pected. The total was 154,100, against 206,300 a week Up-State and New England. 17c. Naphtha, V.M.P. deodorized steel
bulk, refinery, 7c.;
barrels,
water
previously, and 141,500 last year. At Chicago receipts on delivered18c. Kerosene, in tankwhite, 43-45 gravity, 41-43 gravity, bulk.
cars. 8c.; water white
to nearby trade
Tuesday were estimated at 50,000. Liverpool lard was un- refinery. Mc.; 41-43 D. delivered to nearby trade in tank cars. 7'%c.;
wagon
changed to 3d. lower. Futures on the 21st inst. declined 5 to tank wagon.to store. 15c. Furnace oil, bulk, refinery.38-42 gravity.5hc.;
10c.
7 points. Western hog markets were easier, and Chicago tank
$2.60
$2.35 Eureka
Pennsylvania
$2.80 Buckeye
was off 10 to 15c. with the top $8.60. Total receipts at Corning
1.60
2.80 Illinois
1.55 Bradford
Chicago were 47,000, receipts at all Western centers 176,300,
1.55 Wyoming, 37 deg_ 1.30
1.35 Lima
1.23
1.32 Plymouth
Indiana
against 137,100 a week previously, and 110,700 last year; Wortham, 40 deg_ 1.40 Princeton
1.57
1.5 Wooster
Rock Creek
32,000 were expected on Wednesday. Packers sold May and Smackover 24 deg- 1.25 Canadian
1.95 Gulf Coastal "A"- 1.20
.90
1.00 Panhandle,44 deg. 1.66
Corsicana heavy
July lard. Cash markets were steady, but domestic and
Basin
$1.33
foreign demand were small. To-day futures closed 7 points Oklahoma,Kansas and Texas-$1.40 Elk Muddy
1.25
Big
higher. Hog receipts were smaller and hogs advanced 10 40-40.9
1.33
i.i6 Lance Creek
32-32.9
1.25
1.70 Bellevue
52 and
to 15e. with the top .25. Western receipts were 102,000, Louisianaabove
West Texas all deg
0.60
and Arkansasagainst 79,000 a year ago. Chicago expects 12,000 on
2.35
1.16 Somerset light
32-32.9
1.25 Somerset heavy
1.45
35-35.9
Saturday. Commission houses were buying lard. But any
Spindletop. 35 deg. and [tn.__ 1.37
advancing tendency was curbed by profit taking and hedge
selling, as well as a decline in corn. Final prices showed a
-New York on the 20th inst. feel() to 80
RUBBER.
decline for the week of 3 to 5 points, with July unchanged.
points largely owing to a London despatch stating that
DAILY CLOSING PRICES OF LARD FUTURES IN
CHICAGO, Premier Baldwin had announced that there would be no
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
change in the restriction scheme before May 3st at the
March delivery
11.12
11.17
11.10
Hol- 11.02
11.10
earliest, when asked by the Rubber Association to keep it in
May delivery
11.37
11.45
11.40
iday 11.30
11.37
July delivery
11.67
11.72
11.65
force until October 31st. This was taken as a very plain hint
11.57
11.65
PORK quiet; Mess $30.50; family, $35 to $36; fat back that the days of restriction were numbered and selling inpork, $31 to $33; Ribs, Chicago, cash, 10.623c.; basis of creased. The transactions for the day were 1,137 lots. Both
50 to 60 lbs. average. Beef steady; Mess, $23 to $24; London and Singapore declined. London after advancing on
packet, $25 to $27; family, $32 to $34; extra India mess, the 20th inst. A to gd. fell Md. later in the day. The
*to to $42; No. 1 canned corned beef, $3.40; No. 2, $6; stock of crude rubber, including latex in L ndon was 63,769
six pounds South America, $16.75; pickled tongues, $55 to tons on Feb. 18, a decrease of 1,176 tons during the week
$60. Cut meats steady but quiet; pickled hams, 10 to 20 against a total a year ago of 56,962 tons. At the same time
lbs., 154 to 173e.; pickled bellies, 6 to 12 lbs., 17 to isy0.- there has been a decrease of 7,147 tons from the high point of
4
bellies clear, dry salted boxed, 18 to 20 lbs., 13%c.• It tO 1927 on October 15th. London ended on the 20th inst. with
16 lbs., 14o. Butter lower grade to high scoring 40 to 47c. spot, February and March 144d., April-June 15d. and JulySept. 15%d. Singapore on the 20th closed quiet and 3. to
Cheese, 23% to 295'c. Eggs, medium to extras, 2
85. to %d.lower; March 144d.; April-June and July-Sept. 15%d.
31Mo.
New York on that date ended with February 30.50c., March
-Linseed was easier. Leading crushers quoted 30.70 to 30.80c., April 30.90c.; May 31. to 31.10c.; July
OILS.
oil in carlots, cooperage basis, while in 5 bbl. 31.20c.; September, 31.30e. Outside prices were Smoked
9.8c. for raw
lots 10.2c. was asked. But it was intimated that business sheets spot and February, 304 to 310.; March, 30 5 to
would be accepted in a few directions at 9.7c. for raw oil in 31M0.; April-May-June, 314 to 314c.; Spot, first latex
carlots cooperage basis, and possibly 9.6c. A better demand crepe 307 to 3140.; clean thin brown crepe, 29 to 29M0.;
%
was looked for with the approach of the heavy painting sea- vecliy brown crepe, 28 to 2840.; rolled brown crepe, 25c.;
son, but it has not yet made its appearance. Cocoanut, No. 2 amber, 28% to 294c.; No. 3 amber, 29 to 294c.;
/
Manila coast tanks, 13 80.; spot N. Y. tanks, 8 3-16c. No.4 amber, 283. to 2840.; Paras, Up-river fine spot, 25%
Corn, crude tanks plant low acid, 84c. Olive, Den. $1.25 to 254c.• coarse, 19% to 20c.; Acre fine spot, 26c.; Brazil,
to $1.40. Chinawood, N. Y. drums carlots spot, 16e.; washed dried fine, 353 to 36c.; Caucho Ball-Upper, 20 to
Pacific Coast tanks spot, 14%o. Soya bean, coast tanks, 203c.;Island fine,230. The 1927 tire output was 48,887,341.




1224

FINANCIAL CHRONICLE

[VOL. 126.

Shipments were 48,602,421. Inner tube production was against the Liberty Warehouse Co. for violation of the Kentucky Co-operative Marketing Act by selling tobacco pledged
reported as 53,117,064.
view is that the American rubber industry as well as to the co-operative, upholds the validity of non-profit coOne.
the British and Dutch producers will face a serious situation operative associations in that State. The Warehouse Co.
if the British eliminate restrictions on shipments of rubber. had charged the Association with being a trust or combinaIt is argued that statistics show that, with restrictions in tion and asserted that the provisions of the Kentucky statutes
force, a decline in visible stocks would be noted of about conflicted with the Fourteenth Amendment to the Constitu15,000 tons at the year's end, while with restriction out, tion. The Court held that the co-operative marketing statstocks would increase about 80,000 tons. Singapore people utes promote the common interest and that the provisions
say in other words, the visible total would reach 280,000 tons for protecting the fundamental contracts against interfercomparing with 208,977 tons in 1922, when restriction went ence from outsiders are essential to the plan."
into effect. The weight of these supplies, it is added, sent
COAL.
-Practically no change in prices occurred early
rubber to 12%c. A price drop to anything like the level of in the week. Owners of about 150 mines in West Virginia
to the producer but to the and Virginia in two respective groups of producers in1922 means disaster not only
American consumer.
dividually agreed to defray the cost of appraisal and audit
On the 21st inst prices broke sharply, i. e. 210 to 270 of their respective properties to determine how many of them
lowest level seen since Aug. can
points. Prices are now at the
be merged to mutual advantage. Domestic trade was
1924. A report that British planters in the Far East do not active. At Pittsburgh bituminous was dull at low prices.
adopted by Premier Baldwin Western Pennsylvania grades, per net ton were quoted as
not agree with the methods
in handling the restriction scheme was the cause of the follows: Steam coal, $1.40 to $1.80; coking coal, $1.50 to
decline. Sales were 2432 lots or 6080 long tons or 200 lots $1.75; gas coal, $1.75 to $1.90; steam slack, $1 to $1.10;
under the record of 2631 lots trade in on Feb. 9. On the gas slack,$1.10 to $1.20, and domestic sizes $2.50 to $2.75.
23rd inst. prices rallied 30 to 70 points owing to cables
stating that the Dutch rubber producers were in favor of
COPPER was quiet. Custom smelters who quote 140. are
forming an affiance with the London Rubber Growers not making any more sales than those who asked 14%e.
Association to effect a selling organization which would Export demand is better than that for domestic account, but
neutralize the reported activities of the American rubber sales are not large. The export price was 14Mc. c.i.f. Europool. It was doubted by some but it counted sufficiently pean ports. Deliveries from the lake smelters this month are
to cause a noteworthy rise of prices. The sales were 2133 less than for January, December or November. Deliveries
lots or 5332 tons. March on the Exchange here closed at from the Calument smelters in February were about 200,000
28.80c, April 29.300, May 29.30c.;July 29.40e., Sept.29.40c. lbs. daily. Quincy has been marketing most of its copper in
and Dec. 29.30 to 29.40e. Outside prices were as follows: the form of wire. In London on the 20th inst. standard fell
%
Smoked sheets, spot, February and March 283 to 283 c.; 55. to £61 10s. for spot and £61 3s. 9d. for futures; sales 100
-May-June 29 to 293c. Spot first latex crepe 28% tons spot and 300 futures; electrolytic unchanged at £66 10s.
April
to 285 c; clean thin brown crepe 26 to 263.c. specky for spot and £67 for futures. On the 21st inst. spot standard
%
brown crepe 253 to 26c.; rolled brown crepe 223 to in London declined 6s. 3d. to £61 3s. 9d.; futures off 5s. to
%
2230.; No. 2 amber 27 to 273.O.; No. 3 amber 265 to £60 18s. 9d.; sales 50 tons spot and 750 futures; Electrolytic
%
26%c.; No. 4 amber 253 to 26e.; Paras, up-river fine fell 5s. to £66 5s. for spot and £66 15s. for futures. Latterly
/
spot 243i to 2480.; coarse 19 to 193c.; Acre fine spot trade has been very dull at 14 to 14 8e. Connecticut Valley.
250.; Brazil, washed dried fine 343 to 35c.; Clutch°, Ball- London on the 23rd inst. declined 2s. 6d. on spot standard
Upper 193. to 193c.; Island fine 22c.; Centrals, Esmeralda to £61 13s. 3d.;futures fell is. 3d. to£60 16s.3d.; electrolytic
19 to 19%c.; Central scrap 19 to 193.c.; Guyaule 23e. was£66 5s. spot and £66 15s. futures.
London was irregular or lower on the 23rd inst. Spot,
TIN.
-The decline in London early in the week following
/
February and March closed at 1333d.; April-June 14d.; the
advance here late last week was a disappointment to
July-September 143d. Singapore March 133(d.
inst. prices were only
To-day prices ended 60 to 100 points lower with sales at the tin trade. Here on the 20th
past three years.
low point of
lc.
1,974 lots. At one time prices were 60 to 150 points lower. about Y above the 51% to 51 Yic. the prompt at 51%c.
sold at
Offerings were received from Amsterdam; European Estates Straits futuresthe largest for several,and
months, being 7,290
March and April shipments from the East unsold at 293'c. Tin afloat is
London on the 20th inst. fell £1 5s. to £230;
London opened %d. higher but reacted later. Actual rub- tons. Spot into £233; sales, 150 tons spot and 600 futures;
ber was quiet here. The factories are not inclined to buy futures off £1 Li 5s. to £233; Eastern c.i.f. London adfell
with the market steadily declining. One depressing factor spot Straits £237 5s. on sales of 100 tons. In London on the
to
was cables to the effect that leaders in the trade at both vanced £2spot standard dropped £2 5s. to £225 15s.; futures
Amsterdam and London are not expecting the Dutch to 21st inst.
£230 10s.; sales, 50 tons spot and 750
declined
join with the British on a restriction scheme. London closed futures. £2 10s. to
Spot Straits yielded £2 5s. to £230 15s.; Eastern
4
%
4
with spot 133 d.; Feb., 139's to 13343.; March, 133 d.; c.i.f. London dropped £3 to £234 5s. on sales of 275 tons.
April-June, 13%d. Final prices here show a decline for the Some London limits sold at 51.05 to 51.20c. Straits shipweek of 240 to 290 points.
ments for the month up to Saturday last week were 5100
-Of River Plate frigorifico recent sales were tons. For the month of February they are expected to
HIDES.
nruguayan be 7,500 tons. And an increase of 1,500 tons is looked for
33,000 Argentine steers at 287-16 to 29c., 16,000
steers at 28% to 29 1-16c., 2,000 frigorifico cows at 27 13-16 in the world's visible supply. Latterly business has been
to 27 15-16c.. Most of the buying was for Unites States. rather good at practically unchanged prices. Early April
The River Plate markets seemed to have ignored any weak- sold at 50.97% to 51.073.c.; February sold at 51% to 51Mc.;
ness in New York. City packer hides have been dull pend- March at 51%e. and May at 513c. Prompt 513c. Still
ing developments at Chicago. It seems that trade is so poor later futures were quoted. 40. off from the above quotathat the entire output of February hides remains unsold. tions. London on the 23d inst. was £227 17s. 6d. for spot
One packer is asking 273'c. for spready native steers. It is standard; futures fell 10s. to £230 10s.; sales, 100 tons spot
hard to tell just what the market is. Counttry hides have and 300 futures; spot Straits up 2s. 6d. to £231 7s. 6d.,•
also been dull. The same is true of common dry hides. Eastern c.i.f. London dropped 5s to £234 with sales of
Buyers have been taken with the idea of touching the market 200 tons.
very gingerly evidently hoping for lower prices. Common dry
LEAD.
-The American Smelting Co. reduced its price
hides, Cucutas nominally 37c.; Maracaibo, 34c.; Central
America, 33c.; Savanillas, 3434c.; Santa Marta, 35 Mc. $2 per ton to 6.25c. New York early in the week. In the
be
Bulls, native, 1834c. New York City calfskins 5-7s, East St. Louis district 6.02%o. was quoted but Go. would on
accepted in some cases at least, it is said. In London
7-95, 3.35c.; 9-12s, 4.150.
2.623'c.;
the 20th inst. prices fell 3s. 9d. £19 17s. 6d. for spot and
-An active Pacific Coast business £20 7s. 6d. for futures; sales, 50 tons spot and 700 futures.
OCEAN FREIGHT.
was reported. The recent advance in rates were well main- On the 21st inst. spot declined 3s. 9d. to £19 13s. 9d.;futures
tained early in the week. Later on sugar traffic was brisk.
dropped 6s. 3d. to £20 is. 3d.; sales, 150 tons spot and 750
CHARTERS Included sugar from Cuba to U. IC., 17s.; to Continent, 6d.
-March. futures. In the Tri-State district ore sold at $80. Of late
17s. 9d. March;same Feb.
less; San Domingo to U. K.
-Continent,
17s. 6d.; coal, Hampton Roads to Curacao. $1.70 prompt; time charters. the tone has been if anything somewhat more steady with a
611 ton steamer, 7 months Great Lakes trade, $1.10. delivery Great Lakes, fair
demand and holders encouraged by a rise in Liverpool.
May loading; steamer 1,107 tons, trip down West Indies trade, $1.10,
delivery New York prompt loading; trip across. $1.40; sugar, Cuba to East St. Louis 5.95 to 6c. The American company still
-ContiU. K. 168. 6d.; to Continent, 16s., first half April; Cuba to U. K.
on the 23d inst. advanced 5s. to
nent. 16s., April; lumber, North Pacific to North of Hatteras, $13. March; quotes 6.25c. London
£20for spot;futures rose 2s.6d. to£206s. 3d.; sales, 100 tons
grain. Vancouver to U. K.. 30s.. March.
spot and 300 futures.
TOBACCO has been in only fair demand for the more deZINC was easier. Ore in the tti-State district was resirable grades and prices have been steady. Other descriptions have been dull. The total business makes no very duced $1 per ton to $35 late last week, although some sales
impressive showing. The reason is that as a rule manufac- were reported made at $36. Ore production last week was
turers will only buy enough for immediate requirements. 12,500 tons and sales 8,500 tons. Prime Western slab zinc
They are not at all inclined to buy for forward delivery. The in the East St. Louis district was 5.45 to 5.500., or a new
offerings of Wisconsin tobacco, on the other hand, have been low for the past five years. In London on the 20th inst.
rather small, the stock having, it seen* been considerably spot declined 6s. 3d. to £25 6s. 3d.; futures fell 3s. 9d. to
reduced. Of Pennsylvania too the supply is said to be small. £25 7s. 6d.; sales 100 tons pot and 600 futures. On the
For SUmatra and Java there is a pretty good inquiry. But 21st inst. spot declined 5s. to £25 is. 3d.; futures fell 6s. 3d.
.
the times are not at all active in the tobacco trade. Wash- to £25 is. 3d.;sales 50 tons of spot and 1,150 futures. Later,
ington wired Feb. 20: "Affirmation by the U. S. Supreme however, it was reported that favored customers could have
Court to-day of a decision of the Kentucky courts awarding bought at under 5.450. East St. Louis. Latterly the tons
to the Burley Tobacco Growers' Co-operative Marketing has been somewhat better following recent steady declines.
Association damages in the sum of $500 and attorneys' fees East St. Louis was quoted at 5.45c., but it is said that 5.4214c



FEB. 25 1928.]

FINANCIAL CHRONICLE

is now and then accepted. Of late the demand has increased
somewhat with prices the lowest in five years. London on
the 23d inst. was £25 on the spot, while futures fell is. 3d.
to £25.
STEEL.
-In Pittsburgh no real activity was reported
aside from fabricated structural steel. Of this the orders
last week were for 68,000 tons. The average rate of the
bookings since January 1st was just 50% above the average
rate during all of 1927. Yet the automobile industry expands but slowly. Its buying of steel is under the average
rate at this time in the last few years. Rail mills are operating at close to capacity, as they usually do in the first
half of the year. Bar, shape and plate mills are working
at a relatively high schedule. Makers of bands, hoops and
hot rolled strips have announced advances of $2 a ton, but
are ready to sell in certain cases at old prices. At Birmingham steel output is greater now than at any time in six
months, with deliveries equal to output. Local tank
makers have tonnage to fill for the next sixty days. Structural steel shops have mostly local orders. The Department
of Commerce says that the awards of fabricated structural
steel in January were 213,750 tons or at 57% of capacity
against 258,750 tons or 69% of capacity in December and
195,000 or 52% in January 1927. These figures apply to
the country as a whole.
PIG IRON.
-Now it is said that the sales here last week
were some 12,000 tons which is better than had been expected.
It was further declared that a pretty good business was being
done at other Atlantic points. Pennsylvania was generally
quoted $19 to $19.50; and in others at $20; it is claimed too
that some was sold at that price. Buffalo was quoted at
$16.50 to $17; Chicago $18 to $18.50; Valley $17.50 to $18;
also Cleveland. In Birmingham trade has been dull at $16
for No.2foundry. Latterly prices have been reported rather
firmer in the East with some increase in the inquiries. But
there is no real activity. Some are of the opinion that
Buffalo iron may be advanced before long. Foreign iron
has been quiet.
WOOL has been steady, but rather slow. Boston wired
a government report Feb. 20: "The spotty character of
trading in the wool market is due in part to the distribution
of stocks. The domestic wools of medium grades have been
very limited for some time. Recently the 58s, 60s grade
has become quite restricted. A fair selection of 64s and
finer wools are still available but the demand on this quality
remains slow and the selection is being improved by moderate
receipts of over 60s foreign wools. Imports of foreign combing greasy wools at Boston last week amounted to about
2,000,000 lbs. with nearly two-thirds of the total of over 60s
grade." At Wellington, N. Z., on Feb. 17, 27,000 bales
offered and all sold. Demand keen. Prices paid: Average
merinos, 22 to 24d.; crossbred 56-58s, 23 to 27d.; 50-60s,
213i to 243'd.; 48-50s, 19 to 24d.; 4648s, 18 to 22d.;
44-46s, 1631 to 203-d.; 40-44s, 15 to 183/d., and 36-40s,
2
15 to 17d.
At Auckland on Feb. 20 offerings 22,400 bales; demand
good; attendance large; selection good and mostly sold.
Wellington prices of the 17th were fully maintained. In
Liverpool offerings at the sales from Monday, March 5 to
March 9 are 25,500 bales. In Boston Ohio and Pennsylvania fine delaino 50c. 32 blood 51 to 52c., 3 4 and Yi bloods
52c.; Territory clean basis, fine staple, $1.18 to $1.23,
fine medium, French combing, $1 .10 to $1. 15; fine memedium clothing, $1.02 to $1.07;
blood staple, $1.12 to
blood, $1 to $1.03; W blood, 95 to 97e. Boston
$1.15;
L
wired Feb. 23: '"rhe wool market continues quiet. Some
houses are receiving calls for medium grade domestic wools.
A few sales have been closed on sample lots of Texas 12
months wool at prices in the range $1.15 to $1.20 on an
estimated scoured basis. Odd lots of short and off wools
are selling fairly well. Private cable reports inicate the
Australian primary markets firm."

COTTON
Friday Night, February 24 1928.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
75,323 bales, against 107,419 bales last week and 111,825
bales the previous week, making the total receipts since the
1st of August 1927, 6,962,693 bales, against 10,503,063 bales
for the same period of 1926, showing a decrease since Aug. 1
1927 of 3,540,370 bales.
Receipts atGalveston
City
HTexasouston
New Orleans_ _ -..
Mobile
l'ensacola
Savannah
Charleston_ _ _ - Wilmington
Norfolk
New York
Boston
Baltimore
Tnt•t• tio• ‘vd.,•1,

Mon.

Sat.

Tues,

Wed.

4,297

6,043

1,9411
3,168
2,010

3.4 A3
- 79,573
259

8,094
=
2:H2
2,988
300

6.051
=
1,593
125
88

1,118
--- 153
168

-L'it5

-ON

_ __ _

_

29
55
71
140
--

200
--__
202
____
240
--__
-------42

12 862 20.247 14.035




Thurs.
---_
788
3,998
132

Fri.

The following table shows the week's total receipts, the
total since Aug. 1 1927 and stocks to-night, compared with
last year:
Stock.

1926-27.

1927-28.
Receipts to
Feb. 24.

This Since Aug This Since Aug
Week. 1 1927. Week. 1 1925.

Galveston
Texas City
Houston_ _
Corpus Christi- _ _
Port Arthur

1928.

1927.

29,571 1,864.724 47,073 2,819,426
647
83.980 5.286 141,712
11,560 2.323,558 48.0053,371.011
541
---176,092
23.180 1,199,915 61,084 1,950,927

436,935
37.776
789,057

615.906
55.891
907.815

503,897

637,006

324.298
12,776
617
888.922

13.011

47,134

592
30,286

610
83,813

438.075

27,744

68,197

102,729
350,681
279
25,873
18.946
52,633
4,158

19,798
75,766

18.326
121.616

192.153
4,103
1,582
9,336

218.725
1,279
1.605
5.239

New Orleans
Gulfport
Mobile
3,053 230,320 4,476
11,428
40
68
Pensacola
8
Jacksonville
3,750 512.745 20,437
Savannah
Burnsvrick
1.145 216,727 10,046
Charleston
756
Lake Charles-- - ---89,678 2,910
561
Wilmington
Norfolk
693 191,721 8,053
N'port News, gm_
5,719
430
195
New York
834
4,793
71
Boston
49,833 1,271
829
Baltimore
248
Philadelphia --------155

.yr qnq a nao ano oln In.) irMA9 A4)9 9 159 A1A 9
• •
• .
•
r

-----

7R5 16l

In order that comparison may be made with other years'
we give below the totals at leading ports for six seasons:
Receipts at-

1927-28. 1926-27.

1925-26. 1924-25. 1923-24. 1922-23.

Galveston__ -Houston, &c*
New Orleans_
Mobile
Savannah_ _ - _
Burnswick _
Charleston Wilmington
Norfolk
N port N.,&c_
All others_ -

29,571
11,560
23,180
3,053
3,750

47,073
48,005
61,084
4,476
20,437

30,472
25.547
39.480
3,362
9,133

56,627
32.644
29,838
4,245
13,596

20.701
9,249
21,738
1,382
7,600

25,105
24,129
26,376
135
8.108

1,145
561
693

10,046
2,910
8,053

4.713
3,189
3,050

6,420
2,175
10,057

2.464
550
4.038

3,034
2.422
2,894

1.810

8.109

1.566

3,816

1.616

4.123

Total this wk_

75.323

210,193

120.512

159,418

69,338

96.326

1

A 009 009

InnmnAz 7 075 199 7 7;0%10 %Ail() 3454.861.070

• Beginning with the season of 1926, Houston %um;include movement of
cotton previously reported by Houston as an interior town. The distinction

between port and town has been abandoned.

The exports for the week ending this evening reach a total
of 107,584 bales, of which 6,890 were to Great Britain,
11,225 to France, 40,554 to Germany, 21,173 to Italy,
17,259 to Japan and China and 10,483 to other destinations.
In the corresponding week last year total exports were 194,693 bales. For the season to date aggregate exports have
been 4,976,732 bales, against 7,347,711 bales in the same
period of the previous season. Below are the exports for
the week and the season:
Exported to
Week Ended
Great
GerFeb. 24 1928.
Exports from
- Britain Frame. many.
Galveston
Houston
Texas City
New Orleans_ Mobile
Pensacola
Savannah
Charleston
Wilmington _ - Norfolk
New York
Los Angeles_San Francisco...
Total
Total 1927
Total 1926

9,384
14,344

876
7,500

7,700
4,352

815
7,009 11.674

5,500

5,247

4.801

2,976

68
1:t1:17
1,705
7.450
654
288
150
230

225
-200

1,800

400

17,259 10,483 107,584

8.088
8,105

__ _ 48,048 40,298 194,693
____ 30.378 13.118 118,254

Exported to

From

Total

-ioo

Total.

5,510 31,952
2,027 28.223
815
2
;235 30.961
400
400
68
1.647
1,711
7,450
•854
310 t2,623
ak 650
• 430

6,890 11,225 40,554 21,173
50,353 7,140 40,768
37.185 10.275 19,193

GelFeb. 24 1928. Great
Exportsfrom- Britain. France. many.
Galveston___
Houston_ _ __
Texas City._
Port ArthurCorp. Christi
New Orleans.
Mobile
Pensacola
Savannah_
Charleston
Wilmington.
Norfolk
Lake Charles
New York_ _
Boston
Baltimore
Philadelphia
Los Angeles_
San Francisco
Seattle

Japan&
Russia. China. Other.

Italy.

Italy.

Japa et
Russia. China. Other.

Total.

214,431 296,104 332,236 138,563 13,900 244,092 236,155 1.475,481
218,082 255,576 323,042 117,873 52,500225,731 133.946 1,326,750
----------------23,729
16,566 3,079 5,084
--- - Me. 541
500_---- ---- 41
0
24,310 34,271 57:001 4: 59 3,100 23:972 14,980 161,693
144,981 77,695 198,998 82,174 43,726 182,148 84.734 814.454
____ 21,050 4,550 160,032
36,884 1,739 93.809 2,000
____
___
1,125
___ 8,925_ __
11,428
1,378
____ 38:705 21.316 490.805
109,684 5:030 308,208 7:862
____
5,300 20,369 195,735
33,844 1,833 128,324 6,065
--------300
____ 17,300 49,517
67,117
____
1,900 3,385 108,432
600 63,762 1,250
37,535
756
____
1,iiii 24:37
.
74.187
9,794 8,i3i 26,991 2jig
------------2,461
493
230
4,189
1,005
1,386
--------267
____
1,007
2,660
--------102 . 1599
45
177
275
_ -_
____
8900
591
160
6.530 24,887
53.651
12.583
--------1,850
355
183
3,268
300
580
860,973 993,109 1,590,214 413,945 113,220 758,857 548,408 4,978,732

Total 1926-27 1,895,451 782,504 2105011 553,018 132,773 1111023 767.931 7,347,711
T...•.• Inese ele t .TI. Annan, ono 19conA, AKI nl, tnz 0,0 /00 non ROI 000 K 00A mut

5.086 29.571

NOTE.
-Exports to Canada.
-It has never been our practice to include In the
above table reports of cotton shipments to Canada, the reason being that virtually
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
458 1.608 3,750 however of the numerous inquiries we are receiving regarding the matter, we will say
576
340 1,145 that for the month of January the exports to the Dominion the present season have
62
89
561 been 24,594 bales. In the corresponding month of the preceding season the exports
109
105
693 were 29.580 bales. For the six months ended Jan. 31 1928 there were 133,868
55195 bales exported as against 150,749 bales for the corresponding six months of 1926.
--

1,471 11,560
3,328 23,180
264 3.053

N

7.925

Total.

1225

7i

6.155 1310n 7x .1as

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:

FINANCIAL CHRONICLE

1226

On Shipboard, Not Cleared for
Feb. 24 atGalveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports'..

Other CoastGerGreat
Britain. France. many. Foreign wise.
8,900
5,974

5,700
1,417

____

____

2,500

2,000

7,900 30,000
7.855 8,858
__

___-

3.000

1,000
4,500

Total.

Leaving
Stock.

5,000 57,500 379.435
120 24,224 479.673
29,986
300
300
27,336
408
408
150 • 12,861
150
71.766
1,000
------- 12,000 1.042,397

Total 1928-- 17.374 9.117 18.755 44,358 5,978 95,582 2,046,454
Total j927
28,011 21,646 27.218107.086 11,138 195.0992,558.063
Total 1926- - 31,154 19.393 23,312 51,861 7,211 132,931 1,317,652
*Estimated.

(VOL. 126.

yarn division. In this country unemployment is large
enough to attract increasing attention. The crop of India
for the 1927-28 season is estimated at 4,586,000 bales of 478
lbs. net, according to a cable received by the Bureau of
Agricultural Economics from the Indian Department of Statistics at Calcutta. This estimate which is final shows an
increase of 10.2% over las tseason's crop of 4,162,000 bales
and a decrease of only .6% from the average production for
the last five years. The acreage this season is estimated at
23,812,000 acres, a reduction of 4.7% from last year's acreage of 24,976,000 acres and a decrease of 5.3% from the average for the last five years.
To-day prices advanced 31 to 47 points, the latter on
March, under the spur of a rapid stopping of big notices,
higher cables from Liverpool and Alexandria, good reports
from Manchester and an absence of rain in Texas where
indeed there was a cold wave. Spot markets were 40 to 50
points higher. The basis was very firm. It was said that
India and Japan are more inclined to buy spot cotton at
the South. Offerings there are not at all pressing. Worth
Street was inclined to be firmer. But tha outstanding feature of the day, after all, was the isuance of notices variously estimated at 160,000 to 183,000 bales. Opinion inclined to the inside estimate, although it was expected that
the whole certificated stock here would be tendered. An interesting rumor was that some 50,000 to 60,000 bales had
been stopped by some of the smaller spot houses with a
view to exportation to Liverpool, but including some to
Bremen and Bombay. Mills called cotton on a fair scale.
The outside trading in cotton was larger. A higher stock
market tended to help cotton. Final prices show a rise for
the week of 52 to 61 points. Spot cotton ended at 19c. for
middling, an advance for the week of 65 points, of which
50 points occurred to-day.
The following averages of the differences between grades,
as figured from the Feb. 23 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Mar. 1:

Speculation in cotton for future delivery has been on a
moderate scale at some advance in prices, owing to continued dry weather in Texas and greater activity in spot
cotton at rising prices. The Liverpool cables, moreover,
were better than due. The Continent had turned buyer
after selling persistently last week; besides, there was not
a little scattered covering in Liverpool as well as calling
by the mills. There was liquidation of March, as the date
for notices February 24th approached, but the selling was
promptly taken, mainly by spot firms. They were supposed
to be covering March hedges in some cases and transferring
them to other months. Manchester reported a fair business
With the Continent and South America, and larger sales
were made at one time to Africa, all of which offset, in
some degree at least, the unsatisfactory state of trade with
India. In the Worth Street district there was a good inquiry
for print cloths and one company last week sold 50% of its
output of cloths, mostly gray goods, and nearly 90% of its
production of gray cloths. While sheeting mills in Georgia
and Alabama are curtailing, it is said that most of those
making other cotton goods are running night and day.
Texas drought and a stronger spot situation, however, were
the salient factors. Russia was said to be buying. Recent
sales to Russia and India are said to have reached 175,000
bales. Some estimates were as high as 250,000 bales, including 50,000 to 75,000 bales of short staple to India. The
cotton, it is said, is being prepared for shipment, both to Middling fair
1.08 off
91 on 'Middling yellow tinged
Russia and India, during the next two months. A better Strick good middling
.65 on *Strict low middling yellow tinged1.65 off
2.39 off
.40 on *Low middling yellow tinged
Good
demand prevailed for higher grades of cotton at the South Strict middling
.69 off
.25 on Good mid,light yellow stained
middling
.1.18 eff
from American mills in the absence of any large offerings Middling
Basis "Strict mid,light yellow stained.
..1.78 off
34 off "Middling light yellow stained.
of the lower grades. In South Carolina it was said to be Strict low middling
.91 off
Low middling
74 off Good middling yellow stained
difficult to buy the actual cotton There was a good in- "Strict good ordinary
1.40 off *Strict middling yellow stained 1.60 off
2 31 off
2.18 off "Middling yellow stained
quiry there for prompt and Summer delivery. Memphis "Good ordinary
46 off
Good
.23 on Good middling gray
sent similar reports. Practically all the distressed cotton Strict middling spotted
75 off
Strict middling gray
middling spotted
even
1 10 off
38 off 'Middling gray
Is said to have disappeared. Most of the spot cotton held Middling spotted
"Strict low middling spotted
.83 off *Good middling blue stained-1.55 off
at the South is declared to be in strong hands. Savannah "Low middling spotted
.2.17 off
1 49 off "Strict middling blue stained...
2.95 off
early in the week reported that there was no cotton for sale Strict good middling yellow tinged .01 off "Middling blue stained
Good
tinged
.31 off
there. The daily sales are small, only about a third of those Strict middling yellow tinged
middling yellow
.63 nff •Not deliverable on future contracts.
made on corresponding days last week. But this state of
The official quotation for middling upland cotton in the
things is taken to reflect the firmness of holders. Besides,
hedge sales are so small as to bear no comparison with those New York market each day for the past week has been:
Feb. 18 to Feb. 24Sat. Mon. Tues. Wed.Thurs. Fri.
of a year ago. Wall Street and the mills have bought. Also
18.50 18.60 18.50 Hol. 18.50 1940
the Continent has bought next crop months on a moderate Middling upland
scale.
FUTURES.
-The highest, lowest and closing prices at
On Thursday prices ended at a small advance, for West- New York for the past week have been as follows:
ern Texas did not have rain enough. Also Liverpool cables
Friday,
Saturday, Monday,
were higher than due. There had been good buying in LiverTuesday, Wednesday Thursday,
Feb. 24.
Feb. 18.
Feb. 20.
Feb. 23.
Feb. 21.
Feb. 22.
pool over the holiday by London and the Continent and
some calling. Contracts in Liverpool were scarce. The Feb?Range_ 18.18-18.18
calling, covering and other buying offset Bombay and ConClosing_ 17.9518.0718.00tinental selling there. The spot demand in Liverpool was March
Range.. 17.77-17.98 17.98-18.10 17.94-18.20
17.98-18.15 18.0548.48
better at a slight advance. Manchester's home trade was
Closing.. 17.97-17.98 18.09-18.10 18.02-18.03
18.01-18.02 18.4748.48
broader. The demand from China is steady. Mills in Great April
Range..
---- ---- 18.47-18.47
position; the margin of profit is
Britain are in a better
Closing_ 18.05 -18.1818.1218.13 ---- 18.56larger. The spot basis in this country was firm. Memphis May
Range.. 17.92-18.14 18.15-18.28 18.17-18.40
18.23-18.37 18.3248.66
and Greenville, S. C., reported a good demand with offerQosing_ 18.12-18.14 18.27-18.28 18.23-18.25
18.25-18.27 18.6548.66
ings small. Dallas news was to much the same effect. June-Range__
Cotton was not easy to buy. Other parts of Texas reported
Closing_ 18.1418.2918.2518.26-18.65a Liverpool demand, a strong basis, and buying more or July-'-Range.. 17.94-18.17 18.18-18.32 18.20-18.44 HOLI- 18.26-15.41 18.34-18.69
less difficult. But some reaction occurred before the close
Closing- 18.1618.27-18.29 18.68-18.69
18.30-18.32 18.27-18.28
DAY
here and the net rise was small. March liquidation was Aug.
Range..
18.46-18.46 ---- ---heavy. Parts of Texas had a good deal of rain. The precipiC30sbui. 18.13-18.26 ---- 18.21 ---18.32 ---- 18.59 ---tation ranged from / inch to 2 inches and was clearly SOL/
1
2
1
2
Range__
beneficial in many parts of that State. Some reportts as18.53Closing_ 18.0918.2218.2118.15serted that western Texas had favorable rains. New Or18.1318.24 18.18-18.49
Range__ 17.85-18.05 18.07-18.18 18.04-18.27
leans, Wall Street, local and scattered interests sold. Many
18154817 18.47-18.49
Closing_ 18.0518.16-18.18 18.09-18.10
were in doubt about how March notices would be issued, Nov.
Range..
possibly for the entire certificated stock of 183,380 bales.
Closing_ 18.0318.12 ---- 18.4618.1618.09On the other hand, the continued downward pluge for a Dec.
18.10-18.22 18.14-18.47
Range.. 17.82-18.03 18.04-18.18 18.03-18.26
time of the stock market tended to check any marked ad18.10-18.1118.45
Closing. 18.02-18.03 18.18 ---- 18.09vance in cotton. Wall Street has sold at times; also New Jan.
18.08-18.13 18.06-18.40
Range.. 17.82-17.93 18.00-18.05 17.99-18.18
Orleans, the South and Europe. Parts of Texas outside
Cimino 1700 -1000
,
15 na15 00 --18.40of its western area have had beneficial rains. Liverpool's
spot trade was generally light. March notices here loomed
Range of future prices at New York for week ending
ahead. The entire certificated stock here of some 185,000 Feb. 24 1928 and since trading began on each option:
bales it was supposed would be tendered on the 24th inst.
Some preliminary liquidation of the "'notice" month as Option for
Range Since Beginning of Option.
Range for Week.
usual took place. Heavy selling was noticed at times. The Feb. 1928_ 18.18 Feb. 21
18.18 Feb. 21 18.18 Feb. 21 1928 23.73 Sept. 8 1927
fact that spot sales at the South fell sharply below those of Mar. 1928._ 17.77 Feb. 18 18.48 Feb. 24 14.75 Apr. 4 1927 24.99 Sept. 8 1927
Aug.
July
the same time last year excited unfavorable comment. If April 1928__ 18.47 Feb. 24 18.47 Feb. 24 18.35 Feb. 12 1927 26.67 Sept.31 1927
8 1927
May
2 1928 25.07
futures advanced it was at a very slow pace with an appre- June 1928__ 17.92 Feb. 18 18.68 Feb. 24 17.06 Feb. 3 1928 21.77 Sept. 19 1927
1928_
17.32
July 1928__ 17.94 Feb. 18 18.60 Feb. 24 17.10 Feb. 2 1928 24.70 Sept. 8 1927
hensive eye on the stock market and its sensational debacle.
Aug.
17.65 Feb. 8 1928 20.86 Nov. 9 1927
Spinners takings were not of a size to stimulate the mar- Sept. 1928__ 18.46 Feb. 23 18.46 Feb. 23 17.45 Jan. 28 1928 21.10 Oct. 27 1927
1928_
Oct. 1928__ 17.85 Feb. 18 18.49 Feb. 24 16.96 Feb. 2 1928 20.20 Nov. 9 1927
ket. Fall River's sales of print cloths last week fell off Nov.
17.25 Jan. 28 1928 18.64 Jan. 7 1928
1928_
30%. Manchester had no real activity. The question of Dec. 1928_ 17.82 Feb. 18 18.49 Feb. 24 16.99 Feb. 4 1928 19.05 Jan. 3 1928
wages and hours rema ned to be settled in the American Jan. 1929._ 17.82 Feb. 18 18.40 Feb. 24 17.00 Feb. 2 192818.40 Feb. 24 1928




FEB. 25 1928.]

FINANCIAL CHRONICLE

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1928.
1927.
bales- 778.000 1,313.000

Feb. 24Stock at Liverpool
Stock at London
Stock at Manchester

68,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Ant werp

1926.
888.000

174.000

92,000

846.000 1,487.000
545.000
321.000
15.000
97,000
57,000

Total Continental stocks

1925.
948.000
2.000
132.000

980,000 1.082.000
4.000
301.000 238.000
226,000 220.000
4.000
11.000
90.000
88.000
46,000
36.000
20.000
2.000
5.000

622,000
284.000
16.000
109,000
72,000

1 035.000 1.103.000

687.000

Total visible supply
6,828,156 8,533.443 6,642.807 5,644,890
Of the above, totals of American and other descriptions are as follows:
American -Liverpool stock
bales 547,000 999.000 610,000 777,000
Manchester stork
150.000
53.000
71.000 110,000
Continental stock
1,003,000 1,053,000 621,000 541,000
American afloat for Europe
401,000 580,000 311.000 478.000
U. S. port stocks
a2,142,036a2,783,162 1,450.583 1,288.422
U. S. Interior stocks
al.023,120a1.279,194 1.866,224 1.130,368
U. S. exports to-day
5.007
3.100
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil. &c., afloat
Stock in Alexandria, Ezypt
Stock in Bombay. India
Total East India, &c
Total American

5,169,156 6,860.443 4.929,807 4.327.890
231,000

314.000

278.000

15.000
32,000
158.000
77,000
403,000
743,000

22,000
50.000
100.000
103,000
420.000
646,000

21,000
66.000
163.000
105.000
309,000
771.000

The above totals show that the interior stocks have
decreased during the week 26,060 bales and are to-night
256,074 bales less than at the same time last year. The
receipts at all towns have been 78,315 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Feb. 24 for each of the past 32 years have been as follows:
1928
1927
1926
1925
1924
1923
1922
1921

19.00c.
14.20c.
20.35c.
24.80c.
30 10c.
29.754.
18.50c.
12.554.

17.000
2.000
22.000
63.000
145.000
87.000
215,000
612.000

1,659.000 1.673,000 1.713,000 1,317,000
5,169,156 6,860.443 4,929,807 4.327,890

Total visit Is supply
6,828,156 8.533.443 6,642.807 5.644,890
Middling uplands. Liverpool _ _ _ - 10.40d.
7.77d.
10.334.
13.94d.
Middling uplands. New York
19.00c.
14.30c.
19.90c.
25.35c.
Egypt. good Sake!, Liverpool_... 19.50d.
15.604.
18.80d. 37.154.
Peruvian. rough vood. Liverpool_ 12.00d.
11.50d.
21.004. 20.754.
Broach, fine. Liverpool
9.354.
6.954.
8.90d.
12.254.
Tit:novelly. good. Liverpool
7.404.
9.30d.
13.00d.
a Houston stocks are now included in the port stocks; in previousyears
they formed part of the interior stocks.

39.354.
25.90c.
32.15c.
16.45c.
11.30c.
8.354.
13.00c.
12.50c.

1920
1919
1918
1917
1916
1915
1914
1913

1912
1911
1910
1909
1908
1907
1906
1905

10.40c.
14.10c.
14.40c.
9.65c.
11.50c.
11.00c.
10.80c.
7.75c.

14.30e.
10.05c.
8.75e.
9.38e.
9 19c.
6.50c..
6.25e.
7.12e.

1904
1903
1902
1901
1900
1899
1898
1897

MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.

Spot Market
Closed.

604.000

Total European stocks
1,881,000 2,500.000 1,667.000 1,686.000
India cotton afloat for Europe
158,000
109,000 163.000 145.000
American cotton afloat for Europe 401,000 589,000 311.000 478,000
EgYpt,Brazil,&c.,afloatfor Europe 77,000
103,000
105.000
87.000
Stock in Alexandria. Egypt
403,000 420.000 309.000 215,000
Stock in Bombay. India
743.000 646,000 771,000 612.000
Stock in U. S. ports
02,142,03542,783.162 1.450.583 1.288.422
Stock in U. S. interior towns_ a1,023,120a1,279,114 1,866,224 1,130.368
U. 8. exports to-day
5.087
3,100

1227

SALES.
Spot.

Saturday_- Steady, 15 pts. adv. Firm
Monday --- Quiet, 10 pts. adv- Firm
Tuesday _- Quiet, 10 pts. dec.. Steady
Wednesday_
HOLI DAY
Thursday.. Quiet, unchanged.. Steady
Friday
Steady,50 pta. adv. Strong

Contect Total.

1.000

300

Total week_
Since Aug. 1

1.000

300

1.300
---1,300
229.719 642.600 872,319

OVERLAND MOVEMENT FOR TILE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1927-28---Since
Week. Aug. 1.
7,108 272,301
4,150 201.812
11,929
456
23.634
165.627
4.251
9,013 247,179

Since
Week. Aug. 1.
11.714 456.983
8,350 254.500
706
16.348
1,255
40.529
178.668
4.707
29,993 409.400

24,978

922,482

54.725 1.356.428

1,095
510
9,837

61,976
14.401
448.715

2.783
598
26.983

11.442

525.092

30.364

727,201

Leaving total net overland*
13.536 397,390
*Including movement by rail to Canada.

24,361

629,227

February 24Sk2ppedVia St. Louis
Via Mounds.&c.
Via Rock Island
Via Louisville
Via, Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston,&c_ _
Between interior towns
Inland.&c..from South
Total to be deducted

93.503
16.689
617.009

The foregoing shows the week's net overland movement
this year has been 13,536 bales, against 24,361 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
Continental imports for past week have been 131,000 bales. of 231,837 bales.
-----1927 28----1926 27
The above figures for 1928 show a decrease from last
/n Sight and Spinners'
Since
Since
Takings.
Week.
week of 122.7115 bales, a loss of 1,705,287 from 192,, an
Week.
Aug. 1.
Aug. 1.
Receipts at ports to Feb. 24_ _ -- 75.323 6,962,693
210,193 10.503.063
increase of 18.5,349 bales from 1926, and a gain of 1,183,266 Net overland to Feb.24_ _ _____ 13.536 397,390
629.227
24,361
Southern consumption to Jan. 30100,000 3,241,000
bales over 1925.
111,000 3.053.000
AT THE INTERIOR TOWNS the movement
-that is,
Total marketed
188.859 10,601.083
345.554 14,185.290
Interior stocks in excess
*moo 650,268 *25.386 748.859
the receipts for the week and since Aug. 1, the shipments for Excess of Southern mill
takings
the week and the stocks to-night, and the same items for the
over consumption to Feb. 24.....299,554
663.972
corresponding periods of the previous year, is set out in detail
Came into sight during week _162,799
320.168
below:
Total in sight. Feb.24
- 11.550,905
15.598:i§1
Movement to Feb. 24 1928.
MUMS.

Ala.. BIrmiag'm
Eufaula
Montgomery
Selma
Ark.,Illythevill
._
Forest City.
Helena
Hope
Jonesboro_
Little Rock
Newport_ _
Pine Bluff_
Walnut Rldg
Ga., Albany...
Athena
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss.,Clarksdal
Columbus
Greenwood
Meridian.___
Natchez
Vicksburg...
Yazoo City
Mo., St. Louis.
N.C.,Greesmb'ro
Raleigh
Okla., Altus z..Chickasha z_
Okla. City x15 towns._ _
S.C.,Greenvill
Greenwood a-

Movement to Feb. 25 1927.

Receipts.

Ship- Hocks
ments. Feb.
Week. Season. Week. 24.
32
105
162
24
422
440
449
206
122
547
942
501

"E0.'
(
3,301
1,228
305
404
140
500
348
133
451
105
344
145
15
7,557
300
244

81,969
18,510
70.412
55,811
76,455
30.181
49,397
44.882
31.319
99.908
47.905
119,547
34.992
4.973
48.742
108.108
227,239
50.304
54.324
32.84
93,595
149.870
33.234
157,166
37.271
35,337
17,110
27,381
272,623
22,431
12.076

3,499 716,851
6,000 252,754

Receipts.

Ship- Stocks
ments. Feb.
Week. Season.! IVeek.
25.

8,899 2,587
9,258
37
26.681 1.685
21,278
955
14.582
12,479
19,569 1,392
3,857
4,263
20,441 1,773
5,014
34,779 3,067
4.713
2.130
16
13.246 1,000
31.422 3,497
74,635 8,002
2,029
372
6.6971.778
18,118
498
42,985 1,025
55,765 3,675
0.773
177,
74,275 2,788
7,735
273
20,218
671
7.201
66
14,076
358
3,271 11,950
13,829 2,058
3,377
97:
5.449,
5,189
3.195
7,754 69:184
8,000 61,558 11,002
475
90
1,270
922
1,868
1,262
1.390
559
302
1,390
761
2,203
1,522
13
2,000
4.841
1,911
183
568
200
1,000
4,032
398
2.085
498
383
312
452
7.108
567
382

Tenn.,memphls

24:5561.184.930 24,583235,660
Nashville z.
630 1,709,
415 49.015
Abilene.
Texas,
294 2,7061
210 24,741
Austin
42 12.185
62 24.836
Brenham
735 27,1951
1,384 83,222
Dallas
Ft. Worth x_
801! 4,458;
342 71.255
Paris
2971 1,2011
Rob/down__
33 29.725
268 5,129
113 34.016
San Antonio.
500 55,279 1,500 6,863
Texarkana
407, 11.076
274 84,193
Waco

1

86,923
24.073
118,333
91.897

2,695
616
2,593
1.858

13.125
11,630
42,220
32.901

88.116

2,7991 33,116

194.098

*Decrease.
Week6
1925
1924

Bales.
Since Aug. 1212.237 1925-26
212.927 1924-25
143,359 1923-24

1.377,757

Bales.
13,718,885
12,671,301
9.742,011

QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal eotton
markets for each day of the week:

8,732
46.041
233,607
319.735
43.953
90,890
48,769
159,839
108,632
40,895
171,805
50.4141
37.084'
33.690
43,838
449.767
34,277
17.865
179.947,
163.2171
154,156

53,612

97 3 ir
, 7
500 22,715
4.904 74,900
6.630104,500
3.461
3,N11 9,426
3.995
6.545
212
5,794
710
921
1,457
2,994
11,714
1.044
192
5.806
5,008
4.428

N750

V.

59,756

sii

3.486

Total. 57 towns' 57,6464,763.335 86.2641023120135,9615.788.337159.841 1273i64




15.826

Movement into sight in previous years:

3,456 56:36

171,873! 3,151

69,044
9,030
71,847
11,894
9,353
15.880
20.211
8,952
22.575
8,500
13,479
13,919
19,684
,••• 258,978 0.011 87:242
7,7731
3.251
56.2761,714,220 60:104267,545
6,120
148 1.344
175
678 74,176,
584 1,452
142 33,085'
183 3,154
434 25.715
670 6,678
2.107' 171,530 4.351 48,837
1,825 112,264 2,104 14.894
109 54,848
339 1,533
187

No.spinn.s.s takings to Feb. 24_ 22,980 1,015.263
*Decrease.

Week Ended
Feb. 24.
Galveston
New Orleans- - Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock- Dallas
Fort Worth

Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
18.00
18.08
17.85
18.07
18.25
18.40
18.19
17.75
17.85
17.15
17.35

18.15
18.18
18.00
18.19
18.38
18.50
18.38
17.60
17.95
17.38
17.50
17.50

18.10
18.10
Holiday
18.03
Holiday
18.00
18.12
18.11
18.13
Holiday
18.60
18.60
18.31
18.44
17.50
17.65
17.95
17.95
17.38
17.38
17.40
17.40
17.45
17.45

18.50
18.51
18.40
18.66
18.81
18.70
18.94
18.05
18.40
17.75
17.95
17.90

NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Feb. 18.

Monday,
Feb. 20.

Tuesday, Wednesday, Thursday,
Feb. 21.
Feb. 22.
Feb. 23.

February - March___ 17.88-17.90 17.96-17.99
April
17.86-17.86 18.05-18.07
May
June
17.91 17.92 18.04-18.06
July
HOLTAugust...
DAY
September
17.71-17.72 17.88October
November
December_ 17.76-17.78 17.93 bid
17.76 bld 17.93 bld
January
Tone
Quiet
steady
Spot
(Intinne
dtemiv
Steady

Friday,
Feb. 24.

- --17.83-17.84 18.31 17.96-17.98 18.37-18.4 0
HOLI
DAY

18.02-18.05 18.40-18.4 1
17.87-17.88 18.21-18.:3
17.92
17.92

bld 18.26 bld 18.26 b1

Steady
Steady

Steady
Very ate'd

ACTIVITY IN THE COTTON SPINNING INDUS-Persons interested in this report
TRY FOR JANUARY.
will find it in our department headed "Indications of Business Activity," on earlier pages.
-A
MILLS DEMAND HIGH-GRADE COTTON.
demand by American mills for cotton of a higher average
grade and staple length than that of the American crop, is
reported by the Bureau of Agricultural Economics, United
States Department of Agriculture, following a survey of
domestic mill consumption of American cotton by grades
and staples.

The survey showed that of all lengths of cotton consumed by the mills
studied, the strongest demand is for cotton 15-16 of an inch to 1 1-16 inch,
'middling to strict middling in grade. Below M of an inch, consumption
falls off rapidly, amounting to less than 1% of the total Consumption.
Type samples of cotton were gathered by the bureau from 11,80,000
active consuming spindles of the approximately 34,400,000 spindles in the
United States reported by the Bureau of the Census for the year ending
July 31 1927. The samples were classed by expert cotton classers of the
Department of Agriculture. The mills represented comprise 34.18%
of the active cotton consuming spindles for the year covered, which mills
used 34.97% of the cotton consumed by active spindles that year.
It was confirmed by the study that ordinarily mills want even-running
cotton that is uniform in grade and in staple length and of good spinning
character. They wish also to be assured of a reliable source of supply.
More than 91% of the cotton consumed by the mills included in the study
was even-running cotton classed as "regular" in length; 8% was cotton
classed as uneven, or "irregular" in length; and less than 1 per cent was
cotton termed "wasty," by which is meant "very irregular" in length.
Fully 91% of the cotton studied could have been tendered on future contracts.
Georgia is the only State for which both production and consumption
data on grades and staples are available. Volume of production there
practically equals consumption, yet production does not meet the quality
requirements of Georgia mills. Georgia manufacturers coarse goods chiefly
and its cotton requirements average shorter in staple than those of the
country as a whole. The bureau hopes to make similar calculations next
year of the grades and staples produced in the entire Cotton Belt, and to
extend its cotton consumption study to a greater number of mills.
The survey revealed that along with an increasing demand for higher
quality cotton,the consumption of cotton cloth in the United States the last
25 years has increased from approximately 57 square yards per parson to
64 square yards, despite changed clothing styles. This increase in per
capita consumption of cotton cloth is significant, says the bureau, because
cotton cloth represents more than M of all lint cotton consumed,and despite
the obvious decrease in the quantity of cotton that goes into women's
clothing.
The increasing quantities of cotton cloth going into automobiles, rubber
goods, wall covethigs, awnings, road markers, harness, substitutes for
leather, and a great variety of other relatively new articles is reported to
have more than offset the effects of changing styles of clothing and of the
increased competition from jute, rayon, silk, and other textile materials.
The bureau's cotton experts declare that the survey indicates that the
best interests of most of the growers of American Upland short staple cotton
would be served by producing varieties of cotton about I inch in length.
Such varieties in unfavorable years might produce lint only 15-16 of an
Inch in length, but in more favorable years the lint might be from 1 inch
to 1 1-16 inches in length.
The paradoxical fact, it is pointed out, that the demand for quality in lint
Is on,the increase while the qualities produced are either at a standstill or,
as many think, on the decline, can be explained only by the further fact that
in the local markets cotton is bought on the basis of average quality.
The bureau's report is the fifth of a series of studies of the utilization of
American cotton as part of a correlated program of research in which the
United States Department of Agriculture, the United States Department
of Commerce, and. the Cotton Textile Institute, Inc., are co-operating.

-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening denote that rain has fallen
in most sections of the cotton belt during the week and in
many cases precipitation has been heavy. The cold, wet
weather has delayed field work, although a little cotton has
been planted in southern Texas.
-Land preparation has been interfered with
Mobile, Ala.
by rain. Fertilizer shipments are increasing.
Rain.
3 days
1 day
3 days
2 days
1 day
2 days
3 days
..2 days
3 days
3 days
3 days
3 days
4 days
7 days
6 days

Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
New Orleans
Shreveport
Mobile, Ala
Savannah, Ga
Charleston, S.0
Charlotte, N. C

Rainfall.
2.83 in.
0.28 In.
0.20 in.
0.16 in.
2.12 in.
0.20 in.
2.94 in.
0.90 in.
1.84 in.
2.54 in.
1.39 in.
4.16 in.
2.21 in.
2.71 in.
1.73 in.

Thermometer
high 74 low 39 mean 57
high 76 low 24 mean 50
high 80 low 42 mean 61
high 76 low 41) mean 58
high __ low 26 mean
high.... low 36 mean _ _
high 68 low 30 mean 49
high 76 low 34 mean 55
high __ low 30 mean _ _
high __ low __ mean 51
high 66 low 29 mean 48
high 64 low 33 mean 50
high 66 low 24 mean 45
high 67 low 26 mean 47
high 57 low 20 mean 40

The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Feb.251927.
1928.
Feb. 24
Feet.
10.2
Above zero of gauge..
28.0
Above zero of gauge..
12.0
Above zero of gauge..
10.5
Above zero of gauge..
36.0
Above zero of gauge-

New Orleans
Metaphis
Nashville
Shreveport
Vicksburg

Feet.
18.5
31.9
28.9
17.7
49.4

-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
1927.

1926.

1925.

Stocks at Interior Towns.
1927. I 1926.

The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1927 are 7,606,589 bales:
in 1926 27 were 11,046,956 bales, and in 1925-26 were 9,513,514 bales. (2) That although the receipts at the outports
the past week were 75,323 bales, the actual movement from
plantations was 68,945 bales, stocks at interior towns
having decreased 26,060 bales during the week. Last year
receipts from the plantations for the week were 184,807
bales and for 1926 they were 93,637 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.

1927.

1926-27.

1927-28.
Week.

Season.

Week.

Season.

Visible supply Feb. 17
3.646
7,000,921
8,617,707
Visible supply Aug. 1
3,646,413
4,961,754
American in sight to Feb. 24...._ 162.799 11,550.905 320,168 15,598,121
Bombay receipts to Feb. 23 - 70.000 1.717,000 111.000 1,823,000
Other India ship Is to Feb. 23....
15,000
342,500
7.000
237,000
Alexandria receipts to Feb. 22 _
18,000
995.860
24,000 1,228,400
Other supply to Feb. 23_ *b
4,000
428,000
12,000
500,000
Total supply
Deduct
Visible supply Feb. 24

7,270,720 19,996,019 9,091,875 23.032,934
6,828,156 6,828,156 8,533,443 8.533,43

Total takings to Feb. 24.a_ - 442,564 13,167,863 558.432 14,499,491
Of which American
280,564 9.771.503 368,432 10,976,091
Of which other
162.000 3.396.360 190,000 3,523,400
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,241,000 bales in 1927-28 and 3,053,000 bales in 1926 -27
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 9,926.863 bales in 1927-28 and 11,446,491 bales in
1926-27 of which 6,530,503 bales and 7,923,091 bales American.
S Estimated.

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:

Week.

Since
Aug. 1.

1925-26.

1926-27.

1927
-28.
February 23.
Receipts at

Week.

Since
Aug. 1.

Week.

Since
Aug. 1.

70,00011,717,000 111.000 1,823.000 141,00012,088.000

Bombay

Since August 1.

For the Week.
Exports
from

Great I cowl. Japan&
Great
13ritain. nest. China.I Total. Britain.

Bombay
1
1
1927-28..- 4,000 15,000 9,0001, 28,
1926-27... 1.000 17,000 62.000 80,0 1
1925-26_ _ 4,000 10,000 82,000 96.000
Other Indi
1
1927-28_ _ 1,000 14,000 ____ 15,0 1
1928-27....
.
7
____ 20.00
1925
-26-- 4,000, 16.000
Total an-1927-28_
1926-27_
1925-26_

5,0001 29,0001 9,0001 43,
1,000 24,000 62,0001 87.051
8,0001 26,000 82.000116.00

Japan &
China. I Total.

Continest.

533,0001 882,000
789,000 979,000
968,0001,297,000

37,
,
5
28,

342,000
237.000
376,000

2P3,ii
59,5
23,000 214,
310,000
66.

96.50 595,00 533,000 1,224,500
28,00 399,000 789.000 1,216.000
94,000 611,000 968.000 1,673.000

According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
40,000 bales. Exportsfrom all Indian ports record a decrease
of 44,000 bales during the week, and since Aug. 1 show an
increase of 8,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
1927-28.

Receipts (cantors)
This week
Since Amt. 1

1926-27.

1925-26.

90,000
4 573 Rog

Alexandria. Egypt,
Feb. 22.

120,000
A 1.4.1 9051

200,000
R425.520

This Since
This Since
Week. Aug. 1. Week. Aug. 1.

Exports (bales)-

This Since
Week. Aug. 1.

To Liverpool
To Manchester, &c
To Contin't & India
To America

88,023 10,000 154,533 6,000 138,590
96.154
_ _ _ _ 113,840 6,250 136,293
5.000 234,649 4,750 228,491 3,500 225,387
600 105.662
9,000 85,452
300 74,601

Total exports
14.000 503.278 IA 0A0 571.462 16.350 606.932
-A cantar is 99 lbs. Egyptian bales weight about 750 lbs.
Note.
This statement shows that the receipts for the week ending Feb. 22 were
90,000 canters and the foreign shipments 14,000 bales.

-Our report received by
MANCHESTER MARKET
cable to-night from Manchester states that the market in
both cloth and yarns is firm. Spinners are considered to be
well under contract. We give prices to-day below and leave
those for previous weeks of this and last year for comparison.
1926.

1927.

Receiptsfrom Plantations
32* Cop
Twist.

1926. I 1925.

Nov.
511.728I418,287
26__ 257.764 470.442 311.384 1.307,971 1.456.381 1,784,345 275,326
II
Dec.
1,490,161 1.836.52 306.862816,739 448,468
2_ 284.933 482,959 396.275 1.329 90 1,528.556 1 902 01 246,196 489.478 396,043
9... 233.688451.084 330,550 1,343.508 1.552.303 1,924,002 188.038 424,479 373.469
16._ 199,962 400,731 351.485 1,331.18 1.561.4802,000,037 158,087 345,938 299,671
24.... 180.499339,67 224.398 1.308.770 1.562.861 2,034,90 179.042 325,197 247,971
31_ 159.069 323,796 213.200 1.328.74
1028. 1928. 1927. I 1920.
1928.
Jan. 1928. 1927. 1926. I1,296,532I1927. 2.023.364 77.113 205.252 160,090
1,529,304
6_ 110,324238.809 151.454 1.261.68811.509.833 1.999.69 83,487 284,220155.091
13- 117,331 264,71 178,73 1.217,5431,487,981 1,979,161 78,070274,402 182,628
20.... 122,215 296,254 203.160
1.966,783 82.958 238,380 158,778
27._ 120,405 258,9321171,156 1.180,098 1,467,429
I
Feb.
93,558 171.958136.731
, .
235.198 173.2271,134,087 1,404.18 1,912.997 65,392 174.431151,084
3._ 139,567
10_ 111,825 228.441 148,354 1.087.6641,350,179 1,893.776 68.945 162.171 128.456
17.... 107,419206,770 148,404 1,049.180 1.305.680
49.263184.807 93.687
24_ 75,323210.193 120,512 1,023.120 1,279,194 1,866,224




[vol.. 126.

FINANCIAL CHRONICLE

1228

Nov.-

ag Lbs. Shirt- Cotton
ing,. Common MiddTg
UpTds
to Finest.

s. d
d. s. d.
d.
1534011734 13 1 413 3

Dee.-

1534a 17 13 5
isAaiam 13 5
izx @HA 13 7
@1634 36

413 4
413 4
413 4
@.13 7
@141
1928
4141
@14 1
414 1
414 0

13 5
13 5
13 6
13 6

413 7
@137
414 0
014 0

1544417 13 1
153441644 13 1
1534011634 13 0
10441641 13 2
15)4417 134
Jan.

15

Feb.
1444415M
la.... 1434016
17- 143441614
24_ 1434011634

32s Cop
Twist.

834 Lbs. Shirt- Cotton
ing:, Common Mktap
upraa
to Finest.

8. d
d. s. d.
II.
d.
11.14 1234011334 12 0 412 2
10.90 12 413% 12 0 412 2
10.68 11340113ll34(s 13 11 6 412 0
11 7 01,12 1
10.68
,12 1
10.88 113(4113 11 7 (0
11.60 11)4412, 11 6 01120
I
1027
12 0
10.92 1134011234 116
10.90 11).4(0 13 11 7 4812 1
10.62 1144 413 12 0 412
10.32 12 4413 12 1 412 3
9.79 113(013)i 12 1 Of-12 3
10.07 12 413)4 12 2 @124
10.25 12340114 12 3 412 6
10.40 12)441414 12 4 412 6

d.
6.92
6.42
6.46
6.62
6.81
6.89
8.98
7.16
7.30
7.26
7.47
7.69
7.76
7.72

FEB. 25 1928.1

FINANCIAL CHRONICLE

SHIPPING NEWS.
-Shipments in detail:
Bales.

-To Liverpool
-Feb. 17--Caronla. 288
NEW YORK
288
-Republic. 1.800
To Bremen-Feb. 17
1.800
-Feb. 20-Sinsinawa, 160
To Piraeus
160
-Cabo Santa. 150
To Bilboa-Feb. 18
150
To Havre-Feb.21-Independence Hall, 100; De Grasse, 125
225
GALVESTON-To Liverpool
-Feb. 15
-Steadfast, 4,385
4,385
Manchester
-Feb. 15
-Steadfast, 1,115
To
1,115
To Havre-Feb. 15-Eldena, 2.876
2,876
To Dunkirk-Feb. 15-Eldena, 100
100
-Feb. 15-Eldena, 1.020
To Ghent
1,020
To Rotterdam-Feb.15-Eldena,489
489
-Feb. 15
-West Moreland, 4,514---Feb. 18,
To Bremen
Tenbergen, 3.475: West Tacook, 1,395
9,384
-West Moreland, 900
To Rotterdam-Feb. 15
900
To Japan-Feb. 16-Caba Meru, 4.103-Feb. 18
-Astoria,
3,603
7.706
-Feb. 17
-Mar Blanco. 3,101
To Barcelona
3,101
To Genoa-Feb. 17-Monginevro,876
876
-Feb.17-Monginevro, 1,534_ _ _Feb. 18
HOUSTON-To Genoa
Vesuvio, 2.633
4,167
To Venice-Feb. 16-Vesuvio, 3,033---Feb. 20-Quistconck.
300
3.333
To Bremen-Feb. 18-Tenbergen, 7.614-Feb. 20
-West
Tacook,6,550
14,164
-Feb. 18-Tenberger, 180
To Hamburg
180
To Japan-Feb. 18
-Astoria.4.352
4,352
-West Tacook, 50
To Rotterdam-Feb. 20
50
To Oporto-Feb. 20-Prusa, 1,277
1.277
-Feb. 20-Prusa. 300
To Passages
300
To Pkaeus-Feb. 20-Quistconck, 200
200
To Patras-Feb. 20-Quistconck. 200
200
CHARLESTON
-To Rotterdam-Feb. 18
-Hans Aup,6
6
Bremen-Feb. 23-Roedelheim, 700
To
700
To Hamburg-Feb. 23-Roedelheim, 1.005
1,005
-To Oporto-Feb. 16-Prusa, 330
NEW ORLEANS
330
To Genoa-Feb. 16-Quistconck, 3.247
3,247
-Feb. 16--Quistconck,300
To Naples
300
Trieste-Fob. 16-Quistconck, 50
To
50
To Venice-Feb. 16-Quistconck. 1.650
1,650
-Oakwood, 4.877___Feb. 21
To Bremen-Feb. 17
-Humber
Arm. 6,797
11.674
To Rotterdam-Feb. 17
-Oakwood.365; Humber Arm,100--465
-Feb. 18
-Baja California, 700
To Vera Cruz
700
-Patrick Henry, 1,937; Montgomery City,
To Japan-Feb. 17
500; Sangstad. 2,153
4,591)
-Patrick Henry,211
To China-Feb.I7
211
To QuaYaquil-Feb. 17
--Suriname, 60
60
Havre-Feb. 22-Carplaka, 3,320„-Feb. 21-Humber
To
Arm 3,689
7,009
-Feb.22--Carplaka,675
To Ghent
NORFOLK-To Manchester-Feb.20
-Kearney,654
654
SAN PEDRO-To Genoa-Feb. 17-Allina. 100
leo
To Japan-Feb. 18
-President Adams, 400
400
-Feb. 20
To Manchester
-Pacific Shipper, 150
150
PENSACOLA-To Liverpool-Feb. 21-Maiden Creek,68
68
SAVANNAH-To Bremen-Feb. 18-Pankhaven, 1.647
1,647
WILMINGTON-To Naples
-Feb.18-Terni. 2,000
2,000
To Genea-Feb. 18-Terni. 2,600
2.600
To Venice-Feb. 18-Gilda, 2,050
2,o5o
To Trieste-Feb. 18--Gilda, 800
800
-To Liverpool
SAN FRANCISCO
-Feb. 6
-City of Osaka, 30--Feb.9-Convus.200
230
To Havre-Feb. 13
-Arizona, 200
200
TEXAS CITY
-To Havre-Feb.13-Eldena.815
815
MOBILE
-To Rotterdam-Feb. 19
-West Maximus, 200
200
To Antwerp-Feb. 19
-West Maximus, 200
200

1229
BREADSTUFFS

Friday Night, Feb. 24 1928.
Flour has been firm and recent sales make a better
showing. Mill agents grumble less. They admit having
closed some substantial transactions. Late last week a good
business was done, especially in family flour, rye flour and
semolina. Consumers had carried their dilatory tactics
too far; they were caught napping. Denials of large buying of American wheat or flour by Russia are taken by
some with a grain of salt. Russia if it wanted to buy would
naturally object to having its buying plans in a measure
spoiled by publicity. It would be no new thing if exporters
in buying were to insist upon secrecy. Indeed, that seems
to be practiced constantly in the export flour trade. But
it is insisted that there is very little business with Europe
or South America. Winnipeg reports quite a good business in flour and wheat on the Pacific Coast with the Far
East. Minneapolis reported that flour output showed a
rapid upward tendency. Shipments of flour from Minneapolis were more than 236,000 bbls. last week against 218,000 in the previous week and 158,000 a year ago. Yet flour
production in the district is still below normal.
Wheat on the 20th inst. advanced 1% to 2c. on reported
Russian buying, a rise in Liverpool of 11 to 1%d. despite
h
an increase In on passage stocks in two weeks of 11,000,000
bushels. There were estimated export sales of 1,250,000
bushels, mostly Manitabo. Moreover, it was cold and
clear in the Winter wheat belt. Snow would have been
better; it is needed over a great tract of the belt. Famine
is said to prevail in some large cities of Russia. Russia was
persistently reported to have bought American wheat and
to be in the market for more. Exporters and the Continent
were buying at Winnipeg. On the other hand, American
wheat was quiet with offerings at the Gulf on a basis of
ioe. over May contrasted with sales recently at 12c. to 12%c.
over May. Large supplies exist in Canada and country marketings continue large daily. Some believe that the Canadian crop has been underestimated. The United States visiWe supply decreased last week 1,578,000 bushels against
107,584 an increase last year of 626,000 bushels. The total is 74,217,COTTON FREIGHT.
-Current rates for cotton from 000 bushels against 55,980,000 a year ago. On the 21st inst
New York, as furnished
-by Lambert & Burrowes, Inc., are
prices advanced % to 11
4c. influenced to a great extent
as follows, quotations being in cents per pound.
•
by the strength of corn. Winnipeg was Y4 to %c. higher.
High StandHigh StandHigh StandDensity
ard.
Density. ord.
Density. ord.
The forecast was for rain or snow. Unfavorable reports
Liverpool .40e. 55e.
Oslo
.50c. .600.
Shanghai .70c. .85o.
Manchester.40o. .55o.
Stockholm .60o. .750.
Bombay .60e. .750.
on the new crop were received from the Central section.
Antwerp .260. .41c.
Trieste
.50o. .65e.
Bremen
.45o. .60c.
Ghent
.3314o. .48S4c. Fiume
Cold weather prevailed in the Southwest, but the forecast
.50c. .650.
Hamburg .50o. .65e.
.350. .460. Lisbon
Havre
.50c. .650.
Piraeus
.850.
31.00
was for warmer conditions. The lack of snow covering has
Rotterdam .40o. .55o.
Oporto
..65e. .80e.
Salonica .850.
31.00
Genoa
.50o. .650. Barcelona .30e. .450. Venice
.50o. .65o.
caused considerable fear that the Winter killing will be
Japan
.650. .800.
LIVERPOOL.
-By cable from Liverpool we have the fol- very heavy. Another bullish factor was reports of higher
lowing statement of the week's sales, stocks, &c.,at that port: freight rates from the Argentine to United Kingdom and
Feb. 3. Feb. 10. Feb. 17. Feb. 24. the Continent. And the Kansas State report stated that
Sales of the week
32,000
36,000
35.000
38,000
of which American
20,000
24,000
22,000
24,000 it was impossible to determine the outcome of the 1928
Actua exports
i.000
2,000
2,000
1,000 crop at this time as a result of the poor condition of the
Forwarded
60,000
71.000
63,000
62,000
Tote stocks
796,000 763,000 770,000 778,000 grain in the western third
of the State. Export sales, howOf which American
549,000 522,000 541,000 547,000
Tote imports
60,000
43.000
73, 0.000 ever, were only moderate. Winnipeg country marketings
00
Of which American
,
18,000
58,000
56,000
Amount at oat
221,000 245,000 256.000 224,000 up to date were about 339,000,000 against 296,000,000 for
Of which American
134,000 161.000 175,000 131,000
the same time last year. Bradstreet's world's visible supThe tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of ply increased 5,354,000 bushels against an increase last
year of 1,492,000 bushels.
spot cotton have been as follows:
Russian news and rumors, as to buying, import requirespat.
Saturday. Monday, Tuesday, Wednesday, Thursday,
Friday.
ments, &c., had not a little influence at home and abroad
Market,A fair
A fair
A fair
and the trade paid more attention to the press reports reDull,
business
12:15 I
business
Good
business
Quiet.
doing,
P. M.
doing,
garding the development of a severe food scarcity in the
demand.
doing.
land of the Soviet. Some seaboard exporters think Russia
10.204.
I0.284
Mid.Uprds
10.37d.
10.37d.
10.384.
10.404.
will probably import wheat on a moderate scale this sea3,000
6,000
8.000
sates
8,000
8.000
5,000
son. Letters Prow the Continent also indicated that Russia
Q't but sty Steady Q't but st'y
Quiet
Futures.
Quiet
Steady
.4 to 6 p18.4 to 5 pts 2 pta. adv. uncb. to 2 would buy wheat and declared that the Russian Winter
Market { 7 to 11 pts. 6 108 pta
advance, advance,
decline.
opened
decline. to 1 pt.dec. put. sciv„
wheat acreage was anywhere from 20 to 50% less than the
Quiet
Quiet
Steady
Steady
Market, .1
Quiet
Firm
Ito 8 pta. Ito 9 pta. 7 to 10 phi. Ito 4 pta. I to 5 pta. 11 to 17pts. pre-war average. It seems likely that the Russian peasant
4
P M.
advance, advance, advance.
decline,
decline.
ativat...
will plant less; he does not know how he will be forced to
Prices of futures at Liverpool for each day are given below: sell his wheat, to whom, and on what terms. Wheat and
flour on passage for the week increased 5,072,000 bushels.
Mon. I Tues.
Sat.
Wed.
Thurs.
Fri.
Some of the bears stressed Canada's exports of wheat and
Feb 13
12.1 12.3 12.15 4.00 12.151 4. 12.1 4. 12.15 4.0012.15 4.00
to
Feb. 24.
P. m•P. m•P. m. m•P. m• m • P. m•P• m•P. rn• P• m•P. m • P. m• flour, officially estimated up to Feb. 14 at 190,000,000 bush•P.
1P.
I
-'
els against 195,000,000 last year. They added that this was
d.
d.
d. 1 d. ! d. I d.
d.
d.
d.
d.
I. liort.ro a,,,,,
d.
d.
9.6 9.731 9.74, 9.82 9.81 __ _- 9.84 9.83 e.se 9.88 9.97 on top of a crop 30,000,000 bushels larger
February
and a large carry9.64 9.72 9.73 9.83, 9.81 __ _ _ 9.8 9.821 9.79 9.841 9.95
_
March
April
-- -- 9.6 9.68 9.69 9.79 9.77._ _- 9.81 9.78 9.75, 9.8 9.90 over. This they declared did not take into account bonded
0.61 9.68 9.69 9.80 9.78 __ __ 9.81 9.7 9.75 9.7 9.90
..
9.79 9.711 9.8 9.8
May
, wheat in this country which is about 10,000,000 bushels
9.57 9.64 9.65 9.76 9.70 __. 9.77
.
• June
-- -- 9.57 9.64 9.66 9.78 9.75.... __ 9.78 °I 9.72
_ __
9.87 greater.
5
July
Continental advices reported very unfavorable
9.49 9.56 9.58 9.68 9.67..
9.70 9.68
__
Ul 9.7
August
September_ __ _ __ __ 9.47 9.541 9.56 9.68 9.65.... -- 9.6 9.641 9.61 9.64 9,73 grain conditions in Russia. They said that in the Volga Ws9.42 9.49 9.50 9.60 9.59-- 9.59 9.57 9.54 9.55 9.65
October
November_ _ _ -- -- 9.39 9.45 9.46 9.56 9.55.. _- 9.5 9 531 9.50 9.51 9.61 trict and North Caucasia only about 20 to 50% of the pre.
9.40 9.46 9.47 9.57 9.50.... __ 9.58 ° 5 l 9.51 9.531 9.62
__
December
war acreage is sown to Winter wheat and much less in the
January 1928._ __ __ 9.39 9.45 9.47 9.56 9.55.. _- 9.6 9.53 9.50 9.51 9.61
9.39 9.45 9.46 9.56 9.55.... -- 9.5 9
9.50 9.51 9.61 Ukraine. The situation could be remedied by bountiful
February
--




1230

rvoL. 126.

FTNANCITAL CHRONICIT,F1

Spring seeding, but it is added that it is questionable whether the Russian farmer will increase the Spring area. Russia
Is likely to become an importer.
Canadian exports of wheat and flour in January were 18,771,000 bushels against 49,248,000 during December and 16.182,000 for January last year. Since July 1st, exports have
been 190,345,000 bushels against 195.670.000 last year.
World's wheat shipments for the week were 18.281,000
bushels against 10,303,000 last week and 17.475.000 last
year. Since July 1st the North American total was 332,520,000 bushels against 336,217,000 for the same time a year
ago. World's shipments since July 1st were 501,797.000
bushels against 488.492.000 last season. Washington wired:
"It now seems doubtful whether the Russian Government
will be able to execute their plans which originally called
for collection of 12,700,000 tons of grain during the 1927-28
season. According to a cable to the Bureau of Agricultural
Economics from Berlin, roads are becoming bad and this
is a significant fact in collections. Seed procurements up
to Feb. 1 were estimated to be less than half of amount required for distribution in deficit regions. Grain procurements declined during the first 10 days of February after
Increase noted during the last 10 days of January."
On the 23rd inst. there was an early advance of 114 to 1%c.
due partly to higher prices in Liverpool, Argentina and
Winnipeg over the holiday. But the rise ran into realizing
sales. A sore point was that there was no urgent demand
for United States wheat at the Gulf or at Atlantic seaboard.
Offerings at the Gulf were at 10c. over May. Bids were
4 to 5c. too low. Milling demand continued good with premiums well maintained for choice qualities. Some scattered
sales of ordinary qualities were made for shipment out of
Chicago. Kansas City, Minneapolis and Duluth have stocks
of wheat and they lagged behind. They are not much
above a shipping basis to Chicago. There are, however,
some fears that wheat unprotected by good snow covering
had been damaged. Export sales were reported as between
1,250,000 and 1,500,000 bushels, largely Manitoba. Foreign
reports stated that the Continental demand was good, with
cables telling of general food shortage in parts of Russia,
Hungary and elsewhere. The "Modern Miller" crop outlook
said: "Winter wheat conditions improved in western and
southwest sections of the belt. Snow protection in States
east of the Mississippi River has been irregular and considerable area was exposed to cold. Complaints of injury
by alternate freezing and thawing have been numerous.
Growing weather is awaited to determine extent of damage."
To-day prices closed % to 1%c. higher in the various markets after active trading. Early prices were weaker on
lower cables and realizing. Also the export demand was
small. There was a forecast of snow for Kansas. But the
selling soon ran out. Prices thereupon rallied nearly 2c.
from the low of the morning. Crop complaints came from
Indiana, Missouri, Illinois, Kentucky, Arkansas and Tennessee. Private cables reported damage to the crop in central and southeastern Europe from cold weather and a lack
of snow. Selling against privileges and a reaction in corn
caused a setback from the high point of the day. But complaints about the crop begin to excite comment. Winnipeg was conspicuously firm. In fact, it was the firmest
market of any. On the other hand, export sales were estimated at only 300,000 to 400,000 bushels of Manitoba. Liverpool closed % to 1%d. lower. Argentine fell %c. early,
but recovered the loss later. Exports from Argentine this
week are 5,432,000 bushels; from Australia 1,392,000. Bradstreet's makes the North American exports 5,844,000. It
points to world's shipments for the week of about 12,800,000 bushels. Canadian country marketings yesterday were
488,000 bushels against 480,000 a year ago. Cash prices
were generally steady. St. Louis July red wheat advanced
6c. a bushel at one time, supposedly on complaints from
A
the soft wheat territory. Final Chicago prices were 2 to 31
cents higher for the week, the latter on July.

Indian corn advanced % to %c. on the 20th inst. after
some early decline on good weather and scattered liquidation. The rise in wheat braced corn later. Moreover, the
receipts were not large and the cash basis at all markets
was firmer with a good demand from industries. The
Eastern demand it is true fell off. The United States visible
supply increased last week 1,599,000 bushels against an increase in the same week last year of 812,000 bushels. The
total is now 38,455.000 bushels against 43.471.000 a year
ago. No export business appeared on the 20th inst. but
some sales were reported on the 18th inst. at 5c. over May at
the Gulf. On the 20th inst. the weather over the belt was
generally clear and cold. It would greatly assist farmers
in quick marketing under the added stimulus of higher
prices. Argentine weather was reported to be clear and
favorable, with harvesting in the earliest sections expected
to begin soon. In parts of Illinois poor roads cut down
shipments almost to the vanishing point and elevator stocks
are very low. It is the habit in Illinois to sell only when
grain can be delivered and for that reason it is pointed out
the present purchases were small. Another reason for smaller sales was the reduced amount of corn raised it is said.
It is declared that the Government crop estimate was too
large.
On the 21st inst. prices closed 1% to 2c. net higher. May
4c., or within %c. of the long predicted goal
corn sold at 997
of $1. Reports of export sales at Atlantic and Gulf ports,
a forecast for unsettled weather over practically the whole
belt and small carlots receipts especially at Chicago, Kansas
City and St. Louis, were the principal bullish factors. Cash
prices were firm. Commission houses bought and so did
some leading industries. Yet country offerings were larger
and the Kansas weekly report stated that corn was moving
in increased volume at satisfactory prices. But these factors had little influence. The strength of corn was the
feature of the grain markets.
On the 23rd inst. prices opened firm but sold down 1%
to 1%c. later with heavy selling of May. Profit-taking,
lessened cash demand, prospects of a larger country movement, lack of export business and a forecast of much colder
weather which would make for better roads and quicker
marketing were the features. Finally the technical position had been weakened. Buenos Aires on the second call
was 14c. lower. Liverpool closed unchanged. There were
/
no Black Sea shipments in contrast with a total last year
of 1,868,000 bushels. Argentine exports were estimated at
1,496,000 bushels against 5,756 000 last year. Consignments
to Chicago showed some tendency to increase. To-day prices
at one time were %c. higher, but later they weakened and
ended % to %c. net lower. The weather west of the
river was better. The foreca§t was favorable. The receipts were rather large. There was some hedge pressure.
Cash markets were rather depressed everywhere. That
fact finally told. Most of the receipts at Chicago were
consignments largely to industries and elevator companies.
Export demand was lacking. Bradstreet's United States
exports for the week were only 312,000 bushels. Final
prices show a rise for the week of % to %c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frs.
No. 2 yellow
115% 115% 117% Hol. 116% 116%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
Hol- 94% 94U
96
97
May delivery
99% day. 98
99
July delivery
100
9934 9954 101%

am

81

Oats advanced slightly on the 20th inst, and then reacted.
No striking features appeared. They reflected in a very
mild way the action of other grain. The shipping demand
increased. That offset a slight increase in the crop movement. The United States visible supply decreased last
week 77,000 bushels against a decrease in the same week last
year of 459,000 bushels. The total now, however, is only 20,823,000 bushels against 44,353,000 a year ago. On the 21st
Inst. prices advanced % to %c. with other grain higher.
Trade was small. Cash oats, however, were in good demand. On the 23rd inst. oats followed other grain. Realizing sales told. The cash demand, however, was good, premiums high and receipts moderate.
To-day prices closed unchanged to %.c. higher with a fair
business. Commission houses were buying. Shorts covered.
Argentine March oats were up to 56%c. That caused some
buying. It is understood that there were some export orders
here, but apparently they were under the market. The receipts were fair. Cash prices were easily maintained. The
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
weather was cold at the West and that may cause an in163%
No.2 red
161% 162% 163% Hol. 163
crease in the consumption. Final prices show a rise for the
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. week of % to %c.
•
Sat. Mon. Tues. Wed. Thurs Fri.

March delivery
May delivery
July delivery
DAILY CLOSING PRICES OF
May delivery
July delivery
October delivery




1323 132% 133% 1101- 133 133%
132% 133% 134% Hol- 133% 134%
day. 131% 132%
129% 130% 132
WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
138 138t6
13654 137% 138
138% 138%
138%
136% 138
131% 133%
130% 131% 131%

DAILY CLOSING PRICES OP' OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
67% 6754 67% Hol- 6754 6754
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
54%
55
Hol. 54
54
54
March delivery
May delivery
55
5654 idaY 550 56,
55
52 4 52%
,
July delivery
52
52
55%

FEB. 25 19281

FINANCIAL CHRONICLE

DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri. I
May delivery
6334 6434 6434
6434 6434
July delivery
6234 63
6234 6234 6234
October delivery
5734 5734 57
560
57

1231

The exports from the several seaboard ports for the week
ending Saturday, Feb. 18 1928, are shown in the annexed
statement:

Rye advanced early in the week Y. to lc., the latter on
Wheal.
Exports fromCorn.
Flour.
Oats.
Rye.
Barley.
July. There was a good export demand with actual sales,
Bushels.
Bushels. Barrels. Bushels. Bushels. Bushels.
it was said, of 20E1.000 bushels to the Continent. The United
529,987
77,170
39,237
New York
62.327 155,265
States visible supply increased last week 59.000 bushels Portland, Me
32,000
15.000
81,000
63,000
7.000
against an increase in the same week last year of 421,000 Boston
150.000
374.000
60,000
1.000
bushels. Moreover, the total is only 4,177,000 bushels Philadelphia
104.000
2.000
4,000
Baltimore
400,000
against 113,776,000 a year ago. On the 21st inst. prices Norfolk
21,000
1,000
Newport News
5,000
1.000
closed % to 1%e. higher. The influence of other grain and New Orleans
14.000 273,000
34.000
5,000 114.000
reports of an export demand had their effect. Sales in the Galveston
6.000
439.000
1,023,000
46,000 213,000 126.000
30,000
past few days were estimated at 500.000 to 600.000 bushels. St. John, N.B
86,000
8,000
Houston
Cash offerings were Lght. And stocks are small. On the
1928._ 2.139.987 963.170 162.237 218.000 302.327 816,265
Total week
23rd inst. new high levels were reached though a reaction A.m. week 1927
2.624.700 208.680 155.708
83.485 206.613 953.722
came later. Some buying was credited to cash interests
The destination of these exports for the week and since
covering hedges against recent sales, both for domestic and
export account. The firmness was based on export demand July 1 1927 is as below:
and reports of good sales of rye in the Canadian market on
Flour.
Wheat.
Wednesday.
Corn.
DAILY CLOSING PRICES OF RYE FUTURES
Sat.
Mon. Tues.
11034 111
11134
11034 11134 1 1 1
10534 10534 10734

March delivery
May delivery
July delivery

IN CHICAGO.
Wed. Thurs. Fri.
Hol- 11134 11234
Iday
1113411234
10634 108

Exports for Week
Week
and Since
Feb. IS.
July 1101928.
Barrels.

Since
July 1
1927.

Week
Feb. 18.
1928.

Since
July 1
1927.

Week
Feb. 18.
1928.

Since
July 1
1927.

Barrels.

Bushels.

Bushels.

Bushels.

Bushels,

687.93 57.777.414
6
United Kingdom_ 70,067 2,632,035
17.000
964.895
Barley to-day was firm with exporters apparently good Continent
58.910 3.973,165 1.357,991 120.791,744 926.170 2.202.014
buyers of May at Winnipeg. Export demand for barley was So.St Cent. Amer_ 14.000 297.555
214.000
12.000
189.000
2,000
322,000
5,000
30.000
West
20.000
529.000
rather better than other grain and it was % to 1Yo. higher OtherIndies
466,925
countries_ _ _ 14,260
80,000 1.058.003
near months leading. Minneapolis barley was also firm
16
162,237 7, 91,680 2.139.987 179,871.161 963.170 3.884.909
Total 1928
and 1 to 1%c. higher.
Total 1927
155.706 8.436.549 2.624.790 209.367,670 208.680 3.295.808
To-day prices for rye closed % to 11 4c. higher with of,
ferings light, more or less covering, some buying by comThe visible supply of grain, comprising the stocks in
mission houses, adverse crop advices from central and granary at principal points of accumulation at lake and
southeastern Europe due to frost and lack of snow protecSaturday, Feb. 18, were as follows:
tion, and f.nally the firmness of the cash markets. Some seaboard ports
GRAIN STOCKS.
reaction occurred owing to a decline in Berlin of
to 3%
Oats,
Corn,
Wheat,
Rye,
Barley,
marks. Still closing prices were at or close to the highest
bush,
bush.
bush,
bush,
United Statesbush.
of the day. There was no export business, but the unfavor- New York
137.000
169,000
62.000
634,000
150,000
able crop news from Europe suggests that there may be Boston
8.000
3.000
1,000
9,000
some in the near future. Final prices show a rise for the Philadelphia
95.000
97.000
235,000
605,000
3.000
week of 21A to 3c.
72.000
86.000
44.000
Baltimore
823.000
410,000

Closing quotations were as follows:
GRAIN.
Wheat. New York
Oats, New York
No. 2 red. f.o.b
1 633
4
No. 2 white
No. 2 hard winter. to.b_ _ _1.50%
No. 3 white.. __
Corn, New YorkRye, New York
1
No. 2 yellow
No. 2 rob.
No. 3 yellow
1.1034 Barley, New York
Malting

6734
so'
65 4
1.27

1034

SPring Patents.
Clears,first spring
Soft winter straights
Hard winter straights
Hard winter patents
Hard winter clears
Fancy Minn. patents
City mills

1.0934
FLOUR.
87.1547.75 Rye flour. patents
-$6 55466 90
6.604 6.90 Semolina No. 2, pound_ 434
6 14046 6 55 ()ats goods
3 4sa 3 50
6.70@ 7.25 Corn flour
2.554 2.65
7 25 on 7.75 Barley goods
Coarse
5 75@ 6.35
.
3.40
Fancy Pearl Nos. 1. 2,
8.45© 935
8.504 9.25
3 and 4
6.50(4 7.0 I

All the statements below regarding the movements 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.
Flour.
Wheat.
Corn. I
Oats.Barley.
Rye.
bbls.1981bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs.bush .58105s.
228.000 1.838,000 1,002.000
254,000
Chicago
207,000
43,000
Minneapolis.
2,264,0001
329.000 497.0001
.
j
92.000
Duluth
744,000
2,000
8.000, 138.000
Milwaukee_ _ _
28,000
23,000
290,000
77,000
250.0001
14.000
222,000
20,00
Toledo
61.000
1,000
25,000
Detroit
11,000,
10.000
Indianapolis_
54,000
304.000;
182.000
110,000
445,000
590,000
St. Louis_ _
420.000
72.000
5,000
48,000
19,000
Peoria
154.000
201,000,
115,000
643.000 1,099,000
Kansas City.
60.000
160.000
Omaha
596.000
130,000
54,000
178,000I
22,000
St. Joseph128,000
60.0001
Wichita
4,000
13,000
Sioux City...
52,000
109.000
1,000
Receipts al-

Tot. wk 1928
Same wk. '27
Same wk. '26

j

440.0001
523,000
436,000

5.022.000
5,757,000
5,042.000

5,508,0001
6,087.0001
7,591,0001

2.505.000 1,150.000
2.503,000
636.000
2,970.0001 600,000

293.000
821.000
291.000

Since Aug.113,905.000 335,294.000 175,896,000 95.541.000 19,158.000
1927
30.642,000
13,772,000 245,999.000 139,972,000 93,804,000 11,778,000 2
1926
13,337.000 252,819,000 147,131,000 157.353.000 57,463,000 2.085.000
1925
18,161,000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Feb. 18,follow:
Receipts at-

Flour.

Wheat.

Corn.

1

I

Oats.

Barley.

Rye.

Bushels.
Bushels.
Barrels.
Bushels.
Bushels. Bushels.
84,000
245,000 1,326.000
70,000
223.000
20,000
32 000
.
15,000
81,000
326,000
189,000
36,000
27.000
1,000
6,000
166,000
22,000
20,000
159,000
5.000
1.000
1,000
21.000
213,000
27.000
36,000
42,000
374,000
30,000
185,000
19,000
18,000
73,000
11,000
46.000 1,023,000
213.000
30,000
126,000
57.000
26,000
4,000
2,000,
1,000
912,000
447,000 3,172,000
449.000
504.000
Total wk. '28
148.000
Since Jan.1'28 3,340,000 19,013,000 3,561.0001 2.729,000 4,823.000 1.773.000
334,0001
282,000
459,000 2,967,000
719,000
Week 1927_
98.000
,..___ ,... us., R ono ono 36.399.000 10550,000 2,615,000 7.891.000 1 775 Ann
do not include grain passing through New Orleans for foreign ports
• Receipts
mn through bills of lading.
New York
Portland. Me_
Philadelphia _
Baltimore_ _ _ _
Newport New
Norfolk
New Orleans•
Galveston
Montreal ____
St. John. N.B.
Boston




1

New Orleans
Galveston
Forth Worth
Buffalo
"
Afloat
Toledo
afloat
Detroit
Chicago
"
afloat
Milwaukee
"
afloat
Duluth
"
afloat
Minneapolis
Sioux CRY
54. Louis
Kansas City
Wichita
St. Joseph, Mo.
Peoria
Indianapolis
Omaha
On Canal and River

658,000
613,000
623,000
725,000
272.000
2,139,000
3,846,000
777.000
3.386,000
90,000
1,770.000
519,000
7.000
275,000
3.724.000 12,550.000
152.000
26,000 2,470.000
592,000
17,154.000
323,000
19,856.000 2,437,000
396.000
335.000
1.080.000 1,356.000
10.127.000 8,261.000
544.000
3,005.000
654,000 1.179,000
3.000
101.000
600,000 1.261.000
1,809.000 4,346.000
1/6,000

217.000
2,014,000

37.000
10.000
8.000
220.000

35,000
51,000
301,000

206,000

9.000

6.000

63.000
4,513.000

14.000
644,000

9,000
104.000

1.425,000

29,000

122.000

61,000

•

382,000 2,240,000
7,749.000
429.000
712.000
269,000
7.000
19.000
381,000
265.000
1,429,000

419,000
8.000
122.000

36.000
102,000

190,000
500.000
10.000
106.000
187.000

79,000
20.000

Total Feb. 18 1928_ _74.217.000 38.455,000 20.823,000 4,177.000 2,292,000
Total Feb. 11 1028...75,795.000 37.452,000 20.900.000 4.118.000 2.343.000
_55.980.000 43,471,000 44.353.000 13,776,000 38.219.000
Total Feb. 19 1927_
Note.
-Bonded grain not included above: Oats-New York, 175,000 bushels:
Boston, 30,000 Baltimore. 26,000 Buffalo, 101.000: total. 332,000 bushels, against
156,000 bushels In 1927. Barley-New York, 634,000 bushels Baltimore, 280.000:
Buffalo, 292.000 Duluth, 32,000 Canal, 195,000. on Lakes, 395,000 tots'. 1,828,-New York, 2,567,000
000 bushels, against 1,651,000 bushels In 1927. Wheat
bushels Boston. 721.000 Philadelphia. 2.092,000 Baltimore, 2,217,000 Buffalo.
7.284,000 Buffalo. afloat. 5,299,000 Duluth. 321.000: Erie, 595,000 on Lakes.
1.813.000: Canal, 209,000, total. 23,118,000 bushels, against 9,689,000 bushels In
1927.
Canadian
3,996,000
855.000
217,000
Montreal
x
434.000
Ft. William .3( Pt. Arthur_ 54.253,000
1,987.000 2,428,000 2,779.000
9,382,000
228,000
Other Canadian
604.000
495.000
Total Feb. 18 1928..._74.892,000
Total Feb. 11 1928 _ _ _72.178,000
Total Feb. 19 1927..._55.245,000
Summary
74,217.000 38,455,000
American
Canadian
74,892.000

3.070.000 3,246,000 3,708.000
3,108,000 3,217,000 3.621.000
8.133,000 3.019,000 6,248.000
20.823.000 4,177.000
3,070.000 3.246,000

2,292,000
3,708,000

Total Feb. 18 1928...149,109,000 38,455,000 23,893,000 7.423.000 6,000,000
Total Feb. 11 1928...147,973.000 37,482.000 24,008,000 7,335,000 5,964,000
Total Feb. 19 1927_ _ _ 111,225.000 43.471,000 52.486.000 16.795,000 10,077.000

The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Feb. 17, and since July 1 1927 and 1926,
are shown in the following:
1Vheat.
Exports.

1927-28.
Week
Feb. 17.

I

North Amer_
Black Sea__ _
Argentina__
Australia ___
India
0th. countr's
Total _

Since
July 1.

Corn.
1926-27.
Since
July 1.

1927-28.
1Veek
Feb. 17.

Since
July I.

1926-27.
Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
9,644.000 332,520,000336,237,000 962.000 7,113,000 2,759,000
32.000 9,160,000 35.988.000
230.000 14.219,000 20.444,000
79,226.000 42.940,000 1.708.000 207,314,000 163,200.000
5.869,000
2,136.000 39,143,000 38.688,000
8,240.000 4,416.000
600,000 22,584,000 16,985,000
603,000 16,138,000 1,982.000
18,281.000490,873,000475,254.000 3,503,000 244.784,000 188.385,000
_

1232

FINANCIAL CHRONICLE

[Vol,. 126.

WEATHER BULLETIN FOR THE WEEK ENDED
FEB. 21.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Feb. 21, follows:

Kentucky.—Louisville: Precipitation light and mostly snow after first;
no cover of consequence. Soil frozen rather deeply last three days. Further heaving of wheat and grass. Favorable for handling tobacco first
half, also some plowing.

The low pressure area that was causing widespread rain over the East
at the close of last week moved out of the country on the 16th, but at the
same time there were two "lows" forming over the Southwest and Northwest, and these moved eastward on the next few days with attendant
precipitation over the Southwest and northern Great Plains, On Saturday, the 18th, they were central over Ohio and New Jersey, with widespread rain or snow over nearly all sections east of the Mississippi River,
except for the extreme southern portion of the Florida Peninsula and
some local areas of the Southern States. This storm center passed off the
New England coast on the 19th, closely followed by another on the 20th,
with high winds general over the Northeast and precipitation rather general
over this area.
Temperatures were generally above normal over more northern portions east of the Mississippi River during the passage of the storm centers,
but it was rather cool for the season in southern sections on the 15
-16th.
It became cooler than normal over western States on the 17th under the
influence of a weak, but widespread, area of high pressure west of the
Rocky Mountains. Cooler weather overspread the Southern States on
the next few days, with a rather substantial reaction to colder on the 19th
in many portions of the East. It remained cool over most of the country
at the close of the week, with a widespread area of high pressure occupying
the central Great Plains.
Chart I shows that the temperature for the week, as a whole, was below
normal Over much the greater portion of the country. The period was
relatively warm in the Northeastern States and in most of the area between the Lake region and Rocky Mountains, with the weekly mean temperatures generally from about 3 degrees to 7 degrees above normal, though
locally in the northern Great Plains they were considerably higher. Near
normal warmth prevailed in the extreme Southeast and in Pacific coast
districts, while over most other portions pf the western half of the country
the week was only moderately cooler than normal. From the central and
southern Mississippi Valley eastward temperatures were decidedly low, with
the averages for the week ranging from 6 degrees to as much as 10 degrees
below normal. Freezing was reported from first-order stations as far south
as Tampa, Fla., and New Orleans, but subzero temperatures were confined
generally to the more northern districts from the Great Plains eastward.
Chart II shows that precipitation was substantial to rather heavy in
most of the east Gulf and Atlantic coast areas, with locally excessive
amounts in southern Alabama. In all other sections of the country the
falls were generally light to moderate, with most stations reporting less
than half an inch, except in parts of the Lake region. Very little or no
precipitation occurred in the far Northwest and in the area west of the
Rocky Mountains, except locally in the far Southwest.
Rather frequent precipitation in the South Atlantic and east Gulf State
from Virginia to the Mississippi River was unfavorable for field operations
II most places, while low temperatures retarded growth and did more or
less dmagae to winter truck in some southern sections. Recently planted
crops, particularly potatoes, were unfavorably affected as to germination,
while potato tops were frozen in the Important producing section of Hastings, Fla. In the Southren States west of the Mississippi River better
weather prevailed, as no harmful temperatures occurred, and the mostly
fair weather permitted progress in field operations. In the west Gulf
area preparations for spring seeding are well advanced, with a little cotton planted in extreme southern Texas, and some local corn planting in
the eastern portion of the State.
In the interior and Northern States there was a fairly good snow cowl'
at the end of the week from the northern half of Indiana eastward and,
northeastward, and also generally throughout the Lake region, with a less
extensive covering in parts of Iowa and eastern Nebraska. Elsewhere
grain fields were generally bare, including the more northwestern States.
Additional precipitation in the Southwest was favorable, but drying winds
in the south Pacific area crusted the soil, and rain is again needed. There
was also need of moisture in parts of Florida, though improvement in soil
conditions was reported from most of that State.
SMALL GRAINS.—A rather extensive snow storm the latter part of the
week gave wheat fields a fair covering and protection in the northeastern
Ohio Valley area, parts of the Middle Atlantic States, and the Lake region, but in other portions of the Wheat Belt fields continued mostly
bare. Numerous unfavorable reports continue as to winterkilllng of
wheat in the Ohio Valley States where but little protection by snow has
been afforded during the winter, and rather frequent alternate thawing
and freezing have occurred. In the trans-Mississippi States llttle or no
change is indicated in Missouri, but in most other States, including Iowa,
and those from Nebraska southward, recent precipitation has been very
beneficial for wheat, although additional moisture would be helpful in
some sections. The crop shows distinct improvement in Kansas, western
Oklahoma, and in Texas, though in the latter State growth was slow because of cold weather. In the Pacific Northwest snow cover has practically disappeared from grain fields, but no damage is apparent as yet.

THE DRY GOODS TRADE

New York, Friday Night, Feb. 24 1928.
Although interrupted by a holiday, textile markets have
maintained their recent improvement. Early spring buying
in the various divisions, coupled with the strengthening tendency of raw materials, have been encouraging factors. In
addition to this, many are of the opinion that the worst of
the business depression has been seen and that more activity
will be witnessed henceforth. Demand from retail channels
shows signs of increasing, and in the event of seasonable
weather, buyers, no doubt, will enter the market on a more
liberal scale. Results thus far in February indicate that
retail trade will probably exceed that of January. In the
silk division, for instance, demand for print cloths is exceptionally insistent, and sales are exceeding all early provisions
for shipments. The call is unusually urgent, and orders
already on hand give promise of a very active season in these
fabrics. Furthermore, it is held probable that prices will
provide a profit for the producer, in view of the fact that
production is being steadily absorbed. In regard to cottons,
the gradual establishing of a better balance between consumption and production has been an encouraging factorand has resulted in a firmer price tendency in most cloths.
Manufacturers have steadfastly refused to accumulate goods
in excess of actual orders, and now shortages are developing
in certain lines. In the woolen division, a firm opening of
men's wear fancies for fall, which is usually considered the
most significant opening of the season, was an important
factor. Buyers had been awaiting this showing as a final
evidence of the trend of the market.
DOMESTIC COTTON GOODS.—Markets for domestic
cotton goods are steady, owing to early Spring buying, and
curtailed production. Concerning the latter, producers are
apparently keeping a careful check upon consumption, and
are regulating operations accordingly. Their efforts in this
directions, which are probably greater than ever before, are
beginning to bear fruit in the way of firmer prices. Although
stocks in a number of directions are running low, additional
looms have not been started except in cases where firm orders
have been placed. This week, prices have ruled firmer all
along the line, and concessions, which had been obtainable.
recently, are no longer available. This has been particularly noticeable in such items as print cloths cotton duck,.
wide sheetings and some of the colored cottons. In fact,
'
producers in a number of instances have been able to secure.
premiums where buyers wanted additional deliveries on some•
goods. As a general practice, buyers
Weather Bureau also furnishes the following resume of the more desirable place orders for limited
The
are still disposed to
amounts for
the different States:
of the conditions in
prompt dlipment, but producers are quite confident regarding
Virpinia.—Richmond: Temperatures normal, but colder, with freezing
a large distribution during the coming season. They base
at close of week; rainfall moderate to heavy. Fair progress in farm work on
eastern shore where potato planting begun, but soil rather wet in most parts their assumptions upon the belief that neither jobbers nor
of State. Preparation of tobacco beds continued. Winter grains fair.
North Carolina.—Raleigh: Freezing to coast on 19th; damage to truck other operators are buying in proportion to consumption.
slight. Rain and wet soil delayed potato planting. Strawberries in good Thus, it is believed that a shortage of stocks and an urgent
condition. Rye good, wheat fair and oats poor.
need for goods will make active buying necessary within the
South Carolina.—Columbia:Week closed abnormally cold with hard freeze
on 19th checking growth of winter cereals and truck and retarding germina- near future. Print cloths 28-inch 64 x 64s construction are.
tion ofreplanted oats. Tree fruits in normal condition. Abundantrains very quoted at 5 8c., and 27-inch 64 x 60s at 53sc. Gray goods in
/
beneficial on coast, but soil in Piedmont too wet to plow satisfactorily.
Florida.—JacksonvIlle: Freezing on Sunday in north half and freezing or the 39-inch 68 x 72s construction are quoted at 8%e., and
heavy frost in north-central portions on Monday cut potatoes to ground in 39-inch 80 x 80s at 10%e.
Hastings district and damaged truck and melons elsewhere. Citrus bloom
probably escaped damage. Early corn and strawberries unfavorably affected
WOOLEN GOODS.—Although markets for woolens and
Moderate rains, locally heavy in extreme west, improved soil and benefited
truck, tobacco and corn; planting more general. More rain needed, espe- worsteds continue firm, owing to the strength of the raw
cially in south.
material, buyers have not as yet begun large scale operations,
Alabama—Montgomery: Temperatures decidedly below normal 18th to
20th with below freezing to coast on 19th; rain on 3 days, heavy in coast owing to incomplete Fall openings of men's wear goods.
section; light snow general on 18th, except in snore southern counties. They had been waiting for yesterday's opening by the
Little plowing accomplished. Planting potatoes and truck progressed slowly
in south. Surviving pastures generally in poor condition. In coast sec- American Woolen Company, which comprised fancy suitings
tion cabbage and oats advanced slowly account cold and its it feared that for men, and is generally considered the most important
potatoes are rotting in ground account of wet soil.
showing of the season. Prices were firm, registering advances
Mississippi.—Vicksburg: Too cold for general farming and sunshine
deficient for truck; progress mostly poor. Light to moderate precipita- ranging from 5 to 123' cents a yard over the Spring levels.
tion in north and central and heavy on coast; mostly occurred first three This follows closely the values
established for the staple and
days of week. Pastures poor progress.
Louisiana—New Orleans: Moisture ample and ground too wet in some semi-staple fabrics. Viewing these new lines, it was noted
localities; mostly too cold for growth. Freezing to coast Sunday with that there is a marked reaction away from the extreme
some damage to gardens. Sugar cane continues in good condition. Fair
effects in colors and patterns. Manufacturers have, instead,
progress in preparations for planting.
Texas.—Houston: Cool, with freeze nearly to coast on 18th; damage stressed the darker tones in neat designs.
slight. General light precipitation benefited pastures, wheat, oats, and
truck, although growth slow account cold; spring oat seeding well adFOREIGN DRY GOODS.—Fair activity continues to
vanced. Little cotton planted in extreme south and scattered plantings
of corn in eastern half. Potato planting well advanced. Strawberry prevail in the linen markets, as buyers, in need of goods,
ripening delayed by cold, cloudy weather. Preparations for spring plant- placed a fair amount of orders. Producers, on the other hand,
ing well advanced with fair top soil moisture, but subsoil moisture still are
continually striving to stimulate sales by finding new
poor in western half.
Oklaisoma.—Oklahoma City: Rather cold, with light to moderate rain outlets for merchandise. Cloths which have been consumed
and snow, mostly unfavorable for farm activities. Too wet for plowing exclusively in one
manner are being encouraged for use in
and planting oats and potatoes in east but fair progress in west portion.
Wheat materially improved in droughty western areas since rains set in other directions. The recent improvement in the household
and condition of crop ranges from rather poor to good. Fruit buds ab- division continues to satisfy
and stimulates hopes
normally advanced, but uninjured. Pastures short and poor.
Arkansas.—Little Rock: Farm work progressing rapidly in southern of further betterment. In the dress linen section, sales for
the
and central portions, but delayed in northern by snow and frozen ground; the most part are reported to be exceeding those for the
preparations further advanced than usual in eastern portion due to dry
winter. Spring oats, potatoes, and gardens being planted, except in corresponding period last year. Novel effects are being well
northern portion. Fruit uninjured; plums beginning to bloom in extreme absorbed, while solid colors are likewise moving in fairsized
south and buds swelling, except in extreme north.
Tennessee.—Nashville: Weather during past week did not improve quantities. Burlaps have ruled steady with a fair business
conditions for wheat and oats, which are only in fair condition; rye com- passing. Light weights are quoted at 7.75.7.800., and heavies..
ing much better with some fields showing green. Barley and clover still at
9.70-9.75c.
in bad shape. Little plowing and farm work progressed slowly.




F.25 1928.]

FINANCIAL CHRONICLE

*tate an Tilg glepartutent
NEWS ITEMS
Baltimore, Md.-Power of Finance Commissioners to Fix
-Suit has been carried to the
Bond Interest Rate Attacked.
Court of Appeals by James F. Douty, Jr., attacking the
validity of the $1,500,000 airport bonds awarded on Jan. 10
-V. 126,
to the Baltimore Trust Co. and Hambleton & Co.
p. 277. Mr. Douty's charge is that the bonds are illegal
because neither the state enabling act nor the city ordinance
authorizing the loan named a rate of int. at which the bonds
were to be issued. The rate of interest, he contends, should
be named in the legislation, and should not be left to the
discretion of the Finance Commissioners. In support of his
argument, Mr. Douty cites the recent decision of the Court
of Appeals holding a block of $2,000,000 part stock invalid
because it had been awarded at a lower rate of interest than
specified in the state enabling legislation. He also referred
to the Stanley ease of several years ago,in which the enabling
act specified a 5% interest rate. The city, taking advantage
of favorable conditions in the bond market, passed an ordinance authorizing a 4 % rate, at which the bonds were
sold. The Court of Appeals ruled against the loan.
City Solicitor A. Walter Kraus defends the validity of
the airport loan. He points out that the interest on the
airport bonds was left entirely at the discretion of the Finance
Commissioners,in which the loan differs from those on which
Mr. Douty founds his arguments.
-Governor Jackson Acquitted.
Indiana (State of).
Charges of conspiracy and attempted bribery against Governor Jackson were dismissed on Feb. 16 when Judge McCabe ordered an acquittal. Judge McCabe found that,
inasmuch as no conclusive evidence that the crime had been
concealed up to last July had been presented by the State,
Governor Jackson had not been indicted within two years
after the commission of the alleged crime as provided by the
statute of limitations.
-Liberalize Savings Banks'
Massachusetts (State of).
-A bill allowing
Power to Invest in Telephone Company Bonds.
savings bank greater leeway in investing their funds in
approved telephone company bonds has passed both branches
of the legislature, it is reported. The report is that sayings
bonks, under the bill, may invest 5% of deposits in these
bonds, instead of only 2%, the former limit.
New York Stat.-Gov. Smith Signs Reduced Appropriation
-On Feb.17 Gov.Smith signed appropriation billsaggreBills.
gating 8203,6631000. This total was made up of the annual
appropriation bill of $180,272,293 and seven other bills providing for expenditures of about $23,000,000. Appropriation bills for about 837,000,900 are still awaiting action by
the Legislature. The bills signed by the Governor had been
slashed by about $1,000,000 from the tentative budget
-V. 126,
figures submitted by the Governor some weeks ago
p. 445. The Governor was angered by the reductions,
which he charged to Republican political trickery.
-Governor Smith's
Four-Year Term Killed in Assembly.
proposal that the people be given an opportunity to vote
on a four-year term for Governor, with the election falling
in a non-presidential-race year, was defeated in the Assembly
on Feb. 22. The Assembly Judiciary Committee voted
9 to 2 against the proposal.

BOND PROPOSALS AND NEGOTIATIONS
-BOND OFFERING-Sealed bids
County, Ohio.
mcRoN, Summit C. Galleher, Director of Finance, until 12
received by E.

m.(Eastern
will be
time) Mar. 12, for the 'purchase of the following issues of bonds bearing
Interest at the rate of 4%% and aggregating $787,000:
works bonds. Due $12.000, Oct. 1 1929 to 1953 incl
$300,000 water
200,000 water works bonds. Due $8,000, Oct. 1 1929 to 1953 incl.
287,000 street improvement bonds. Due Oct. 1 as follows: $28,000,
1929 to 1931 incl.; and $29,000, 1932 to 1938 incl.
Dated April 11928. Denom. $1.000. Prin. and int.(A. & 0.) payable
in gold at the National Park Bank, New York City. A certified check
payable to the order of the above-mentioned official for 2% of the bonds
offered is required.
-BOND OFFERALLEGHENY COUNTY (P. O. Pittsburgh), Pa.
-Sealed bids will be received by Robert G. Woodside, County CompING.
a. m. (to be opened 11 a. m.) Mar. 9, for the purchase of
troller, until 10
the following issues of 4% bonds aggregating $3,710,000:
$2000000 series No. 33, road bonds.
18, bridge bonds.
1,300.000 series No. 2, work house extension bonds.
200000 series No.
series No. 8, court house bonds.
210)00
Dated Mar. 1 1928. Denom. $1,000. A certified check for $74,200 is
required.
-BOND SALE.
-Two issues of 5%
ALVIN, Brazoria County, Tex.
bonds aggregating $80,000 have recently been awarded to the B. F. Dittmar
San Antonio for a premium of $10. equal to 100.012, a basis of about
Co. of
follows: 860.000 sewer bonds
4.99%. The issues are as construction of the sanitary and 820,000 city
sewer system and
hall bonds. Work on the a few weeks and will be constructed
by the
plant will start in
disposal
Municipal Engineering company of Dallas.
-The electors
AMBRIDGE, Beaver County, Pa.-XOND ELECTION.
April 24, will be requested to pass on a
at a special election to be held on
bond proposal amounting to $200,000. Of this amount $120,000 will be
used for a new public grade building and $80,000 for an addition to the
present Junior High School building.
-Sealed bids will be received by
-BOND OFFERING.
AMHERST, N. Y.
Howard B. Long, Town Supervisor, until 2 p. m. Feb. 28, for the purchase
issues of coupon or registered boucle aggregating $404,000;
of the following
rate of Interest not to exceed 5%: Duo Feb. 1 as follows: $6.000,
1929 to
$190,000 sewer and drain bonds.1949 to 1958 incl.
1948 incl.; and $7,000,
Due
93,000 paving bonds. incl. Feb. 1 as follows: 83,000, 1929; and $6.000.
1930 to 1944
Feb. 1 as follows: $3.000. 1929 ot 1948
61 000 highway bonds. Due
incl.; and $1,000, 1949.
Due Feb. 1 as follows: $2,000, 1929 to 1949
60.000 deficiency bonds. 1950 to 1955 incl.
incl.; and $3,000,




1233

Dated Feb. 11928. Denom. 81,000. Rate of interest to be stated in a
multiple of % or 1-10th of 1%, one rate to apply to the entire offering.
Prin. and int, payable in gold at the Bank of Williamsville. or at the American Exchange-Irving Trust Co., New York. A certified check payable
to the order of the Town for 88.000 is required. Legality approved by
Clay, Dillon & Vandewater of N. Y. City. These are the bonds originally
scheduled for sale on Feb. 23.-V. 126, p. 1073.
ANDOVER UNION FREE SCHOOL DISTRICT NO. 1 (P.
-BOND SALE.
clover), Allegany County, N. Y.
-The $85,000 5%
,
coupon school bonds offered on Feb. 16-V. 126, p. 901-were awarded
to Dewey. Bacon & Co. of New York City, at 106.73. a basis of about
4.23%. Dated Feb. 20 1928. Due June 1 as follows: $3,000, 1929 to
1933 incl.:$4,000, 1934 to 1938 incl.; $4,500, 1939 to 1943 incl.; and $5,500,
1944 to 1948 incl. The bonds are now being offered priced to yield from
4.05% to 4.10%. The following bids were also submitted:
Rate-Bid.
BidderRutter & Co
106.605
Pulleyn & Co
105.31
R. F. DeVoe & Co
105.639
George B. Gibbons & Co
106.151
A. B. Leach & Co
105.22
Manufacturers & Traders-Peoples Trust Co
105.899
Burrows National Bank (Andover)
105.929
-The two issueslof
-BOND SALE.
APACHE, Caddo County, Okla.
bonds aggregating $47.000 offered for sale on Feb. 21-V. 126, P. 901
were awarded to the First National Bank of Apache and the American
National Bank of Apache on their Joint bid. The bonds are as
follows: $40.000 sanitary sewer system bonds and $7,000 water works
extension bonds.
-BOND OFFERING-Sealed
ASHEVILLE,Buncombe County, N. C.
bids will be received until 4 p. m. on Mar. 1, by J. E. Gibson, City Secretary and Treasurer, for the purchase of a $500,000 issue of water bonds.
Int. rate not to exceed 5%. Denom. $1,000. Dated Mar. 1 1928 and
due on Mar. 1 as follows: $10,000, 1933 to 1947: $15,000, 1948 to 1957
and $20,000 from 1958 to 1957. all incl. Int, rate to be stated in a multiple
of si of 1%. Prin. and int.(M.& S.) payable in gold at the U.S. Mortgage
i%
fur ii
& Trust Co. of New York City. Chester B. Masslich of New York?
will furnish legal approving opinion. The above Secretary will
the required bidding forms. A 810.000 certified check, payable to the
City Treasurer, must accompany the bid.
(This report is more detailed than report given in V. 126, p. 1073.)
-BOND SALE.
-The following
AUBURN, Cayuga County, N. Y.
Issues of bonds aggregating $25,484.38 were recently awarded as below:
$22,954.79 improvement bonds to the Auburn Savings Bank.
2,529.59 improvement bonds to the Cayuga County National Bank/of
Auburn.
The following bids were also submitted for the bonds:
Price Bid.
Bidder$147,010.00
Stephens & Co
146,851.53
Bankers Trust Co
146,803.59
Dewey. Bacon Co
146,752.29
H. L. Allen Co
146.724.44
Batchelder. Wack Co
146.662.00
Cayuga County National Bank. Auburn, N.Y
146,655.54
Pulleyn & Co
146,615.82
Manufacturers & Traders and Peoples Trust Co., Buffalo
146,614.50
Guaranty Company of New York
146.588.11
Auburn Savings Bank, Auburn, N. Y
-The $146,588.11
-BOND SALE.
AUBURN, Cayuga County, N. Y.
-were awarded
4% coupon city bonds offered on Feb. 20-V. 126. p. 902
to the City Bank & Trust Co. of Syracuse. at a premium of $545.31, equal
to 100.372, a basis of about 3.92%. The bonds mature serially in from 1
to 10 years.
AVOYELLES PARISH (P.O. Marksville), La.
-BOND OFFERING.
Sealed bids will be received until Mar.6, by J. M.Barham,President of the
School Board, for the purchase of a $60,000 issue of school bonds. Int.
rate not to exceed 6%.
BANTA CARBONA IRRIGATION DISTRICT (P. 0. Tracy), Calif.
-The $100,200 issue of 6% irrigation bonds offered
-BONDS NOT SOLD.
-was not sold as no bids were received.
for sale on Feb. 15-V. 126, p. 748
BARBERTON, Summit County Ohio.-BOAD SALE.
-An issue of
$100,000 water supply bonds bearing interest at the rate of 4%% was
awarded to the Davies-Bertram Co. of Cincinnati, at a premium of $170
equal to 100.17. Int. payable April and Oct. 1.
-BOND OFFERIA0.BARRY COUNTY (P. 0. Hastings), Mich.
Sealed bids will be received by the Board of County Road Commissioners,
until 9 a. m.(central standard time) Mar. 2,for the purchase of an issue Of
837.521 County Assessment District Road bonds. Due May 1 as follows,
$2,779.33. 1929; 56.948.34, 1930, and 1931; $6,948.33, 1932 to 1934 Inc'
-The
BEATRICE, Gage County, Neb.-BOND DESCRIPTION.
-by
$15,300 issue of paving bonds recently purchased-V. 126, p. 902
James T. Wachob & Co. of Omaha is more fully described as follows:
414% coupon bonds. Denoms. $1.000 and one for $300. Dated Feb. 1
1928. Due on Feb. 1 1948 and optional after Feb. 1 1933. Int. payable
(F. & A. 1). Price paid was par.
-WARRANT OFFERING.BEDFORD, Lawrence County, Ind.
Sealed bids will be received by Ruth J. Schmidt. City Clerk. until 10 a. m.
7 for the purchase of an issue of $40,000 4%% warrants. dated
March
Feb. 28 1928. Denom. $1.000. Due as follows: $2,000. July 1 1929 and
82,000. Jan. 1 and July 1 1930 to 1941 incl. Prin. and int. payable at the
Bedford National Bank, Bedford.
-BOND SALE.
-The
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
following issues of special assessment road bands aggregating $395.230
-were awarded to the Detroit Trust
offered on Feb. 14-V. 126, p. 748
Co.of Detroit. and Braun, Bosworth & Co.of Toledo,jointly, ata premium
of $621.00, equal to 100.156:
$228,470 District No.94 bonds.
64,350 District No. 91 bonds.
53,570 District No. 57 bonds.
48,840 District No. 89 bonds.
BUFFALO TOWNSHIP RURAL INDEPENDENT SCHOOL DIS-BOND SALE.
-A $20.000 IMMO
TRICT NO. 1 (P. 0. Buffalo), Iowa.
of school erection and equipment bonds has recently been purchased by
George M. Bechtel & Co. of Davenport.
BUTLER COUNTY (P. 0. Greeneville), Ala.
-WARRANT SALE.
An $80,000 issue of school warrants was recently purchased jointly by the
First National Bank of Montgomery; the Bank of Greenville and the First
National Bank of Greenville for a premium of $3,250, equal to 104.066.
CALCASIEU PARISH SUB-ROAD DISTRICT NO. 1 OF ROAD
-BOND OFFERING.
DISTRICT NO. 1-(P. 0. Lake Charles), La.
Sealed bids will be received until 10 a. m. on April 3. by Honorable H. G.
Chalkley, President of the Police Jury, for the purchase of a $20,000 issue
of road bonds. Int, rate not to exceed 6%. Denom. $1,000. Dated
April 1 1928 and due on April 1 1943. Int, payable semi-annually. A
81.000 certified check, payable to above President, must accompany the bid.
-The
-BOND SALE.
CALDWELL PARISH (P. 0. Columbia), La.
$10,000 issue of court house and jail bonds that was offered for sale on
Feb. 16-V. 126. p. 748
-has been awarded to the Well, Roth & Irving Co.
of Cincinnati as 67 bonds, for a premium of $107, equal to 101.07, a basis
c
of about 5.72%. Denom. $1,000. Dated Dec. 1 1927 and due $1,000
yearly from Dec. 1 1928 to 1937 incl. The other bids were:
Int. Rate. Price Bid.
Name of BidderWell, Roth & Irving Co
100.05
6149'
B. L. Hart & Sons of Kansas City
100.00
6 %
CAMANCHE INDEPENDENT SCHOOL DISTRICT (P. 0. Ca-BASIS. The $23,000
manche),Clinton County,lowa.-PRICE PAID
Issue of 4% school bonds that was purchased on Feb. 1-V. 126. p. 902
by George M. Bechtel & Co. of Davenport brought a premium of $15.
equal to 100.06, a basis of about 3.99%. Due from 1929 to 1945 incl.
-The fol-BOND SALE.
CAMPBELL, Mahoning County, Ohio.
lowing issues of 69' spedal assessment bonds aggregating $56,335.80
offered on Feb. 1-V. 126, p. 447
-were awarded to McDonald & Callahan, at a premium of $3,871 equal to 106.87, a basis of about 4.74%:
$15,171.79 Picadilla St. bond. Due Nov. 1 as follows: $1,517.18, 1929
to 1937 incl.: and $1, 38
517.17 1 1.
.
14,742.52 Princess St. bonds. Due Nov9.
as follows: $1.742.25. 1929.
to 1937 incl.: and 81374.27, 1938.

1234

FINANCIAL CHRONICLE

14,350.43 Oxford St. bonds. Due Nov. 1 as follows: $1,435.04, 1929 to
1937 incl. and $1,435.07. 1938.
12,071.06 Regent St. bonds. Due Nov. 1 as follows: $1,207.10, 1929 to
1937 incl.: and $1,207.16, 1938.
Dated Nov. 1 1927.
-BOND DESCRIPTION.
CARRIZO SPRINGS,Dimmit County,Tex.
-The $55.000 issue of 531% water works improvement bonds that was
recently purchased-V.126. p.902
-by the.1. E.Jarrett Co.of San Antonio'
Is further described as follows: Denom. $1,000. Dated Jan. 15 1928 and
due Jan. 15, as follows: $1,000, from 1939 to 1953: $2,000, 1954 to 1960:
$3,000, 1961 to 1966 and $4.000, in 1967 and 1968. all incl. Prin. and int.
(J.& J. 15) payable at the Chase National Bank in New York City.
-BOND OFFERING.
CASS COUNTY (P. 0. Cassopolis), Mich.
Sealed bids will be received by Fred Hatch. Chairman Board of County
Road Commissioners, until 1.30 p. m. March 5, for the purchase of the
following issues or 6% Assessment District Bonds aggregating 377.850:
$20.700 Road No. 27 bonds. Due $2,300, May 1 1929 to 1937 incl.
13.500 Road No. 40 bonds. Due $1.500, May 1 1929 to 1937 Ind.
12.600 Road No. 33 bonds. Due 11.400, May 1 1929 to 1937 incl.
15.300 Road No. 42 bonds. Due $1,700, May 1 1929 to 1937 incl.
9,000 Road No. 41 bonds. Due $1,000, May 1 1929 to 1937 incl.
6,750 Road No. 43 bonds. Due $750, May 1 1929 to 1937 incl.
Dated May 1 1928.
CENTRALIA SCHOOL DISTRICT NO. /35, Marion County, Ill.
BOND SALE.
-The $50,000 coupon school bonds offered on Feb. 21V. 128, p. 1074
-were awarded to the Mississippi Valley Trust Co. of
St. Louis. Dated Oct. 11927. Due Oct. 1 1947: optional after Oct. 11942.
CHARLES MIX COUNTY (P. 0. Lake Andes), S. Dak.-BOND
OFFERING.
-Sealed bids will be received until 10 a. m. on Mar. 13. by
C. H. Robertson, County Auditor, for the purchase of an issue of $145,000
Issue ofsemi-annual county bonds. Int. rate not to exceed 43i %. Denom.
$1,000. A certified check for 2% is required.
-BOND OFFERCHAUTAUQUA COUNTY (P. 0. Mayville), N. Y.
ING.
-Sealed bids will be received by William J. Doty, County Treasurer,
until 2 p. m.(standard time) Mar. 13,for the purchase of an issue of $250.000
5% coupon highway bonds. Dated Apr. 11925. Denom.$1,000. Due Apr.1
as follows: $50,000, 1936: and $200.000, 1937. A certified check payable
to the order of the above-mentioned official for 2% of the bonds offered is
required. Legality approved by Thomson. Wood dc Hoffman of New York
City.
-LOAN OFFERING.
-Sealed
CHELSEA, Suffolk County, Mass.
bids will be received until 12 m. Feb. 27, by the City Treasurer, for the
Purchase on a discount basis of a 11,000.000 temporary loan. The loan is
dated Mar. 2 1928. and matures as follows: $250,000, Nov. 15 1928 and
$750.000. Feb. 25 1929.
-BOND ELECTION.
-At a
CHELSEA, Washtenaw County, Mich.
special election to be held during April. the electors will be asked to approve
or reject a proposal to bond the Village for $50,000 for the building of a
sewer system and disposal plant. The total cost of the project will be
$124,000. In addition to the bond issue which will be an obligation of the
entire village $50,000 would be assessed against property owners in the form
of a special assessment and $24,000 would be paid out of funds in the
village treasury.
CHICAGO SOUTH PARK DISTRICT(P.O.Chicago) Cook County
-FINANCIAL STATEMENT -Chapman &
111.
-LEGAL OPINION.
Cutler of Chicago, have certified as to the legality of the three issues of4%
bends, aggregating $3.500,000 awarded to a syndicate headed by the Northern Trust co., Chicago. at 100.551. a basis of about 3.92% and subsequently offered for investment at prices to yield from 3.60% to 3.85%•
-V.126, P. 1074.
Tile following statement shows the financial conditioner the District as
of Jan. 1 1928:
Financial Statement.
Assets.
Real estate, improvements, equipment, &c.:
Land, cost
312.843.272.81
Improvements and buildings
59.343.745.19
Central plant
1.402,344.65
(Power plants,conservatory, barns,office
buildings, &c.)
Miscellaneous equipment
678,648.94
(Vehicles, horses, boats and launches,
nurseries, tools, &c.)
Less reserve for depreciation
Cash, invested funds, &c.:
Cash, all funds
Material and supplies
Tax certificates, deeds, &c
Work in progress

374,268.011.59
81,663.66
174,186.347.93
16,871.649.38
97,141.72
223,802.68
,
203913.45
$7,396,507.23
3.500.000.00

Bonds on hand not sold (including this issue)

$85,082,855.16
Bonded indebtedness
(Including $3,500,000 not sold)
Special assessments bonds
Accounts payable
Estimates payable
Deposits on permits, &c.}
Total liabilities
Excess of assets over liabilities

$45,091,000.00
8,000.00
796,731.63
345,895.731.63
39.187,123.53

385.082.855.16
The South Park Commissioners is a municipal corporation, organized in
1869, and has never defaulted in payment of either interest or principal of
Its bonds, neither have any previous bond issues been contested.
There is no c:mtroversy or litigation pending or threatened affecting the
corporate existence or the boundaries of said park district, title of its present
officials, or the validity of these bonds.
The assessed valuation within the South Park District for the year 1926
Is 3996.871.869 and the population is estimated to be 1.250.000.
-BOND OFFERCHICASAW COUNTY (P.O. New Hampton),Iowa.
INO.-Sealed bids will be received by L. J. Jarchow, County Treasurer,
until 2 p. m. Mar. 13,for the purchase of an issue of$100.000 434% primary
road bonds. Denom. 31.000. Dated Apr. 11928. Due $10,000 annually
from May 1 1933 to 1942 incl. Optional after 5 years. Int. payable annually. Sealed bids will be opened after open bids are in. Purchaser
required to furnish blank bonds. Approving opinion of Chapman & Cutler
of Chicago will be furnished. A certified check for 3% of the bonds offered
Payable to above Treasurer, must accompany bid.
CLARICE COUNTY SCHOOL DISTRICT NO.64 (P. 0. Vancouver),
Wash.
-BOND OFFERING.
-Sealed bids will be received byJohn Meyer.
County Clerk, until Mar. 3,for the purchase of a $35,000 issue of 6% semiannual school bonds. Due in from two to 15 years.
CLAY CENTRE SCHOOL DISTRICT (P. 0. Clay Centre), Clay
-A 175,000 issue of 435% school
County, Neb.-PRE-ELECTION SALE.
building bonds has been purchased, subject to a pending election, by the
United States Trust Co. of Omaha.
-BOND OFFERING.
CLEVELAND COUNTY (P. 0. Shelby), N. C.
Sealed bids will be received until 2 p. m. on Mar. 12 by A. F. Newton,
Clerk of the Board of County Commissioners, for the purchase of a 325,000
Issue of 435% school bonds. Denom. $1,000. Dated Mar, 15 1928 and
due on Mar. 15 as follows: 31,000, 1929 to 1943, and $2,000 from 1944 to
1948. all incl. Prin. and int. (M. & S.) payable in N. Y. City in gold.
Chester B. Masslich of N. Y. City will furnish legal approving opinion; both
he and the above clerk will furnish required bidding forms.
--WARRANT CALL.
-The
COLORADO, State of (P. 0. Denver).
following warrants have been called for payment as of Mar. 10, by the
State Treasurer: General Revenue 1927. Nos. 9483 to 9855 Incl.; General
Revenue 1928, Nos. 147 to 2025 incl.; Capitol Building Nos. 25385 to
25392 incl.
COOK COUNTY SCHOOL DISTRICT NO. 147 (P. 0. Harvey),
111.
-BOND SALE.
-Seipp.Princell& Co.of Chicago were recently awarded




(VOL. 126.

an issue of $100,000 4q% school bonds. The bonds are dated Feb. 1
1928 and mature serially from 1942 to 1948 inclusive.
CORPUS CHRISTI, Nueces County, Tex.
-At
-BONDS VOTED.
a special election held on Feb. 11 the voters authorized the issuance of a
$500,000 public school bond issue, by a majority of slightly more than
three to one. In addition to the enlarged public school facilities, the
new Corpus Christi College, located a short distance west of the city.
will be ready to open in September. The new collexe will be under the
direction of the Benedictine Fathers but will be non-denominational. These
are the bonds that are being offered for sale on Feb. 27-V. 126. p. 1074.
COSHOCTON COUNTY (P. 0. Coshocton), Ohio.
-BOND OFFERING.
-Sealed bids will be received by Charles M. Dawson. Clerk Beard of
County Commissioners, until 1 p. m. Mar. 8, for the purchase of $109,730.08 435% highway construction bonds. Dated Jan. 1 1928. Denom.
31.000, one bond for 31.730.08. Due as follows $5.730.05. April 1 1929:
16.000. Oct. 1 1929: and 35,000. April and 36.000. Oct. 1 1930 to 1938
incl. Prin. and int. (A. & 0.) payable at the office of the County Treasurer. A certified check payable to the order of the County Auditor, for 5%
of the bonds offered is required. Legality to be approved by Squire.
Sanders & Dempsey of Cleveland.
COTTAGE GROVE, Lane County, Ore.
-BOND S4(8.
-A $5,000
Issue of street and sidewalk improvement bonds has recently been purchased by Carl E. Nelson of Salem at a price of 104.16.
CRAWFORD COUNTY (P. 0. English), Ind.
-BOND SALE.
The two Imes of 5% bonds aggregating $11,528 offered on Feb. 15-V. 126.
p. 448
-were awarded as below:
37.528 Geer ;el W. Morris et al highway improvement bonds to the MeyerKiser Bank of Indianapolis, at a premium of 1452. equal to 100.60, a
basis of about 4.88%. Due $376.40, May and Nov. 15 1929 to
1938 incl.
4,000 Perry Roe et al highway improvement bonds to the Inland Investment Co. of Indianapolis, at a premium of $232. equal to 105.80, a
basis of about 3.92%. Due $200. May and Nov. 15 1929 to 1938
incl.
Dated Feb. 15 1928.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
The f Mowing issues of improvement bonds offered on Feb. 15-V. 126,
1:.• 6)8-were awarded to the Herrick On of Cleveland, as 434s. at a premium
of $558, equal to 100.351:
376.772 County's portion impt. bonds. Due Oct. 1 as follows: 37.772,
1928: 38.000, 1929 to 1931 incl.. and 19.000. 1932 to 1936 incl.
21,748 assessment portion impt. bonds. Due Oct. 1 as follows: $2.748.
1928: $2.000. 1929 to 1933 incl.. and 13,000. 1934 to 1938 incl.
5.121 assessment portion impt. bonds. Due Oct. 1 as follows: 3831.
1928: $500, 1929. and $1.000, 1930 to 1933 incl.
12,305 county's portion impt. bonds. Due Oct. 1 as fohows: $2,305,
1928, and $2,000. 1929 to 1933 Incl.
42.990 County's portion River Road No. 3 improvement bonds.
DAVIDSON COUNTY (P. 0. Lexington), N. C.
-BOND OFFERING.
-Sealed bids will be received by J. W. Dickens Jr., Clerk to the Board
of County Commissioners, until 3 p. m. on March 5 for the purchase of a
$30.000 issue of 535% coupon consolidated School District No. 18 bonds.
Denom.11.000. Dated Feb. 1 1928 and due on Feb. 1 as follows: $1.000,
1931 to 1940, and 32,000. 1941 to 1950, all incl. Prin. and semi-ann.
int. payable at the Chase National Bank in N. Y. City. Approving
opinion of Reed, Hoyt & Washburn or N. Y. City will be furnished by
above district. A $600 certified check, payable to the County Treasurer,
must accompany the bid.
DAYTON SCHOOL DISTRICT, Montgomery County, Ohio.
BOND OFFERINO.-Seated bids will be received by C. J. Schmidt, ClerkTreasurer Board of Education, until 12 m. (award to be made at 8 p. m.)
March 15 for the purchase of an issue of 5845.000 435 % coupon school
building bonds. Dated Oct. 1 1927. Denom. $1,000. Due Oct. 1 as
follows: 128.000, 1929 to 1932 incl.: 325,000, 1933: 326,000. 1934 to
19:17 incl.: $25.000. 1938: $26.000, 1939 to 1942 incl.: $25.000. 1943:
326 000, 1944 to 1947 incl.: 325.000. 1948: $26,000. 1949 to 1952 Incl.,
and 325,000. 1953. Bids may be submitted for bonds bearing a different
rate of interest, provided, however, that where a fractional Interest rate
is bid, such fraction shall be 34 of 1% or multiples thereof'. Prin. and
int. payable at the National Park Bank. N. Y. City. A certified check,
payable to the order of the above-mentioned official, for 3% of the bonds
offered Is required. Legality approved by Squire. Sanders & Dempsey of
Cleveland.
DEARBORN COUNTY (P.O. Lawrenceburg), Ind.
-BOND OFFERING.
-Sealed bids will be received by the County Treasurer, until 10 a. no.
March 6,for the purchase of the following lssuesof4 % binds,agbregating
$73.200:
$61,000 road bonds.
312.200 road bonds.
The bonds mature semi-annually.
DELAWARE COUNTY (P. 0. Manchester), Iowa.
-BOND SALE.
The $200,000 issue of 434% coupon primary road bonds offered for sale on
Feb. 17-V. 126, p. 749-has been awarded to Ge >r,,A3 M. Bechtel & Co.
of Davenport for a premium of $1.020, equal to 100.51, a basis of about
5.14%. Denom. $1,000. Dated March 1 1928. Due $20.000 from
May 1 1933 to 1943. incl. Optional after 5 years. The other bids were
as follows:
BidderPrice Bid.
Delaware County State Bank, Manchester, Iowa
$1,010
Farmers' Lean & Trust Co.. Waterloo, Iowa
450
DELTA, Millard County, Utah.
-BOND SALE.
-A $5,000 issue of
sewer bonds has been purchased recently by the State Board of Land Commissioners for a premium or $508, equal to 110.18. Due serially.
DIXON, Pulaski County, Mo.-BOND DESCRIPTION.
-The $45,000
issue of water works bonds that was purchased on Feb. 18-V. 126. p. 1074
-by the Commerce Trust Co. of Kansas City at a price of 100.333, bears
interest at 5% and $3,000 is due yearly from 1934 to 1948, giving a bash; of
about 4.96%.
(These bonds were sold subject to an election to be held on Mar. 6.)
DOWNERS GROVE SCHOOL DISTRICT NO. 58 (P. 0. Downers
Grove), Du Page County, 111.
-PRICE PAID.
-The price paid for the
$160,000 435% school bonds awarded to H. C. Speer & Sens Co. of Chicago, in-V. 126, p. 903
-was 101, a basis of about 4.385%. The bonds
are dated Feb. 1 1928 and mature Sept. 1 as follows: $7,000. 1930 and
1931: $8,000, 1932 to 1935 incl.: $9,000, 1936 to 1941 incl.; and $10,000,
1942 to 1947 incl. The bonds are coupon.
DUMONT SCHOOL DISTRICT, Bergen County, N. J.
-BOND
OFFERING.
-Sealed bids will be received by William E. Cacy, District
Clerk, until 8:30p. m. March 8, for the purchase of the following issues of
coupon or registered bonds, aggregating $555,000, no more bonds to be
awarded than will produce a premium of $1,000 over each of the issues given
below:
$285,0004% school bonds. Due March 1 as follows: $10,000, 1930 to
1932, incl., and 315,000, 1933 to 1949, incl.
270,000 434% school bonds. Due $15,000 March 1 195010 1967, incl.
Dated March 11928. Denom. $1,000. Prin. and int. payable in gold
at the Chemical National Bank, New York City. A certified check payable
to the order of the Custodian of School Moneys, for 27 of the bonds bid
0
foo is
yrrk
Legality approved by Reed, Hoyt & Washburn of New
City ired.
re u
.
-The
EAST ST. LOUIS, St. Clair County, III.
-BOND SALE.
Liberty Central Trust Co. and Stifel. Nicolaus & Co.. both of St. Louis.
jointly, purchased on Feb. IS,$712,000 434% refunding bonds at a premium
of $5,696.75, equal to 100.79.
-An issue
-BOND SALE.
EATONTOWN, Monmouth County, N. J.
of $64,000 improvement bonds bearing interest at the rate of 434 %. was
awarded on Feb.8, to M.M.Freeman & Co. of Philadlephia, at a premium
of $500, equal to 100.781.
ELA TOWNSHIP HIGH SCHOOL DISTRICT NO. 125 (P. 0. Lake
-Sealed bids were reZurich), Lake County, III.
-BONDS OFFERED.
celved by A. J. Crawford, Secretary Board of Education, until 2 p. m. on
Feb. 23, for the purchase of an issue of $65,000 coupon school bonds, rate
of interest not to exceed 434%. Dated Feb. 1 1928. Denom. $1.000.
Due 15,000. July 1 1931 to 1943 incl. Rate or interest to be stated in a
multiple of 34 of 1%. Prin. and int. payable at any bank in Chicago,
designated by the successful bidder. Legality approved by Chapman &
Cutler of Chicago. No report as to the name of the successful bidder has
been received as yet

FEB. 25 1928.]

FINANCIAL CHRONICLE

-BOND SALE.
EMPORIA, Lyon County, Kan,
-The $175.000 Issue
of 43 % coupon paving improvement bonds offered for sale on Feb. 14V. 126, p. 903
-has been awarded to Stern Bros. & Co. of Kansas City
and half as 43is at a discount price of
(Mo.) as follows: Half as
96.50. Denoms. $500 and $1.000. Dated Feb. 1 1928. Due serially in
from 1 to 10 years. A complete list of the other bidders and their bids is as
follows:
Continental National Co., Chicago,4ld %,premium_ --$617 net.
Central Trust Co., Topeka.4id %,premium
$8.14 per 1,000.
Harris Trust & Savings Bank. Chicago,431%,premium$1,302 net.
National Bank of Topeka. Topeka, 4)(% premium
$1,077.50 net.
Prescott. Wright, Snider & Co., Kansas City, Mo.,4% $6.38 per 1,000 disc.
Commerce Trust Co., Kansas City, Mo.,4 l. %,prem._$6.05 per 1,000.
Columbian Title & Trust Co., Topeka,4 %,premium $5.81 per 1,000.
Drovers National Bank, Kansas City. Mo.,43.1%, prem$437.50
Branch Middlekauff Investment Co., The Guarantee
Title & Trust Co., Wichita, 43%, premium
$5.84 per 1,000.
ESSEX COUNTY (P. 0. Salem), Mass.
-NOTE OFFERING.
-Sealed
bids will be received by Harold E. Thurston, County Treasurer, until
11 a. m. Feb. 28, for the purchase of an issue of 850.000 Kernwood Bridge
reconstruction notes. Dated March 1 1928. Denom. $5,000. Due June
1 1928. Payable at the Merchants National Bank, Boston, or at the First
National Bank, Boston. Legality to be approved by Ropes, Gray, Boyden
& Perkins of Boston.
EVANSVILLE SCHOOL DISTRICT, Vanderburg, Ind.
-BOND
SALE.
-The $350.000 4% coupon school bonds offered on Feb. 16-V. 126,
p. 448
-were awarded to the Fletcher Savings & Trust Co. of Indianapolis,
and the Peoples Savings Bank of Evansville, jointly, at a premium of
$17,741, equal to 105.068,a basis of about 3.57%. Dated Feb. 16 1928.
Due $35,000, Feb. 16 1939 to 1948 incl.
Robert 0. Small, Auditor of School District, sends us the following
complete list of other bidders for the bonds:
BidderPr emium.
Halsey, Stuart & Co., Chicago
$17,150.00
Fletcher American Co., Indianapolis
16,566.00
West Side Bank, Evansville
14.475.00
Citizens National Bank, Evansville
14,652.00
National City Bank
13,685.00
Mercantile
-Commercial
13,000.00
Federal Securities Corp., Chicago
12,950.00
First Trust & Savings Bank,Chicago
9,621.50
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND OFFERING.
-Sealed bids will be received by Fred L. Donnelly, Clerk Board of County
Commissioners, until 10 a. m. (Eastern standard time) March 10, for the
purchase of an issue of $14,980 416% Intercounty Highway No.461 Bonds.
,
Dated April 1 1928. Denom. $500, one bond for $480. Due Oct. 1 as
follows: $1,980,1929; $2,000, 1930 to 1933, incl., and $1,000, 1934 to 1938.
incl. Principal and interest payable (A. & 0.) at the office of the County
Treasurer. A certified check payable to the order of the Board of County
Commissioners, for 1% of the bonds offered is required.
GAINES AND CLAYTON TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 7, Genesee County, Mich.
-BOND SALE.
-The
955,000 school bonds offered on Feb. 7-V. 126, p. 749
-were awarded to
the First National Co. of Detroit, as 4s,at a premium of $724, equal to
101.30. a basis of about 4.38%. Dated Feb. 1 1928. Due Feb. 1 as follows:
91,000, 1930 to 1937, incl.; 52,000, 1938 to 1948, incl., and $2,500. 1949 to
1958. Incl.
GARDNER, Worcester County, Mass.
-LOAN OFFERING.
-Frank
B. Edgell, City Treasurer, will receive sealed bids until 11 a. m. Feb. 29.
for the purchase on a discount basis of a $200,000 temporary loan. Dated
March 11928. Denoms. to suit purchaser. Due $100,000 Nov.8 1928 and
$100,000 Nov. 15 1928. Payable at the First National Bank, Boston.
Legality to be approved by Ropes, Gray, Boyden Sz Perkins of Boston.
GATES COUNTY (P. 0. Gatesville), N. C.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on March 5 by W. T. Cross,
County Clerk, for the purchase of a $40,000 issue of 4'4% school funding
Dated March 1 1928 and due on March 1 as follows: $2,000 from
bonds.
1930 to 1934;$3,000. 1935 to 1939 and $5,000, 1940 to 1942, all incl. Prin.
and int.(M. & S.) payable in New York City. Peck, Shaffer & Williams
of Cincinnati will approve the legality of the bonds. Clerk will furnish
required bidding forms. A certified check, payable to the above clerk, for
2% par of the bonds, is required.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BOND OFFERING.
Sealed bids will be received by the Board of County Commissioners, until
12 m.(Eastern standard time). Mar. 19, for the purchase of $22,536 5 %
Improvement bonds. Dated April 11928. Due Oct. 1 as follows: $2,536,
1928: 92,000, 1929 to 1935 incl.: and $3.000, 1936 and 1937. Prin. and
int, payable at the office of the County Treasurer. A certified check payable to the order of the County Treasurer, for 10% of the bonds offered is
required.
-THE
-LAKE, Ashtabula County, Ohio.
GENEVA-ON
-BOND OFFERING.
-Sealed bids will be received by John Zimmerman, Village Clerk'
until 12 m. Mar. 10, for the purchase of an issue of $48,000 57 improve°
bonds. Dated Jan. 2 1928. Denom. $1,000. Due $2,000, Sept. 1
ment
1929 to 1952 Incl. A certified check payable to the order of the Village
Treasurer, for 51,000 is required.
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.
-The
Gloucester National Bank of Gloucester, was awarded on Feb. 15,a $300,000
temporary loan on a 3.54% discount basis. The following bids were also
submitted:
Discount Basis.
Safe
GloucesterSafe Deposit & Trust Co. (plus $S)
3.557
Shawmut Corp. of Boston
3.58
Cape Ann National Bank, Gloucester (plus $13)
3.60
GLOVERSVILLE, Fulton County, N. Y.
-BOND OFFERING.....
E.A.James, City Chamberlain, will receive sealed bids until 2 p. m. Mar.2.
for the purchase of an issue of $44,000 4 % registered street improvement
bonds. Dated Mar. 15 1928. Denom. $1.000. Due Mar. 15 as follows:
$14,000. 1929; $12.000, 1930; 87,000, 1931: 86,000, 1932 and 85,000. 1933.
Prin. and int. payable at the office of the above-mentioned official or at the
office of the Chase National Bank, New York City. A certified check for
2% of the bonds offered is required.
GREENFIELD SPECIAL ROAD AND BRIDGE DISTRICT (P. 0.
-BOND'OFFERING.-Sealed bids will
Dade City), Pasco County, Fla.
be received until noon of Mar. 13 by A. J. Burnside, Clerk of the Board of
Commissioners, for the purchase of a $250,000 issue of 6% road
County
and bridge bonds. Denom. $1,000. Dated Oct. 1 1927 and due on Oct. 1
1957. Prin. and Mt.(A. & 0.) payable at a bank in N. Y. City, A $500
certified check, drawn payable to B. A. Thomas. Chairman of the Board
of County Commissioners, must accompany the bid.
GREENPORT COMMON SCHOOL DISTRICT NO.1 (P.0.Hudson)
-BOND OFFERING.
-Sealed bids will be
Columbia County, N. Y.
received by Michael Briwa, Sole Trustee, until 2 p. m. March 1 at the office
of George 0. Inman, 12 South 4th St.. Hudson, for the purchase of an issue
of $80,000 coupon or registered school bonds. Dated March 1 1928.
Denom. $1,000. Due March 1 as follows: $2,000, 1929. and $3,000. 1930
to 1955. incl. Rate of interest to be named by bidder said rate to be stated
Prin. and int.
In a multiple of 1-20th of 1%.certified check payable in gold at the Farmers
payable to the order of Craig
National Bank, Hudson. A
Thornton, Treasurer. for $500 is required. Legality approved by Clay,
Dillon & Vandewater of New York City.
GREENVILLE, Washington County, Miss.
-PRICE PAID-BASIS.
-The $50,000 issue of 5% coupon refunding railway aid bonds awarded to
-V. 126, p. 750
Hibernia Securities Co. of New Orleans
-brought a
the
premium of $800, equal to 101.60, a basis of about 4.80%. Due on Dec. 31
as follows: $1.000 from 1928 to 1932; $2,000. 1933 to 1942 and $5,000, 1943
incl.
to 1947. all
-BOND SALE.
GULFPORT, Harrison County, Miss.
-An issue of
$150.000 41,1% street bonds has recently been purchased by the First
National Bank of Gulfport. (Refer to V. 126, P. 280.)
•
-BOND SALE.
-The $50,000 issue
GUYMON, Texas County, Okla.
coupon or registered sewage bonds offered for sale on Feb. 9-V. 125, p.
of
449
-has been awarded to the American First Trust Co. of Oklahoma City
as 4 % bonds for a 925 premium, equal to 100.05. a basis of about 4.74%
Denom. $1,000. Dated Feb. 1 1928 and due 310,000 on Feb. 1 1933, 1938:
1943, 1948 and 1953. The other bide were as follows:
Rai* Bid.
BidderPrim
5Par
R. J. Edwards, Inc., of Oklahoma City
Vint Trust Savings Bank of Tulsa
Par




1235

HARLINGEN INDEPENDENT SCHOOL DISTRICT (P. 0. Har-BOND DESCRIPTION.
lingen), Tex.
-The $120,000 issue of school
-bears interest at 5%. coupon in
bonds purchased recently-V. 126, p. 903
form and was awarded to the State of Texas at a price of 103.65. Denora.
$1,000. Dated Nov. 1 1927. Due serially, non-optional.
HARTFORD SOUTH SCHOOL DISTRICT (P. 0. Hartford), Hart.
-BOND SALE.
-The $600,000 4% coupon school
ford County, Conn.
-were awarded to Conning & Co.
bonds offered on Feb. 17-V. 126, P.903
and R. L. Day & Co., jointly, at a premium of $7,794. equal to 101.29, a
basis of about 3.89%. Dated Mar. 1 1928. Due $15,000, Mar. 1 1929
to 1968 incl.
-The bonds are now being
BONDS OFFERED FOR INVESTMENT.
offered by the successful bidders priced to yield from 3.80% to 3.85%,
according to maturity.
-BOND SALE.
HAZLEHURST, Copiah County, Miss.
-A $23.000
issue of 4 % refunding bonds has recently been purchased by an unknown
investor.
HEBER SCHOOL DISTRICT (P. 0. El Centro), Imperial County,
-PRICE PAID.
Calif.
-The $2,500 issue of 6% coupon school bonds that
-to the Elmer J. Kennedy Co. of
was awarded on Feb. 7-V. 126, p. 1075
Los Angeles, was purchased by them at par.
-BOND OFFERING.
HELT TOWNSHIP, Vermilion County, Ind.
Sealed bids will be received by Davis S. Wellman, Trustee, until 10 a. m.
% high school building
Mar. 17 for the purchase of an issue of $34.000
bonds. Dated Apr. 1 1928. Denom. $500. Due as follows: $1,000.
July 1 1929, and $1.000 Jan. and $1,000 July 1 1930 to 1942 Inclusive.
-A
HENRY COUNTY (P. 0. Mt. Pleasant), lowa.-BOND SALE.
$200,000 issue of 43% semi-annual road bonds was awarded on Feb. 16,
to the White-Phillips Co. of Davenport for a $350 premium,equal to 100.175
a basis of about 4.22%. Denom. $1,000. Dated March 1 1928. Due
$20,000 yearly from 1933 to 1942. Optional after 1933.
-PRICE PAID.
HIGHLAND PARK EAST PARK DISTRICT, Ill.
The price paid for the $22,000 57o coupon bonds awarded to the Harris
Trust & Savings Bank of Chicago, in-V. 126, p. 750
-was 102.50, a basis
°
of about 4.307. The bonds are dated Jan. 10 1928 and mature July 10
as follows: 920,000, 1932; and $2,000, 1933.
-BOND SALE.
-A $40,000
HOLDENVILLE, Hughes County, Okla.
Issue of school buildings bonds has been purchased by the First National
Bank of Holdenville. (Rate and price not given.)
HUNTINGTON (P. 0. Huntington), Huntington County, N. Y.BOND oFFERING.-Sealed bids will be received by Richard W. Hawkins,
Town Supervisor, until 2 p. m. Feb. 28, for the purchase of the following
issues of coupon or registered bonds aggregating $585,000. rate of interest
not to exceed 45%:
9500,000 highway bonds. Due $25,000, Jan. 1 1933 to 1952. inclusive.
85,000 Incinerator bonds. Due $5.000, Jan. 1 1936 to 1952, inclusive.
Dated Jan. 1 1928. Denom. $1,000. Rate of interest to be stated in a
multiple of K, of 1%, one rate to apply to the entire offering. Prin. and
int. payable in gold at the Bank of Huntington. A certified check, payable
to the order of the Town for $12,000, is required. Legality approved by
Clay, Dillon & Vandewater of New York City.
-WARRANT OFFERING.
IOWA, State of, (P. 0. Des Moines),
Subscriptions will be received by R. E. Johnson, State Treasurer, until the
close of business on Feb. 25, for the purchase of two issues of 4li% anticipatory warrants aggregating $400,000 as follows:
$200,000 issue. Par value $2,000 each. Du&on or before Aug. 1 1929.
200,000 issue. Par value $2,000 each. Due on or before Sept. 1 1929.
The warrants are offered at par and accrued int., subject to prior sale.
Payments to be made on or before Mar. 1 1928.
-Halsey, Stuart
JACKSON, Jackson County, Mich.
-BOND SALE.
& Co. of Chicago, were awarded on Feb. 13. an issue of $50,000 sewerage
system bonds, bearing interest at the rate of 4g %,at a premium of $543.
equal to 100.90.
JACKSON COUNTY (P. 0. Jackson), Ohio.
-BOND SALE.
-The
$36,982.94 road bonds offered on Feb. 20 (V. 126, p. 904) were awarded to
Otis & Co. of Cleveland as 45(s, at a premium of $38, equal to 100.102.
a basis of about 4.20%. Due Sept. 1 as follows: 54,000, 1929 to 1934 incl.
93,000. 193$ to 1937 incl., and 83,982.94, 1938.
The following is a list of bids submitted for the bonds:
Premium.
Rate.
BtddersBlanchet, Bowman & Wood
$258.88
%
Otis & Co. (successful bidder)
38.00
43(%
I 423.00
4%
Guardian Trust Co
1 1.234.00
5%
Bohmer Reinhart Co
52.00
%
Seasongood & Mayer Co
1,313.00
5%
Weil, Roth & Irving Co
1,284.00
57
175.00
50
Asset, Goetz & Moerlein Co
1,306.00
5°
The Herrick Co
1,270.00
Ryan, Sutherland & Co
5%
1,155.00
A. E. Aub & Co
57
0
1270.06
Taylor-Wilson Co
57
11:064.00
5
W.L. Slayton & Co
1 251.00
4%
-The $800.000
-BOND SALE.
JACKSONVILLE,Duval County, Fla.
issue of 5% coupon, electric light plant improvement, issue of 1926 bonds,
-was awarded to Stone & Weboffered for sale on Feb. 16-V. 126, p. 608
ster & Blodget, Inc. and associates of New York City for a premium of
542.648. equalto 105.331. a basis of about 4.22%. Denom.$1,000. Dated
Aug. 11926. Due 5200,000 from Aug. 1 1934 to 1937 incl. Prin. only of
bonds may beregistered.
-CERTIFICATE AND
JAMESTOWN, Chautauqua County, N. Y.
BOND SALE.
-Rutter It Co. of New York City were awarded on Feb. 24
the following issues of certificates and bonds, aggregating $127.408.44, as
4s at 100.143:
$66.444.44 paving certificates. Due Mar. 15 as follows: $7,944.26, 1929,
and $6,500, 1930 to 1938 inclusive.
48,131.23 repaving bonds. Due Mar. 15 as follows: $7,631.23. 1929,
and $4,500, 1930 to 1938 inclusive.
12,832.95 paving bonds. Due Mar. 15 as follows: $3,832.95, 1929. and
$1,000. 1930 to 1938 inclusive.
Dated Mar, 15 1928. Prin. and tht. payable at the office of the City
Treasurer,
-At a
JASPER COUNTY (P. 0. Newton), lowa.-BONDS VOTED.
special election held on Feb. 20, the authorized electors approved the issuance of $500,000 in county gravel road bonds by a large majority. According to the "Des Moines Register" of Feb. 21:
Unofficial returns from all precincts gave the issue a total of 3,432 votes
for and 800 against. The plan calls for graveling 135 miles. Jasper County
the accounts say once turned down a vote for bonds to both gravel the
county roads and pave the primaries. This issue was defeated by the rural
vote. It was handled,it is stated, under the plan which requires a carrying
vote In both the town and country.
JOHNSON COUNTY (P. 0. Franklin), Ind.
-BOND SALE.
-The
$4,283 57 County bonds offered on Feb. 11-V. 126, p. 808
-were
awarded to S. E. Henry of Indianapolis, at a premium of $106.97, equal to
102.497. The bonds are coupon in form.
JOHNSTON COUNTY (P. 0. Smithfield), N. C.
-BOND SALE.
The $750,000 issue of school building bonds offered for sale on Feb. 17V. 126, P. 750
-has been awarded to a group composed of the National
City Co. and Harris, Forbes & Co., both of New York and the Wachovia
Bank & Trust Ce. of Winston-Salem as 45% bonds at a price of 102.19,
a basis of about 4.33%. The next bid was 102.18. submitted by Taylor,
Ewart & Co. C. W. MeNear & Co. offered 102.11, or 70 cents a bond
less than the second group. Denom. $1.000. Dated Feb. 1 1928, and due
on Feb. 1 as follows:$15,000 from 1931 to 1935:$20,000 from 1936 to 1940:
825,000. 1941 to 1945; $30,000 in 1946, and $35,000 from 1947 to 1958. all
incl. Prin. and int. (F. & A. 1) payable at the Hanover National Bank
In New York City. These bonds come under the North Carolina county
Finance Act. Caldwell & Raymond of New York will approve.
These bonds are now being offered by the purchasers for public subscription priced to yield approximately from 4.15 to 4.20%, according to
maturity. They are eligible to secure postal savings deposits, are all exempt from all income taxes. The County, with a population according to
the 1920 census of 48.988, has,it is stated, a conservative debt the officially.
reported assessed valuation for taxation being. $43.420,000 with the actual
value of suck property estimated at $60,000,000. After deducting the

1236

FINANCIAL CHRONICLE

sinking fund only from the gross debt there is a net indebtedness of $3,213,586.
-W.
JOHNSTOWN, Cambria County, Pa.
-BOND OFFERING.
Winston Davis, City Treasurer, will receive sealed bids until 10 a. m.
Mar. 19,for the purchase of an issue of$200,000 334% (1928)river improvement bonds. Dated Apr. 1 1928. Denom. 31,000. Due as follows:
320.000. Apr. 1, 1930 to 1938 incl.; and $20,000, Dec. 31 1928. A certified
check for $2,000 is required.
KANSAS CITY, Wyandotte County, Kan.
-BOND ELECTION.
It is unofficially reported that a special election will be held on May 8, for
the purpose of having the voters pass upon a $14,000,000 bond improvement
program.
-A
KEOKUK COUNTY (P. 0. Sigourney), lowa.-BOND SALE.
$200,000issue of 431% road bonds was recently awarded to the First National
Bank of Sigourney for a premium of $1,901, equal to 100.95.
-BOND SALE.
K1TTITAS COUNTY (P. 0. Ellensburg), Wash.
The $150,000 issue of coupon general road, series B bonds offered for sale
-was awarded to Murphy, Favre & Co. of
on Feb. 17-V. 126. p. 608
Spokane as 431% bonds, for a premium of 31.142, equal to 100.761, a
basis of about 4.17%. Dated when sold. Due 1930 to 1948 incl.
The bids and bidders in detail were as follows:
Rate.
Premium
Bidder
$1,252.00
434
N. S. Hill & Co., Cincinnati
95.50
434
Marine National Bank, Seattle
425.00
434
Taylor, Wilson & Co., Inc., Cincinnati
63.00
43
Geo. H Burr. Conrad & Broom, Inc., Seattle
par
4.10
State Finance Committee, Washington
950.00
The Old National Bank & Union Trust Co.. Spokane -431
1,142.20
43
*Murphy, Favre & Co., Spokane
1,050.00
4
Blyth Witter & Co., Seattle
1,140.00
4
First National Bank, Seattle
Baillergeon, Winslow & Co. & Lumberman's Trust Co.,
431
405.00
Seattle
*Successful bid.
-BIDDERS.
-The folKLAMATH FALLS, Klamath County, Ore.
lowing is a compltete detailed list of the bidders and the bids they sub-for the $94,996.97 issue of 4.90%
mitted on Feb. 13-V. 126, p. 1076
coupon street improvement bonds awarded to the First National Bank of
Klamath Falls:
Price Bid.
Names of Other BiddersWeil Roth & Irving-par & accrued int.-premium of $28-int. at 6%,
-3101.12 for each $100 & acc. int.-int. at 534%•
Blyth, Witter & Co.
-$100.51 for each $100 & ace. int.-int. at 5%•
Peirce, Fair & Co.
-par, acc., int. premium of $1,111.-int. at 6%•
Durfee, Niles & Co.
Seasongood & Mayer-par & accr. int, premium of $573-int. at 534%.
Atkinson, Jones & Co., Geo. Burr. Conrad & Broom, Ferris & Hardgrove$100.87 on every $100 & acc. int.-Int. at 5j%.
-par $275.50 pre. & acc. Int.-Klamath Falls
American Nat'l Bank
hat. at 531%•
(P. 0. Johnson City), Williamson
LAKE CREEK TOWNSHIP
-The Hanchett Bond Co. of Chicago, was
-BOND SALE.
County, III.
recently awarded an issue of $14,000 6% road bonds. Dated Jan. 2 1928.
Denom. $1,000. Due July 1 as follows: $1,000, 1930 to 1937 incl.; and
$6,000, 1938. Prin. and Mt. payable at the Citizens State Bank, Johnson
City. Legality approved by Holland M. Cassidy of Chicago.
-BOND OFFERING.
LAKE COUNTY (P. 0. Crown Point), Ind.
Sealed bids will be received by William E. Whitaker, County Auditor,
until March 12, for the purchase of an issue of $40,000 5% bonds. Dated
Jan. 2 1928. Due as follows: 31.000, July 1 1928; $1,000. Jan. and July 1
1929 to 1947 incl.; and $1,000, July 1 1948. A certified check for 3% of the
bonds offered is required. These bonds were scheduled to have been sold
-but due to an error in the official advertisement
on Feb.20-V.126,P.904
the sale was postponed.
LAKE COUNTY SCHOOL DISTRICT NO.34 (P. 0. Antioch), Ill.
-The $45.000 434% school bonds offered on Feb. 20-V.
BOND SALE.
-were awarded to Halsey. Stuart & Co. of Chicago. at a
126. p. 1076
premium of 31,160, equal to 102.577. The bonds mature serially in from
1 to 6 years.
LAKEWOOD,Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received by A. I. Kauffman, Director of Finance, until 12 m.
(Eastern standard time) March 3, for the purchase of the following issues
of bonds aggregating $585,000:
% park bonds. Due Oct. 1 as follows: $4,000. 1929 to 1933,
$125,000
incl., and $5.000, 1934 to 1954, incl.
125,000 5% city portion paving bonds. Due Oct. 1 as follows: $12,000,
1929 to 1933, incl., and 313,000, 1934 to 1938, incl.
100,000 434% grade crossing elimination bonds. Due Oct. 1 as follows:
$3,000, 1929 to 1948, incl., and $4,000, 1949 to 1958, incl .
,
100,000 434% street opening bonds. Due $4,000, Oct. 1 1929 to 1953.
incl.
60,000 435% city portion, sewer bonds. Due Oct. 1 as follows: $2,000.
1929 to 1943, incl., and $3,000. 1944 to 1953, incl.
40,000 43.% city portion, water bonds. Due Oct. 1 as follows: $1,000.
1929 to 1938, incl., and 32.000, 1939 to 1953, incl.
25,000 5% park bonds. Due Oct. 1 as follows: 31,000. 1929;and $2,000,
1930 to 1941, incl.
10,000 5% fire department bonds. Due Oct. 1 as follows: 51.000,
1929 to 1936, incl., and 52.000, 1937.
Dated April 1 1928. Denom. $1,000. Prin. and int. (A. & 0.) payable at the office of the Director of Finance. A certified check payable to
the order of the City for 5% of the bonds offered is required.
Statistics.
Assessed valuation of the taxable property of the munici$144,382,290.00
pality as shown by the tax duplicate of 1927
Total of all bonds and notes or other evidences of indebted5,163.037.20
ness issued and outstanding, including the present issues.
Tax rate for 1927, $2.31 per $100 valuation.
Population, 1920 census, 41,732; population now estimated, 65.000.
-BOND ELECTION.
-At the
LANSING, Ingham County, Mich.
April elections the electors will be asked to approve the issuance of $300.000
bonds, the proceeds of which would be used to construct the new Logan St.
bridge and viaduct. The total cost is estimated at $425,000, of which the
Grand Trunk RR. has agreed to pay $80,000 and the Michigan Central RR.
$35,000, which would leave only $15,000 to be taken from the contingent
fund should the issue be approved.
-BOND SALE.
-The
LARCHMONT, Westchester County, N. Y.
$3150,000 coupon or registered park improvement bonds offered on Feb. 16Estabrook & Co. of New York City,
V. 126, p. 904
-were awarded to
as 4's, at 101.28, a basis of about 3.88%. Dated Feb. 15 1928. Due
$5,000. Feb. 15 1933 to 1962 incl.
-Sealed bids
-BOND OFFERING.
LARGO, Pinellas County, Fla.
bids will be received until 7.30 P. in. on Mar. 13. by W. M. Hoak, City
$75,000 issue of 6% refunding bonds.
Manager, for the purchase of a
Denom. $1,000. Dated Mar. 1 1927 and due $5,000 yearly from Mar. 1
1930 to 1944 incl. Prin. and semi-annual int. payable at the bank the purchaser designates. Either Caldwell & Raymond of New York City or
Storey, Thorndike, Palmer & Dodge of Boston will approve legality. A
par of the bid, is recertified cheek, Payable to the City Treasurer, for 2%
quired.
OFFERING.
-Sealed old
-BOND
LEESBURG, Lake County, Fla.
will be received until 8 p. m. on March 12, by W. E. Harkness. City Clerk
for the purchase of two issues of bonds aggregating $143,000 as follows
3125,000 refunding of 1928 bonds. Int, rate not to exceed 6%. Due on
April 1 1933. 1938, 1943, 1948 and 1953. The City Clerk will
furnish required bidding forms. A 32.500 certified check, payable to the Clerk, is required.
18,000 6% series G, paving bonds. Due on April 1 1938. A $1.000
certified check, payable to the Clerk, must accompany this bid.
Dated April 11928. Prin, and semi-annual int, payable at the National
City Bank in New York City. Caldwell & Raymond of New York City
will furnish legal approval.
LEET TOWNSHIP SCHOOL DISTRICT, Allegheny County, Pa.
BOND OFFERING.-Sealed bids will be received by Thomas W. Neely,
Solicitor, until 7:30 p. m. Mar. 13, for the purchase of an issue of 310,000
434% school bonds. Dated Mar. 1 1928. Denom. $1,000. Due $1.000.
Mar. 1 1933 to 1942 incl. A certified cheek payable to the order of the
Secretary of the School District, fer 51,000 is required.




[Vol,. 126.

LEWISTOWN, Mifflin County, Pa.
-BOND OFFERING.
-Sealed
bids will be received by H. E. Fetterolf, Borough Secretary, until 7:30 P. in.
Mar. 3, for the purchase of an issue of $10,000 434% series No. 12, street
improvement bonds. Dated Feb. 1 1928. Denom. $1,000. Due Feb. 1
1958 optional after Feb. 1 1938.
LINCOLN COUNTY (P. 0. Fayetteville), Tenn.
-BOND OFFERING.
-Sealed bids will be received until Mar. 14 by A. E. Simms, County
Judge,for the purchase of a 350,000 issue of 5% semi-annual school bonds.
LUCAS COUNTY (P. 0. Chariton), Iowa.
-BOND SALE.
-The
$200,000 issue of 431% coupon annual primary road bonds offered for sale
on Feb. 14-V. 126, p. 905
-has been awarded to George M. Bechtel &
Co. of Davenport for a premium of $1.825. equal to 100.9125, a basis of
about 4.13%, if run to final maturity. Denom. $1,000. Dated Mar. 1
1928. Due $20,000 from May 1 1933 to 1942 incl. Optional after 1933.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND SALE.
-The
$287,260 5% sewer bonds offered on Feb. 16-V. 126. p.608
-were awarded
to Braun, Bosworth & Co. of Toledo and the Detroit Trust Co. of Detroit,
jointly, at a premium of $13,264. equal to 104.613. a basis of about 3.97%.
Dated Jan. 10 1928. Due as follows: $29,260, 1929; $29,000, 1930 to
1935 incl.; $28,000, 1936 to 1938 inclusive.
LYNN, Essex County, Mass.
-TEMPORARY LOAA .-The Sagamore
,
Trust Co. of Lynn, was awarded on Feb. 24, a $300,000 temporary loan on
a 3.53% discount basis. The loan matures Nov. 1 1928.
MADISON SCHOOL TOWNSHIP, Montgomery County, Ind.
BOND SALE.
-The 356.000 44% school building bonds offered on Jan.
24-V. 126, p. 135
-were awarded to the City Trust Co. of Lafayette,
at a premium of $2,177.50, equal to 103.888, a basis of about 3.65%.
Dated Jan. 24 1928. Due $2,800, Jan. and July 15 1929 to 1938 incl.
MAHONING COUNTY (P. 0. Youngstown), Ohio.
-BOND OFFERING.
-Sealed bids will be received by Mildred Black, Clerk Board
of County Commissioners, until 10 a. m. (central standard time) Mar. 6,
for the purchase of the following issues of 5% improvement bonds aggregating $67,500:
$22,000 Maple Drive bonds. Dated July 1 1927. Due Oct. 1, as follows:
$2.000, 1928 to 1931 incl.; $3.000, 1932: $2,000, 1933 to 1936 incl.;
and $3,000,1937.
20,000 South Range Center Road bonds. Dated Oct. 1 1927. Due
Oct. 1, as follows: $1,000. 1928; $2.000. 1929 to 1036 incl.; and
53,000. 1937.
13,500 Four Run Mile road bonds. Dated Jan. 1 1928. Due Oct. 1,
as follows: 31,000, 1929 and 1930; 32.000, 1931; $1,000. 1932;
$2,000. 1933; $1,000, 1934; 31,000, 1935; $2.000, 1936; 31,000.
1937; and $1,500, 1938.
8.000 Canfield-Palmyra road bonds. Dated July 1 1927. Due Oct. 1,
as follows: $1,000, 1928; 32,000, 1929; 31.000. 1930: and $2.000,
1931 and 1932.
4.000 Beachwood Drive bonds. Dated Oct. 1 1927. Due $500, Oct. 1
1928 to 1935 incl.
A certified check of $500 for each issue, payable to the order of the County
Treasurer, is required.
MAHONING COUNTY (P. 0. Youngstown), Ohio
-BOND OFFERING.
-Sealed bids will be received by Mildred Black, Clerk Board of
County Commissioners, until 11 a. m. (Eastern standard time) Mar. 12,
for the purchase of an issue of $40,930.86 434% improvement bonds.
Dated Dec. 1 1927. Denom. $1,000, except one bond for $930.86. Due
Oct. 1 as follows: $4,930.86, 1929; $4,000, 1930; $5,000, 1931; $4,000,
1932: $5,000. 1933; 34,000, 1934: $5,000, 1935: $5,000, 1936: and $5,000,
1937. A certified check payable to the order of the County Treasurer, for
$2,000 is required.
MAINE TOWNSHIP HIGH SCHOOL DISTRICT NO. 207 (P. 0.
Des Plaines), Cook County, 111.
-The National City
-BOND SALE,
Co. of New York, was recently awarded an issue of $500,000 431% coupon
school bonds at 102.26, a basis of about 3.99%. Dated Feb. 1 1928.
Denoms. 55.000. Due July 1 as follows: $15,000. 1932 to 1935 incl.;
$25,000, 1936 to 1940 incl.: $35,000, 1941 to 1944 incl.; $50,000, 1945 and
1946; and 375,000, 1947. Interest payable (J. & J.). Legal opinion by
Chapman & Cutler of Chicago.
MANSFIELD, Richland County, Ohio.
-BOND OFFERING.
Sealed bids will be received by P. L. Kelly, City Auditor, until 1 p. m.
Mar. 13, for the purchase of an issue of 377,250 6% special assessment
improvement bonds. Dated Mar, 1 1928. Due as follows: $9.100.
Mar. and Sept. 1 1929 and 1930; $9,100, March and $9.050. Sept. 1 1931;
35.700, March and Sept. 1 1932; and $5,700, March and $5,600, Sept. 1
1933. A certified check payable to the order of the City Treasurer for 2%
of the bonds offered is required.
MANSFIELD SCHOOL DISTRICT, Tioga County, Pa.
-BOND
OFFERING.
-Sealed bids will be received by Lyman D. Goodspeed, Secretary Board of Directors, until 7.30 p. m. Feb. 25 (to-day) for the purchase
of an issue of $9,500 4.40% school bonds. Dated Feb. 25 1928. Denom.
$2,500. Due Oct. 1, as follows: $2,000, 1933 and 1934; $2,500, 1935; and
$3,000, 1936.
MARISSA SCHOOL DISTRICT, St. Clair County, 111.
-PRICE
PAID.
-The price paid for the $50,000 43.5% school bonds awarded to
the White-Phillips Co. of Davenport in-V. 126, p. 905
-was par. Dated
Feb. 1 1928. Coupon bonds in denoms. of $1,000. The bonds mature
serially in from 3 to 20 years. Interest payable Feb. and Aug. 1.
MARLBORO, Middlesex County, Mass.
-TEMPORARY LOANHarris,Forbes & Co.of Boston,were recently awarded a 5100,000 temporal,'
loan on a 3.32% discount basis. The loan matures $50.000, on Oct. 10 and
Oct. 24 1928. The following bids were submitted:
Bidder
Discount Basis.
R. L. Day & Co
Peoples National Bank
3.637%
Old Colony Corp
3.645%
Merchants National Bank
3.65
Curtis & Sanger
3.65
First National Bank (Boston)
3.66%
MARSHALLTOWN Marengo County, Iowa.
-BOND OFFERING.Sealed bids will be received until 7:30 p. in. on Mar. 6 by Anne McMahon,
City Clerk,for the purchase of an issue of 3125.000 coupon Liberty Memorial
bonds. Int. rate not to exceed 434%. Denom. $1,000. Dated Mar. 1
1928. Due as follows: $12,000 May and $7,000 Nov. 1 1933; 53,000
May and Nov. 1 1934 to 1937; $3,000 May and $4,000 Nov. 1 1938 to 1940:
54.000 May and Nov. 1 1941 to 1,943; 34,000 May and $5,000 on Nov. 1
1944 to 1946, and 54,000 May and $6000 Nov. 1 1947. Optional on and
after Mar. 1 1929. Int. payable semi-annually. Principal only of bonds
may be registered. Chapman & Cutler of Chicago will furnish legal approval. A certified cheek for 2% of the bid is required.
-The
McPHERSON, McPherson County, Kan.
-BOND SALE.
$23,000 issue of 431% improvement bonds offered for saloon Feb. 13-V.
126, p. 751-has been awarded to the State School Fund Commission at
par. Denoms. $1,000 and $300. Dated Feb. 1 1928. Due $2,300 from
Jan. 1 1929 to 1938 incl.
MENOMINEE, Menominee County, Mich.
-BOND OFFERING.Sealed bids will be received by August Seigel, City Clerk, until 5 IL in.
Mar. 5 for the purchase of an Issue of 360.000 4)4% reconstruction drawbridge bonds. The bonds are dated April 1 1928 and mature 34,000 from
Oct. 1 1932 to 1946 incl. Interest payable semi-annually.
MERCHANTVILLE, Camden, County, N. J.
-BOND OFFERING.Sealed bids will be received by Charles S. Ball, Borough Clerk, until 8 p. m•
March 1,for the purchase of an issue of434% coupon or registered municipal
building bonds not to exceed 570,000, no more bonds to be awarded than
will produce a premium of $1,000 over $70,000. Dated Mar. 1 1928.
Denom, $1,000. Due Mar. 1, as follows: $2,000. 1929 to 1933 incl.; and
53,000, 1934 to 1053 incl. Prin. and int, payable in gold at the Merchant
ville Trust Co., Merchantville. A certified check payable to the order
of the Borough,for 2% of the bonds bid for is required. Legality approved
by Hawkins, Delafield & Longfellow of N. Y. City.
METUCHEN, Middlesex County, N. J.
-BOND SALE.-Tho $370,900
5% coupon or registered temporary improvement bonds offered on Feb.
-were awarded to Barr Bros. k Co. of New York City
20-V. 126, p. 905
at a premium of $3,130.20, equal to 100.846, a basis of about 4.12%. The
bonds are dated Feb. 1 19211 and mature Feb. 1 1929.
-On March
MIDLAND, Midland County, Tex.
-BOND ELECTION.
12 there will be held a special election to have the voters pass upon the

FEB. 25 1928.]

FINANCIAL CHRONICLE

proposition of issuing $100,000 in bonds for school building and improvement purposes.
MIDDLETOWN, Butler County, Ohio.
-BOND SALE.
-The DaviesBertram Co. of Cincinnati, was recently.awarded an issue of $11.970 improvement bonds, bearing interest at the rate of 4H% at a premium of
$9.00 equal to 100.076.
MINNEAPOLIS, Hennepin County, Minn.
-FINANCIAL STATE-The following detailed statement is furnished in connection with
MENT.
the offering on Feb. 27(V. 126, p. 1076) of the three issues of coupon bonds,
aggregating $1,351,875.57:
Financial Statement Feb. 6 1928.
Assessed
Full and True
Valuation 1927. Valuation 1927.
Real property
$266,066.076.00 $661,681.180.00
Personal property
48,238,693.00 160.967.912.00
Moneys and crits
109,160.400.00 106,257.350.00
Total
$423,465.169.00 $928,906.442.00
Population-National census
-1910, 301.408: 1920. 380,592. The City
of Minneapolis was incorporated Feb. 6 1867.
Outstanding Bonds.
Sinking fund liability bonds
$45,440,431.94
Street improvement et al bonds
16,629,720.59
This sale
1.351.875.57
Total
$63,422,028.10
Water works bonds included in the above are
$3,362,000.00
Sinking Fund.
City of Minneapolis and other bonds, and cash
$4.434,854.37
The bonds held in the sinking fund are 33,4. 43 . 434, 5, 5.H and 6%
,
(
and are carried at their face value.
The city has never defaulted or delayed payment of principal or interest
on its bonds.
MITCHELL COUNTY (P. 0. Osage), lowa.-BOND SALE.
-A $42,
500 issue of refunding bonds has been disposed of to local investors. (Rate
and price not given.).
MOHAVE COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Kingman),
Ariz.
-BOND SALE.
-Local investors have purchased an issue of $125,000
school bonds.
MONROE COUNTY (P.O. Albin), Iowa.
-BOND SALE.
-A $200.000
Issue of 414% primary road bonds has recently been purchased by George
M. Bechtel & Co. of Davenport for a $600 premium, equal to 100.30, a
basis of about 4.19%. Denom.$1,000. Dated Mar. 11928. Due $20,000
yearly from May 1 1933 to 1942 incl. Optional after 1933.
MONTEREY, Monterey County, Calif.
-BOND SALE.
-The $30,000
issue of 5% municipal improvement bonds offered for sale first on Feb. 7,
and deferred until Feb. 14-V. 126, p. 609
-has been awarded to Bond
& Goodwin & Tucker of San Francisco for a premium of $2,856. equal to
109.52, a basis of about 4.24%. Denom. $1,000. Dated Oct. 1 1927.
Due $2,000, from 1939 to 1953 incl. The Crocker-First National Bank
of San Francisco was second highest offering a price of 109.27.
The other bidders and their bids were as follows:
BidderPrice Bid.
Peirce, Fair & Co
$2,721
Anglo London Paris Co
2,675
United Bank and Trust Co
2,657
It. H. Rollins & Sons
2,628
2.619
Freeman. 8rnith & Camp Co
2,523
MONTEZUMA SCHOOL DISTRICT (P. 0. Montezuma), Iowa.
-An issue of $115,000 4% school bonds has
BOND SALE.
purchased by George M. Bechtel & Co. of Davenport for arecently been
$5 premium,
equal to 100.003, a 'basis of about 3.99%. Due in 1948.
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND
OFFER-Sealed bids will be received by Berry E. Clark, Clerk Board of
ING.
County Commissioners, until 12 m. Mar. 6, for the purchase of an issue of
$30,000 5% Brookeville Pike grade crossing elimination (1927) bonds.
Dated March 11928. Denom. $500. Due $1,500, Mar. 1, 1929 to 1948
Inclusive. A certified check payable to the order of the County Commissioners, for $500 is required.
MORELAND, Woodward County, Okla.
-BOND SALE.
-TWO isS1109
of bonds have been purchased by the First Trust & Savings Bank of Tulsa.
The issues aggregate $65,000 as follows:
$38,000 5H7 water and sewer bonds. $27,000 5% water and sewer bonds.
The bonds brought a $15 premium equal to 100.023.
MOUNDS, Pulaski County, 111.
-BOND SALE.
-An issue of
school bonds bearing interest at the rate of 4y,% and maturing $60.000
serially
in from 1 to 20 years, was awarded on Jan. 28, to the White-Phillips Co.
of Davenport.
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny County, Pa.
-BOND SALE.
-The $230.000 4H
coupon school bonds offered on Feb. 20-V. 126. p. 751-were awarded %
B. M. Snyder & Co. of Philadelphia, at a premium of $9,425, equal to
to
104.107, a basis of about 3.92%. Dated Dec. 1 1927. Duo
follows: $30,000, 1932: and $40,000, and $50,000, in each of Dec. 1. as
the years,
1937. 1942. 1952 and 1957.
The following bids were also submitted:
Bidder
Premium.
Mellon National Dame
$8,952.06
National City Co
7,679.70
Holmes & Co
J. H.
8,480.00
E. H. Rollins & Sons
6.895.00
Prescott, Lyon & Co
7,981.00
S. M. Vockel & Co
7,169.00
MOUNT PENN SCHOOL DISTRICT, Pa.
-BOND SALE.
-The
$50.000 4H% coupon or registered school bonds offered on Feb. 15-V.126.
p. 752-were awarded to the Mount Penn Trust Co. of Mount Penn, at a
premium of$3,901.34 equal to 107.602,a basis ofabout 3.94% Dated
.
Feb.1
1928. Duo Feb. 1 as follows: 51,000, 1930 to 1946 incl.; $2.000, 1947
to 1950 incl.: $3,000, 1951 to 1957 incl.; and 54.000, 1958. The following
bids were also received:
Bidder
Premium.
Reading National Bank
$3,250
R. M. Snyder & Co
3,330
E. II. Rollins & Sons
3.256
NASHUA, Willsborough County, N. H.-TE5fPORARY
LOAN.
Sealed bids will be received by the City Treasurer, until 10 a. m. Feb. 29.
for the purchase on a discount basis of a $100.000 temporary loan. The
loan matures on Dec. 10 1928.
NEW CASTLE COUNTY (P. 0. Wilmington), Del.
-BOND
-Sealed bids will be received by Charles Simon, Jr., Chairman OFFERING.
Finance
Committee. until 12 m. Mar. 6, for the purchase of the following issues of
bonds aggregating $150,000:
4H%
$100 000 coupon or registered highway impt. bonds. Dated Dec. 1 1925.
Due 520.000, Dec. 1 1950 to 1954 inclusive.
50 000 coupon bridge improvement bonds. Dated June 1 1922. Due
June 1, as follows: $15.000, 1960; $10,000, 1961; 315.000. 1962
and $10.000, 1963. These bonds are registerable as to principal
only.
Denom. $1,000. Prin. and Int. payable in gold at the Farmers Bank,
Wilmington. The U. S. Mtge. & Trust Co. of N. Y. City, will supervise
the preparation of the bonds and will certify as to their genuineness. A
certified cheek payable to the order of the County Treasurer, for 2%
of the bonds offered is required. Legality to be approved by Caldwell
& Raymond of N. Y. City.
Financial Statement.
Assessed valuation of taxable property (1927-28)
$193.185,446.55
debt, exclusive of these issues
Bonded
5,231.000.00
Population (Census of 1920)
148,239
-51,245.000 IMPROVENEW HAVEN, New Haven County, Conn.
-The five issues of 4% coupon or registered
BONDS MARKETED.
MENT
bonds aggregating $1,245,000 awarded on Feb. 16, to a syndicate composed
of H. L. Allen & Co., First National Bank, G. L. Austin & Co. (Hartford)
-V. 126. P. 1076.
and Gibson Leefe & Co., at 102.09. a 3.80% basis
are now being offered by the successful bidders priced to yield 3.75%.
It is stated that the bonds are direct and general obligations of the entire




1237

city and are legal for investment by savings banks and trust funds in New
York, Massachusetts and Connecticut.
Financial Statement.
Assessed valuation (1927)
5315,738,245.00
Total bonded debt (including this Issue)
12,688,000.00
Less sinking fund
1,091,214.91
Net bonded debt
11,596.785.09
Population (1920 census). 162,537: population (1927 est.), 184,900.
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.
-Salomon Bros. & Hutzler of Boston, were awarded on Feb. 16, a $100.000
temporary loan on a 3.64% discount basis plus a premium of $3.00. The
following bids were also submitted:
BidderDiscount Basis.
Shawmut Corp. of Boston
3.68%
Old Colony Corp
3.735%
S. N. Bond & Co
3.74%
Aquidneck National Exchange Bank & Savings Co
3.74%
NORTHAMPTON COUNTY (P. 0. Jackson), N. C.
-BOND SALE.
The $55,000 issue of coupon school funding bonds offered for sale on Feb.
-has been awarded to the Provident Savings Bank &
15-V. 126. p. 609
Trust Co. of Cincinnati as 43 % bonds, for a premium of $317.90, equal to
100.57. a basis of about 4.44%. Denom. 51.000. Dated Feb. 15 1928
and due on Feb. 15, as follows: $2,000, from 1930 to 1934 and 55.000.
from 1935 to 1943 all inclusive.
NORTHAMPTON COUNTY (P. 0. Easton), Pa.
-BOND SALE.
The 3800.000 434% road and bridge improvement bonds offered on Feb.
-were awarded to the National City Co. and Harris,
24-V. 126, p. 906
Forbes & Co., both of New York City, jointly, at 106.339. a basis of about
3.89%. The bonds are dated April 1 1928 and mature April 1 1958.
OAK HILL JUPITER SPECIAL SCHOOL TAXING DISTRICT
-BOND OFFERING.
(P. 0. Asheville), N. C.
-Sealed bids will be received until noon a Mar. 17 by A. C. Reynolds, Superintendent of the
Board of Education, for the purchase of a $60,000 issue of school bonds.
Int. rate not to exceed 6%. Denom. $1,000. Dated Mar, 1 1928 and
due on Mar. 1 as follows: $1.000 from 1931 to 1938; 52,000, 1939 to 1946
and $3,000. 1947 to 1958 all incl. Int. rate to be stated in a multiple of
of 19'. Prin. and semi-annual int. payable at the Hanover National
Dank in New York City. Storey, Thorndike, Palmer & Dodge of Boston
will furnish legal approval. County will furnish required bidding form,.
A $1,200 certified check, payable to the County Treasurer, is required.
OCHILTREE COUNTY (P. 0. Perryton), Tex.
-WARRANT OFFERING.
-Sealed bids will be received until Mar. 8. by Dave Shanks,
County Clerk, for the purchase of a 560,000 issue of 6% court house warrants. Int. payable semi-annually. Due and payable in from 1 to 7
years. (This is a more detailed report than was given in V. 126, p. 907.)
OLEAN, Cattaraugus County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received by F. D. Leland. City Clerk, until 8 p. m. (Eastern
standard time) March 13, for the purchase of an issue of $65,367 coupon
improvement bonds, rate of interest to be stated in a multiple of
of 1%
and not to exceed 6%. Dated April 1 1928. Due $7,263. April 1 1929
to 1937. incl. A certified check payable to the order of the City Treasurer,
for 2% of the bonds offered is required. Legality approved by Clay.
Dillon & Vandewater of New York City.
OLYPHANT SCHOOL DISTRICT, Lackawanna County, Pa.
BOND SALE.
-The $60,000 5% coupon school bonds offered on Feb. 11V. 126. p. 752- were awarded to E. H. Rollins & Sons of Philadelphia, at
101.332. a basis of about 4.69%. The bonds are dated Feb. 1 1928 and
mature Feb. 1 1933.
ONTONAGON, Ontonagon County, Mich.
-BOND OFFERING.
Sealed bids will be received by Anton J. Scovia, Village Clerk. until 8 P.m.
Feb. 27, for the purchase of an issue of 516,000 5% water works improvebonds. Dated May 2 1927. Denom. $500. Due May 1 as fellows:
ment
$1,000, 1930 to 1936, incl., and $500, 1937 to 1954, incl.
ONTARIO SCHOOL DISTRICT (P. 0. San Bernardino), San
Bernardino County, Calif.
-BOND OFFERING.
-Sealed bids
be
received until Feb. 27, by the Clerk of the Board of Supervisors, yrill the
for
purchase of a 575.000 issue of 434% school bonds. Duefrom 1929 to 1948.
OSSINING AND MOUNT PLEASANT UNION FREE
DISTRICT NO. 2 (P. 0. Briarcliff Manor), Westchester SCHOOL
County,
N. Y.
-BOND SALE.
-The $295,000 4H% coupon or registered school
bonds offered on Feb. 20-V. 126, D. 907
-were awarded to Batchelder,
Wack & Co of New York City, at 102.55, a basis of about 4.04%. Dated
March 1 1928. Due Nov. 1 as follows: 55,000, 1930; 56.000,
1933, incl.; $7,000. 1934 to 1936, incl.: 58,000. 1937 to 1939, incl.;1931 to
$9,000,
1940 to 1942,incl.: 510,000. 1943 and 1944: 511,000. 1945 and 1946;$12,000.
1947 and 1948; 513.000, 1949 and 1950: $14.000, 1951 and 1952: 515,000.
1953 and 1954; 516.000. 1955. and $17,000. 1956 and 1957.
OYSTER BAY
-OYSTER BAY WATER DISTRICT (P. 0. Oyster
Bay), Nassau County, N. Y.
-BONDS OFFERED
-OTHER BIDS.
The 5110,000 4% coupon or registered bonds awarded on Feb. 14. to Sherwood & Merrifield, Inc., of New York City. at 100.111, a basis of about
3.97%-V. 126, p. 1077
-are now being offered for investment priced to
yield 3.85% for all maturities. The following bids were also submitted
for the issue:
BidderInt. Rate. Price Bid.
Pulleyn & Co
4.107 5110.129.80
Farson. Son & Co
4.20%
110,073.70
Batchelder, Wack & Co
4.00%
110.121.00
Dewey, Bacon & Co
4.10%
110.425.70
Phelps. Fenn & Co
4.10%
110.506.00
H. L. Allen & Co
4.10%
110,240.90
Harris, Forbes & Co
4.10%
110,468.60
Bankers Trust Co
4.00%
110.075.90
Estabrook & Co
4.00%
110.055.00
Roosevelt & Son
4.10%
110,579.71
Stephens & Co
4.10%
110,461.00
Rutter & Co
4.10%
110,349.80
Financial Statement.
Actual valuation (estimated)
$150,000,000
Assessed valuation
48,679,645
Net bonded debt
170,205
Population (1925 census)
29,610
PASADENA CITY MUNICIPAL IMPROVEMENT DISTRICT NO. 1
(P.O. Pasadena), Calif.
-BOND SALE.
-An iSSI113 of 5124.0005% int.
bonds has recently been purchased by the John M. C. Marble Co. of Los
Angeles. Denom.$1,000. Dated Jan. 31 1928. Prin. and int. (J.&
J. 2)
Payable at the office of the City Treasurer. Due $5,000 from Jan. 31
1933 to 1956. and 54,000. on Jan. 31 19571 Approval of legality will be
made by O'Melveny, Milliken & Tuller of Los Angeles,
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
-The Shawmut Corp. of Boston, was awarded on Feb. 21, a 5100,000 temporary
on a 3.54% discount basis. Dated Feb. 21 1928. Denoms. to suit loan
purchaser. Due Nov. 1 1928, payable at the First National Bank, Boston.
Legality to be approved by Storey, Thorndike, Palmer & Dodge of
Boston.
PENDLETON, Umatilla County, Ore.
-BOND SALE.
-Three issues
of 4H % improvement bonds have recently been purchased by Carl E.
Nelson of Salem at a price of100.56. a basis of about 4.17%. The issues
aggregate $16,580.44 described as follows: $7,482.46, series No. 64
$5.252.11 series No. 63 bonds and $3,845.87 series No. 65 bonds.bonds;
Due
from 1929 to 1938.
PHENIX CITY, Lee County, Ala.
-BOND OFFERING.-Sealed
will be received until 7.30 p. m. on Mar. 5. by W. N. Daniel. City bids
Clerk,
for the purchase of an issue of $125.000 6% water works bonds.
Denom.
51,000. Dated Nov. 1 1925 and due on Nov. 1 1955. Storey, Thorndike,
Palmer & Dodge of Boston will furnish legal approval. A
53,750 certified
check must accompany the bid.
PITTSBURGH, Allegheny County, Pa.
-BOND OFFERING.
-Sealed
bids will be received by John H. Henderson, City Comptroller,
until 10 a.m.
March 6. for the purchase of an issue of $125,000 4H
Electric Traffic Control Signal bonds. Dated Feb. % coupon or registered
11928. Due $12,500.
Feb. 1 1929 to 1938, incl. A certified check, payable
City for 2% of the bonds offered, is required. Legality to the order of the
approved by Reed.
Smith. Shaw & McClay of Pittsburgh.
PLATTEVILLE, Grant County, Wis.-BOND SALE-The
5175,000
issue of 4H % coupon municipal building bonds offered for sale on Feb.
16V.126. p. 752
-was awarded to the First Wisconsin Co. of Milwaukee for a
premium of $5,011, equal to 102.863, a basis of about 4.13%.
Denom

1238

FINANCIAL CHRONICLE

$1,000. Dated May 1 1927. Due serially from May 1 1928 to 1947 incl.
Int. payable annually.
A complete list of the other bids and bidders is as follows:
-PriceBid.
Bidder
$180,005.00
Second Ward Securities Co. of Milwaukee
178,817.00
Harris Trust & Savings Bank, Chicago
179,852.50
Federal Securities Corp., Chicago
179,848.73
First Trust & Savings Bank, Chicago
179,160.00
Hill. Joiner & Co., Chicago
179,350.00
Ames, Emerich & Co., Chicago
179.165.00
Halsey, Stuart & Co., Chicago
179,565.00
Continental National Co.. Chicago
178,985.00
A. 0. Allyn & Co., Milwaukee
178,570.00
John Nuveen & Co. and Hanchett Bond Co., Chicago
179,488.00
H. M. Byllesby & Co.. Chicago
179.300.00
White-Phillips Co.. Davenport
-LOAN OFFERIA0.-Sealed
PORTLAND, Cumberland County, Me.
bids will be received by John R. Gilmartin, City Treasurer, until 12 m.
Feb. 27 for the purchase on a discount basis of a $300,000 temporary loan.
Dated March 1 1928. Payable Oct. 5 1928 at the First National Bank,
Boston. Legality to be approved by Ropes, Gray, Boyden & Perkins
of Boston.
-A
-BOND SALE.
PULASKI COUNTY (P. 0. Little Rock), Ark.
$225,000 issue of 5% special school district bonds has been purchased by
I. B. Tigrett & Co. of Memphis for a premium of 87,042, equal to 103.129.
-BOND OFFERING.
PULASKI COUNTY (P. 0. Winamac), Ind.
Sealed bids will be received by L. E. Campbell, County Treasurer, until
10 a. m. March 8, for the purchase of an issue of 815,875.75 Earl W. Clinton, et al, drainage bends bearing interest at the rate of 6%. Dated
March 1 1928. Denom.$1,770. except bond No. 1, which will be in denom.
of $1,718,75. Due June 1, as follows: $1.718•75, 1930, and $1,770, 1931
to 1938, incl. Interest payable on June and Dec. 1.
Financial a emen .
$4,079,000
Total bonded debt including this issue
103,050,215
valuation of Racine in 1927
Assessed
58.594
Population, census 1920
72,000
Estimated population, Jan. 1 1927
-The $750,000 issue
RACINE, Racine County, Wis.-BOND SALE.
of 43(% Washington Park high school bonds offered for sale on Feb. 24-was awarded to the Federal Securities Corp. of Chicago
V. 126, p. 1077
and the Guardian Detroit Co. of Detroit, at a price of 103 842, a basis of
about 4.03%. Denom. $1,000. Dated Sept. 1 1927 and due on Sept. 1
as follows: $37,000 from 1928 to 1937 and $38,000 from 1938 to 1947, all
incl.
RACINE COUNTY (P. 0. 'Racine), Wis.-BOND OFFERING.
Sealed bids will be received until 10 a. m. on Mar. 14 by Harry Basinger,
County Clerk,for the purchase of an issue of$133,000 5% highway improvement bonds. Denom. $1,000. Dated Apr. 1 1928 and due on Apr. 1
1936. Prin. and int. (A. & 0.) payable at the office of the County Treasurer. Wood & Oakley of Chicago will approve the legality of the bonds.
A certified check for 5% of the bid, payable to the County Treasurer, is
required.
-BOND OFFERING.
-Sealed
RAVENNA, Portage County, Ohio.
bids will be received by W. A. Root, City Auditor, until 12 m. (Eastern
time) March 19. for the purchase of an issue of 823,735.17, 5%
standard
property owners portion, improvement bonds. Dated March 15 1928.
Denom. $1,000. one bond for $735.17. Due Sept. 1, as follows: $2,735.17,
1929. and $3,000, 1930 to 1936 incl. Principal and int, payable at the
Second National Bank,Ravenna. A certified check payable to the order of
the City Treasurer, for $300 is required.
-The
-BOND SALE.
RENSSELAER, St. Lawrence County, N. Y.
The 8145,000 43(% coupon or registered improvement bonds offered on
-were awarded to the Bankers Trust Co. of N. Y.
Feb. 20-V. 126. p. 907
City, at 102.159. a basis of about 3.97%. Dated Jan. 11928. Due Jan. 1.
as follows: $7,000, 1929 to 1947 incl.; and $12,000, 1948.
Katherine B. Sanderson, City Treasurer, sends the following list of other
bidders:
Rate Bid.
Bidder102.129
Rensselaer County Bank
102.069
E.11. Rollins & Son
102.061
Geo. B.Gibbons & Co
101.977
Batchelder, Wack & Co
101.968
Stephens & Co.
101.89
& Merrifield.Inc
Sherwood
101.858
Pulleyn& Co.
101.854
Dewey,Bacon & Co
101.82
H.L. Allen & Co.
101.809
Harris, Forbes & Co
101.569
Leach & Co
A.B.
-BOND OFFERING.
Edgecombe County, N. C.
ROCKY MOUNT,
Sealed bids will be received until 7.30 p. m. oa Mar. 1. by L. B. Aycock,
Clerk, for the purchase of a $48,000 Issue of coupon or registered fundCity
ing bonds. Int, rate not to exceed 6%. Denom. $1,000. Dated Feb. 1
1928 and due on Feb. 1, as follows: $4,000, 1931 and 1932 and 55.000, from
of 1%. Prin.
1933 to 1940, incl. Int. rate to be stated in a multiple of X Hoyt & Washin gold.
and int. (F. & A.) is 'Payable in N. Y. Cityapproving Reed,
opinion. A certified
York City will furnish legal
burn of New
check, payable to the order of the City, for 2% of the bid. Is required.
-BOND OFFERING.
ROCKY RIVER, Cuyahoga County, Ohio.
Sealed bids will be received by Harry M. Jacobs, Secretary Board of Trusuntil 12 m. Mar. 30, for the purchase of an Issue of $60.000 4 Yi %
tees,
public library building bonds. Dated June 1 1927. Denom. $1.000.
payable to
Due $3.000. Oct. 1 1928 to 1947 incl. A certified check is required. the
order of the Board of Trustees, or 5% of the bonds offered
-Lynn C. Butts.
-BOND OFFERING.
ROME, Oneida County, N. Y.
City Treasurer, will sell at public auction at 11 a. m. March 5, an issue of
825,000 coupon general city bonds,rate of interest to be stated in a multiple
of 1-20th of 1%,and not to exceed 5%. Dated Jan. 11928. Denom. $1,000.
Due $8,000, Jan. 1 1929 to 1933 incl. A certified check payable to the order
of the City for $1.000 is required. Legality approved by Clay, Dillon &
Vandewater, of New York City.
-The following
ROSWELL, Chaves County, N. Mex.-BOND CALL.
5X% bonds have been called for payment on Mar. 1, by the City Treasurer,
at the National Park Bank in New York Cl.y:
8120.000 water $10,000 street improvements.
35.000 sewers, $5,000 fire department.
Dated Mar. 1 1908, optional 1928, due 1938.
-A
-BOND ELECTION.
ROYAL OAK, Oakland County, Mich.
special election will be held on April 2, on which date the voters will pass
Of this amount $50.000
on the following bond issues aggregating 895.000.
bonds will be for water extensions, and $45,000 bonds to pay the city.
cost of paving work to be done, in the spring.
RYE UNION FREE SCHOOL DISTRICT NO.4(P.O. Port Chester)
-The two
-SCHOOL BONDS OFFERED.
Westchester County, N. Y.
Issues of registered school bonds aggregating $570,000 awarded as 45, to
a basis of about 3.987%-V. 126, p. 1077
Barr Bros. & Co. at 100.039,
are now being offered for subscription priced to yield from 3.70% to 3.90%
according to maturity. L. F. Rothschild & Co. of New York, was in Joint
account with the above-mentioned concern.
SAINT JOSEPH, Buchanan County, Mo.-BOND OFFERING.
Sealed bids will be received by J. S. Burris, City Comptroller, until 5 P. m.
on Feb. 27, for the purchase of a 896,000 issue of 43(% coupon bridge
bonds. Denom. $1,000. Dated Nov. 1 1927 and due $6,000 yearly from
1932 to 1947 incl. Not optional before maturity. Prin. and int. (M. &
N.) payable at the National Bank of Commerce in New York City. The
y will print the bonds. A certified check for 2% must accompany the
bi
citd.
Financial Statement-Oct. 31 1927.
Assessed val. of taxable prop. as certified by Judge of the
$80,761,984.00
Circuit Court for the year 1925
8,076,198.40
Limit of statute 10%
81,419.250.00
Assessed valuation of taxable property for 1927
4,589,850.00
Bonded debt
448,515.80
Less sinldng fund
This Isms

$4,141,334.20
96,000.00

84,237,334.20
Total debt
St. Joseph was inoorp. in 1851,and the est. population in 1926 is 82,800.




[VoL. 126.

SALAMANCA, Cattaraugus County, N. Y.
-BOND OFFERING.
Sealed bids will be received by George H. Elliott, City Clerk, until 8 p. m.
March 5, for the purchase of 843,275.11 registered public improvement
bonds, rate of interest not to exceed 5%. Dated Feb. 11928. Principal and
interest payable at the Salamanca Trust Co., Salamanca. A certified cheek.
payable to the order of the City Comptroller, for 8500 Is required.
SALEM, Marion County, Ore.
-BOND ,SALE.
-The $51,286.78 issue
of 6% improvement bonds offered for sale on Feb. 20-V. 126, P. 1077
has been awarded to the Freeman, Smith & Camp Co. of Portland at a price
of 107.17.
SAN DIEGO,San Diego County,Calif.
-BOND SALE.
-The 3650,000
issue of 43(% coupon airport bonds offered for sale on Feb. 20-V. 126. P.
-was awarded Jointly to R. E. Campbell & Co. of Los Angeles and the
908
American National Co. of San Francisco, for a premium of $16.538, equal
to 102,544, a basis of about 4.07%. Denoms. $1,000 and $250. Dated
Jan. 11928. Due $16,250 from 1929 to 1968 incl.
SAN LORENZO SCHOOL DISTRICT (P. 0. San Lorenzo), Alameda County, Calif.
-The following is a list of bidders who
-BIDDERS.
also bid on Feb. 14 (V. 126, p. 1077) for the $30,000 5% semi-annual school
bonds awarded to the Central National Bank of Oakland at a basis of about
4.19%:
BiddersPremium.
Anglo-London-Parls Company
E. H. Rollins & Sons
Peirce, Fair & Co
Bank.of Italy
R. II. Moulton & Co
,
333 6
34 3
$3::556856344971
SAN SABA, San Saba County, Tex.
-BOND SALE.
-A 850,000 issue
of 534% sewer bonds has been purchased by Caldwell & Co. of Nashville at
a price of 101.75. a basis of about 5.35%. Due from 1929 to 1968 incl.
SANTA CRUZ IRRIGATION DISTRICT (P. 0. Espanola), Rio
Arriba County, N. Mex.-BOND OFFERING.
-Sealed bids will be recalved until 2 p. m. on Mar. 5. by F. R. Frankenburger, Secretary of the
Board of Directors, for the purchase of an issue of 8184,0006% semi-annual
0
irrigation bonds. Bids are to be at least 957. Dated Mar. 1 1928. A
certified check for 2% must accompany the bid.
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-BOND SALE.
-The 8400,000
Scarsdale), Westchester County, N. Y.
43(% coupon or registered series J. school bonds offered on Feb. 20-V.
-were awarded to E. H. Rollins & Sons of New York City,
126, p. 753
at 103.82, a basis of about 3.98%. Dated Mar. 1 1928. Due Mar. 1,
as follows: $5,000, 1930 to 1939 incl.; $10,000, 1940 to 1944 incl.; $20.000.
1915 to 1954 incl.: and 825,000, 1955 to 1958 inclusive.
-BOND SALE.
--The $900,000 issue
SEATTLE, King County, Wash.
of coupon or registered auditorium bonds offered for sale on Feb. 17-has been awarded to the State of Washington as 4% bonds,
126. p. 908
at par. Denom. $1,000. Dated Mar. 1 1928. Due in from 2 to 20 years.
The following is a complete detailed list of the other bidders:
John E. Price & Co. and associates-820,061 premium for 4)4s.
Wm. P. Harper & Son and associates-$12,981.60 premium for 43(s.
Geo. 11. Burr, Conrad & Broom Inc. and associates-$17.640 premium
for 4.3(s.
Chickering & Co. and associates-312,240 premium for 43js.
Blyth, Witter & Co-816,551 premium for 4)i5.
Marine National Co. and associates-$14,463 premium for 43(s.
-$225 preDexter-Horton National Bank and associates (split bid)
mium: First, $463,000 43is: last, $437.000 4%.
(a) Seattle Title & Trust Co. and associates-$14,580 premium for 4318.
-$150 premium for:
(b) Seattle Title & Trust Co. and associates (split bid)
First, $299,000 at 4X %; last, 8601,000 at 4%.
-First, $482,000 at
Lurnbermen's Trust Co. and associates (split bid)
.
4 X% Par; last, $418,000 at 4%, par.
SEMINOLE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 6
-Sealed bids will be received
-BOND OFFERING.
(P. 0. Sanford), Fla.
until 10 a. m.on Mar. 15, by T. N.Lawton, Superintendent of the Board
of Public Instruction,for the purchase of a $20,000 issue of6% semi-annual
school bonds.
-BOND ELECTION.
SHAWNEE, Pottawatomie County, Okla.
On Feb. 28 a special election will be held to vote on the proposition of
issuing $125,000 in school bonds. More rooms are needed, it is stated,
at the high school, junior high and one or two other buildings, besides
an administration building. The city cannot vote more than $125,000
school bonds, it is declared, because of the limit on issuance of bonds for
school purposes to 5% of the valuation.
-BOND SALE.
-The
SHELBY COUNTY (P. 0. Shelbyville), Ind.
two issues of 43. % bonds aggregating $32,100 offered on Feb. 23-V. 126,
-were awarded as below:
P. 1078
824,480 Addison Township road improvement bonds to the Union Trust
Co. of Indianapolis, at a prmeium of 8909, equal to 103.71, a
basis of about 3.80%. Due $1,224, May and Nov. 15 1929 to
1938 incl.
7,620 Liberty Township road improvement bonds to the Fletcher American Co. of Indianapolis, at a premium of $281.35, equal to 103.69,
a basis of about 3.81%. Due $381, May and Nov. 15 1929 to
1938 incl.
Dated Feb. 14 1928. The following is a complete list of bids submitted
for the bonds:
Bidder
Prem.
Prem.
City Securities Corp., Indianapolis, Ind
$884.00
$253.00
Fletcher American C.., Indianapoolis, Ind
904.75
*281.35
Fletcher Savings & Trust Co., Indianapolis, Ind
888.80
277.00
Meyer Kiser Bank, Indianapolis, Ind
253.00
795.00
Ind
Inland Investment Co., Indianapolis,
869.00
268.50
Salem Bank & Trust Co.. Indianapolis, Ind
724.80
219.55
The Union Trust Co., Indianapolis, Ind
*909.00
267.00
*Successful bids
-BOND
SHILOH DRAINAGE DISTRICT (P. 0. Billings), Mont.
-Sealed bids will be received by T. C. Armitage, Secretary
OFFERING.
of the Board of Directors, until March 15, for the purchase of a $30,000
to 335.000 issue of 6% semi-annual drainage bonds.
SNYDER, Kiowa County, Okla.
-BOND SALE.
-Three issues of
sewage disposal bonds have been purchased by R. J. Edwards, Inc. of
Oklahoma City. The issues aggregate $27,000 divided as follows: $11,000
535% bonds; 310.0005% bonds and $6,000 5(% bonds.
-The folSOUTH DAKOTA, State of (P. 0. Pierre).
-BIDDERS.
lowing bids were also submitted on Feb.7-V. 126, P. 908
-for the $2,175.000 issue of4.20% coupon refunding bends that was awarded to a syndicate
headed by Eldredge di Co. of New York for a premium of 8865, equal to
100.039, a basis of about 4.19%.
A syndicate composed of A. G. Becker & Co., A. B. Leach & Co. and
Pulleyn & Co., bid a premium of $365 on 4.25% bonds.
A syndicate headed by the Minnesota Loan & Trust Co. of Minneapolis
i l par f
bad ance. or a 81,000,000 block of 4.25% bonds with a 60
-day option on the
These bonds are now being offered for public subscription by the purchasers priced to yield 4% to the optional date and 4.20% thereafter.
They are direct and general obligations of the State. The assessed valuation for 1927 is $1.709,966,919 and the net bonded debt $54,538,889. Net
bonded debt is about 3% of the assessed valuation. The bonds are legal
Investment for savings banks and trust funds in New York, Massachusetts
and Connecticut.
-The
-BOND CALL.
SOUTH DAKOTA, State of (P. 0. Pierre).
following issues of bonds now outstanding have been called for payment by
the State Treasurer on Mar. 15:
Rural Credit 431% Bonds
$500,000 series "B" of 1917.
500.000 series "0" of 1918.
500,000 series "D" of 1918.
675.000 series "F" of 1918.
-Otis
-BOND SALE.
SOUTH EUCLID, Cuyahoga County, Ohio.
& Co. of Cleveland, were awarded during 1927, an Issue of $22,070 5%
sewer and water bonds at a premium of $580.54, equal to 102.63, Dated
July 11927. Denom. $1,000, one bond for $70. Due serially from 1998
to 1937, incl. Interest payable April and Ost. 1. Coupon bonds.
2301%.L)SALE.
-George W.York & Ce.of Cleveland. were awarded during
1927. the following two issues of 5% bends aggregating $51,000 as below:
836,000 road bonds at a premium of $517, equal to 101.42.
equal to 103.76.
15.000 fire department bonds at a premium of $564.59.Coupon bonds.
Dated Jan. 1 1927. Denoms. $1,000. Due serially.

FEB. 25 1928.]

FINANCIAL CHRONICLE

1239

SOUTH FA'YETTE TOWNSHIP SCHOOL DISTRICT(P.O. Cuddy), March and 83,000, Sept. 1 1930 to 1953 incl.
The following is a complete
Allegheny County, Pa.
-BOND OFFERING.
-Sealed bids will be re- list of other bidders:
ceived by W.J. Burns, Secretary Board of Directors, until8 p. m. March 21
Name of BidderPremium,
Rate.
for the purchase of an issue of $200,000 4% coupon school bonds. Dated Seasongood & Mayer,Cincinnati, Ohio
256.00 4(
April 1 1928. Denom. $1,000. Due April 1 as follows: $10,090, 1933; Well, Roth & Irving Co.,Cincinnati, Ohio
762.00 4Y(
$20,000, 1938: $5,000. 1939 to 1942 incl.; $25,000, 1943; $5,000, 1944 to Taylor Wilson & Co.,Cincinnati, Ohio
418,00
1947 incl.: $40,000. 1948; $5,000, 1949 to 1952 incl., and $45.000, 1953. Assel, Goetz& Moerlein,Cincinnati, Ohio
126.00 ,
t
A certified check, payable to the order of the District Treasurer, for $2.000 DetroitTrust Co., Detroit, Mich.
266.00 4$
is required. Legality approved by Bmgwin, Scully & Burgwin of Pitts- The Herrick Co., Cleveland,Ohio
352.00
burgh.
Guardian Trust Co.,Cleveland,Ohio
661.00
SOUTH PASADENA CITY HIGH SCHOOL DISTRICT (P. 0. Los Prudden & Co., Toledo,Ohio
28.69
4
-BOND SALE.
Angeles), Calif.
-The $100,000 issue of 5% school bonds W.K.Terry & Co.,Toledo, Ohio
1,581.15 4%
offered for sale on Feb. 14-V. 126, p. 908
786.55
-was awarded to the Harris W.L.Slayton & Co.,Toledo, Ohio
43.(
Trust & Savings Bank of Chicago for a premium of $9,310, equal to 109.31, Ryan,Sutherland & Co.,Toledo, Ohio
127.00 4
a basis of about 4.26%. Denom. $1,000. Dated July 1 1927 and due on Stranahan, Harris& Oatis, Toledo,Ohio
43j
101.00
July 1 as follows: $5,000 in 1933;$4,000 in 1934;$3,000 in 1935 and $4,000 Stranahan, Harris& Oatis, Toledo,Ohio
3,025.35 4%
from 1936 to 1957 incl.
WASATCH, Summit County,
-BOND SALE.
-A $35,000
Among these bids were the following: E. R. Gundelfinger, Inc., $9,004; issue of school bonds has recently beenUtah.
purchased at par by the State Board
Edgerton & Co.. $8,950: Anglo-London-Paris Company, 38,935, and the of Land Commissioners. Due in
1947.
Bank of Italy, $8,882.30.
WATERVILLE, Lucas County, Ohio.
-BOND OFFERING.
-Sealed
SPRINGFIELD, Hampden County, Mass.
-TEMPORARY LOAN.
- bids will be received by A. L. Mills,
Clerk, until 12 m. Mar. 12. for
.1. P. Morgan & Co. of New York City, were recently awarded a $700,000 the purchase of an issue of $8,250 Village macadam
%
road bonds. Dated
temporary loan on a 3.55% discount basis. The loan is dated Feb. 2 1928 April 1 1928. Due as follows:
$650, April 1 1929 and $400. Oct. 1 1929:
and matures on Nov. 7 1928.
and $400. Apr. and Oct. 1 1930 to 1938 incl. Int. payable Apr. and Oct. 1.
A certified check payable to the order of the Village Treasurer. for 10%
SPRINGFIELD, Lane County, Ore.
-BOND SALE.
-The $13,000 of the bonds
offered is required.
Issue of 6% coupon sidewalk, street and sewer bonds offered for sale on
Feb. 14 (V. 126. p. 968) was awarded to Atkinson. Jones & Co. of Portland
WAVERLY SCHOOL DISTRICT (P.O. Waverly), Camden County,
at a price of 104.28, a basis of about 5.08%. Denom.$500. Dated Mar. 1 Ga.-BOND DESCRIPTION.
-The $15,000 issue of school bonds that
1928. Due on Mar. 1 1938 and optional after 1 year. Int. payable on was recently sold at par
-was purchased by the Brunswick
-V.126, p. 1078
Mar. 1 and Sept. 1.
Bank & Trust Co. of Brunswick. The bonds bear interest at 5% and
they are due $1,000 yearly from Mar. 1 1929 to 1943 inclusive.
TARRANT, Jefferson County, Ala.
-BOND OFFERING.
-An issue
of $175.000 6% semi-annual public improvement bonds will be offered
WAYNE COUNTY
-BOND SALE.
0. Detroit) Ohio.
-The
for sale at public auction on Feb. 28 by Wallace Wells, City Clerk. The 3500,000 coupon hospital(P. infirmary bonds offered
and
on Feb. 23-V. 126.
bonds are due serially in from 1 to 10 years.
-were awarded to a syndicate composed of the Bank of Detroit.
p. 1078
,
TAYLOR SCHOOL DISTRICT NO. 10 (P. 0. Idaho Falls) Bonne- Security Trust Co. and Livingston, Crouse & Co., as 4%s, at 100.3718, a
ville County, Ida.
-BOND SALE.
-An $8,000 issue of 5% school bonds basis of about 4.116%. Dated Mar. 11928. Due $100,000, Mar. 1 1929 to
1933 incl. The National City Co. of New York, was second high bidder
has been purchased at par by the State of Idaho. Due in 20 years
with an offer of 100.3599. There were 12 bids in all.
TEXARKANA, Miller County, Ark.
-BONDS VOTED.
-At a special
WEST BRANCH AND OGEMAW TOWNSHIPS FRACTIONAL
election held on Feb. 14 the voters approved three bond issues by sweeping
majorities. One of these. it is stated, for $35,000, provides for purchase SCHOOL DISTRICT NO. 1 (P. 0. West Branch), Ogemaw County,
-PRICE PAID.
-The price paid for the 320,000
of an airport site, two miles east of the town: one for $24,000 with which Mich.
% school bonds
to build three bridges across Nix Creek, a stream which runs through awarded to John Nuveen & Co.and the Hanchett Bond Co. both of Chicago.
-was a premium of $56.00. equal to 100.28, a
a considerable section of the city, and $15,000 to be used in changing jointly, in-V. 126. p. 908
grades and repaving streets at the new $1,700,000 union railway station, basis of about 4.70%. Dated July 1 1927. Due as follows: $1,000, 1928
the preliminary construction of which already has begun. Out of a total to 1937 inclusive: and 32,000, 1938 to 1942 inclusive.
of 750 votes cast, there were only about 50 against the issues.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-CERTIFICATE SALE.
-Barr Bros. & Co. and the Chase Securities Corp. both of
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The fol- New York City, were awarded on Feb. 20, 32,350,000 certificates ofindebtlowing bonds were registered by G. N. Holton, State Comptroller,
during edness, on a 3.875% discount basis plus a premium of $11.00. Dated
the week ending Feb. 18:
Feb. 24 1928. Due June 5 1928.
Amount.
Place.
Purpose.
Due.
Role,
WEST POINT, Clay County, Miss.-BOAD OFFERING.
14.000 Lone Camp
-Sealed
High School
Serially
5%
bids are being received by T. B. Miller, City Clerk, for the purchase of an
40,000 Leon County
Road Series "K"
Serially
Issue of $150,000 school bonds. Int, rate not to exceed 6%. Denom.$1,000.
20,000 City of Frankston_ __ _Refunding warrants
Serially
6%
Dated June 1 1928, and due on June 1, as follows: $3,000 from 1929 to 1933;
10,000 Bee County
CS.D.No.3
10-40 years
5%
$6.000, 1934 to 1948 and 39.000. 1949 to 1953. all Incl. Prin. and Mt.
3,500 Baylor County
C.S. D.No.5
10-20 years
5%
(J.& D.) payable at the Hanover National Bank in New York City.
23,000 Garza County
Road
5-20 years
5%
14,000 Stephens County_ __ _ C.S. D.No.15
WEST STANISLAUS IRRIGATION DISTRICT (P. 0. Patterson)
Serially
5
52,000 San Saba County___ _Court House refunding
-The Morris-Noble Co. of San Francisco has
Serially
48 % Stanislaus County, Calif.
100,000 Beverly City
purchased a $550,000 issue of 6% coupon irrigation system bonds. Denom.
Street improvement..__
Serially
6%
300,000 Henderson County_ _ _Road District No. 1
31000. Dated July 1 1927 and due on July 1, as follows: 310.000. 1932:
Serially
5%
260,000 Calhoun County
Road
Serially
5%% $10.000, 1933: 110,000, 1934: $12.000. 1935: 112,000, 1936: $20,000. 1937:
320.000, 1938: $20.000, 1939: 325,000, 1940: 325,000, 1941: 330,000, 1942:
THOMASVILLE, Davidson County, N. C.
-BOND
-The two 330.000. 1943: $35,000, 1944; 335.000. 1945: 335,000, 1946: 350.000, 1947:
Issues of coupon bonds, aggregating $185,000, offered for SALE.
sale on
1948;
1)
V. 126, p. 753
-were awarded to Prudden & Co. of Toledo and Feb. 16- $65.000,at the $70.000, 1949: 336,000, 1950. Prin. and int. (J. &
the Com- payable
office of the District Treasurer in Patterson or at the office
mercial National Bank of High Point as
% bonds, for a premium of
$3,775, equal to 102.029, a basis of about 4.60%. The bonds are described of Morris-Noble Co. in San Francisco. Legality approved by Orrick.
Palmer & Dahlquist of San Francisco.
as follows:
WINN PARISH
$100,000 sewer bonds. Due on Jan. 1 as follows: $2,000 from 1930
SCHOOL DISTRICT NO. 1
'
to 1949 (P. 0. Winnfield) CONSOLIDATED -The
La.
-BOND SALE.
and $3,000, 1950 to 1969. all incl.
365.000 issne of coupon
85,000 school building bonds. Due on Jan 1 as follows: $2,000 from semi-annual school bonds offered for sale on Feb. 17-V. 126. page 452
-was awarded to the Rankles Bank & Trust Co. of Alexandria as 43,4%
1930 to 1958 and $3,000, 1959 to 1967, all
bonds for a premium of $50, equal to 100.076, a basis of about 4.48 0.
Denom. $1.000. Dated Jan. 11928. Prin. onlyincl.
of bonds naay be
tered. The U. S. Mortgage & Trust Co. of New York City will regis- Denom.$1,000. Dated Mar.1 1928. Due from 1929 te 1943 incl. The other
certify
as to the bonds and J. L. Morehead of Durham and Caldwell & Raymond bids in detail were:
of New York will furnish legal approving opinion.
Hanchett Bond Co., Chicago,
par, accrued interest to date of
delivery, plus premium of $1,215.50 for bonds bearing interest at 5%.
TIPPECANOE TOWNSHIP SCHOOL DISTRICT, Marshall County,
Whitney-Central Trust & Savings Bank,
Ind.
-BOND OFFERING.
-Sealed bids will be received by the Township interest to date of delivery, plus premiumNew Orleans, La., par-accrued
of $572.50 for bonds bearing
Trustee, until 2 p. m. Mar. 7, for the purchase of an issue of
school bonds. Dated Jan. 3 1928. Denoms. $500. Due$45.000 4% % interest of 5%, reserving the privilege of designating depository for funds
paying interest on daily balances at the rate of 4.55%.
$1.500
1 1928: $1,500, Jan. and July 1 1929, to 1942 incl.. and $1.500. J July and
Prudden & Co. Toledo, Ohio, par, accrued interest to date of delivery,
an. 1
1943. Interest payable Jan. and July 1.
with premium of 42,355 for bonds bearing interest at the rate of 5%, reserving the privilege of designating depository for funds derived from the
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
-Sealed bids sale of the bonds
will be received by Earle L. Peters, Director of Finance, until 12 m.
without interest to the Board.
Mar. 2,
Kauffman,
for the purchase of the following issues of 43 % coupon or registered
St. Louis, Mo., par, accrued interest to date of
bonds delivery, plusSmith & Co. $1,020 print bonds, for bonds bearing interest
aggregating $120,000:
premium of
at 43.'%,reserving
$100,000 street widening bonds. Due Sept. 1, as follows: $5,000,
designating depository
1929 to from the sale of thethe privilege of interest to the Board. for funds derived
1942 incl.; and $6,000, 1943 to 1947 inclusive.
bonds without
Whitney Central Trust & Savings Bank, New Orleans, La.. par, accrued
20,000 playground bonds. Due $2,000, Mar. 1 1930 to 1939
Inclusive. interest to date of delivery,
Dated Mar. 1 1928. Denom. $1,000. Prin. and int, payable
plus premium of $1,072.50 for bonds bearing
U. S. Mtge. & Trust Co., N. Y. City. Bids may be submitted for at the interest at 43.'%,reserving the privilege of designating depository for funds
bonds derived from the
bearing a different rate of interest, said rate to be stated in a
sale of bonds without interest to the Board.
multiple of
g of 1% or multiples thereof. A certified check payable to the order
Sutherlin, Barry & Co., New Orleans, La., par, accrued interest to date
of
the Commissioner of the Treasury, for 2% of the bonds offered is required. of delivery, plus premium of $937.00 for bonds bearing interest at 4g %.
Successful bidder to satisfy himself as to the legality of the bonds.
reserving privilege of designating depository for funds received without
interest to the Board.
TULSA, Tulsa County, Okla.
-BOND SALE.
-E, H. Rollins &
Interstate Trust & Banking Co., New Orleans, La., par, accrued interest
Sons of Chicago, were awarded on Feb. 21-V. 126, p. 908
-two Issues of to date of delivery, plus premium of $810.00, print blank bonds, for bonds
aggregating $515,000, divided as follows:
bonds
bearing interest at 4g %,reserving the privilege of designating depository
$251,000 park bonds as 4s. Due on Jan. 1, as follows: $1,000. 1942, and for funds derived from the sale of the bonds without interest to the Board.
$25,000 from 1943 to 1952 incl.
L. E. French & Co., Alexandria, La., par, accrued interest to date of
249.000 park bonds as 44s. Due on Jan. 1, as follows: $25,000. 1933
to delivery, plus premium of $755.00, reserving the privilege of designating
1941 incl. and $24.000 in 1942.
depository for funds derived from the sale of said bonds without interest
These two blocks were awarded for a $1 premium, equal to 100.0002,
a to the Board.
basis of about 4.248%.
*Rapides Bank & Trust Co.. Alexandria. La., par, accrued interest to
$8,000 hospital bonds as 43s. Due $1,000 yearly from Jan. 1 1933 to
1940 date of delivery, plus premium of $400.00, for bonds bearing 4g %, reincl.
serving the privileges of designating depository for
7.000 hospital bonds as 4s. Due $1,000 yearly from Jan. 1 1941 to 1947 placed in the Bank of Winnfield, without interest tofunds, said funds to be
the Board.
incl.
Whitney, Central Trust & Savings Bank, New Orleans. La., par, accrued
These two blocks were awarded for a $1 premium, equal to 100.0066, a interest to date
of delivery, plus premium of $2,200.50 for 5% bonds.
basis of about 4.26%. Denom.$1,000. Dated Jan. 11928.
reserving the privilege of designating depository for funds, without interest
VENICE Sarasota County, Fla.
-BOND OFFERING.
-Sealed bids to the Board.
David Robinson & Co., Toledo, Ohio, par, accrued interest to date of
will be received by H. E. Haynie, City Clerk, until 7:30 p. m. on Mar. 1,
for the purchase of a $321,000 issue of 6% semi-annual municipal improve- delivery, plus premium of $2,045.00 for bonds bearing interest at 5%.
ment bonds. Dated Feb. 15 1928. Caldwell & Raymond of New York reserving the privilege of designating depository for funds derived from
City will approve the legality of the bonds. A $5,000 certified check, pay- sale of bonds without interest to the Board.
Well, Roth & Irving, Cincinnati, Ohio, par, accrued interest to date of
able to the city, must accompany the bid.
delivery, plus premium of $580.00 for bonds bearing interest at 5%,cash31111
WADSWORTH,Medina County, Ohio.
-BOND OFFERING.
Prudden & Co., Toledo, Ohio, par, accrued interest to date of delivery.
-Sealed
bids will be received by W. G. Bowman, Village Clerk until 12 m. Mar. 10 plus premium of $735.00 for bonds bearing interest at 5% cash.
for the purchase of $13.100 5%% sewer improvement bonds. Dated Feb.
• Successful bid.
1 1928. Denom.$500, except bond No. 27 which is in the denom. of $100.
WINNEBAGO COUNTY (P.O. Forest City), Iowa.
-PRICE PAID
'Due Oct. 1. as follows: $1,500. 1929 to 1936 inclusive: and $1,100, 1937. MATURITY.
-The $10.000 issue of 4% funding bonds that was recently
and int. (A. & 0), payable at the office of the Village Treas. A
Prin.
-by the Carleton D. Bob Co. of Des Moines
oertiffed check payable to the order of the above-mentioned official for 2% purchased-V. 126, p. 1079
brought a premium of$82.50. equal to 100.825, a basis of about 3.91%•
of the bonds offered Is required.
Due and payable in 1938.
WAPELLO COUNTY (P. 0. Ottumwa), Iowa.
-BOND SALE.
-The
WINOOSKI, Chittenden County, Vt.-BOND SALE.
-The following
issue of 4j coupon primary road bonds offered for sale on Feb.
%
$150,000
-was awarded to the Carleton D.Beh Co.of Des Moines Issues of 4% coupon bonds aggregating $100,000 offered on Feb. 20-V.
16-V. 126, p.908
-were awarded to the Atlantic-Merrill. Oldham Corp. of Boston,
premium of $519, equal to 100.346, a basis of about 4.23%. Denom. 126, p.909
for a
at 100.112. a
3.98%:
$1,000. Dated Mar. 1 1928. Due $15,000 yearly from May 1 1933 t
o $80,000 streetbasis of aboutbonds.
improvement
Due $4,000, Feb. 15 1929 to 1948,incl.
1942 incl.
20,000 water bonds. Due 31,000, Feb. 15 1929 to 1948, incl.
WARREN TOWNSHIP SCHOOL DISTRICT NO. 2, Mich.
Dated Feb. 15 1928. The following bids were also received:
-BOND
ELECTION-A special election will be held on Feb. 25, to allow the voters
Bidder
Rateni.
to rules on an $85,000 bond issue the proceeds to be used to construct an Champlain Trust Co
100.000
addition to the present school.
Dewey, Bacon & Co
99.46
-BOND SALE.
WARREN, Trumbull County, Ohio.
-The $124,500 The National City Co
98.822
g% coupon West Market Street Bridge bonds offered on Feb. 20-v. Harris, Forbes & Co
98.82
128 p 611-were awarded to Otis & Co. of Cleveland, at a premium of E. H. Rollins & Sens
$iA7f. equal to 101.02, a basis of about 4.15%. Dated Mar. 1 1928.
WISNER PAVING DISTRICT NO. 1 (P. 0. Wisner), Cuming
Due as follows: $1,500, March, and $3,000, Sept. 1 1929, and $2,000, County, Neb.-BOND SALE.
-The Peters Trust Co. of Omaha has




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[VOL. 126.

FINANCIAL CHRONICLE

purchased $63,000 44% paving bonds for a premium of $277, equal to
100.439, a basis of about 4.41%. The two issues are described as follows:
638,000 intersection paving bonds. Due serially from 1930 to 1938, incl.
25,000 district paving bonds. Due from 1929 to 1935, incl.
WOODFIN SANITARY SEWER AND WATER DISTRICT (P. ()Asheville) N. C.
-BOND OFFERING.
-The $500,000 issue of water bonds
-has
which was to have been offered for sale on Feb. 10-V. 126. p. 612
been postponed until Feb. 27. J. P. Brown, Secretary of the Board of
Trustees, will receive sealed bids. The bonds are described as follows:
int. rate not to exceed 5)4%. Denom. $1,000. Dated Feb. 1 1928 and due
on Feb. 1, as follows: $10,000. from 1933 to 1937; $15.000, 1938 to 1947;
$20,000, 1948 to 1952: $30,000, 1953 to 1957 and $50,000 in 1958. Prin.
and semi-annual int. payable at the Hanover National Bank in New York
City. Storey, Thorndike, Palmer St Dodge of Boston, will furnish legal
approval. The district will furnish the required bidding forms. A $10,000
certified check, payable to the Treasurer of Buncombe County, is required.
YAKIMA COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-Sealed bids will be
116 (P. 0. Yakima) Wash.
-BOND OFFERING.
received by Still White, County Treasurer, until 1 p. m. on Mar. 10, for
the purchase of a $30,000 issue of coupon school bonds. Int. rate not to
exceed 6%. Dated Apr. 11928. Due in from 2 to 20 years. Prin. and int.
J. & J.) payable at the office of the County Treasurer. A certified check
for 5% is required.
-BOND OFFERING.
YOUNGSTOWN, Mahoning County, Ohio.
Sealed bids will be received by James E. Jones, Director of Finance, until
12 in. (Central time) April 3, for the purchase of an issue of $100,000 5%
Andrews Ave. opening bonds. To be dated not later than April 15 1928.
Due 610,600. Oct. 1 1929 to 1938, incl. Prin. and int. payable at the
office of the Sinking Fund Trustees. A certified check, payable to the
order of the above-mentioned official for 2% of bonds offered, is required.

CANADA, its Provinces and Municipalities.
-year serial
-The $20,000 5% 25
LATERRIERE, Que.-BOND SALE.
-were awarded to Bray, Caron &
bonds offered on Feb. 15-V. 126, p. 909
about 5.15%. Dated Nov. 1 1927.
Dube of Montreal, at 97.83, a basis of
.-Fry, Mills, Spence & Co. of Tor
NAPANEE, ONT.-BOND SALE
onto, were recently awarded an issue of $87,420 improvement bonds.
and maturing in 20 annual instalments.
bearing interest at the rate of 5%
a complete
P NEWMARKET, Ont.-BIDS.-The following is in 15-annual list of
instalother bids submitted for the $44,500 bonds maturing
awarded to McDonagh, Somers & Co., at
ments, bearing interest at 5%
101.608, a basis of about 4.76-V. 126. p. 1079:
Rate Bid.
Bidder101.60
Bell, Gouinlock & Co
100.59
Bank of Toronto
100.51
0.H. Burgess & Co
100.747
Elyment, Anderson & Co.
100.40
Wood, Gundy & Co
100.062
Harris, McKeon & Co
PEEL COUNTY,Ont.-BOND SALE.-Bell,Goulnlock & Co., were recently awarded an issue of $81.000 5% serial bonds at 101.28. The following Is a complete list of other bids submitted for the issue:
Rate Bid.
no Bidder101.27
Fry, Mills, Spence & Co
101.127
McDonagh, Somers & Co
101.12
Royal Securities Corp
101.17
Dyment, Anderson & Co
101.10
Wood, Gundy & Co
100.92
Matthews & Co
100.77
A. E. Ames & Co
100.53
J. L. Graham & Co
SASKATCHEWAN, Sask.-BOND SALES AND AUTDORIZATIONS.-The following is a list of debentures reported sold by the Local
Government Board from Jan. 21 to Feb. 11 as reported in the "Monetary
Times" of Feb. 17:
0, -years. to H. M. Turner
School Districts-Maharg, $8,400, 5%7 10
& Co.

School Districts-Sutton,$1,000.6%.2
-years, to Saskatchewan Farmers'
Mutual Fire Insurance Co.
Village of Montmartre-$1.200,6%,10
-years, to H. M.Turner & Co.
Town of Fort Qu'Appelle-$1.600,6%. 10
-years, toll. M.Turner & Co.
Authorizations
-The following is a list of authorizations granted by the
Local Government Board from Jan. 21 to Feb. 11 by the same publication.
School Districts-Stoney Croft, $1,800, not exceeding 6%, 10-years;
Gilead, $2,500. not exceeding 6%, 15
-years; Mayerling, 64,000, not ex-years: Albertceeding 6%. 15
-years: Mora, $3,000, not exceeding 6%, 15
ville. $500, not exceeding 6%, 15
-years; Thornton, $8,500, not exceeding
6%, 15.years.
School Districts-Rolling Plains, $800. not exceeding 77 10
-years;
0,
Brand, $3,000, not exc
ing 7%, 10
-years: Kea, $5,000. not exceeding
6%, 15
-years; Granville, $1,800, not exceeding 10
-years; Crosswoodn,
$5,000, not exceeding 6%. 15
-years.
Town of Delisle-$2,000, not exceeding 5)4%, 15
-years.
VANCOUVER, B. C.
-BOND SALE.
-The following issues of local
Improvement debentures aggregating $825,139.66 were awarded on Feb.
20, to a syndicate composed of Pemberton & Son of Vancouver, Wood.
Gundy & Co. and the Royal Bank of Canada, both of Toronto. at 99.40.
a basis of about 4.68%. (Canadian payment.).
Maturity.
Amount.
Rate.
Purpose.
Cement walks and curb.
672,005.47
July 18 1947
6%
31,397.28
July 18 1937
Pavements
5%
Orn. lighting
Sept. 26 1937
94,759.64
434%
Cement walks and curbs
232,122.44
Dec. 5 1947
434%
434%
Orn. lighting
Dec. 5 1937
149,123.05
Dec. 5 1937
226,679.32Pavements
4%7
13,073.02
Opening lanes
Dec. 5 1937
434
434 0
Orn. lighting
5.979.44
Dec. 5 1932
BONDS OFFERED BY BANKERS.
-The bonds are now being offered
by the successful bidders as follows:
Yield.
Amount.
Rate.
Maturity.
Price.
Dec. 5 1937
4.50
$388,000
100.00
4%7
Sept.26 1937
4.50
94,000
100.00
434
Dec. 5 1947
4.50
232,000
100.00
434%
July 18 1937
4.55 0
31,090
5
103.44
4.55 0
July 18 1947
105.78
72.000
5%
VAUGHAN TOWNSHIP (P. 0. Vaughan), Ont.-BIDS.-The following bids were also received for the $16,839.18 5% local improvement
bonds awarded to McDonagh,Somers & Co.of Toronto,at 101.03-V. 126,
1: 1079:
1•
Rate Bid.
Bidder
101.03
Fry, Mills, Spence & Co
100.66
Dyment, Anderson & Co.
100.42
A. E. Ames & Co
C. H. Burgess & Co
100.30
VICTORIA, B. C.
-BIDS.
-The following bids were also submitted for
the $681,000 5% 35
-year serial bonds awarded to Branson, Browne & Co.
of Victoria, at 103.996, a basis of about 4.65%-V. 126, p. 1079:
Payable
in Canada.
Bidder102.27
Dyment, Anderson & Co
102.27
Bell, Gouinlock & Co
103.617
Matthews & Co
103.617
Royal Securities Corn
103.521
Bank of Montreal
103.521
Hanson Brothers
Hanson Brothers (payable in New York)
103.326
J. L. Graham & Co
102.627
102.627
McDonagh, Somers & Co
Wood, Gundy & Co
102.65
A. E. Ames & Co
102.00
Bank of Commerce
103.13
102.69
Fry, Mills, Spence & Gillispie, Hart & Co., Vancouver
Royal Finance
100.65
102.17
Cochran, Hay & Co
0. H. Burgess & Co
102.07
101.31
McLeod, Young, Weir & Co
WESTBOURNE, R. M. Man.
-The Bond & Debenture
-BOND SALE.
debentures,
Corp. was recently awarded an issue of 615.000, 30
-instalment
bearing interest at the rate of6%.at 109.62. a basis of about 5.17%.

NEW LOANS

BOND CALL

$1,351,875.57

Bond Redemption Notice

FINANCIAL

To the Holders of

CITY OF MINNEAPOLIS The Windsor Fire District
MINNESOTA.
Special Street Improvement Bonds.
NOTICE IS HEREBY GIVEN that the Committee on Ways and Means of the City Council
of the City of Minneapolis. Minnesota, will sell
at a public sale, at the office of the City Comptroller of said City, on MONDAY, FEBRUARY 27TH, 1928, at 2:00 o'clock p. m. (Central
Standard Time), $1,351,875.57 Special Street
Improvement Bonds, at a rate of interest not
exceeding five per cent per annum. To be dated
March 1st, 1928. Payable in equal annual
Installments
-of which $113.595.57 will be payable in five years, $213,677.15 in ten years and
$1,024,602.85 in twenty years as follows:
622.595.57, March 1st, 1929; $22,000.00, March
1st. 1930, and $23.000.00 in each of the years
1931, 1932 and 1933.
$21.677.15. March 1st, 1929; $21,000.00. March
1st in each of the years 1930 to 1934 inclusive;
$22,000.00 in each of the years 1936. 1937 and
1938; and
$51.602.85. March 1st, 1929; 651,000.00. March
lit in each of the years 1930 to 1944 inclusive;
ry0 t.20 9h8.
aii 1 in each of the years 1945. 1946.
f
To be in $50. $100, $500 or $1,000 denominations at the option of the purchaser, and coupon
rate must be the same for all bonds bid for.
Sealed bids may be submitted until 2:00 o'clock
p. m. of the date of sale. Open bids will be
asked for after that hour. All bids must include
accrued interest from date of said bonds to date
of delivery, and a certified check for two per cent
of the par value of the bonds bid for, made to
C. A. Bloomquist, City Treasurer, must accompany bids. No bid will be considered for an
amount less than the par value of the bonds.
The right to reject any and all bids is hereby
reserved.
The approving opinion of Thomson, Hoffman
& Wood, Attorneys, will accompany these bonds.
Circular containing full particulars will be
mailed upon application.
DAN 0. BROWN.
City Comptroller,
Minneapolis. Minn.

WHITTLESEY.
McLEAN & CO.'
MUNICIPAL BONDS
NA

PENOBSCOT BLDG.,'DETROIT




Water Fund 432% Bonds
Dated October 1, 1915.
Notice is hereby given to the holder or holders of
all the outstanding Bonds of The Windsor Fire
District of the issue known as 434°! Water Fund
Bonds, bearing date October 1, 1915, that in pursuance of the provisions of said Bonds and in full
compliance with Section 26 of a Special Act of the
General Assembly of the State of Connecticut, entitled, "An Act Incorporating The Windsor Fire
District," approved May 12, 1915, and under the
further authority and pursuant to a vote of the
legal voters of said District duly passed at a Special
Meeting legally warned and held on the 20th day
of December, 1927, the said The Windsor Fire
District has exercised the privilege and right of
paying off, on the first day of April, 1928, each
and all of the outstanding Bonds of the foregoing
issue of bonds then remaining unpaid, with interest thereon to that date, and thereafter all interest thereon shall cease, and the coupons attached to said bonds for interest after that data
shall thereupon become null and void.
The said bonds, with all unmatured coupons
attached,should be presented for payment agThe
Windsor Trust & Safe Deposit Company, of
Windsor, Connecticut (now known as The Windsor Trust Company), or, If registered, to the
registered holder thereof, on or after April 1, 1928.
The WINDSOR FIRE DISTRICT,
EDGAR D. CLARK, Treasurer.
Dated January 31, 1928.

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MUNICIPAL &
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jp.r
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